Nokia - Company Announcement

Michael Halbherr to step down as CEO of HERE and as a member of the Nokia Group Leadership Team

Nokia Corporation
Stock Exchange Release
August 20, 2014 at 9:00 (CET +1)

Espoo, Finland - Nokia today announced that Michael Halbherr has decided to
step down as CEO of HERE and as a member of the Nokia Group Leadership Team,
effective September 1, 2014, in order to pursue his own entrepreneurial
interests outside of the company. 

“I would like to thank Michael for his leadership, passion and achievements
during his eight years with Nokia,” said Rajeev Suri, President and CEO of
Nokia.  “He has played a key role in making HERE one of the strongest players
in its sector, with a depth and breadth that is unique.  He leaves with my best
wishes and the gratitude of all of Nokia.” 

Cliff Fox, currently Senior Vice President, Core Map Group, at HERE, will
assume the position of acting head of HERE, effective September 1, 2014. A
search for a permanent leader of HERE will start immediately inside and outside
the organization. 

Michael Halbherr said: “It has been a pleasure and honor to work with
remarkable and smart people during my time at Nokia and HERE. I am proud that
we have been able to create a leading location cloud company widely recognized
across industries, by customers and by opinion leaders. Now the time is right
for me to focus once again on entrepreneurial activities. I wish the team the
best of success for the future.” 

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)
expectations, plans or benefits related to Nokia's strategies; B) expectations,
plans or benefits related to future performance of Nokia's continuing
businesses Nokia Networks, HERE and Nokia Technologies; C) expectations, plans
or benefits related to changes in leadership and operational structure; D)
expectations regarding market developments, general economic conditions and
structural changes; E) expectations and targets regarding performance,
including those related to market share, prices, net sales and margins; F) the
timing of the deliveries of our products and services; G) expectations and
targets regarding our financial performance, cost savings and competitiveness,
as well as results of operations; H) expectations and targets regarding
collaboration and partnering arrangements; I) the outcome of pending and
threatened litigation, arbitration, disputes, regulatory proceedings or
investigations by authorities; J) expectations regarding restructurings,
investments, uses of proceeds from transactions, acquisitions and divestments
and our ability to achieve the financial and operational targets set in
connection with any such restructurings, investments, divestments and
acquisitions, including any expectations, plans or benefits related to or
caused by the transaction announced on September 3, 2013 where Nokia sold
substantially all of the Devices & Services business to Microsoft on April 25,
2014 ("Sale of the D&S Business"); K) statements preceded by or including"believe,""expect,""anticipate,""foresee,""sees,""target,""estimate,""designed,""aim", "plans,""intends,""focus", "continue", "project","should", "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 execute our strategies successfully
and in a timely manner, and our ability to successfully adjust our operations;
2) our ability to sustain or improve the operational and financial performance
of our continuing businesses and correctly identify business opportunities or
successfully pursue new business opportunities; 3) our ability to execute Nokia
Networks' strategy and effectively, profitably and timely adapt its business
and operations to the increasingly diverse needs of its customers and
technological developments; 4) our ability within our Nokia Networks business
to effectively and profitably invest in and timely introduce new competitive
high-quality products, services, upgrades and technologies; 5) our ability to
invent new relevant technologies, products and services, to develop and
maintain our intellectual property portfolio and to maintain the existing
sources of intellectual property related revenue and establish new such
sources; 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 within
our HERE business to maintain current sources of revenue, historically derived
mainly from the automotive industry, create new sources of revenue, establish a
successful location-based platform and extend our location-based services
across devices and operating systems; 8) effects of impairments or charges to
carrying values of assets, including goodwill, or liabilities; 9) our
dependence on the development of the mobile and communications industry in
numerous diverse markets, as well as on general economic conditions globally
and regionally; 10) Nokia Networks business' dependence on a limited number of
customers and large, multi-year contracts; 11) our ability to retain, motivate,
develop and recruit appropriately skilled employees; 12) 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; 13) our ability to manage our manufacturing, service
creation and delivery, and logistics efficiently and without interruption,
especially if the limited number of suppliers we depend on fail to deliver
sufficient quantities of fully functional products and components or deliver
timely services; 14) potential exposure to contingent liabilities due to the
Sale of the D&S Business and possibility that the agreements we have entered
into with Microsoft may have terms that prove to be unfavorable to us; 15) any
inefficiency, malfunction or disruption of a system or network that our
operations rely on or any impact of a possible cybersecurity breach; 16) our
ability to reach targeted results or improvements by managing and improving our
financial performance, cost savings and competitiveness; 17) management of
Nokia Networks' customer financing exposure; 18) the performance of the parties
we partner and collaborate with, and our ability to achieve successful
collaboration or partnering arrangements; 19) our ability to protect the
technologies, which we develop, license, use or intend to use from claims that
we have infringed third parties' intellectual property rights, as well as,
impact of possible licensing costs, restriction on our usage of certain
technologies, and litigation related to intellectual property rights; 20) the
impact of regulatory, political or other developments on our operations and
sales in those various countries or regions where we do business; 21) 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; 22) our ability to successfully implement planned
transactions, such as acquisitions, divestments, mergers or joint ventures,
manage unexpected liabilities related thereto and achieve the targeted
benefits; 23) the impact of unfavorable outcome of litigation, arbitration,
contract related disputes or allegations of health hazards associated with our
business, as well as the risk factors specified on pages 12-35 of Nokia's
annual report on Form 20-F for the year ended December 31, 2013 under Item 3D."Risk Factors" and in our Interim Report issued on July 24, 2014. Other unknown
or unpredictable factors or underlying assumptions subsequently proven 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. 

About HERE and Nokia

HERE, a Nokia company, is a leader in navigation, mapping and location
experiences. We combine highly accurate and fresh maps 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 our work in the areas of connected and autonomous
driving, visit http://360.here.com 

Nokia invests in technologies important in a world where billions of devices
are connected. We are focused on three businesses: network infrastructure
software, hardware and services, which we offer through Nokia Networks;
location intelligence, which we provide through HERE; and advanced technology
development and licensing, which we pursue through Nokia Technologies. Each of
these businesses is a leader in its respective field. http://company.nokia.com 

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