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Neste Oil’s Interim Report for January-June 2008

July 31, 2008

- Comparable operating profit of EUR 181 million in the second quarter

The second quarter in brief:

– Sales of EUR 4,420 million (Q2/07: 3,207 million)

– Comparable operating profit of EUR 181 million (Q2/07: 225 million)

– Operating profit of EUR 290 million (Q2/07: 314 million)

– Earnings per share of EUR 0.83 (Q2/07: 0.88)

– Cash flow from operations of EUR 314 million (Q2/07: 460 million)

– Net debt of EUR 1,017 million (Q2/07: 776 million)

– Total refining margin of USD 12.38 /bbl (Q2/07: 11.92), a new quarterly record

President & CEO Risto Rinne:

“The petroleum product market proved a polarized one, with gasoline performing poorly and diesel strongly. Our refineries are geared towards diesel production, and this saw us reporting our highest quarterly total refining margin ever. Unfortunately the availability of our new diesel line, which was down for most of the quarter, was disappointing as the line has not yet delivered as it should and can.”

“We made two major investment decisions that will take our strategy forward during the second quarter. We are building a world-scale NExBTL renewable diesel plant in Rotterdam, similar to the one under construction in Singapore; and in Bahrain we are investing in a large, top-tier base oil plant together with local partners.”

 Further information: Risto Rinne, President & CEO, tel. +358 10 458 4990 Petri Pentti, CFO, tel. +358 10 458 4490 

News conference and conference call

A press conference in Finnish on the second-quarter results for 2008 will be held today, 31 July 2008, at 11:30 am EET in the Mirror Room at Hotel Kaemp, Pohjoisesplanadi 29, Helsinki. www.nesteoil.com will feature English versions of the presentation materials.

An international conference call for investors and analysts will be held on the same day at 3:00 pm Finland / 1:00 pm London / 8:00 am New York. The call-in numbers are as follows: Europe: +44 (0)20 3023 4426, US: +1 866 966 5335. Use the password: Neste Oil. A webcast of the call can be found at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=189806&eventID=1899772. An instant replay will be available for one week at +44 (0)20 8196 1998 for Europe and +1 866 583 1035 for the US, using access code 725434.

NESTE OIL FINANCIAL STATEMENTS, 1 JANUARY – 30 JUNE 2008 Unaudited

Figures in parentheses refer to the same period in previous year, unless otherwise stated.

 KEY FIGURES EUR million (unless otherwise noted)                                                               Last 12                         4-6/08 4-6/07   1-6/08  1-6/07   2007  months Sales                    4,420  3,207    7,717   5,664 12,103  14,156 Operating profit before depreciation               343    359      606     562    996   1,040 Depreciation, amortization and impairments                 53     45      112      84    195     223 Operating profit           290    314      494     478    801     817 Comparable operating profit *                   181    225      300     383    626     543 Profit before income tax                        284    304      475     465    763     773 Earnings per share, EUR   0.83   0.88     1.38    1.34   2.25    2.29 Investments                110     77      192     177    334     349 Net cash from operating activities                 314    460      201     353    541     389                                        30 June 30 June 31 Dec                                           2008    2007   2007     LTM Total equity                             2,509   2,184  2,427       - Interest-bearing net debt                                     1,017     776    755       - Capital employed                         3,600   3,032  3,234   3,600 Return on capital employed pre-tax, %                       29.2    32.3   26.2    24.8 Return on average capital employed after tax,%                                        -       -   15.5    12.7 Return on equity, %                       28.8    32.2   25.6    25.2 Equity per share, EUR                     9.78    8.52   9.47       - Cash flow per share, EUR                                       0.79    1.38   2.11    1.52 Equity-to-assets ratio, %                                         43.5    47.2   49.9       - Leverage ratio, %                         28.8    26.2   23.7       - Gearing, %                                40.5    35.5   31.1       - * Comparable operating profit is calculated by excluding inventory gains/losses, gains/losses from sales of fixed assets, and unrealized changes in the fair value of oil and freight derivative contracts from the reported operating profit. 

The Group’s second-quarter results

The Group’s sales increased by 38% to EUR 4,420 million (3,207 million) in the second quarter, largely due to higher petroleum product prices.

The second-quarter operating profit totaled EUR 290 million (314 million) and includes an inventory gain of EUR 119 million (55 million).

The Group’s comparable operating profit was EUR 181 million (225 million) in the second quarter. The increase in total refining margin, as well as strong renewable fuels sales margin and crude freight rates, were offset by the negative impacts of the weak US dollar and reduced sales margins at the Specialty Products Division. In addition, maintenance costs and depreciation were higher compared to the same quarter in 2007. The full potential of strong diesel margins was missed, however, because the new diesel production line at the Porvoo refinery was down for almost the whole quarter as a result of a fire in April.

During the second quarter the comparable operating profit of Oil Refining was EUR 133 million (168 million), Renewable Fuels EUR 13 million (-5 million), Specialty Products EUR 19 million (41 million), Oil Retail EUR 11 million (17 million), and Shipping EUR 20 million (12 million).

The Group’s profit before taxes was EUR 284 million (304 million), and net profit for the period was EUR 213 million (227 million). Earnings per share were EUR 0.83 (0.88).

The Group’s January-June results

Sales of the Neste Oil Group totaled EUR 7,717 million in the January-June period, compared to EUR 5,664 million in the same period in 2007.

The Group’s six-month operating profit totaled EUR 494 million (478 million). Inventory gains reached EUR 194 million during the period (84 million).

The Group’s comparable operating profit for the period was EUR 300 million (383 million). Higher total refining margin and good sales margin on renewable fuels had a positive impact, whereas the weak US dollar and lower margins at Specialty Products had a negative impact on the comparable operating profit.

The six-month comparable operating profit of Oil Refining was EUR 230 million (274 million), Renewable Fuels EUR 15 million (-10 million), Specialty Products EUR 27 million (73 million), Oil Retail EUR 20 million (28 million), and Shipping EUR 29 million (33 million).

The Group’s profit before taxes was EUR 475 million (465 million), and net profit for the period was EUR 356 million (345 million). Earnings per share were EUR 1.38 (1.34).

