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Nokia and China Huaxin close their transaction regarding the creation of Nokia Shanghai Bell

Nokia Corporation
Stock Exchange Release
July 3, 2017 at 09:00 (CET +1)

Nokia and China Huaxin close their transaction regarding the creation of Nokia
Shanghai Bell

Beijing, China - Nokia and China Huaxin Post & Telecommunication Economy
Development Center (China Huaxin) have closed their transaction for the creation
of the Nokia Shanghai Bell joint venture that brings together Alcatel-Lucent
Shanghai Bell Co. Ltd. (ASB) and Nokia's China business. The definitive
agreements for integration were signed and announced on May 18, 2017.

The closing marks the official start of Nokia Shanghai Bell operations, although
ASB and Nokia's China business have effectively operated as one entity since
January 2016 when an interim operational agreement was signed.


About China Huaxin
China Huaxin Post and Telecommunication Economy Development Center is an
industrial investment company that seeks long-term commercial growth
opportunities in the Information and Communications Technologies (ICT) sector.
China Huaxin has extensive global operations and international investment
experience. China Huaxin aspires to be a competitive global industry holding
group that creates long-term value for its stakeholders and for society as a
whole by nurturing and advancing technology innovation in the Information
Industry. www.sinohx.com


About Nokia
We create the technology to connect the world. Powered by the research and
innovation of Nokia Bell Labs, we serve communications service providers,
governments, large enterprises and consumers, with the industry's most complete,
end-to-end portfolio of products, services and licensing.

From the enabling infrastructure for 5G and the Internet of Things, to emerging
applications in virtual reality and digital health, we are shaping the future of
technology to transform the human experience. www.nokia.com


Media Inquiries:
Nokia China Communications
LING Yi
T: +86 21 38436561
M: +86 18616388716
yi.a.ling@alcatel-sbell.com.cn

Nokia
Communications
T: +358 10 448 4900
press.services@nokia.com



FORWARD-LOOKING STATEMENTS

It should be noted that Nokia and its businesses 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) our ability to integrate Alcatel Lucent into our operations and achieve the
targeted business plans and benefits, including targeted synergies in relation
to the acquisition of Alcatel Lucent; B) expectations, plans or benefits related
to our strategies and growth management; C) expectations, plans or benefits
related to future performance of our businesses; D) expectations, plans or
benefits related to changes in organizational and operational structure; E)
expectations regarding market developments, general economic conditions and
structural changes; F) expectations and targets regarding financial performance,
results, operating expenses, taxes, currency exchange rates, hedging, cost
savings and competitiveness, as well as results of operations including targeted
synergies and those related to market share, prices, net sales, income and
margins; G) expectations, plans or benefits related to any future collaboration
or to the business collaboration agreement and the patent license agreement
between Nokia and Apple announced on May 23, 2017, including income to be
received under any collaboration or partnership or agreement; H) timing of the
deliveries of our products and services; I) expectations and targets regarding
collaboration and partnering arrangements, joint ventures or the creation of
joint ventures, and the related administrative, legal, regulatory and other
conditions, as well as our expected customer reach; J) outcome of pending and
threatened litigation, arbitration, disputes, regulatory proceedings or
investigations by authorities; K) expectations regarding restructurings,
investments, capital structure optimization efforts, 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, capital structure optimization efforts, divestments
and acquisitions; and L) 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 strategy, sustain or improve the operational and
financial performance of our business and correctly identify and successfully
pursue business opportunities or growth; 2) our ability to achieve the
anticipated benefits, synergies, cost savings and efficiencies of the
acquisition of Alcatel Lucent, and our ability to implement our organizational
and operational structure efficiently; 3) general economic and market conditions
and other developments in the economies where we operate; 4) competition and our
ability to effectively and profitably compete and invest in new competitive
high-quality products, services, upgrades and technologies and bring them to
market in a timely manner; 5) our dependence on the development of the
industries in which we operate, including the cyclicality and variability of the
information technology and telecommunications industries; 6) our global business
and exposure to regulatory, political or other developments in various countries
or regions, including emerging markets and the associated risks in relation to
tax matters and exchange controls, among others; 7) our ability to manage and
improve our financial and operating performance, cost savings, competitiveness
and synergies after the acquisition of Alcatel Lucent; 8) our dependence on a
limited number of customers and large multi-year agreements; 9) exchange rate
fluctuations, as well as hedging activities; 10) Nokia Technologies' ability to
protect its IPR and to maintain and establish new sources of patent licensing
income and IPR-related revenues, particularly in the smartphone market; 11) our
ability to successfully realize the expectations, plans or benefits related to
any future collaboration or to the business collaboration agreement and the
patent license agreement between Nokia and Apple announced on May 23, 2017,
including income to be received under any collaboration or partnership or
agreement; 12) our dependence on IPR technologies, including those that we have
developed and those that are licensed to us, and the risk of associated IPR-
related legal claims, licensing costs and restrictions on use; 13) our exposure
to direct and indirect regulation, including economic or trade policies, and the
reliability of our governance, internal controls and compliance processes to
prevent regulatory penalties in our business or in our joint ventures; 14) our
ability to identify and remediate material weaknesses in our internal control
over financial reporting; 15) our reliance on third-party solutions for data
storage and service distribution, which expose us to risks relating to security,
regulation and cybersecurity breaches; 16) inefficiencies, breaches,
malfunctions or disruptions of information technology systems; 17) Nokia
Technologies' ability to generate net sales and profitability through licensing
of the Nokia brand, particularly in digital media and digital health, and the
development and sales of products and services, as well as other business
ventures which may not materialize as planned; 18) our exposure to various
legislative frameworks and jurisdictions that regulate fraud and enforce
economic trade sanctions and policies, and the possibility of proceedings or
investigations that result in fines, penalties or sanctions; 19) adverse
developments with respect to customer financing or extended payment terms we
provide to customers; 20) the potential complex tax issues, tax disputes and tax
obligations we may face in various jurisdictions, including the risk of
obligations to pay additional taxes; 21) our actual or anticipated performance,
among other factors, which could reduce our ability to utilize deferred tax
assets; 22) our ability to retain, motivate, develop and recruit appropriately
skilled employees; 23) disruptions to our manufacturing, service creation,
delivery, logistics and supply chain processes, and the risks related to our
geographically-concentrated production sites; 24) the impact of litigation,
arbitration, agreement-related disputes or product liability allegations
associated with our business; 25) our ability to optimize our capital structure
as planned and re-establish our investment grade credit rating or otherwise
improve our credit ratings; 26) our ability to achieve targeted benefits from or
successfully achieve the required administrative, legal, regulatory and other
conditions and implement planned transactions, as well as the liabilities
related thereto; 27) our involvement in joint ventures and jointly-managed
companies; 28) the carrying amount of our goodwill may not be recoverable; 29)
uncertainty related to the amount of dividends and equity return we are able to
distribute to shareholders for each financial period; 30) pension costs,
employee fund-related costs, and healthcare costs; and 31) risks related to
undersea infrastructure, as well as the risk factors specified on pages 67 to
85 of our 2016 annual report on Form 20-F under "Operating and financial review
and prospects-Risk factors" and in our other filings with the U.S. Securities
and Exchange Commission. 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. We do 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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