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NOKIA: Nokia launches $100 million Connected Car Fund managed by Nokia Growth Partners (NGP)

The fund will invest in promising auto tech and local services companies in
collaboration with HERE, a Nokia company, to grow the ecosystem around HERE's
mapping and location products and services.

Espoo, Finland - Nokia today announced the launch of a USD 100 million
Connected Car fund to be managed by Nokia Growth Partners (NGP). The fund
will identify and invest in companies whose innovations will be important for
a world of connected and intelligent vehicles.

Nokia is already a major player in the automotive industry providing location
intelligence for connected vehicles through HERE. The NGP fund, working
closely with HERE, will seek to make investments that also support the growth
of the ecosystem around HERE's mapping and location products and services.

"NGP has been consistently performing well bringing in both new innovation and
financial return to Nokia," said Rajeev Suri, Nokia President and CEO. "Our
new USD 100 million venture fund launched today further underlines our belief
that the connected car is a significant growth opportunity where NGP is
poised to make great investments."

"For the last few years there has been a surge in innovation that has brought
technological advances leading to safer, cleaner, increasingly connected,
intelligent and more affordable vehicles. Vehicles are becoming a new
platform for technology adoption very similar to phones or tablets," said
Paul Asel, Partner at Nokia Growth Partners. "We are excited to deepen our
collaboration with HERE through the Connected Car fund to invest in companies
that are driving the future of the auto ecosystem, local services and
personal mobility."

"NGP's Connected Car fund underscores that connectivity is rapidly reshaping
what is possible in the car environment," said Michael Halbherr, CEO of HERE.
"We believe that connected cars equipped with precise location awareness and
sensor data can become powerful devices capable of helping drivers make sense
of the world around them. With more than 25 years of experience in creating
automotive grade maps for the automobile industry, we look forward to working
with promising companies in NGP's new fund to create a whole new class of
services that keep drivers safe and connected."

The Connected Car fund extends NGP's global investment activities in the U.S.,
India, China and Europe where Nokia Growth Partners continue to invest in
high potential businesses. The new fund brings Nokia's commitments managed
by NGP to USD 700 million. As an independent VC sponsored by Nokia, NGP has a
strong track record of investing in technology companies that have made an
impact in their respective industries globally, including Rocket Fuel,
Heptagon and UCweb.

The Connected Car fund will be the fourth fund that NGP has managed on behalf
of Nokia over the past decade.


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 Nokia's new
strategy; B) expectations, plans or benefits related to future performance of
Nokia's continuing businesses Networks, HERE and 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, 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 Nokia's 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 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
these differences include, but are not limited to: 1) our ability to execute
our new strategy 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 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 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) our 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 delivery, and
logistics efficiently and without interruption, especially if the limited
number of suppliers we depend on fail to deliver sufficient quantities of
fully functional products and components or deliver timely services; 14)
potential exposure to contingent liabilities due to the Sale of the D&S
Business and possibility that the agreements we have entered into with
Microsoft may have terms that prove to be unfavorable to us; 15) any
inefficiency, malfunction or disruption of a system or network that our
operations rely on or any impact of a possible cybersecurity breach; 16) our
ability to reach targeted results or improvements by managing and improving
our financial performance, cost savings and competitiveness; 17) management
of Networks' customer financing exposure; 18) the performance of the parties
we partner and collaborate with, and our ability to achieve successful
collaboration or partnering arrangements; 19) our ability to protect the
technologies, which we develop, license, use or intend to use from claims
that we have infringed third parties' intellectual property rights, as well
as, impact of possible licensing costs, restriction on our usage of certain
technologies, and litigation related to intellectual property rights; 20) the
impact of regulatory, political or other developments on our operations and
sales in those various countries or regions where we do business; 21)
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 other currencies; 22) our ability to successfully
implement planned transactions, such as acquisitions, divestments, mergers or
joint ventures, manage unexpected liabilities related thereto and achieve the
targeted benefits; 23) the impact of unfavorable outcome of litigation,
contract related disputes or allegations of health hazards associated with
our business, as well as the risk factors specified on pages 12-35 of Nokia's
annual report on Form 20-F for the year ended December 31, 2013 under Item
3D. "Risk Factors." Other unknown or unpredictable factors or underlying
assumptions subsequently proven 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.

About Nokia Growth Partners

NGP invests in companies that are changing the face of mobility,
communications and the internet. NGP offers industry expertise, capital and
an extensive network, enabling entrepreneurs to build disruptive,
industry-changing companies and take them to the global market. With offices
in the US, Europe, India and China, NGP extends the reach of companies making
their products and services local everywhere.
Visithttp://www.nokiagrowthpartners.comfor more information.

About Nokia

Nokia invests in technologies important in a world where billions of devices
are connected. We are focused on three businesses: network infrastructure
software, hardware and services, which we offer through Networks; location
intelligence, which we provide through HERE; and advanced technology
development and licensing, which we pursue through Technologies. Each of
these businesses is a leader in its respective field.http://company.nokia.com

Media Enquiries:

Tel. +358 (0) 10 448 4900
Email: press.services@nokia.com


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