Nokia - Company Announcement

Executive Chairman appointed at Nokia Siemens Networks; Nokia and Siemens to each provide new capital of EUR 500 million

Nokia Corporation
Stock exchange release
September 29, 2011 at 10.05 (CET +1)

Espoo, Finland and Munich, Germany - Nokia and Siemens today announced the
appointment of Jesper Ovesen as Executive Chairman of the Board of Nokia
Siemens Networks, effective today. 

As Executive Chairman, Ovesen assumes a full-time role with a special emphasis
on overseeing the strategic direction of Nokia Siemens Networks as it seeks to
strengthen its position as a leader in the industry and become a more
independent entity. He will work closely with Nokia Siemens Networks CEO Rajeev
Suri and his management team in that capacity. 

Ovesen, 54, has held a number of senior management positions in leading
European companies, including serving most recently as CFO at Danish
telecommunications group TDC during the company's restructuring process and
Initial Public Offering. "We are delighted to welcome Jesper to his new role," said Nokia CEO Stephen
Elop and Siemens CFO Joe Kaeser. "With a strong track record in change
management, Jesper is an excellent addition to the Nokia Siemens Networks team.
As Executive Chairman, he will also be responsible for strategy oversight as
Nokia Siemens Networks transitions towards a strong standalone entity."

Commenting on his appointment, Jesper Ovesen said: "I am delighted to be
joining the Nokia Siemens Networks team. Nokia Siemens Networks is an
innovation leader in the industry and I look forward to supporting the company
as it forges ahead in its path to sustainable long-term leadership and
profitability."

Olli-Pekka Kallasvuo, who has served as Non-Executive Chairman, has elected to
step down from his position as serving in a full time capacity was not
possible. "We would both like to extend our sincere thanks to Olli-Pekka for
his contribution and dedication to Nokia Siemens Networks," said Nokia CEO
Stephen Elop and Siemens CFO Joe Kaeser. 

Nokia and Siemens to provide capital of EUR 1.0 billion
Nokia and Siemens today also announced that they are each providing capital of
EUR 500 million to Nokia Siemens Networks to further strengthen the company's
financial position and set the stage for strategic flexibility, productivity
and innovation in areas such as Mobile Broadband and related services. 

Jesper Ovesen's biography will soon be made available at:
http://www.nokiasiemensnetworks.com/about-us/company/board-of-directors 

About Nokia
Nokia is committed to connecting people to what matters to them by combining
advanced mobile technology with personalized services. More than 1.3 billion
people connect to one another with a Nokia, from our most affordable
voice-optimized mobile phones to advanced Internet-connected smartphones sold
in virtually every market in the world. Through our services, people also enjoy
access to maps and navigation on mobile, a rapidly expanding applications
store, a growing catalog of digital music, and more. Nokia's NAVTEQ is a leader
in comprehensive digital mapping and navigation services, and Nokia Siemens
Networks is one of the leading providers of telecommunications infrastructure
hardware, software and professional services globally. 

About Siemens
 Siemens AG (Berlin and Munich) is a global powerhouse in electronics and
electrical engineering, operating in the industry, energy and healthcare
sectors. For over 160 years, Siemens has stood for technological excellence,
innovation, quality, reliability and internationality. The company is the
world's largest provider of environmental technologies. More than one-third of
its total revenue stems from green products and solutions. In fiscal 2010,
which ended on September 30, 2010, revenue from continuing operations
(excluding Osram and Siemens IT Solutions and Services) totaled €69 billion and
net income from continuing operations €4.3 billion. At the end of September
2010, Siemens had around 336,000 employees worldwide on the basis of continuing
operations. Further information is available on the Internet at:
http://www.siemens.com. 

About Nokia Siemens Networks
Nokia Siemens Networks is a leading global enabler of telecommunications
services. With its focus on innovation and sustainability, the company provides
a complete portfolio of mobile, fixed and converged network technology, as well
as professional services including consultancy and systems integration,
deployment, maintenance and managed services. It is one of the largest
telecommunications hardware, software and professional services companies in
the world. Operating in 150 countries, its headquarters are in Espoo, Finland. 