Given the capital-intensive nature of its business, Neste Oil uses return on average capital employed after tax (ROACE) as its primary financial indicator. As of the end of June, the rolling twelve-month ROACE was 12.7%, which is below the target of at least 15% over the cycle (financial period 2007: 15.5%).

                                  4-6/08 4-6/07 1-6/08 1-6/07 2007 LTM COMPARABLE OPERATING PROFIT         181    225    300    383  626 543 - changes in the fair value of open   oil derivative positions          -10     32     -8      6   -5 -19 - inventory gains                   119     55    194     84  174 284 - gains from sales of fixed assets                                0      2      8      5    6   9 OPERATING PROFIT                    290    314    494    478  801 817 

Capital expenditure and financing

Investments during the first six months totaled EUR 192 million (177 million), of which Oil Refining accounted for EUR 68 million, Renewable Fuels EUR 77 million, Specialty Products EUR 3 million, Oil Retail EUR 23 million, and Shipping EUR 1 million. Capital investments in the Other segment totaled EUR 20 million.

Depreciation in January-June period was EUR 112 million (84 million).

Interest-bearing net debt totaled EUR 1,017 million at the end of June (31 Dec 2007: 755 million). This increase was mainly caused by higher net working capital due to increased crude oil and petroleum product prices. Net financial expenses between January and June were EUR 19 million (13 million).

The average interest rate of borrowings at the end of June was 4.5%, and the average maturity 4.4 years.

Net cash from operating activities between January and June was EUR 201 million (353 million).

The equity-to-assets ratio was 43.5% (31 Dec 2007: 49.9%), the gearing ratio 40.5% (31 Dec 2007: 31.1%), and the leverage ratio 28.8% (31 Dec 2007: 23.7%).

Cash and cash equivalents and committed, unutilized credit facilities amounted to EUR 1,246 million at the end of June (31 Dec 2007: 1,492 million).

In accordance with its hedging policy, Neste Oil has hedged the majority of its net foreign currency exposure for the next 12 months using mainly forward contracts and currency options. The most important hedged currency is the US dollar.

Market overview

Crude oil price continued to increase in the second quarter and Brent Dated reached a new record of USD 139.10/bbl in June, averaging USD 121.38/bbl (68.76) in the quarter. Although the supply/demand balance was not tight, crude oil inventories decreased as a consequence of high crude prices and the unfavorable market structure. Financial market problems, the weakening US dollar, and poor returns from bonds and equities made investors move their funds to commodities, including oil, in increasing volumes. The price differential between Brent Dated and Urals crude widened to USD -4.44/bbl (-3.45) due to low fuel oil margins and increased supply of heavier crude.

Reference refining margins were lower compared to the same quarter in 2007. A strong distillate market resulted in higher margins compared to the first quarter, while margins for other products were weak. The international reference refining margin in North West Europe, IEA Brent Cracking, averaged USD 5.51 /bbl (7.90).

Middle distillates, diesel in particular, were the strongest performer during the quarter, as refinery maintenance and reduced runs at simple refineries reduced overall supply and inventories continued to decline. Demand for diesel as a transportation fuel continued to increase and margins were further supported by demand for the fuel in energy generation in China and South America.

US gasoline demand was lower than a year ago, as record-high pump prices and the slowing domestic economy started to impact consumer behavior. Gasoline margins were very low, despite decreasing inventories. Current prices are encouraging an increased use of ethanol blending, putting further pressure on margins.

Fuel oil margins were extremely weak, due to large Russian export volumes.

Demand and margins for high-quality NExBTL renewable diesel have remained good.

High oil prices put pressure on retail margins and volumes, especially in respect of gasoline. The continued growing popularity of diesel cars has kept diesel demand healthy.

The crude freight market was very strong in the second quarter due to temporary tightness in global capacity. North Sea crude freight rates were 81% and Baltic freight rates 75% higher compared to the second quarter of 2007.

Key drivers

                     4-6/08 4-6/07 1-6/08 1-6/07 July 08 July 07  2007 IEA Brent cracking margin, USD/bbl       5.51   7.90   4.38   5.80    1.84    2.98  5.09 Total refining margin, USD/bbl      12.38  11.92  12.14  10.84    n.a.    n.a. 10.46 Urals - Brent price differential, USD/bbl              -4.44  -3.45  -3.68  -3.51   -3.78   -2.36 -3.10 Brent dated crude oil, USD/bbl        121.38  68.76 109.14  63.26  134.12   77.01 72.52 Crude freights, Aframax WS points      228    126    187    144     227     124   136 USD/EUR exchange rate                  1.56   1.35   1.53   1.33    1.58    1.37  1.38 

Sales and production

Sales from in-house production (in 1,000 tons and % of total)

                4-6/08  %  4-6/07  %  1-6/08  %  1-6/07  %    2007  % Motor gasoline  1,322 36   1,290 34   2,116 30   2,217 31   4,384 31 Gasoline components         75  2     123  3     153  2     197  3     357  2 Diesel fuel     1,226 33   1,301 34   2,609 37   2,418 34   5,137 36 Jet fuel          169  5     168  4     306  4     343  5     729  5 Base oils          75  0      79  2     152  2     153  2     304  2 Heating oil       134  4     128  3     314  4     375  5     764  5 Heavy fuel oil    309  8     269  7     516  8     595  8   1,097  8 LPG                87  2      85  0     185  3       0  0     317  2 NExBTL renewable diesel             35  1       0  0      53  1       0  0      28  0 Other products    358 10     348 11     662  9     816 11   1,215  8 TOTAL           3,790 100  3,791 100  7,066 100  7,114 100 14,332 100 Sales from in-house production by market area (in 1,000 tons and % of total)                4-6/08  %  4-6/07  %  1-6/08  %  1-6/07  %    2007  % Finland         1,805 48   1,849 49   3,572  51  3,994 56   8,053 56 Other Nordic countries         500 13     586 15     926  13    940 13   2,059 14 Other Europe      724 19     658 17   1,450  20  1,106 16   2,340 16 Russia & Baltic countries          25  1      12  0      46   1     16  0      59  0 USA & Canada      729 19     670 18     995  14  1,004 14   1,703 12 Other countries           7  0      16  0      77   1     54  1     118  1 TOTAL           3,790 100  3,791 100  7,066 100  7,114 100 14,332 100 

Diesel sales were little lower compared to the second quarter of 2007, due to problems with the new diesel line and other maintenance at Porvoo. Gasoline sales were higher year-on-year, because of clearance of the company’s gasoline inventories.

