Preliminary view of the impact of the Japan ear...

Nokia Corporation
Stock Exchange Release
March 21, 2011 at 15.00 (CET +1)

Espoo, Finland - Following the devastating earthquake and tsunami in Japan,
Nokia continues to evaluate the impact of this tragic event on its global
operations. Although a complete picture is not available, Nokia expects some
disruption to the ability of its Devices & Services unit to supply a number of
products due to the currently anticipated industry-wide shortage of relevant
components and raw materials sourced from Japan. However, Nokia does not expect
any material impact on its Q1 2011 results due to this event.

"First and foremost, our thoughts are with those affected by the earthquake in
Japan. We are working hard to support our employees, their families, as well as
disaster relief efforts through the Japanese Red Cross," says Niklas Savander,
Executive Vice President, Markets, Nokia. "We are in constant dialogue with our
suppliers and with their extended supply chain in the region. Nokia's supply
chain management system is designed to mitigate operational disruptions by using
alternative sources for components and production processes. In an effort to
minimize the impact, Nokia will continue working with suppliers inside and
outside of Japan."

Nokia will continue to monitor the situation and will provide more detailed
information during its next quarterly results announcement on April 21, 2011 at
the latest.

About Nokia
Nokia is committed to connecting people to what matters to them by combining
advanced mobile technology with personalized services. More than 1.3 billion
people connect to one another with a Nokia, from our most affordable voice-
optimized mobile phones to advanced Internet-connected smartphones sold in
virtually every market in the world. Through Ovi (www.ovi.com), people also
enjoy access to maps and navigation on mobile, a rapidly expanding applications
store, a growing catalog of digital music, free email and more. Nokia's NAVTEQ
is a leader in comprehensive digital mapping and navigation services, and Nokia
Siemens Networks is one of the leading providers of telecommunications
infrastructure hardware, software and professional services globally.

FORWARD-LOOKING STATEMENTS
It should be noted that certain statements herein which are not historical facts
are forward-looking statements, including, without limitation, those regarding:
A) the intention to form a strategic partnership with Microsoft to combine
complementary assets and expertise to form a global mobile ecosystem and to
adopt Windows Phone as our primary smartphone platform, including the expected
plans and benefits of such partnership; B) the timing and expected benefits of
our new strategy, 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 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,"
"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) whether
definitive agreements can be entered into with Microsoft for the proposed
partnership in a timely manner, or at all, and on terms beneficial to us; 2) our
ability to succeed in creating a competitive smartphone platform for high-
quality differentiated winning smartphones or in creating new sources of revenue
through the proposed partnership with Microsoft; 3) the expected timing of the
planned transition to Windows Phone as our primary smartphone platform and the
introduction of mobile products based on that platform; 4) our ability to
maintain the viability of our current Symbian smartphone platform during the
transition to Windows Phone as our primary smartphone platform; 5) our ability
to realize a return on our investment in MeeGo and next generation devices,
platforms and user experiences; 6) our ability to build a competitive and
profitable global ecosystem of sufficient scale, attractiveness and value to all
participants and to bring winning smartphones to the market in a timely manner;
7) our ability to produce mobile phones in a timely and cost efficient manner
with differentiated hardware, localized services and applications; 8) our
ability to increase our speed of innovation, product development and execution
to bring new competitive smartphones and mobile phones to the market in a timely
manner; 9) our ability to retain, motivate, develop and recruit appropriately
skilled employees; 10) our ability to implement our strategies, particularly our
new mobile product strategy; 11) 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; 12)
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 new
strategy or other factors; 13) our success in collaboration and partnering
arrangements with third parties, including Microsoft; 14) the success, financial
condition and performance of our suppliers, collaboration partners and
customers; 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 and services; 16) our ability to source sufficient
amounts of fully functional quality components, subassemblies and software on a
timely basis without interruption and on favorable terms; 17) our ability to
manage our inventory and timely adapt our supply to meet changing demands for
our products; 18) our ability to successfully manage costs; 19) our ability to
effectively and smoothly implement the new operational structure for our devices
and services business effective April 1, 2011; 20) the development of the mobile
and fixed communications industry and general economic conditions globally and
regionally; 21) 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; 22) 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; 23) our
ability to protect numerous Nokia, NAVTEQ and Nokia Siemens Networks patented,
standardized or proprietary technologies from third-party infringement or
actions to invalidate the intellectual property rights of these technologies;
24) the impact of changes in government policies, trade policies, laws or
regulations and economic or political turmoil in countries where our assets are
located and we do business; 25) any disruption to information technology systems
and networks that our operations rely on; 26) unfavorable outcome of
litigations; 27) allegations of possible health risks from electromagnetic
fields generated by base stations and mobile products and lawsuits related to
them, regardless of merit; 28) our ability to achieve targeted costs reductions
and increase profitability in Nokia Siemens Networks and to effectively and
timely execute related restructuring measures; 29) Nokia Siemens Networks'
ability to maintain or improve its market position or respond successfully to
changes in the competitive environment; 30) Nokia Siemens Networks' liquidity
and its ability to meet its working capital requirements; 31) whether Nokia
Siemens Networks' acquisition of the majority of Motorola's wireless network
infrastructure assets will be completed in a timely manner, or at all, and, if
completed, whether Nokia Siemens Networks is able to successfully integrate the
acquired business, cross-sell its existing products and services to customers of
the acquired business and realize the expected synergies and benefits of the
planned acquisition; 32) Nokia Siemens Networks' ability to timely introduce new
products, services, upgrades and technologies; 33) 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; 34) developments under large, multi-year contracts or in relation to
major customers in the networks infrastructure and related services business;
35) the management of our customer financing exposure, particularly in the
networks infrastructure and related services business; 36) whether ongoing or
any additional governmental investigations into alleged violations of law by
some former employees of Siemens AG may involve and affect the carrier-related
assets and employees transferred by Siemens AG to Nokia Siemens Networks; 37)
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 12-39 of Nokia's annual report Form 20-F for the
year ended December 31, 2010 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. [phone]
Email: [e-mail]

www.nokia.com







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