Nokia - Company Announcement

Nokia updates mobile device market estimates for 2010 based on its revised definition of the industry mobile device market applied to its reporting beginning in 2010

Nokia Corporation                                                               
Stock exchange release                                                          
March 12, 2010 at 15.25 (CET +1)                                                

Nokia updates mobile device market estimates for 2010 based on its revised      
definition of the industry mobile device market applied to its reporting        
beginning in 2010
Nokia filed Form 20-F for 2009 with the US Securities and Exchange Commission 
Espoo, Finland - Nokia filed its annual report on Form 20-F for 2009 with the US
Securities and Exchange Commission today, and revised its definition of the     
industry mobile device market applicable to its reporting beginning in 2010.    
Nokia also updated its mobile device market estimates for 2010 based on the     
revised definition.  
Beginning in 2010, Nokia is revising its definition of the industry mobile      
device market that it uses to estimate industry volumes. This is due to improved
measurement processes and tools that enable Nokia to have better visibility to  
estimate the number of mobile devices sold by certain new entrants in the global
mobile device market.  These include vendors of legitimate, as well as          
unlicensed and counterfeit, products with manufacturing facilities primarily    
centered around certain locations in Asia and other emerging markets.
For comparative purposes only going forward, applying the revised definition and
improved measurement processes and tools that we are using beginning in 2010    
retrospectively to 2009, Nokia estimates that industry mobile device volumes in 
2009 would have been 1.26 billion units. Based on the industry mobile device    
market definition used in 2009, Nokia estimated that industry mobile device     
volumes were 1.14 billion units. Similarly, for comparative purposes only going 
forward, applying the revised definition retrospectively to 2009, Nokia         
estimates that its mobile device volume market share would have been 34% in 2009
on an annual basis. Based on the industry mobile device market definition used  
in 2009, Nokia's volume market share estimate was 38%. The respective quarterly 
volume market shares would have been 32% during the first quarter of 2009 (37%  
based on the 2009 definition), 35% during the second quarter of 2009 (38% based 
on the 2009 definition), 34% during the third quarter of 2009 (38% based on the 
2009 definition) and 35% during the fourth quarter of 2009 (39% based on the    
2009 definition). Nokia is not able to apply the revised definition and improved
measurement processes and tools retrospectively to its estimated industry mobile
device volumes or Nokia's estimated volume market share in 2008 due to lack of  
visibility and data. Thus, the industry mobile device volumes estimated for 2008
and Nokia's volume market share estimated for 2008 are not comparable with the  
industry mobile device volumes estimates or Nokia's volume market share         
estimates based on the revised definition.                                      

Applying its revised definition of the industry mobile device market applicable 
beginning in 2010 on a comparable year-over-year basis,                         
- 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; and                                                           
- Nokia targets to increase its mobile device value market                      
share slightly in 2010, compared to 2009.
These expectations and targets are the same as announced by Nokia on January 28,
2010 while now applying the revised market definition.
The Nokia annual report on Form 20-F for 2009 is available in pdf format at     
www.nokia.com/financials. Shareholders may request a hard copy of the report    
free of charge through Nokia's Internet pages.                                  

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 1.2 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.
FORWARD-LOOKING STATEMENTS                                                      
It should be noted that certain statements herein which are not historical
facts are forward-looking statements, including, without limitation, those
regarding: A) the timing of the deliveries of our products and services and
their combinations; B) our ability to develop, implement and commercialize new
technologies, products and services and their combinations; C) expectations
regarding market developments and structural changes; D) expectations and
targets regarding our industry volumes, market share, prices, net sales and
margins of products and services and their combinations; E) expectations and
targets regarding our operational priorities and results of operations; F) the
outcome of pending and threatened litigation; G) expectations regarding the
successful completion of acquisitions or restructurings on a timely basis and
our ability to achieve the financial and operational targets set in connection
with any such acquisition or restructuring; and H) statements preceded by
“believe,” “expect,” “anticipate,” “foresee,” “target,” “estimate,” “designed,”
“plans,” “will” or similar expressions. 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
competitiveness and quality of our portfolio of products and services and their
combinations; 2) our ability to timely and successfully develop or otherwise
acquire the appropriate  technologies and commercialize them as new advanced
products and services and their combinations, including our ability to attract
application developers and content providers to develop applications and
provide content for use in our devices; 3) our ability to effectively, timely
and profitably adapt our business and operations to the requirements of the
converged mobile device market and the services market; 4) the intensity of
competition in the various markets where we do business and our ability to
maintain or improve our market position or respond successfully to changes in
the competitive environment; 5) the occurrence of any actual or even alleged
defects or other quality, safety or security issues in our products and
services and their combinations; 6) the development of the mobile and fixed
communications industry and general economic conditions globally and
regionally; 7) our ability to successfully manage costs; 8) exchange rate
fluctuations, including, in particular, fluctuations between the euro, which is
our reporting currency, and the US dollar, the Japanese yen and the Chinese
yuan, as well as certain other currencies; 9) the success, financial condition
and performance of our suppliers, collaboration partners and customers; 10) our
ability to source sufficient amounts of fully functional components,
sub-assemblies, software, applications and content without interruption and at
acceptable prices and quality; 11) our success in collaboration arrangements
with third parties relating to the development of new technologies, products
and services, including applications and content; 12) our ability to manage
efficiently our manufacturing and logistics, as well as to ensure the quality,
safety, security and timely delivery of our products and services and their
combinations; 13) our ability to manage our inventory and timely adapt our
supply to meet changing demands for our products; 14) 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 and services and their combinations; 15) 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;
16) the impact of changes in government policies, trade policies, laws or
regulations and economic or political turmoil in countries where our assets are
located and we do business; 17) any disruption to information technology
systems and networks that our operations rely on; 18) our ability to retain,motivate, develop and recruit appropriately skilled employees; 19) unfavorable
outcome of litigations; 20) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile devices and
lawsuits related to them, regardless of merit; 21) our ability to achieve
targeted costs reductions and increase profitability in Nokia Siemens Networks
and to effectively and timely execute related restructuring measures; 22)
developments under large, multi-year contracts or in relation to major
customers in the networks infrastructure and related services business; 23) the
management of our customer financing exposure, particularly in the networks
infrastructure and related services business; 24) whether ongoing or any
additional governmental investigations into alleged violations of law by some
former employees of Siemens AG (“Siemens”) may involve and affect the
carrier-related assets and employees transferred by Siemens to Nokia Siemens
Networks; 25) any impairment of Nokia Siemens Networks customer relationships
resulting from ongoing or any additional governmental investigations involving
the Siemens carrier-related operations transferred to Nokia Siemens Networks;
as well as the risk factors specified on pages 11-32 of Nokia's annual report
Form 20-F for the year ended December 31, 2009 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. 

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