Nokia launches first phase of share buyback program

Nokia launches first phase of share buyback program

Nokia Corporation

Stock Exchange Release

11 February 2022 at 16:00 EET

Nokia launches first phase of share buyback program

Espoo, Finland - In line with the announcement on 3 February 2022, the Board of Directors of Nokia Corporation (Nokia or the Company) has today decided to launch the first phase of the share buyback program.

The main terms of the first phase of the share buyback program:

The aggregate purchase price of all Nokia shares to be acquired shall not exceed EUR 300 million.

The repurchases will start at the earliest on 14 February 2022 and end by 22 December 2022.

The purpose of the repurchases is to optimize Nokias capital structure through the reduction of capital. The repurchased shares will be cancelled accordingly. The repurchases will be funded using funds in the reserve for invested unrestricted equity and the repurchases will reduce total unrestricted equity.

The repurchases are based on the authorization granted by Nokias Annual General Meeting on 8 April 2021. The maximum number of shares that can be repurchased under the first phase of the program is 275,000,000 shares corresponding to approximately 5 % of the total number of shares in Nokia.

The shares will be acquired through public trading on the regulated market of Nasdaq Helsinki and select multilateral trading facilities. No repurchases will be made in the United States. Nokia has appointed a third-party broker as the lead-manager for the first phase of the buyback program. The lead-manager will make trading decisions independently of and without influence from Nokia. The repurchases will be carried out in accordance with the so-called safe harbour rules referred to in Article 5 of the EU Market Abuse Regulation (EU N:o 596/2014).

The price payable per share shall be determined in public trading on the relevant trading venue at the time of the repurchase, in compliance with the price and volume limits applicable under the safe harbour rules.

Nokia may terminate the program prior to its scheduled end date and will in such case issue a stock exchange release to this effect.

NOKIA CORPORATION

Board of Directors

About Nokia

At Nokia, we create technology that helps the world act together.

As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Adhering to the highest standards of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world.

Inquiries:

Nokia

Investor Relations

Phone: +358 40 803 4080

Email: investor.relations@nokia.com

David Mulholland, Head of Investor Relations

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