2019-04-18 08:00:00 CEST

2019-04-18 08:01:12 CEST


REGULATED INFORMATION

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Nokia - Other information disclosed according to the rules of the Exchange

Nokia provides recast comparative segment results and additional financial disclosures for 2018 reflecting the new financial reporting structure


Nokia Corporation
Stock Exchange Release
April 18, 2019 at 9:00 (CET +1)

Nokia provides recast comparative segment results and additional financial
disclosures for 2018 reflecting the new financial reporting structure

Espoo, Finland - Nokia today provided recast comparative segment financial
information and additional financial disclosures on a quarterly and annual basis
for 2018, reflecting the previously announced organizational changes to
accelerate its strategy execution.

Nokia will publish its first-quarter 2019 interim report on April 25, 2019 at
approximately 8 a.m. Finnish time (CET+1) in accordance with its new reporting
structure. Analyst and media call details are provided below.



Changes in reporting structure, effective from January 1, 2019

Nokia announced organizational changes to accelerate its strategy execution on
October 25, November 22 and December 31, 2018. Accordingly, Nokia has revised
its financial reporting structure to better reflect its strategy, organizational
structure and the way it evaluates operational performance and allocates
resources.

As of January 1, 2019, Nokia has three reportable segments: (i) Networks, (ii)
Nokia Software and (iii) Nokia Technologies. In addition, Nokia also discloses
segment-level data for Group Common and Other.

Within the new Networks reportable segment, Nokia is providing net sales
disclosure for the following businesses: (i) Mobile Access, (ii) Fixed Access,
(iii) IP Routing and (iv) Optical Networks.

Certain reclassifications have been made in order to reflect the new
organizational structure of the company, the most significant of which are: (i)
activities related to our cloud core offering have been reclassified from the
former Mobile Networks business group and former Global Services reportable
segment to the new Nokia Software reportable segment and (ii) activities related
to the former Mobile Networks business group and former Global Services
reportable segment that are not reclassified to the new Nokia Software
reportable segment are now reported together under the new Mobile Access
business.

Nokia is also providing separate net sales disclosure for its different customer
types: (i) Communication Service Providers, (ii) Enterprises and (iii)
Licensees.

Additionally, Nokia is providing adjusted financial disclosure for its Networks
and Nokia Software reportable segments, with amounts related to licensing and
Nokia Bell Labs allocated 85% to Networks and 15% to Nokia Software, in
accordance with their approximate value contribution.



Recast comparative segment financial information for 2018

To provide a basis for comparison, the following tables present a recasting of
Nokia's segment financial information on an unaudited basis for all four
quarters of 2018 separately, as well as for the full year 2018.

The tables are also available in Excel format at http://nokia.com/financials.



+--------+-----------+------+--------+--------+-------+------+----------+------+
|Q1-     |Networks(1)|Nokia |Nokia   |Gro-    |Eli-   |Non-  |Non-IF-   |Nokia |
|Q4'18   |           |Soft- |Techn-  |up      |mi-    |IF-   |RS exc-   |To-   |
|(unau-  |           |ware  |ologies |Common  |nations|RS    |lusions(2)|tal   |
|dited)  |           |      |        |and     |       |total |          |      |
+--------+           |      |        |Other   |       |      |          |      |
|EUR     |           |      |        |        |       |      |          |      |
|million |           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Net     |17         |2     |1       |1       |(63)   |22 580|(17)      |22 563|
|sales   |404        |713   |501     |024     |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Cost    |(11        |(1    |(22)    |(870)   |63     |(13   |(572)     |(14   |
|of      |369)       |346)  |        |        |       |545)  |          |117)  |
|sales   |           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Gross   |6          |1     |1       |154     |0      |9 035 |(5        |8     |
|profit  |035        |367   |479     |        |       |      |90)       |446   |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|% of    |34.7       |50.4  |98.5    |15.0    |       |40.0% |          |37.4% |
|net     |%          |%     |%       |%       |       |      |          |      |
|sales   |           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Research|(3         |(486) |(145)   |(293)   |0      |(4    |(606)     |(4    |
|and     |091)       |      |        |        |       |014)  |          |620)  |
|deve-   |           |      |        |        |       |      |          |      |
|lopment |           |      |        |        |       |      |          |      |
|expenses|           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Sell-   |(2         |(429) |(127)   |(201)   |0      |(2    |(567)     |(3    |
|ing,    |140)       |      |        |        |       |896)  |          |463)  |
|gene-   |           |      |        |        |       |      |          |      |
|ral     |           |      |        |        |       |      |          |      |
|and     |           |      |        |        |       |      |          |      |
|admini- |           |      |        |        |       |      |          |      |
|strative|           |      |        |        |       |      |          |      |
|expe-   |           |      |        |        |       |      |          |      |
|nses    |           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Other   |(31)       |(3)   |(5)     |93      |0      |55    |(477)     |(422) |
|income  |           |      |        |        |       |      |          |      |
|and     |           |      |        |        |       |      |          |      |
|expenses|           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Ope-    |773        |450   |1 203   |(246)   |0      |2 180 |(2 239)   |(59)  |
|rating  |           |      |        |        |       |      |          |      |
|profit/ |           |      |        |        |       |      |          |      |
|(loss)  |           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|  %     |4.4        |16.6  |80.1    |(24.0)% |       |9.7   |          |(0.3)%|
|of      |%          |%     |%       |        |       |%     |          |      |
|net     |           |      |        |        |       |      |          |      |
|sales   |           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Depre-  |(384)      |(65)  |(21)    |(46)    |0      |(515) |(940)     |(1    |
|ciation |           |      |        |        |       |      |          |455)  |
|and     |           |      |        |        |       |      |          |      |
|amor-   |           |      |        |        |       |      |          |      |
|tization|           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|Share of|12         |0     |0       |0       |0      |12    |0         |12    |
|results |           |      |        |        |       |      |          |      |
|of      |           |      |        |        |       |      |          |      |
|asso-   |           |      |        |        |       |      |          |      |
|ciated  |           |      |        |        |       |      |          |      |
|compa-  |           |      |        |        |       |      |          |      |
|nies    |           |      |        |        |       |      |          |      |
|and     |           |      |        |        |       |      |          |      |
|joint   |           |      |        |        |       |      |          |      |
|ventures|           |      |        |        |       |      |          |      |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|EBI-    |1          |515   |1       |(200)   |0      |2 708 |(1 300)   |1     |
|TDA     |169        |      |224     |        |       |      |          |408   |
+--------+-----------+------+--------+--------+-------+------+----------+------+
|(1)     |Mobile Access net sales of EUR 11 273 million, Fixed Access net sales|
|        |of EUR 1 980 million, IP Routing net sales of EUR 2 545 million and  |
|        |Optical Networks net sales of EUR 1 606 million.                     |
+--------+---------------------------------------------------------------------+
|(2)     |Non-IFRS results exclude costs related to the Alcatel-Lucent         |
|        |transaction and related integration, goodwill impairment charges,    |
|        |intangible asset amortization and purchase price related items,      |
|        |restructuring and associated charges, and certain other items that   |
|        |may not be indicative of Nokia's underlying business performance.    |
+--------+---------------------------------------------------------------------+



