Nokia Siemens Networks Flexible Solutions for a Dynamic World Michail Angelov System Solutions Manager NOKIA michail.angelov@nokia.com

Safe Harbor Statement Forward Looking Statements This presentation 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 operating margin and profitability levels, sources, timing and amount of estimated cost synergies, estimated cash flow generation, leadership and market position, future product portfolio, geographic coverage and customer base, future investments in technologies and services and all other statements in this presentation 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 website, www.Nokia.com and www.Siemens.com, and on the SEC’s website, www.sec.gov. 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 presentation 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 presentation 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.

Creating a Communications Industry Powerhouse Com Business Mobile Phones, Multimedia & Enterprise Solutions Networks Carrier Enterprise & Others** FY2005 Revenues: € 27.6 Bn FY2005 Revenues: € 6.6 Bn Wireless Wireline Services Headcount: approx. 23,000 FY2005 Revenues: € 9.2 Bn* Wireless Wireline Services Headcount: approx. 37,000 FY2005 Revenues: € 3.6 Bn* Nokia Siemens Networks Wireline 22% 16% Wireline Services 6% 56% 22% Wireless Services Wireless 78% *Unaudited calendarised numbers **Including consolidation eleminations FY2005 Revenues: € 15.8 Bn Headcount: approx. 60,000

Carrier Business 2006 Revenues (€ Bn) Scale matters… Overall cost-efficiency Global reach in services and sales R&D power for portfolio of new technologies Global platforms and partners 20 18 Carrier Business 2006 Revenues (€ Bn) 16 14 12 10 8 6 4 2 Ericsson Nokia Alcatel - Nortel* Cisco Huawei* Motorola NEC (incl.Redback) Siemens Lucent* (w/o.UTRAN) Networks** (incl. Nortel‘s UTRAN) all companies with comparable carrier business revenues * estimated figures ** unaudited calendarised numbers

Key Structural Terms Start of operations April 1, 2007*) 50:50 Joint Venture Operational headquarters in Helsinki, Karaportti Campus Strong presence in Munich Executive Management: CEO, Simon Beresford-Wylie CFO, Peter Schönhofer COO, Mika Vehviläinen CMO, Karl-Christoph Caselitz Consolidation by Nokia, equity accounting by Siemens *) Subject to the completion of standard closing conditions, and the agreements of a number of detailed implementation steps.

Strong Starting Position* Strong customer / installed base >300 wireless customers and >300 wireline customers #2 in Wireless >700 MM subs installed base #3 in Wireline Including broadband access, VoIP, transport, wireline switching, carrier ethernet #2 in Carrier Services Including over 150 managed services contracts Powerful end-to-end Convergence Offering *Based on current combined businesses

Top 3 Positioning in Key Carrier Markets* Wireless Networks incl. Services Market Share Carrier Services** Market Share Wireline Networks incl. Services Market Share Alcatel & Lucent 17% Ericsson 19%** Others 20% Ericsson 26%*** Others 57% Others 37% Cisco 10% Motorola 7% Nokia Siemens Networks 17% Nokia Siemens Networks 7% Nortel 8% Nokia Siemens Networks 23% Motorola 4% Alcatel & Lucent 16% Alcatel & Lucent 17% Nortel 5% Nortel 6% Huawei 4% Total market size (€Bn): CAGR (2005-2011) % : 52 ~5 Total market size (€Bn): CAGR (2005-2011) % : 23 ~9 Total market size (€Bn): CAGR (2005-2011) % : 49 ~5 *Based on current combined businesses **Carrier Services show total Services included in Wireless and Wireline Networks ***Includes Marconi Source: Industry analyst research and company estimates

Unique solution reach through customer reach, proposed product portfolio plan, and services offering Combining the breadth of proposed product portfolio plan Services offering Customer reach – both in terms of geographical reach and customer type (fixed, mobile, hybrid, cable, railroad…) we will have UNIQUE SOLUTION REACH Product portfolio

A full portfolio to meet customer needs Services for operators Operations & Business Support Systems Service Core & Applications IP Networking & Transport Multi-access Cellular, Broadband Fixed & Wireless

Proposed portfolio plan selection criteria Size of installed base and customer commitments for ensuring continuing business to our customers Cost efficiency of products, solutions and services in the converging communications market Best of both worlds – end to end competitiveness to support our customer base Customer focus Alignment to technology strategy to focus on relevant key future technologies Only one product program for next generation products Minimize the number of platforms throughout the product portfolio Reduce complexity Size of installed base and customer commitments for ensuring continuing business to our customers Cost efficiency of products, solutions and services in the converging communications market Best of both worlds – end to end competitiveness to support our customer base Implement synergies Create industry benchmark for R&D efficiency Minimize overlaps in existing portfolio

