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Safe Harbor Statement

The following information contains, or may be deemed to contain, “forward-looking statements”. These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures, future cash sources and requirements, liquidity and cost savings that involve known and unknown risks, uncertainties and other factors that may cause Neste Corporation’s or its businesses’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, such forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue,”

• r the negative of those terms or other comparable terminology. By their nature, forward-looking statements

involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the following forward-looking statements, possibly to a material degree. All forward-looking statements made in this presentation based on information presently available to management and Neste Corporation assumes no

• bligation to update any forward-looking statements. Nothing in this presentation constitutes investment advice

and this presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities or

• therwise to engage in any investment activity.

Challenges

The world is constantly

• n the move

How much more can the environment take? We need cleaner traffic and transport solutions People and goods need to stay on the move

Why do we need biofuels?

Biofuels are part of the solution

Reduce dependency on petroleum products Combat climate change Lower emissions from traffic and transportation for cleaner air

Blended with gasoline

Biofuels in traffic

Raw materials Blended with diesel Ethanol HVO = Renewable diesel FAME = Biodiesel

Typically used at 10% blend Typically used at 5% blend Can be added neat (100%) Corn, cereal, sugars Waste and residue fats from food processing as well as vegetable oils

Neste in brief

OUR VISION

Creating responsible choices every day

Revenue

$12.7 billion

The world’s largest producer

• f

renewable diesel Production capacity of renewable diesel:

• ver 900 million

gallons per year

employees in 15 countries

~ 5,000

Several years in the Global 100 list

• f the world’s

most sustainable companies

Neste in numbers

Lead-free and sulfur-free fuels

1980 – 2005 2007 2011 2013 2014 2015

Low-sulfur marine fuel Renewable Diesel Renewable Jet Fuel Renewable Propane

Neste has been a leader in cleaner solutions throughout the years

2016 2017

Renewable products refineries

• over 900 million gallons per year

Porvoo, Finland

• The world’s first

renewable diesel refinery

• ~3 MMbbl/yr

Rotterdam, The Netherlands

• The world’s largest

renewable diesel refinery alongside Singapore

• Biopropane will be

available on the market during the year 2017

• ~8 MMbbl/yr

Singapore

• The world’s largest

renewable diesel refinery

• ~8 MMbbl/yr

What is renewable diesel?

What is a triglyceride?

3 Renewable Diesel Molecules & 1 Renewable Propane Molecule

Fuel Property Comparison

Note *1: Blending cetane number Note *2: ASTM specification > 40 Note *3: Product can be engineered to specific cloud point within this range by adjusting process conditions

Biodiesel Neste MY Renewable Diesel

Viscosity at +40°C (mm2/s) ≈ 4.5 2.9 ... 3.5 Cetane number ≈ 51 ≈ 75 ... 99 *1 Cloud point (°C) ≈ - 5 ≈ - 5 ... – 25*3 Heating value (lower) (MJ/kg) ≈ 38 ≈ 44 Heating value (MJ/l) ≈ 33 ≈ 34 Polyaromatic content (wt-%) Oxygen content (wt-%) ≈ 11 Sulfur content (mg/kg) < 10 < 10 Carbon / hydrogen ≈ 5.6

Excellent solution for fleets to improve local air quality

Based on several scientific studies with different engines and after- treatment system, 100% Neste Renewable Diesel provides significant reductions in major air pollutants:

• Particulate matter (PM) -33%
• Nitrogen oxides (NOx) -9%
• Carbon monoxide (CO) -24%
• Hydrocarbons (HC) -30%

Neste’s Solution:

• Production based on Neste’s proprietary

NEXBTL technology

• Annual production capacity

2.6 million tons = 900 million gallons

• Meets ASTM D975 and CARB diesel

specifications

• Can be blended and distributed the

same way as petroleum diesel, even as such (R99)

• Meets even the toughest engine

manufacturer requirements

• Flexible and suistainable raw material

base – over 10 different feedstocks in use

Neste is the world’s largest producer of renewable diesel

Diverse demand for Neste MY Renewable Diesel, as blending component and 100% use

Commercial and municipal bus fleets Truck fleets Construction; Mining Agricultural machinery Marine Emergency generators Aviation Dump and garbage trucks

21

Low-carbon Neste MY Renewable Diesel is ideal for fleet operations and the quality is always consistent

Lower operating costs

Longer service and maintenance intervals than for other alternative fuels.

Smaller environmental footprint

Reduces greenhouse gas emissions by up to 80% in addition to sizable reductions in tailpipe emissions.

