Nokia - Company Announcement

Nokia CEO Olli-Pekka Kallasvuo at the Nokia Annual General Meeting 2009: "Irresistable" solutions combining devices and services will be a key to future success

Nokia Corporation                                                               
Stock exchange release                                                          
April 23, 2009 at 15.40 (CET+1)                                                 

Nokia CEO Olli-Pekka Kallasvuo at the Nokia Annual General Meeting 2009:        "Irresistable" solutions combining devices and services will be a key to future 
success                                                                         

Helsinki, Finland - Today at its Annual General Meeting, Nokia President and    
CEO, Olli-Pekka Kallasvuo outlined the company's future strategy. "Nokia is     
fundamentally changing its business model to transform both the company and the 
industry. While we continue to compete with the traditional mobile device       
manufacturers, we also are dealing with new competitors entering the market fromthe PC and Internet industries," he said.                                       "To succeed in this new environment, we need to offer consumers irresistible    
solutions that improve their lives. During 2008, we have taken many steps to    
ensure we maintain our strong leading position in the device business, while    
increasing our focus on solutions-centric business models. We have focused our  
services investments on five primary categories: maps, music, messaging, media  
and games. These are the areas where the biggest opportunities lie."

Mr. Kallasvuo said the company believes that Nokia's strategy of combining      
unique services with high- quality devices will increase customer retention and 
add value. He said that more consumers are not only choosing Nokia, but are also
remaining as Nokia customers.                                                   "Our estimated consumer retention rate of around 55 percent is almost twice the 
rate of our global competitors," Kallasvuo said, and he noted that Nokia        
customer retention has consistently increased every quarter since the beginning 
of 2007. "This is a substantial achievement and shows we have made significant  
progress with our solutions approach during the past year."

During the address, Mr. Kallasvuo also highlighted the Nokia 5800 Xpress Music  
devices as a great success: "Consumer response has been well beyond             
expectations, and it has the potential to become our most successful device     
ever. We estimate that this smartphone alone accounts for around 20 per cent of 
all touch screen devices sold worldwide. It offers unique value for those who   
want to experience their music on the move, particularly when combined with our 
innovative Comes With Music service."

Mr. Kallasvuo went on to emphasize that Nokia sees further opportunities as     
consumers trade down to less expensive devices, particularly in a time of       
recession. "The Symbian operating system is the world's most widely used        
software platform for advanced mobile phones." According to Mr. Kallasvuo, with 
the help of Symbian, Nokia plans to broaden the definition of the smartphone, by
expanding smartphone features into the mid-range, and into new product          
categories.                                                                     "We believe that mobile computing should not be limited only to expensive,      
high-end devices. Expanding Symbian into lower price points is the right thing  
to do. We see this as a tremendous opportunity to increase efficiency, to get   
more scale for Symbian, and gain market share."

He also said that success in the changing business environment would require    
courage and a shift away from the conventional: "We cannot expect to do it all  
alone. We have to work together with certain competitors, new players and       
partners in new ways. We have to compete and co-operate. We are working more    
closely with many other companies, including operators and partners. We expect  
more such partnerships to come."

Mr. Kallasvuo told the audience that Nokia has been continually adapting to a   
changing environment and would continue this approach. "We are scaling our      
operations accordingly and making sensible but fundamental changes in the way we
work. The results of our cost-savings program are not giving us one-off savings 
for the short term; these are long-term changes with long-term savings.""Innovation in the mobile communications industry is certainly not standing     
still.  It is very clear we have to continue to invest in our future, but at a  
more appropriate pace. Given the current climate, we have to balance what is    
beneficial and sustainable for Nokia's long-term future, while adjusting the    
speed at which we operate."

Even though the global device market will contract this year for the first time 
in many years, there is reason for optimism according to Mr. Kallasvuo: "There  
is a lot of opportunity for the taking in our industry. Mobile devices are      
becoming true mobile computers and consumers increasingly are more willing to   
use them in new ways with new services. "

About Nokia                                                                     
Nokia is the world's number one manufacturer of mobile devices by market share  
and a leader in the converging Internet and communications industries. We make a
wide range of devices for all major consumer segments and offer Internet        
services that enable people to experience music, maps, media, messaging and     
games. We also provide comprehensive digital map information through NAVTEQ and 
equipment, solutions and services for communications networks through Nokia     
Siemens Networks.                                                               

FORWARD-LOOKING STATEMENTS                                                      
It should be noted that certain statements herein which are not historical      
facts, including, without limitation, those regarding: A) the timing of product,
services and solution deliveries; B) our ability to develop, implement and      
commercialize new products, services, solutions and technologies; C) our ability
to develop and grow our consumer Internet services business; D) expectations    
regarding market developments and structural changes; E) expectations regarding 
our mobile device volumes, market share, prices and margins; F) expectations and
targets for our results of operations; G) the outcome of pending and threatened 
litigation; H) expectations regarding the successful completion of contemplated 
acquisitions on a timely basis and our ability to achieve the set targets upon  
the completion of such acquisitions; and I) 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) the deteriorating global economic conditions and related     
financial crisis and their impact on us, our customers and end-users of our     
products, services and solutions, our suppliers and collaborative partners; 2)  
the development of the mobile and fixed communications industry, as well as the 
growth and profitability of the new market segments that we target and our      
ability to successfully develop or acquire and market products, services and    
solutions in those segments; 3) the intensity of competition in the mobile and  
fixed communications industry and our ability to maintain or improve our market 
position or respond successfully to changes in the competitive landscape; 4)    
competitiveness of our product, services and solutions portfolio; 5) our ability
to successfully manage costs; 6) exchange rate fluctuations, including, in      
particular, fluctuations between the euro, which is our reporting currency, and 
the US dollar, the Japanese yen, the Chinese yuan and the UK pound sterling, as 
well as certain other currencies; 7) the success, financial condition and       
performance of our suppliers, collaboration partners and customers; 8) our      
ability to source sufficient amounts of fully functional components,            
sub-assemblies, software and content without interruption and at acceptable     
prices; 9) the impact of changes in technology and our ability to develop or    
otherwise acquire and timely and successfully commercialize complex technologies
as required by the market; 10) the occurrence of any actual or even alleged     
defects or other quality, safety or security issues in our products, services   
and solutions; 11) the impact of changes in government policies, trade policies,
laws or regulations or political turmoil in countries where we do business; 12) 
our success in collaboration arrangements with others relating to development of
technologies or new products, services and solutions; 13) our ability to manage 
efficiently our manufacturing and logistics, as well as to ensure the quality,  
safety, security and timely delivery of our products, services and solutions;   
14) inventory management risks resulting from shifts in market demand; 15) 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, services and solutions; 16) 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;   
17) any disruption to information technology systems and networks that our      
operations rely on; 18) developments under large, multi-year contracts or in    
relation to major customers; 19) the management of our customer financing       
exposure;  20) our ability to retain, motivate, develop and recruit             
appropriately skilled employees; 21) whether, as a result of investigations into
alleged violations of law by some former employees of Siemens AG ("Siemens"),   
government authorities or others take further 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          
violations that may have occurred after the transfer, of such assets and        
employees that could result in additional actions by government authorities; 22)
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; 23) unfavorable outcome of    
litigations; 24) allegations of possible health risks from electromagnetic      
fields generated by base stations and mobile devices and lawsuits related to    
them, regardless of merit; as well as the risk factors specified on pages 11-28 
of Nokia's annual report on Form 20-F for the year ended December 31, 2008 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.                                          

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Olli-Pekka Kallasvuo's speech at Nokia Annual General Meeting will be available 
later today also at www.nokia.com/investor                                      



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