Stock exchange release September 29, 2020 12:23 PM EEST

Neles Corporation has received a merger proposal from Valmet Corporation

Neles Corporation Stock Exchange Release 29 September 2020 at 12.23 p.m. EEST

Neles Corporation ("Neles") refers to the stock exchange release published by Valmet Corporation ("Valmet") today regarding a merger proposal made to Neles' Board of Directors (appendix 1). Neles confirms that it has today received an unsolicited letter from Valmet proposing a merger between Neles and Valmet (the "Letter"). The Letter does not include a proposal for the specific terms of the merger, such as an exchange ratio.

The Board of Directors of Neles will assess the Letter and consider potential further actions needed.

NELES CORPORATION

Board of Directors

For further information, please contact:

Jukka Moisio, Chair of the Board of the Neles Corporation

Distribution:

Nasdaq Helsinki

Media

www.neles.com

Neles is one of the leading providers of mission-critical flow control solutions and services for process industries. With our global team of experts and innovative solutions, we help our customers to improve their process performance and ensure safe flow of materials. Neles is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 660 million in 2019. Neles employs about 2,900 people in around 40 countries. Neles was created in the partial demerger of Metso Corporation, and trading in Neles stock started on July 1, 2020.

Appendix 1: Stock exchange release by Valmet