+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Q1'18     |Networks(1)|Nokia |Nokia   |Gro-   |Eli-   |Non- |Non-      |Nokia |
|(unau-    |           |Soft- |Techn-  |up     |mi-    |IF-  |IF-       |To-   |
|dited)    |           |ware  |ologies |Common |nations|RS   |RS exc-   |tal   |
+----------+           |      |        |and    |       |total|lusions(2)|      |
|EUR       |           |      |        |Other  |       |     |          |      |
|million   |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Net       |3          |541   |365     |252    |(12)   |4    |(5)       |4     |
|sales     |783        |      |        |       |       |929  |          |924   |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Cost      |(2         |(308) |(10)    |(216)  |12     |(2   |(131)     |(3    |
|of        |466)       |      |        |       |       |988) |          |119)  |
|sales     |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Gross     |1          |233   |355     |36     |0      |1 941|(135)     |1     |
|profit    |317        |      |        |       |       |     |          |805   |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|% of      |34.8%      |43.1% |97.3%   |14.3%  |       |39.4%|          |36.7% |
|net       |           |      |        |       |       |     |          |      |
|sales     |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Research  |(766)      |(128) |(43)    |(74)   |0      |(1   |(156)     |(1    |
|and       |           |      |        |       |       |011) |          |167)  |
|deve-     |           |      |        |       |       |     |          |      |
|lopment   |           |      |        |       |       |     |          |      |
|expenses  |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Sell-     |(532)      |(111) |(39)    |(52)   |0      |(732)|(116)     |(847) |
|ing,      |           |      |        |       |       |     |          |      |
|gene-     |           |      |        |       |       |     |          |      |
|ral       |           |      |        |       |       |     |          |      |
|and       |           |      |        |       |       |     |          |      |
|          |           |      |        |       |       |     |          |      |
|Admi-     |           |      |        |       |       |     |          |      |
|nistrative|           |      |        |       |       |     |          |      |
|expe-     |           |      |        |       |       |     |          |      |
|nses      |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Other     |27         |8     |0       |7      |0      |41   |(168)     |(127) |
|income    |           |      |        |       |       |     |          |      |
|and       |           |      |        |       |       |     |          |      |
|expenses  |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Ope-      |46         |1     |274     |(83)   |0      |239  |(575)     |(336) |
|rating    |           |      |        |       |       |     |          |      |
|profit/   |           |      |        |       |       |     |          |      |
|(loss)    |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|%         |1.2        |0.2   |75.1    |(32.9)%|       |4.8% |          |(6.8)%|
|of        |%          |%     |%       |       |       |     |          |      |
|net       |           |      |        |       |       |     |          |      |
|sales     |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Depre-    |(96)       |(17)  |(5)     |(12)   |0      |(130)|(242)     |(372) |
|ciation   |           |      |        |       |       |     |          |      |
|and       |           |      |        |       |       |     |          |      |
|amor-     |           |      |        |       |       |     |          |      |
|tization  |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|Share of  |(4)        |0     |1       |0      |0      |(4)  |0         |(4)   |
|results   |           |      |        |       |       |     |          |      |
|of        |           |      |        |       |       |     |          |      |
|ass-      |           |      |        |       |       |     |          |      |
|ociated   |           |      |        |       |       |     |          |      |
|compa-    |           |      |        |       |       |     |          |      |
|nies      |           |      |        |       |       |     |          |      |
|and       |           |      |        |       |       |     |          |      |
|joint     |           |      |        |       |       |     |          |      |
|ventures  |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|EBI-      |137        |19    |279     |(71)   |0      |365  |(333)     |32    |
|TDA       |           |      |        |       |       |     |          |      |
+----------+-----------+------+--------+-------+-------+-----+----------+------+
|(1)       |Mobile Access net sales of EUR 2 426 million, Fixed Access net     |
|          |sales of EUR 445 million, IP Routing net sales of EUR 550 million  |
|          |and Optical Networks net sales of EUR 363 million.                 |
+----------+-------------------------------------------------------------------+
|(2)       |Non-IFRS results exclude costs related to the Alcatel-Lucent       |
|          |transaction and related integration, goodwill impairment charges,  |
|          |intangible asset amortization and purchase price related items,    |
|          |restructuring and associated charges, and certain other items that |
|          |may not be indicative of Nokia's underlying business performance.  |
+----------+-------------------------------------------------------------------+