Neste Oil refined 3.6 million tons (3.6 million) of crude oil and feedstocks at its refineries in the second quarter, of which 2.9 million tons (2.9 million) at Porvoo and 0.7 million tons (0.7 million) at Naantali. The Porvoo refinery operated at a crude distillation capacity utilization rate of 89% (96%) during the quarter, while Naantali reached 96% (95%) capacity utilization.

The proportion of Russian Export Blend in Neste Oil’s total refinery input was 54% (43%) in the second quarter.

SEGMENT RESULTS

Neste Oil’s businesses are grouped into six segments: Oil Refining, Renewable Fuels, Specialty Products, Oil Retail, Shipping, and Other.

 Oil Refining                              4-6/08 4-6/07 1-6/08 1-6/07  2007    LTM Sales, MEUR                   3,624  2,516  6,170  4,298 9,348 11,220 Operating profit, MEUR          231    246    417    353   640    704 Comparable operating profit, MEUR                            133    168    230    274   484    440 Capital expenditure, MEUR        36     44     68    116   193    145 Total refining margin USD/bbl                       12.38  11.92  12.14  10.84 10.46  11.12 

Oil Refining posted an operating profit of EUR 231 million (246 million) and a comparable operating profit of EUR 133 million (168 million).

Neste Oil’s total refining margin reached a new quarterly record of USD 12.38 /bbl (11.92). In euros, however, the total refining margin was lower than a year earlier. The IEA Brent Cracking reference margin weakened to USD 5.51 /bbl (7.90). This was mainly thanks to a strong diesel market and was supported by a more favorable differential between Urals and Brent crude, as well as good margins for low vapor pressure gasoline sold to the US. Higher variable costs, such as energy, put pressure on the total refining margin.

The increase in refining margin was not enough to compensate for the negative impact of the weaker US dollar, maintenance costs, and trading activities.

Oil Refining’s rolling 12-month comparable return on net assets at the end of June was 19.5%.

Renewable Fuels

                                  4-6/08 4-6/07 1-6/08 1-6/07 2007 LTM Sales, MEUR                          46      4     69      6   40 103 Operating profit, MEUR               12     -4     13     -7  -12   8 Comparable operating profit, MEUR                                 13     -5     15    -10  -13  12 Capital expenditure, MEUR            50     17     77     34   69 112 

Renewable Fuels posted an operating profit of EUR 12 million (-4 million) and a comparable operating profit of EUR 13 million (-5 million) in the second quarter.

The increase was caused by the first production plant at Porvoo and healthy margins for NExBTL renewable diesel. Project and development costs had a negative impact on the segment’s results.

Renewable Fuels’ rolling 12-month comparable return on net assets at the end of June was 8.0%.

Specialty Products

                                  4-6/08 4-6/07 1-6/08 1-6/07 2007 LTM Sales, MEUR                         164    181    330    347  649 632 Operating profit, MEUR               28     47     33     78  122  77 Comparable operating profit, MEUR                                 19     41     27     73  109  63 Capital expenditure, MEUR             2      1      3      2    5   6 

Specialty Products posted an operating profit of EUR 28 million (47 million) and a comparable operating profit of EUR 19 million (41 million) in the second quarter.

All businesses in the segment showed lower profitability compared to the second quarter of 2007. Base oil margins were under pressure due to the steady increase seen in feedstock prices. Sales volumes and margins in respect of gasoline components were lower compared to the very strong second quarter in 2007. Nynas Petroleum suffered from high crude prices.

Specialty Products’ rolling 12-month comparable return on net assets at the end of June was 18.0%.

Oil Retail

                               4-6/08 4-6/07 1-6/08 1-6/07  2007   LTM Sales, MEUR                    1,078    843  2,026  1,617 3,435 3,844 Operating profit, MEUR            11     18     22     29    60    53 Comparable operating profit, MEUR                              11     17     20     28    59    51 Capital expenditure, MEUR         15     11     23     18    51    56 Total sales volume*, 1,000 m3  1,051  1,097  2,107  2,242 4,519 4,373 - gasoline station sales, 1,000 m3                         381    372    715    695 1,457 1,504 - diesel station sales, 1,000 m3                               373    332    704    654 1,334 1,436 - heating oil, 1,000 m3          161    148    359    374   763   776 - heavy fuel oil, 1,000 m3        77    104    175    264   473   446 *includes both station and terminal sales 

Oil Retail recorded an operating profit of EUR 11 million (18 million) and a comparable operating profit of EUR 11 million (17 million) in the second quarter. These figures include a EUR 4 million write-down on business partner-related receivables in Baltic Rim terminal operations.

Neste Oil’s domestic market share in gasoline increased and sales volumes grew, despite a reduction in overall demand for gasoline in Finland. Diesel demand, however, has increased, which resulted in a 9% growth in the company’s diesel sales. Neste Green diesel fuel was launched in Greater Helsinki and the surrounding area in May. This fuel, which includes at least 10% of the company’s NExBTL renewable diesel component, has proven to be a success.

Conversion of Finnish stations to a unified Neste Oil brand is under way and 88 stations had been revamped as of the end of June. A total of 275 stations are to be revamped in 2008.

Sales volumes in Russia increased somewhat, but margins were lower compared to a very strong second quarter in 2007. The economic slowdown in Estonia and Latvia has resulted in lower demand for gasoline, but margins have remained largely unchanged.

At the end of the quarter, Neste Oil had 893 (896) outlets in Finland and 277 (248) around the Baltic Rim.

Oil Retail’s rolling 12-month comparable return on net assets at the end of June was 14.1%.

Shipping

                                  4-6/08 4-6/07 1-6/08 1-6/07 2007 LTM Sales, MEUR                         123    115    223    225  394 392 Operating profit, MEUR               23     16     30     39   30  21 Comparable operating profit, MEUR                                 20     12     29     33   28  24 Capital expenditure, MEUR             1      0      1      1    2   2 Fleet utilization rate, %            97     94     97     94   94  95 

Shipping recorded an operating profit of EUR 23 million (16 million) and a comparable operating profit of EUR 20 million (12 million).

