Nokia Board of Directors resolved on a directed share issuance to Nokia employees participating in the Employee Share Purchase Plan 2014

Nokia Corporation Stock Exchange Release September 30, 2015 at 13:15 (CET +1)

Nokia Board of Directors resolved on a directed share issuance to Nokia employees participating in the Employee Share Purchase Plan 2014

Espoo, Finland - Nokia announced that Nokia's Board of Directors has resolved on a directed issuance of a maximum amount of 141 581 Nokia shares (NOKIA) held by the company to Nokia employees participating in the Employee Share Purchase Plan 2014. The one-year cycle of the Employee Share Purchase Plan 2014 ended on July 31, 2015.

Under the terms and conditions of the Employee Share Purchase Plan 2014 Nokia will offer one matching share for every two shares purchased under the plan which the participant still held as at July 31, 2015. The shares are issued without consideration. As the issued shares are held by the company, the total number of the company's outstanding shares does not change as a consequence of the share issuance. The shares will be delivered to the employees in October 2015.

The Board of Directors approved the launch of the Employee Share Purchase Plan 2014 as part of the Nokia Equity Program 2014 on February 14, 2014 to encourage employee share ownership, commitment and engagement. The resolution to issue shares is based on the authorization granted to the Board by the Annual General Meeting on May 5, 2015.