Announced, Top Executives for Nokia Siemens Networks

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.

Karl-Christoph Caselitz, who will serve as Chief Market Operations Officer. Caselitz is currently President of Mobile Networks, Siemens Communications.

Peter Schönhofer, who as previously announced will become Chief Financial Officer. Schönhofer is currently a member of the executive board of Siemens AG Austria.

“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.

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. [3G]