1. Nokia Conference Call
Third Quarter 2009 Financial Results
October 15, 2009 15.00 Helsinki time 8.00 New York time
Olli-Pekka Kallasvuo President & CEO
Rick Simonson Executive Vice President & CFO
Kristian Pullola Vice President, Head of Treasury and Investor Relations
1 © 2009 Nokia Third Quarter 2009 Financial Results

2. Disclaimer
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.
2 © 2009 Nokia Third Quarter 2009 Financial Results

3. Good execution in an improving market environment
• The demand environment for mobile handsets
improved faster than anticipated in many
markets, but the uncertainty remains
• Q3 was a solid quarter for Nokia’s Devices &
Services business despite the component
constraints we encountered
• The formation of the Solutions unit is an
important structural change that improve our
ability to execute and innovate
• Nokia can further improve its position in the
Products business by leveraging its low cost,
unmatched scale, brand, and distribution
3 © 2009 Nokia Third Quarter 2009 Financial Results

4. Estimated Global Device Market
Industry mobile device volumes in 3Q 2009 estimated to be 288 million, up
7% QoQ and down 7% YoY.
3Q 2009 Industry Device Volumes by Region (millions)
3Q 2009 Industry Device Volumes by Technology (millions)
4 © 2009 Nokia Third Quarter 2009 Financial Results

5. Devices & Services in 3Q09: Highlights
• Shipped 1.8 million N97 devices and 5.7 million
touchscreen devices altogether
• Shipped 4.4 million Eseries devices
• Strong contribution from 6700 and 5130 XpressMusic
• Ovi partnership with Facebook
• Launch of Ovi APIs and our Ovi SDK Beta
• Acquisitions of Cellity, Plum and Dopplr
• Ovi Mail reached 2 million users
• Nokia Messaging with 35 operators
• Developers from 65 countries
• Nokia Music Store in 22 countries
Nokia N900 with Maemo
• Comes With Music in 12 countries
• Navigation in more than 70 countries with 6 000 3D
landmarks
5 © 2009 Nokia Third Quarter 2009 Financial Results

6. Nokia Siemens Networks
• Net sales of EUR 2.8 billion (down 21%
YoY and down 14% QoQ)
• Non-IFRS gross margin of 28.8% (up 80
bps QoQ)
• Non-IFRS operating loss of EUR 53
million (compared with profit of EUR 2
million in 2Q 2009)
• The challenging competitive factors and
market conditions necessitated the
impairment charges of EUR 1.3 billion at
NSN
• We now expect the total infrastructure
market in 2009 compared to 2008 will
decline approximately 5% and NSN’s
market share to decline more than the
moderate decline expected earlier
6 © 2009 Nokia Third Quarter 2009 Financial Results

7. OPEX performance and overall taxes
• Devices & Services non-IFRS opex was 1.36 billion Euros, down
77 million Euros QoQ
Higher and • This was achieved through a combination of continuing to
faster than contain discretionary expenses and reducing structural costs
expected OPEX • Year-to-date, the headcount impact of the announced
reductions measures totals approximately 4 000 people in Devices &
Services of which approximately 3 500 have already left the
company
• In Q3, Nokia’s taxes benefited from favorable country profit
Lower than mix as well as net credits related to prior years
expected • If Nokia’s estimated long-term tax rate of 26% had been
overall taxes applied, non-IFRS EPS would have been approximately 2 Euro
cents lower
7 © 2009 Nokia Third Quarter 2009 Financial Results

8. Nokia Income Statement in 3Q2009: Highlights
• Nokia non-IFRS gross margin was 31.4% (down 150 bps QoQ)
• Devices & Services net sales of EUR 6.9 billion (up 5% QoQ)
• Devices & Services gross margin of 30.9% (down 310 bps QoQ) and gross
margin without the impact of hedging was 33.1% (up 180 bps QoQ)
• Devices & Services non-IFRS operating margin of 11.4% (down 80 bps QoQ)
• Services net sales were EUR 148 million (not comparable QoQ)
• Nokia device ASP was EUR 62 (unchanged from 2Q09)
• NAVTEQ net sales of EUR 166 million (up 12% QoQ)
• NAVTEQ non-IFRS operating margin of 25.9% (up from 12.8% in 2Q09)
• Nokia Siemens Networks net sales of EUR 2.8 billion (down 14% QoQ)
• Nokia Siemens Networks non-IFRS gross margin of 28.8% (up 80 bps QoQ)
• Nokia Siemens Networks non-IFRS operating margin of -1.9% (0.1% in 2Q09)
• Financial Income & Expenses in 3Q2009 was an expense of EUR 48 million
(expense of EUR 61 million in 2Q2009)
8 © 2009 Nokia Third Quarter 2009 Financial Results