+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Q2'18     |Networks(1)|Nokia|Nokia  |Gro-  |Eli-   |Non- |Non-         |Nokia |
|(unau-    |           |Soft-|Techn- |up    |mi-    |IF-  |IF-          |To-   |
|dited)    |           |ware |ologies|Common|nations|RS   |RS           |tal   |
+----------+           |     |       |and   |       |total|exclusions(2)|      |
|EUR       |           |     |       |Other |       |     |             |      |
|million   |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Net       |4          |612  |361    |280   |(15)   |5    |(5)          |5     |
|sales     |081        |     |       |      |       |318  |             |313   |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Cost      |(2         |(330)|(7)    |(228) |15     |(3   |(173)        |(3    |
|of        |731)       |     |       |      |       |279) |             |453)  |
|sales     |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Gross     |1          |282  |354    |52    |0      |2    |(178)        |1     |
|profit    |350        |     |       |      |       |038  |             |860   |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|% of      |33.1       |46.1%|98.1%  |18.6  |       |38.3%|             |35.0% |
|net       |%          |     |       |%     |       |     |             |      |
|sales     |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Research  |(784)      |(123)|(36)   |(73)  |0      |(1   |(149)        |(1    |
|and       |           |     |       |      |       |016) |             |165)  |
|deve-     |           |     |       |      |       |     |             |      |
|lopment   |           |     |       |      |       |     |             |      |
|expenses  |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Sell-     |(516)      |(104)|(25)   |(50)  |0      |(695)|(117)        |(813) |
|ing,      |           |     |       |      |       |     |             |      |
|gene-     |           |     |       |      |       |     |             |      |
|ral       |           |     |       |      |       |     |             |      |
|and       |           |     |       |      |       |     |             |      |
|adm-      |           |     |       |      |       |     |             |      |
|nistrative|           |     |       |      |       |     |             |      |
|expe-     |           |     |       |      |       |     |             |      |
|nses      |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Other     |(16)       |(14) |(1)    |38    |0      |7    |(110)        |(103) |
|income    |           |     |       |      |       |     |             |      |
|and       |           |     |       |      |       |     |             |      |
|expenses  |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Ope-      |34         |40   |292    |(33)  |0      |334  |(555)        |(221) |
|rating    |           |     |       |      |       |     |             |      |
|profit/   |           |     |       |      |       |     |             |      |
|(loss)    |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|%         |0.8        |6.5  |80.9%  |(11.8)|       |6.3  |             |(4.2)%|
|of        |%          |%    |       |%     |       |%    |             |      |
|net       |           |     |       |      |       |     |             |      |
|sales     |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Depre-    |(96)       |(19) |(5)    |(8)   |0      |(128)|(232)        |(360) |
|ciation   |           |     |       |      |       |     |             |      |
|and       |           |     |       |      |       |     |             |      |
|amor-     |           |     |       |      |       |     |             |      |
|tization  |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|Share of  |(3)        |0    |0      |0     |0      |(4)  |0            |(4)   |
|results   |           |     |       |      |       |     |             |      |
|of        |           |     |       |      |       |     |             |      |
|ass-      |           |     |       |      |       |     |             |      |
|ociated   |           |     |       |      |       |     |             |      |
|compa-    |           |     |       |      |       |     |             |      |
|nies      |           |     |       |      |       |     |             |      |
|and       |           |     |       |      |       |     |             |      |
|joint     |           |     |       |      |       |     |             |      |
|ventures  |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|EBI-      |127        |59   |297    |(24)  |0      |458  |(323)        |135   |
|TDA       |           |     |       |      |       |     |             |      |
+----------+-----------+-----+-------+------+-------+-----+-------------+------+
|(1)       |Mobile Access net sales of EUR 2 634 million, Fixed Access net     |
|          |sales of EUR 490 million, IP Routing net sales of EUR 592 million  |
|          |and Optical Networks net sales of EUR 365 million.                 |
+----------+-------------------------------------------------------------------+
|(2)       |Non-IFRS results exclude costs related to the Alcatel-Lucent       |
|          |transaction and related integration, goodwill impairment charges,  |
|          |intangible asset amortization and purchase price related items,    |
|          |restructuring and associated charges, and certain other items that |
|          |may not be indicative of Nokia's underlying business performance.  |
+----------+-------------------------------------------------------------------+



