Nokia Corporation profile

Nokia Corporation

Company Profile

Publication Date: 30 Sep 2010

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Nokia Corporation

TABLE OF CONTENTS

Company Overview..............................................................................................4

Key Facts...............................................................................................................4

Business Description...........................................................................................5

History...................................................................................................................8

Key Employees...................................................................................................13

Key Employee Biographies................................................................................14

Major Products and Services............................................................................21

Revenue Analysis...............................................................................................23

SWOT Analysis...................................................................................................25

Top Competitors.................................................................................................31

Company View.....................................................................................................32

Locations and Subsidiaries...............................................................................42


Nokia CorporationTABLE OF CONTENTS

COMPANY OVERVIEW

Nokia is a leading provider of mobile devices, telecom equipments, and mobile content services.The company's offerings include basic and high end mobile devices, telecom network equipmentand related services, and software and services. It provides network equipment and related servicesthrough a joint venture with Siemens, Nokia Siemens Networks. Its other major subsidiaries includeNAVTEQ, a provider of digital map information and related location based content and services, andSymbian, the developer and licenser of Symbian open source operating system for mobile devices.The company primarily operates in Asia and Europe. It is headquartered in Finland and employsabout 123,600 people.

The company recorded revenues of E40,984 million ($57,157.5 million) during the financial yearended December 2009 (FY2009), a decrease of 19.2% over FY2008. The operating profit of thecompany was E1,197 million ($1,669.4 million) in FY2009, a decrease of 75.9% over FY2008. Itsnet profit was E891 million ($1,242.6 million) in FY2009, a decrease of 77.7% over FY2008.

KEY FACTS

Nokia CorporationHead OfficeKeilalahdentie 2-4Espoo 02150FIN

358 7180 08000Phone

358 7180 34003Fax

http://www.nokia.comWeb Address

40,984.0Revenue / turnover(EUR Mn)

DecemberFinancial Year End

123,553Employees

NOKNew York Ticker

NOA3Frankfurt Ticker

NOK1VHelsinki StockExchange Ticker


Nokia CorporationCompany Overview

BUSINESS DESCRIPTION

Nokia is one of the leading manufacturers of mobile devices and network equipments.The companyoffers a wide range of mobile devices for music, navigation, video, television, imaging, games, andbusiness mobility. It also provides equipment and services for communications networks throughNokia Siemens Networks, a joint venture between Nokia and Siemens formed by combining Nokia'scarrier networks business, and Siemens's carrier related operations for fixed and mobile networks.The company also offers digital map information and related location based content and servicesthrough its subsidiary, NAVTEQ, and open source operating system for mobile devices, Symbian,though subsidiary Symbian Limited. The company operates in more than 150 countries.

The company manages its operations across three operating segments: devices and services, NokiaSiemens Networks, and NAVTEQ.

The devices and services segment develops and manages the company’s portfolio of mobile devicesas well as designs and develops services, including applications and content. The segment alsomanages the company’s supply chains, sales channels, brand and marketing activities for mobiledevices and services and their combinations, and explores corporate strategic and future growthopportunities for Nokia. The company’s portfolio of mobile devices and services encompass acrossthree categories, including mobile phones, smartphones and mobile computers.

The mobile phones sub-unit includes the company’s portfolio of mobile devices that are poweredby the Series 30 and Series 40 software platforms. The Series 30 software platform powers thecost-effective voice and messaging phones, which have voice capability, basic messaging andcalendar features, and, increasingly, color displays, radios, basic cameras and Bluetooth functionality.It does not facilitate application development by third parties.The Series 40 software platform powersthe majority of the company’s mobile phone models and supports more functionalities and applications,such as internet connectivity. It is open to third-party developers to build Java and Adobe Flash Liteapplications and content, which they can make available through Ovi Store, Nokia’s shop forapplications and content. Applications and content for Series 40 based devices include games,video, wallpapers, ringtones and social networking applications.

In addition, Nokia also offers a range of services that can be accessed with the Series 30 and Series40 software platforms. Example of these services include Nokia Life Tools, which enables consumersto access timely and relevant agricultural information, as well as education and entertainmentservices, without requiring the use of GPRS or internet connectivity. For the users of Nokia Series40 powered mobile phones, the company also offers Ovi Mail, a free email service designed especiallyfor users in emerging markets with internet-enabled devices. During 2009, the company alsointroduced Nokia Money, a new mobile financial service.

The company’s smartphones category consists of its portfolio of mobile devices powered by Symbian,as well as the services and accessories Nokia sells with them. Symbian supports an array of


Nokia CorporationBusiness Description

functionalities, and provides opportunities for the development of sophisticated applications andcontent by third parties. All of the Nokia’s smartphones can access a range of Ovi services.

The mobile computers sub-unit addresses the market for high performance, high end compactcomputing devices, as well as includes the services and accessories it sells with them. During 2009,the company began shipments of the Nokia N900, based on Maemo 5, the latest version of theLinux-based Maemo software platform. Following an agreement between Nokia and Intel in early2010, Maemo is being merged with Intel’s Moblin software platform to form a single Linux-basedand fully open source platform, MeeGo, for a wide range of computing devices, including pocketablemobile computers, net books, tablets, media-phones, connected TVs and in-vehicle infotainmentsystems.

Nokia Siemens Networks provides mobile and fixed network infrastructure, communications andnetworks service platforms, as well as professional services, to operators and service providers. Itconsists of three business units: business solutions; global services; and network systems.

The business solutions unit includes consulting and systems integration; operations and businesssoftware, which provides network and service management software and charging and billingsoftware; and subscriber database management businesses.

