Neste Oil's Interim Report for January-March 2008

"The new diesel line at Porvoo strengthened our total refining margin, as we expected it to. Nevertheless, our first-quarter result was lower than that of last year, as Specialty Products' and Shipping's markets were much softer. We also suffered from the weak US dollar."

"Diesel margins were very strong, but gasoline margins have stayed weak for much longer into the spring than normally. Weak gasoline demand in the US market led to lower refinery runs, which also resulted in reduced diesel output. Neste Oil has prioritized diesel production for many years, and we were able to benefit from the tighter diesel market."

"We have carried out planned maintenance shutdowns at some units in April; and due to the fire that took place on the new diesel line in early April, our diesel output will suffer through May."

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 first-quarter results for 2008 will be held today, 24 April 2008, at 10:00 am EET at Neste Oil headquarters, Keilaranta 21, Espoo. 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 company's website. 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 - 31 MARCH
2008
Unaudited

Figures in parentheses refer to the first quarter of 2007, unless
otherwise stated.

KEY FIGURES

EUR million (unless otherwise noted)

                                                              Last 12
                                       1-3/08   1-3/07   2007  months
Sales                                   3,297    2,457 12,103  12,943
Operating profit before
depreciation                              263      203    996   1,056
Depreciation, amortization and
impairment charges                         59       39    195     215
Operating profit                          204      164    801     841
Comparable operating profit *             119      158    626     587
Profit before income tax                  191      161    763     793
Earnings per share, EUR                  0.56     0.46   2.25    2.35
Investments                                82      100    334     316
Net cash from operating activities       -113     -107    541     535

                                     31 March 31 March 31 Dec
                                         2008     2007   2007     LTM
Total equity                            2,316    1,959  2,427       -
Interest-bearing net debt               1,212      987    755       -
Capital employed                        3,591    3,002  3,234   3,591
Return on capital employed pre-tax
(ROCE), %                                24.0     22.4   26.2    25.6
Return on average capital employed
(ROACE),%                                   -        -   15.5    14.1
Return on equity (ROE), %                24.2     23.3   25.6    28.3
Equity per share, EUR                    9.03     7.63   9.47       -
Cash flow per share, EUR                -0.44    -0.42   2.11    2.09
Equity-to-assets ratio, %                44.2     43.6   49.9       -
Leverage ratio, %                        34.3     33.5   23.7       -
Gearing, %                               52.3     50.4   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 first-quarter results

Sales at the Neste Oil Group totaled EUR 3,297 million (2,457 million) in the first quarter. The increase of 34% was largely due to higher petroleum product prices.

The first-quarter operating profit totaled EUR 204 million (164 million) and includes an inventory gain of EUR 75 million (29 million).

The Group's comparable operating profit was EUR 119 million (158 million) in the first quarter, as a result of higher costs and depreciation and the negative impact of the weak US dollar. In addition, Specialty Products and Shipping both showed lower profitability. These more than diluted the positive contribution resulting from the Group's higher total refining margin.