NESTE OIL SIGNS EUR 400 MILLION COMMERCIAL PAPER PROGRAM

Neste Oil Corporation (formerly Fortum Oil Oy) has signed a EUR 400 million domestic commercial paper program. The program will support Neste Oil's planned separation from Fortum Corporation and listing on the Helsinki Stock Exchange scheduled for April 2005. The program will be used for working capital purposes and other short-term financing needs. Under the program the company is able to issue commercial paper with maturities of up to one year.

 

Dealers in the program are: OKO Bank, Danske Bank A/S, Nordea Bank Finland Plc, Sampo Bank Plc, Skandinaviska Enskilda Banken AB (publ) and Svenska Handelsbanken AB (publ).

 

Neste Oil Corporation is a leading independent northern European oil refining and marketing company focused on high-quality traffic fuels and other high value-added petroleum products with reduced environmental impact.

 

The Board of Directors of Fortum Corporation will propose to the Annual General Meeting that approximately 85% of Neste Oil shares should be distributed as a dividend to the shareholders of Fortum Corporation. The remaining approximately 15% of the shares are expected to be sold to institutional and retail investors by Fortum Corporation subject to market conditions. Fortum Corporation's Annual General Meeting will be held on 31 March 2005.

 

Fortum Corporation

Corporate Communications

 

For more information:

Mr Petri Pentti, CFO, Neste Oil, tel + 358 10 4524490

Mr Heikki Saarinen, Group Treasurer, Neste Oil, tel + 358 10 4524440

 

 

The information contained herein is not for publication or distribution into the United States. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.

 

The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to