Nokia - Press » Press Release

Nokia introduces new range of mobile phones to provide a fast, affordable internet experience

Nokia - Press Release — Tue, 15 May 2012 04:31:00 +0000

Nokia 110 and Nokia 112 offer Facebook, Twitter, world-class EA games and access to thousands of apps from the Nokia Store

Karachi, Pakistan - Nokia has today unveiled two new mobile phone models as it continues to accelerate its strategy to connect the next billion consumers to information and the internet. The Nokia 110 and Nokia 112 have been designed to appeal to young, urban consumers who want to experience a fast, affordable online experience.

Both devices are perfect for communicating across Facebook, Twitter and social media networks. The internet experience is also smooth thanks to the Nokia Browser. This innovative technology allows users to consume less data by up to 90%, by compressing websites in the cloud. Both devices offer direct access to Facebook and Twitter from their home screens. The Nokia 112 also features preloaded eBuddy instant messaging service right out of the box, so users can use popular chat services to keep conversations going 24/7.

In common with other Nokia mobile phones, consumers can choose from thousands of apps to download on the Nokia Store. With the upgraded camera, they can now customize their contacts with pictures, and share them with friends via social networks and Bluetooth.

"Today's mobile phone users want a quick internet experience that allows them to discover great content and share it with their friends - but without being held back by high data costs," said Mary T. McDowell, executive vice president, Mobile Phones, Nokia. "The new Nokia 110 and Nokia 112 devices combine browsing, social media, apps, world-class entertainment and long battery life to create a great package for young, urban consumers who want to do it all."

Perfect for all-day and all-night entertainment
The devices all feature a generous 1.8" display optimized for a great gaming experience. In the coming months, the Nokia 110 and Nokia 112 will bring free* 40 key EA Games, valued at EUR 75 if bought separately, including well known titles like Tetris®, Bejeweled®, Need for Speed(TM) The Run, Monopoly Here & Now, and SimCity(TM) Deluxe. Consumers will be able to easily access the content by clicking on the Games Gift EA icon on their home screen which will take them to the Nokia Store to download the games. Once they have accessed the offering, they will have 60 days to download the games of their choice, keeping the games forever.

Both new phones offer an improved VGA camera for sharp and clear pictures with support for up to 32GB of external memory, enough for more than 6000+ songs or 90,000 pictures. Consumers can tune into their favorite radio stations and share their favorite songs with friends over Bluetooth. The phones have been optimized to provide a long-lasting battery life, with over 10 hours of talk time and nearly a month's standby, meaning that consumers can stay in-touch and entertained all day long.

Dual SIM capability
The Nokia 110 and Nokia 112 are both Dual SIM phones, featuring the benefits of Nokia's unique and industry leading Easy Swap technology. This enables users to switch between SIMs quickly without having to remove their battery or turn off their phone. The Easy Swap technology can personalize and remember up to five different SIM cards, giving consumers full control over their costs.

The Nokia 110 will also be available as single SIM versions - Nokia 111 and Nokia 113, with this last one available in Europe and Eurasia only.

The estimated retail price for Nokia 110 and its single SIM versions is about EUR 35 and they are expected to start shipping in the second quarter of 2012. The estimated retail price for Nokia 112 is about EUR 38, excluding taxes and subsidies, and is expected to start shipping in the third quarter of 2012.

*data costs may apply.

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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Notification under Chapter 2, Section 10 of the Finnish Securities Market Act: holdings of JPMorgan Chase & Co. in Nokia Corporation below 5%

Nokia - Press Release — Thu, 10 May 2012 05:00:46 +0000

Nokia Corporation
Stock exchange release
May 10, 2012 at 12.00 (CET+1)

Espoo, Finland - According to information received by Nokia Corporation, the holdings of JPMorgan Chase & Co. and its controlled undertakings decreased below 5% of the share capital of Nokia on May 8, 2012. The holdings include shares owned by JPMorgan Chase companies as well as shares held on behalf of clients.

The previous notification regarding the holdings of JPMorgan Chase & Co. and its controlled undertakings in Nokia was made on April 24, 2012.

JPMorgan Chase & Co. has its head office at 270 Park Avenue, New York, NY 10017, USA and its IRS identification number is 13-2624428.

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Nokia Lumia drives further ecosystem momentum with new app partnerships announced at CTIA

Nokia - Press Release — Tue, 08 May 2012 09:00:00 +0000

Unique and exclusive app experiences launching across key consumer verticals

New Orleans, US - Nokia announced a number of new and exclusive application partnerships at CTIA Wireless 2012, continuing its focus on delivering differentiated and original app experiences to Nokia Lumia consumers around the world.

"We are focused on delivering great, locally relevant apps, and importantly, those which offer unique, exclusive and original experiences," said Marco Argenti, SVP, Nokia Developer Experience. "With Nokia Lumia smartphones now available in 48 markets, developers are rapidly recognizing the business opportunities and creating their best work for our consumers."

With more than 80,000 apps now available in Windows Phone Marketplace, search and discovery features such as 'App Highlights' and 'Nokia Collection' curate the best, most relevant apps for Nokia Lumia consumers.

"Nokia has achieved much in a short space of time when it comes to key brands and partners creating apps for Nokia Lumia customers. We believe developers are now moving away from simply porting, to create new innovative and high-design apps that fully leverage the Windows Phone Metro UI and features such as live tiles. With new and exclusive apps launching on a regular basis, and Nokia Lumia rapidly expanding into new markets, Nokia and Microsoft are demonstrating meaningful differentiation for consumers, developers, operators and retailers," said Crawford Del Prete, EVP, Chief Research Officer, IDC.

New partnerships and app updates across key consumer verticals include:

SPORT:

The PGA Tour app - exclusive to Nokia Lumia for 12 months from launch
The PGA TOUR is pleased to announce the launch of a new mobile app to provide fans with live, enhanced coverage of PGA TOUR events on the Windows Mobile platform. Developed with Nokia, the app will be available exclusively on Nokia Lumia smartphones beginning in late June 2012. The new app provides fans with a groundbreaking way to follow PGA TOUR tournaments. In addition to live tournament scoring, highlights and player information, the app provides interactive, augmented coverage of select events and holes, showing each player's exact position and scoring information. This allows fans to "get inside the ropes" and follow all players competing on the PGA TOUR.

"We are excited to work with Nokia to provide this app for the PGA TOUR," said Scott Gutterman, Executive Producer, PGA TOUR Digital. "We are committed to providing the highest level of live PGA TOUR coverage, and this app will better inform and entertain PGA TOUR fans."

The Nokia app adds to the PGA TOUR's portfolio of mobile products. The PGA TOUR averages over 1 million monthly mobile users across all platforms.

ESPN - exclusive to Nokia Lumia until May 2013
The exclusive ESPN Hub will deliver a number of key updates in coming months, including sports scores on Live Tiles, team-level panoramas, personalization of scores, leagues and teams, and additional sports coverage such as Tennis, NASCAR and the 2012 Olympics. Additionally, a Windows Phone version of the ESPN Fantasy Football app will launch exclusively on Nokia Lumia smartphones this coming Fall.

GAMES:

Rovio - titles starting with Angry Birds Space join the original Angry Birds game in coming to Nokia Lumia and Windows Phone consumers
Rovio is building a dedicated design and development team to create games for Nokia Lumia smartphones and the wider Windows Phone ecosystem, with the goal of developing and publishing all future Rovio titles as soon as possible. Nokia and Rovio will partner to develop innovative new consumer products and content exclusively for Nokia Lumia smartphones, alongside cross platform multi-channel integrated marketing initiatives.

"Nokia is one of our longest-standing partners, and Windows Phone and Lumia are of strategic importance to Rovio. We are very committed to bring our games to Lumia devices, and are looking forward to delighting our fans on the Windows Phone platform," said Mikael Hed, CEO of Rovio.

EA - bringing leading game titles to Nokia Lumia and Windows Phone consumers
Electronic Arts (EA) will continue to deliver leading game titles to Nokia Lumia and Windows Phone consumers, including FIFA, Madden NFL, NBA Jam, Tiger Woods PGA TOUR®, Mirror's Edge and Yahtzee. These games join titles such as Need for Speed(TM) Undercover, Need for Speed(TM) Hot Pursuit, The Sims(TM) 3, Spider Jack, and MONOPOLY which are already available in Windows Phone Marketplace.

LIFESTYLE:

Groupon - Exclusive to Nokia Lumia for 6 months from launch
Launching during Summer 2012, Groupon is currently working on an extensive upgrade of its Windows Phone app. The app will include a newly developed augmented reality deal discovery function to combine map and Points-of-Interest (POI) data with what is seen via the camera's viewfinder, enabling users to see virtual Groupon deals, in real-time, nearby. The app will be exclusive to Nokia Lumia customers for 6 months.

Mihir Shah, VP of Mobile, Groupon, said: "Our new and exclusive Groupon app for Nokia Lumia customers combines the intuitive Windows Phone Metro UI with location-based data to deliver deals which are both personalized and location-relevant for users. We look forward to continuing to partner with Nokia to evolve and innovate our app experience further."

Tripdots - Exclusive to Windows Phone customers for 3 months from launch
Tripdots helps vehicle owners optimize their driving behaviors while connecting with other vehicle owners and sharing driving efficiency achievements via social networks. The app lets users monitor the operation of their vehicles to enable cost savings through better understanding fuel economy. Everyone can participate in the MPG Leader Board game, and information is only sent to drivers after their trip is complete.

"Consumers are increasingly paying more attention to the eco friendliness and costs of operating their vehicles," said David Fleck, President of Left Lane Network, Inc. "Tripdots provides a wealth of easy to understand information that helps users monitor the health of their vehicles while having fun. The Nokia Lumia Windows phones provide best in class experience with Tripdots and we are very happy to be working with Nokia to deliver the service worldwide."

FINANCE:

PayPal app for Windows Phone
PayPal and Nokia will work together to bring PayPal's secure, fast and easy payments capabilities to the Windows Phone platform and Nokia Lumia smartphones, globally. PayPal will leverage the power of Windows Phone Live Tiles to create a compelling user experience that provides users with the flexibility to pay on-the-go.

"We're excited to work with Nokia and Microsoft to bring PayPal to Nokia users across the globe, and to continue to innovate the way our consumers shop and pay anytime, anywhere and in anyway," said Hill Ferguson, Vice President of Mobile, PayPal.

ENTERTAINMENT:

AOL Entertainment Hub - exclusive to Nokia Lumia for 6 months
Available exclusively to Nokia Lumia users at launch, AOL is set to introduce the AOL Entertainment Hub, bringing together the best of AOL's content to deliver an immersive and inter-connected experience on Windows Phone. Whether you want to listen to one of 55,000 radio stations via SHOUTcast, stream free music albums with AOL's Listening Party or view Trailers and Movie listings, the AOL Entertainment Hub delivers everything you need.

"The live tiles on Nokia Lumia helped us create an awesome app that makes it easy to stay in the know on what's happening in Film, TV, Radio, Concerts and Music right from your home screen," said Sol Lipman, Director of Mobile First products at AOL.

NEWS:

Time Magazine app for Windows Phone
Bringing the world's largest weekly circulation to mobile, TIME announces the forthcoming availability of TIME.com for Windows Phone. Utilizing the stunning Windows Phone UI, the app will allow users to view TIME.com content, receive breaking news alerts, watch rich media content including video and share stories via the Windows Phone People Hub, while delivering the latest news and stories to users first via Live Tiles.

Newsweek - The Daily Beast app for Windows Phone
For a smart, speedy take on the news from around the world, combined with the depth and investigative power of Newsweek magazine, we are pleased to announce the availability of Newsweek's digital partner The Daily Beast on Windows Phone. The Daily Beast app delivers the latest content through Live Tiles and combines the unique style of The Daily Beast with the Windows Phone UI to deliver a stunning experience. For users who only have minutes to digest the latest news, the app also delivers The Cheat Sheet - your one stop must have reads from across the world - uniquely designed for Windows Phone.

"We're thrilled with how The Daily Beast app looks and works on the new Nokia Lumia smartphones and excited to be partnering with them as part of our robust mobile strategy," said Daniel Blackman, Chief Digital Officer, Newsweek & The Daily Beast

PRODUCTIVITY:

Box app for Windows Phone
The new Windows Phone app from Box, the company focused on providing workers with simple, secure sharing from anywhere, will be available to Nokia Lumia consumers this Summer. With support for nine languages, Box for Windows Phone will enable users across the globe to browse, search and share files from their account.

