Nokia - Company Announcement

Nokia Siemens Networks puts mobile broadband and services at the heart of its strategy; initiates restructuring to maintain long-term competitiveness and improve profitability

- Focuses on mobile network infrastructure and services market
- Targets significant operating expense and production overhead savings
- Plans global workforce reduction of approximately 17,000

Nokia Corporation
Stock Exchange Release
November 23, 2011 at 14.00 (CET+1)

Espoo, Finland - Nokia Siemens Networks today announced its strategy to focus
on mobile broadband and services and the launch of an extensive global
restructuring program. "We believe that the future of our industry is in mobile broadband and services
- and we aim to be an undisputed leader in these areas," said Rajeev Suri,
chief executive officer of Nokia Siemens Networks. "At the same time, we need
to take the necessary steps to maintain long term competitiveness and improve
profitability in a challenging telecommunications market."

Strategy update
Nokia Siemens Networks will target end-to-end mobile network infrastructure and
services, with a particular emphasis on mobile broadband. "Our goal is to provide the world's most efficient mobile networks, the
intelligence to maximize the value of those networks, and the services
capability to make it all work seamlessly," said Suri. “Despite the need to
restructure parts of our company, our commitment to research and development
remains unchanged, with investment in mobile broadband expected to increase
over the coming years."

Nokia Siemens Networks plans to realign its business to focus on mobile
broadband (including optical), customer experience management and services. The
company's Services organization will further strengthen its highly-efficient
global delivery system. Business areas not consistent with the new strategy are
planned to be divested or managed for value. Quality and innovation will
continue to be priorities for the company, with ongoing investment in both
areas. 

Restructuring program
Nokia Siemens Networks targets to reduce its non-IFRS* annualized operating
expenses and production overheads by EUR 1 billion by the end of 2013, compared
to the end of 2011. While these savings are expected to come largely from
organizational streamlining, the company will also target areas such as real
estate, information technology, product and service procurement costs, overall
general and administrative expenses, and a significant reduction of suppliers
in order to further lower costs and improve quality. 

Nokia Siemens Networks plans to reduce its global workforce** by approximately
17,000 by the end of 2013. These planned reductions are expected to be driven
by aligning the company's workforce with its new strategy as well as through a
range of productivity and efficiency measures. These planned measures are
expected to include elimination of the company's matrix organizational
structure, site consolidation, transfer of activities to global delivery
centers, consolidation of certain central functions, cost synergies from the
integration of Motorola's wireless assets, efficiencies in service operations,
and company-wide process simplification. 

Nokia Siemens Networks will begin the process of engaging with employee
representatives in accordance with country-specific legal requirements to find
socially responsible means to address these reduction needs. More information
will be shared in impacted countries as the process proceeds. In order to
reduce the impact of the planned reductions, Nokia Siemens Networks intends to
launch locally led programs at the most affected sites to provide re-training
and re-employment support. "As we look towards the prospect of an independent future, we need to take
action now to improve our profitability and cash generation," said Suri. "These
planned reductions are regrettable but necessary - and it is our goal to make
them in a fair and responsible way, providing the support we can to employees
and communities."

Conference Call and Webcast
Nokia Siemens Networks will host a conference call for media beginning at 15:00
pm (EET) 14:00 pm (CET) on Wednesday, November 23. The conference call will be
webcast live with audio at: www.nokiasiemensnetworks.com/webcast 

A dial-in option is also available.
Telephone number: +44 (0) 203 106 4822
Confirmation code: 4484071
A replay of the webcast will be available shortly after the conclusion of the
event. 

About Nokia Siemens Networks
Nokia Siemens Networks is a leading global enabler of telecommunications
services. With its focus on innovation and sustainability, the company provides
a complete portfolio of mobile, fixed and converged network technology, as well
as professional services including consultancy and systems integration,
deployment, maintenance and managed services. It is one of the largest
telecommunications hardware, software and professional services companies in
the world. Operating in 150 countries, its headquarters are in Espoo, Finland.
www.nokiasiemensnetworks.com 

Talk about Nokia Siemens Networks' news at
http://blogs.nokiasiemensnetworks.com and find out if your country is
exploiting the full potential of connectivity at www.connectivityscorecard.org 