+---------+----------+-------+---------+-------+-------+------+---------+------+
|Q3'18    |Net-      |Nokia  |Nokia    |Gro-   |Eli-   |Non-  |Non-     |Nokia |
|(unau-   |works(1)  |Soft-  |Techn-   |up     |mi-    |IF-   |IF-      |To-   |
|dited)   |          |ware   |ologies  |Common |nations|RS    |RS exclu-|tal   |
+---------+          |       |         |and    |       |total |sions(2) |      |
|EUR      |          |       |         |Other  |       |      |         |      |
|million  |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Net      |4         |623    |351      |236    |(14)   |5     |(4)      |5     |
|sales    |265       |       |         |       |       |461   |         |458   |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Cost     |(2        |(322)  |(2)      |(200)  |14     |(3    |(118)    |(3    |
|of       |811)      |       |         |       |       |320)  |         |439)  |
|sales    |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Gross    |1         |301    |350      |36     |0      |2     |(122)    |2     |
|profit   |454       |       |         |       |       |141   |         |019   |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|% of     |34.1      |48.3   |99.7     |15.3   |       |39.2  |         |37.0  |
|net      |%         |%      |%        |%      |       |%     |         |%     |
|sales    |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Research |(755)     |(117)  |(28)     |(71)   |0      |(971) |(152)    |(1    |
|and      |          |       |         |       |       |      |         |123)  |
|deve-    |          |       |         |       |       |      |         |      |
|lopment  |          |       |         |       |       |      |         |      |
|expenses |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Sell-    |(518)     |(110)  |(30)     |(52)   |0      |(710) |(160)    |(870) |
|ing,     |          |       |         |       |       |      |         |      |
|gene-    |          |       |         |       |       |      |         |      |
|ral      |          |       |         |       |       |      |         |      |
|and      |          |       |         |       |       |      |         |      |
|adm-     |          |       |         |       |       |      |         |      |
|inistr-  |          |       |         |       |       |      |         |      |
|ative    |          |       |         |       |       |      |         |      |
|expe-    |          |       |         |       |       |      |         |      |
|nses     |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Other    |(2)       |0      |(1)      |32     |0      |28    |(108)    |(80)  |
|income   |          |       |         |       |       |      |         |      |
|and      |          |       |         |       |       |      |         |      |
|expenses |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Ope-     |178       |75     |290      |(56)   |0      |487   |(541)    |(54)  |
|rating   |          |       |         |       |       |      |         |      |
|profit/  |          |       |         |       |       |      |         |      |
|(loss)   |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|%        |4.2       |12.0   |82.6     |(23.7) |       |8.9   |         |(1.0) |
|of       |%         |%      |%        |%      |       |%     |         |%     |
|net      |          |       |         |       |       |      |         |      |
|sales    |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Depre-   |(92)      |(14)   |(5)      |(13)   |0      |(124) |(232)    |(356) |
|ciation  |          |       |         |       |       |      |         |      |
|and      |          |       |         |       |       |      |         |      |
|amo-     |          |       |         |       |       |      |         |      |
|rtization|          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|Share of |2         |0      |0        |0      |0      |2     |0        |2     |
|results  |          |       |         |       |       |      |         |      |
|of       |          |       |         |       |       |      |         |      |
|ass-     |          |       |         |       |       |      |         |      |
|ociated  |          |       |         |       |       |      |         |      |
|compa-   |          |       |         |       |       |      |         |      |
|nies     |          |       |         |       |       |      |         |      |
|and      |          |       |         |       |       |      |         |      |
|joint    |          |       |         |       |       |      |         |      |
|ven-     |          |       |         |       |       |      |         |      |
|tures    |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|EBI-     |272       |88     |295      |(43)   |0      |613   |(309)    |304   |
|TDA      |          |       |         |       |       |      |         |      |
+---------+----------+-------+---------+-------+-------+------+---------+------+
|(1)      |Mobile Access net sales of EUR 2 741 million, Fixed Access net sales|
|         |of EUR 503 million, IP Routing net sales of EUR 610 million and     |
|         |Optical Networks net sales of EUR 412 million.                      |
+---------+--------------------------------------------------------------------+
|(2)      |Non-IFRS results exclude costs related to the Alcatel-Lucent        |
|         |transaction and related integration, goodwill impairment charges,   |
|         |intangible asset amortization and purchase price related items,     |
|         |restructuring and associated charges, and certain other items that  |
|         |may not be indicative of Nokia's underlying business performance.   |
+---------+--------------------------------------------------------------------+



