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2016-02-21

NOKIA: Nokia Growth Partners raises USD 350 million investment fund for investments in Internet of Things

Press Release

Announced by Nokia President and CEO Rajeev Suri at Mobile World Congress
today, the new fund brings assets under management by NGP to well over USD 1
billion and serves to find the best entrepreneurs in the Internet of Things
(IoT) globally, as well as support Nokia's goal to become a leader in a world
where everybody and everything is connected.

February 21, 2016

Espoo, Finland - Nokia Growth Partners (NGP) today announced the closing of a
new USD 350 million fund for investments in IoT companies. The fund is
sponsored by Nokia and will serve to identify new opportunities to grow the
ecosystem in IoT solutions. The fund IV commitment brings NGP's total assets
under management to over USD 1 billion, including USD 500 million available
for new investments.

The fund will invest in promising companies primarily around Connected
Enterprise, Consumer Solutions, Connected Car and Digital Health, as well as
enabling technologies with a focus on capabilities in big data and analytics.
NGP's reach spans the US, Europe, India and China.

"The $350 million Internet of Things investment fund, tasked with finding and
funding the best entrepreneurs across the world, reflects our strong intent
to be a leader in the technologies that connect people and things, while
establishing successful partnerships for both Nokia and the investee
companies," said Nokia President and CEO Rajeev Suri.

NGP has established a successful investment track record over the past ten
years with partners who each have over 25 years of operating and investment
experience. NGP has consistently delivered top quartile investment returns
while facilitating partnerships for Nokia. Recent successes include early
investments in GanJi and UCMobile, resulting in two of the largest tech
acquisitions in China history, as well as the listing of Rocketfuel on the
Nasdaq.

"Connecting everything through IoT solutions is the next big technological
wave and it will affect all aspects of our lives. We are excited to continue
working closely with Nokia to build the ecosystem while increasing partnering
and company success," said NGP Managing Partner Bo Ilsoe. "With the new
commitment from Nokia, NGP has more than USD 500 million of fresh capital to
deploy behind the best entrepreneurs and teams out there."

The fund will support Nokia in defining future business opportunities and the
technical underpinnings for the rapidly growing IoT market. Working closely
with operators, enterprises and a strong ecosystem of partners through its
IoT community, Nokia combines its mobile and fixed network infrastructure
assets with secure IoT connectivity, distributed cloud, as well as IoT
platforms with applications and analytics and individualized services. Nokia
expects IoT to create new industries and opportunities in connected mobility,
smart cities, public safety and healthcare and the connected home.

Nokia Growth Partners

NGP invests in entrepreneurs building intelligent solutions connecting
everybody and everything. Providing deep industry expertise and an extensive
network, NGP helps entrepreneurs accelerate company growth. With offices in
the US, Europe, India and China, NGP extends the reach of companies making
their products and services local everywhere. Uniquely structured as a
private and independent venture firm sponsored only by Nokia, NGP offers the
rigor of a financial investor while facilitating strategic engagement with
Nokia. Visitwww.nokiagrowthpartners.comfor more information.

About Nokia

Nokia is a global leader in the technologies that connect people and things.
Powered by the innovation of Bell Labs and Nokia Technologies, the company is
at the forefront of creating and licensing the technologies that are
increasingly at the heart of our connected lives.

With state-of-the-art software, hardware and services for any type of network,
Nokia is uniquely positioned to help communication service providers,
governments, and large enterprises deliver on the promise of 5G, the Cloud
and the Internet of Things.www.nokia.com