"We're committed to powering secure collaboration and content sharing for today's workers across all platforms and devices," said Matthew Self, VP of Platform Engineering at Box. "We believe that Windows Phone will play a meaningful role in enhancing mobile productivity across businesses of all sizes, and we're excited to work with Nokia to bring an unparalleled experience for both users and IT to its Lumia smartphones."

Media Enquiries:

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

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Nokia’s comment on class action complaint

Nokia - Press Release — Fri, 04 May 2012 09:52:12 +0000

Nokia Corporation
Stock exchange release
May 4, 2012 at 16.50 (CET+1)

Espoo, Finland - Nokia has become aware of the filing of a securities class action complaint naming Nokia Corporation as a defendant, filed in the US District Court for the Southern District of New York on May 3, 2012. Nokia is reviewing the allegations contained in the complaint and believes that they are without merit. Nokia will defend itself against the complaint.

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

FORWARD-LOOKING STATEMENTS
It should be noted that certain statements herein that are not historical facts are forward-looking statements, including, without limitation, those regarding: A) the expected plans and benefits of our partnership with Microsoft to bring together complementary assets and expertise to form a global mobile ecosystem for smartphones; B) the timing and expected benefits of our new strategies, 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 our 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," "aim", "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 success in the smartphone market, including our ability to introduce and bring to market quantities of attractive, competitively priced Nokia products with Windows Phone that are positively differentiated from our competitors' products, both outside and within the Windows Phone ecosystem; 2) our ability to make Nokia products with Windows Phone a competitive choice for consumers, and together with Microsoft, our success in encouraging and supporting a competitive and profitable global ecosystem for Windows Phone smartphones that achieves sufficient scale, value and attractiveness to all market participants; 3) the difficulties we experience in having a competitive offering of Symbian devices and maintaining the economic viability of the 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 next generation devices, platforms and user experiences; 5) our ability to produce attractive and competitive feature phones, including devices with more smartphone-like features, in a timely and cost efficient manner with differentiated hardware, software, localized services and applications; 6) 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; 7) our ability to retain, motivate, develop and recruit appropriately skilled employees; 8) our ability to effectively and smoothly implement the new operational structure for our businesses, achieve targeted efficiencies and reductions in operating expenses; 9) the success of our Location & Commerce strategy, including our ability to maintain current sources of revenue, provide support for our Devices & Services business and create new sources of revenue from our location-based services and commerce assets; 10) our success in collaboration and partnering arrangements with third parties, including Microsoft; 11) our ability to increase our speed of innovation, product development and execution to bring new innovative and competitive mobile products and location-based or other services to the market in a timely manner; 12) our dependence on the development of the mobile and communications industry, including location-based and other services industries, in numerous diverse markets, as well as on general economic conditions globally and regionally; 13) our ability to protect numerous patented standardized or proprietary technologies from third-party infringement or actions to invalidate the intellectual property rights of these technologies; 14) 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 strategies or other factors; 15) the success, financial condition and performance of our suppliers, collaboration partners and customers; 16) 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; 17) our ability to source sufficient amounts of fully functional quality components, sub-assemblies, software and services on a timely basis without interruption and on favorable terms; 18) our ability to manage our inventory and timely adapt our supply to meet changing demands for our products; 19) any actual or even alleged defects or other quality, safety and security issues in our product; 20) the impact of a cybersecurity breach or other factors leading to any actual or alleged loss, improper disclosure or leakage of any personal or consumer data collected by us or our partners or subcontractors, made available to us or stored in or through our products; 21) our ability to successfully manage the pricing of our products and costs related to our products and operations; 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) the impact of economic, political, regulatory or other developments on our sales, manufacturing facilities and assets located in emerging market countries; 25) the impact of changes in government policies, trade policies, laws or regulations where our assets are located and where we do business; 26) the potential complex tax issues and obligations we may incur to pay additional taxes in the various jurisdictions in which we do business; 27) any disruption to information technology systems and networks that our operations rely on; 28) unfavorable outcome of litigations; 29) allegations of possible health risks from electromagnetic fields generated by base stations and mobile products and lawsuits related to them, regardless of merit; 30) Nokia Siemens Networks ability to implement its new strategy and restructuring plan effectively and in a timely manner to improve its overall competitiveness and profitability; 31) 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; 32) Nokia Siemens Networks' ability to maintain or improve its market position or respond successfully to changes in the competitive environment; 33) Nokia Siemens Networks' liquidity and its ability to meet its working capital requirements; 34) Nokia Siemens Networks' ability to timely introduce new competitive products, services, upgrades and technologies; 35) Nokia Siemens Networks' ability to execute successfully its strategy for the acquired Motorola Solutions wireless network infrastructure assets; 36) developments under large, multi-year contracts or in relation to major customers in the networks infrastructure and related services business; 37) the management of our customer financing exposure, particularly in the networks infrastructure and related services business; 38) whether ongoing or any additional governmental investigations into alleged violations of law by some former employees of Siemens may involve and affect the carrier-related assets and employees transferred by Siemens to Nokia Siemens Networks; and 39) 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 13-47 of Nokia's annual report Form 20-F for the year ended December 31, 2011 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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Resolutions of Nokia Annual General Meeting 2012

Nokia - Press Release — Thu, 03 May 2012 14:07:31 +0000

Dividend of EUR 0.20 per share; Board and Committee members elected

Nokia Corporation
Stock Exchange Release
May 3, 2012 at 21:05 (CET +1)

Espoo, Finland -The Annual General Meeting of Nokia Corporation held on May 3, 2012 (AGM) resolved to distribute a dividend of EUR 0.20 per share for 2011. The dividend ex-date is May 4, 2012 and the record date May 8, 2012. The dividend will be paid on or around May 23, 2012.

Board and Committee members elected
The AGM resolved to elect eleven members to the Board of Directors. The following members of the Nokia Board were re-elected for a term until the close of the Annual General Meeting in 2013: Stephen Elop, Henning Kagermann, Jouko Karvinen, Helge Lund, Isabel Marey-Semper, Dame Marjorie Scardino, Risto Siilasmaa and Kari Stadigh. Bruce Brown, Mårten Mickos and Elizabeth Nelson were elected as new members of the Board for the same term. The resumés of the elected Board members are available at http://www.nokia.com/global/about-nokia/company/governance/board/meet-the-board/.

In its assembly meeting, the Board of Directors elected Risto Siilasmaa as Chairman of the Board, and Dame Marjorie Scardino as Vice Chairman of the Board.

The Board of Directors also elected the members of the Board Committees. Henning Kagermann was elected as Chairman and Bruce Brown, Helge Lund, Dame Marjorie Scardino and Kari Stadigh as members of the Personnel Committee. Jouko Karvinen was elected as Chairman and Isabel Marey-Semper and Elizabeth Nelson as members of the Audit Committee. Risto Siilasmaa was elected as Chairman and Henning Kagermann, Jouko Karvinen and Dame Marjorie Scardino as members of the Corporate Governance and Nomination Committee.

The AGM resolved the following annual fees to be paid to the members of the Board of Directors for the term until the close of the Annual General Meeting in 2013: EUR 440 000 for the Chairman, EUR 150 000 for the Vice Chairman and EUR 130 000 for each member. Stephen Elop, President and CEO of Nokia, will not receive any remuneration pursuant to his membership in the Board of Directors. In addition, the AGM resolved that the chairmen of the Audit Committee and the Personnel Committee will each be paid an additional annual fee of EUR 25 000, and other members of the Audit Committee an additional annual fee of EUR 10 000 each. The AGM also resolved, in line with the past practice, that approximately 40% of the remuneration will be paid in Nokia shares purchased from the market, which shares shall be retained until the end of the board membership in line with the Nokia policy (except for those shares needed to offset any costs relating to the acquisition of the shares, including taxes).

Other resolutions of the Annual General Meeting
The AGM re-elected PricewaterhouseCoopers Oy as the external auditor for Nokia for the fiscal period of 2012.

The AGM authorized the Board of Directors to resolve to repurchase a maximum of 360 million Nokia shares. The shares may be repurchased in order to develop the capital structure of the Company, finance or carry out acquisitions or other arrangements, settle the Company's equity-based incentive plans, be transferred for other purposes, or be cancelled. The authorization is effective until June 30, 2013. The Board has no current plans for repurchases during 2012.

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

Media and Investor Enquiries:

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www.nokia.com

Nokia takes new steps to protect its innovations and intellectual property

Nokia - Press Release — Wed, 02 May 2012 09:09:32 +0000

Patent suits filed against HTC, RIM and Viewsonic in the US and Germany

Espoo, Finland - Nokia has filed claims in the United States and Germany alleging that products from HTC, RIM and Viewsonic infringe a number of Nokia patents.

"Nokia is a leader in many technologies needed for great mobile products," said Louise Pentland, chief legal officer at Nokia. "We have already licensed our standards essential patents to more than 40 companies. Though we'd prefer to avoid litigation, Nokia had to file these actions to end the unauthorized use of our proprietary innovations and technologies, which have not been widely licensed."

Nokia's actions include a complaint to the US International Trade Commission (ITC) against HTC, suits against HTC and Viewsonic in the Federal District Court of Delaware, US, against HTC and RIM in the Regional Court in Dusseldorf, Germany and against all three companies in the Regional Courts in Mannheim and Munich, Germany. In total, 45 Nokia patents are in suit in one or more of the actions.

Nokia proprietary innovations protected by these patents are being used by the companies to enable hardware capabilities such as dual function antennas, power management and multimode radios, as well as to enhance software features including application stores, multitasking, navigation, conversational message display, dynamic menus, data encryption and retrieval of email attachments on a mobile device.

"Many of these inventions are fundamental to Nokia products," Pentland concluded. "We'd rather that other companies respect our intellectual property and compete using their own innovations, but as these actions show, we will not tolerate the unauthorized use of our inventions."

During the last two decades, Nokia has invested over EUR 45 billion in research and development and built the wireless industry's strongest and broadest IPR portfolio, with around 10,000 patent families. Nokia is a world leader in the development of handheld device and mobile communications technologies, which is also demonstrated by Nokia's strong patent position.

For more information, visit http://www.nokia.com/about-nokia

Forward-looking statements
It should be noted that certain statements herein that are not historical facts are forward-looking statements, including, without limitation, those regarding: A) the expected plans and benefits of our partnership with Microsoft to bring together complementary assets and expertise to form a global mobile ecosystem for smartphones; B) the timing and expected benefits of our new strategies, 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 our 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," "aim", "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 success in the smartphone market, including our ability to introduce and bring to market quantities of attractive, competitively priced Nokia products with Windows Phone that are positively differentiated from our competitors' products, both outside and within the Windows Phone ecosystem; 2) our ability to make Nokia products with Windows Phone a competitive choice for consumers, and together with Microsoft, our success in encouraging and supporting a competitive and profitable global ecosystem for Windows Phone smartphones that achieves sufficient scale, value and attractiveness to all market participants; 3) the difficulties we experience in having a competitive offering of Symbian devices and maintaining the economic viability of the 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 next generation devices, platforms and user experiences; 5) our ability to produce attractive and competitive feature phones, including devices with more smartphone-like features, in a timely and cost efficient manner with differentiated hardware, software, localized services and applications; 6) 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; 7) our ability to retain, motivate, develop and recruit appropriately skilled employees; 8) our ability to effectively and smoothly implement the new operational structure for our businesses, achieve targeted efficiencies and reductions in operating expenses; 9) the success of our Location & Commerce strategy, including our ability to maintain current sources of revenue, provide support for our Devices & Services business and create new sources of revenue from our location-based services and commerce assets; 10) our success in collaboration and partnering arrangements with third parties, including Microsoft; 11) our ability to increase our speed of innovation, product development and execution to bring new innovative and competitive mobile products and location-based or other services to the market in a timely manner; 12) our dependence on the development of the mobile and communications industry, including location-based and other services industries, in numerous diverse markets, as well as on general economic conditions globally and regionally; 13) our ability to protect numerous patented standardized or proprietary technologies from third-party infringement or actions to invalidate the intellectual property rights of these technologies; 14) 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 strategies or other factors; 15) the success, financial condition and performance of our suppliers, collaboration partners and customers; 16) 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; 17) our ability to source sufficient amounts of fully functional quality components, sub-assemblies, software and services on a timely basis without interruption and on favorable terms; 18) our ability to manage our inventory and timely adapt our supply to meet changing demands for our products; 19) any actual or even alleged defects or other quality, safety and security issues in our product; 20) the impact of a cybersecurity breach or other factors leading to any actual or alleged loss, improper disclosure or leakage of any personal or consumer data collected by us or our partners or subcontractors, made available to us or stored in or through our products; 21) our ability to successfully manage the pricing of our products and costs related to our products and operations; 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) the impact of economic, political, regulatory or other developments on our sales, manufacturing facilities and assets located in emerging market countries; 25) the impact of changes in government policies, trade policies, laws or regulations where our assets are located and where we do business; 26) the potential complex tax issues and obligations we may incur to pay additional taxes in the various jurisdictions in which we do business; 27) any disruption to information technology systems and networks that our operations rely on; 28) unfavorable outcome of litigations; 29) allegations of possible health risks from electromagnetic fields generated by base stations and mobile products and lawsuits related to them, regardless of merit; 30) Nokia Siemens Networks ability to implement its new strategy and restructuring plan effectively and in a timely manner to improve its overall competitiveness and profitability; 31) 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; 32) Nokia Siemens Networks' ability to maintain or improve its market position or respond successfully to changes in the competitive environment; 33) Nokia Siemens Networks' liquidity and its ability to meet its working capital requirements; 34) Nokia Siemens Networks' ability to timely introduce new competitive products, services, upgrades and technologies; 35) Nokia Siemens Networks' ability to execute successfully its strategy for the acquired Motorola Solutions wireless network infrastructure assets; 36) developments under large, multi-year contracts or in relation to major customers in the networks infrastructure and related services business; 37) the management of our customer financing exposure, particularly in the networks infrastructure and related services business; 38) whether ongoing or any additional governmental investigations into alleged violations of law by some former employees of Siemens may involve and affect the carrier-related assets and employees transferred by Siemens to Nokia Siemens Networks; and 39) 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 13-47 of Nokia's annual report Form 20-F for the year ended December 31, 2011 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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Nokia and Carl Zeiss extend partnership to continue setting standards in smartphone imaging

