TAILIEUCHUNG - Nokia outlines new strategy, introduces new leadership, operational structure

We consider the problem of optimal investment in a risky asset, and in derivatives written on the price process of this asset, when the underlying asset price process is a pure jump L´ evy process. The duality approach of Karatzas and Shreve is used to derive the optimal consumption and investment plans. In our economy, the optimal derivative payoff can be constructed from dynamic trading in the risky asset and in European options of all strikes. Specific closed forms illustrate the optimal derivative contracts when the utility function is in the HARA class and when the statistical and risk-neutral price processes are in the variance gamma (VG) class | NOKIA STOCK EXCHANGE 1 6 RELEASE February 11 2011 Nokia outlines new strategy introduces new leadership operational structure London UK - Nokia today outlined its new strategic direction including changes in leadership and operational structure to accelerate the company s speed of execution in a dynamic competitive environment. Major elements of the new strategy include - Plans for a broad strategic partnership with Microsoft to build a new global mobile ecosystem Windows Phone would serve as Nokia s primary smartphone platform. - A renewed approach to capture volume and value growth to connect the next billion to the Internet in developing growth markets - Focused investments in next-generation disruptive technologies - A new leadership team and organizational structure with a clear focus on speed results and accountability Nokia is at a critical juncture where significant change is necessary and inevitable in our journey forward said Stephen Elop Nokia President and CEO. Today we are accelerating that change through a new path aimed at regaining our smartphone leadership reinforcing our mobile device platform and realizing our investments in the future. Nokia plans to form a strategic partnership with Microsoft to build a global mobile ecosystem based on highly complementary assets. The Nokia-Microsoft ecosystem targets to deliver differentiated and innovative products and have unrivalled scale product breadth geographical reach and brand identity. With Windows Phone as its primary smartphone platform Nokia would help drive the future of the platform by leveraging its expertise on hardware optimization software customization language support and scale. Nokia and Microsoft would also combine services assets to drive innovation. Nokia Maps for example would be at the heart of key Microsoft assets like Bing and AdCenter and Nokia s application and NOKIA STOCK EXCHANGE 2 6 RELEASE February 11 2011 content store would be integrated into Microsoft Marketplace. Under .

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