Media Inquiries

Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com

Nokia Growth Partners
Communications
media@nokiagrowthpartners.com

RISKS AND FORWARD-LOOKING STATEMENTS

It should be noted that Nokia and its businesses 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) Nokia's ability to integrate Alcatel-Lucent into its operations
and achieve the targeted business plans and benefits, including targeted
synergies in relation to the acquisition of Alcatel-Lucent announced on April
15, 2015 and closed in early 2016 ("Acquisition"); B) Nokia's ability to
squeeze out the remaining Alcatel-Lucent shareholders in a timely manner or
at all to achieve full ownership of Alcatel-Lucent; C) expectations, plans or
benefits related to Nokia's strategies; D) expectations, plans or benefits
related to future performance of Nokia's businesses; E) expectations, plans
or benefits related to changes in our management and other leadership,
operational structure and operating model, including the expected
characteristics, business, organizational structure, management and
operations following the Acquisition; F) expectations regarding market
developments, general economic conditions and structural changes; G)
expectations and targets regarding performance, including those related to
market share, prices, net sales, income and margins; H) timing of the
deliveries of our products and services; I) expectations and targets
regarding our financial performance, results, operating expenses, taxes, cost
savings and competitiveness, as well as results of operations, including
targeted synergies; J) expectations and targets regarding collaboration and
partnering arrangements, as well as the expected customer reach of Nokia
following the Acquisition; K) outcome of pending and threatened litigation,
arbitration, disputes, regulatory proceedings or investigations by
authorities; L) 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; and M) 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 the 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 such differences include, but are not limited to: 1) Nokia's
inability to achieve the targeted business and operational benefits and
synergies or disruption caused by the Alcatel-Lucent transaction, including
inability to integrate Alcatel-Lucent into Nokia operations and any negative
effect from the implementation of the combination, for instance due to the
loss of customers, loss of key executives or employees or reduced focus on
day-to-day operations and business, or negative effects caused by delays or
inability to squeeze out the remaining Alcatel-Lucent shareholders; 2) our
ability to identify market trends and business opportunities to select and
execute strategies successfully and in a timely manner, and our ability to
successfully adjust our operations and operating models; 3) our ability to
sustain or improve the operational and financial performance of our
businesses and correctly identify or successfully pursue new business
opportunities; 4) our dependence on general economic and market conditions,
including the capacity for growth in internet and technology usage; 5) our
exposure to regulatory, political or other developments in various countries
or regions; 6) 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; 7) our ability to protect our intellectual
property rights and defend against third-party infringements and claims that
we have infringed third parties' intellectual property rights ("IPR"), as
well as increased licensing costs and restrictions on our ability to use
certain technologies, and litigation related to IPR; 8) the potential complex
tax issues, tax disputes and tax obligations we may face, including the
obligation to pay additional taxes in various jurisdictions and our actual or
anticipated performance, among other factors, which could reduce our ability
to utilize deferred tax assets; 9) our ability to retain, motivate, develop
and recruit appropriately skilled employees, for instance due to possible
disruption caused by the Acquisition and related operational and other
changes; 10) the performance of the parties we partner and collaborate with,
as well as that of our financial counterparties, and our ability to achieve
successful collaboration or partnering arrangements, including any disruption
from the transaction in obtaining or maintaining the contractual
relationships; 11) 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 currencies; 12) the impact of unfavorable
outcome of litigation, arbitration, contract-related disputes or allegations
of health hazards associated with our businesses; 13) any inefficiency,
malfunction or disruption of a system or network that our operations rely on
or any impact of a possible cybersecurity breach; 14) our ability to achieve
targeted benefits from or successfully implement planned transactions, such
as acquisitions, divestments, mergers or joint ventures, and manage
unexpected liabilities related thereto; 15) our ability to manage our
operating expenses and reach targeted results through efforts aimed at
improving our financial performance, for instance through cost savings and
other efforts aimed at increased competitiveness; 16) Nokia's ability to
optimize its capital structure as planned and re-establish our investment
grade credit rating; 17) Nokia's ability to execute its strategy or to
effectively and profitably adapt its business and operations in a timely
manner to the increasingly diverse needs of its customers in the information
technology and communications industries and related services market or to
appropriately adapt to related technological developments; 18) Nokia's
ability to effectively and profitably invest in new competitive...

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