Nokia - Press Release — Wed, 02 May 2012 04:01:00 +0000

Espoo, Finland - Nokia and Carl Zeiss today announced that the exclusive partnership between the two companies, which has resulted in some of the industry's best camera smartphones such as the Nokia N8 and the Nokia 808 PureView, has been extended.

The Nokia 808 PureView, which starts rolling out in May, combines high-performance Carl Zeiss optics with Nokia developed algorithms and a super-high resolution sensor to set a new standard in high-end smartphone imaging.

"Carl Zeiss was a crucial partner in the creation of the first PureView experience," said Jo Harlow, executive vice president of Nokia Smart Devices. "The benefits of our ongoing collaboration will be more PureView innovation and further advancements in smartphone imaging in the coming months and years."

Michael Kaschke, CEO, Carl Zeiss AG: "When joining forces with Nokia in 2005, we wanted to push the boundaries of mobile photography. Looking back at seven years of successful partnership, we are proud of the innovations and outstanding products created in this shared journey. Today we are celebrating the extension of our collaboration with a new technology that sets another real benchmark in this sector."

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Nokia to begin rolling out award-winning Nokia 808 PureView in May

Nokia - Press Release — Wed, 02 May 2012 04:00:00 +0000

Espoo, Finland - Nokia today confirmed that the Nokia 808 PureView will start rolling out in select markets in May. The Nokia 808 PureView is the first smartphone to feature Nokia's award-winning PureView technology. PureView represents Nokia's highest level smartphone imaging experiences, bringing together high-performance sensors, exclusive Carl Zeiss optics, and Nokia developed imaging algorithms. The first markets to begin selling the Nokia 808 PureView include Russia and India.

Since its launch in February, the Nokia 808 PureView has received multiple awards, including Best Mobile Device at Mobile World Congress 2012, as well as an award for Best Imaging Innovation for 2012 from the Technical Image Press Association (TIPA).

"PureView has completely raised the bar on imaging performance for the whole smartphone industry - and Nokia is not stopping here," said Jo Harlow, Head of Smart Devices at Nokia. "We're going to carry on developing PureView for our future smartphones in ways that will again revolutionize the imaging experience."

The Nokia 808 PureView features a large, high-resolution 41 megapixel sensor with high-performance Carl Zeiss optics and new pixel oversampling technology. At standard resolutions (2/3, 5 and 8 megapixels) this means the ability to zoom without loss of clarity and capture seven pixels of information, condensing into one pixel for the sharpest images imaginable. At high-resolution (38 megapixels maximum) it means the ability to capture an image, then zoom, reframe, crop and resize afterwards to expose previously unseen levels of details. With superior low-light performance and the ability to save in compact file sizes for sharing in email, MMS, and on social networks, the Nokia 808 PureView makes it possible for anyone to capture professional looking images in any conditions.

In addition to superior still imaging technology, the Nokia 808 PureView also includes full HD 1080p video recording and playback with 4X lossless zoom and the world's first use of Nokia Rich Recording. Rich Recording enables audio recording at CD-like levels of quality, previously only possible with external microphones. The Nokia 808 PureView also features exclusive Dolby Headphone technology, transforming stereo content into a personal surround sound experience over any headphones and Dolby Digital Plus for 5.1 channel surround sound playback.

Check out our Nokia 808 PureView photo gallery.

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Nokia comments on Standard & Poor’s credit rating announcement

Nokia - Press Release — Fri, 27 Apr 2012 08:19:01 +0000

Espoo, Finland - Timo Ihamuotila, Nokia's Executive Vice President and CFO, comments on today's rating announcement from Standard & Poor's:

"As we have detailed in recent announcements, Nokia is in the middle of a transformation program which encompasses every aspect of our business. We are implementing a decisive action plan to position our company for future growth and success. The main focus of these actions is on lowering the company's costs, improving cash flow and maintaining a strong financial position, while bringing attractive new products to market."

Nokia's financial position remains strong. As of March 31, 2012, Nokia had gross cash balances of
EUR 9.8 billion, and a net cash position of EUR 4.9 billion.

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European Patent Office revokes another IPCom patent

Nokia - Press Release — Wed, 25 Apr 2012 08:13:26 +0000

Earlier infringement decision expected to become unenforceable, allowing Nokia sales in Germany to continue

Espoo, Finland - The European Patent Office (EPO) in Munich today revoked IPCom's patent EP 1 841 268 (#100A).

The EPO's decision means that yesterday's ruling from the Dusseldorf Court is not expected to stop the sales of Nokia products in Germany.

"We are pleased that the European Patent Office has confirmed that this IPCom patent is invalid," said Paul Melin, vice president, Intellectual Property at Nokia. "So far, of 62 IPCom patents that have come to judgment, none has been found valid as granted. IPCom needs to recognize its position and end its unrealistic demands for what remains of this significantly diminished portfolio."

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Changes in Nokia Corporation’s own shares

Nokia - Press Release — Wed, 25 Apr 2012 07:49:08 +0000

Nokia Corporation
Stock exchange release
April 25, 2012 at 14.45 (CET +1)

Espoo, Finland - Based on previously announced decisions of the Board of Directors to issue shares held by the Company, 126 456 Nokia shares (NOK1V) held by the Company were today transferred to participants of Nokia's equity-based incentive plans as settlement in accordance with the plan rules.

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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Notification under Chapter 2, Section 10 of the Finnish Securities Market Act: holdings of JPMorgan Chase & Co. in Nokia Corporation exceeded 5%

Nokia - Press Release — Tue, 24 Apr 2012 09:10:18 +0000

Nokia Corporation
Stock exchange release
April 24, 2012 at 16.10 (CET+1)

Espoo, Finland - According to information received by Nokia Corporation, the holdings, comprising of both shares and financial instruments, of JPMorgan Chase & Co. have exceeded 5% of the share capital of Nokia.

On April 20, 2012, the holdings of JPMorgan Chase & Co. and its controlled undertakings in Nokia, comprising of both shares and financial instruments, amounted to a total of 215 790 532 Nokia shares, corresponding to approximately 5.76 % of the total number of shares and voting rights of Nokia. The holdings include shares owned by JPMorgan Chase companies as well as shares held on behalf of clients.

The holdings are divided between various controlled undertakings of JPMorgan Chase & Co. The holdings of J.P. Morgan Securities Ltd. amounted to a total of 200 308 762 Nokia shares, corresponding to approximately 5.35% of the total number of shares and voting rights of Nokia.

The above total holdings comprise of 177 074 274 Nokia shares, corresponding to approximately 4.73 % of the total number of shares and voting rights of Nokia, and various financial instruments that can in aggregate result to a holding of 38 716 258 Nokia shares, corresponding to approximately 1.03% of the total number of shares and voting rights of Nokia.

The financial instruments are customary to the financial markets, such as option arrangements, with expirations dates ranging from April 27, 2012 to January 18, 2014.

JPMorgan Chase & Co. has its head office at 270 Park Avenue, New York, NY 10017, USA and its IRS identification number is 13-2624428. J.P. Morgan Securities Ltd. is a company registered in the United Kingdom under registration number 02711006 and is an indirectly wholly owned subsidiary of JPMorgan Chase & Co.

About Nokia

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Nokia comments on Fitch’s credit rating announcement

Nokia - Press Release — Tue, 24 Apr 2012 05:04:10 +0000

Espoo, Finland - Timo Ihamuotila, Nokia's Executive Vice President and CFO, comments on today's unsolicited rating from Fitch:

"We are quickly taking action to position Nokia for future growth and success. Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position."

Nokia's financial position remains strong. As of March 31 2012, Nokia had gross cash balances of EUR 9.8 billion, and a net cash position of EUR 4.9 billion. Nokia reported its first quarter 2012 results on April 19, 2012.

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Nokia makes internet access faster and easier with new browser for Series 40 devices

Nokia - Press Release — Mon, 23 Apr 2012 09:00:16 +0000

- Nokia Browser 2.0 delivers enhanced speeds and a new user interface for a faster, better way to explore the web
- Powered by cloud-based servers, it delivers accelerated browsing and reduces data consumption by up to 90%, without compromising the internet experience
- Web apps from the expanding catalog are easier than ever to explore and install right in the browser

Espoo, Finland - Nokia has today announced the availability of Nokia Browser 2.0, a major update dedicated to Nokia Series 40 devices. The new version reduces data consumption by up to 90%, meaning that consumers can enjoy faster and cheaper internet access. Web sites load up to three times faster in comparison to devices without cloud-accelerated browsing and consumers will also benefit from a number of other enhanced capabilities.

From the first look, consumers are easily able to discover new web content and enjoy one-click access to top, local sites via the Nokia Browser's inviting and intuitive start page. We have optimized the browser to enable users to easily stay connected with friends and family at the touch of a button as well as to share files and links across social networks. The new and improved Download Manager helps consumers to manage external content easily, saving music, video or pictures on a memory card, while surfing the internet.

The browser includes a revamped, modern user experience that makes it simple to find, install and use interesting web apps that offer a richer, more desktop-like internet experience. Launched in mid-2011, the Nokia Browser is the first browser of its kind to support web apps, and now boasts a catalogue of more than 10,000 of the latest apps. Several publishers have experienced over a million downloads in a matter of months, demonstrating strong consumer demand.

With this update, developers will find new monetization capabilities, more extensive user interface options for their web apps and productivity improvements for Nokia Web Tools so they can continue delivering engaging, connected experiences to the 'Next Billion' consumers.

The update supports all forms of Series 40: Touch, QWERTY and Non-Touch, including the Nokia Asha range, as well as popular devices such as the Nokia C3-00, Nokia C2-03 and Nokia X3-02. The update will be pre-loaded on some current and all future Nokia Series 40 devices, while for existing users the update arrives as a free, optional over-the-air download. New users can download it from the Nokia Store. The browser is available in 87 languages in over 200 countries and territories.
Nokia Browser 2.0 makes use of cloud-based servers which adapt standard web pages so that they perform better on Nokia Series 40 devices. Since web pages are compressed and cached in the cloud, end users can access web sites in a manner which is faster and requires significantly less data to be sent over their mobile network. For pay-per-use contracts this will result in more cost-effective browsing, while users on an operator data plan will be able to do more web surfing without exceeding their monthly usage limits.

"With our new version, we've created a newer, faster, better browsing experience. As many consumers around the world will experience the internet for the first time through a mobile phone, this is a great step towards our goal to connect the 'Next Billion'," explains Dieter May, senior vice president of mobile phones services, Nokia.