+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Q4'18      |Networks(1)|Nokia|Nokia  |Gro-  |Eli-   |Non- |Non-         |Nokia|
|(unau-     |           |Soft-|Techn- |up    |mi-    |IF-  |IF-          |To-  |
|dited)     |           |ware |ologies|Common|nations|RS   |RS           |tal  |
+-----------+           |     |       |and   |       |total|exclusions(2)|     |
|EUR        |           |     |       |Other |       |     |             |     |
|million    |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Net        |5          |938  |423    |257   |(21)   |6    |(3)          |6    |
|sales      |276        |     |       |      |       |872  |             |869  |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Cost       |(3         |(386)|(3)    |(228) |21     |(3   |(151)        |(4   |
|of         |362)       |     |       |      |       |957) |             |108) |
|sales      |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Gross      |1          |552  |420    |29    |0      |2    |(154)        |2    |
|profit     |914        |     |       |      |       |915  |             |761  |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|% of       |36.3       |58.8%|99.3%  |11.3  |       |42.4%|             |40.2%|
|net        |%          |     |       |%     |       |     |             |     |
|sales      |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Research   |(786)      |(117)|(38)   |(75)  |0      |(1   |(149)        |(1   |
|and        |           |     |       |      |       |016) |             |165) |
|deve-      |           |     |       |      |       |     |             |     |
|lopment    |           |     |       |      |       |     |             |     |
|expe-      |           |     |       |      |       |     |             |     |
|nses       |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Sell-      |(575)      |(105)|(32)   |(46)  |0      |(758)|(174)        |(933)|
|ing,       |           |     |       |      |       |     |             |     |
|gene-      |           |     |       |      |       |     |             |     |
|ral        |           |     |       |      |       |     |             |     |
|and        |           |     |       |      |       |     |             |     |
|adm-       |           |     |       |      |       |     |             |     |
|inistrative|           |     |       |      |       |     |             |     |
|expe-      |           |     |       |      |       |     |             |     |
|nses       |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Other      |(39)       |3    |(3)    |17    |0      |(21) |(90)         |(111)|
|income     |           |     |       |      |       |     |             |     |
|and        |           |     |       |      |       |     |             |     |
|expenses   |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Ope-       |515        |333  |347    |(74)  |0      |1    |(568)        |552  |
|rating     |           |     |       |      |       |120  |             |     |
|profit/    |           |     |       |      |       |     |             |     |
|(loss)     |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|%          |9.8        |35.5%|82.0%  |(28.8)|       |16.3%|             |8.0  |
|of         |%          |     |       |%     |       |     |             |%    |
|net        |           |     |       |      |       |     |             |     |
|sales      |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Depre-     |(100)      |(16) |(6)    |(12)  |0      |(133)|(234)        |(367)|
|ciation    |           |     |       |      |       |     |             |     |
|and        |           |     |       |      |       |     |             |     |
|amor-      |           |     |       |      |       |     |             |     |
|tization   |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|Share of   |18         |0    |0      |0     |0      |18   |0            |18   |
|results    |           |     |       |      |       |     |             |     |
|of         |           |     |       |      |       |     |             |     |
|ass-       |           |     |       |      |       |     |             |     |
|ociated    |           |     |       |      |       |     |             |     |
|compa-     |           |     |       |      |       |     |             |     |
|nies       |           |     |       |      |       |     |             |     |
|and        |           |     |       |      |       |     |             |     |
|joint      |           |     |       |      |       |     |             |     |
|ventures   |           |     |       |      |       |     |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|EBI-       |633        |349  |353    |(62)  |0      |1    |(335)        |937  |
|TDA        |           |     |       |      |       |272  |             |     |
+-----------+-----------+-----+-------+------+-------+-----+-------------+-----+
|(1)        |Mobile Access net sales of EUR 3 472 million, Fixed Access net    |
|           |sales of EUR 542 million, IP Routing net sales of EUR 794 million |
|           |and Optical Networks net sales of EUR 467 million.                |
+-----------+------------------------------------------------------------------+
|(2)        |Non-IFRS results exclude costs related to the Alcatel-Lucent      |
|           |transaction and related integration, goodwill impairment charges, |
|           |intangible asset amortization and purchase price related items,   |
|           |restructuring and associated charges, and certain other items that|
|           |may not be indicative of Nokia's underlying business performance. |
+-----------+------------------------------------------------------------------+



Additional new disclosures

The following table presents net sales disclosure for our different customer
types.

+------------------------------+-----+-----+-----+-----+-----------------------+
|EUR million (unaudited)       |Q1'18|Q2'18|Q3'18|Q4'18|Q1-Q4'2018             |
+------------------------------+-----+-----+-----+-----+-----------------------+
|Communication service         |4 080|4 398|4 632|5 845|18 955                 |
|providers                     |     |     |     |     |                       |
+------------------------------+-----+-----+-----+-----+-----------------------+
|Enterprise                    |244  |295  |256  |371  |1 167                  |
+------------------------------+-----+-----+-----+-----+-----------------------+
|Licensees                     |349  |352  |351  |423  |1 476                  |
+------------------------------+-----+-----+-----+-----+-----------------------+
|Other(1)                      |251  |268  |219  |230  |965                    |
+------------------------------+-----+-----+-----+-----+-----------------------+
|Total                         |4 924|5 313|5 458|6 869|22 563                 |
+------------------------------+-----+-----+-----+-----+-----------------------+
|                              |     |     |     |     |                       |
+------------------------------+-----+-----+-----+-----+-----------------------+
|(1)Includes net sales of Alcatel-Lucent Submarine Networks (ASN) and Radio    |
|Frequency Systems (RFS), both of which are being managed as separate entities,|
|and certain other items, such as net sales of Digital Health business,        |
|eliminations of inter-segment revenues as well as certain items related to    |
|purchase price allocation. ASN and RFS net sales include also revenue from    |
|communications service providers and enterprise customers.                    |
+------------------------------------------------------------------------------+



The following tables provide adjusted financial disclosure for our Networks and
Nokia Software reportable segments, with amounts related to licensing and Nokia
Bell Labs allocated 85% to Networks and 15% to Nokia Software.