Global services business offers operators a range of professional services and network implementationand turnkey solutions. It consists of three businesses: managed services ranging from networkplanning and optimization to network operations; care services ranging from software and hardwaremaintenance, proactive and multivendor care to competence development services; and networkimplementation ranging from project management to turnkey implementations and energy efficientsites.

Network systems unit focuses on providing both fixed and mobile network infrastructure, includingNokia Siemens Networks’s Flexi base stations, core products, optical transport systems andbroadband access equipment. For wireless networks, the unit develops global system for mobilecommunication (GSM), enhanced data rates for global evolution (EDGE) and wideband code divisionmultiple access / high-speed packet access (WCDMA/HSPA) radio access networks for operatorsand network providers. It also develops new technologies such as internet-HSPA (I-HSPA) andlong-term evolution (LTE) to support the uptake of mobile data services and introduce flat architecturefor wireless and mobile broadband applications. The main products are base stations and basestation controllers.

For fixed line networks, Network systems focuses on transport networks, which are the underlyinginfrastructure for all fixed and mobile networks. It also provides the fundamental elements forhigh-speed transmission via optical and microwave networks, including packet oriented technologiessuch as Ethernet and traditional protocols such as time-division multiplexing (TDM). The businessunit also provides a portfolio for the wire line connectivity area such as digital subscriber line accessmultiplexers, and narrowband/multiservice equipment. It also develops core network solutions,including switches and different kinds of network servers and media gateways, for mobile and fixednetwork operators.



NAVTEQ provides digital map information and related location-based content and services forautomotive navigation systems, mobile navigation devices, internet-based mapping applications,and government and business solutions. In January 2010, the company introduced a new versionof Ovi Maps for its smartphones which includes high-end navigation using NAVTEQ’s digital mapinformation and related location based content. This new version of Ovi Maps includes high-end carand pedestrian navigation features, such as turn-by-turn voice guidance for 74 countries, in 46languages, and traffic information for more than 10 countries, as well as detailed maps for morethan 180 countries.



HISTORY

Nokia Corporation was established in 1967 as a company under the laws of the Republic of Finland.This was the result of the merger of three Finnish companies: Nokia, a wood-pulp mill founded in1865; Finnish Rubber Works, a manufacturer of rubber boots, tires and other rubber products foundedin 1898; and Finnish Cable Works, a manufacturer of telephone and power cables founded in 1912.Nokia entered the telecommunications equipment market in 1960, when an electronics departmentwas established at Finnish Cable Works to concentrate on the production of radio transmissionequipment.

The company introduced the first fully digital local telephone exchange in Europe in 1982. In thesame year, Nokia introduced the world's first car phone for the Nordic Mobile Telephone analoguestandard. Nokia was listed on the major stock exchanges like London in 1987 and Frankfurt in 1988.According to Nokia, the first GSM call was made with a Nokia phone over the Nokia built networkof a Finnish operator called Radiolinja in 1991. In the same year, Nokia won contracts to supplyGSM networks in other European countries. In early 1990s, the company made a strategic decisionto make telecommunications as a core business and divested basic businesses to form two mainbusiness groups: Nokia mobile phones and Nokia networks.

Nokia was listed on the New York Stock Exchange in 1994. In the same year, the company launchedmobile phones for all major digital systems: GSM, GSM 1800 (PCN), and TDMA. It added CDMAand GSM 1900 mobile phones in 1997. Two years later, Nokia launched the first WAP handset tothe global mass market in the form of Nokia 7110.The company acquired DiscoveryCom, a providerof broadband digital subscriber line (DSL) services in 2000. In the following year, the companyacquired Ramp Networks, a US based provider of purpose built internet security appliances,specifically designed for small office applications. Later in the year, it acquired Amber Networks, aUS based networking infrastructure company that develops fault tolerant routing platforms.Subsequently, Nokia and Sony collaborated to develop an open middleware platform.

In 2002, Nokia acquired a stake in Redback Networks, a US based provider of subscriber managementand optical platforms that enable carriers and service providers to construct next generation broadbandnetworks. In the following year, the company launched the world's first TDMA handset with a full-colordisplay.The company also reached an agreement with IBM to collaborate on the delivery of enterprisewireless eBusiness solutions. Subsequently, Nokia's stock was de-listed from the London StockExchange.

In 2004, the company took control of Symbian, a developer of operating systems for smart-phones.Subsequently, it increased its shareholding in Symbian to 63% after paying Psion approximately£130 million for its stake. In the same year, Nokia's shares were de-listed from Paris Stock Exchange.Also in 2004, the company reorganized into four business groups namely mobile phones, multimedia,enterprise solutions and networks to further align the company's overall structure with its strategy.


Nokia CorporationHistory

Nokia sold its professional mobile radio business including TETRA infrastructure and terminals toEADS, a defense and space company, in 2005. In 2006, the company acquired Intellisync, a providerof platform-independent wireless messaging and applications for mobile devices, for a cashconsideration of approximately E368 million. Subsequently, the company inaugurated itsmanufacturing facility in Sriperumbudur, Chennai, India. This made Nokia the only company in Indiawho manufactured both the mobile devices and network infrastructure equipments.

