Nokia - Company Announcement

Notification under Chapter 9, Section 10 of the Finnish Securities Markets Act

Nokia Corporation
Stock exchange release
April 25, 2014 at 15:35 (CET +1)

Espoo, Finland - Nokia announces that the potential holdings by Microsoft in
Nokia have decreased below 5% as a result of the redemption of convertible
bonds at the closing of the sale of substantially all of Nokia's Devices &
Services business to Microsoft. 

Nokia has on April 25, 2014 received flagging notification in accordance with
Chapter 9, Section 5 of the Finnish Securities Markets Act from Microsoft
Corporation, Microsoft Asia Island Limited and Microsoft Mobile Oy.  The
holdings notified relate to EUR 1.5 billion financing in the form of three
convertible bonds (“Bonds”) issued by Nokia and subscribed for by Microsoft on
September 2013. The conversion of the Bonds would have resulted in the
acquisition of Nokia shares and related voting rights.  If all the Bonds had
been converted into shares of Nokia this arrangement could have led to
bondholder's  holdings in Nokia to be altogether 367 524 324 shares and voting
rights, representing 8.9 % of all the shares and voting rights in Nokia as
calculated based on current amount of shares added with shares from conversion
of  the Bonds. 

Microsoft Asia Island Limited and Microsoft Mobile Oy announced that Microsoft
Asia Island Limited's holdings in Nokia shares based on the Bonds have
decreased below 5% on April 24, 2014 after it assigned the Bonds to Microsoft
Mobile Oy and, consequently, Microsoft Mobile Oy's holdings were raised above
5%. 

In accordance with our agreement with Microsoft, the Bonds were redeemed at
closing of the sale of substantially all of Nokia's Devices & Services business
to Microsoft and the nominal value and accrued interest of the Bonds were
netted against the proceeds from the sale. Consequently, Microsoft Mobile Oy's
holdings in Nokia decreased below 5% at closing on April 25, 2014 as the bonds
were redeemed. 

Microsoft Asia Island Limited (Tax ID: 34593) has its head office in Bermuda
and is an indirectly wholly owned subsidiary of Microsoft Corporation (Tax ID:
600413485). 

Microsoft Mobile Oy (Business ID: 2583660-5) has its head office in Finland is
an indirectly wholly owned subsidiary of Microsoft Corporation (Tax ID:
600413485). 

Microsoft Corporation (tax ID: 600413485) has its head office in the US.

The current number of shares and voting rights in Nokia is 3 744 994 342.

About Nokia
Nokia is a technology leader with three strong businesses: NSN, which offers
network infrastructure; HERE, which offers location-based services; and
Advanced Technologies, which is focused on advanced technology development and
licensing. http://company.nokia.com 

Media Enquiries:

Nokia
Communications
Tel. +358 (0) 10 448 4900
Email: press.services@nokia.com

http://company.nokia.com