+------------------+-----------------+-+--------------------+-+----------------+
|Q1-Q4'18          |Before           | |Allocations         | |After           |
|(unaudited)       |allocations      | |                    | |allocations     |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |Licensing|Nokia Bell| |                |
|                  |                 | |         |Labs      | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Net sales (EUR    |                 | |         |          | |                |
|million)          |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |17 404           | |1 255    |6         | |18 665          |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |2 713            | |221      |1         | |2 935           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|1 501            | |(1 476)  |          | |25              |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |1 024            | |         |(7)       | |1 017           |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Eliminations      |(63)             | |         |          | |(63)            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |22 580           | |0        |0         | |22 580          |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Profit  |                 | |         |          | |                |
|(EUR million)     |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |773              | |1 046    |(162)     | |1 657           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |450              | |185      |(29)      | |606             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|1 203            | |(1 231)  |          | |(28)            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(246)            | |         |191       | |(55)            |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |2 180            | |0        |0         | |2 180           |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Margin %|                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |4.4%             | |         |          | |8.9%            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |16.6%            | |         |          | |20.6%           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|80.1%            | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(24.0)%          | |         |          | |(5.4)%          |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |9.7%             | |         |          | |9.7%            |
+------------------+-----------------+-+---------+----------+-+----------------+



+------------------+-----------------+-+--------------------+-+----------------+
|Q1'18 (unaudited) |Before           | |Allocations         | |After           |
|                  |allocations      | |                    | |allocations     |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |Licensing|Nokia Bell| |                |
|                  |                 | |         |Labs      | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Net sales (EUR    |                 | |         |          | |                |
|million)          |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |3 783            | |297      |1         | |4 081           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |541              | |52       |0         | |594             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|365              | |(349)    |          | |16              |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |252              | |         |(1)       | |251             |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Eliminations      |(12)             | |         |          | |(12)            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |4 929            | |0        |0         | |4 929           |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Profit  |                 | |         |          | |                |
|(EUR million)     |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |46               | |252      |(43)      | |255             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |1                | |45       |(8)       | |38              |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|274              | |(297)    |          | |(23)            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(83)             | |         |51        | |(32)            |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |239              | |0        |0         | |239             |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Margin %|                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |1.2%             | |         |          | |6.2%            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |0.2%             | |         |          | |6.4%            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|75.1%            | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(32.9)%          | |         |          | |(12.7)%         |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |4.8%             | |         |          | |4.8%            |
+------------------+-----------------+-+---------+----------+-+----------------+



+------------------+-----------------+-+--------------------+-+----------------+
|Q2'18 (unaudited) |Before           | |Allocations         | |After           |
|                  |allocations      | |                    | |allocations     |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |Licensing|Nokia Bell| |                |
|                  |                 | |         |Labs      | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Net sales (EUR    |                 | |         |          | |                |
|million)          |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |4 081            | |299      |2         | |4 382           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |612              | |53       |0         | |665             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|361              | |(352)    |          | |9               |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |280              | |         |(2)       | |278             |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Eliminations      |(15)             | |         |          | |(15)            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |5 318            | |0        |0         | |5 318           |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Profit  |                 | |         |          | |                |
|(EUR million)     |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |34               | |252      |(43)      | |244             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |40               | |45       |(8)       | |77              |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|292              | |(297)    |          | |(5)             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(33)             | |         |50        | |17              |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |334              | |0        |0         | |334             |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Margin %|                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |0.8%             | |         |          | |5.6%            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |6.5%             | |         |          | |11.6%           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|80.9%            | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(11.8)%          | |         |          | |6.1%            |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |6.3%             | |         |          | |6.3%            |
+------------------+-----------------+-+---------+----------+-+----------------+



+------------------+-----------------+-+--------------------+-+----------------+
|Q3'18 (unaudited) |Before           | |Allocations         | |After           |
|                  |allocations      | |                    | |allocations     |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |Licensing|Nokia Bell| |                |
|                  |                 | |         |Labs      | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Net sales (EUR    |                 | |         |          | |                |
|million)          |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |4 265            | |298      |2         | |4 565           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |623              | |53       |0         | |676             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|351              | |(351)    |          | |0               |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |236              | |         |(2)       | |234             |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Eliminations      |(14)             | |         |          | |(14)            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |5 461            | |0        |0         | |5 461           |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Profit  |                 | |         |          | |                |
|(EUR million)     |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |178              | |247      |(41)      | |384             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |75               | |44       |(7)       | |111             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|290              | |(290)    |          | |0               |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(56)             | |         |48        | |(8)             |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |487              | |0        |0         | |487             |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Margin %|                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |4.2%             | |         |          | |8.4%            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |12.0%            | |         |          | |16.4%           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|82.6%            | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(23.7)%          | |         |          | |(3.4)%          |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |8.9%             | |         |          | |8.9%            |
+------------------+-----------------+-+---------+----------+-+----------------+



