Nokia Investment Management Corporation

Item 5 – Fees and Compensation

Reimbursement for costs incurred
NIMCO has entered into written investment management and fiduciary services agreements for the
Plans under which NIMCO deducts Plan accounts directly for reimbursement of actual costs incurred by
NIMCO in connection with the investment advisory and fiduciary services it provides.

Such categories of expenses include staff salaries and benefits, legal, consulting, travel, training, and
other costs. The investment management and fiduciary services agreements provide for disclosure to
the Plans of all costs subject to reimbursement. NIMCO is reimbursed costs either monthly or quarterly
only after services have been provided. The Plans and/or Nokia may in the future, if they so choose,
negotiate other arrangements to compensate NIMCO for the services it provides.

Other fees and expenses
The reimbursements described above are exclusive of brokerage commissions, transaction fees,
custodial fees, transfer taxes, wire transfer fees, third party investment manager fees and other fees
charged by custodians, investment managers, broker‐dealers and other third parties unaffiliated with
NIMCO. Those costs are paid to service providers from the Plans; NIMCO does not receive any portion of
these fees, commissions, or costs.

Indirect compensation
In its recommendation and selection of third party investment advisers and other vendors for the Plans,
neither NIMCO nor any of its employees receive direct compensation from these advisers or vendors.
NIMCO employees may, however, receive occasional business meals, conference attendance fees or
lodging in connection with a business meeting or conference in accordance with NIMCO’s Gifts,
Entertainment, and Travel Policy. Reimbursements for travel costs or acceptance of indirect
compensation, including educational conferences, are only acceptable under certain conditions outlined
in the policy a copy of which is available by contacting Kerry Gillin, Chief Compliance Officer
(kerry.gillin@nokia.com).

Item 7 – Types of Clients

NIMCO provides investment advisory and fiduciary services for defined benefit, defined contribution, and
other post-employment benefit plans maintained by Nokia and certain of its subsidiaries. The Plans are
NIMCO’s only investment advisory clients.

In addition, NIMCO may provide non-discretionary, investment consulting services from time to time on
an as-needed basis with respect to the investment activities of Nokia’s non-US pension plans, and with
respect to certain non-pension investments held by Nokia.

NIMCO also provides administrative and fiduciary services to a single-employer Taft Hartley plan
sponsored by a Board of Trustees that consists of representatives of Nokia and representatives of
certain labor unions.