High performance

Free of sulphur, oxygen, and aromatics. Together with a high cetane number of 75-95 the fuel ensures an efficient and clean combustion.

Superior cold weather performance

Suitable for very cold weather conditions. No matter the raw material, Neste guarantees its fuel will exceed cold temperature requirements.

Long shelf life

Can be stored over long periods of time with no deterioration in quality or water accumulation.

Easy switch; no additional investments

Fleets can switch to renewable diesel overnight without any conversion of vehicles or to logistics systems.

22

This material is confidential and intended for Neste internal use only

Neste MY Renewable Diesel is being used by cities, municipalities and corporations around the world, the number of neat users is growing steadily

Renewable Fuel Endorsement

San Francisco Bay Area Super Bowl 50 Host Committee

* *

*) User of Neste Renewable Jet Fuel

First Fill by ”The Green Lady”, Mary Nichols, CARB Chairman

• Californian based

Propel Fuels was the first retail chain in the world to sell neat Neste’s Renewable Diesel to consumers

• Stations across

California

• Neste MY Renewable

Diesel is being used by UPS fleets operating in the USA since mid- 2015

• UPS is planning to use

up to 46 million gallons equivalents of renewable fuels over the next three years

25

• Google's gBuses in

Silicon Valley, California are running

• n neat renewable

diesel

• gBuses shuttle

employees from their homes in San Francisco and Oakland to Google’s corporate campuses

26

• The City of San

Francisco leapfrogged its efforts to protect the climate from harmful effects of diesel emissions by phasing out the use of petroleum diesel in their municipal fleet and replaced it with Neste’s renewable diesel at the end of 2015

• The City of Oakland began

filling its vehicles with Neste MY Renewable Diesel in

• rder to reduce the

emissions of their municipal fleet

• Oakland operates 250

diesel-powered vehicles and equipment

• Oakland has used 230,000

gallons of renewable diesel per year

• The City of Walnut Creek is

the first city in the US to convert its municipal fleet to renewable diesel

• The switch to Neste’s

Renewable Diesel in August 2015 reduces the city’s GHG emission by more than 60%

• They operate around 60

diesel powered vehicles and equipment

• The City of San Diego has

converted its municipal fleet to renewable diesel

• Over 1,100 vehicles and

equipment, representing approximately 25% of the city's fleet, run on Neste’s renewable diesel

• No performance issues have

been reported

• The City of Carlsbad has

converted its municipal fleet to renewable diesel

• Carlsbad runs renewable

diesel in a range heavy- duty vehicles including fire trucks, dump trucks and vacuum trucks

• The County of Sacramento

has converted its municipal fleet to renewable diesel; reducing greenhouses gases by approx. 8,000 tons annually

• Neste’s renewable diesel is

used in a range of heavy- duty vehicles including more than 400 municipal public works and specialty vehicles

32

More than 7000 cities around the world have set themselves climate targets

Source: www.c40.com; JRC (2016), Covenant of Mayors

Selected cities’ CO2-emission reduction targets

EU Covenant of Majors (6200 cities):

• 20% by 2020

Tokyo, Japan:

• 25% by 2020

San Franciso, US:

• 80% by 2050

Melbourne, AUS:

• 100% by 2020

London, UK:

• 80% by 2050

Stockholm, Sweden:

• 90% by 2050

New York City & Washington DC, US:

• 80% by 2050

Seoul, Korea

• 40% by 2030

Vancouver, CAN:

• 80% by 2050

Rio de Janeiro, BRZ

• 50% by 2020

Buenos Aires, ARG

• 60% by 2030

Bangkok, Thailand

• 20% by 2020

Helsinki, Finland:

• 30% by 2030;
• 100% by 2050

33

Progressive consumers and companies take the lead in use of low-carbon fuels

33

Switched from conventional diesel to renewable Billion miles driven

• n alternative fuels

by end of 2017 Carbon neutral growth from 2020 30% sustainable alternative aviation fuel by 2013 100% of plastics in home furnishes renewable or recycled by 2020 Strive to substitute top crude oil- derived raw materials 40% less GHG emissions per sales by 2020 20% less CO2 emissions by 2020

Renewable Diesel Sustainability and Raw Materials

Sustainability

We work continuously to offer cleaner solutions for

• ur customers, reduce the environmental impact of
• ur operations, and improve the sustainability of
• ur supply chain.

