NOKIA X X

Conference Call

Third

Quarter 2002 Financial Results

Jorma Ollila

Chairman and CEO

Olli-Pekka Kallasvuo

Executiv e Vice Presiden t an d CFO

Ulla James

Vice President, Invest or Relat ion s

October 17, 2002

15.00 Helsinki time / 08.00 New York time

During this call, we will be making various forward-loo king

statements regarding the future business and financial

performance of Nokia and the mobil e commu ni cations

industry. These statements are predictions that involve

both risks and uncertainties, and actual results may vary

materially. We refer you to pages 10 to 17 of Nokia's Form

20-F, to our previous announcements and to Nokia's press
release issued today regarding some important risk factors

you should consider in evaluating this information.

Strong Profitability for Nokia

Nokia Sales & Gross Mar gi n Devel opment

10,000

9,000
8,000

7,000
6,000

5,000
4,000
3,000
2,000

1,000

50.0%

45.0%

40.0%

35.0%

Net Sales

30.0%

Gross Margin

0

3Q 00 4Q 00 1Q 01 2Q 01 3Q 01 4Q 01 1Q 02 2Q 02 3Q 02

(Millions of Euro)

25.0%

Nokia - Key Figures

3Q 2002

EUR (million)

Net sales 7 224 7 050 2 7 224 7 050 2

Nokia Mobile Ph ones 5 633 5 269 7 5 633 5 269 7
Nokia Networks 1 545 1 659 -7 1 545 1 659 -7
Nokia Ventures Organization 89 140 -36 89 140 -36

Operating Margi n (%) 16.9 15.2 11.9 4.0

Nokia Mobile Pho nes (%) 22.2 19.0 21.8 18.6
Nokia Networks (%) 5.2 9.3 -16.2 -35.3
Nokia Ventures Organization (%) -28.1 -51.4 -34.8 -68.9

Net profit 881 760 16 610 186 228

3Q/2002 3Q/2001 Change (%) 3Q/2002 3Q/2001 Change (%)

PRO FORMA - IAS REPORTED – IAS

EPS, EUR Diluted 0.18 0.16 13 0.13 0.04 225

Operating Cash Flo w 2 163 1 363 59

Q3-2002 Sales: 55% from Europe/Africa, 26% from APAC, and 19% Americas

Handset Recovery Continued in Q3

• Rapid developme nt in the mul timedia arena

• More than 50 European and Asian operators have

introduced MMS

• Will eventually lead to increased capacity requirements and

demand for faster data speeds

• 85% of all subscribers on evolution path from GSM to

EDGE and WCDMA

• Nokia 6650 – the world’s first 3GPP compliant dual-mode

GSM/WCDMA phone introduced

• Type approvals in Europe and Japan received

• Operator-controlled network testing expected to start in Q4

• First commercial deliveries scheduled for 1H 2003