Nokia and Siemens Move Forward with Proposed Nokia Siemens Networks Product Portfolio Plan

NOKIA                      STOCK EXCHANGE RELEASE January 29, 2007


Nokia and Siemens Move Forward with Proposed Nokia Siemens
Networks Product Portfolio Plan

Espoo, Finland - Nokia and Siemens announced today that they would
start sharing the proposed product portfolio plan for the future
Nokia Siemens Networks with employees and customers starting in
early February.  As a result, Nokia and Siemens will immediately
begin the process of sharing the proposed future product portfolio
information with employee representatives.

"As we continue to make strong progress in integration planning
for Nokia Siemens Networks, it is critical that we are able to
maintain the strong support that we have seen so far from
customers by providing them with clarity about our future
portfolio plans," said Simon Beresford-Wylie, CEO-designate of
Nokia Siemens Networks.  "Sharing that information now is also in
the best interests of employees so we are able to ensure the
strongest possible start for Nokia Siemens Networks. While the
portfolio plans are still subject to input from customers and
employee consultation processes, we believe that we will be
ideally positioned to provide best-in-class products and services
for the converging telecommunications world."

Planning is still underway to assess the personnel, site and
country-level impact of the proposed product portfolio plan as
well as expected transition times and requirements for ongoing
support for existing products.  As planning proceeds related to
the personnel implications of the proposed portfolio plans, those
implications will be made available in accordance with local legal
practices.  The business and personnel implications are expected
to be available only after the closing of Nokia Siemens Networks.

As previously announced, the synergies associated with the
creation of Nokia Siemens Networks are expected to result in a
headcount adjustment over the next four years of approximately 
10-15 percent from the initial combined base of approximately 
60,000. Actual employee reductions will only take place after 
the appropriate consultations are completed according to each
jurisdiction’s labor law requirements and Nokia Siemens Networks
has begun operations.

Nokia and Siemens have made strong progress towards the
integration of Nokia Siemens Networks. The transaction has been
given antitrust approval in the European Union and the United
States, and the new company's global mode of operation and
organizational structure have been defined.  The planned merger to
create Nokia Siemens Networks is expected to close in the first
quarter of 2007.

About Nokia
Nokia is a world leader in mobile communications, driving the
growth and sustainability of the broader mobility industry. Nokia
connects people to each other and the information that matters to
them with easy-to-use and innovative products like mobile phones,
devices and solutions for imaging, games, media and businesses.
Nokia provides equipment, solutions and services for network
operators and corporations. Further information is available at
www.nokia.com.

About Siemens
Siemens (Berlin and Munich) is a global powerhouse in electrical
engineering and electronics. The company has around 475,000
employees (including “discontinued operations”) working to develop
and manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements. Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.
Founded more than 155 years ago, the company focuses on the areas
of Information and Communications, Automation and Control, Power,
Transportation, Medical, and Lighting. In fiscal 2006 (ended
September 30), according to US GAAP, Siemens had sales of €87.3
billion and net income of €3.033 billion. Further information is
available on the Internet at: www.siemens.com.


Forward looking Statements
It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding:
A) the timing of product and solution deliveries; B) our ability
to develop, implement and commercialize new products, solutions
and technologies; C) expectations regarding market growth,
developments and structural changes; D) expectations regarding our
mobile device volume growth, market share, prices and margins; E)
expectations and targets for our results of operations; F) the
outcome of pending and threatened litigation; G) expected timing,
scope and effects of the merger of Nokia's and Siemens'
communications service provider businesses; and H) statements
preceded by "believe," "expect," "anticipate," "foresee,"
"target," "estimate," "designed," "plans," "will" or similar
expressions are forward-looking statements. Because these
statements involve risks and uncertainties, actual results may
differ materially from the results that we currently expect.
Factors that could cause these differences include, but are not
limited to: 1) the extent of the growth of the mobile
communications industry, as well as the growth and profitability
of the new market segments within that industry which we target;
2) the availability of new products and services by network
operators and other market participants; 3) our ability to
identify key market trends and to respond timely and successfully
to the needs of our customers; 4) the impact of changes in
technology and our ability to develop or otherwise acquire complex
technologies as required by the market, with full rights needed to
use; 5) competitiveness of our product portfolio; 6) timely and
successful commercialization of new advanced products and
solutions; 7) price erosion and cost management; 8) the intensity
of competition in the mobile communications industry and our
ability to maintain or improve our market position and respond to
changes in the competitive landscape; 9) 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 solutions; 10) inventory management risks resulting from
shifts in market demand; 11) our ability to source quality
components without interruption and at acceptable prices; 12) our
success in collaboration arrangements relating to development of
technologies or new products and solutions; 13) the success,
financial condition and performance of our collaboration partners,
suppliers and customers; 14) any disruption to information
technology systems and networks that our operations rely on; 15)
our ability to protect the complex technologies that 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 solution offerings; 16) general
economic conditions globally and, in particular, economic or
political turmoil in emerging market countries where we do
business; 17) developments under large, multi-year contracts or in
relation to major customers; 18) exchange rate fluctuations,
including, in particular, fluctuations between the euro, which is
our reporting currency, and the US dollar, the Chinese yuan, the
UK pound sterling and the Japanese yen; 19) the management of our
customer financing exposure; 20) our ability to recruit, retain
and develop appropriately skilled employees; 21) the impact of
changes in government policies, laws or regulations; and 22)
satisfaction of the conditions to the merger of Nokia's and
Siemens' communications service provider businesses, including
achievement of agreement between Nokia and Siemens on the results
and consequences of a Siemens compliance review, and closing of
transaction, and Nokia's and Siemens' ability to successfully
integrate the operations and employees of their respective
businesses; as well as 23) the risk factors specified on pages 12
- 22 of the company's annual report on Form 20-F for the year
ended December 31, 2005 under "Item 3.D 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 update publicly 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
Networks communications
Tel. +358 7180 31465

Nokia Communications
Tel.. +358 7180 34 900
E-mail: press.office@nokia.com

www.nokia.com

Siemens Corporate Communications
Andreas Schwab
Tel. +49 89 636 34888
E-Mail: andreas.schwab@siemens.com

Thorsten Opderbeck
Tel. +49 89 722 33988
E-Mail: thorsten.opderbeck@siemens.com

www.siemens.com