Nokia - Company Announcement

Nokia completes the acquisition of Siemens' stake in Nokia Siemens Networks

Nokia Corporation
Stock Exchange Release
August 7, 2013 at 14.50 (CET +1)

Espoo, Finland - Nokia has completed the acquisition of Siemens' stake in Nokia
Siemens Networks. The transaction was originally announced on July 1, 2013. 

In accordance with this transaction, the Siemens name is being phased out from
Nokia Siemens Networks' company name and branding. The new name and brand is
Nokia Solutions and Networks, also referred to as NSN, which will be used also
for financial reporting purposes. 

Nokia Solutions and Networks is wholly owned by Nokia and will continue to be
consolidated by Nokia. 

Rajeev Suri continues as CEO and Jesper Ovesen continues as Executive Chairman
of the NSN Board of Directors. The NSN Board of Directors has been adjusted to
the new ownership structure as the Siemens-appointed directors have resigned. 

About Nokia
Nokia is a global leader in mobile communications whose products have become an
integral part of the lives of people around the world. Every day, more than 1.3
billion people use their Nokia to capture and share experiences, access
information, find their way or simply to speak to one another. Nokia's
technological and design innovations have made its brand one of the most
recognized in the world. For more information, visit
http://www.nokia.com/about-nokia. 

NSN
NSN is the world's specialist in mobile broadband. From the first ever call on
GSM, to the first call on LTE, we operate at the forefront of each generation
of mobile technology. Our global experts invent the new capabilities our
customers need in their networks. We provide the world's most efficient mobile
networks, the intelligence to maximize the value of those networks, and the
services to make it all work seamlessly. 

Disclaimer
Nokia Siemens Networks is renamed as Nokia Solutions and Networks, also
referred to as NSN, and the terms “Nokia Solutions and Networks”, “NSN” and
“Nokia Siemens Networks” can be used interchangeably in this release. 

FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its business are exposed to various risks and
uncertainties and certain statements herein that are not historical facts are
forward-looking statements, including, without limitation, those regarding: A)
the expected plans and benefits of our partnership with Microsoft to bring
together complementary assets and expertise to form a global mobile ecosystem
for smartphones; B) the timing and expected benefits of our strategies,
including expected operational and financial benefits and targets as well as
changes in leadership and operational structure; C) the timing of the
deliveries of our products and services; D) our ability to innovate, develop,
execute and commercialize new technologies, products and services; E)
expectations regarding market developments and structural changes; F)
expectations and targets regarding our industry volumes, market share, prices,
net sales and margins of our products and services; G) expectations and targets
regarding our operational priorities and results of operations; H) expectations
and targets regarding collaboration and partnering arrangements; I) the outcome
of pending and threatened litigation, regulatory proceedings or investigations
by authorities; J) expectations regarding the successful completion of 
restructurings, investments, acquisitions and divestments on a timely basis and
our ability to achieve the financial and operational targets set in connection
with any such restructurings, investments, divestments and acquisitions, as
well as any expected plans and benefits related to or caused by such
transactions; and K) statements preceded by "believe,""expect,""anticipate,""foresee,""target,""estimate,""designed,""aim", "plans,""intends,""will"
or similar expressions. These statements are based on management's best
assumptions and beliefs in light of the information currently available to it.
Because they involve risks and uncertainties, actual results may differ
materially from the results that we currently expect. Factors, including risks
and uncertainties that could cause these differences include, but are not
limited to: 1) our ability to make the Windows Phone ecosystem a competitive
and profitable global ecosystem that achieves sufficient scale, value and
attractiveness to relevant market participants, making Nokia products with
Windows Phone a competitive choice for consumers; 2) our success in the
smartphone market, including our ability to introduce and bring to market
quantities of attractive, competitively priced Nokia products with Windows
Phone that are positively differentiated from our competitors' products, both
outside and within the Windows Phone ecosystem; 3) our ability to produce
attractive and competitive devices in our Mobile Phones business unit,
including feature phones and devices with features such as full touch that can
be categorized as smartphones, in a timely and cost efficient manner with
differentiated hardware, software, localized services and applications; 4) the
success of our HERE strategy, including our ability to establish a successful
location-based platform and extend our location-based services across devices
and operating systems; 5) our ability to provide support for our Devices &
Services business and maintain current and create new sources of revenue from
our location-based service and commerce assets; 6) our ability to protect
numerous patented standardized or proprietary technologies from third-party
infringement or actions to invalidate the intellectual property rights of these
technologies; 7) our ability to maintain the existing sources of intellectual
property related revenue and establish new such sources; 8) the intensity of
competition in the various markets where we do business and our ability to
maintain or improve our market position or respond successfully to changes in
the competitive environment; 9) our ability to keep momentum and increase our
speed of innovation, product development and execution in order to bring new
innovative and competitive mobile products and location-based or other services
to the market in a timely manner; 10) the success of our partnership with
Microsoft in connection with the Windows Phone ecosystem; 11) our ability to
effectively and smoothly implement the planned changes in our operational
structure and achieve targeted efficiencies and reductions in operating
expenses and our ability to complete the planned divestments and acquisition,
including obtaining any needed regulatory approvals; 12) our ability to retain,
motivate, develop and recruit appropriately skilled employees; 13) our
dependence on the development of the mobile and communications industry,
including location-based and other services industries, in numerous diverse
markets, as well as on general economic conditions globally and regionally; 14)
our ability to maintain and leverage our traditional strengths in the mobile
products market, especially if we are unable retain the loyalty of our mobile
operator and distributor customers and consumers as a result of the
implementation of our strategies or other factors; 15) the performance of the
parties we partner and collaborate with, including Microsoft and our ability to
achieve successful collaboration or partnering arrangements; 16) our ability to
deliver our mobile products profitably, in line with quality requirements and
on time, especially if the limited number of suppliers we depend on, many of
which are geographically concentrated with a majority based in Asia, fail to
deliver sufficient quantities of fully functional products, components,
sub-assemblies, software and services on favorable terms and in compliance with
our supplier requirements; 17) our ability to manage efficiently our
manufacturing and logistics, as well as to ensure the quality, safety, security
and timely delivery of our products and services; 18) any actual or even
alleged defects or other quality, safety and security issues in our products;
19) any inefficiency, malfunction or disruption of a system or network that our
operations rely on; 20) the impact of cybersecurity breach or other factors
leading to an actual or alleged loss, improper disclosure or leakage of any
personal or consumer data collected by us or our partners or subcontractors,
made available to us or stored in or through our products; 21) our ability to
successfully manage the pricing of our products and costs related to our
products and our operations; 22) the potential complex tax issues and
obligations we may face, including the obligation to pay additional taxes in
various jurisdictions and our actual or anticipated performance, among other
factors, could result in allowances related to deferred tax assets; 23)
exchange rate fluctuations, particularly between the euro, which is our
reporting currency, and the US dollar, the Japanese yen and the Chinese yuan,
as well as certain other currencies; 24) our ability to protect the
technologies, which we or others develop or which we license, from claims that
we have infringed third parties' intellectual property rights, as well as our
unrestricted use on commercially acceptable terms of certain technologies in
our product and services; 25) the impact of economic, regulatory, political or
other development on our sales, manufacturing facilities and assets located in
emerging market countries as well as the impact of regulations against imports
to those countries; 26) the impact of changes in and enforcement of government
policies, technical standards, trade policies, laws or regulations in countries
where our assets are located and where we do business; 27) investigations or
claims by contracting parties in relation to exits from countries, areas or
contractual arrangements; 28) unfavorable outcome of litigation, regulatory
proceedings or investigations by authorities; 29) allegations of possible
health risks from electromagnetic fields generated by base stations and mobile
devices, and the lawsuits and publicity related to them, regardless of merit;
30) Nokia Solutions and Networks' (renamed from Nokia Siemens Networks) success
in the mobile broadband infrastructure and related services market and its
ability to effectively, profitably and timely adapt business and operations to
the diverse needs of its customers; 31) Nokia Solutions and Networks' ability
to maintain and improve its market position and respond successfully to changes
and competition in the mobile broadband infrastructure and related services
market; 32) Nokia Solutions and Networks' success in implementing its
restructuring plan and reducing its operating expenses and other costs; 33)
Nokia Solutions and Networks' ability to invest in and timely introduce new
competitive products, services, upgrades and technologies; 34) Nokia Solutions
and Networks' dependence on limited number of customers and large, multi-year
contracts; 35) Nokia Solutions and Networks' liquidity and its ability to meet
its working capital requirements, including access to available credit under
its financing arrangements and other credit lines as well as cash at hand; 36)
the management of Nokia Solutions and Networks' customer financing exposure;
37) whether ongoing or any additional governmental investigations of alleged
violations of law by some former employees of Siemens may involve and affect
the carrier-related assets and employees transferred by Siemens to Nokia
Siemens Networks (renamed Nokia Solutions and Networks); 38) any impairment of
Nokia Solutions and Networks' customer relationships resulting from ongoing or
any additional governmental investigations involving the Siemens
carrier-related operations transferred to Nokia Siemens Networks (renamed Nokia
Solutions and Networks), as well as the risk factors specified on pages 12-47
of Nokia's annual report on Form 20-F for the year ended December 31, 2012
under Item 3D. "Risk Factors." Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could cause actual
results to differ materially from those in the forward-looking statements.
Nokia does not undertake any obligation to publicly update or revise
forward-looking statements, whether as a result of new information, future
events or otherwise, except to the extent legally required. 

Media Enquiries:

Nokia
Communications
Tel. +358 7180 34900
Email: press.services@nokia.com
www.nokia.com