Marco Wirn appointed Chief Financial Officer of Nokia; Kristian Pullola to step down

Marco Wir n appointed Chief Financial Officer of Nokia; Kristian Pullola to step down

Nokia Corporation

Stock Exchange Release

June 11, 2020 at 8:00 (CET +1)

Marco Wir n appointed Chief Financial Officer of Nokia; Kristian Pullola to step down

Espoo, Finland - Nokia has appointed Marco Wir n as CFO of the company and member of the Group Leadership Team, replacing current CFO Kristian Pullola. Wir n will join Nokia on September 1, 2020.

I am pleased that Marco will be joining us to take the reins of Nokia along with our future CEO, Pekka Lundmark, said Rajeev Suri, Nokia President and CEO. I initiated the succession planning with the Board's support and, as Nokia's next CEO, Pekka led the effort to its completion with the selection of Marco.

Marco has deep financial and leadership experience, a sharp focus on driving operational excellence, and a demonstrated record of success, said future CEO Lundmark. He also brings an extensive background in business-to-business and technology companies. I am looking forward to working closely with him and am fully confident he will be a terrific member of the Nokia team.

Wir n, who will be based at the company's headquarters in Espoo, Finland, is currently President of W rtsil Energy and Executive Vice President of W rtsil Group, a global leader in smart technologies and lifecycle solutions for the marine and energy markets. Wir n has held a number of CFO and other senior financial roles, including CFO of W rtsil Group; CFO of SSAB Group, a global specialized steel company; and CFO of Eltel Networks, a provider of technical services to the electrical and telecommunications industries.

Nokia is one of the world's iconic global companies and I am excited to be joining as the 5G era gets fully underway, said Wir n. I have deep respect for the company and its culture and look forward to helping create value for shareholders and other stakeholders in the years to come.

During his time at W rtsil , Wir n helped establish the company as a leader in energy storage, streamlined the portfolio to focus on primary value creation opportunities, improved cash performance, strengthened investment decision-making and expanded use of robotics and artificial intelligence. He also currently serves as Vice Board Chair of Neste, a 28 billion market cap company that provides renewable energy solutions. Wir n holds an M.Sc. in Business Administration from the University of Uppsala.

Kristian Pullola, who has served as Chief Financial Officer since January 2017, will step down as CFO and leave the Group Leadership Team on August 31, 2020. He will remain with the company until around the end of the year to ensure a smooth transition. During his time at Nokia, Pullola played a key role in the transactions that transformed Nokia to a global leader in telecommunications infrastructure, including the sale of the Devices business to Microsoft and the acquisition of Alcatel-Lucent. He also led company-level performance management processes and helped reduce overall fixed costs substantially. Pullola transformed the finance function into a process-led business partner while enhancing productivity.

Kristian has been with Nokia for 21 years, and I know he is looking forward to the opportunity to pursue a new path, said Suri. His commitment, integrity and deep belief in Nokia and its values has served as an example to all of us. I have worked closely with him in both good times and bad, and could not have asked for a more dedicated, intelligent colleague. All of Nokia owes him their thanks and he certainly has mine.

Serving at Nokia has been a true honor, said Pullola. I am fully committed to working with Marco on a smooth transition and am confident that I leave Nokia on a path to continued future improvement. It has been a great journey and one that I will always cherish.

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About Marco Wir n

Born: 1966

Nationality: Swedish and Finnish

M.Sc. (Econ) in Business Administration, University of Uppsala, 1996

Primary professional experience

W rtsil Energy, President, and W rtsil Group, Executive Vice President, 2018-

W rtsil Group, Executive Vice President and CFO, 2013-2018

SSAB, Executive Vice President and CFO, 2008-2013

SSAB, Vice President Business Control, 2007-2008

Eltel Networks, CFO and VP Business Development, 2002-2007

NCC, VP Business Development and Group Controller, 1995-2001

Positions of trust

Neste Corporation, Vice Chair, Board of Directors

About Nokia

We create the technology to connect the world. Only Nokia offers a comprehensive portfolio of network equipment, software, services and licensing opportunities across the globe. With our commitment to innovation, driven by the award-winning Nokia Bell Labs, we are a leader in the development and deployment of 5G networks.

Our communications service provider customers support more than 6.4 billion subscriptions with our radio networks, and our enterprise customers have deployed over 1,300 industrial networks worldwide. Adhering to the highest ethical standards, we transform how people live, work and communicate. For our latest updates, please visit us online www.nokia.com and follow us on Twitter @nokia.

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