Michl Halbherr to step down as CEO of HERE and as a member of the Nokia Group Leadership Team

Nokia Corporation

Stock Exchange Release

August 20, 2014 at 9:00 (CET +1)

Espoo, Finland - Nokia today announced that Michael Halbherr has decided to step down as CEO of HERE and as a member of the Nokia Group Leadership Team, effective September 1, 2014, in order to pursue his own entrepreneurial interests outside of the company.

I would like to thank Michael for his leadership, passion and achievements during his eight years with Nokia, said Rajeev Suri, President and CEO of Nokia. He has played a key role in making HERE one of the strongest players in its sector, with a depth and breadth that is unique. He leaves with my best wishes and the gratitude of all of Nokia.

Cliff Fox, currently Senior Vice President, Core Map Group, at HERE, will assume the position of acting head of HERE, effective September 1, 2014. A search for a permanent leader of HERE will start immediately inside and outside the organization.

Michael Halbherr said: It has been a pleasure and honor to work with remarkable and smart people during my time at Nokia and HERE. I am proud that we have been able to create a leading location cloud company widely recognized across industries, by customers and by opinion leaders. Now the time is right for me to focus once again on entrepreneurial activities. I wish the team the best of success for the future.

FORWARD-LOOKING STATEMENTS

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) expectations, plans or benefits related to Nokias strategies; B) expectations, plans or benefits related to future performance of Nokias continuing businesses Nokia Networks, HERE and Nokia Technologies; C) expectations, plans or benefits related to changes in leadership and operational structure; D) expectations regarding market developments, general economic conditions and structural changes; E) expectations and targets regarding performance, including those related to market share, prices, net sales and margins; F) the timing of the deliveries of our products and services; G) expectations and targets regarding our financial performance, cost savings and competitiveness, as well as results of operations; H) expectations and targets regarding collaboration and partnering arrangements; I) the outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; J) expectations regarding restructurings, investments, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, divestments and acquisitions, including any expectations, plans or benefits related to or caused by the transaction announced on September 3, 2013 where Nokia sold substantially all of the Devices & Services business to Microsoft on April 25, 2014 (Sale of the D&S Business); K) statements preceded by or including believe, expect, anticipate, foresee, sees, target, estimate, designed, aim, plans, intends, focus, continue, project, should, will or similar expressions. These statements are based on managements 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 execute our strategies successfully and in a timely manner, and our ability to successfully adjust our operations; 2) our ability to sustain or improve the operational and financial performance of our continuing businesses and correctly identify business opportunities or successfully pursue new business opportunities; 3) our ability to execute Nokia Networks strategy and effectively, profitably and timely adapt its business and operations to the increasingly diverse needs of its customers and technological developments; 4) our ability within our Nokia Networks business to effectively and profitably invest in and timely introduce new competitive high-quality products, services, upgrades and technologies; 5) our ability to invent new relevant technologies, products and services, to develop and maintain our intellectual property portfolio and to maintain the existing sources of intellectual property related revenue and establish new such sources; 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 within our HERE business to maintain current sources of revenue, historically derived mainly from the automotive industry, create new sources of revenue, establish a successful location-based platform and extend our location-based services across devices and operating systems; 8) effects of impairments or charges to carrying values of assets, including goodwill, or liabilities; 9) our dependence on the development of the mobile and communications industry in numerous diverse markets, as well as on general economic conditions globally and regionally; 10) Nokia Networks business dependence on a limited number of customers and large, multi-year contracts; 11) our ability to retain, motivate, develop and recruit appropriately skilled employees; 12) 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; 13) our ability to manage our manufacturing, service creation and delive

LINK:	http://company.nokia.com/en/news/press-releases/2014/08/20/michael-hal...
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