Also in 2006, the company reinforced its commitment to the Middle Eastern and African market byopening a new office in Beirut. Nokia continued its acquisition spree by acquiring companies whichinclude LCC International's US deployment business; Loudeye, a provider of digital music platformsand digital media distribution services; and gate5, a supplier of mapping, routing and navigationsoftware and services. Subsequently, Motorola and Nokia announced an agreement for interoperabilityamong their Digital Video Broadcast-Handheld (DVB-H) enabled mobile devices and network services.Also in 2006, Nokia along with Citigroup, MasterCard Worldwide, and Cingular Wireless (now AT&T)started a consumer technology trial of Near Field Communication (NFC) enabled mobile phoneswith MasterCard PayPass contact-less payment capability in New York City. Subsequently, Giesecke& Devrient (G&D) and Nokia formed a joint venture company, Venyon, which is 57% owned by G&Dand 43% owned by Nokia.

In 2007, Nokia's Swedish Depository Receipts (SDRs) were delisted from the Stockholm StockExchange, due to their decreased trading volumes. Subsequently, Nokia Siemens Networks (NSN),new company jointly owned by Nokia and Siemens which comprises Nokia's networks business andSiemens' carrier related operations for fixed and mobile networks, started operating as acommunications infrastructure services provider. In the same year, the company acquired the assetsof Twango (www.Twango.com), a provider of media sharing solutions; Enpocket, a provider of mobileadvertising related services; and Avvenu, a provider of internet services that support mobile workers.Also in 2007, Nokia issued a product advisory on an issue related to the overheating of Nokia-brandedBL-5C battery manufactured by Matsushita Battery Industrial of Japan between December 2005and November 2006. The company announced that there were approximately 100 incidents ofoverheating reported globally and it recalled approximately 46 million batteries manufactured byMatsushita. In same year, Nokia and STMicroelectronics entered into an agreement to transferNokia's IC operations to STMicroelectronics for manufacturing the 3G chipsets.

The company announced plans to discontinue the production of mobile devices in Germany in 2008.As part of these plans, it closed its Bochum site by mid-2008, and moved its manufacturing facilitiesto other cost-competitive places in Europe. Subsequently, the company started negotiations to divestits automotive business to the former head of Nokia's enhancements unit and automotive businessand some equity partners. In the beginning of 2008, the company launched 'N-Gage' gaming servicealong with 'Share on Ovi', a media sharing site. Subsequently, Nokia introduced its first GPS-enabledmobile device, Nokia 6210 Navigator with an integrated compass for pedestrian guidance and NokiaMaps 2.0. The company also opened a satellite design studio in Rio de Janeiro as part of this.Subsequently, Nokia Siemens Networks acquired UK-based subscriber-centric network specialist,Apertio for approximately E140 million ($192 million).



In 2008, a UK High Court judge issued a ruling in favor of Nokia in a litigation issue betweenQualcomm and Nokia. The ruling determined that all of Qualcomm's asserted GSM patent claimsare invalid. Subsequently, Nokia signed a strategic partnership agreement with China Postel topurchase mobile devices valued at approximately $2 billion. In addition, the two companies alsoagreed to strengthen strategic ties related to channel development, resource investment, andmarketing management.

Nokia completed the divesture of its Identity Systems, a provider of enterprise software developmentfor identity resolution, to Informatica in 2008. During the same year, the company completed thetransfer of its line fit automotive business in Bochum and Dusseldorf, Germany, and Detroit, the USto novero. Subsequently, Nokia completed acquisition of Trolltech, a software provider with softwaredevelopment platforms and frameworks. In the same year, Nokia acquired NAVTEQ, a provider ofdigital map information; and Plazes (www.plazes.com), a privately-owned start-up company of 13people with its principal operations in Berlin. Subsequently, Nokia and Qualcomm entered into anew agreement resulting in settlement of all litigation between the companies, including the withdrawalby Nokia of its complaint to the European Commission. At the end of 2008, the company acquiredOZ Communications, a provider of consumer email and instant messaging. Subsequently, itestablished a research laboratory in the Hollywood area of California. Also, in the same year, Nokiaacquired Symbian Limited, the developer and licenser of Symbian open operating system for mobiledevices.

In February 2009, Nokia acquired bit-side, a privately owned Berlin-based professional services andsoftware company. Subsequently, Adobe and Nokia announced a $10 million open screen projectfund designed to help developers create applications and services for mobile, desktop and consumerelectronics devices using the Adobe Flash Platform.Two months later, Nokia introduced Nokia Point& Find, a new service concept that enables people on the move to access relevant information andservices on the internet, by pointing their mobile phone camera at real-life objects. Subsequently,the company divested its security appliance business to Check Point Software Technologies.

In May 2009, Gemalto, Microsoft, Nokia and Philips announced an initiative to address thefundamental societal issue of trust in new and emerging digital services. Subsequently, Nokiaexpanded its global research laboratories by opening a Nokia Research Center at Berkeley, California.In June 2009, NSN entered into an agreement to purchase Nortel's LTE and CDMA assets.Subsequently, Intel and Nokia entered into a long-term relationship to develop Intel Architecture-basedmobile computing device and chipset architectures.

In August 2009, the company acquired certain assets of cellity, a privately owned mobile softwarecompany. In the same month, Microsoft and Nokia formed a global alliance to design, develop andmarket mobile productivity solutions. Subsequently, the company introduced Nokia Money, a newmobile financial service offering consumers with mobile device access to basic financial services.

In the following month, Nokia acquired certain assets of Plum Ventures, a privately held companywhich develops and operates a cloud-based social media sharing and messaging service for privategroups. In the same month, the company also acquired Dopplr, a privately-held mobile serviceprovider for international travelers.



