Neste Oyj — Capital/Financing Update 2023

Mar 14, 2023

Neste announces final tender offer results

Neste announces final tender offer results

Neste Corporation, Stock Exchange Release, 14 March 2023 at 4:30 p.m. (EET)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN,
NEW ZEALAND, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH
CIRCUMSTANCES IN WHICH THE OFFERING OF THE NEW NOTES, THE TENDER OFFER OR THE
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Neste Corporation (the “Company”) announces today the final results of the
invitation to the holders of its EUR 400,000,000 1.50 per cent. notes due June
2024 (ISIN: FI4000261201) (the “Notes”) to tender their Notes for cash on the
terms and conditions set out in the tender offer memorandum dated 6 March 2023
(the “Tender Offer Memorandum”) (the “Tender Offer”). Capitalised terms used in
this release but not defined have the meanings given to them in the Tender Offer
Memorandum.

At the Expiration Deadline of 4:00 p.m. (Finnish time) on 13 March 2023, valid
Tender Instructions of EUR 198,800,000 in aggregate nominal amount of Notes were
received pursuant to the Tender Offer.

The Company announces that (subject to satisfaction or waiver of the New Issue
Condition on or prior to the Settlement Date) it will accept for purchase EUR
198,800,000 in aggregate nominal amount of the Notes (the “Final Acceptance
Amount”) pursuant to the Tender Offer.

Accordingly, pursuant to the terms and conditions of the Tender Offer
Memorandum, all valid tenders will be accepted in full with no proration of
Notes.

The results of the Tender Offer are as follows:

Description ISIN Code Outstanding Nominal Interpolated Purchase
Purchase Purchase Proration
of the Nominal amount Mid-Swap Spread
Yield Price Factor
Notes Amount accepted Rate
for
purchase
EUR FI4000261201 EUR EUR 3.496 -10 bps
3.396 97.753 N/A
400,000,000 400,000,000 198,800,000 per cent.
per cent. per
1.50
cent.
per cent.
notes due
2024

Accrued and unpaid interest will be paid in respect of all Notes validly
tendered and delivered and accepted for purchase.

The Settlement Date is expected to be 16 March 2023. All Notes purchased by the
Company pursuant to the Tender Offer will be cancelled. Notes which have not
been validly tendered and accepted for purchase pursuant to the Tender Offer
will remain outstanding.

Nordea Bank Abp acts as Dealer Manager and Tender Agent for the Tender Offer.
Information in respect of the Tender Offer may be obtained from the Dealer
Manager: email: NordeaLiabilityManagement@nordea.com / tel: +45 6136 0379.

"I am satisfied with the outcome of the Tender Offer, through which Neste is
proactively managing its debt maturities. Several debt investors accepted the
Tender Offer while simultaneously participating in our recent new green bond
issues," says Martti Ala‑Härkönen, Chief Financial Officer at Neste.

Neste Corporation

Susanna Sieppi
Vice President, Communications

For more information, please contact:

Martti Ala‑Härkönen, Executive Vice President, CFO, Strategy and IT, Neste,
tel: +358 40 737 6633
Katariina Perkkiö, Vice President, Group Treasurer and Chief Risk Officer,
Neste, tel: +358 50 458 1492

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change
and accelerating a shift to a circular economy. We refine waste, residues and
innovative raw materials into renewable fuels and sustainable feedstock for
plastics and other materials. We are the world's leading producer of sustainable
aviation fuel and renewable diesel and developing chemical recycling to combat
the plastic waste challenge. We aim at helping customers to reduce their
greenhouse gas emissions with our renewable and circular solutions by at least
20 million tons annually by 2030. Our ambition is to make the Porvoo oil
refinery in Finland the most sustainable refinery in Europe by 2030. We are
introducing renewable and recycled raw materials such as liquefied waste plastic
as refinery raw materials. We have committed to reaching carbon-neutral
production by 2035, and we will reduce the carbon emission intensity of sold
products by 50% by 2040. We also have set high standards for biodiversity, human
rights and supply chain. We have consistently been included in the Dow Jones
Sustainability Indices and the Global 100 list of the world's most sustainable
companies. In 2022, Neste's revenue stood at EUR 25.7 billion. Read more:
neste.com

Important Information

The distribution of this release and the invitation to tender the outstanding
Notes is prohibited by law in certain countries. Persons into whose possession
this release and/or the Tender Offer Memorandum may come are required to inform
themselves about and comply with such restrictions. Neither this release nor the
Tender Offer Memorandum may be distributed or published in any country or
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction or would require actions under the laws of a state or
jurisdiction, including Australia, Canada, Hong Kong, Japan, New Zealand, South
Africa and the United States. The information contained herein or in the Tender
Offer Memorandum shall not constitute an offer to sell or tender, or a
solicitation of an offer to buy or sell the Notes to any persons in any
jurisdiction in which such offer, solicitation or sale or tender would be
unlawful. In those jurisdictions where the securities, investor protection or
other laws require the Tender Offer to be made by a licensed broker or dealer
and the Dealer Manager or any of the Dealer Manager's affiliates is such a
licensed broker or dealer in any such jurisdiction, the Tender Offer shall be
deemed to be made by the Dealer Manager or its affiliate, as the case may be, on
behalf of the Company in such jurisdiction.