New in the Nokia Browser 2.0

1. Faster browsing with speed improvements throughout the experience.
2. Easier access to new and popular Web apps to enable a richer and more engaging internet experience.
3. New, intuitive user interface offers one click access to search, most popular content and most valuable features.
4. Media handling enhancements provide an easier way to enjoy video, audio and images. Users can download in background mode while continuing to browse the web or queue downloads for later when performance or rates are better. Downloads can be saved to memory cards or phone memory for later offline viewing or listening.
5. One-click share on Social Networks by remembering Facebook and/or Twitter login to easily share any page URL and comments from your browser.
Developers can find out more about how the updated browser will enable them to build rich standards-based web apps at: http://www.developer.nokia.com/Develop/Series_40/Series_40_web_apps/.
Consumers can download the Nokia Browser 2.0 at: http://store.nokia.com/content/51924

Notes to Editors
Screenshots of Nokia Browser 2.0 are pasted below.

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Nokia Browser 2.0 screenshots

1. Indonesia Start Page -Localized to make it easy for people to find the most popular content in their market

2. Free Wi-Fi Locator - Smartphone-like web app on an Asha device - consumer don't have to compromise

3. An app that showcases many features of the platform is this Movie Review app. This is an excellent example of the type of sophisticated user experiences that web apps can deliver to our customers

Nokia officially starts the development of its manufacturing facility in Vietnam

Nokia - Press Release — Mon, 23 Apr 2012 04:46:43 +0000

Reaffirming long-term commitment to the country and the company's strategy to connect the next billion to information and the Internet

Bac Ninh, Vietnam - In an official ceremony today, Nokia kicked-off the development of its manufacturing facility in Vietnam, to serve the growing demand for mobile phones all over the world. The event featured Secretary of the Central Party Committee, Vice President of the National Assembly of Vietnam, Madam Nguyen Thi Kim Ngan; Minister of the Ministry of Science and Technology Vietnam, Mr. Nguyen Quan; Ambassador of Finland to Vietnam, Kimmo Lähdevirta; and high ranking officials from Central authorities and Bac Ninh province amongst more than 200 others.

Located in Vietnam-Singapore Industrial Park (VSIP) in Bac Ninh province, the Nokia Vietnam manufacturing facility is being developed on an area of 17 hectares. Nokia expects to start the operations of this factory in early 2013.

Today's event is one step further in reaffirming Nokia's long term commitment to the Vietnam market, under Nokia's strategy to connect the next billion people to information and the Internet.

Nokia's position in high growth economies is strong, and mobile phones play a strategic role. The new manufacturing site is being established to meet the growth in demand for these phones, as well as to help Nokia to deliver a contemporary mobile experience to the next billion consumers all over the world.

"We highly appreciate Nokia's efforts in making this commitment a reality, which contributes to the growth of foreign investment in Vietnam in general and in Bac Ninh in particular. We also hope this will bring up not only economic value, but also other social benefits for the country like job creation and community knowledge enhancement on information technology alike," said Mr. Nguyen Nhân Chien, President of People's Committee of Bac Ninh province.

Mary McDowell, Executive Vice President, Mobile Phones, Nokia, said: "Thanks to the valued support from the Vietnamese government, our manufacturing program in Vietnam has been progressing well. The new Nokia manufacturing plant will produce and provide new devices for compelling and affordable, localized mobile experiences, particularly in the growth markets.

"Nokia is also committed to extending our positive reputation as an employer and as a corporate citizen. We expect to attract competent and energetic employees from the local skilled labor force. And in turn, employees at our new factory can expect a state-of-the-art facility and a positive, modern working environment with high professional and ethical standards," continued McDowell.

Nokia is making progress in its strategy to connect the next billion. The company has launched an aspirational portfolio of devices that include fresh, contemporary design and form factors that are optimized for great experiences, such as social, entertainment, and messaging, and services that extend the value proposition to consumers.

Nokia first opened its doors in Vietnam in 1996 and, like many successful multinationals, saw Vietnam as a growing market with opportunity and potential. In light of the respect Nokia has wherever it operates, the company has worked hard to quickly become part of the Vietnamese community.

Nokia currently operates two representative offices in Vietnam: one in Ho Chi Minh City and the other in Hanoi. These offices carry out marketing and promotion activities for Nokia's handset business. In 2011, Nokia established a branch office in Phnom Penh, Cambodia, increasing its footprint within the IndoChina region.

In November, 2011, Nokia established a new company, Nokia (Vietnam) LLC, to build and operate the new Vietnam manufacturing facility.

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Nokia Lumia 610 starts rolling out in Asia

Nokia - Press Release — Thu, 19 Apr 2012 06:51:58 +0000

Espoo, Finland - Nokia announced today that the Nokia Lumia 610, its most affordable Lumia smartphone, has begun rolling out in Asia. It will go on sale first in the Philippines in the final week of April, and in China, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Vietnam in the following weeks. The Nokia Lumia 610 will also begin selling in other regions this quarter.

The Nokia Lumia 610 is designed as the perfect introduction to Windows Phone for a younger audience. PeopleHub makes it easy to keep in touch with friends, providing instant access to social networks and bringing all mobile, email, Facebook, Twitter and LinkedIn contacts into one place. It also makes it easier to browse the Web with Internet Explorer and to access games through Xbox Live. The Lumia 610 will also come with WiFi tethering and flip-to-silence, features that will be made available across the Lumia portfolio.

Available with Nokia Maps, Nokia Drive, Nokia Transport and Nokia Music, people can also choose from thousands of apps in the Windows Phone Marketplace to further personalize the experience. With a distinctive profile and finely beveled metallic edges, the Nokia Lumia 610 is built to convey both quality and aspiration.

"The Nokia Lumia 610 will introduce Windows Phone to a new generation of smartphone users, offering something very different to the monochromatic smartphones filling shelves today," said Jo Harlow, Head of Smart Devices at Nokia. "PeopleHub, Nokia services and quality apps - coupled with a fast and friendly interface - will make for a great smartphone experience at a great price."

The Nokia Lumia 610 is also a great smartphone for students who will appreciate the built-in Microsoft Office app. Word mobile, PowerPoint mobile, Excel mobile to manage documents, and OneNote mobile to capture notes, ideas, pictures and voice memos make working on the go easier. With SkyDrive, files and notes can be synchronized, and opened and edited from the PC or the phone.

The Nokia Lumia 610 will be available in black, cyan, magenta and white, and will sell at an estimated retail price of EUR189 before applicable taxes and subsidies.

To learn more about the Nokia Lumia 610, please visit www.nokia.com/lumia610.

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Colin Giles to leave Nokia, Nokia streamlines sales management

Nokia - Press Release — Thu, 19 Apr 2012 06:05:14 +0000

Nokia Corporation
Stock exchange release
April 19, 2012 at 13.05 (CET+1)

Espoo, Finland - Today Nokia announced that Colin Giles, executive vice president of sales and a member of the Nokia Leadership Team, will step down from his position and the Nokia Leadership Team effective June 30, 2012. After many years of travel, Giles has decided to leave the company to be closer to his family.

With Giles departure, Nokia will restructure the sales organization by reducing a layer of sales management to ensure greater customer focus and providing senior leaders greater visibility into market dynamics. Effective immediately, Nokia's four regional senior vice presidents and the lead of sales operations will report directly to Niklas Savander, executive vice president of markets.

The regional senior vice presidents include Chris Weber for the Americas; Shiv Shivakumar for India, Middle East and Africa; Olivier Puech for Asia Pacific and Victor Saeijs for Europe and Eurasia.

"Our structure is focused on ensuring that the sales organization is aligned with local customer requirements, market-by-market competitive issues and country-specific sales and marketing tactics," said Savander. "As a result of reducing layers, we can increase the speed at which we execute sales activities and improve the collaboration between our business groups and our team on the ground."

Giles joined Nokia in 1992 and has served in a number of marketing and sales roles across the company. Giles was instrumental in building Nokia's presence in Asia and China and expanded Nokia's sales and marketing efforts in many regions around the world. Most recently he led the global sales organization during Nokia's transition. Colin will stay with Nokia until June 30, 2012, to help establish the new structure.

"Colin's leadership has been very valuable as we shifted Nokia's strategy and aligned the sales organization around our new product families, Lumia and Asha," said Stephen Elop, president and CEO. "We appreciate the commitment that Colin has demonstrated to Nokia over the years, and we wish him much success as he takes the next step in his career."

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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Nokia Corporation Q1 2012 Interim Report

Nokia - Press Release — Thu, 19 Apr 2012 06:00:52 +0000

Nokia Corporation
Interim report
April 19, 2012 at 13.00 (CET+1)

This is a summary of the first quarter 2012 interim report published today. The complete first quarter 2012 interim report with tables is available at http://www.results.nokia.com/results/Nokia_results2012Q1e.pdf. Investors should not rely on summaries of our interim reports only, but should review the complete interim reports with tables.

FINANCIAL AND OPERATING HIGHLIGHTS

- Q1 2012 net sales of EUR 7.4 billion (Q1 2011: EUR 10.4 billion)

- Non-IFRS EPS of EUR -0.08 and reported EPS of EUR -0.25

- Losses incurred due to greater than expected competitive challenges and seasonality; reported losses also primarily driven by charges related to restructuring activities

- Implementation of smartphone strategy proceeding:
- Expansion of Lumia portfolio to cover higher and lower price points (Lumia 900 and Lumia 610 announced in Q1)
- Expansion of geographic coverage to 45 countries currently (31 new countries in Q1)
- Encouraging launch of Lumia 900 with AT&T in US in April

- Renewing feature phone portfolio with 7 new Asha products ramping up

- Taking action to drive improvements in the trajectory of Lumia sales and to support feature phone sales
- Plans to accelerate and substantially deepen Devices & Services cost savings, consistent with strategic focus. Nokia will share further details as quickly as possible.
- Balance sheet remains strong with EUR 9.8 billion of gross cash at end-Q1; EUR 4.9 billion of net cash at end-Q1
- Estimates that current annual IPR royalty income run-rate is approximately EUR 0.5 billion

Commenting on the Q1 results, Stephen Elop, Nokia CEO, said: "We are navigating through a significant company transition in an industry environment that continues to evolve and shift quickly. Over the last year we have made progress on our new strategy, but we have faced greater than expected competitive challenges.

We have launched four Lumia devices ahead of schedule to encouraging awards and popular acclaim. The actual sales results have been mixed. We exceeded expectations in markets including the United States, but establishing momentum in certain markets including the UK has been more challenging.

At the same time, the lower price tiers of our industry are undergoing a structural change, and traditional feature phones are challenged by full touch devices. As a result we are taking deliberate measures to continue to renew our Series 40 platform, and we plan to strengthen our line-up in Q2 2012. We are making investments in our Mobile Phones business unit aimed at addressing the gaps in our offering.

We have a clear sense of urgency to move our strategy forward even faster. We are pursuing step function changes by having launched the Lumia 610 and Lumia 900 in the first quarter, expanding market coverage, increasing advertising, introducing key customer-requested features and broadening our most successful go-to-market activities. At the same time, we have focused our efforts in the low-end of smartphones and feature phone asset to drive improved business results and conserve cash.

We are confident in our strategy and focused on responding urgently in the short term and creating value for our shareholders in the long term."

SUMMARY FINANCIAL INFORMATION

The following table sets forth selective line items for the periods indicated, as well as the year-on-year and sequential growth rates.