www.nokiasiemensnetworks.com

NOKIA FORWARD-LOOKING STATEMENTS
It should be noted that certain statements herein which are not historical
facts are forward-looking statements, including, without limitation, those
regarding: A) the expected plans and benefits of our strategic partnership with
Microsoft to combine complementary assets and expertise to form a global mobile
ecosystem and to adopt Windows Phone as our primary smartphone platform; B) the
timing and expected benefits of our new strategy, including expected
operational and financial benefits and targets as well as changes in leadership
and operational structure; C) the timing of the deliveries of our products and
services; D) our ability to innovate, develop, execute and commercialize new
technologies, products and services; E) expectations regarding market
developments and structural changes; F) expectations and targets regarding our
industry volumes, market share, prices, net sales and margins of products and
services; G) expectations and targets regarding our operational priorities and
results of operations; H) expectations and targets regarding collaboration and
partnering arrangements; I) the outcome of pending and threatened litigation;
J) expectations regarding the successful completion of acquisitions or
restructurings on a timely basis and our ability to achieve the financial and
operational targets set in connection with any such acquisition or
restructuring; and K) statements preceded by "believe,""expect,""anticipate,""foresee,""target,""estimate,""designed,""plans,""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 that could cause these differences
include, but are not limited to: 1) our ability to succeed in creating a
competitive smartphone platform for high-quality differentiated winning
smartphones or in creating new sources of revenue through our partnership with
Microsoft; 2) the expected timing of the planned transition to Windows Phone as
our primary smartphone platform and the introduction of mobile products based
on that platform; 3) our ability to maintain the viability of our current
Symbian smartphone platform during the transition to Windows Phone as our
primary smartphone platform; 4) our ability to realize a return on our
investment in MeeGo and next generation devices, platforms and user
experiences; 5) our ability to build a competitive and profitable global
ecosystem of sufficient scale, attractiveness and value to all participants and
to bring winning smartphones to the market in a timely manner; 6) our ability
to produce mobile phones in a timely and cost efficient manner with
differentiated hardware, localized services and applications; 7) our ability to
increase our speed of innovation, product development and execution to bring
new competitive smartphones and mobile phones to the market in a timely manner;
8) our ability to retain, motivate, develop and recruit appropriately skilled
employees; 9) our ability to implement our strategies, particularly our new
mobile product strategy; 10) the intensity of competition in the various
markets where we do business and our ability to maintain or improve our market
position or respond successfully to changes in the competitive environment; 11)
our ability to maintain and leverage our traditional strengths in the mobile
product market if we are unable to retain the loyalty of our mobile operator
and distributor customers and consumers as a result of the implementation of
our new strategy or other factors; 12) our success in collaboration and
partnering arrangements with third parties, including Microsoft; 13) the
success, financial condition and performance of our suppliers, collaboration
partners and customers; 14) our ability to source sufficient quantities of
fully functional quality components, subassemblies and software on a timely
basis without interruption and on favorable terms, including the disruption of
production and/or deliveries from any of our suppliers as a result of adverse
conditions in the geographic areas where they are located; 15) our ability to
manage efficiently our manufacturing, service creation, delivery and logistics
without interruption; 16) our ability to ensure the timely delivery of
sufficient volumes of products that meet our and our customers' and consumers'
requirements and manage our inventory and timely adapt our supply to meet
changing demands for our products; 17) any actual or even alleged defects or
other quality, safety and security issues in our products; 18) any actual or
alleged loss, improper disclosure or leakage of any personal or consumer data
collected or made available to us or stored in or through our products; 19) our
ability to successfully manage costs, including our ability to achieve targeted
costs reductions and to effectively and timely execute related restructuring
measures, including personnel reductions; 20) our ability to effectively and
smoothly implement the new operational structure for our businesses; 21) the
development of the mobile and fixed communications industry and general
economic conditions globally and regionally; 22) exchange rate fluctuations,
including, in particular, fluctuations 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; 23) our ability to protect the 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 and
services; 24) 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; 25) the impact of changes in government policies, trade policies,
laws or regulations and economic or political turmoil in countries where our
assets are located and we do business; 26) any disruption to information
technology systems and networks that our operations rely on; 27) unfavorable
outcome of litigations; 28) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile products and
lawsuits related to them, regardless of merit; 29) our ability to achieve
targeted costs reductions and increase profitability in Nokia Siemens Networks
and to effectively and timely execute related restructuring measures; 30) Nokia
Siemens Networks' ability to maintain or improve its market position or respond
successfully to changes in the competitive environment; 31) Nokia Siemens
Networks' liquidity and its ability to meet its working capital requirements;
32) whether Nokia Siemens Networks is able to successfully integrate the
acquired assets of Motorola Solutions' networks business, retain existing
customers of the acquired business, cross-sell Nokia Siemens Networks' products
and services to customers of the acquired business and otherwise realize the
expected synergies and benefits of the acquisition; 33) Nokia Siemens Networks'
ability to timely introduce new products, services, upgrades and technologies;
34) Nokia Siemens Networks' success in the telecommunications infrastructure
services market and Nokia Siemens Networks' ability to effectively and
profitably adapt its business and operations in a timely manner to the
increasingly diverse service needs of its customers; 35) developments under
large, multi-year contracts or in relation to major customers in the networks
infrastructure and related services business; 36) the management of our
customer financing exposure, particularly in the networks infrastructure and
related services business; 37) whether ongoing or any additional governmental
investigations into alleged violations of law by some former employees of
Siemens AG may involve and affect the carrier-related assets and employees
transferred by Siemens AG to Nokia Siemens Networks; 38) any impairment of
Nokia Siemens Networks customer relationships resulting from ongoing or any
additional governmental investigations involving the Siemens carrier-related
operations transferred to Nokia Siemens Networks; as well as the risk factors
specified on pages 12-39 of Nokia's annual report Form 20-F for the year ended
December 31, 2010 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. 