Accenture acquired Nokia's Symbian Professional Services unit responsible for Symbian OS customerengineering and customer support in October 2009. In the same month, the company filed a complaintagainst Apple with the Federal District Court in Delaware, alleging that Apple's iPhone infringesNokia patents for GSM, UMTS and wireless LAN (WLAN) standards. Subsequently, the companylaunched the Nokia 6788, its first device for TD-SCDMA, China's domestic 3G standard.

The company initiated a charger exchange program, in which consumers owning certainNokia-branded chargers manufactured by a third-party supplier are recommended to exchangethese chargers for free replacements in November 2009. In the same month, Nokia announcedplans to reduce some of its R&D activities in Finland and Denmark.

In the following month, Giesecke & Devrient acquired the shares held by Nokia in Venyon.Subsequently, Nokia joined forces with New Alliance, an investment company which is part of theShanghai Alliance Investment, to form a 50/50 joint venture company, Nokia Alliance Internet Services,to offer a range of mobile services in China and support the local developer ecosystem. Subsequently,the company filed a complaint with the US International Trade Commission (ITC) alleging that Appleinfringes Nokia patents in virtually all of its mobile phones, portable music players, and computers.

In February 2010, Nokia and Pearson, the world's leading education company, formed a joint venture,Beijing Mobiledu Technologies, to accelerate the growth of Mobiledu, the premier mobilephone-delivered education service, developed by Nokia in China. In the same month, Original1, ajoint venture of SAP, Nokia and Giesecke & Devrient, began its operations. Original1 provides productauthentication and anti-counterfeiting services across the globe. Subsequently, Intel and Nokiamerged Moblin and Maemo to create MeeGo, a Linux-based software platform that will supportmultiple hardware architectures across a range of device segments.

The company acquired MetaCarta, a provider of geographic intelligence solutions, in April 2010. Inthe same month, Nokia acquired Novarra, a privately-held company based in Chicago, Illinois thatprovides mobile browsers and service platforms.

In the following month, Nokia launched Ovi Life Tools (Nokia Ovi Sheng Huo Tong), which offers arange of information services covering healthcare, agriculture, education and entertainment, in China.Subsequently, the company filed a complaint against Apple with the Federal District Court in theWestern District of Wisconsin, alleging that Apple iPhone and iPad 3G products infringe five importantNokia patents. Also, in the same month, Yahoo! and Nokia formed a strategic alliance to offerintegrated web services.

In July 2010, Renesas Electronics, a supplier of advanced semiconductor solutions, and Nokiaextended their collaboration by forming a strategic business alliance to develop modem technologiesfor evolved high-speed packet access / long-term evolution (HSPA+/LTE) and its evolution. As partof this alliance, the companies entered into an agreement whereby Renesas Electronics will acquireNokia's wireless modem business for approximately $200 million. Subsequently, Nokia divestedMetaCarta to Qbase Holdings, a privately held US based company. The company will retainMetaCarta's geographic intelligence technology, which it is incorporating in its local search and other



services. Also, in the same month, Nokia Siemens Networks signed an agreement to acquire themajority of Motorola's wireless network infrastructure assets for $1.2 billion in cash.

In the following month, Nokia signed an agreement to acquire Motally, a privately-held US-basedcompany. Motally's mobile analytics service offers in-application tracking and reporting, and isdesigned to enable developers and publishers to optimize the development of their mobile applicationsthrough increased understanding of how users engage. In the same month, the company launchedits first 'Touch and Type' phone, the Nokia X3, with a combination of a touch screen and traditional12 button phone keypad.



KEY EMPLOYEES

CompensationBoardJob TitleName

Executive BoardChairman, President and ChiefExecutive Officer

Stephen Elop

150000 EURNon Executive BoardVice ChairmanDame Marjorie Scardino

140000 EURNon Executive BoardDirectorLalita D. Gupte

130000 EURNon Executive BoardDirectorBengt Holmstrom

130000 EURNon Executive BoardDirectorHenning Kagermann

155000 EURNon Executive BoardDirectorPer Karlsson

140000 EURNon Executive BoardDirectorIsabel Marey-Semper

140000 EURNon Executive BoardDirectorRisto Siilasmaa

130000 EURNon Executive BoardDirectorKeijo Suila

Senior ManagementExecutive Vice President, CorporateRelations and Responsibility

Esko Aho

1556571 EURSenior ManagementExecutive Vice President and ChiefFinancial Officer

Timo Ihamuotila

Senior ManagementExecutive Vice President, MobilePhones

Mary T. McDowell

Senior ManagementExecutive Vice President, Services,Mobile Solutions

Tero Ojanpera

Senior ManagementExecutive Vice President, MarketsNiklas Savander

Senior ManagementExecutive Vice President, MeeGoComputers, Mobile Solutions

Alberto Torres

Senior ManagementExecutive Vice President andGeneral Manager, Mobile Solutions

Anssi Vanjoki

Senior ManagementExecutive Vice President, HumanResources

Juha Akras

Senior ManagementExecutive Vice President and ChiefDevelopment Officer

Kai Oistamo


Nokia CorporationKey Employees

KEY EMPLOYEE BIOGRAPHIES

Stephen Elop

Board: Executive BoardJob Title: Chairman, President and Chief Executive OfficerSince: 2010Age: 46

Mr. Elop has been the Chairman, President and CEO at Nokia since September 2010. Prior to joiningNokia, he served as the President of Microsoft’s Business division and was a member of Microsoft’ssenior leadership team responsible for strategy. Previously, Mr. Elop was the Chief Operating Officerat Juniper Networks. Prior to Juniper, he served as the President of worldwide field operations atAdobe Systems. He joined Adobe following the 2005 acquisition of Macromedia, where he was thePresident and CEO. Mr. Elop earned a Bachelor’s degree in Computer Engineering and Managementfrom McMaster University in Hamilton, Canada, and was subsequently awarded an honorary Doctorof Laws degree.

