Nokia - Company Announcement

Nokia Capital Markets Day 2009

Nokia Corporation                                                               
Stock Exchange Release                                                          
December 2, 2009 at 13.00 (CET +1)                                              

Nokia Capital Markets Day 2009                                                  

Nokia sets key financial targets and Devices & Services operational priorities  
for 2010                                                                        

Helsinki, Finland - Today, at its annual Capital Markets Day event, Nokia set   
key targets and forecasts for the company and its industry for 2010. Senior     
company executives outlined how Nokia's focus on execution combined with its    
core competitive advantages, position the company to achieve and sustain        
broad-based success in the mobile devices market. At the event, Nokia also      
demonstrated significant improvements to its forthcoming version of the Symbian 
user interface.                          

Nokia CEO, Olli-Pekka Kallasvuo, highlighted Nokia's focus on user experience,  
stating: "In 2010, we will drive user experience improvements, and the progress 
we make will take the Symbian user interface to a new level. As an operating    
system, Symbian has reach and flexibility like no other platform, and we have   
measures in place to push smartphones down to new price points globally, while  
growing margins. I see great opportunity for Nokia to capture new growth in our 
industry, by creating what we expect to be the world's biggest platform for     
services on the mobile."

Nokia CFO, Timo Ihamuotila, described Nokia's view of the industry and          
competitive environment: "Going into 2010, the overall mobile devices market is 
stabilizing and it is growing more in the areas where Nokia has competitive     
advantages. We believe that by executing on the operational priorities we have  
set, Nokia will be competitive in both mobile phones and smartphones and will   
improve its value share."

Targets and forecasts for Nokia and the mobile device industry                  
- Nokia expects industry mobile device volumes to be up approximately 10% in    
2010, compared to 2009.                                                         
- Nokia targets its mobile device volume market share to be flat in 2010,       
compared to 2009.                                                               
- Nokia targets lower average selling price (ASP) erosion of its mobile devices 
in 2010, compared to recent years.                                              
- Nokia targets to increase its mobile device value market share slightly in    
2010, compared to 2009.                                                         
- Nokia targets non-IFRS* operating expenses in Devices & Services of           
approximately EUR 5.7 billion in 2010.                                          
- Nokia targets bringing Devices & Services non-IFRS* research and development  
expenses below 10% of net sales in 2010.                                        
- Nokia targets Devices & Services non-IFRS* operating margin of 12% to 14% in  
2010.                                                                           
- Nokia continues to target Services net sales of EUR 2 billion or more in 2011.
- Nokia continues to target to have 300 million active users for its services by
the end of 2011.                                                                

Targets and forecasts for Nokia Siemens Networks and the mobile and fixed       
infrastructure and related services market                                      
- Nokia and Nokia Siemens Networks expect a flat market in euro terms for the   
mobile and fixed infrastructure and related services market in 2010, compared to
2009.                                                                           
- Nokia and Nokia Siemens Networks target for Nokia Siemens Networks to grow    
faster than the market in 2010.                                                 
- Nokia and Nokia Siemens Networks continue to target Nokia Siemens Networks to 
reduce its non-IFRS* annualized operating expenses and production overheads by  
EUR 500 million by the end of 2011, compared to the end of 2009.                
- Nokia and Nokia Siemens Networks target Nokia Siemens Networks non- IFRS*     
operating margin of breakeven to 2% in 2010.                                    

Additional financial targets                                                    
- Nokia and NAVTEQ target NAVTEQ operating margin to be higher than Devices &
Services operating margin in 2010, on a non-IFRS* basis.                        
- Nokia targets its financial income and expense to be approximately EUR 250    
million expense in 2010.                                                        

Nokia Devices & Services operational priorities                                 
In addition to providing its key financial targets, Nokia also outlined key     
Devices & Services operational priorities for 2010. These are:                  
- Improve our user experience;                                                  
- Re-engineer our Symbian user interface; deliver a major product milestone     
before mid-year 2010, and another major product milestone before the end of     
2010;                                                                           
- Deliver our first Maemo 6-powered mobile computer, with an iconic user        
experience, in the second half of 2010;                                         
- Significantly increase the proportion of touch and/or QWERTY devices in our   
smartphone portfolio;                                                           
- Scale up our Services business by expanding geographically and in partnership 
with more operators;                                                            
- Provide third party developers with better tools to create applications and   
content for our Ovi ecosystem;                                                  
- Further optimize the industry's lowest cost end-to-end business model in      
Mobile Phones; and                                                              
- Continue to build on our affordable and localized services offerings for      
emerging market consumers.                                                      

* Non-IFRS results exclude special items for all periods. In addition, non-IFRS 
results exclude intangible asset amortization, other purchase price accounting  
related items and inventory value adjustments arising from the formation of     
Nokia Siemens Networks and from all business acquisitions. Nokia believes that  
these non-IFRS financial measures provide meaningful supplemental information to
both management and investors regarding Nokia's performance by excluding the    
above-described items that may not be indicative of Nokia's business operating  
results. These non-IFRS financial measures should not be viewed in isolation or 
as substitutes to the equivalent IFRS measure(s), but should be used in         
conjunction with the most directly comparable IFRS measure(s) in the reported   
results.                                                                        