This stronger profitability was driven by unseasonably high crude freight rates and an excellent fleet utilization rate. This positive development was undermined by increases in bunker prices and port charges and the weak US dollar.

Shipping’s rolling 12-month comparable return on net assets at the end of June was 8.1%.

Shares, share trading, and ownership

A total of 111,427,885 Neste Oil shares were traded in the second quarter, totaling EUR 2.2 billion. The share price reached EUR 23.29 at its highest and EUR 17.81 at its lowest, and closed the quarter at EUR 18.72, giving the company a market capitalization of EUR 4.8 billion as of 30 June 2008. An average of 1.8 million shares were traded daily, equivalent to 0.7% of the shares outstanding.

Neste Oil’s share capital registered with the Company Register as of 30 June 2008 totaled EUR 40 million, and the total number of shares outstanding is 256,403,686. The company does not hold any of its own shares, and the Board of Directors has no authorization to buy back company shares or to issue convertible bonds, share options, or new shares.

At the end of June, the Finnish state owned 50.1% of outstanding shares, foreign institutions 24.7%, Finnish institutions 17.1%, and Finnish households 8.0%.

Legal proceedings

As announced in the beginning of April, the disagreement that has arisen in the final financial settlement for the mechanical installation works on the new diesel line in Porvoo is being processed against the main constructor, the YIT Group, at the court of arbitration.

Personnel

Neste Oil employed an average of 5,099 (4,761) employees in the second quarter. At the end of June, Neste Oil had 5,477 employees (30 June 2007: 4,956).

Health, safety, and the environment

The indicator for safety performance used by Neste Oil – total recordable injury frequency (TRIF, number of cases per million hours worked) for all work done for the company, combining the company’s own personnel and contractors – stood at 6.3 (5.7) at the end of June 2008. The target for current year is below 5.

The cumulative number of lost workday injuries was 29 at the end June, with the frequency (LWIF) of 3.6. The target is below 3.

Strategy implementation

Neste Oil has continued to implement its clean fuel strategy by making investment decisions to increase production of renewable diesel and other high-quality products, such as base oils.

NExBTL renewable diesel

The cornerstone of Neste Oil’s growth strategy is the company’s proprietary NExBTL technology, which produces a premium-quality renewable diesel fuel that clearly outperforms both existing biodiesel (FAME) products and crude oil-based diesel products currently on the market. NExBTL renewable diesel can be produced from almost any vegetable oil or animal fat.

A second NExBTL plant is under construction at Porvoo and is scheduled to be commissioned in 2009. The capital cost of the second unit is estimated at more than EUR 100 million. The plant will have the same design capacity, 170,000 t/a, as the first plant currently operating at the Porvoo refinery. Construction of an 800,000 t/a NExBTL renewable diesel plant in Singapore started in March; this has a capital cost budgeted at EUR 550 million and is expected to be completed by the end of 2010.

In June, Neste Oil announced a decision to build another 800,000 t/a plant in Rotterdam, in the Netherlands. The estimated cost of the plant is EUR 670 million, and it is expected to come on stream in 2011.

An update of biofuel legislation is under way in the European Union, and a plenary vote of the EU Parliament on the new Renewable Energy Directive is expected to take place in September.

The company will continue to be active in R&D in the renewable fuels area, and aims to switch completely to non-food feedstocks, such as wood residue and new type of non-edible oils, by 2020. The Neste Oil and Stora Enso joint program to develop wood residue gasification and gas purification technology for producing of renewable diesel feedstock is progressing according to plan.

Base oils

Neste Oil, Bahrain’s Oil & Gas Holding Company (OGHC) and the Bahrain Petroleum Company (Bapco) announced their decision in June to build a high-quality lubricant base oils plant in Bahrain. The plant will have an annual capacity of 400,000 tons of VHVI (Very High Viscosity Index) base oil for use in blending top-tier lubricants. It will be one of the world’s largest VHVI base oil plants when it begins production, which is scheduled for the end of 2011. The total investment cost of the project is estimated to be between EUR 250 and 300 million, of which Neste Oil’s share is 45%.

Refinery projects

In June, Neste Oil decided to build a new isomerization unit, costing approximately EUR 80 million, at the Porvoo refinery. The new unit will be capable of processing 600,000 t/a of existing gasoline fractions into higher-value, premium-quality gasoline, and will increase the refinery’s total gasoline output by 200,000 t/a. Construction of the new unit will begin in 2009, and it is scheduled to come on stream at the beginning of 2011.

The company continues to review opportunities for investing in new conversion capacity at the Naantali refinery to increase diesel production.

Potential short-term and long-term risks

The oil market continues to be very volatile. Oil refiners are exposed to a variety of political and economic trends and events, as well as natural phenomena, that affect the short- and long-term supply of and demand for the products that they produce and sell.

The largest uncertainties during the remainder of 2008 are related to high crude oil price and the economic slowdown in the US, which are likely to have an impact on the demand for petroleum products and gasoline in particular. Sudden and unplanned outages at Neste Oil’s production units or facilities also represent a short-term risk.

Over the longer term, access to funding and rising capital costs as well as challenges in procuring and developing new competitive and reasonably priced raw materials, may impact the company’s growth plans.

The key market drivers for Neste Oil’s financial performance are international refining margins, the price differential between Russian Export Blend (REB) and Brent crude, and the USD/EUR exchange rate.

For more detailed information on Neste Oil’s risks and risk management, please refer to the company’s Annual Report and Financial Statements for 2007.

Outlook

In the US and Europe gasoline consumption has declined and an increasing proportion of demand is being met by ethanol. This is expected to continue and keep gasoline margins low and capacity utilization at gasoline-focused refineries modest. Simple refineries are suffering from poor margins on gasoline and heavy fuel oil, and are reducing output as a result. This is also cutting diesel production volumes.

The diesel supply/demand balance is expected to remain tight and margins strong for the foreseeable future benefiting refiners that have high diesel yield like Neste Oil.

The company’s most recent diesel capacity addition, the new diesel line in Porvoo, has suffered from operational constraints following the fire in April. To eliminate these, the unit will be shut down for maintenance for about one and a half months beginning in the second half of August.

Margins on base oils are expected to recover when crude oil prices stabilize. Margins on gasoline components are expected to remain lower than previous year due to weak gasoline market.