	Reported and Non-IFRS first quarter 2012 results1,2
EUR million	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Nokia
Net sales	7 354	10 399	-29%	10 005	-26%
Operating profit	-1 340	439		-954
Operating profit (non-IFRS)	-260	704		478
EPS, EUR diluted	-0.25	0.09		-0.29
EPS, EUR diluted (non-IFRS)3	-0.08	0.13		0.06
Net cash from operating activities	-590	-173		634
Net cash and other liquid assets4	4 872	6 372	-24%	5 581	-13%
Devices & Services5
Net sales	4 246	7 087	-40%	5 997	-29%
Smart Devices net sales	1 704	3 528	-52%	2 747	-38%
Mobile Phones net sales	2 311	3 407	-32%	3 040	-24%
Mobile device volume (mn units)	82.7	108.5	-24%	113.5	-27%
Smart Devices volume (mn units)	11.9	24.2	-51%	19.6	-39%
Mobile Phones volume (mn units)	70.8	84.3	-16%	93.9	-25%
Mobile device ASP6	51	65	-22%	53	-4%
Smart Devices ASP6	143	146	-2%	140	2%
Mobile Phones ASP6	33	40	-18%	32	3%
Operating profit	-219	729		203
Operating profit (non-IFRS)	-127	733		292
Operating margin %	-5.2%	10.3%		3.4%
Operating margin % (non-IFRS)	-3.0%	10.3%		4.9%
Location & Commerce5
Net sales	277	232	19%	306	-9%
Operating profit	-94	-132		-1 205
Operating profit (non-IFRS)	36	-16		29	24%
Operating margin %	-33.9%	-56.9%		-393.8%
Operating margin % (non-IFRS)	12.9%	-6.9%		9.5%
Nokia Siemens Networks5,7
Net sales	2 947	3 171	-7%	3 815	-23%
Operating profit	-1 005	-142		67
Operating profit (non-IFRS)	-147	3		176
Operating margin %	-34.1%	-4.5%		1.8%
Operating margin % (non-IFRS)	-5.0%	0.1%		4.6%

Note 1 relating to non-IFRS results: Non-IFRS results exclude special items for all periods. In addition, non-IFRS results exclude intangible asset amortization, other purchase price accounting related items and inventory value adjustments arising from (i) the formation of Nokia Siemens Networks and (ii) all business acquisitions completed after June 30, 2008. More specific information about the exclusions from the non-IFRS results can be found in note 2 below and for Q1 2012 and Q1 2011 in our complete Q1 2012 interim report with tables on pages 20-22 and 24, and for Q4 2011 in our complete Q4 and full year 2011 report with tables on pages 4-5, 20-22 and 24 published on January 26, 2012.

Nokia believes that these non-IFRS financial measures provide meaningful supplemental information to both management and investors regarding Nokia's performance by excluding the above-described items that may not be indicative of Nokia's business operating results. These non-IFRS financial measures should not be viewed in isolation or as substitutes to the equivalent IFRS measure(s), but should be used in conjunction with the most directly comparable IFRS measure(s) in the reported results. A reconciliation of our Q1 2012 and Q1 2011 non-IFRS results to our reported results can be found in our complete Q1 2012 interim report with tables on pages 18 and 20-24. A reconciliation of our Q4 2011 non-IFRS results to our reported results can be found in our complete Q4 and full year 2011 report with tables on pages 17 and 20-24 published on January 26, 2012.

Note 2 relating to non-IFRS exclusions:

Q1 2012 - EUR 1 080 million consisting of:
- EUR 772 million restructuring charge and other associated items in Nokia Siemens Networks
- EUR 10 million restructuring charge in Location & Commerce
- EUR 91 million restructuring charge in Devices & Services
- EUR 86 million of intangible asset amortization and other purchase price accounting related items arising from the formation of Nokia Siemens Networks and the acquisition of Motorola Solutions' networks assets
- EUR 120 million of intangible asset amortization and other purchase price accounting related items arising from the acquisition of NAVTEQ
- EUR 1 million of intangible assets amortization and other purchase price related items arising from the acquisition of Novarra, MetaCarta and Motally in Devices & Services

Q1 2012 taxes - EUR 135 million valuation allowance for Nokia Siemens Networks deferred tax assets impacting Nokia taxes.

Q1 2011 - EUR 265 million consisting of:
- EUR 28 million restructuring charge and other associated items in Nokia Siemens Networks
- EUR 117 million of intangible asset amortization and other purchase price accounting related items arising from the formation of Nokia Siemens Networks
- EUR 116 million of intangible asset amortization and other purchase price accounting related items arising from the acquisition of NAVTEQ
- EUR 4 million of intangible assets amortization and other purchase price related items arising from the acquisition of OZ Communications, Novarra, MetaCarta and Motally in Devices & Services

Q4 2011 - EUR 1 432 million (net) consisting of:
- EUR 1 090 million partial impairment of goodwill in Location & Commerce
- EUR 25 million restructuring charge in Location & Commerce
- EUR 119 million of intangible asset amortization and other purchase price accounting related items arising from the acquisition of NAVTEQ
- EUR 100 million restructuring charge and EUR 36 million associated impairments in Devices & Services
- EUR 2 million of intangible assets amortization and other purchase price related items arising from the acquisition of Novarra, MetaCarta and Motally in Devices & Services
- EUR 86 million of intangible asset amortization and other purchase price accounting related items arising from the formation of Nokia Siemens Networks and the acquisition of Motorola Solutions' networks assets
- EUR 23 million restructuring charge and other associated items in Nokia Siemens Networks
- EUR 49 million positive item from a cartel claim settlement

Note 3 relating to non-IFRS Nokia EPS: Nokia taxes continued to be unfavorably impacted by Nokia Siemens Networks taxes as no tax benefits are recognized for certain Nokia Siemens Networks deferred tax items. In Q1 2012, one-quarter tax expenses in Devices & Services also had an unfavorable impact. If Nokia's estimated long-term tax rate of 26% had been applied, non-IFRS Nokia EPS would have been approximately 2.1 Euro cents higher in Q1 2012.

Note 4 relating to Nokia net cash and other liquid assets: Calculated as total cash and other liquid assets less interest-bearing liabilities.

Note 5 relating to operational and reporting structure: We adopted our current operational structure during 2011 and have three businesses: Devices & Services, Location & Commerce and Nokia Siemens Networks and four operating and reportable segments: Smart Devices and Mobile Phones within Devices & Services, Location & Commerce and Nokia Siemens Networks. Smart Devices focuses on smartphones and Mobile Phones focuses on mass market feature phones. Devices & Services also contains Devices & Services Other which includes net sales of our luxury phone business Vertu, spare parts and related cost of sales and operating expenses, as well as intellectual property related royalty income and common research and development expenses. Location & Commerce focuses on the development of location-based services and local commerce. Nokia Siemens Networks is one of the leading global providers of telecommunications infrastructure hardware, software and services.

Note 6 relating to average selling prices (ASP): Mobile device ASP represents total Devices & Services net sales (Smart Devices net sales, Mobile Phones net sales, and Devices & Services Other net sales) divided by total Devices & Services volumes. Devices & Services Other net sales includes net sales of Nokia's luxury phone business Vertu and spare parts, as well as intellectual property royalty income. Smart Devices ASP represents Smart Devices net sales divided by Smart Devices volumes. Mobile Phones ASP represents Mobile Phones net sales divided by Mobile Phones volumes.

Note 7 relating to Nokia Siemens Networks: Nokia Siemens Networks completed the acquisition of Motorola Solutions' networks assets on April 30, 2011. Accordingly, the results of Nokia Siemens Networks for the first quarter 2012 are not directly comparable to its results for the first quarter 2011.

NOKIA OUTLOOK

- Nokia expects its non-IFRS Devices & Services operating margin in the second quarter 2012 to be similar to or below the first quarter 2012 level of negative 3.0%. This outlook reflects that the first quarter 2012 benefit related to lower warranty costs is expected to be non-recurring, as well as expectations regarding a number of factors including:
- competitive industry dynamics continuing to negatively affect the Smart Devices and Mobile Phones business units;
- timing, ramp-up, and consumer demand related to new products; and
- the macroeconomic environment.

- Nokia continues to target to reduce Devices & Services non-IFRS operating expenses by more than EUR 1 billion for the full year 2013, compared to the full year 2010 Devices & Services non-IFRS operating expenses of EUR 5.35 billion. Nokia plans to accelerate and substantially deepen Devices & Services cost savings, consistent with its strategic focus. Nokia will share further details as quickly as possible.
- Nokia and Nokia Siemens Networks expect Nokia Siemens Networks non-IFRS operating margin to clearly improve in the second quarter 2012 compared to the first quarter 2012 level of negative 5.0%. Due to the nature of the restructuring program as well as prevailing uncertain macroeconomic conditions, the timing of improvements in profitability is uncertain and therefore Nokia Siemens Networks' non-IFRS operating margin in 2012 is expected to be volatile.
- Nokia Siemens Networks continues to target to reduce its non-IFRS annualized operating expenses and production overheads by EUR 1 billion by the end of 2013, compared to the end of 2011.

FIRST QUARTER 2012 FINANCIAL AND OPERATING DISCUSSION

NOKIA GROUP

We adopted our current operational structure during 2011 and have three businesses: Devices & Services, Location & Commerce and Nokia Siemens Networks and four operating and reportable segments: Smart Devices and Mobile Phones within Devices & Services, Location & Commerce and Nokia Siemens Networks. Smart Devices focuses on smartphones and Mobile Phones focuses on mass market feature phones. Devices & Services also contains Devices & Services Other which includes net sales of our luxury phone business Vertu, spare parts and related cost of sales and operating expenses, as well as intellectual property related royalty income and common research and development expenses. Location & Commerce focuses on the development of location-based services and local commerce. Nokia Siemens Networks is one of the leading global providers of telecommunications infrastructure hardware, software and services.

The following discussion includes non-IFRS results information. Non-IFRS results exclude special items for all periods. In addition, non-IFRS results exclude intangible asset amortization, other purchase price accounting related items and inventory value adjustments arising from (i) the formation of Nokia Siemens Networks and (ii) all business acquisitions completed after June 30, 2008.

The following table sets forth the year-on-year and sequential growth rates in our net sales on a reported basis and at constant currency for the periods indicated.

FIRST QUARTER 2012 NET SALES, REPORTED & CONSTANT CURRENCY1
	YoY Change	QoQ Change
Group net sales - reported	-29%	-26%
Group net sales - constant currency1	-29%	-28%
Devices & Services net sales - reported	-40%	-29%
Devices & Services net sales - constant currency1	-38%	-30%
Nokia Siemens Networks net sales - reported	-7%	-23%
Nokia Siemens Networks net sales - constant currency1	-9%	-24%

Note 1: Change in net sales at constant currency excludes the impact of changes in exchange rates in comparison to the Euro, our reporting currency.

The following table sets forth Nokia Group's reported cash flow for the periods indicated and financial position at the end of the periods indicated, as well as the year-on-year and sequential growth rates.

NOKIA GROUP CASH FLOW AND FINANCIAL POSITION
EUR million	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Net cash from operating activities	-590	-173		634
Total cash and other liquid assets	9 793	11 056	-11%	10 902	-10%
Net cash and other liquid assets1	4 872	6 372	-24%	5 581	-13%

Note 1: Total cash and other liquid assets minus interest-bearing liabilities.

Year-on-year, net cash and other liquid assets decreased by EUR 1.5 billion primarily due to payment of the dividend, cash outflows related to the acquisition of Motorola Solutions' networks assets and capital expenditures, partially offset by a EUR 500 million equity investment in Nokia Siemens Networks by Siemens, the receipt of quarterly platform support payments from Microsoft and positive overall net cash from operating activities.

Sequentially, net cash and other liquid assets decreased by EUR 0.7 billion primarily due to unfavorable and mostly non-recurring net working capital changes in Devices & Services as well as operating losses, capital expenditure and cash outflows related to restructuring, partially offset by a positive contribution from Nokia Siemens Networks and the receipt of a quarterly platform support payment from Microsoft.

Sequentially, Devices & Services net working capital changes in the first quarter 2012 had a negative impact on net cash and other liquid assets. The working capital change was primarily due to accounts payable balances declining more than the combined declines in accounts receivable and inventory balances. The end-of-quarter days of sales outstanding was higher sequentially resulting from a lower proportion of net sales in regions with faster payment terms, including India and China. The end-of-quarter days of sales in inventory was higher sequentially resulting from the ramp-up of Lumia devices. Unless there are similar fluctuations in the composition of Devices & Services net sales and inventory, we expect the unfavorable impact of Devices & Services working capital changes in the first quarter 2012 to be mostly non-recurring. We are focused on improving Devices & Services working capital performance, and we see opportunities to improve inventory, accounts payable and accounts receivable management over the remainder of 2012.

In the first quarter 2012, Nokia Siemens Networks' contribution to net cash from operating activities was approximately EUR 410 million. This was primarily driven by working capital improvements, partially offset by operating losses. In the first quarter 2012, Nokia Siemens Networks' working capital performance improved by approximately EUR 540 million, primarily related to significantly improved accounts receivables collection as well as higher advanced payments from customers.

Our agreement with Microsoft includes platform support payments from Microsoft to us as well as software royalty payments from us to Microsoft. In the first quarter 2012, we received a quarterly platform support payment of USD 250 million (approximately EUR 189 million). We have a competitive software royalty structure, which includes minimum software royalty commitments. Over the life of the agreement, both the platform support payments and the minimum software royalty commitments are expected to measure in the billions of US Dollars. The total amount of the platform support payments is expected to slightly exceed the total amount of the minimum software royalty commitments.

DEVICES & SERVICES

The following table sets forth a summary of the results for our Devices & Services business for the periods indicated, as well as the year-on-year and sequential growth rates.

