nokia x x

Conference Call

Third Quarter 2001 Financial Results

Jorma Ollila

Chairman and CEO

Olli-Pekka Kallasvuo

Executive Vice President and CFO

Ulla James

Vice President, Investor Relations

October 19, 2001

15.00 Helsinki time / 08.00 New York time

During this call, we will be making various forward-looking

statements regarding the future business and financial

performance of Nokia and the mobile communications

industry. These statements are predictions that involve

both risks and uncertainties, and actual results may vary

materially. We refer you to pages 10 to 16 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.

Nokia - Key Figures (PRO FORMA*)

Net sales (million)

NET
NMP

NVO
Operating profit (million)
Operating margin (%)

NET

NMP

NVO
Net Profit (million)

Q3/2001

EUR

7 050
1 659
5 269

140

1 071

15.2

9.3

19.0

-51.4
760

Q3/2000

EUR

7 575
1 926
5 456

209

1 353

17.9

18.5

19.6

-28.7
923

Change

, %

-7

-14

-3

-33

-21

-18

FY 2000

EUR

30 376

7 714

21 887

854

5 861

19.3

18.1

22.4

-35.9

4 027

EPS, Diluted
Operating Cash Flow (million)

Personnel (end of period)

*Excludes goodwill amortization and non-recurring items

0.16

1 363

56 145

0.19
741

60 048

-16

0.84

3 509

60 289

Goodwill Amortization (in millions)

Nokia Networks

Q3/2001

EUR

-26

Q3/200

0

EUR

-8

Nokia Mobile Phones

-23

-1

Nokia Ventures Organization

-24

-22

Common Group Expenses

-

-

Total Nokia Group

-73

-31

Non-Recurring Items (in millions)

Q3/2001

Nokia Networks
Nokia Mobile Phones
Nokia Ventures Organization
Common Group Expenses
Total Nokia Group

EUR

-714

-

-

-

-714

Q3/200

0

EUR

-

-

-

-

-

FY 2000

EUR

-42

-18

-80

-

-140

FY 2000

EUR

-

-

-

55
55

Strong performance in a challenging

environment

Difficult year for telecommunications

•Turbulent economic environment

•Technology transition from 2G to 3G

Terrorist attacks increase uncertainty over long term

economic development and consumer confidence

Nokia is emphasizing operational flexibility, efficiency,

and profitability

Despite adverse market environment, Nokia

exceeded expectations in terms of profitability and

cash flow