Nokia Press Conference
Disclaimer

It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding: A) the timing of product and solution deliveries; B) our ability to develop, implement and commercialize new products, solutions and technologies; C) expectations regarding market growth, developments and structural changes; D) expectations and targets for our results of operations; E) the outcome of pending and threatened litigation; and F) statements preceded by "believe," expect," "anticipate," "foresee," "target," "designed" or similar expressions are forward-looking statements. Because these statements 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 extent of the growth of the mobile communications industry and the new market segments in which we have recently invested;
2. price erosion;
3. timing and success of the introduction and roll-out of new products and solutions;
4. competitiveness of our product portfolio;
5. our failure to identify key market trends and to respond timely and successfully to the needs of our customers;
6. the impact of changes in technology and the success of our product and solution development;
7. the intensity of competition in the mobility industry and changes in the competitive landscape;
8. our ability to control the variety of factors affecting our ability to reach our targets and give accurate forecasts;
9. the availability of new products and services by network operators and other market participants;
10. general economic conditions globally and in our most important markets;
11. our success in maintaining efficient manufacturing and logistics as well as the high quality of our products and solutions;
12. inventory management risks resulting from shifts in market demand;
13. our ability to source quality components without interruption and at acceptable prices;
14. our success in collaboration arrangements relating to technologies, software or new products and solutions;
15. the success, financial condition, and performance of our collaboration partners, suppliers and customers;
16. any disruption to information technology systems and networks that our operations rely on;
17. our ability to have access to the complex technology involving patents and other intellectual property rights included in our products and solutions at commercially acceptable terms and without infringing any protected intellectual property rights;
18. our ability to recruit, retain and develop appropriately skilled employees;
19. developments under large, multi-year contracts or in relation to major customers;
20. exchange rate fluctuations, including, in particular, fluctuations between the euro, which is our reporting currency, and the US dollar, the UK pound sterling and the Japanese yen;
21. the management of our customer financing exposure; and
22. the impact of changes in government policies, laws or regulations; as well as
23. the risk factors specified on pages 12-22 of the company's Form 20-F for the year ended December 31, 2004 under "Item 3.D Risk Factors.""