DEVICES & SERVICES RESULTS SUMMARY
	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Net sales (EUR million)1	4 246	7 087	-40%	5 997	-29%
Mobile device volume (million units)	82.7	108.5	-24%	113.5	-27%
Mobile device ASP (EUR)	51	65	-22%	53	-4%
Non-IFRS gross margin (%)	24.4%	28.8%		25.8%
Non-IFRS operating expenses (EUR million)	1 123	1 322	-15%	1 262	-11%
Non-IFRS operating margin (%)	-3.0%	10.3%		4.9%

Note 1: Includes IPR royalty income recognized in Devices & Services Other net sales.

Net Sales
The year-on-year and sequential decline in our Devices & Services net sales are discussed below under our Smart Devices and Mobile Phones business units. We estimate that our current annual IPR royalty income run-rate is approximately EUR 0.5 billion. At constant currency, Devices & Services net sales would have decreased 38% year-on-year and 30% sequentially.

The following table sets forth the net sales for our Devices & Services business for the periods indicated, as well as the year-on-year and sequential growth rates, by geographic area. IPR royalty income is allocated to the geographic areas contained in this chart.

DEVICES & SERVICES NET SALES BY GEOGRAPHIC AREA
EUR million	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Europe	1 352	2 082	-35%	1 922	-30%
Middle East & Africa	737	1 088	-32%	1 065	-31%
Greater China	577	1 902	-70%	1 008	-43%
Asia-Pacific	945	1 317	-28%	1 297	-27%
North America	93	140	-34%	53	75%
Latin America	542	558	-3%	652	-17%
Total	4 246	7 087	-40%	5 997	-29%

On a year-on-year basis Devices & Services net sales in the first quarter 2012 declined in all regions, particularly in China, primarily due to competitive industry dynamics adversely affecting both our Mobile Phones and Smart Devices net sales. On a sequential basis, Devices & Services net sales in the first quarter 2012 declined in all regions, except for North America, where sales were driven by the introduction of the Nokia Lumia 710 with T-Mobile.

Volume
The following table sets forth the mobile device volumes for our Devices & Services business for the periods indicated, as well as the year-on-year and sequential growth rates, by geographic area.

DEVICES & SERVICES MOBILE DEVICE VOLUMES BY GEOGRAPHIC AREA
million units	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Europe	15.8	23.4	-32%	25.3	-38%
Middle East & Africa	21.4	22.2	-4%	25.9	-17%
Greater China	9.2	23.9	-62%	14.7	-37%
Asia-Pacific	26.1	27.3	-4%	34.7	-25%
North America	0.6	1.2	-50%	0.5	20%
Latin America	9.6	10.5	-9%	12.4	-23%
Total	82.7	108.5	-24%	113.5	-27%

On a year-on-year basis, the decline in our total Devices & Services volumes in the first quarter 2012 was driven by significantly lower volumes in both Mobile Phones and Smart Devices volumes as discussed below.

The sequential decline in our total Devices & Services volumes in the first quarter 2012 was driven by significantly lower Mobile Phones volumes and Smart Device volumes, including lower seasonal demand for our devices, as discussed below.

During the first quarter 2012, our overall channel inventory increased on a sequential basis. We ended the first quarter 2012 around the high end of our normal 4 to 6 week channel inventory range, but on an absolute unit basis, channel inventories declined sequentially.

Average Selling Price
On a year-on-year basis, the overall decrease in our Devices & Services ASP in the first quarter 2012 was driven primarily by the lower ASP in Mobile Phones, a higher proportion of Mobile Phones sales and the negative impact from foreign currency hedging, partially offset by higher IPR royalty income.

On a sequential basis, the overall decrease in our Devices & Services ASP in the first quarter 2012 was driven primarily by a product mix shift towards Mobile Phones and the negative impact from foreign currency hedging, partially offset by a positive impact from the depreciation of the Euro against certain currencies.

Gross Margin
On a year-on-year basis, the decline in our Devices & Services non-IFRS gross margin in the first quarter 2012 was driven primarily by the significant gross margin decline in Smart Devices and, to a much lesser extent, in Mobile Phones, partially offset by higher IPR royalty income.

On a sequential basis, the decline in our Devices & Services non-IFRS gross margin in the first quarter 2012 was driven primarily by gross margin declines in both Smart Devices and Mobiles Phones, partially offset by a positive impact from lower warranty costs, which is expected to be non-recurring, and higher IPR royalty income.

Operating Expenses
Devices & Services non-IFRS operating expenses decreased 15% year-on-year and 11% sequentially in the first quarter 2012. On both a year-on-year and sequential basis, operating expenses related to Mobile Phones increased 22% and 10%, respectively, in the first quarter 2012, whereas operating expenses related to Smart Devices decreased 33% and 24%, respectively, in the first quarter 2012. These year-on-year and sequential changes resulted, in addition to the factors described below, from the proportionate allocation of operating expenses being impacted by the relative mix of sales and gross profit performance between Mobile Phones and Smart Devices. This resulted in higher and lower relative allocations to Mobile Phones and Smart Devices, respectively. In addition, both the year-on-year and sequential decline in Smart Devices was driven by the cost savings actions related to our Symbian and MeeGo activities.

Devices & Services non-IFRS research and development expenses decreased 22% year-on-year in the first quarter 2012. On a sequential basis, Devices & Services non-IFRS research and development expenses decreased 11% in the first quarter 2012. Both the year-on-year and sequential declines were primarily due to a reduction in Symbian and MeeGo related costs as well as ongoing cost controls. This was partially offset by an increase in Mobile Phones research and development expenses primarily due to investments in product development to bring new innovations to the market in support of our strategy to bring the internet and information to the next billion.

Devices & Services non-IFRS sales and marketing expenses decreased 8% year-on-year in the first quarter 2012. On a sequential basis, Devices & Services non-IFRS sales and marketing expenses decreased 16% in the first quarter 2012. Year-on-year, marketing expenses declined primarily due to lower marketing expenditure on Symbian, partially offset by higher marketing expenditure on Lumia. Sequentially, marketing expenses declined primarily due to lower marketing expenditure on MeeGo and Symbian.

Devices & Services non-IFRS administrative and general expenses decreased 5% year-on-year in the first quarter 2012 as near-term cost controls were partially offset by shared function cost categorization. On a sequential basis, Devices & Services non-IFRS administrative and general expenses increased 26% in the first quarter 2012 due to shared function cost categorization.

In the first quarter 2012, Devices & Services non-IFRS other income and expense had a negative year-on-year and sequential impact on profitability. Reported other income and expense was significantly adversely impacted in the first quarter 2012 primarily as a result of restructuring-related expenses discussed below, which were recognized in Devices & Services Other.

Cost Reduction Activities and Planned Operational Adjustments
We continue to target to reduce our Devices & Services non-IFRS operating expenses by more than EUR 1 billion for the full year 2013, compared to the full year 2010 Devices & Services non-IFRS operating expenses of EUR 5.35 billion. We plan to accelerate and substantially deepen Devices & Services cost savings, consistent with our strategic focus. Nokia will share further details as quickly as possible.

During the first quarter 2012, Devices & Services recognized net charges of EUR 91 million related to restructuring activities. As of the end of the first quarter 2012, we had recognized cumulative charges of EUR 888 million related to restructuring activities.

While the total extent of the restructuring activities is still to be determined, we currently anticipate cumulative charges in Devices & Services of around EUR 900 million before the end of 2012 in relation to our previously announced cost reduction target of more than EUR 1 billion. We also believe total cash outflows related to our Devices & Services restructuring activities will be below the level of the cumulative charges related to these restructuring activities.

SMART DEVICES

The following table sets forth a summary of the results for our Smart Devices business unit for the periods indicated, as well as the year-on-year and sequential growth rates.

SMART DEVICES RESULTS SUMMARY
	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Net sales (EUR millions)1	1 704	3 528	-52%	2 747	-38%
Smart Devices volume (million units)	11.9	24.2	-51%	19.6	-39%
Smart Devices ASP (EUR)	143	146	-2%	140	2%
Gross margin (%)	15.6%	28.9%		19.9%
Operating expenses (EUR millions)2	556	834	-33%	732	-24%
Contribution margin (%)2	-18.3%	5.3%		-7.0%

Note 1: Does not include IPR royalty income. IPR royalty income is recognized in Devices & Services Other net sales.
Note 2: The year-on-year and sequential decreases in operating expenses resulted from the proportionate allocation of operating expenses being impacted by the relative mix of sales and gross profit performance between Mobile Phones and Smart Devices, resulting in lower relative allocations to Smart Devices in the first quarter 2012.

Net Sales
The year-on-year decline in our Smart Devices net sales in the first quarter 2012 was primarily due to significantly lower Symbian volumes. On a sequential basis, the decline in our Smart Devices net sales in the first quarter 2012 was also due to lower Symbian volumes, partially offset by growing sales of Nokia Lumia devices.

Volume
The year-on-year decline in our Smart Devices volumes in the first quarter 2012 continued to be driven by the strong momentum of competing smartphone platforms relative to our Symbian devices. All regions showed a significant year-on-year decline in the first quarter 2012 except for Latin and North America, which showed slight year-on-year growth.

On a sequential basis, the decline in our Smart Devices volumes in the first quarter 2012 was primarily driven by lower Symbian volumes in all regions, as well as lower seasonal demand for our products, which more than offset the sequential increase in Nokia Lumia device volumes.

Average Selling Price
The year-on-year decline in our Smart Devices ASP in the first quarter 2012 was driven primarily by price erosion due to the competitive environment and a higher proportion of sales of lower priced Symbian devices. This was partially offset by sales of Nokia Lumia devices at an ASP of approximately EUR 220, as well as a positive impact related to deferred revenue on services sold in combination with our devices.

Sequentially, the slight increase in our Smart Devices ASP in the first quarter 2012 was driven primarily by a positive mix shift towards the sales of Nokia Lumia devices, and a positive impact related to deferred revenue on services sold in combination with our devices, partially offset by price actions taken related to specific products across our portfolio due to the competitive environment.

Gross Margin
The significant year-on-year decline in our Smart Devices gross margin in the first quarter 2012 was driven primarily by greater price erosion than cost erosion within our Symbian portfolio due to the competitive environment, partially offset by a positive impact related to deferred revenue related on services sold in combination with our devices and lower warranty costs.

On a sequential basis, the decline in our Smart Devices gross margin in the first quarter 2012 was primarily driven by greater price erosion than cost erosion mainly related to our Symbian and Nokia N9 smartphones, targeted price reductions of the Nokia Lumia 710 to accelerate growth as well as higher per unit fixed costs related to our Symbian devices due to declining volumes. The overall sequential decline was partially offset by lower Symbian-related allowances and lower warranty costs.

MOBILE PHONES

The following table sets forth a summary of the results for our Mobile Phones business unit for the periods indicated, as well as the year-on-year and sequential growth rates.

MOBILE PHONES RESULTS SUMMARY
	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Net sales (EUR millions)1	2 311	3 407	-32%	3 040	-24%
Mobile Phones volume (million units)	70.8	84.3	-16%	93.9	-25%
Mobile Phones ASP (EUR)	33	40	-18%	32	3%
Gross margin (%)	25.9%	27.9%		27.7%
Operating expenses (EUR million)2	472	387	22%	429	10%
Contribution margin (%)2	4.6%	16.5%		13.5%

Note 1: Does not include IPR royalty income. IPR royalty income is recognized in Devices & Services Other net sales.
Note 2: The year-on-year and sequential increases in operating expenses resulted from the proportionate allocation of operating expenses being impacted by the relative mix of sales and gross profit performance between Mobile Phones and Smart Devices, resulting in higher relative allocations to Mobile Phones in the first quarter 2012.

Net Sales
On a year-on-year basis, our Mobile Phones net sales in the first quarter 2012 decreased due to the lower ASP and volumes. On a sequential basis, the decline in our Mobile Phones net sales in the first quarter 2012 was due to lower volumes.

Volume
On a year-on-year basis, the decline in our Mobile Phones volumes in the first quarter 2012 was primarily driven by our reduced portfolio of higher priced feature phones compared to the first quarter 2011, partially offset by sales of recently introduced products which represented a higher proportion of our portfolio. In addition, the year-on-year decline was due to distributors and operators purchasing fewer of our feature phones during the first quarter 2012 as they reduced their inventories of our feature phones compared to increasing their inventories in the first quarter 2011. The year-on-year decline in our Mobile Phones volumes in the first quarter 2012 was most pronounced in China and Europe primarily due to competition from more affordable smartphones and increased competition from competitors with broader portfolios of feature phones with more smartphone-like experiences, such as full touch devices.

