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Nokia and Siemens announce top executives for Nokia Siemens Networks


June 22, 2006, Nokia and Siemens today announced the future top executive team for Nokia Siemens Networks, the recently announced 50-50 joint venture that combines the Networks Business Group of Nokia and the carrier-related operations of Siemens. The new company is expected to start operations by January 1, 2007, subject to customary regulatory approvals, the completion of standard closing conditions, and the agreement of a number of detailed implementation steps.

The team consists of:

- Mika Vehviläinen, who will serve as Chief Operating Officer. Vehviläinen is currently Senior Vice President & General Manager, Core Networks, Nokia. As Chief Operating Officer, Vehviläinen will have overall responsibility for the following business units: Radio Access, Operation Support Systems, Service Core and Applications, IP Networking and Transport, as well as Broadband Access. In addition, he will oversee Operations (sourcing, manufacturing and logistics) and the Technology Platforms and Quality organization.

- Karl-Christoph Caselitz, who will serve as Chief Market Operations Officer. Caselitz is currently President of Mobile Networks, Siemens Communications. As Chief Market Operations Officer, Caselitz will have responsibility for regional operations, management of global accounts, and marketing and sales management. He will also oversee the Services business unit of Nokia Siemens Networks.

- Peter Schönhofer, who as previously announced will become Chief Financial Officer. Schönhofer is currently a member of the executive board of Siemens AG Austria. Schönhofer will be responsible for all financial activities of Nokia Siemens Networks, as well as information technology and intellectual property rights.

“This is a team of strong leaders drawn from the best of the parent companies,” said Simon Beresford-Wylie, who will assume the position of Chief Executive Officer at Nokia Siemens Networks immediately upon the closing of the merger. “They will play a leadership role in the integration planning process and execution of those plans after closing. I am pleased to have this terrific team as my partners moving forward.” Beresford-Wylie is currently Executive Vice President and General Manager of Networks at Nokia.

The appointments announced today become effective immediately upon the closing of the merger. When the transaction closes, Nokia Siemens Networks will be a global communications leader with strong positions in important growth segments of fixed and mobile network infrastructure and services. It will be positioned to lead the development and implementation of revenue-generating and cost-saving products and services via its scale and global reach. The combined company will have a world-class fixed-mobile convergence capability, a complementary global base of customers, a deep presence in both developed and emerging markets, and one of the industry’s largest and most experienced service organizations.

About Siemens
Siemens (Berlin and Munich) is a global powerhouse in electrical engineering and electronics. The company has around 461,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in 190 countries. Founded more than 155 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2005 (ended September 30), Siemens had sales from continuing operations of EUR 75.4 billion and net income of EUR 3.058 billion. Further information is available on the Internet at:

About Nokia
Nokia is a world leader in mobile communications, driving the growth and sustainability of the broader mobility industry. Nokia connects people to each other and the information that matters to them with easy-to-use and innovative products like mobile phones, devices and solutions for imaging, games, media and businesses. Nokia provides equipment, solutions and services for network operators and corporations.

Forward Looking Statements
This announcement includes “forward-looking statements” and information which are not historical facts. These statements are based on the current expectations of the management of Nokia and Siemens and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained herein include statements about the expected timing and scope of the merger of Nokia’s and Siemens’ communications service provider businesses, anticipated growth potential and earnings enhancements, estimated profitability levels, sources, timing and amount of estimated cost synergies, leadership and market position, future product portfolio, geographic coverage and customer base, future investments in technologies and services and all other statements in this announcement other than historical facts. Forward-looking statements include, without limitation, statements typically containing words such as “believe”, “expect”, “anticipate”, “foresee”, “target”, “estimate”, “designed”, “plans”, “will” or words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, the satisfaction of the conditions to the merger and closing of the transaction, and Nokia’s and Siemens’ ability to successfully integrate the operations and employees of their respective communications service provider businesses, as well as additional factors relating to, for example, developments in the mobile communications industry, changes in technology and the ability to develop or otherwise acquire complex technologies as required by the market with full rights needed to use, timely and successful commercialization of new advanced products and solutions, intensity of competition and various other factors. More detailed information about certain of these factors is contained in Nokia’s and Siemens’ filings with the SEC, which are available on their respective websites, and, and on the SEC’s website, 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. Neither Nokia nor Siemens 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. In addition to “forward-looking statements”, this announcement also includes certain terms like “joint venture”, “partnership” or words of a similar nature describing the new company, or the new companies, resulting from the merger, which words are used in this announcement in their generic sense and the common language meaning and do not imply, or intend to imply, any specific legal, tax, accounting or other regulatory or officially standardized definition or meaning.


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