The main session presentations at Nokia Capital Markets Day will be webcast live
at: www.nokia.com/investors. The evening session auditorium presentations at    
Nokia Capital Markets Day will be webcast (archived) at: www.nokia.com/investors

FORWARD-LOOKING STATEMENTS                                                      
It should be noted that certain statements herein which are not historical      
facts, including, without limitation, those regarding: A) the timing of product,
services and solution deliveries; B) our ability to develop, implement and      
commercialize new products, services, solutions and technologies; C) our ability
to develop and grow our consumer Internet services business; D) expectations    
regarding market developments and structural changes; E) expectations regarding 
our mobile device volumes, market share, prices and margins; F) expectations and
targets for our results of operations; G) the outcome of pending and threatened 
litigation; H) expectations regarding the successful completion of contemplated 
acquisitions on a timely basis and our ability to achieve the set targets upon  
the completion of such acquisitions; and I) statements preceded by "believe,""expect,""anticipate,""foresee,""target,""estimate,""designed,""plans,""will" or similar expressions are forward-looking statements. These statements  
are based on management's best assumptions and beliefs in light of the          
information currently available to it. Because they involve risks and           
uncertainties, actual results may differ materially from the results that we    
currently expect. Factors that could cause these differences include, but are   
not limited to: 1) the deteriorating global economic conditions and related     
financial crisis and their impact on us, our customers and end-users of our     
products, services and solutions, our suppliers and collaborative partners; 2)  
the development of the mobile and fixed communications industry, as well as the 
growth and profitability of the new market segments that we target and our      
ability to successfully develop or acquire and market products, services and    
solutions in those segments; 3) the intensity of competition in the mobile and  
fixed communications industry and our ability to maintain or improve our market 
position or respond successfully to changes in the competitive landscape; 4)    
competitiveness of our product, services and solutions portfolio; 5) our ability
to successfully manage costs; 6) exchange rate fluctuations, including, in      
particular, fluctuations between the euro, which is our reporting currency, and 
the US dollar, the Japanese yen, the Chinese yuan and the UK pound sterling, as 
well as certain other currencies; 7) the success, financial condition and       
performance of our suppliers, collaboration partners and customers; 8) our      
ability to source sufficient amounts of fully functional components,            
sub-assemblies, software and content without interruption and at acceptable     
prices; 9) the impact of changes in technology and our ability to develop or    
otherwise acquire and timely and successfully commercialize complex technologies
as required by the market; 10) the occurrence of any actual or even alleged     
defects or other quality, safety or security issues in our products, services   
and solutions; 11) the impact of changes in government policies, trade policies,
laws or regulations or political turmoil in countries where we do business; 12) 
our success in collaboration arrangements with others relating to development of
technologies or new products, services and solutions; 13) our ability to manage 
efficiently our manufacturing and logistics, as well as to ensure the quality,  
safety, security and timely delivery of our products, services and solutions;   
14) inventory management risks resulting from shifts in market demand; 15) our  
ability to protect the complex technologies, which we or others develop or that 
we license, from claims that we have infringed third parties' intellectual      
property rights, as well as our unrestricted use on commercially acceptable     
terms of certain technologies in our products, services and solutions; 16) our  
ability to protect numerous Nokia, NAVTEQ and Nokia Siemens Networks patented,  
standardized or proprietary technologies from third-party infringement or       
actions to invalidate the intellectual property rights of these technologies;   
17) any disruption to information technology systems and networks that our      
operations rely on; 18) developments under large, multi-year contracts or in    
relation to major customers; 19) the management of our customer financing       
exposure; 20) our ability to retain, motivate, develop and recruit appropriately
skilled employees; 21) whether, as a result of investigations into alleged      
violations of law by some former employees of Siemens AG ("Siemens"), government
authorities or others take further actions against Siemens and/or its employees 
that may involve and affect the carrier-related assets and employees transferred
by Siemens to Nokia Siemens Networks, or there may be undetected additional     
violations that may have occurred prior to the transfer, or violations that may 
have occurred after the transfer, of such assets and employees that could result
in additional actions by government authorities; 22) any impairment of Nokia    
Siemens Networks customer relationships resulting from the ongoing government   
investigations involving the Siemens carrier-related operations transferred to  
Nokia Siemens Networks; 23) unfavorable outcome of litigations; 24) allegations 
of possible health risks from electromagnetic fields generated by base stations 
and mobile devices and lawsuits related to them, regardless of merit; as well as
the risk factors specified on pages 11-28 of Nokia's annual report on Form 20-F 
for the year ended December 31, 2008 under Item 3D. "Risk Factors." 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. Nokia does 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. 

Media and Investor Contacts:                                                    

Nokia                                                                           
Communications                                                                  
Tel. +358 7180 34900                                                            
Email: press.services@nokia.com                                                 

Investor Relations Europe, Tel. +358 7180 34927                                 

Investor Relations US, Tel. +1 914 368 0555                                     

www.nokia.com