Nokia President and CEO Rajeev Suri comments on the 5G market at Annual General Meeting

Press Release

21 May 2019

Espoo, Finland - The Annual General Meeting (AGM) of Nokia Corporation is being held today, Tuesday 21 May 2019 in Helsinki, Finland.

In addition to addressing the companys 2018 financial performance and Group Annual Accounts, at the AGM, Rajeev Suri, President and CEO of Nokia Corporation, speaks on environmental, social and governance (ESG) matters and provides an update on one of the most radical technology transitions ever as 4G begins to give way to 5G.

Nokia also emphasizes today efforts undertaken to eliminate, by July 2019, any statistically significant pay gap in the company that cannot be explained by factors such as performance, experience, job grade, or location. Nokia will become one of a small handful of companies that have taken such action.

During the past year, Nokia has also continued to work hard to contribute to making a healthier, connected, sustainable planet. Nokia recently launched the industrys first-ever liquid-cooled base station, emitting 80 percent less CO2 emissions than previous generations of products, and sought innovative ways to use its connectivity technology where it is most needed. For example, in the Philippines, the Red Cross was provided with Nokia drones and portable networks to improve first response in areas struck by disaster.

Comments on the 5G market

Nokias strategy is to lead in high-performance end-to-end networks for operators, expand to select vertical markets that need high-performing secure networks, build a strong standalone software business and create new licensing opportunities.

The 5G-driven spending cycle that is now building momentum supports Nokias end-to-end, full-portfolio strengths. Consequently, end-to-end sales as a percentage of sales pipeline are now at the highest point ever.

Nokia President and Chief Executive Officer Rajeev Suri says: 5G is not the future anymore. It is here, and Nokia is leading it. We are winning deals and rolling out some of the worlds first 5G networks. We now have 37 5G commercial contracts - 20 with named customers including T-Mobile, AT&T, STC, and Telia - and more than half of them include wider portfolio elements that our competitors cannot match. We have some amazing technology. In fact, in pretty much every network where Nokia products are deployed, we are the performance leader. This doesnt just happen on its own. It happens because we focus on excelling in the technology that matters the most. 5G is now accelerating and the power of Nokias end-to-end portfolio is being recognized.

About Nokia

We create the technology to connect the world. We develop and deliver the industrys only end-to-end portfolio of network equipment, software, services and licensing that is available globally. Our customers include communications service providers whose combined networks support 6.1 billion subscriptions, as well as enterprises in the private and public sector that use our network portfolio to increase productivity and enrich lives.

Through our research teams, including the world-renowned Nokia Bell Labs, we are leading the world to adopt end-to-end 5G networks that are faster, more secure and capable of revolutionizing lives, economies and societies. Nokia adheres to the highest ethical business standards as we create technology with social purpose, quality and integrity. www.nokia.com

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FORWARD-LOOKING STATEMENTS

It should be noted that Nokia and its businesses are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokias current expectations and views of future developments and include statements regarding: A) expectations, plans or benefits related to our strategies and growth management; B) expectations, plans or benefits related to future performance of our businesses and any expected future dividends; C) expectations and targets regarding financial performance, results, operating expenses, taxes, currency exchange rates, hedging, cost savings and competitiveness, as well as results of operations including targeted synergies and those related to market share, prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure; E) expectations regarding market developments, general economic conditions and structural changes; F) our ability to integrate acquired businesses into our operations and achieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations, plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitration awards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of our products and services, including our short term and longer term expectations around the rollout of 5G and our ability to capitalize on such rollout; and the overall readiness of the 5G ecosystem ; I) expectations and targets regarding collaboration and partnering arrangements, joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as our expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, capital structure optimization eff

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