Nokia - Company Announcement

Nokia lowers its third quarter 2008 mobile device market share outlook

Nokia Corporation                                                               
Stock exchange release                                                          
September 5, 2008 at 15.00 (CET+1)                                              

Nokia lowers its third quarter 2008 mobile device market share outlook          

Espoo, Finland - Nokia today updated its mobile device market share outlook for 
the third quarter 2008. Nokia now expects its mobile device market share in the 
third quarter 2008 to be lower than in the second quarter 2008. This compares to
Nokia's earlier estimation provided in the second quarter results announcement  
on July 17, 2008, when the company said it expected its mobile device market    
share in the third quarter 2008 to be approximately at the same level           
sequentially.                                                                   

Nokia continues to target an increase in its market share in mobile devices for 
the full year 2008.                                                             

Nokia expects the overall mobile device market in 2008 to be impacted by the    
weaker consumer confidence in multiple markets. However, Nokia continues to     
expect industry mobile device volumes in 2008 to grow 10% or more from the      
approximately 1.14 billion units Nokia estimated for 2007. Nokia also continues 
to expect industry mobile device volumes in the third quarter 2008 to be up     
sequentially.             

Nokia's current estimate that its mobile device market share in the third       
quarter 2008 will be lower than previously expected is due to multiple factors. 
These factors include Nokia's tactical decision to not meet certain aggressive  
pricing of some competitors, the overall market competition, including the entry
markets, and the temporary impact of a slower ramp-up of a mid-range Nokia      
device. Nokia's strategy is to take market share only when the company believes 
it to be sustainably profitable in the longer term. Nokia has not broadly       
participated in the recent aggressive pricing activity - as it believes that the
negative impact to profitability would outweigh any short term incremental      
benefits to device unit sales.                                                  

We expect the product launches and start of shipments to be on track during the 
remainder of the third quarter and the fourth quarter 2008. Driven by its new   
products and services, Nokia continues to believe its product portfolio will be 
very attractive for the rest of the year.                                       

Nokia will report its third quarter 2008 results on October 16, 2008.           

Nokia will be hosting a conference call at 13:30 UK time (8:30 EST). The dial-in
number for media (listen only - the question and answer session will be limited 
to financial analysts and investors only) is +1-706-634-5012. Conference ID:    
63476957.                                                                       

The dial-in number for financial analysts and investors is US: +1-888-636-1561  
Conference ID: 63476957. UK: +44-1452-560-299. Conference ID: 63484035.         

A replay of the call will be available soon after the call completion. The      
replay number is US: +1-800-642-1687 or +1-706-645-9291. Conference ID:         
63476957.                                                                       


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)            
expectations regarding market growth, developments and structural changes; D)   
expectations regarding our mobile device volume growth, market share, prices and
margins; E) expectations and targets for our results of operations; F) the      
outcome of pending and threatened litigation; G) 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
H) 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) competitiveness of our    
product, service and solutions portfolio; 2) the extent of the growth of the    
mobile communications industry and general economic conditions globally; 3) 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; 4) our ability to successfully manage costs; 5) the
intensity of competition in the mobile communications industry and our ability  
to maintain or improve our market position or respond successfully to changes in
the competitive landscape; 6) the impact of changes in technology and our       
ability to develop or otherwise acquire complex technologies as required by the 
market, with full rights needed to use; 7) timely and successful                
commercialization of complex technologies as new advanced products, services and
solutions; 8) 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 solution offerings; 9) our ability to protect numerous Nokia and Nokia      
Siemens Networks patented, standardized or proprietary technologies from        
third-party infringement or actions to invalidate the intellectual property     
rights of these technologies; 10) Nokia Siemens Networks' ability to achieve the
expected benefits and synergies from its formation to the extent and within the 
time period anticipated and to successfully integrate its operations, personnel 
and supporting activities; 11) whether, as a result of investigations into      
alleged violations of law by some current or 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 ongoing violations that may have occurred after the transfer, of   
such assets and employees that could result in additional actions by government 
authorities; 12) 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; 13) occurrence
of any actual or even alleged defects or other quality issues in our products,  
services and solutions; 14) 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; 15) inventory management risks
resulting from shifts in market demand; 16) our ability to source sufficient    
amounts of fully functional components and sub-assemblies without interruption  
and at acceptable prices; 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) economic or         
political turmoil in emerging market countries where we do business; 20) our    
success in collaboration arrangements relating to development of technologies or
new products, services and solutions; 21) the success, financial condition and  
performance of our collaboration partners, suppliers and customers; 22) exchange
rate fluctuations, including, in particular, fluctuations between the euro,     
which is our reporting currency, and the US dollar, the Chinese yuan, the UK    
pound sterling and the Japanese yen, as well as certain other currencies; 23)   
the management of our customer financing exposure; 24) allegations of possible  
health risks from electromagnetic fields generated by base stations and mobile  
devices and lawsuits related to them, regardless of merit; 25) unfavorable      
outcome of litigations; 26) our ability to recruit, retain and develop          
appropriately skilled employees; 27) the impact of changes in government        
policies, laws or regulations; and 28) our ability to effectively and smoothly  
implement our new organizational structure; as well as the risk factors         
specified on pages 10-25 of Nokia's annual report on Form 20-F for the year     
ended December 31, 2007 under “Item 3.D 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 update   
publicly or revise forward-looking statements, whether as a result of new       
information, future events or otherwise, except to the extent legally required. 


Nokia, Helsinki - September 5, 2008                                             

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