Nokia - Company Announcement

NSN’s Jesper Ovesen to step down as Executive Chairman

Nokia Corporation
Stock Exchange Release
December 30, 2013 at 14:00 (CET +1)

Espoo, Finland - Nokia today announced that Jesper Ovesen is to step down as
Executive Chairman of Nokia Solutions and Networks, the group's telecoms
infrastructure business. 

Mr Ovesen joined NSN in September 2011, when it was a joint venture between
Nokia and Siemens. He has supported NSN CEO Rajeev Suri and his management team
in building a successful and industry-leading telecoms infrastructure company
focused on mobile broadband and related services. Since August 2013, NSN has
been fully-owned by Nokia. 

Nokia Chairman and interim CEO Risto Siilasmaa said: “We thank Jesper for
lending the full breadth of his restructuring and change management expertise
and for playing a critical part in building a stronger NSN. NSN has developed
into a profitable and leading mobile broadband specialist that is pushing the
boundaries of connecting people through LTE and future technologies. We wish
Jesper well for the future.” 

Mr. Ovesen is due to step down from his Executive Chairman role upon the
closing of the transaction whereby Nokia is selling substantially all of its
Devices & Services business to Microsoft, which is expected to take place
during the first quarter of 2014. Mr. Ovesen will continue to serve in an
advisory role for a period after the closing of the Microsoft transaction. As
before, NSN CEO Mr. Suri reports to the NSN Board. 

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)
the planned sale by Nokia of substantially all of Nokia's Devices & Services
business, including Smart Devices and Mobile Phones (referred to below as "Sale
of the D&S Business") pursuant to the Stock and Asset Purchase Agreement, dated
as of September 2, 2013, between Nokia and Microsoft International Holdings
B.V.(referred to below as the "Agreement"); B) the closing of the Sale of the
D&S Business; C) receiving timely, if at all, necessary regulatory approvals
for the Sale of the D&S Business; D) expectations, plans or benefits related to
or caused by the Sale of the D&S Business; E) expectations, plans or benefits
related to Nokia's strategies, including plans for Nokia with respect to its
continuing businesses that will not be divested in connection with the Sale of
the D&S Business; F) expectations, plans or benefits related to changes in
leadership and operational structure; G) expectations and targets regarding our
operational priorities, financial performance or position, results of
operations and use of proceeds from the Sale of the D&S Business; and H)
statements preceded by "believe,""expect,""anticipate,""foresee,""sees,""target,""estimate,""designed,""aim", "plans,""intends,""focus,""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) the inability to close the Sale of the D&S Business in a timely
manner, or at all, for instance due to the inability or delays in obtaining
necessary regulatory approvals for the Sale of the D&S Business, or the
occurrence of any event, change or other circumstance that could give rise to
the termination of the Agreement; 2) the potential adverse effect on the sales
of our mobile devices, business relationships, operating results and business
generally  resulting from the announcement of the Sale of the D&S Business or
from the terms that we have agreed for the Sale of the D&S Business; 3) any
negative effect from the implementation of the Sale of the D&S Business, as we
may forego other competitive alternatives for strategies or partnerships that
would benefit our Devices & Services business and if the Sale of the D&S
Business is not closed, we may have limited options to continue the Devices &
Services  business or enter into another transaction on terms favorable to us,
or at all; 4) our ability to effectively and smoothly implement planned changes
to our leadership and operational structure or maintain an efficient interim
governance structure and preserve or hire key personnel; 5) any negative effect
from the implementation of the Sale of the D&S Business, including our internal
reorganization in connection therewith, which will require significant time,
attention and resources of our senior management and others within the company
potentially diverting their attention from other aspects of our business; 6)
disruption and dissatisfaction among employees caused by the plans and
implementation of the Sale of the D&S Business reducing focus and productivity
in areas of our business; 7) the amount of the costs, fees, expenses and
charges related to or triggered by the Sale of the D&S Business; 8) any
impairments or charges to carrying values of assets or liabilities related to
or triggered by the Sale of the D&S Business; 9) potential adverse effects on
our business, properties or operations caused by us implementing the Sale of
the D&S Business; 10) the initiation or outcome of any legal proceedings,
regulatory proceedings or enforcement matters that may be instituted against us
relating to the Sale of the D&S Business, as well as the risk factors specified
on pages 12-47 of Nokia's annual report on Form 20-F for the year ended
December 31, 2012 under Item 3D. "Risk Factors." and risks outlined in our
interim report issued on October 29, 2013. 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. 

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. 

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