Nokia - Company Announcement

Nokia completes the sale of its HERE business to a consortium of leading automotive companies

Nokia Corporation
Stock Exchange Release
December 4, 2015 15:15 (CET +1)

Nokia completes the sale of its HERE business to a consortium of leading
automotive companies

Espoo, Finland - Nokia announced today that it has completed the sale of its
HERE digital mapping and location services business to a consortium of leading
automotive companies, comprising AUDI AG, BMW Group and Daimler AG.

The transaction which was originally announced on August 3, 2015, valued HERE at
an enterprise value of EUR 2.8 billion, subject to certain purchase price
adjustments. Based on the current estimates of such adjustments, Nokia received
net proceeds from the transaction of approximately EUR 2.55 billion at closing,
which is consistent with Nokia's earlier estimated net proceeds of slightly
above EUR 2.5 billion. Final adjustments will be made based on the verified
closing balance sheet. As previously announced, Nokia expects to book a gain on
the sale and a related release of cumulative foreign exchange translation
differences totaling approximately EUR 1 billion as a result of the transaction.

The sale of HERE is the latest stage of Nokia's transformation ahead of its
planned combination with Alcatel-Lucent, which is expected to close in the first
quarter of 2016.

About Nokia
By focusing on the human possibilities of technology, Nokia embraces the
connected world to help people thrive. Our businesses are leaders in their
respective fields: Nokia Networks provides broadband infrastructure, software
and services; and Nokia Technologies provides advanced technology development
and licensing. www.nokia.com

About HERE
HERE, is a leader in navigation, mapping and location experiences. It builds
high-definition (HD) maps and combines them with cloud technology to enable
rich, real time location experiences in a broad range of connected devices -
from smartphones and tablets to wearables and vehicles. To learn more about
HERE, including its work in the areas of connected and automated driving visit
http://360.here.com

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

HERE
Communications
https://company.here.com/newsroom/contacts/
Email: press@here.com

Investor Enquiries:
Nokia
Investor Relations
Tel. +358 4080 3 4080
Email: investor.relations@nokia.com

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements, such as statements
reflect Nokia's current expectations and views of future events and
developments. Some of these forward-looking statements can be identified by
terms and phrases such as "expect," "will" and similar expressions. These
forward-looking statements include statements relating to the potential
combination with Alcatel Lucent; the anticipated closing of the HERE transaction
and the anticipated proceeds from the sale of HERE and the related gain. These
forward-looking statements are subject to a number of risks and uncertainties,
many of which are beyond our control, which could cause actual results to differ
materially from such statements, including: the ability of Nokia to complete its
planned combination with Alcatel Lucent and the ability of Nokia to complete the
transaction involving HERE.

The forward-looking statements should be read in conjunction with the other
cautionary statements that are included elsewhere, including Nokia's filings
with the U.S. Securities and Exchange Commission.  Any forward-looking
statements made in this press release are qualified in their entirety by these
cautionary statements, and there can be no assurance that the actual results or
developments anticipated by us will be realized or, even if substantially
realized, that they will have the expected consequences to, or effects on, us or
our business or operations. Except as required by law, we undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.


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