Nokia - Changes board/management/auditors

Nokia appoints Stephen Elop to President and CEO as of September 21, 2010

Nokia Corporation                                                               
Stock Exchange Release                                                          
September 10, 2010 at 08:30 (CET+1)                                             

Nokia appoints Stephen Elop to President and CEO as of September 21, 2010       

Espoo, Finland - Nokia's Board of Directors has appointed Stephen Elop
President and Chief Executive Officer of Nokia as of September 21. Elop
currently heads Microsoft's Business Division. Before joining Microsoft, Elop
held senior executive positions in a number of US-based public companies,
including Juniper Networks, Adobe Systems Inc. and Macromedia Inc. He holds a
degree in computer engineering and management from McMaster University in
Hamilton, Canada, which is his home country. 

“The time is right to accelerate the company's renewal; to bring in new         
executive leadership with different skills and strengths in order to drive      
company success. The Nokia Board believes that Stephen has the right industry   
experience and leadership skills to realize the full potential of Nokia. His    
strong software background and proven record in change management will be       
valuable assets as we press harder to complete the transformation of the        
company. We believe that Stephen will be able to drive both innovation and      
efficient execution of the company strategy in order to deliver increased value 
to our shareholders,” said Jorma Ollila, Chairman of the Nokia Board of         
Directors.                                                                      

Elop commented on his new Nokia position: "I am extremely excited to become part
of a team dedicated to strengthening Nokia's position as the undisputed leader  
of the mobile communications industry, with a relentless focus on meeting the   
needs and expectations of customers. Nokia has a unique global position as well 
as a great brand upon which we can build. The company has deeply talented and   
dedicated people, and I am confident that together we can continue to deliver   
innovative products that meet the needs of consumers. The Nokia slogan clearly  
states our key mission: Connecting People, which will acquire new dimensions as 
we build our portfolio of products, solutions and services."

Olli-Pekka Kallasvuo will leave his current position as President and CEO of    
Nokia on September 20, 2010 and his position on the Nokia Board of Directors    
with immediate effect. He will continue to chair the Board of Nokia Siemens     
Networks in a non-executive capacity.                                           

“The whole Board of Directors joins me in thanking Olli-Pekka for his thirty    
years at Nokia, during which he has been deeply involved in developing the      
company and its operations. His dedication and contribution throughout the years
has been exceptional. The Board wishes him every success in his future          
pursuits,” says Jorma Ollila.                                                   

In accordance with the terms and conditions of his service contract, Kallasvuo  
is entitled to a severance payment consisting of 18 months gross base salary and
target incentive which totals approximately 4.6 million euro. He will also      
receive as compensation the fair market value of the 100 000 restricted Nokia   
shares granted to him in 2007, which vest on October 1, 2010.                   

As of September 10, 2010, the Nokia Board will consist of the following members:
Jorma Ollila (Chairman),  Dame Marjorie Scardino (Vice Chairman), Lalita D.     
Gupte, Bengt Holmström, Dr. Henning Kagermann, Per Karlsson, Isabel             
Marey-Semper, Risto Siilasmaa, Keijo Suila.                                     

A press conference will be held today at Nokia's head office in Espoo, Finland, 
at 13:00 (CET+1). The press conference will be webcast live via:                
www.nokia.com/press or                                                          
http://www.nokia.com/press/media_resources/audio/nokia-webcasts.                

About Nokia                                                                     
At Nokia, we are committed to connecting people. We combine advanced technology 
with personalized services that enable people to stay close to what matters to  
them. Every day, more than 1.3 billion people connect to one another with a     
Nokia device - from mobile phones to advanced smartphones and high-performance  
mobile computers. Today, Nokia is integrating its devices with innovative       
services through Ovi (www.ovi.com), including music, maps, apps, email and more.
Nokia's NAVTEQ is a leader in comprehensive digital mapping and navigation      
services, while Nokia Siemens Networks provides equipment, services and         
solutions for communications networks globally.                                 

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 timing of the deliveries of our products and services and their          
combinations; B) our ability to develop, implement and commercialize new        
technologies, products and services and their combinations; C) expectations     
regarding market developments and structural changes; D) expectations and       
targets regarding our industry volumes, market share, prices, net sales and     
margins of products and services and their combinations; E) expectations and    
targets regarding our operational priorities and results of operations; F) the  
outcome of pending and threatened litigation; G) 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 H) 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) the           
competitiveness and quality of our portfolio of products and services and their 
combinations; 2) our ability to timely and successfully develop or otherwise    
acquire the appropriate technologies and commercialize them as new advanced     
products and services and their combinations, including our ability to attract  
application developers and content providers to develop applications and provide
content for use in our devices; 3) our ability to effectively, timely and       
profitably adapt our business and operations to the requirements of the         
converged mobile device market and the services market; 4) 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; 5) the occurrence of any actual or even alleged    
defects or other quality, safety or security issues in our products and services
and their combinations; 6) the development of the mobile and fixed              
communications industry and general economic conditions globally and regionally;
7) our ability to successfully manage costs; 8) 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; 9) the success, financial condition and performance of
our suppliers, collaboration partners and customers; 10) our ability to source  
sufficient amounts of fully functional components, sub-assemblies, software,    
applications and content without interruption and at acceptable prices and      
quality; 11) our success in collaboration arrangements with third parties       
relating to the development of new technologies, products and services,         
including applications and content; 12) our ability to manage efficiently our   
manufacturing and logistics, as well as to ensure the quality, safety, security 
and timely delivery of our products and services and their combinations; 13) our
ability to manage our inventory and timely adapt our supply to meet changing    
demands for our products; 14) our ability to protect the complex 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 and their combinations; 15) 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; 16) 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; 17) any disruption to information technology systems and networks that
our operations rely on; 18) our ability to retain, motivate, develop and recruit
appropriately skilled employees; 19) unfavorable outcome of litigations; 20)    
allegations of possible health risks from electromagnetic fields generated by   
base stations and mobile devices and lawsuits related to them, regardless of    
merit; 21) our ability to achieve targeted costs reductions and increase        
profitability in Nokia Siemens Networks and to effectively and timely execute   
related restructuring measures; 22) developments under large, multi-year        
contracts or in relation to major customers in the networks infrastructure and  
related services business; 23) the management of our customer financing         
exposure, particularly in the networks infrastructure and related services      
business; 24) whether ongoing or any additional governmental investigations into
alleged violations of law by some former employees of Siemens AG ("Siemens") may
involve and affect the carrier-related assets and employees transferred by      
Siemens to Nokia Siemens Networks; 25) 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 11-32 of 
Nokia's annual report Form 20-F for the year ended December 31, 2009 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.                         

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