Maintenance and technical improvements will be carried out at the NExBTL renewable diesel plant in Porvoo during the second half.

Neste Oil’s retail volumes are expected to increase in the second half of 2008 compared to 2007, although demand is likely to decline due to high oil prices and the economic slowdown in Baltic Rim countries.

Shipping’s freight rates have continued to be unseasonably high in July.

The weak US dollar will have a negative impact on the Group’s profit in the second half.

The Group’s capital expenditure in estimated to be approximately 600 million in 2008.

Reporting date for the third-quarter 2008 results

Neste Oil will publish its third-quarter results on 24 October 2008 at approximately 9:00 a.m. EET.

 Espoo, 30 July 2008 Neste Oil Corporation Board of Directors 

The preceding information contains, or may be deemed to contain, “forward-looking statements”. These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures, future cash sources and requirements, liquidity and cost savings that involve known and unknown risks, uncertainties, and other factors that may cause Neste Oil Corporation’s or its businesses’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, such forward-looking statements can be identified by terminology such as “may,”"will,”"could,”"would,”"should,”"expect,”"plan,”"anticipate,”"intend,”"believe,”"estimate,”"predict,”"potential,” or “continue,” or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. All forward-looking statements made in this report are based on information presently available to management and Neste Oil Corporation assumes no obligation to update any forward-looking statements. Nothing in this report constitutes investment advice and this report shall not constitute an offer to sell or the solicitation of an offer to buy any securities or otherwise to engage in any investment activity.

 NESTE OIL GROUP JANUARY- JUNE 2008 Unaudited CONSOLIDATED  INCOME STATEMENT MEUR                                                                      Last                 Note                                                   12                      4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007 months Sales              3    4 420    3 207    7 717    5 664    12 103 14 156 Other income                9        9       25       17        27     35 Share of profit (loss) of associates and joint ventures           3       10       13       11       14        39     36 Materials and                                                         -12 services               -3 824   -2 674   -6 640   -4 691   -10 279    228 Employee benefit costs             -79      -64     -154     -127      -256   -283 Depreciation, amortization and impairments        3      -53      -45     -112      -84      -195   -223 Other expenses                 -193     -132     -353     -315      -638   -676 Operating profit                    290      314      494      478       801    817 Financial income and expenses Financial income                      2        2        4        4         8      8 Financial expenses                  -11       -9      -24      -13       -40    -51 Exchange rate and fair value gains and losses                      3       -3        1       -4        -6     -1 Total financial income and expenses        -6      -10      -19      -13       -38    -44 Profit before income taxes                     284      304      475      465       763    773 Income tax expense                   -71      -77     -119     -120      -183   -182 Profit for the period                213      227      356      345       580    591 Attributable to: Equity holders of the company            212      226      354      343       577    588 Minority interest                    1        1        2        2         3      3                           213      227      356      345       580    591 Earnings per share from profit attributable to the equity holders of the Company basic and diluted (in euro per share)          0,83     0,88     1,38     1,34      2,25   2,29 CONSOLIDATED BALANCE SHEET                                                30 June 30 June 31 Dec MEUR                                Note          2008    2007   2007 ASSETS Non-current assets Intangible assets                      5            53      38     41 Property, plant and equipment          5         2 500   2 396  2 436 Investments in associates and joint ventures                                           190     155    178 Non-current receivables                              8       2      3 Pension assets                                      84      79     81 Deferred tax assets                                  7       5      7 Derivative financial instruments       6            64      37     22 Available-for-sale financial assets                                               2       3      2 Total non-current assets                         2 908   2 715  2 770 Current assets Inventories                                      1 422     795    968 Trade and other receivables                      1 164     943    955 Derivative financial instruments       6           218     112    126 Cash and cash equivalents                           74      71     52 Total current assets                             2 878   1 921  2 101 Total assets                                     5 786   4 636  4 871 EQUITY Capital and reserves attributable to the equity holders of the company Share capital                                       40      40     40 Other equity                           2         2 463   2 141  2 383 Total                                            2 503   2 181  2 423 Minority interest                                    6       3      4 Total equity                                     2 509   2 184  2 427 LIABILITIES Non-current liabilities Interest-bearing liabilities                       880     580    662 Deferred tax liabilities                           292     267    289 Provisions                                          14       5      8 Pension liabilities                                 11      12     11 Derivative financial instruments       6            67      27     22 Other non-current liabilities                        3       7      5 Total non-current liabilities                    1 267     898    997 Current liabilities Interest-bearing liabilities                       211     268    145 Current tax liabilities                             60      25     14 Derivative financial instruments       6           191      86     77 Trade and other payables                         1 548   1 175  1 211 Total current liabilities                        2 010   1 554  1 447 Total liabilities                                3 277   2 452  2 444 Total equity and liabilities                     5 786   4 636  4 871 CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY                         Attributable to equity holders of the                         Company                   Share Reserve     Fair Translation    Re-    Mi-  Total                     ca-    fund    value      diffe- tained nority equity                   pital              and      rences   ear-  inte-                                    other              nings   rest MEUR         Note               reserves Total equity at 1 January 2007         40       9       26           3   2011      8  2 097 Dividend paid                                                   -231          -231 Treasury shares          2                                       -12           -12 Income and expenses recognized directly in equity Translation differences and other changes                       1                    1     -1             1 Cash flow hedges recorded in equity, net of taxes                                 10                               10 transferred to income statement, net of tax                           -18                              -18 Net investment hedges, net of taxes                                      -2                   -2 Share-based compensation                           1                                1 Change in minority                                                        -7     -7 Items recognized directly in equity                        1       -7          -1     -1     -7    -15 Profit for the period                                              343      2    345 Total recognized income and expenses                      1       -7          -1    342     -5    330 Total equity at 30 June 2007                 40      10       19           2  2 110      3  2 184                 Share Reserve     Fair Translation    Re-    Mi-  Total                   ca-    fund    value      diffe- tained nority equity                 pital              and      rences   ear-  inte-                                  other              nings   rest MEUR       Note               reserves Total equity at 1 January 2008     40      10       42         -11  2 342      4  2 427 Dividend paid                                                 -256          -256 Income and expenses recognized directly in equity Translation differences and other changes                     1                  -15     -1           -15 Cash flow hedges recorded in equity, net of taxes                               37                               37 transferred to income statement, net of tax                         -39                              -39 Net investment hedges, net of taxes                                            0                    0 Share-based compensation                         0                                0 Hedging reserves in associates and joint ventures                            -1                               -1 Change in minority                                                              0 Items recognized directly in equity                      1       -3         -15     -1      0    -18 Profit for the period                                            354      2    356 Total recognized income and expenses                    1       -3         -15    353      2    338 Total equity at 30 June 2008               40      11       39         -26  2 439      6  2 509 CONDENSED CONSOLIDATED CASH FLOW STATEMENT                                           4-6   4-6   1-6   1-6  1-12 MEUR                               Note /2008 /2007 /2008 /2007 /2007 Cash flow from operating activities Profit before taxes                       284   304   475   465   763 Adjustments, total                         57     1   135    61   184 Change in working capital                  17   238  -320   -59  -189 Cash generated from operations            358   543   290   467   758 Finance cost, net                          -9    -8   -32    -7   -40 Income taxes paid                         -35   -75   -57  -107  -177 Net cash generated from operating activities                                314   460   201   353   541 Capital expenditure                      -107   -77  -182  -177  -334 Acquisition of subsidiary             4    -3     0   -10     0     0 Proceeds from sales of fixed assets                                      1     9     3    12    14 Proceeds from sales of shares               0     0     7    -5    -5 Change in other investments                -2    52   -26   -13   -22 Cash flow before financing activities                                203   444    -7   170   194 Net change in loans and other financing activities                               -182  -198   286    62    20 Dividends paid to the equity holders of the company                               -11  -231  -256  -231  -231 Net increase (+)/decrease (-) in cash                                       10    15    23     1   -17 and cash equivalents KEY FINANCIAL INDICATORS                               30 June   30 June      31 Dec   Last 12                                    2008      2007      2007 months Capital employed, MEUR             3600      3032      3234      3600 Interest-bearing net debt, MEUR                         1017       776       755         - Capital expenditure and acquisition of subsidiary, MEUR                                192       177       334       349 Return on average capital employed, after tax, ROACE %                                     -         -      15,5      12,7 Return on capital employed, pre-tax, ROCE %          29,2      32,3      26,2      24,8 Return on  equity, %               28,8      32,2      25,6      25,2 Equity per share, EUR              9,78      8,52      9,47         - Cash flow per share, EUR           0,79      1,38      2,11      1,52 Equity-to-assets ratio, %          43,5      47,2      49,9         - Gearing, %                         40,5      35,5      31,1         - Leverage ratio, %                  28,8      26,2      23,7         - Average number of shares      255903686 256040167 255971365 255903686 Number of shares at the end of the period             255903686 255903686 255903686 255903686 Average number of personnel                          5099      4761      4810         - 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. BASIS OF PREPARATION AND ACCOUNTING POLICIES

The interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU. The interim report should be read in conjunction with the annual financial statements for the period ended 31 December 2007. The accounting policies adopted are consistent with those of the Group’s annual financial statements for the year ended 31 December 2007 with the exception that the Group applies IFRS 8 Operating Segments as of 1 January 2008.

The following interpretations are mandatory for the financial year ending 31 December 2008, but not relevant for the Group:

– IFRIC 11 IFRS 2 Group and Treasury Shares

– IFRIC 12 Service Concession

Arrangements

2. TREASURY SHARES

In 2007 Neste Oil entered into an agreement with a third party service provider concerning the administration of the new share-based management share performance arrangement for key management personnel. As part of the agreement, the service provider purchased a total of 500,000 Neste Oil shares in February 2007 in order to hedge part of Neste Oil’s cash flow risk in relation to the future payment of the rewards, which will take place partly in Neste Oil shares and partly in cash during 2010 and 2013. Despite the legal form of the hedging arrangement, it has been accounted for as if the share purchases had been conducted directly by Neste Oil, as required by IFRS 2, Share based payments and SIC-12, Consolidation – Special purpose entities. The consolidated balance sheet and the consolidated changes in total equity reflect the substance of the arrangement with a deduction amounting to EUR 12 million in equity. This amount represents the consideration paid for the shares by the third party service provider.

3. SEGMENT INFORMATION

Neste Oil’s businesses are grouped into six segments: Oil Refining, Renewable Fuels, Specialty Products, Oil Retail, Shipping and Other. Group administration, shared service functions as well as Research and Technology and Neste Jacobs are included in the Other segment.

