Nokia - Changes board/management/auditors

Nokia appoints Joerg Erlemeier as Chief Operating Officer and member of the Nokia Group Leadership Team

Nokia Corporation
Stock Exchange Release
December 11, 2017 at 09:30 (CET +1)

Nokia appoints Joerg Erlemeier as Chief Operating Officer and member of the
Nokia Group Leadership Team

Espoo, Finland - Nokia today announced the appointment of Joerg Erlemeier as
Chief Operating Officer (COO) and member of the Group Leadership Team (GLT) with
immediate effect. Erlemeier will report to Nokia President and Chief Executive
Officer Rajeev Suri. Monika Maurer, who previously held the COO position, will
support Erlemeier during a transition period and then leave Nokia to pursue new
opportunities outside the company.

"I want to thank Monika for her contributions to Nokia, and Alcatel-Lucent
before that. I warmly welcome Joerg to the GLT, and look forward to working
together to further strengthen our disciplined operating model," said Rajeev
Suri.

Erlemeier was most recently Senior Vice President, Nokia Transformation, and
holds a Bachelor's degree in Engineering (Electronics and Telecommunications)
from Fachhochschule Aachen in Germany. He has over 20 years of experience in
various leadership positions in Nokia, including heading the Middle East and
Africa region; leading Services in Asia-Pacific and Japan and North America; and
serving as COO of the Mobile Networks business group.

As a result of this change, Nokia's Group Leadership Team will, effective as of
December 11, 2017, consist of the following members: Rajeev Suri, Basil Alwan,
Hans-Juergen Bill, Kathrin Buvac, Ashish Chowdhary, Joerg Erlemeier, Barry
French, Bhaskar Gorti, Federico Guillén, Gregory Lee, Igor Leprince, Kristian
Pullola, Marc Rouanne, Maria Varsellona and Marcus Weldon.

A photo of Joerg Erlemeier can be downloaded at:
https://www.nokia.com/en_int/news/media-library/nokia-group-leadership-team

Additional background on all members of the GLT can be found at
http://www.nokia.com/en_int/investors/corporate-governance/group-leadership-team

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 digital health, we are shaping the future of technology to
transform the human experience. www.nokia.com

Media Inquiries:
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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 acquired businesses into our operations and achieve
the targeted business plans and benefits, including targeted benefits,
synergies, cost savings and efficiencies; 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 business collaboration agreements or patent license agreements or
arbitration awards, including income to be received under any collaboration or
partnership, agreement or award; 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," "is to," "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 acquisitions, including the acquisition of Alcatel-
Lucent, and our ability to implement changes to 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 generally or 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 business collaboration
agreements and patent license agreements or arbitration awards, including income
to be received under any collaboration, partnership, agreement or arbitration
award; 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, technology licensing and the development and sales of
products and services for instance in digital health, 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 or documents furnished 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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