United States: The Tender Offer is not being made, and will not be made,
directly or indirectly in or into, and cannot be accepted, directly or
indirectly, from, or by use of the mails of, or by any means or instrumentality
of interstate or foreign commerce of or of any facilities of a national
securities exchange of, the United States or to any U.S. Person (as defined in
Regulation S of the Securities Act). This includes, but is not limited to,
facsimile transmission, electronic mail, telex, telephone, the internet and
other forms of electronic communication. The Notes may not be tendered in the
Tender Offer by any such use, means, instrumentality or facility from or within
the United States or by persons located or resident in the United States or by,
or by any person acting for the account or benefit of, a U.S. Person.
Accordingly, copies of this release, Tender Offer Memorandum and any other
documents or materials relating to the Tender Offer are not being, and must not
be, directly or indirectly mailed or otherwise sent, transmitted, distributed or
forwarded (including, without limitation, by custodians, nominees, trustees or
agents) in, into or from the United States or to any persons located or resident
in the United States or to any U.S. Person and persons receiving this release or
the Tender Offer Memorandum must not mail, send, transmit, distribute or forward
it or any other documents or materials relating to the Tender Offer in, into or
from the United States. Any person accepting the Tender Offer shall be deemed to
represent to the Company such person's compliance with these restrictions. Any
purported acceptance of Notes in the Tender Offer resulting directly or
indirectly from a breach or violation of these restrictions will be invalid and
any purported tender of Notes made by, or by any person acting for the account
or benefit of, a U.S. Person or by a person located in the United States or any
agent, fiduciary or other intermediary acting on a nondiscretionary basis for a
principal giving instructions from within the United States will be invalid and
will not be accepted.

United Kingdom: The communication of this release, the Tender Offer Memorandum
and any other documents or materials relating to the Tender Offer is not being
made and such documents and/or materials have not been approved by an authorised
person for the purposes of section 21 of the Financial Services and Markets Act
2000. Neither this release nor the Tender Offer Memorandum constitute an offer
of securities to the public in the United Kingdom. This release and the Tender
Offer Memorandum may only be distributed to and is only directed at (i) persons
who are outside the United Kingdom or (ii) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other
persons to whom it may lawfully be communicated, falling within Article 49(2)(a)
to (d) of the Order (all such persons in (i), (ii) and (iii) above together
being referred to as “relevant persons”). Any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such securities will be engaged in only
with, relevant persons. Any person who is not a relevant person should not act
or rely on this release, the Tender Offer Memorandum or any of their respective
contents.

Italy: None of the Tender Offer, this release, the Tender Offer Memorandum nor
any other documents or materials relating to the Tender Offer have been or will
be submitted to the clearance procedures of the Commissione Nazionale per le
Società e la Borsa (“CONSOB”) pursuant to Italian laws and regulations. The
Tender Offer is being carried out in the Republic of Italy (“Italy”) as exempted
offers pursuant to article 101 bis, paragraph 3 bis of the Italian Legislative
Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act”) and
article 35 bis, paragraphs 4 and 7(a) of CONSOB Regulation No. 11971 of 14 May
1999, as amended.

Noteholders or beneficial owners of the Notes that are resident and/or located
in Italy can tender Notes for purchase pursuant to the Offer through authorised
persons (such as investment firms, banks or financial intermediaries permitted
to conduct such activities in Italy in accordance with the Financial Services
Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended from time to
time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in
compliance with any other applicable laws and regulations and with any
requirements imposed by CONSOB and any other Italian authority.

France: The Tender Offer is not being made, directly or indirectly, to the
public in the Republic of France (“France”).  This release, the Tender Offer
Memorandum and any other document or material relating to the Tender Offer may
be distributed in France only to qualified investors (investisseurs qualifiés)
as defined in Article 2(e) of Regulation (EU) 2017/1129 and in accordance with
Articles L.411-1 and L.411-2 of the French Code monétaire et financier.  Neither
this release, the Tender Offer Memorandum, nor any other such offering material
has been or will be submitted for clearance to nor approved by the Autorité des
marchés financiers.

Nothing in this release constitutes an offer to sell or the solicitation of an
offer to buy the New Notes in the United States or any other jurisdiction. The
New Notes are not being, and will not be, offered or sold in the United States.
The New Notes may not be offered, sold or delivered in the United States absent
registration under, or an exemption from the registration requirements of, the
U.S. Securities Act of 1933, as amended (the “Securities Act”). The New Notes
have not been, and will not be, registered under the Securities Act or the
securities laws of any state or other jurisdiction of the United States and may
not be offered, sold or delivered, directly or indirectly, within the United
States or to, or for the account or benefit of, U.S. Persons (as defined in
Regulation S under the Securities Act). The New Notes are subject to the selling
and distribution restrictions set out in the base prospectus prepared in
connection with the New Notes (the “Base Prospectus”) and each investor must
carefully read the disclaimer as presented in the Base Prospectus and comply
with the selling and distribution restrictions set out in the Base Prospectus.