                                                                Last SALES                                                          12 MEUR             4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007 months Oil Refining         3624     2516     6170     4298      9348  11220 Renewable Fuels                  46        4       69        6        40    103 Specialty Products              164      181      330      347       649    632 Oil Retail           1078      843     2026     1617      3435   3844 Shipping              123      115      223      225       394    392 Other                  33       24       64       47        93    110 Eliminations         -648     -476    -1165     -876     -1856  -2145 Total                4420     3207     7717     5664     12103  14156 OPERATING                                                      Last PROFIT                                                         12 MEUR             4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007 months Oil Refining          231      246      417      353       640    704 Renewable Fuels                  12       -4       13       -7       -12      8 Specialty Products               28       47       33       78       122     77 Oil Retail             11       18       22       29        60     53 Shipping               23       16       30       39        30     21 Other                 -14       -6      -23      -12       -37    -48 Eliminations           -1       -3        2       -2        -2      2 Total                 290      314      494      478       801    817 COMPARABLE OPERATING                                                      Last PROFIT                                                         12 MEUR             4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007 months Oil Refining          133      168      230      274       484    440 Renewable Fuels                  13       -5       15      -10       -13     12 Specialty Products               19       41       27       73       109     63 Oil Retail             11       17       20       28        59     51 Shipping               20       12       29       33        28     24 Other                 -14       -5      -23      -13       -39    -49 Eliminations           -1       -3        2       -2        -2      2 Total                 181      225      300      383       626    543 DEPRECIATION, AMORTIZATION AND                                               Last IMPAIRMENTS                                                    12 MEUR             4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007 months Oil Refining           34       29       72       53       126    145 Renewable Fuels                   1        1        3        1         5      7 Specialty Products                4        4        8        7        13     14 Oil Retail              8        7       16       13        27     30 Shipping                4        3        8        7        15     16 Other                   2        1        5        3         9     11 Total                  53       45      112       84       195    223 SHARE OF PROFIT OF ASSOCIATES AND JOINT                                                      Last VENTURES                                                       12 MEUR             4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007 months Oil Refining            0        0        0        0         0      0 Renewable Fuels                   0        0        0        0         0      0 Specialty Products               10       13       11       14        39     36 Oil Retail              0        0        0        0         0      0 Shipping                0        0        0        0         0      0 Other                   0        0        0        0         0      0 Total                  10       13       11       14        39     36 NET ASSETS                                   30 June 30 June 31 Dec MEUR                                         2008    2007    2007 Oil Refining                                    2418    2076    2165 Renewable Fuels                                  212     112     142 Specialty Products                               387     320     324 Oil Retail                                       385     318     381 Shipping                                         287     311     297 Other                                             68      52      59 Eliminations                                       0      -1       2 Total                                           3757    3188    3370 RETURN ON NET ASSETS, %              30 June 30 June 31 Dec  Last 12                                         2008    2007    2007  months Oil Refining                            34,2    33,7    30,1    31,1 Renewable Fuels                         13,8   -15,9   -11,4     5,3 Specialty Products                      17,6    48,0    36,8    21,9 Oil Retail                              11,8    17,9    17,4    14,6 Shipping                                20,8    25,5     9,9     7,1 COMPARABLE RETURN ON NET ASSETS, %   30 June 30 June 31 Dec  Last 12                                         2008    2007    2007  months Oil Refining                            18,9    26,1    22,7    19,5 Renewable Fuels                         15,9   -22,7   -12,3     8,0 Specialty Products                      14,4    44,9    32,9    18,0 Oil Retail                              10,7    17,3    17,1    14,1 Shipping                                20,1    21,6     9,3     8,1 QUARTERLY SEGMENT INFORMATION QUARTERLY SALES MEUR                                4-6    1-3  10-12    7-9    4-6   1-3                              /2008  /2008  /2007  /2007  /2007 /2007 Oil Refining                  3624   2546   2740   2310   2516  1782 Renewable Fuels                 46     23     27      7      4     2 Specialty Products             164    166    138    164    181   166 Oil Retail                    1078    948    965    853    843   774 Shipping                       123    100     87     82    115   110 Other                           33     31     26     20     24    23 Eliminations                  -648   -517   -522   -458   -476  -400 Total                         4420   3297   3461   2978   3207  2457 QUARTERLY OPERATING PROFIT MEUR                                4-6    1-3  10-12    7-9    4-6   1-3                              /2008  /2008  /2007  /2007  /2007 /2007 Oil Refining                   231    186    139    148    246   107 Renewable Fuels                 12      1      2     -7     -4    -3 Specialty Products              28      5     10     34     47    31 Oil Retail                      11     11      9     22     18    11 Shipping                        23      7     -5     -4     16    23 Other                          -14     -9     -9    -16     -6    -6 Eliminations                    -1      3     -3      3     -3     1 Total                          290    204    143    180    314   164 QUARTERLY COMPARABLE OPERATING PROFIT MEUR                                4-6    1-3  10-12    7-9    4-6   1-3                              /2008  /2008  /2007  /2007  /2007 /2007 Oil Refining                   133     97     85    125    168   106 Renewable Fuels                 13      2      3     -6     -5    -5 Specialty Products              19      8      2     34     41    32 Oil Retail                      11      9     10     21     17    11 Shipping                        20      9     -4     -1     12    21 Other                          -14     -9     -9    -17     -5    -8 Eliminations                    -1      3     -3      3     -3     1 Total                          181    119     84    159    225   158 QUARTERLY DEPRECIATION, AMORTIZATION AND IMPAIRMENTS MEUR                                4-6    1-3  10-12    7-9    4-6   1-3                              /2008  /2008  /2007  /2007  /2007 /2007 Oil Refining                    34     38     37     36     29    24 Renewable Fuels                  1      2      2      2      1     0 Specialty Products               4      4      3      3      4     3 Oil Retail                       8      8      7      7      7     6 Shipping                         4      4      4      4      3     4 Other                            2      3      3      3      1     2 Total                           53     59     56     55     45    39 QUARTERLY SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES MEUR                                4-6    1-3  10-12    7-9    4-6   1-3                              /2008  /2008  /2007  /2007  /2007 /2007 Oil Refining                     0      0      0      0      0     0 Renewable Fuels                  0      0      0      0      0     0 Specialty Products              10      1      8     17     13     1 Oil Retail                       0      0      0      0      0     0 Shipping                         0      0      0      0      0     0 Other                            0      0      0      0      0     0 Total                           10      1      8     17     13     1 

4. ACQUISITIONS

Neste Jacobs, subsidiary of Neste Oil Group, acquired 90% of the shares of an engineering company Rintekno, which employs 230 people. The acquisition was closed on 29 February 2008. Prior to this Neste Jacobs already owned 10% of the company. Rintekno is an engineering company specialized in engineering services for oil refining, chemicals and biopharma industries. Neste Jacobs and Rintekno have worked together for a number of years in connection with engineering of Neste Oil’s investment projects.

On consolidation, intangible assets related to order backlog, customer relationships and trade name have been recognized at fair value in the balance sheet. Total amount recognized is EUR 1 million and the assets are depreciated during their expected life time, in 1-5 years. Goodwill recognized in the consolidated balance sheet is attributable to the experienced and capable personnel employed by Rintekno Group and to synergies achieved in engineering projects due to Rintekno’s previous experience as a subcontractor in Neste Oil’s major investment projects.

The profit of Rintekno Group included in the Neste Oil consolidated income statement 1 January – 30 June 2008 is immaterial. Also, management estimates that Rintekno Group’s effect on Neste Oil’s consolidated sales or profit for the period would have been immaterial as at 30 June 2008, had the acquisition taken place on 1 January 2008.

