NESTE OIL'S NOMINATION COMMITTEE'S PROPOSAL FOR COMPOSITION OF THE BOARD OF DIRECTORS

The Nomination Committee of Neste Oil Corporation will propose to the Annual General Meeting to be held on 21 March 2007 that the company's Board of Directors should comprise the following members:

 

Mr. Timo Peltola should be re-elected as the Chairman of the Board, Mr. Mikael von Frenckell as Vice Chairman, and Board members Ms. Ainomaija Haarla, Ms. Nina Linander, Mr. Pekka Timonen, and Ms. Maarit Toivanen-Koivisto should be re-elected for a further term of office.

 

The Nomination Committee's candidates for new Board members are Dr. Antti Tanskanen, former Chairman & CEO of OKO Bank Group, and Dr. Michael A.M. Boersma, CEO of Essent N.V.

 

All those concerned have given their consent to Board service.

 

All the nominees are considered independent, with the exception of Pekka Timonen, who is employed by the majority owner, the Finnish State.

 

The Nomination Committee will also propose that the remuneration paid to the Board of Directors should remain unchanged from 2006, as follows:

 

Chairman EUR 55,000/year
Vice Chairman EUR 42,000/year
Member EUR 30,000/year
Meeting fee *)  EUR 500/meeting

*) Applies also to committee meetings

 

The meeting fee is proposed to be paid in double for the members traveling to the meetings from outside of Finland.

 

Shareholders' Nomination Committee was appointed in November 2006 and comprised following persons: Mr. Markku Tapio, Director General, Ministry of Trade and Industry; Mr. Harri Sailas, Deputy CEO, Ilmarinen Mutual Pension Insurance Company, and Mr. Jorma Huuhtanen, Director General, Social Insurance Institution. The Chairman of Neste Oil's Board of Directors, Mr. Timo Peltola served as the Committee's expert member.

 

Neste Oil Corporation

Osmo Kammonen

Senior Vice President, Communications

 

 

Neste Oil Corporation is a refining and marketing company, with a focus on advanced, clean traffic fuels and a strategy aimed at growing the company's oil refining operations and premium-quality biodiesel production. Neste Oil's refineries are located in Porvoo and Naantali in Finland, and have a total refining capacity of approx. 250,000 bbl/d. The company employs around 4,600 people. Neste Oil is listed on the Helsinki Stock Exchange (symbol: NES1V). For further information, see www.nesteoil.com.

 

Antti Tanskanen, born 1946, Titular Minister, Ph.D. in Economics

- 1997-2006: Chairman & CEO, OKO Bank Group

- 1992-1996: Chairman and President of the Academy of Finland

- Chairman of the Board of the Finnish Institute of International Affairs since 2007

- Member of the Board of M-real Corporation since 1992.

 

Michael A. M. Boersma, born 1947, Doctor (Technical Sciences)

- 2003-present: Chief Executive Officer of Essent NV, a Dutch Utility Company

- 2000-2003: President, Shell Global Solution and Executive Vice President of the Shell Oil Products             Executive Committee

- 1998-2000: Chief Executive Officer, Shell Gas (LPG), London

- 1997-1998: Head of Strategic Planning, Shell International Oil Products

- 1995-1997: CEO and General Manager,  Shell Companies in Turkey