SIEMENS FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements and information - that is,
statements related to future, not past, events. These statements may be
identified by words such as "expects,""looks forward to,""anticipates,""intends,""plans,""believes,""seeks,""estimates,""will,""project" or
words of similar meaning. Such statements are based on the current expectations
and certain assumptions of Siemens' management, and are, therefore, subject to
certain risks and uncertainties. A variety of factors, many of which are beyond
Siemens' control, affect Siemens' operations, performance, business strategy
and results and could cause the actual results, performance or achievements of
Siemens to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements. In particular, Siemens is strongly affected by changes in general
economic and business conditions as these directly impact its processes,
customers and suppliers. This may negatively impact our revenue development and
the realization of greater capacity utilization as a result of growth. Yet due
to their diversity, not all of Siemens' businesses are equally affected by
changes in economic conditions; considerable differences exist in the timing
and magnitude of the effects of such changes. This effect is amplified by the
fact that, as a global company, Siemens is active in countries with economies
that vary widely in terms of growth rate. Uncertainties arise from, among other
things, the risk of customers delaying the conversion of recognized orders into
revenue or cancelling recognized orders, of prices declining as a result of
continued adverse market conditions by more than is currently anticipated by
Siemens' management or of functional costs increasing in anticipation of growth
that is not realized as expected. Other factors that may cause Siemens' results
to deviate from expectations include developments in the financial markets,
including fluctuations in interest and exchange rates (in particular in
relation to the U.S. dollar), in commodity and equity prices, in debt prices
(credit spreads) and in the value of financial assets generally. Any changes in
interest rates or other assumptions used in calculating obligations for pension
plans and similar commitments may impact Siemens' defined benefit obligations
and the anticipated performance of pension plan assets resulting in unexpected
changes in the funded status of Siemens' pension and other post-employment
benefit plans. Any increase in market volatility, further deterioration in the
capital markets, decline in the conditions for the credit business, continued
uncertainty related to the subprime, financial market and liquidity crises, or
fluctuations in the future financial performance of the major industries served
by Siemens may have unexpected effects on Siemens' results. Furthermore,
Siemens faces risks and uncertainties in connection with: disposing of business
activities, certain strategic reorientation measures; the performance of its
equity interests and strategic alliances; the challenge of integrating major
acquisitions, implementing joint ventures and other significant portfolio
measures; the introduction of competing products or technologies by other
companies or market entries by new competitors; changing competitive dynamics
(particularly in developing markets); the risk that new products or services
will not be accepted by customers targeted by Siemens; changes in business
strategy; the outcome of pending investigations, legal proceedings and actions
resulting from the findings of, or related to the subject matter of, such
investigations; the potential impact of such investigations and proceedings on
Siemens' business, including its relationships with governments and other
customers; the potential impact of such matters on Siemens' financial
statements, and various other factors. More detailed information about certain
of the risk factors affecting Siemens is contained throughout this report and
in Siemens' other filings with the SEC, which are available on the Siemens
website, www.siemens.com, and on the SEC's website, www.sec.gov. Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described in the relevant forward-looking statement as expected, anticipated,
intended, planned, believed, sought, estimated or projected. Siemens neither
intends to, nor assumes any obligation to, update or revise these
forward-looking statements in light of developments which differ from those
anticipated. 

Media Enquiries:

Nokia
Communications
Tel. +358 7180 34900
Email: press.services@nokia.com

www.nokia.com

Siemens
Corporate Communications
Tel. +49 89 636-34794
Email: press@siemens.com

www.siemens.com