 Assets and liabilities of Rintekno Group                                                     Acquired Acquired                                                         fair     book MEUR                                                   value    value Intangible assets                                          1        0 Property, plant and equipment                              1        1 Trade and other receivables                                5        5 Cash and cash equivalents                                  6        6 Total assets                                              13       12 Trade and other payables                                   5        5 Pension liabilities                                        1        1 Total liabilities                                          6        6 Acquired net assets                                        7        6 Purchase consideration                                             16 Direct costs related to the acquisition                             0 Goodwill                                                            9 Purchase consideration settled in cash                             16 Direct costs related to the acquisition                             0 Cash and cash equivalents in Rintekno Group                                                              -6 Cash outflow on acquisition                                        10 5. CHANGES IN INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT AND CAPITAL COMMITMENTS CHANGES IN INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT                            30 June 30 June 31 Dec MEUR                                              2008    2007   2007 Opening balance                                   2477    2348   2348 Depreciation, amortization and impairments        -112     -84   -195 Capital expenditure                                182     177    334 Disposals                                           -2     -10    -12 Translation differences                             -3       3      2 Acquired group companies                            11       -      - Closing balance                                   2553    2434   2477 CAPITAL COMMITMENTS                            30 June 30 June 31 Dec MEUR                                              2008    2007   2007 Commitments to purchase property, plant and equipment                                          213      59     88 Commitments to purchase intangible assets            0       0      0 Total                                              213      59     88 6. DERIVATIVE FINANCIAL INSTRUMENTS                 30 June       30 June       31 Dec                                2008          2007          2007 Interest rate and currency derivative contracts and share forward contracts     Nominal   Net Nominal   Net Nominal   Net                                      fair          fair          fair MEUR                          value value   value value   value value Interest rate swaps             372     2     299     3     345     0 Forward foreign exchange contracts             1265    21    1275    11    1189    35 Currency options Purchased                       499    15     346     1     353    11 Written                         325     3     267     3     188     1 Share forward contracts          14    -3      17     6      17     2                                       Net           Net           Net Oil and freight                      fair          fair          fair derivative contracts         Volume value  Volume value  Volume value                             million       million       million                                 bbl  Meur     bbl  Meur     bbl  Meur Sales contracts                  58  -104      83   -41      68   -66 Purchase contracts               70    89     105    54      74    65 Purchased options                 2    13       2    -1       1     0 Written options                   2   -12       1     0       0     0 

The fair values of derivative financial instruments subject to public trading are based on market prices as of the balance sheet date. The fair values of other derivative financial instruments are based on the present value of cash flows resulting from the contracts, and, in respect of options, on evaluation models. The amounts also include unsettled closed positions. Derivative financial instruments are mainly used to manage the group’s currency, interest rate and price risk.

 7. CONTINGENT LIABILITIES                                              30 June  30 June 31 Dec MEUR                                             2008    2007   2007 Contingent liabilities On own behalf For debt Pledges                                             6      12      4 Real estate mortgages                              26      26     26 For other commitments Real estate mortgages                               0       0      0 Other contingent liabilities                                        36      28     42 Total                                              68      66     72 On behalf of associates and joint ventures Guarantees                                         13       4      2 Other contingent liabilities                                         2       1      1 Total                                              15       5      3 On behalf of others Guarantees                                         12       5     12 Other contingent liabilities                                         0       1      0 Total                                              12       6     12 Total                                              95      77     87                                              30 June  30 June 31 Dec MEUR                                             2008    2007   2007 Operating lease liabilities Due within one year                               105     120    108 Due between one and five years                    197     184    183 Due later than five years                                             105     136    119 Total                                             407     440    410 

Other contingent liabilities

Neste Oil Corporation has a collective contingent liability with Fortum Heat and Gas Oy of the demerged Fortum Oil and Gas Oy’s liabilities based on the Finnish Companies Act’s Chapter 17 Paragraph 16.6.

CALCULATION OF KEY FIGURES

CALCULATION OF KEY FINANCIAL INDICATORS

Operating profit = Operating profit includes the revenue from the sale of goods and services, other income such as gain from sale of shares or non-financial assets, share of profits (loss) of associates and joint ventures, less losses from sale of shares or non-financial assets, as well as expenses related to production, marketing and selling activities, administration, depreciation, amortization, and impairment charges. Realized and unrealized gains or losses on oil and freight derivative contracts together with realized gains and losses from foreign currency and oil derivative contracts hedging cash flows of commercial sales and purchases that have been recycled in the income statement, are also included in operating profit.

Comparable operating profit = Operating profit -/+ inventory gains/losses -/+ gains/losses from sales of shares and non-financial assets – unrealized change in fair value of oil and freight derivative contracts

Return on equity, (ROE) % = 100 x (Profit before taxes – taxes) / Total equity average

Return on capital employed, pre-tax (ROCE) % = 100 x (Profit before taxes + interest and other financial expenses) / Capital employed average

Return on average capital employed, after-tax (ROACE) % = 100 x (Profit for the period (adjusted for inventory gains/losses, gains/losses from sales of shares and non-financial assets and unrealized gains/losses on oil and freight derivative contracts, net of tax) + minority interest + interest expenses and other financial expenses related to interest-bearing liabilities (net of taxes)) / Capital employed average

Capital employed = Total assets – interest-free liabilities – deferred tax liabilities -provisions

Interest-bearing net debt = Interest- bearing liabilities – cash and cash equivalents

Leverage ratio, % = 100 x Interest- bearing net debt / (Interest- bearing net debt + Total equity)

Gearing, % = 100 x (Interest bearing net debt / Total equity)

Equity-to assets ratio, % = 100 x Total equity / (Total assets – advances received)

Return on net assets, % = 100 x Segment operating profit / Average segment net assets

Comparable return on net assets, % = 100 x Segment comparable operating profit / Average segment net assets

Segment net assets = Property, plant and equipment, intangible assets, investment in associates and joint ventures, pension assets, inventories and interest-free receivables and liabilities allocated to the business segment, provisions and pension liabilities

CALCULATION OF KEY SHARE RATIOS

Earnings per share (EPS) = Profit for the period attributable to the equity holders of the company / Adjusted average number of shares during the period

Equity per share = Shareholder’s equity attributable to the equity holders of the company/ Adjusted average number of shares at the end of the period

Cash flow per share = Net cash generated from operating activities / Adjusted average number of shares during the period

Interim Report Q2 2008: http://hugin.info/133386/R/1239449/265477.pdf

Copyright Copyright Hugin AS 2008. All rights reserved.


SOURCE: Neste Oil Oyj




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