+------------------+-----------------+-+--------------------+-+----------------+
|Q4'18 (unaudited) |Before           | |Allocations         | |After           |
|                  |allocations      | |                    | |allocations     |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |Licensing|Nokia Bell| |                |
|                  |                 | |         |Labs      | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Net sales (EUR    |                 | |         |          | |                |
|million)          |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |5 276            | |360      |2         | |5 637           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |938              | |63       |0         | |1 002           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|423              | |(423)    |          | |0               |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |257              | |         |(2)       | |255             |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Eliminations      |(21)             | |         |          | |(21)            |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |6 872            | |0        |0         | |6 872           |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Profit  |                 | |         |          | |                |
|(EUR million)     |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |515              | |295      |(36)      | |774             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |333              | |52       |(6)       | |379             |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|347              | |(347)    |          | |0               |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(74)             | |         |42        | |(32)            |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |1 120            | |0        |0         | |1 120           |
+------------------+-----------------+-+---------+----------+-+----------------+
|                  |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Operating Margin %|                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Networks          |9.8%             | |         |          | |13.7%           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Software    |35.5%            | |         |          | |37.8%           |
+------------------+-----------------+-+---------+----------+-+----------------+
|Nokia Technologies|82.0%            | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Group Common and  |(28.8)%          | |         |          | |(12.5)%         |
|Other             |                 | |         |          | |                |
+------------------+-----------------+-+---------+----------+-+----------------+
|Non-IFRS total    |16.3%            | |         |          | |16.3%           |
+------------------+-----------------+-+---------+----------+-+----------------+



Nokia to publish first-quarter 2019 interim report on April 25, 2019

Nokia will publish its first-quarter 2019 interim report on April 25, 2019 at
approximately 8 a.m. Finnish time (CET+1). The interim report will be made
available on the Nokia website immediately after publication.

Nokia only publishes a summary of its financial reports in stock exchange
releases. The summary focuses on Nokia Group's financial information as well as
on Nokia's outlook.

The detailed segment-level discussion will be available in the complete first-
quarter 2019 interim report available at http://nokia.com/financials. Investors
should not solely rely on summaries of Nokia's financial reports, but should
also review the complete reports with tables.

Nokia's analyst conference call will begin on April 25, 2019 at 3 p.m. Finnish
time. A link to the webcast of the conference call will be available
at http://nokia.com/financials. Media representatives can listen in via the link
on that website, or alternatively call +1 412 317 5210.