Absolutely customer-focused We will involve customers in the development of solutions that best meet both their technology and business needs Products and solutions NSN will help customers to meet their business goals NSN will bring a broad product portfolio to table Services NSN will have one of the world‘s largest service networks and most experienced service teams The portfolio of services will include traditional product related services as well as comprehensive managed services, including the operation of entire networks

Elements of the proposed portfolio plan Radio Access GSM / EDGE WCDMA / HSPA I-HSPA LTE WiMAX TD-SCDMA Broadband Access DSLAM/MSAN (Multiservice access node) PON/GPON/GEPON Access Switches Metro & Carrier Switches NB / MS Narrowband/Multiservice IN / Charging Applications - Mobile TV, IPTV - Messaging, - etc. Service Core and Applications Mobile and fixed TDM/soft switching Media Gateway Mobile Packet Core IP Multimedia Subsystem Fixed Mobile Convergence IP / Transport DWDM NG Metro Microwave IP Connectivity Operations Support Systems Service Management Network and Element Management Services Network Implementation Care Consulting & Systems Integration Managed Services

A key focus has been on overlaps Strong overlap Large installed base : continue both product lines Low installed base: consider to continue only one Varying degree of overlap Installed base and life cycle of the product determine the preferred continuation No overlap Continue current portfolio, market need and cost effectiveness for the products reviewed as part of normal planning process

Nokia Siemens Networks Full Services portfolio planned Network Implementation Project Management Network Design Site Acquisition Constructions Works Implementation Customer Logistics Network Maintenance Advanced Network Maintenance Expert Support Preventive Care Software Installation Solution Care CARE Serviceability Assurance Care Service Management Repair & Return Spare Part Management Spare Part Supply Asset Recovery Life Extender Consulting & Systems Integration Consulting Network & Service Optimization Systems Integration Security Solution Competence Development Services Operations Support Network Operations IT Operations Infrastructure & 3rd Party Management Operations Transition Hosted Media & Applications Managed Services Hosted Communications Platforms

Service Core & Applications The business we are in… Maintain large and profitable telecommunication business by offering control and end-to-end solutions that: Bring variety and innovations … that carriers differentiate from competition Create value for end-users … that carriers extend their revenues Keeps it cost efficient, fast, simple … that carriers handle complexity Service Core & Applications Applications NextGen Voice & Multimedia Media Gateways Business Support Systems Mobile Internet Connections We shape the future of telecommunications by providing powerful control platforms and applications that take networks far beyond today’s connectivity services. Our end-2-end solutions allow carriers world-wide to offer exciting, value-generating broadband multimedia services to mobile and fixed users. Consumer & Business VoIP Perfect Voice Fixed Perfect Voice Mobile

One new company One new culture

Our success will be about our People Nokia Networks Employees: ~23,000 Siemens Com Carrier Employees: ~37,000 Values Culture People

Aligned culture and values …key to straight-forward strategy realization …key to true customer-orientation …key to engagement of employees …key to solid commitment …key to unique research and development …key to excellent products and solutions …key to uncompromising delivery …key to success

Antitrust approval gives us momentum We have secured first phase approvals by the US, the EU, and China authorities These first phase approvals are a giant step toward our shared future at Nokia Siemens Networks They also confirm our view that the transaction is pro-competitive and very good news for our customers and ultimately also for consumers We are now in the position to utilize the excellent integration planning for a timely and concise implementation and to go fast and focused for Day One Our promise today: As of 01.April.2007 a new telecommunications powerhouse will take off with full force. We will be ready to serve our customers starting Day One

Regions and leadership North East Volker Ziegler West & South Europe Jürgen Bill North America Mark Louison China Zhiqiang Zhang CM: David Ho Middle East Africa Jan Cron CM: Walid Moneimne APAC Rajeev Suri Latin America Fernando Terni CM: Aluizio Byrro

Three Major Levers to become # 1 We stay close to our customers We continue to support their existing core business … and help them to smoothly migrate to the new multimedia world We understand their future role and respective business needs … and provide tailored solutions to maximize their returns No need for customers to go to some place else than Nokia Siemens Networks Comprehensive solutions Best-in-class products, complemented by a range of third party products Responsive, flexible, reliable We excel in everything we do Horizontal business model demands competitiveness in every layer Not depend on products for value-add of solutions or vice versa … and a comprehensive portfolio to achieve this!

Kiitos! Danke! Thank you! Благодаря!