Our approach to sustainability

Neste Sustainable Way includes:

• Cleaner solutions
• Safety
• Our people
• Society
• Climate and resource efficiency
• Sustainable supply chain

Neste has been chosen for the Global 100 list

• f the world’s most sustainable companies

and the Dow Jones Sustainability Index for many years.

6.4

million tons

Equaling permanent removal of from the roads

2.3 million passenger cars

Neste Renewable Diesel produced in 2015 reduced carbon emissions

Flexible raw material mix

• Neste’s renewable products can be produced flexibly

from a mix of waste and residues as well as various vegetable oils

• The company is the only one in the world capable of

producing renewable fuels from over 10 different raw materials

• The products have consistent high quality independent

from raw material used

Broad range of renewable raw materials

Neste uses bio-based ethanol from the global market as a bio-component in gasoline. The company also uses tall oil pitch at its refinery in Naantali, Finland.

Animal fat from food industry waste Fish fat from fish processing waste Vegetable oil processing waste and residues

(e.g. PFAD, PES, SBEO)

Technical corn oil Used cooking oil Crude palm oil Camelina oil Jatropha oil Rapeseed oil Soybean oil

79% 21 %

Waste and residues form nearly 80% of our renewable raw material inputs

Waste and residues

(e.g. waste and residue fats from food processing, technical corn oil)

Other vegetable oils In 2015, we achieved capability to use solely waste and residues as raw materials in our processing.

Renewable raw material mix 2016

Huge increase in waste and residue usage

200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 2007 2008 2009 2010 2011 2012 2013 2014 2015

Tons

All renewable raw materials sustainably produced

Taking leadership in sustainability practices is essential to growing acceptability of renewable feedstocks

All of the renewable raw materials used by Neste are traced back to the land or production plants

Traceability ensures that renewable raw materials are sustainably produced and that production has not infringed anyone’s human rights or endangered rainforests or carbon-rich areas

Raw material research

Cutting-edge research

• Continuous research to expand renewable raw material

base and further develop NEXBTL technology

• 70% approx. euro 41 million of R&D costs in 2015
• Cooperation with over 20 research institutions around

the world

• Approx. 1,000 people working with research and

engineering

Expanding our raw material portfolio

Waste animal fats, waste oils, residue and side streams Biological pathways Thermo-catalytic pathways Photo- synthesis

Short term Long term

Microalgae oil – one of the future raw material alternatives

• Algae oil is a suitable feedstock for renewable

fuel production

• Not yet available on industrial scale
• Neste has been involved in several global

research projects

• Commercial contingent algae oil off-take agreements

with Cellana and RAE in the USA

47

Renewable raw material provide up to 83% CI reductions

GHG Emission Reduction Carbon Intensities of different raw materials under CARB LCFS: Raw Materials

• Neste is currently the world's only biofuel producer capable of

refining high-quality renewable hydrocarbon diesel from more than ten different feedstocks on an industrial scale.

• Neste MY Renewable Diesel may be produced produced from:
• Animal Fat
• Waste vegetable oil refining residues
• Fish Fat
• Used Cooking Oil
• Technical Corn Oil

17 33 34 37 39

102

• 83%

Global Animal Fat Technical Corn Oil North American Tallow Fish Fat Used Cooking Oil CARB Diesel

Units are all gCO2e/MJ

Neste’s Research and Cooperation with OEMs

What is important in fuel development?

• Customer priorities
• Operability
• Costs
• Reliability
• Performance
• Environmental aspects
• Greenhouse gases
• Exhaust emission/air quality
• Occupational health
• Water, spills
• Production and Raw materials
• Wider sustainable raw material base
• Improve efficiency, lower costs
• New processes and products

Meeting Customer Expectations CUSTOMER expectations and acceptance

Milestones in the development of Neste MY Renewable Diesel

1996 First patent application for NEXBTL technology 2001 NEXBTL technology project started Engine and vehilce testing in lab starts 1995 First experiments targeting to develop 100% renewable fuel 1993 Idea of renewable fuels generated at Neste 2007 First renewable diesel plant in Porvoo, Finland New plants for renewables 2009 Porvoo #2, 2010 Singapore 2011 Rotterdam 2007 - Joint testing with universities and research institutes

1995 2000 2005 2010 2015 1990 2020

2004 First OEM tests with Renewable diesel 2007 -2011 Field testing in busses and trucks together with OEM’s Lab testing for future Co-development of engines and fuel 2016 Improved fuel economy with engien mapping optimization 2015 – 2017 OEM approvals for Euro VI, US D975 verification and endorsements New production capacity? Discussions with OEM’s about fuel requirements and development trends

