Calculating Neste Oil reference margin_2

Neste reference margin

• Pricing basis at Porvoo and Naantali refineries
• Feed structure comparable to Neste
• Product yields comparable to Neste
• Similar cost structure vs. Neste total refining margin

Key differences between Neste reference margin and Neste total refining margin

• Actual product yield structure and feedstocks
• Actual product sales distribution, pice differentials and timing
• Actual variable costs (production and freights)
• Base oils contribution
• Contango contribution