Nokia - Company Announcement

A change in the Nokia Siemens Networks Board of Directors

A change in the Nokia Siemens Networks Board of Directors:                      
Siemens CEO Peter Löscher joins the Board of Nokia Siemens Networks, Klaus      
Kleinfeld resigns from the Board                                                

Espoo, Finland - Klaus Kleinfeld, 49, President and CEO of Siemens AG until June
30, 2007 has resigned from the Board of Directors of Nokia Siemens Networks     
B.V., effective as of July 1, 2007.  He will be replaced by Peter Löscher, 49,  
President and CEO of Siemens AG, effective as of July 1, 2007.                  

After the changes the Board of Nokia Siemens Networks will consist of the       
following seven members: Nokia President and CEO, Olli-Pekka Kallasvuo (Chairman
of the Nokia Siemens Networks Board); Siemens President and CEO, Peter Löscher; 
the head of Nokia Operational Human Resources, Juha Äkräs; Siemens CFO, Joe     
Kaeser; Member of the Siemens Managing Board, Eduardo Montes; head of Nokia     
Technology Platforms, Niklas Savander; and Nokia CFO, Rick Simonson.            

About Nokia                                                                     
Nokia is the world leader in mobility, driving the transformation and growth of 
the converging Internet and communications industries. Nokia makes a wide range 
of mobile devices and provides people with experiences in music, navigation,    
video, television, imaging, games and business mobility through these devices.  
Nokia also provides equipment, solutions and services for communications        
networks.                                                                       
                                                                                
About Nokia Siemens Networks                                                    
Nokia Siemens Networks is a leading global enabler of communications services.  
The company provides a complete, well-balanced product portfolio of mobile and  
fixed network infrastructure solutions and addresses the growing demand for     
services with 20,000 service professionals worldwide. The combined pro-forma net
sales of EUR 17.1 billion in the fiscal year 2006 makes Nokia Siemens Networks  
one of the largest telecommunications infrastructure companies. Nokia Siemens   
Networks has operations in some 150 countries and is headquartered in Espoo,    
Finland. It combines Nokia's Networks Business Group and the carrier related    
businesses of Siemens Communications.                                           
www.nokiasiemensnetworks.com                                                    
                                                                                
It should be noted that certain statements herein which are not historical      
facts, including, without limitation, those regarding: A) the timing of product 
and solution deliveries; B) our ability to develop, implement and commercialize 
new products, solutions and technologies; C) expectations regarding market      
growth, developments and structural changes; D) expectations regarding our      
mobile device volume growth, market share, prices and margins; E) expectations  
and targets for our results of operations; F) the outcome of pending and        
threatened litigation; and G) statements preceded by “believe,” “expect,”       
“anticipate,” “foresee,” “target,” “estimate,” “designed,” “plans,” “will” or   
similar expressions are forward-looking statements. 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
that could cause these differences include, but are not limited to: 1)          
competitiveness of our product portfolio; 2) our ability to identify key market 
trends and to respond timely and successfully to the needs of our customers; 3) 
the extent of the growth of the mobile communications industry, as well as the  
growth and profitability of the new market segments within that industry which  
we target; 4) the availability of new products and services by network operators
and other market participants; 5) our ability to successfully manage costs; 6)  
the intensity of competition in the mobile communications industry and our      
ability to maintain or improve our market position and respond successfully to  
changes in the competitive landscape; 7) the impact of changes in technology and
our ability to develop or otherwise acquire complex technologies as required by 
the market, with full rights needed to use; 8) timely and successful            
commercialization of complex technologies as new advanced products and          
solutions; 9) our ability to protect the complex technologies, which we or      
others develop or that 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 products and       
solution offerings; 10) our ability to protect numerous Nokia patented,         
standardized, or proprietary technologies from third party infringement or      
actions to invalidate the intellectual property rights of these technologies;   
11) 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 solutions; 12) inventory management risks resulting from shifts in market   
demand; 13) our ability to source quality components and sub-assemblies without 
interruption and at acceptable prices; 14) Nokia's and Siemens' ability to      
successfully integrate the operations, personnel and supporting activities of   
their respective businesses as a result of the merger of Nokia's networks       
business and Siemens' carrier-related operations for fixed and mobile networks  
forming Nokia Siemens Networks; 15) whether, as a result of investigations into 
alleged violations of law by some current or former employees of Siemens,       
government authorities or others take actions against Siemens and/or its        
employees that may involve and affect the carrier-related assets and employees  
transferred by Siemens to Nokia Siemens Networks, or there may be undetected    
additional violations that may have occurred prior to the transfer, or ongoing  
violations that may occur after the transfer, of such assets and employees that 
could result in additional actions by government authorities; 16) the expense,  
time, attention and resources of Nokia Siemens Networks and our management to   
detect, investigate and resolve any situations related to alleged violations of 
law involving the assets and employees of Siemens carrier-related operations    
transferred to Nokia Siemens Networks; 17) any impairment of Nokia Siemens      
Networks customer relationships resulting from the ongoing government           
investigations involving the Siemens carrier-related operations transferred to  
Nokia Siemens Networks; 18) developments under large, multi-year contracts or in
relation to major customers; 19) general economic conditions globally and, in   
particular, economic or political turmoil in emerging market countries where we 
do business; 20) our success in collaboration arrangements relating to          
development of technologies or new products and solutions; 21) the success,     
financial condition and performance of our collaboration partners, suppliers and
customers; 22) any disruption to information technology systems and networks    
that our operations rely on; 23) exchange rate fluctuations, including, in      
particular, fluctuations between the euro, which is our reporting currency, and 
the US dollar, the Chinese yuan, the UK pound sterling and the Japanese yen, as 
well as certain other currencies; 24) the management of our customer financing  
exposure; 25) allegations of possible health risks from electromagnetic fields  
generated by base stations and mobile devices and lawsuits related to them,     
regardless of merit; 26) unfavorable outcome of litigations; 27) our ability to 
recruit, retain and develop appropriately skilled employees; and 28) the impact 
of changes in government policies, laws or regulations; as well as the risk     
factors specified on pages 12-24 of the company's annual report on Form 20-F for
the year ended December 31, 2006 under “Item 3.D 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 update   
publicly or revise forward-looking statements, whether as a result of new       
information, future events or otherwise, except to the extent legally required. 

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Nokia                                                                           
Communications                                                                  
Tel. +358 7180 34900                                                            
E-mail: press.office@nokia.com                                                  

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