Record-high full-year comparable operating profit and strong cash flow - dividend proposal EUR 1.00 per share - Seite 2

Oil Products posted a comparable operating profit of EUR 439 million, compared to EUR 285 million in 2014. During the year refining margins were supported by a particularly strong gasoline market, which was mainly driven by demand growth in the low oil price environment. Neste's reference margin averaged USD 7.7/bbl in 2015, more than 60% higher than in 2014. The scheduled major turnaround at the Porvoo refinery, which was successfully completed in June, had a EUR 130 million negative impact on the operating profit. A favorable USD/EUR exchange rate affected the result positively.

Renewable Products recorded a full-year comparable operating profit of EUR 402 million, compared to EUR 239 million in 2014. Renewable Products' average reference margin was lower than in 2014, but we were able to grow our additional margin. Stronger US dollar had a positive impact on the segment's result. Our sales volumes reached a new record of 2.267 million tons, an 8% increase from the previous year. A slightly higher share, 31% of the volume, was allocated to the North American market in 2015. In the US market the Environmental Protection Agency (EPA) has finalized growing volume mandates for biomass-based diesel for 2016 and 2017, and the Blender's Tax Credit (BTC) was reinstated retroactively for 2015 and in advance for 2016. The positive contribution of the BTC on operating profit was higher in 2015 than in 2014. The use of waste- and residue feedstock was successfully expanded to average 68% of total renewable inputs in 2015.

In Oil Retail we were able to increase profits by growing sales volumes and improving unit margins. The segment generated a full-year comparable operating profit of EUR 84 million, which was the highest ever and a clear improvement from 2014.

Crude oil and renewable feedstock price changes, as well as supply and demand balances, will be reflected in the oil and renewable fuel markets. Low crude oil prices are expected to continue supporting product demand. Neste expects Oil Products' reference refining margin to continue to be supported by relatively good gasoline margins. Our Porvoo refinery is expected to run at high utilization rate with no major maintenance outages scheduled. Renewable Products' reference margin is expected to remain at approximately the year 2015 average level. Utilization rates of our renewable diesel production facilities are expected to be high, excluding the scheduled turnaround at the Rotterdam refinery in April-May. In Oil Retail the sales volumes and unit margins are expected to follow the previous years' seasonality pattern."