On a sequential basis, the decline in our Mobile Phones volumes in the first quarter 2012 was primarily driven by lower seasonal demand for our feature phones and aggressive price competition, especially in entry-level feature phones, partially offset by sales of recently introduced products which represented a higher proportion of our portfolio. The sequential decline was also due to distributors and operators purchasing fewer of our feature phones during the first quarter 2012 as they reduced their inventories of our feature phones compared to increasing their inventories in the fourth quarter 2011. In addition, we faced increased competition from more affordable smartphones and competitors with broader portfolios of feature phones with more smartphone-like experiences, such as full touch devices. The sequential decline in our Mobile Phones volumes in the first quarter 2012 was most pronounced in India and Europe, primarily due to the factors mentioned above.

Average Selling Price
The year-on-year decline in our Mobile Phones ASP in the first quarter 2012 was primarily driven by an increased proportion of sales of lower priced devices and the negative impact from foreign currency hedging, partially offset by sales of recently introduced higher priced devices, including the Asha family.

On a sequential basis, our Mobile Phones ASP increased slightly in the first quarter of 2012 due to a mix shift towards recently-introduced higher priced devices, including the Asha family, as well as the positive impact from the depreciation of the Euro against certain currencies, partially offset by general price erosion and the negative impact from foreign currency hedging.

Gross Margin
The year-on-year decline in our Mobile Phones gross margin in the first quarter 2012 was primarily due to greater price erosion than cost erosion, a negative product mix shift towards lower gross margin feature phones, partially offset by lower warranty costs.

The sequential decrease in our Mobile Phones gross margin in the first quarter 2012 was primarily due to greater price erosion than cost erosion, partially offset by a positive impact related to deferred revenue on services sold in combination with our devices and lower warranty costs.

LOCATION & COMMERCE

The following table sets forth a summary of the results for Location & Commerce for the periods indicated, as well as the year-on-year and sequential growth rates.

LOCATION & COMMERCE RESULTS SUMMARY
	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Net sales (EUR millions)	277	232	19%	306	-9%
Non-IFRS gross margin (%)	77.7%	81.0%		77.8%
Non-IFRS operating expenses (EUR millions)	174	205	-15%	206	-16%
Non-IFRS operating margin (%)	12.9%	-6.9%		9.5%

Net Sales
The year-on-year increase in Location & Commerce net sales in the first quarter 2012 was primarily driven by higher recognition of deferred revenue related to sales of map platform licenses to Smart Devices and, to a lesser extent, by higher sales of map content licenses to vehicle customers due to higher consumer uptake of vehicle navigation systems as well as higher sales to portable navigation devices (PND) customers.

Sequentially, the decrease in Location & Commerce net sales in the first quarter 2012 was primarily due to seasonally lower sales to portable navigation devices (PND) customers as well as lower sales of map update content licenses in the vehicle segment.

Gross Margin
On a sequential basis, the Location & Commerce non-IFRS gross margin in the first quarter 2012 remained unchanged.

On a year-on-year basis, the decline in Location & Commerce non-IFRS gross margin in the first quarter 2012 was primarily due to a shift of research and development operating expenses to cost of sales as a result of the divestiture of the media advertising business.

Operating Expenses
Location & Commerce non-IFRS research and development expenses decreased 19% year-on-year in the first quarter 2012 reflecting a shift in expenses from research and development to costs of sales related to the divestiture of the media advertising business. Location & Commerce non-IFRS research and development expenses decreased 18% sequentially in the first quarter 2012 primarily driven by cost reduction actions.

Location & Commerce non-IFRS sales and marketing expenses decreased 14% year-on-year and 17% sequentially. On a year-on-year and sequential basis, the primary driver for the decrease was cost reduction actions. In addition, reduced marketing spend contributed to the sequential decline.

Location & Commerce non-IFRS administrative and general expenses increased 25% year-on-year and 11% sequentially in the first quarter 2012, primarily due to higher use of services provided by shared support functions.

NOKIA SIEMENS NETWORKS

Nokia Siemens Networks completed the acquisition of Motorola Solutions' networks assets on April 30, 2011. Accordingly, the results of Nokia Siemens Networks for the first quarter 2012 are not directly comparable to its results for the first quarter 2011.

The following table sets forth a summary of the results for Nokia Siemens Networks for the periods indicated, as well as the year-on-year and sequential growth rates.

NOKIA SIEMENS NETWORKS RESULTS SUMMARY
	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Net sales (EUR millions)	2 947	3 171	-7%	3 815	-23%
Non-IFRS gross margin (%)	26.6%	26.9%		29.2%
Non-IFRS operating expenses (EUR millions)	937	852	10%	943	-1%
Non-IFRS operating margin (%)	-5.0%	0.1%		4.6%

Net Sales
The following table sets forth Nokia Siemens Networks net sales for the periods indicated, as well as the year-on-year and sequential growth rates, by geographic area.

NOKIA SIEMENS NETWORKS NET SALES BY GEOGRAPHIC AREA
EUR millions	Q1/2012	Q1/2011	YoY Change	Q4/2011	QoQ Change
Europe	930	1 001	-7%	1 272	-27%
Middle East & Africa	270	307	-12%	394	-31%
Greater China	209	322	-35%	438	-52%
Asia-Pacific	877	988	-11%	909	-4%
North America	283	169	67%	293	-3%
Latin America	378	384	-2%	509	-26%
Total	2 947	3 171	-7%	3 815	-23%

The year-on-year decrease in Nokia Siemens Networks' net sales in the first quarter 2012 was driven primarily by a decline in sales of infrastructure equipment, which more than offset a slight increase in sales of services. The sequential decline in Nokia Siemens Networks' net sales in the first quarter 2012 was driven primarily by industry seasonality.

At constant currency, Nokia Siemens Networks' net sales would have decreased 9% year-on-year and 24% sequentially.

Gross Margin
The slight year-on-year decline in Nokia Siemens Networks' non-IFRS gross margin in the first quarter 2012 was primarily due to an unfavorable mix towards lower gross margin services revenues, partially offset by improved performance in infrastructure equipment. On a year-on-year basis, Nokia Siemens Networks' non-IFRS gross margin in the first quarter 2012 was negatively impacted by an unfavorable regional sales mix.

On a sequential basis, the decrease in Nokia Siemens Networks' non-IFRS gross margin in the first quarter 2012 was driven by an unfavorable product mix towards lower margin services as well as lower seasonal revenues. On a sequential basis, Nokia Siemens Networks' non-IFRS gross margin in the first quarter 2012 was negatively impacted by an unfavorable regional sales mix.

Operating Expenses
Nokia Siemens Networks' non-IFRS research and development expenses increased 14% year-on-year in the first quarter 2012 primarily due to the addition of the research and development operations related to the acquired Motorola Solutions networks assets as well as investments in strategic initiatives. On a sequential basis, Nokia Siemens Networks' non-IFRS research and development expenses in the first quarter 2012 were approximately flat.

Nokia Siemens Networks' non-IFRS sales and marketing expenses decreased 3% year-on-year in the first quarter 2012 primarily due to the lower net sales, partially offset by the addition of the sales and marketing operations related to the acquired Motorola Solutions networks assets. On a sequential basis, Nokia Siemens Networks non-IFRS sales and marketing expenses decreased 3% in the first quarter 2012 primarily due to the lower net sales.

Nokia Siemens Networks' non-IFRS administrative and general expenses increased 22% year-on-year in the first quarter 2012 primarily reflecting the addition of Motorola Solutions' network assets. Sequentially, Nokia Siemens Networks non-IFRS administrative and general expenses increased 6% in the first quarter 2012 primarily due to higher legal costs.

Nokia Siemens Networks' non-IFRS other income for the first quarter 2012 was approximately flat on both a year-on-year and sequential basis.

Operating Margin
The lower year-on-year Nokia Siemens Networks non-IFRS operating margin in the first quarter 2012 was primarily driven by lower net sales and increased operating expenses.

The sequential decline in Nokia Siemens Networks' non-IFRS operating margin in the first quarter 2012 primarily reflected the lower seasonal net sales, lower gross margin and flat operating expenses.

Strategy Update and Global Restructuring Program
On November 23, 2011 Nokia Siemens Networks announced its strategy to focus on mobile broadband and services and the launch of an extensive global restructuring program.

Nokia Siemens Networks continues to target to reduce its non-IFRS annualized operating expenses and production overheads by EUR 1 billion by the end of 2013, compared to the end of 2011. While these savings are expected to come largely from organizational streamlining, the company will also target areas such as real estate, information technology, product and service procurement costs, overall general and administrative expenses, and a significant reduction of suppliers in order to further lower costs and improve quality.

In the first quarter of 2012, Nokia Siemens Network recognized restructuring charges and other associated items of EUR 772 million related to this restructuring program. While the total extent of the restructuring activities is still to be determined, we currently anticipate cumulative charges in Nokia Siemens Networks of around EUR 1 billion before the end of 2012. We also believe total cumulative cash outflows related to the Nokia Siemens Networks restructuring activities will be around the same level as the cumulative charges related to these restructuring activities.

Cash preservation is a clear priority at Nokia Siemens Networks, and the company intends to be self-funding in all aspects of its operations. Nokia Siemens Networks' restructuring program, combined with the company's focus on improving its financial performance, is designed to enable the company to end 2012 with higher net cash than at the end of 2011.

FIRST QUARTER 2012 OPERATING HIGHLIGHTS

NOKIA OPERATING HIGHLIGHTS
- Nokia announced planned changes at its factories in Komarom in Hungary, Reynosa in Mexico and Salo in Finland. The measures followed a review of smartphone manufacturing operations that Nokia announced last September and aim to increase the company's competitiveness in the diverse global mobile device market. These three factories are planned to focus on smartphone product customization, serving customers mainly in Europe and the Americas. Device assembly is expected to be transferred to Nokia factories in Asia, where the majority of component suppliers are based.
- Nokia, and De' Longhi SpA, a global leader in household appliances, agreed terms for De' Longhi to acquire Nokia's production facility in Cluj, Romania. The transaction was completed in March 2012.
- Nokia appointed Marko Ahtisaari as Executive Vice President, Design, and a member of the Nokia Leadership Team, effective February 1, 2012. He reports directly to President and CEO Stephen Elop.

DEVICES & SERVICES OPERATING HIGHLIGHTS

SMART DEVICES
- Nokia has continued to expand the breadth and depth of its Lumia range of Windows Phone-based smartphones since their debut in November 2011. Consumers in 45 markets around the world can now purchase a Lumia smartphone, with more markets being added in the coming weeks and months. Key highlights in the growth of Lumia in the first quarter included:
- In January, Nokia and T-Mobile commenced sales of the Nokia Lumia 710, the first Lumia product for the United States.
- In January, Nokia announced the Nokia Lumia 900 with AT&T in the United States. The Lumia 900 is the first of Nokia's Windows Phone-based range to feature high-speed LTE connectivity. The device, which has a 4.3-inch AMOLED ClearBlack Display, went on sale in April.
- In February, at the 2012 Mobile World Congress, Nokia announced that it is bringing the Nokia Lumia 900 to other markets outside the United States in a DC-HSPA variant, for high speed data connection (42Mbits download) in countries where LTE is not available. The device is expected to begin shipping during the second quarter.
- In February, Nokia announced the Nokia Lumia 610, the company's fourth and most affordable Lumia smartphone, designed as the perfect introduction to Windows Phone for a younger audience. The device is expected to ship during the second quarter 2012.
- In February, Nokia announced Nokia Reading, providing a single, integrated reading hub experience. Nokia Reading makes it easier and faster to enjoy news, books, and audio books including an extensive catalogue of local language reading material and the ability to access content offline.
- In March, Nokia and China Telecom announced the Nokia 800C, the first CDMA Windows Phone in China and Nokia's first Lumia phone for the world's largest smartphone market. The device went on sale in early April.

- In February, Nokia announced the Nokia 808 PureView, the first smartphone to feature Nokia PureView imaging technologies, bringing together high resolution sensors, exclusive Carl Zeiss optics and Nokia-developed algorithms, which will support new high-end imaging experiences for future Nokia products. The Nokia 808 PureView features a large, high-resolution 41 megapixel sensor and new pixel oversampling technology. The device is expected to ship during the second quarter 2012.

