Nokia Issues Release Noting Board Has Adjusted Equity Plans Following Special Dividend

As previously announced, the Nokia Annual General Meeting held on June 17, 2014 has decided to distribute a special dividend in the amount of EUR 0.26 per share in addition to an ordinary dividend of EUR 0.11 per share for year 2013. Since dividends are not paid to unvested equity received under the equity plans, the Board of Directors has decided to neutralize the impact of the extraordinary shareholder distributions to the participants holding unvested equity by approving an amendment to the original grant amount of all unvested shares to the participants, including both senior executives and key employees. Similarly, and as required by the terms and conditions of Nokia's stock option plans, the exercise price of the Nokia stock options will be adjusted due to the special dividend by deducting the amount of the special dividend from the exercise price. Nokia equity plans are not adjusted for the ordinary dividend. As a result of these amendments, the number of additional performance and restricted shares is 713 736. The maximum number of shares under Nokia's equity plans and option rights currently outstanding represents approximately 0.9% of Nokia's currently issued shares (excluding the shares owned by Nokia and its subsidiary companies). The additional shares under the above resolutions vest in accordance with the applicable plan terms and conditions, which means that they are subject to the applicable performance criteria and holding periods.