Nokia published its Nokia in 2012 annual report; reiterating its longer-term financial targets

Nokia Corporation

Stock Exchange Release

March 28, 2013 at 11.35 (CET +1)

Espoo, Finland - Nokia has today published its "Nokia in 2012" annual report, which includes the review by the Board of Directors and the audited annual accounts. The publication also includes Nokia's corporate governance statement. In the report, Nokia reiterates its longer-term financial targets.

The report will be shortly available in pdf format through www.nokia.com/financials. Shareholders may request a hard copy of the report free of charge through Nokia's Internet pages.

Longer-term financial targets

In this annual report, Nokia reiterated its longer-term financial targets for its Devices & Services business and Nokia Siemens Networks.

Longer-term, Nokia continues to target:

- Devices & Services net sales to grow faster than the market.

- Devices & Services non-IFRS operating margin to be 10% or more.

Longer-term, Nokia Siemens Networks continues to target for its non-IFRS operating margin to be between 5% and 10%.

NON-IFRS INFORMATION

This release includes information on a non-IFRS, or underlying business performance, basis. Non-IFRS information excludes special items for all periods. In addition, non-IFRS results exclude intangible asset amortization, other purchase price accounting related items and inventory value adjustments arising from the formation of Nokia Siemens Networks and from all business acquisitions. Nokia believes that non-IFRS financial measures provide meaningful supplemental information to both management and investors regarding Nokia's performance by excluding the above-described items that may not be indicative of Nokia's business operating results. Non-IFRS financial measures should not be viewed in isolation or as substitutes to the equivalent IFRS measure(s), but should be used in conjunction with the most directly comparable IFRS measure(s) in the reported results.