Dame Marjorie Scardino

Board: Non Executive BoardJob Title: Vice ChairmanSince: 2007Age: 63

Ms. Scardino has been the Vice Chairman at Nokia since 2007. She has been a Director at Nokiasince 2001. Ms. Scardino was the CEO at The Economist Group from 1993 to 1997, President ofthe North American Operations at The Economist Group from 1985 to 1993, and Publisher at TheGeorgia Gazette newspaper from 1978 to 1985. She is also the CEO and Director at Pearson.

Lalita D. Gupte

Board: Non Executive BoardJob Title: DirectorSince: 2007Age: 62

Ms. Gupte has been a Director at Nokia since 2007. She is also the Chairman at the ICICI VentureFunds Management. Ms. Gupte was the Joint Managing Director and Member of the Board ofDirectors at ICICI Bank from 2002 to 2006; Joint Managing Director and Member of the Board ofDirectors at ICICI from 1999 to 2002 (ICICI merged with ICICI Bank in 2002), Deputy ManagingDirector at ICICI from 1996 to 1999; and Director at ICICI from 1994 from 1996. She also held various


Nokia CorporationKey Employee Biographies

leadership positions in Corporate and Retail Banking, Strategy and Resources, and InternationalBanking in ICICI since 1971. Ms. Gupte is also a Director at Bharat Forge, Kirloskar Brothers, GodrejProperties, HPCL-Mittal Energy and Swadhaar FinServe.

Bengt Holmstrom


Dr. Holmstrom has been a Director at Nokia since 1999. He is a Paul A. Samuelson Professor ofEconomics at MIT. Dr. Holmstrom is Edwin J. Beinecke Professor of Management Studies at YaleUniversity from 1985 to 1994. He is a Member of the American Academy of Arts and Sciences andForeign Member at The Royal Swedish Academy of Sciences, and Member at Aalto UniversityFoundation Board. Dr. Holmstrom is also Member of the Board of Directors at The Research Instituteof the Finnish Economy ETLA and Finnish Business and Policy Forum EVA.

Henning Kagermann


Dr. Kagermann has been a Director at Nokia since 2007. He was the Chairman and Co-CEO at SAPfrom 2008 to 2009. Dr. Kagermann served as the CEO at SAP from 2003 to 2008. He was theCo-Chairman at SAP from 1998 to 2003. Dr. Kagermann held number of leadership positions inSAP since 1982 and is Member at SAP Executive Board since 1991. He taught Physics and ComputerScience at the Technical University of Brunswick and the University of Mannheim from 1980 to 1992and became a Professor in 1985. He is a Member of the Supervisory Boards at Deutsche Bank,Deutsche Post and Munchener Ruckversicherungs-Gesellschaft. Dr. Kagermann is also a Directorat Wipro.

Per Karlsson


Mr. Karlsson has been a Director at Nokia since 2002. He was the Executive Director of the mergersand acquisitions advisory responsibilities at Enskilda M&A from 1986 to 1992, and Corporate strategy



consultant at the Boston Consulting Group (London) from 1979 to 1986. Mr. Karlsson is a BoardMember at IKANO Holdings.

Isabel Marey-Semper


Ms. Marey-Semper has been a Director at Nokia since 2009. She is also the Chief Financial Officerand Executive Vice President in charge of strategy at PSA Peugeot Citroen. Ms. Marey-Semperwas the Chief Operating Officer of intellectual property and licensing business unit at Thomson from2006 to 2007. She was the Vice President of Corporate Planning at Saint-Gobain from 2004 to 2005.Ms. Marey-Semper was a Director of Corporate Planning, High Performance Materials at Saint-Gobainfrom 2002 to 2004, and Principle at A.T. Kearney (Telesis, prior to acquisition by A.T. Kearney) from1997 to 2002. She served as a Director at Faurecia from 2007 to 2009.

Risto Siilasmaa


Mr. Siilasmaa has been a Director at Nokia since 2008. He was the President and CEO at Finnairfrom 1988 to 2006. Mr. Siilasmaa is also the Chairman of the Board of Directors at F-Secure, Elisaand Fruugo. He is also a Member of the Board of Directors at Blyk, Ekahau and Efecte.

Keijo Suila


Mr. Suila has been a Director at Nokia since 2006. He was the President and CEO at Finnair from1999 to 2005. Mr. Suila served as the Chairman at oneworld airline alliance from 2003 to 2004 andMember of various international aviation and air transportation associations from 1999 to 2005. Healso held various executive positions, including Vice Chairman and Executive Vice President atHuhtamaki, Leaf Group and Leaf Europe during 1985–98. Mr. Suila is also the Chairman of theBoard of Directors at Solidium and The Finnish Fair. He was a Member of the Board of Directors atKesko from 2001 to 2009 and the Vice Chairman from 2006 to 2009.



Esko Aho

Board: Senior ManagementJob Title: Executive Vice President, Corporate Relations and ResponsibilitySince: 2008Age: 56

Mr. Aho has been the Executive Vice President, Corporate Relations and Responsibility at Nokiasince 2008. Before joining Nokia in 2008, he held a long and distinguished career in governmentservice. Mr. Aho was the Prime Minister of Finland from 1991 to 1995. After the Presidential campaignin 2000, he joined Harvard University as a Lecturer, and following his retirement from the FinnishParliament, he worked as a Consultant. Currently, he is a Member at International Chamber ofCommerce (ICC) World Council and Vice Chairman at ICC Finland. Mr. Aho also serves as a BoardMember at Technology Academy Finland. He is also a Director at Fortum and also the Vice Chairmanof the Board at Technology Industries of Finland.

