Report by the Board of Directors

Stock Options

The Annual General Meeting of March 14, 2008, decided to issue stock options to Bittium (former Elektrobit) key personnel. The maximum number of stock options was 4,200,000, of which 1,400,000 was marked with the symbol 2008A, 1,400,000 was marked with the symbol 2008B and 1,400,000 was marked with the symbol 2008C. The stock options entitled to subscription of a maximum total of 4,200,000 new shares of the company or treasury shares. The proportion of the shares that could be subscribed using the stock options to be issued was a maximum total of 3.1 percent of the company´s shares and associated voting rights after a possible share subscription, were new shares to be issued in the subscription. The subscription price for the shares to be subscribed based on the stock options was based on the prevailing market value of the Bittium Corporation share at Nasdaq Helsinki. in January 2009, January 2010 and January 2011. The subscription price was recorded in the fund for invested unrestricted equity. The share subscription period for stock options 2008A ended in 2014. The share subscription period for stock options 2008B 1 April 2013–31 March 2015, and for stock options 2008C 1 April 2014–31 March 2016 ended during the financial years 2015 and 2016.