FORWARD-LOOKING STATEMENTS

It should be noted that Nokia and its businesses are exposed to various risks
and uncertainties and certain statements herein that are not historical facts
are forward-looking statements. These forward-looking statements reflect Nokia's
current expectations and views of future developments and include statements
regarding: A) expectations, plans or benefits related to our strategies and
growth management; B) expectations, plans or benefits related to future
performance of our businesses and any expected future dividends; C) expectations
and targets regarding financial performance, results, operating expenses, taxes,
currency exchange rates, hedging, cost savings and competitiveness, as well as
results of operations including targeted synergies and those related to market
share, prices, net sales, income and margins; D) expectations, plans or benefits
related to changes in organizational and operational structure; E) expectations
regarding market developments, general economic conditions and structural
changes; F) our ability to integrate acquired businesses into our operations and
achieve the targeted business plans and benefits, including targeted benefits,
synergies, cost savings and efficiencies; G) expectations, plans or benefits
related to any future collaboration or to business collaboration agreements or
patent license agreements or arbitration awards, including income to be received
under any collaboration or partnership, agreement or award; H) timing of the
deliveries of our products and services, including our short term and longer
term expectations around the rollout of 5G and our ability to capitalize on such
rollout; and the overall readiness of the 5G ecosystem ; I) expectations and
targets regarding collaboration and partnering arrangements, joint ventures or
the creation of joint ventures, and the related administrative, legal,
regulatory and other conditions, as well as our expected customer reach; J)
outcome of pending and threatened litigation, arbitration, disputes, regulatory
proceedings or investigations by authorities; K) expectations regarding
restructurings, investments, capital structure optimization efforts, uses of
proceeds from transactions, acquisitions and divestments and our ability to
achieve the financial and operational targets set in connection with any such
restructurings, investments, capital structure optimization efforts, divestments
and acquisitions, including our 2019-2020 cost savings program; L) expectations,
plans or benefits related to future capital expenditures, temporary incremental
expenditures or other R&D expenditures to develop or rollout new products,
including 5G; and M) statements preceded by or including "believe", "expect",
"expectations", "commit", "anticipate", "foresee", "see", "target", "estimate",
"designed", "aim", "plan", "intend", "influence", "assumption", "focus",
"continue", "project", "should", "is to", "will" or similar expressions. These
forward-looking statements are subject to a number of risks and uncertainties,
many of which are beyond our control, which could cause actual results to differ
materially from such statements. These statements are based on management's best
assumptions and beliefs in light of the information currently available to it.
These forward-looking statements are only predictions based upon our current
expectations and views of future events and developments and are subject to
risks and uncertainties that are difficult to predict because they relate to
events and depend on circumstances that will occur in the future.  Factors,
including risks and uncertainties that could cause these differences include,
but are not limited to: 1) our strategy is subject to various risks and
uncertainties and we may be unable to successfully implement our strategic
plans, sustain or improve the operational and financial performance of our
business groups, correctly identify or successfully pursue business
opportunities or otherwise grow our business; 2) general economic and market
conditions and other developments in the economies where we operate, including
the timeline for the deployment of 5G and our ability to successfully capitalize
on that deployment; 3) competition and our ability to effectively and profitably
invest in new competitive high-quality products, services, upgrades and
technologies and bring them to market in a timely manner; 4) our dependence on
the development of the industries in which we operate, including the cyclicality
and variability of the information technology and telecommunications industries
and our own R&D capabilities and investments; 5) our dependence on a limited
number of customers and large multi-year agreements; 6) our ability to maintain
our existing sources of intellectual property-related revenue through our
intellectual property, including through licensing, establish new sources of
revenue and protect our intellectual property from infringement; 7) our ability
to manage and improve our financial and operating performance, cost savings,
competitiveness and synergies generally and our ability to implement changes to
our organizational and operational structure efficiently; 8) our global business
and exposure to regulatory, political or other developments in various countries
or regions, including emerging markets and the associated risks in relation to
tax matters and exchange controls, among others; 9) our ability to achieve the
anticipated benefits, synergies, cost savings and efficiencies of acquisitions,
including the acquisition of Alcatel-Lucent; 10) exchange rate fluctuations, as
well as hedging activities; 11) our ability to successfully realize the
expectations, plans or benefits related to any future collaboration or business
collaboration agreements and patent license agreements or arbitration awards,
including income to be received under any collaboration, partnership, agreement
or arbitration award; 12) Nokia Technologies' ability to protect its IPR and to
maintain and establish new sources of patent, brand and technology licensing
income and IPR-related revenues, particularly in the smartphone market, which
may not materialize as planned, 13) our dependence on IPR technologies,
including those that we have developed and those that are licensed to us, and
the risk of associated IPR-related legal claims, licensing costs and
restrictions on use; 14) our exposure to direct and indirect regulation,
including economic or trade policies, and the reliability of our governance,
internal controls and compliance processes to prevent regulatory penalties in
our business or in our joint ventures; 15) our reliance on third-party solutions
for data storage and service distribution, which expose us to risks relating to
security, regulation and cybersecurity breaches; 16) inefficiencies, breaches,
malfunctions or disruptions of information technology systems; 17) our exposure
to various legal frameworks regulating corruption, fraud, trade policies, and
other risk areas, and the possibility of proceedings or investigations that
result in fines, penalties or sanctions; 18) adverse developments with respect
to customer financing or extended payment terms we provide to customers; 19) the
potential complex tax issues, tax disputes and tax obligations we may face in
various jurisdictions, including the risk of obligations to pay additional
taxes; 20) our actual or anticipated performance, among other factors, which
could reduce our ability to utilize deferred tax assets; 21) our ability to
retain, motivate, develop and recruit appropriately skilled employees; 22)
disruptions to our manufacturing, service creation, delivery, logistics and
supply chain processes, and the risks related to our geographically-concentrated
production sites; 23) the impact of litigation, arbitration, agreement-related
disputes or product liability allegations associated with our business; 24) our
ability to re-establish investment grade rating or maintain our credit ratings;
25) our ability to achieve targeted benefits from, or successfully implement
planned transactions, as well as the liabilities related thereto; 26) our
involvement in joint ventures and jointly-managed companies; 27) the carrying
amount of our goodwill may not be recoverable; 28) uncertainty related to the
amount of dividends and equity return we are able to distribute to shareholders
for each financial period; 29) pension costs, employee fund-related costs, and
healthcare costs; 30) our ability to successfully complete and capitalize on our
order backlogs and continue converting our sales pipeline into net sales; and
31) risks related to undersea infrastructure, as well as the risk factors
specified on pages 60 to 75 of our 2018 annual report on Form 20-F published on
March 21, 2019 under "Operating and financial review and prospects-Risk factors"
and in our other filings or documents furnished with the U.S. Securities and
Exchange Commission. Other unknown or unpredictable factors or underlying
assumptions subsequently proven to be incorrect could cause actual results to
differ materially from those in the forward-looking statements. We do not
undertake any obligation to publicly update or revise forward-looking
statements, whether as a result of new information, future events or otherwise,
except to the extent legally required.



About Nokia

We create the technology to connect the world. We develop and deliver the
industry's only end-to-end portfolio of network equipment, software, services
and licensing that is available globally. Our customers include communications
service providers whose combined networks support 6.1 billion subscriptions, as
well as enterprises in the private and public sector that use our network
portfolio to increase productivity and enrich lives.

Through our research teams, including the world-renowned Nokia Bell Labs, we are
leading the world to adopt end-to-end 5G networks that are faster, more secure
and capable of revolutionizing lives, economies and societies. Nokia adheres to
the highest ethical business standards as we create technology with social
purpose, quality and integrity.

nokia.com



Media Enquiries

Nokia
Communications
Tel. +358 (0) 10 448 4900
Email: press.services@nokia.com
Jon Peet, Vice President, Corporate Communications

Investor Enquiries:

Nokia
Investor Relations
Tel. +358 4080 3 4080
Email: investor.relations@nokia.com


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