Timo Ihamuotila

Board: Senior ManagementJob Title: Executive Vice President and Chief Financial OfficerSince: 2009Age: 44

Mr. Ihamuotila has been the Executive Vice President and Chief Financial Officer at Nokia since2009. He joined the company in 1993 as a Manager in the Dealing and Risk Management unit. In1999, after three years away, Mr. Ihamuotila rejoined Nokia as Director of Corporate Finance, andthe following year was named the Vice President, Finance, and Corporate Treasurer. In 2004, hewas appointed as the Senior Vice President of Nokia's CDMA business, based in San Diego,California. In 2007, Mr. Ihamuotila became the Executive Vice President of sales and portfoliomanagement in Mobile Phones, and was named Nokia's Head of global sales the following year.He also serves on the Board at Nokia Siemens Networks. Before joining Nokia, Mr. Ihamuotilaworked as an Analyst for Kansallis Bank in Helsinki and for Citibank as the Vice President of Nordicderivates sales.

Mary T. McDowell

Board: Senior ManagementJob Title: Executive Vice President, Mobile PhonesSince: 2010Age: 46

Ms. McDowell has been the Executive Vice President, Mobile Phones at Nokia since 2010. Shejoined the company in 2004 as the Executive Vice President and General Manager of EnterpriseSolutions. Ms. McDowell served as the Executive Vice President and Chief Development Officer,



leading the Corporate Development unit, from 2008 until assuming her current role. She also servesas a Board Member at Autodesk. Before joining Nokia, Ms. McDowell served 17 years at HP-Compaq,after joining as a systems engineer in 1986.

Tero Ojanpera

Board: Senior ManagementJob Title: Executive Vice President, Services, Mobile SolutionsSince: 2009Age: 44

Mr. Ojanpera has been the Executive Vice President, Services, Mobile Solutions at Nokia since2009. He joined the company in 1990 and held several senior management positions at NokiaNetworks. During 2003–04, Mr. Ojanpera headed the Nokia Research Center, and was appointedas the Chief Strategy Officer a year later. From 2006 to 2007, he served as the company’s ExecutiveVice President and Chief Technology Officer.

Niklas Savander

Board: Senior ManagementJob Title: Executive Vice President, MarketsSince: 2010Age: 48

Mr. Savander has been the Executive Vice President, Markets at Nokia since 2010. He joined thecompany in 1997 and has held several senior positions in business management, strategy, salesand marketing in both the device and networks businesses. Mr. Savander has served as the SeniorVice President, Mobile Devices Business Unit, Enterprise Solutions; Executive Vice President,Technology Platforms, and was in charge of Nokia's Services business, before being named to hiscurrent role. He is also a Board Member at Nokia Siemens Networks and a Board Member andSecretary at Waldemar von Frenckells Stiftelse. Before joining Nokia, Mr. Savander spent nine yearswith Hewlett-Packard in Finland, Germany and Switzerland.

Alberto Torres

Board: Senior ManagementJob Title: Executive Vice President, MeeGo Computers, Mobile SolutionsSince: 2010Age: 45

Mr. Torres has been the Executive Vice President, MeeGo Computers, Mobile Solutions at Nokiasince 2010. He began his Nokia career in 2004, leading the strategy team. In 2005, Mr. Torresbecame the President of Vertu. He was appointed as the Senior Vice President, Focused Businesses,



in 2008, and later led Devices Category Management. Before joining Nokia, he worked for 10 yearsat the McKinsey consulting firm in the US and France.

Anssi Vanjoki

Board: Senior ManagementJob Title: Executive Vice President and General Manager, Mobile SolutionsSince: 2010Age: 54

Mr.Vanjoki has been the Executive Vice President and General Manager, Mobile Solutions at Nokiasince 2010. He joined the company in 1991 as the Vice President of sales in the Mobile Phonesunit. In 1994, Mr. Vanjoki became the Senior Vice President, Nokia Mobile Phones Europe andAfrica. He was named Executive Vice President, Nokia Mobile Phones Europe and Africa in 1998.One year later, Mr. Vanjoki took responsibility for Nokia's Digital Convergence Unit, and in 2002, healso headed up Business Unit Management. From 2004, Mr. Vanjoki served as the Executive VicePresident and General Manager of Multimedia. He was the General Manager of the Markets unitfrom 2008 until assuming his current role. Before joining Nokia, Mr. Vanjoki held a variety ofmanagement positions at 3M.

Juha Akras

Board: Senior ManagementJob Title: Executive Vice President, Human ResourcesSince: 2010Age: 45

Mr. Akras has been the Executive Vice President, Human Resources at Nokia since 2010. Prior tothis role, he served as the company’s Senior Vice President, Human Resources from 2006 to 2010.Mr. Akras started his career at Nokia in 1993 and has held several regional and global roles. Heserved in leadership positions spanning business, customer services and marketing before he movedto Human Resources in 2005.

Kai Oistamo

Board: Senior ManagementJob Title: Executive Vice President and Chief Development OfficerSince: 2010Age: 46

Mr. Oistamo has been the Executive Vice President and Chief Development Officer at Nokia since2010. He joined the company in 1991 and held several managerial and technical positions at theformer Nokia Consumer Electronics unit. In 1995, Mr. Oistamo was named as the Product Manager,Nokia Mobile Phones. Two years later, he was promoted to Vice President, TDMA Business Line.



