NOKIA : Nokia Siemens Networks Finance B.V. announces the offering of EUR 600 million Senior Notes

NOKIA : Nokia Siemens Networks Finance B.V. announces the offering of EUR 600
                             million Senior Notes

Nokia Corporation
Stock exchange release
March 18, 2013 at 15.45 (CET+1)

Nokia announced today that Nokia Siemens Networks Finance B.V., a wholly owned
subsidiary of Nokia Siemens Networks B.V., announced the offer of EUR 600
million Senior Notes (the "Notes").

The Notes will be guaranteed on a senior basis by Nokia Siemens Networks B.V.
and Nokia Siemens Networks Oy. The net proceeds from the issuance and sale of
the Notes will be used to prepay certain existing debt of Nokia Siemens
Networks. The Notes will have terms and conditions commensurate with the high
yield nature of these debt securities.

Nokia Siemens Networks is jointly owned by Nokia Corporation and Siemens AG
and its financial results are consolidated by Nokia Corporation. Nokia has not
guaranteed any of the Nokia Siemens Networks borrowings and thus they are
non-recourse to Nokia.

The Notes have not been registered under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act"), and may not be offered or sold in the
United States absent registration under the U.S. Securities Act or an
applicable exemption from the registration requirements of the U.S. Securities
Act. The Notes are being offered only to qualified institutional buyers in
accordance with Rule 144A under the U.S. Securities Act and outside the United
States in accordance with Regulation S under the U.S. Securities Act.

Important Regulatory Notice

The offer and sale of the Notes will be made pursuant to an exemption under
the Prospectus Directive, as implemented in Member States of the European
Economic Area, from the requirement to produce a prospectus for offers of
securities. This announcement does not constitute an advertisement for the
purposes of the Prospectus Directive.

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy any Notes, nor will there be any sale of Notes referred to in
this announcement, in any jurisdiction, including the United States, in which
such offer, solicitation or sale is not permitted. The Notes may not be
offered or sold in the United States absent registration under the U.S.
Securities Act or an applicable exemption from the registration requirements
of the U.S. Securities Act.

It should be noted that Nokia and its business are exposed to various risks
and uncertainties and certain statements herein that are not historical facts
are forward-looking statements, including, without limitation, those
regarding: A) the 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 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, regulatory
proceedings or investigations by authorities; J) expectations regarding the
successful completion of restructurings, investments, acquisitions and
divestments on a timely basis and our ability to achieve the financial and
operational targets set in connection with any such restructurings,
investments, acquisitions and divestments; and K) statements preceded by
"believe," "expect," "anticipate," "foresee," "target," "estimate,"
"designed," "aim", "plans," "intends," "will" or similar expressions. These
statements are based on management's best assumptions and beliefs in light of
the information currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results that we
currently expect. Factors, including risks and uncertainties that could cause
these differences include, but are not limited to: 1) our ability to make the
Windows Phone ecosystem a competitive and profitable global ecosystem that
achieves sufficient scale, value and attractiveness to relevant market
participants, making Nokia products with Windows Phone a competitive choice
for consumers; 2) 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; 3) our ability to produce attractive and competitive devices in our
Mobile Phones business unit, including feature phones and devices with
features such as full touch that can be categorized as smartphones, in a
timely and cost efficient manner with differentiated hardware, software,
localized services and applications; 4) the success of our HERE strategy,
including our ability to establish a successful location-based platform and
extend our location-based services across devices and operating systems; 5)
our ability to provide support for our Devices & Services business and
maintain current and create new sources of revenue from our location-based
service and commerce assets; 6) 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;
7) our ability to maintain the existing sources of intellectual property
related revenue and establish new such sources; 8) 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; 9) our ability to keep momentum and increase our
speed of innovation, product development and execution in order to bring new
innovative and competitive mobile products and location-based or other
services to the market in a timely manner; 10) the success of our partnership
with Microsoft in connection with the Windows Phone ecosystem; 11) our ability
to effectively and smoothly implement the planned changes in our operational
structure and achieve targeted efficiencies and reductions in operating
expenses; 12) our ability to retain, motivate, develop and recruit
appropriately skilled employees; 13) 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; 14) our ability to maintain and
leverage our traditional strengths in the mobile products market, especially
if we are unable 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 performance of the parties we partner and collaborate
with, including Microsoft and our ability to achieve successful collaboration
or partnering arrangements; 16) our ability to deliver our mobile products
profitably, in line with quality requirements and on time, especially if the
limited number of suppliers we depend on fail to deliver sufficient quantities
of fully functional products, components, sub-assemblies, software and
services on favorable terms and in compliance with our supplier requirements;
17) 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; 18) any actual or even alleged defects or other quality, safety
and security issues in our products; 19) any inefficiency, malfunction or
disruption of a system or network that our operations rely on; 20) the impact
of cybersecurity breach or other factors leading to an 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 our operations; 22) the
potential complex tax issues and obligations we may face, including the
obligation to pay additional taxes in various jurisdictions and our actual or
anticipated performance, among other factors, could result in allowances
related to deferred tax assets; 23) exchange rate fluctuations, particularly
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; 24)
our ability to protect the technologies, which we or others develop or which
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 product and services; 25) the impact of
economic, regulatory, political or other development on our sales,
manufacturing facilities and assets located in emerging market countries as
well as the impact of regulations against imports to those countries; 26) the
impact of changes in and enforcement of government policies, technical
standards, trade policies, laws or regulations in countries where our assets
are located and where we do business; 27) investigations or claims by
contracting parties in relation to exits from countries, areas or contractual
arrangements; 28) unfavorable outcome of litigation, regulatory proceedings or
investigations by authorities; 29) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile devices, and the
lawsuits and publicity related to them, regardless of merit; 30) Nokia Siemens
Networks' success in the mobile broadband infrastructure and related services
market and its ability to effectively, profitably and timely adapt business
and operations to the diverse needs of its customers; 31) Nokia Siemens
Networks' ability to maintain and improve its market position and respond
successfully to changes and competition in the mobile broadband infrastructure
and related services market; 32) Nokia Siemens Networks' success in
implementing its restructuring plan and reducing its operating expenses and
other costs; 33) Nokia Siemens Networks' ability to invest in and timely
introduce new competitive products, services, upgrades and technologies; 34)
Nokia Siemens Networks' dependence on limited number of customers and large,
multi-year contracts; 35) Nokia Siemens Networks' liquidity and its ability to
meet its working capital requirements, including access to available credit
under its financing arrangements and other credit lines as well as cash at
hand; 36) the management of Nokia Siemens Networks' customer financing
exposure; 37) whether ongoing or any additional governmental investigations of
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; 38) any impairment of Nokia Siemens Networks customer
relationships resulting from ongoing or any additional governmental
investigations involving the Siemens carrier-related operations transferred to
Nokia Siemens Networks, as well as the risk factors specified on pages 12-47
of Nokia's annual report on Form 20-F for the year ended December 31, 2012
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.

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

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Source: NOKIA via Thomson Reuters ONE
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