Neste MY Renewable Diesel is Fully Compatible with Petroleum Diesel

Biodiesel (FAME / RME) Petroleum diesel Renewable Diesel Fischer-Tropsch BTL

Raw material Vegetable oils & waste animal fats Crude oil (mineral oil) Vegetable oils & waste animal fats (including high free fatty acids) Biomass Technology Esterification Traditional refining Hydrotreating Gasification & Fischer-Tropsch End product Ester-based, conventional biodiesel Ester Hydrocarbon (gasoline, jet fuel, diesel) Bio-based hydrocarbon (renewable diesel, jet fuel, bionaphta, biopropane) Bio-based hydrocarbon (renewable gasoline, jet fuel, diesel) Chemical composition O II H3C-O-C-R CnH2n+2 + aromatics CnH2n+2 CnH2n+2

FAME = Fatty Acid Methyl Ester, conventional biodiesel RME = Rapeseed Methyl Ester, conventional biodiesel HVO = Hydro treated Vegetable Oil, advanced biofuel i.e. renewable fuel BTL = Biomass to Liquid

OEM Cooperation

Neste MY Renewable Diesel Meets ASTM D- 975 and CARB Diesel Fuel Specifications

* Manuals approve ASTM D975, but in some documentation or messaging might have limitations for RD

OEMs that require fuels meet ASTM D-975 (partial list):

• Navistar
• Ford
• GM
• Nissan
• Audi
• BMW
• Daimler
• Komatsu
• Perkins*
• Hitachi*
• MTU*
• Mercuries
• …several others

OEMs warranties require that diesel fuels meets fuel specification

OEMs which have specifically approved/endorsed Renewable Diesel:

• Paccar
• Volvo
• Scania
• Daimler
• Caterpillar
• Agco Power systems
• Steyr marine engines
• Mack Trucks
• MAN
• DAF
• Deutz

Renewable Jet Fuel: A Solution for Sustainable Aviation

• Aviation is a significant source of GHG emissions
• Aviation accounts for 2% of global GHG emissions and 10% of all

transportation emissions

• The aviation industry will continue to grow

➢ Air traffic is expected to double in 15 years

• The industry realizes that continued growth must be sustainable
• Potential benefits include approvals to grow, improved brand image,

new revenue streams, price diversification, incentives

• Airlines, airports and OEMs are pulling all levers to lower their

carbon and emission footprint

➢ Improvements in aircraft technology, operations, air traffic management

• Renewable jet fuel must be part of the solution
• Renewable diesel assets can be utilized to produce renewable jet fuel

The case for renewable jet fuel

Neste Renewable Jet Fuel

• Offers airlines an easy way to cut their

emissions

• Compatible with existing jet engines
• High energy content (MJ/kg), no aromatics,

reduces CO2 and sulphur emissions

• Complies with ASTM D7566 specification
• Already available at industrial scale

1,187

Lufthansa

flights

1,600 tonnes

• f blended fuel

1,500 tonnes

reduction in GHG emissions

quality issues

1%

better fuel consumption

Neste Renewable Jet; proven high-level performance that has been used on over 1,000 Lufthansa flights

In January 2016, Oslo Airport offered Neste MY Renewable Jet Fuel via the hydrant system

• Neste has produced renewable jet fuel to be used by airlines

Lufthansa, KLM and SAS at Oslo airport

• The fuel is transferred to Oslo as a 50% blend with conventional

jet fuel

• For the first time, renewable jet fuel is delivered into-plane via

the airport's hydrant system

• The fuel was produced in Porvoo, Finland, as part of the EU-

funded ITAKA* project

• The feedstock is 100% certified camelina oil

* http://www.itaka-project.eu/default.aspx

The next development of HEFA: HEFA+ renewable jet fuel should accelerate use

“The airplane performed as designed with the green diesel blend, just as it does with conventional jet fuel. This is exactly what we want to see in flight tests with a new type of fuel." Captain Mike Carriker, Chief Pilot Boeing Product Development and 777X describing test flight with 15% HEFA+ supplied by Neste, Dec 2014

• HEFA+ is HEFA with a slightly

higher freezing point

• Supply should increase as more

efficient to produce

• Will be used at lower blend

levels: likely max 15% HEFA+ vs. max 50% HEFA.

• Boeing is leading the effort for

HEFA+ specification

• Neste is supporting with supply of

fuel and testing

• Research report was issued in

November 2016 and Version 3 is being issued for review