Mr. Oistamo became the Senior Vice President, Nokia Mobiles Phones, in 2002, before beingappointed as the Executive Vice President and General Manager of Mobile Phones. He later wasappointed to Head Nokia's Devices unit, a position he held until assuming his current role.



MAJOR PRODUCTS AND SERVICES

Nokia is a leading provider of mobile devices, telecom equipments, and mobile content services.The company's key products and services include the following:

Devices:

Mobile phonesSmartphonesMobile computers

Software and services:

Ovi software development kit (SDK)Ovi Maps Player application programming interface (API) Ovi Navigation APINokia Life ToolsOvi MailNokia MoneyOvi MapsOvi Music

NAVTEQ:

Digital map informationRelated location based content and services

Nokia Siemens Networks:

Business solutions

Consulting and systems integrationOperations and business softwareSubscriber database management

Global services

Managed servicesSoftware and hardware maintenanceProactive and multivendor care Competence development servicesNetwork implementation

Network systems


Nokia CorporationMajor Products and Services

Flexi base stationsCore productsOptical transport systemsBroadband access equipment

Brands:NokiaOviNAVTEQ Symbian


Nokia CorporationMajor Products and Services

REVENUE ANALYSIS

Nokia Corporation

The company recorded revenues of E40,984 million ($57,157.5 million) during the financial yearended December 2009 (FY2009), a decrease of 19.2% over FY2008. In FY2009, China, thecompany's largest geographic market, accounted for 14.6% of the total revenues.

Nokia generates revenues through three business divisions: devices and services (67.9% of thetotal revenues in FY2009), Nokia Siemens Networks (30.7%), and NAVTEQ (1.4%).

Revenues by Division

In FY2009, the devices and services division recorded revenues of E27,841 million ($38,827.9million), a decrease of 20.6% over FY2008.

The Nokia Siemens Networks division recorded revenues of E12,564 million ($17,522.1 million) inFY2009, a decrease of 17.9% over FY2008.

The NAVTEQ division recorded revenues of E579 million ($807.5 million) in FY2009, an increaseof 82.1% over FY2008.

Revenues by Geography

China, Nokia's largest geographical market, accounted for 14.6% of the total revenues in FY2009.Revenues from China reached E5,990 million ($8,353.8 million) in FY2009, an increase of 1.3%over FY2008.

India accounted for 6.9% of the total revenues in FY2009. Revenues from India reached E2,809million ($3,917.5 million) in FY2009, a decrease of 24.5% over FY2008.

The UK accounted for 4.7% of the total revenues in FY2009. Revenues from the UK reached E1,916million ($2,672.1 million) in FY2009, a decrease of 19.6% over FY2008.

Germany accounted for 4.2% of the total revenues in FY2009. Revenues from Germany reachedE1,733 million ($2,416.9 million) in FY2009, a decrease of 24.5% over FY2008.

The US accounted for 4.2% of the total revenues in FY2009. Revenues from the US reached E1,731million ($2,414.1 million) in FY2009, a decrease of 9.2% over FY2008.

Russia accounted for 3.7% of the total revenues in FY2009. Revenues from Russia reached E1,528million ($2,131 million) in FY2009, a decrease of 26.6% over FY2008.


Nokia CorporationRevenue Analysis

Indonesia accounted for 3.6% of the total revenues in FY2009. Revenues from Indonesia reachedE1,458 million ($2,033.4 million) in FY2009, a decrease of 28.7% over FY2008.

Finland accounted for 1% of the total revenues in FY2009. Revenues from Finland reached E390million ($543.9 million) in FY2009, an increase of 7.7% over FY2008.

Other accounted for 57.2% of the total revenues in FY2009. Revenues from other reached E23,429million ($32,674.8 million) in FY2009, a decrease of 21.9% over FY2008.

*Note: Total geographic percentage contribution rounded off


Nokia CorporationRevenue Analysis

SWOT ANALYSIS

Nokia is a leading provider of mobile devices, telecom equipments, and mobile content services.The company's offerings include basic and high-end mobile devices, telecom network equipmentand related services, and software and services. It provides network equipment and related servicesthrough a joint venture with Siemens, Nokia Siemens Networks. Its other major subsidiaries includeNAVTEQ, a provider of digital map information and related location based content and services, andSymbian, the developer and licenser of Symbian open source operating system for mobile devices.The company has a strong and highly visible brand, which enables it to command a premium for itsproducts and differentiate itself from competitors. However, intense competition will continue to putpressure on the company's operating performance and market share in coming years.

WeaknessesStrengths

Weak high end product portfolioStrong brand imageWeak presence in the USSignificant market position

ThreatsOpportunities

Intense competitionLaunch of new servicesExchange rate fluctuationsAlliances and partnerships

Strategic acquisitionsDemand for 3G and high bandwidthinfrastructure

Strengths

Strong brand image Nokia's core asset is its strong brand image. The company continues tostrengthen its brand equity through various marketing campaigns. Nokia's brand was the fifth mostvalued brand in the world according to the top 100 best brands list compiled by InterBrand in 2009,and was the only mobile phone manufacturer in the top 10 best brands list. The company was alsothe leading mobile phone brand in most of the countries it operates. For instance, Nokia was ranked19 on the list of Asia's Top 1,000 Brands 2010 ranking, published by TNS. In particular, the companywas the Asia Pacific’s top brand in the mobile phone/smartphone sub-category. In addition, Nokiawas the most trusted brand in India according to Brand Equity 'Most Trusted Brands' survey 2009.