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 

NOKIA FORWARD-LOOKING STATEMENTS
It should be noted that certain statements herein which are not historical
facts are forward-looking statements, including, without limitation, those
regarding: A) the expected plans and benefits of our strategic partnership with
Microsoft to combine complementary assets and expertise to form a global mobile
ecosystem and to adopt Windows Phone as our primary smartphone platform; B) the
timing and expected benefits of our new strategy, 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 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;
J) expectations regarding the successful completion of acquisitions or
restructurings on a timely basis and our ability to achieve the financial and
operational targets set in connection with any such acquisition or
restructuring; and K) statements preceded by "believe,""expect,""anticipate,""foresee,""target,""estimate,""designed,""plans,""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 that could cause these differences
include, but are not limited to: 1) our ability to succeed in creating a
competitive smartphone platform for high-quality differentiated winning
smartphones or in creating new sources of revenue through our partnership with
Microsoft; 2) the expected timing of the planned transition to Windows Phone as
our primary smartphone platform and the introduction of mobile products based
on that platform; 3) our ability to maintain the viability of our current
Symbian smartphone platform during the transition to Windows Phone as our
primary smartphone platform; 4) our ability to realize a return on our
investment in MeeGo and next generation devices, platforms and user
experiences; 5) our ability to build a competitive and profitable global
ecosystem of sufficient scale, attractiveness and value to all participants and
to bring winning smartphones to the market in a timely manner; 6) our ability
to produce mobile phones in a timely and cost efficient manner with
differentiated hardware, localized services and applications; 7) our ability to
increase our speed of innovation, product development and execution to bring
new competitive smartphones and mobile phones to the market in a timely manner;
8) our ability to retain, motivate, develop and recruit appropriately skilled
employees; 9) our ability to implement our strategies, particularly our new
mobile product strategy; 10) 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; 11)
our ability to maintain and leverage our traditional strengths in the mobile
product market if we are unable to retain the loyalty of our mobile operator
and distributor customers and consumers as a result of the implementation of
our new strategy or other factors; 12) our success in collaboration and
partnering arrangements with third parties, including Microsoft; 13) the
success, financial condition and performance of our suppliers, collaboration
partners and customers; 14) our ability to source sufficient quantities of
fully functional quality components, subassemblies and software on a timely
basis without interruption and on favorable terms, including the disruption of
production and/or deliveries from any of our suppliers as a result of adverse
conditions in the geographic areas where they are located; 15) our ability to
manage efficiently our manufacturing, service creation, delivery and logistics
without interruption; 16) our ability to ensure the timely delivery of
sufficient volumes of products that meet our and our customers' and consumers'
requirements and manage our inventory and timely adapt our supply to meet
changing demands for our products; 17) any actual or even alleged defects or
other quality, safety and security issues in our products; 18) any actual or
alleged loss, improper disclosure or leakage of any personal or consumer data
collected or made available to us or stored in or through our products; 19) our
ability to successfully manage costs, including our ability to achieve targeted
costs reductions and to effectively and timely execute related restructuring
measures, including personnel reductions; 20) our ability to effectively and
smoothly implement the new operational structure for our businesses; 21) the
development of the mobile and fixed communications industry and general
economic conditions globally and regionally; 22) exchange rate fluctuations,
including, in particular, fluctuations 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; 23) our ability to protect the 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
services; 24) our ability to protect numerous Nokia, NAVTEQ and Nokia Siemens
Networks patented, standardized or proprietary technologies from third-party
infringement or actions to invalidate the intellectual property rights of these
technologies; 25) the impact of changes in government policies, trade policies,
laws or regulations and economic or political turmoil in countries where our
assets are located and we do business; 26) any disruption to information
technology systems and networks that our operations rely on; 27) unfavorable
outcome of litigations; 28) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile products and
lawsuits related to them, regardless of merit; 29) our ability to achieve
targeted costs reductions and increase profitability in Nokia Siemens Networks
and to effectively and timely execute related restructuring measures; 30) Nokia
Siemens Networks' ability to maintain or improve its market position or respond
successfully to changes in the competitive environment; 31) Nokia Siemens
Networks' liquidity and its ability to meet its working capital requirements;
32) whether Nokia Siemens Networks is able to successfully integrate the
acquired assets of Motorola Solutions' networks business, retain existing
customers of the acquired business, cross-sell Nokia Siemens Networks' products
and services to customers of the acquired business and otherwise realize the
expected synergies and benefits of the acquisition; 33) Nokia Siemens Networks'
ability to timely introduce new products, services, upgrades and technologies;
34) Nokia Siemens Networks' success in the telecommunications infrastructure
services market and Nokia Siemens Networks' ability to effectively and
profitably adapt its business and operations in a timely manner to the
increasingly diverse service needs of its customers; 35) developments under
large, multi-year contracts or in relation to major customers in the networks
infrastructure and related services business; 36) the management of our
customer financing exposure, particularly in the networks infrastructure and
related services business; 37) whether ongoing or any additional governmental
investigations into alleged violations of law by some former employees of
Siemens AG may involve and affect the carrier-related assets and employees
transferred by Siemens AG to Nokia Siemens Networks; 38) any impairment of
Nokia Siemens Networks customer relationships resulting from ongoing or any
additional governmental investigations involving the Siemens carrier-related
operations transferred to Nokia Siemens Networks; as well as the risk factors
specified on pages 12-39 of Nokia's annual report Form 20-F for the year ended
December 31, 2010 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 Siemens Networks
Media Relations
Phone: +358 7180 31451
E-mail: mediarelations@nsn.com

Notes:
* Non-IFRS results exclude special items for all periods. In addition, non-IFRS
results exclude intangible asset amortization, other purchase price accounting
related items and inventory value adjustments arising from the formation of
Nokia Siemens Networks and from all business acquisitions. Nokia believes that
these non-IFRS financial measures provide meaningful supplemental information
to both management and investors regarding Nokia's performance by excluding the
above-described items that may not be indicative of Nokia's business operating
results. These non-IFRS financial measures should not be viewed in isolation or
as substitutes to the equivalent IFRS measure(s), but should be used in
conjunction with the most directly comparable IFRS measure(s) in the reported
results. 

** The total global workforce of Nokia Siemens Networks on 1 November 2011 was
approximately 74,000.