Neste Oil - Company Announcement

Neste Oil to transfer its statutory occupational pensions to Ilmarinen

Neste Oil Corporation
Stock Exchange Release
7 December 2009 at 3 pm (EET)
Neste Oil to transfer its statutory occupational pensions to
Ilmarinen
Neste Oil has decided to transfer the management of its statutory
occupational pensions and the associated pension portfolio to the
Ilmarinen Mutual Pension Insurance Company as of 1 April 2010. The
move will not affect the level or scope of pension cover provided to
personnel or people who have already retired. A total of 3,370 people
are covered by the statutory occupational pensions currently managed
by the Neste Oil Pension Fund.

The statutory pension liabilities that are currently the
responsibility of the Neste Oil Pension Fund and that will be
transferred to Ilmarinen total approximately €310 million as of the
end of 2009. As a result of the transfer, a non-recurring charge is
expected to be booked against Neste Oil's consolidated IFRS financial
statements in the second quarter of 2010. The transfer is expected to
have a positive cash flow impact.

In addition to statutory pension cover, the Neste Oil Pension Fund
also provides supplementary pension benefits to employees who joined
the company prior to 1994. The possibility of transferring this
provision to a mutual pension insurance company is being
investigated.

The transfer will require the approval of the Finnish Financial
Supervisory Authority and the Finnish Competition Authority.

Neste Oil Corporation
Hanna Maula
Director, Corporate Communications
Further information: CFO Ilkka Salonen, tel. +358 (0)10 458 4490

Neste Oil in brief
Neste Oil Corporation is a refining and marketing company
concentrating on low-emission, high-quality traffic fuels. The
company is the world's leading supplier of renewable diesel. Neste
Oil's refineries are located in Porvoo and Naantali and have a
combined crude oil refining capacity of approx. 260,000 barrels a
day. The company had net sales of EUR 15 billion in 2008 and employs
around 5,200 people. Neste Oil's share is listed on the NASDAQ OMX
Helsinki.

Neste Oil has been selected into the Dow Jones Sustainability World
Index and awarded 'Best in Class' recognition for its social
accountability by Storebrand. The company is also featured in the
Ethibel Pioneer Investment Register and included in Innovest's Global
100 list of the world's most sustainable corporations. Further
information: www.nesteoil.com.