MOBILE PHONES
- Nokia has continued to expand the breadth and depth of its Asha family of feature phones since their debut in late 2011. Consumers in more than 100 markets around the world can now purchase an Asha device. Key highlights in the growth of the Asha family in the first quarter included:
- In February, Nokia announced the Nokia Asha 302, the first Series 40-based phone to support Mail for Exchange. The Asha 302 went on sale during the first quarter.
- In February, Nokia announced the Nokia Asha 202, which combines a traditional keypad with a touch screen and features Nokia's dual SIM Easy Swap technology. The Asha 202 is expected to ship during the second quarter 2012.
- In February, Nokia announced the Asha 203, a single SIM phone which combines a traditional keypad with a touch screen. The Asha 203 is expected to ship during the second quarter 2012.

- Nokia announced an evolution of Nokia Life Tools, now known as Nokia Life, which provides life-enhancing information across the range of Nokia Series 30 and Series 40 products. Since its 2009 launch in India, the SMS-based service has expanded to China, Indonesia and Nigeria. To date, more than 50 million people have experienced its benefits.
- Nokia Browser, Nokia's cloud-accelerated browser for Series 40 devices, continued to grow rapidly with support for 38 devices in 87 languages and more than 200 countries. During the first quarter, we released a significant upgrade to the product improving speed and access to web apps. Nokia Browser is the first of its kind to support web apps, and since the release of the SDK in 2011, developer support has continued to grow.

LOCATION & COMMERCE OPERATING HIGHLIGHTS
Nokia's Location & Commerce business continued to strengthen its location-based offerings during the first quarter:
- Location & Commerce updated Nokia Maps and Nokia Drive for Nokia's Lumia smartphones twice. With these updates, Nokia Maps now also features a real-time traffic view in selected markets and enables the creation and collection of favorite places as well as route sharing via SMS, email or social networks, while Nokia Drive is now supporting a full offline experience from route calculation to navigation and rerouting. Nokia Drive also features a new dashboard that includes speed limit alerts and provides options between estimated time of arrival, time to destination and distance to destination.
- Location & Commerce launched Nokia Transport, a mobile application for Nokia's Lumia smartphones providing underground, tram, suburban train and bus directions for more than 500 cities in 46 countries in the most convenient way.
- Location & Commerce released the beta version of Nokia Maps Suite 2.0 for its Nokia Belle smartphones, bundling a number of individual maps applications like Drive, Maps, Public Transport into one convenient package, offering new features such as up-to-date, location-aware weather forecasts, and a home screen widget to explore places nearby and letting people see their geo-tagged photos on the map at the places they were taken.
- Location & Commerce introduced walk navigation (beta) for its HTML5 based mobile web offering on m.maps.nokia.com that lets people use Nokia Maps on non-Nokia devices running Android and iOS.
- Location & Commerce updated Nokia Maps and Nokia Drive for the Nokia N9.
- Location & Commerce launched a new shared map design with Bing Maps, jointly developed with Microsoft.
- Nokia announced that it is planning to integrate Groupon deals into Nokia Maps and leverage location information from Nokia Drive and Nokia Transport, so that people can find local deals in the places they go to most often, or plan to visit.
- Location & Commerce launched NAVTEQ Traffic(TM) in India, making the real-time traffic service available to more than 26 million people in Delhi and Mumbai.
- NAVTEQ® Maps was selected by Yandex, Russia's premier internet company, to supply map data for their global web portal properties.
- NAVTEQ® Maps was selected by Nikon to power map display and geotagging capabilities on the COOLPIX AW series of digital cameras.

NOKIA SIEMENS NETWORKS OPERATING HIGHLIGHTS
- Nokia Siemens Networks announced a number of mobile broadband deals in the first quarter, including: upgrading Saudi Telecom Company's nationwide GSM and 3G networks and expanding its commercial 4G network; working with Bharti Airtel to build and operate a large-scale TD-LTE 4G network in Maharashtra, India; transforming mobile broadband efficiency for Telkomsel in Indonesia; becoming a mobile broadband and infrastructure services provider for KT in Korea; and working with T-Mobile and Orange in Poland to deploy and upgrade GSM and HSPA networks, paving the way for transition to LTE.
- Nokia Siemens demonstrated its commitment to staying at the forefront of mobile broadband innovation with the opening of a mobile broadband testing and development facility which opened in Silicon Valley in the United States in February.
- At Mobile World Congress in February, Nokia Siemens Networks launched its "FlexiZone" approach to mobile broadband coverage, which will deliver faster and more flexible 4G across areas with a very high user density more efficiently and cost effectively. During the first quarter the company also achieved world record data speeds, exceeding 1.4 Gbps using its LTE-Advanced 4G system.
- In March, Nokia Siemens Networks and Juniper Networks announced the launch of the "Integrated Packet Transport Network", addressing the need for service providers to simplify network architecture and giving operators more flexibility in their transport networks in a cost effective way, reflecting Nokia Siemens Networks Liquid Net approach to transforming networks to cope with unpredictability and increasing network demand.
- The launch of the Customer Experience Management (CEM) on Demand portal allowed Nokia Siemens Networks to showcase a new way of handling relationships with the world's six billion mobile users. The single entry point portal, accessible from across entire operator organizations, is designed to offer dashboard views of mobile operators' key performance indicators and recommend actions they can take to improve their customer experience. Telkomsel has signed up to use the new service, enabling it to view real-time metrics and provide improved service quality for its customers across Indonesia.
- In Managed Services, Bharti Airtel extended its contract with Nokia Siemens Networks to continue to provide its managed services for a further five years.
- In December 2011, Nokia Siemens Networks signed a forward starting term and multicurrency revolving credit facilities agreement with major international banks for EUR 1 255 million to replace its existing revolving credit facility when it matures in June 2012. By April 2012 this new commitment had been increased to EUR 1 500 million.

Nokia, Helsinki - April 19, 2012

Media and Investor Contacts:

Corporate Communications, tel. +358 7180 34900
Investor Relations Europe, tel. +358 7180 34927
Investor Relations US, tel. +1 914 368 0555

- Nokia plans to publish its second quarter 2012 interim report on July 19, 2012.
- Nokia's Annual General Meeting will be held on May 3, 2012.

www.nokia.com

Nokia comments on Moody’s credit rating announcement

Nokia - Press Release — Mon, 16 Apr 2012 07:26:52 +0000

Espoo, Finland - Nokia notes today's announcement from Moody's, reaffirming its investment grade credit rating. Earlier today Moody's downgraded Nokia's long-term credit rating to Baa3 and maintained the negative outlook on the rating. Moody's stated that its investment grade rating is backed by Nokia's strong liquidity position and capital structure.

Nokia's financial position remains strong. As of March 31 2012, Nokia had gross cash balances of EUR 9.8 billion, and a net cash position of EUR 4.9 billion.

Cash conservation remains a priority for Nokia in the current transition. We are making progress with our previously announced targets to reduce non-IFRS operating expenses by more than EUR 1 billion in Devices & Services, and to reduce non-IFRS operating expenses and production overheads by EUR 1 billion in Nokia Siemens Networks.

"Nokia is quickly taking action. Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position," said Timo Ihamuotila, Nokia' Executive Vice President and CFO.

Nokia will report its first quarter 2012 results on April 19, 2012.

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

Forward-looking statements
It should be noted that certain statements herein that are not historical facts are forward-looking statements, including, without limitation, those regarding: A) the expected plans and benefits of our partnership with Microsoft to bring together complementary assets and expertise to form a global mobile ecosystem for smartphones; B) the timing and expected benefits of our new strategies, 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 our 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," "aim", "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 success in the smartphone market, including our ability to introduce and bring to market quantities of attractive, competitively priced Nokia products with Windows Phone that are positively differentiated from our competitors' products, both outside and within the Windows Phone ecosystem; 2) our ability to make Nokia products with Windows Phone a competitive choice for consumers, and together with Microsoft, our success in encouraging and supporting a competitive and profitable global ecosystem for Windows Phone smartphones that achieves sufficient scale, value and attractiveness to all market participants; 3) the difficulties we experience in having a competitive offering of Symbian devices and maintaining the economic viability of the 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 next generation devices, platforms and user experiences; 5) our ability to produce attractive and competitive feature phones, including devices with more smartphone-like features, in a timely and cost efficient manner with differentiated hardware, software, localized services and applications; 6) 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; 7) our ability to retain, motivate, develop and recruit appropriately skilled employees; 8) our ability to effectively and smoothly implement the new operational structure for our businesses, achieve targeted efficiencies and reductions in operating expenses; 9) the success of our Location & Commerce strategy, including our ability to maintain current sources of revenue, provide support for our Devices & Services business and create new sources of revenue from our location-based services and commerce assets; 10) our success in collaboration and partnering arrangements with third parties, including Microsoft; 11) our ability to increase our speed of innovation, product development and execution to bring new innovative and competitive mobile products and location-based or other services to the market in a timely manner; 12) our dependence on the development of the mobile and communications industry, including location-based and other services industries, in numerous diverse markets, as well as on general economic conditions globally and regionally; 13) our ability to protect numerous patented standardized or proprietary technologies from third-party infringement or actions to invalidate the intellectual property rights of these technologies; 14) 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 strategies or other factors; 15) the success, financial condition and performance of our suppliers, collaboration partners and customers; 16) 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; 17) our ability to source sufficient amounts of fully functional quality components, sub-assemblies, software and services on a timely basis without interruption and on favorable terms; 18) our ability to manage our inventory and timely adapt our supply to meet changing demands for our products; 19) any actual or even alleged defects or other quality, safety and security issues in our product; 20) the impact of a cybersecurity breach or other factors leading to any actual or alleged loss, improper disclosure or leakage of any personal or consumer data collected by us or our partners or subcontractors, made available to us or stored in or through our products; 21) our ability to successfully manage the pricing of our products and costs related to our products and operations; 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) the impact of economic, political, regulatory or other developments on our sales, manufacturing facilities and assets located in emerging market countries; 25) the impact of changes in government policies, trade policies, laws or regulations where our assets are located and where we do business; 26) the potential complex tax issues and obligations we may incur to pay additional taxes in the various jurisdictions in which we do business; 27) any disruption to information technology systems and networks that our operations rely on; 28) unfavorable outcome of litigations; 29) allegations of possible health risks from electromagnetic fields generated by base stations and mobile products and lawsuits related to them, regardless of merit; 30) Nokia Siemens Networks ability to implement its new strategy and restructuring plan effectively and in a timely manner to improve its overall competitiveness and profitability; 31) 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; 32) Nokia Siemens Networks' ability to maintain or improve its market position or respond successfully to changes in the competitive environment; 33) Nokia Siemens Networks' liquidity and its ability to meet its working capital requirements; 34) Nokia Siemens Networks' ability to timely introduce new competitive products, services, upgrades and technologies; 35) Nokia Siemens Networks' ability to execute successfully its strategy for the acquired Motorola Solutions wireless network infrastructure assets; 36) developments under large, multi-year contracts or in relation to major customers in the networks infrastructure and related services business; 37) the management of our customer financing exposure, particularly in the networks infrastructure and related services business; 38) whether ongoing or any additional governmental investigations into alleged violations of law by some former employees of Siemens may involve and affect the carrier-related assets and employees transferred by Siemens to Nokia Siemens Networks; and 39) 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 13-47 of Nokia's annual report Form 20-F for the year ended December 31, 2011 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.

Media Enquiries:

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

www.nokia.com

Nokia to publish first quarter 2012 results on April 19, 2012

Nokia - Press Release — Thu, 12 Apr 2012 06:00:04 +0000

Espoo, Finland - Nokia will publish its first quarter 2012 results on Thursday, April 19, 2012 at approximately 1pm Finnish time (CET+1). The press release will be available on the Nokia website immediately after publication.

Nokia's analyst conference call will begin at 3pm Finnish time. A webcast of the conference call will be available at http://investors.nokia.com. Media representatives wishing to listen in may call +1 706 634 5012, conference ID 64659053.

Nokia publishes in stock exchange releases a summary of its interim reports only. The stock exchange releases include a quarter-specific link to the complete interim reports with tables in PDF-format. The complete first quarter 2012 interim report with tables will be available at http://www.results.nokia.com/results/Nokia_results2012Q1e.pdf. Investors should not rely on summaries of our interim reports only, but should review the complete interim reports with tables.

Additionally, the complete interim reports with tables will be available shortly after publication at http://www.nokia.com/financials, where you may also access our past quarterly and annual financial reports.

About Nokia

Media Enquiries:

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

http://www.nokia.com