Nokia continues to increase cost-efficiency and...

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Nokia announces voluntary personnel initiatives, introducing
Voluntary Resignation Package and encouraging sabbaticals

Espoo, Finland - As part of its previously announced plans to
increase cost-efficiency and adapt to the challenging market
environment, Nokia today announced new voluntary measures aimed at
reducing personnel-related costs and lessening the need for
involuntary redundancies. The initiatives announced today include the
global Voluntary Resignation Package and wider use of short-term
unpaid leaves and sabbaticals. Nokia also encourages employees to
take holiday as time off instead of taking cash compensation in 2009.

"The response from employees and employee representatives in
proposing ideas to help reduce personnel-related costs has been
encouraging. We have considered these and are now announcing
voluntary initiatives that could contribute to our efforts to adjust
our cost base to the current market environment. If successful, the
voluntary initiatives will lessen the need for involuntary
redundancies," said Hallstein Moerk, Nokia's Head of Human Resources.

The global Voluntary Resignation Package will be made available for
employees worldwide, with the exception of direct labour and senior
executives. The terms and conditions of the package are in accordance
with local practices and legislation. The Voluntary Resignation
Package will be open for application from March 1 until 1,000
employees have applied, closing at the latest May 31, 2009.

During 2009, Nokia will also grant short-term unpaid leaves and
sabbaticals of, for example, one month, more freely where operations
allow and business continuity is not jeopardized. Furthermore, during
2009 the company will also encourage employees not to "cash in" their
holiday but to take their holiday as time off, as it is intended.

Terms and implementation of all these schemes are subject to local
practice and legislation.

These measures are part of Nokia's previously announced plans to
adjust its business operations and cost base according to market
demand and safeguard future competitiveness. Nokia continues to seek
savings in operational expenses, looking at all areas and activities
across the company.

About Nokia
Nokia is the world leader in mobility, driving the transformation and
growth of the converging Internet and communications industries. We
make a wide range of mobile devices with services and software that
enable people to experience music, navigation, video, television,
imaging, games, business mobility and more. Developing and growing
our offering of consumer Internet services, as well as our enterprise
solutions and software, is a key area of focus. We also provide
equipment, solutions and services for communications networks through
Nokia Siemens Networks.

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, services and solution deliveries; B) our
ability to develop, implement and commercialize new products,
services, 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) expectations
regarding the successful completion of contemplated acquisitions on a
timely basis and our ability to achieve the set targets upon the
completion of such acquisitions; and H) statements preceded by
"believe," "expect," "anticipate," "foresee," "target," "estimate,"
"designed," "plans," "will" or similar expressions are
forward-looking statements. These statements are based on
management's best assumptions and beliefs in light of the information
currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results
that we currently expect. Factors that could cause these differences
include, but are not limited to: 1) the deteriorating global economic
conditions and the related financial crisis and their impacts on us,
our customers, suppliers, and collaborative partners; 2)
competitiveness of our product, service and solutions portfolio; 3)
the extent of the growth of the mobile communications industry; 4)
the growth and profitability of the new market segments that we
target and our ability to successfully develop or acquire and market
products, services and solutions in those segments; 5) our ability to
successfully manage costs; 6) the intensity of competition in the
mobile communications industry and our ability to maintain or improve
our market position or respond successfully to changes in the
competitive landscape; 7) 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; 8) timely and
successful commercialization of complex technologies as new advanced
products, services and solutions; 9) our ability to protect the
complex technologies, which we or others develop or that we license,
from claims that we have infringed third parties' intellectual
property rights, as well as our unrestricted use on commercially
acceptable terms of certain technologies in our products, services
and solution offerings; 10) our ability to protect numerous Nokia and
Nokia Siemens Networks patented, standardized or proprietary
technologies from third-party infringement or actions to invalidate
the intellectual property rights of these technologies; 11) Nokia
Siemens Networks' ability to achieve the expected benefits and
synergies from its formation to the extent and within the time period
anticipated and to successfully integrate its operations, personnel
and supporting activities; 12) whether, as a result of investigations
into alleged violations of law by some current or former employees of
Siemens AG ("Siemens"), government authorities or others take further
actions against Siemens and/or its employees that may involve and
affect the carrier-related assets and employees transferred by
Siemens to Nokia Siemens Networks, or there may be undetected
additional violations that may have occurred prior to the transfer,
or ongoing violations that may have occurred after the transfer, of
such assets and employees that could result in additional actions by
government authorities; 13) any impairment of Nokia Siemens Networks
customer relationships resulting from the ongoing government
investigations involving the Siemens carrier-related operations
transferred to Nokia Siemens Networks; 14) occurrence of any actual
or even alleged defects or other quality issues in our products,
services and solutions; 15) our ability to manage efficiently our
manufacturing and logistics, as well as to ensure the quality,
safety, security and timely delivery of our products, services and
solutions; 16) inventory management risks resulting from shifts in
market demand; 17) our ability to source sufficient amounts of fully
functional components and sub-assemblies without interruption and at
acceptable prices; 18) any disruption to information technology
systems and networks that our operations rely on; 19) developments
under large, multi-year contracts or in relation to major customers;
20) economic or political turmoil in emerging market countries where
we do business; 21) our success in collaboration arrangements
relating to development of technologies or new products, services and
solutions; 22) the success, financial condition and performance of
our collaboration partners, suppliers and customers; 23) 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, as well as certain
other currencies; 24) the management of our customer financing
exposure; 25) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile devices
and lawsuits related to them, regardless of merit; 26) unfavorable
outcome of litigations; 27) our ability to recruit, retain and
develop appropriately skilled employees; 28) the impact of changes in
government policies, laws or regulations; and 29) our ability to
effectively and smoothly implement our new organizational structure;
as well as the risk factors specified on pages 10-25 of Nokia's
annual report on Form 20-F for the year ended December 31, 2007 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
Communications
Tel. [phone]
Email: [e-mail]

www.nokia.com


 
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NOKIA
P.O. Box 226<br>FIN-00045 NOKIA GROUP   Espoo 

WKN: 870737; 
ISIN: FI0009000681; Index: DJ STOXX Large 200, DJ STOXX 50;
Listed: Nordic list (Large Cap) in THE HELSINKI STOCK EXCHANGE;