9. Financial Position & Cash Flow Metrics
EU R ( m illio n ) 3Q 2009 3Q 2008 YoY 2Q 2009 QoQ
In v e n to rie s 2 034 3 246 -37% 1 973 3%
A c c o u n ts R e c e iv a b le 8 263 10 772 -23% 8 725 -5%
A c c o u n ts P a y a b le 5 066 6 369 -20% 5 276 -4%
O p e ra tin g C a s h F lo w 720 1 085 -34% 716 1%
C a p ita l Exp e n d itu re 103 262 -61% 137 -25%
D e p re c ia tio n 428 490 -13% 443 -3%
C a s h a n d O th e r liq u id a s s e ts 7 432 7 232 3% 6 994 6%
G e a rin g (N e t-D e b t ra tio ) -15% -15% -10%
D is trib u tio n s 0 250 -100% 1 519
D iv id en d s 0 0 1 519
B u y b a cks 0 250 -100% 0
9 © 2009 Nokia Third Quarter 2009 Financial Results

10. Moving Forward
10 © 2009 Nokia Third Quarter 2009 Financial Results

11. 11 © 2009 Nokia Third Quarter 2009 Financial Results

12. Nokia Capital Markets Day
• Nokia Capital Markets Day 09 will be held at Dipoli Congress Centre and Nokia
Head Offices in Espoo, Finland on December 2, 2009
• For further information, please visit cmd.nokia.com
12 © 2009 Nokia Third Quarter 2009 Financial Results

13. Select Key Products
Nokia
N97 mini
Nokia
N97
Nokia Nokia Nokia Nokia Nokia
X6 E66 E63 E71 E72
Nokia
Nokia 5530 XpressMusic Nokia Nokia
Nokia Nokia Nokia
5230 5800 XpressMusic 6303 classic
3110 classic 5130 XpressMusic 6700 classic
13 © 2009 Nokia Third Quarter 2009 Financial Results

14. Nokia Income Statement
Nokia Reported Nokia Non-
Devices & Siemens Nokia Devices & Siemens I FRS
EUR (million) Services NAVTEQ Netw orks 3Q09 Services NAVTEQ Netw orks Nokia
Net sales 6 915 166 2 760 9 810 6 915 166 2 760 9 810
YoY growth -20% 6% -21% -20% -20% 6% -21% -20%
Gross profit 2 137 146 778 3 061 2 137 146 794 3 077
Gross margin, % 30.9% 88.0% 28.2% 31.2% 30,9% 88.0% 28.8% 31.4%
R&D -703 -152 -531 -1 386 -701 -69 -487 -1 257
% of net sales 10.2% 91.6% 19.2% 14.1% 10.1% 41.6% 17.6% 12.8%
S&M -552 -49 -318 -920 -552 -21 -248 -822
% of net sales 8.0% 29.5% 11.5% 9.4% 8.0% 12.7% 9.0% 8.4%
AG&O -97 -13 -1036 -1 181 -97 -13 -112 -257
% of net sales 1.4% 7.8% 37.5% 12.0% 1.4% 7.8% 4.1% 2.6%
Operating profit 785 -68 -1 107 -426 787 43 -53 741
Operating margin, % 11.4% -41.0% -40.1% -4.3% 11.4% 25.9% -1.9% 7.6%
Financial income and expenses -48 -48
Profit before tax -469 698
Profit attributable to equity holders of the pare -559 634
EPS, Basic (EUR) -0.15 0.17
EPS, Diluted (EUR) -0.15 0.17
14 © 2009 Nokia Third Quarter 2009 Financial Results

15. Currency
• 3Q09 EUR/USD average rate for P&L: 1.408
• 4Q09 EUR/USD Plan rate: 1.459
NOKIA THIRD QUARTER 2009 NET SALES
Reported & Constant Currency1
Q3/2009 vs. Q3/2009 vs.
Q3/2008 Q2/2009
Change Change
Group net sales – reported -20% -1%
Group net sales - constant currency1 -19% 0%
Devices & Services net sales – reported -20% 5%
Devices & Services net sales - constant currency1 -20% 6%
Nokia Siemens Networks net sales – reported -21% -14%
Nokia Siemens Networks net sales - constant currency1 -20% -14%
Note 1: Change in net sales at constant currency excludes the impact of changes in exchange rates in comparison to
the Euro, our reporting currency
15 © 2009 Nokia Third Quarter 2009 Financial Results