Renesas Electronics' Acquisition of Nokia's Wireless Modem Business Completed

Espoo, Finland and Tokyo, Japan, November 30, 2010 — Nokia and Renesas Electronics Corporation today announced the completion of Renesas Electronics' acquisition of Nokia's Wireless Modem business, which was initially announced on July 6, 2010. With this transfer, Renesas Electronics assumes full ownership of the Wireless Modem unit, which has been responsible for development of Nokia's wireless modem technologies for LTE, HSPA and GSM standards. As a result of the transaction, approximately 1,100 employees transfer from Nokia to Renesas Electronics.

About Nokia

At Nokia, we are committed to connecting people. We combine advanced technology with personalized services that enable people to stay close to what matters to them. Every day, more than 1.3 billion people connect to one another with a Nokia device — from mobile phones to advanced smartphones and high-performance mobile computers. Today, Nokia is integrating its devices with innovative services through Ovi (www.ovi.com), including music, maps, apps, email and more. Nokia's NAVTEQ is a leader in comprehensive digital mapping and navigation services, while Nokia Siemens Networks provides equipment, services and solutions for communications networks globally.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723), the world's number one supplier of microcontrollers, is a premier supplier of advanced semiconductor solutions including microcontrollers, SoC solutions and a broad range of analog and power devices. Business operations began as Renesas Electronics in April 2010 through the integration of NEC Electronics Corporation (TSE:6723) and Renesas Technology Corp., with operations spanning research, development, design and manufacturing for a wide range of applications. Headquartered in Japan, Renesas Electronics has subsidiaries in 20 countries worldwide. More information can be found at www.renesas.com.