A strong and highly visible brand enables the company to command a premium for its products anddifferentiate itself from competitors.

Significant market position


Nokia CorporationSWOT Analysis

The company has been the leading player in the global mobile devices market since 1998. It had aglobal market share of approximately 37% by market volume of 1.2 billion mobile devices units soldin 2009.The company’s leading position was followed by Samsung (19%), LG (10%), Motorola (5%),and Sony Ericsson (4%). It also sold 67.8 million converged/smartphone devices in 2009, comparedto 60.6 million in 2008. In 2009, Nokia’s market share of converged mobile devices market was 39%,followed by RIM (20%) and Apple (15%). Furthermore, the company's various subsidiaries werealso leading players in their respective markets. Symbian operating system for converged deviceswas the market leader with a share of over 48% of all converged devices shipped in 2009. NokiaSiemens Networks was also a leading player in the telecom infrastructure market. NAVTEQ wasalso a prominent player in the digital maps and location based services markets.

The company's strong market position, besides enhancing the brand image, provides economies ofscale in operation.

Weaknesses

Weak high-end product portfolio

The company's high-end product portfolio is weak compared to its competitors. The company'shigh-end products are mainly offered through the N-series range of multimedia computers. While,the company's multimedia products feature music players, cameras, pocket computers, gamingconsoles and navigation devices, it lacks appealing touch screen functionally and sleek designscompared to products of its competitors. The company's traditional competitors, Sony Ericsson andMotorola, have touch screen products and Apple emerged as a major competitor with the launch ofiPhone, which boasts of features such as 3G and touch screen. Furthermore, competition in thismarket is increasing with Research In Motion (RIM), Samsung and HTC introducing touch screenhandsets. Nokia also faces significant price competition in this market as phones are being offeredat lower price or free, when purchased with a contract. Moreover, Apple also launched its iPhone 4in mid 2010, which was sold over 1.7 million units in three days of its launch, and other competitorsalso launched their latest models.

Nokia launched its flagship phone, Nokia N97 multimedia computers, in mid 2009, with touch screen,full QWERTY keyboard, GPS, 32 GB memory, games, video, camera, and full access to Ovi Store.However, industry sources viewed that this phone was not on par with competitors' products. Although,the company expanded its touchscreen-enabled smartphones portfolio in recent times, it still lagsbehind its competitor’s products.

Despite being a leader with a market share of 39% in the smartphones segment in 2009, thecompany's market share declined from 44% in 2008. At the same time, RIM's market share grewfrom 16.6% in 2008 to 20% in 2009 and Apple's market share reached 14% from 8% in 2008.Additionally, Nokia's weak high-end product portfolio has made it dependent on entry level devicesfor most of its revenues. As a result, the company's mobile device average selling price (ASP)declined from E86 ($120) in 2007 to E74 ($103.2) in 2008 and E63 ($87.9) in 2009. In the second



quarter of FY2010, its ASP further declined to E61 ($85.1). Although, industry ASPs also declinedduring the period, Nokia's high dependence on entry level devices continued to affect its ASP.

The company's weak high-end products will continue to affect its competitive position and operatingperformance, as the demand for these products continues to increase.

Weak presence in the US

The company has a weak presence in the US market compared to its peers. Despite sluggish macroeconomic signs, the US continues to be significant market for mobile devices. Nokia has a relativelyweak presence in the US compared to its competitors.The company generated about 4.2% (E1,731million or $2,414.1 million) of its total revenues from the US in FY2009. By contrast, the company'skey competitor, Motorola, generated about $11,834 million of its total revenues from the US in 2009.RIM, another competitor of the company, reported revenues of about $8,619.8 million from the USfor the financial year ending February 2010.

Nokia's weak presence in the US will affect its market share and growth in coming years.

Opportunities

Launch of new services

Nokia has launched many new services in recent times. During FY2009, the company introducedNokia Money, a new mobile financial service. The service is targeted to be rolled out gradually toselected markets in 2010 and will be operated in cooperation with Obopay, a leading developer ofmobile payment solutions, in which Nokia has invested. Through the service, people will be able touse their mobile device to manage their personal finances, pay for products or services, as well asadd credit to their mobile account. In February 2010, Nokia in partnership with YES BANK commenceda commercial pilot of Nokia Money in Pune, one of the largest metropolitan areas in India.

In May 2010, the company launched Ovi Life Tools (Nokia Ovi Sheng Huo Tong), which offers arange of information services covering healthcare, agriculture, education and entertainment, in China.

Launch of new innovative services will enable the company to enhance its customer base therebyincreasing its revenues in the coming years.

Alliances and partnerships

The company has formed many alliances and partnerships in recent times. In July 2010, RenesasElectronics, a supplier of advanced semiconductor solutions, and Nokia extended their collaborationby forming a strategic business alliance to develop modem technologies for evolved high-speedpacket access / long-term evolution (HSPA+/LTE) and its evolution. In April 2010, Yahoo! and Nokiaformed a strategic alliance to offer integrated web services.



In February 2010, Nokia, SAP and Giesecke & Devrient formed a new company, Original1, whichprovides product authentication and anti-counterfeiting services across the globe. In the same month,Intel and Nokia merged Moblin and Maemo to create MeeGo, a Linux-based software platform thatwill support multiple hardware architectures across a range of device segments. In addition, inDecember 2009, Nokia joined forces with New Alliance, an investment company which is part of theShanghai Alliance Investment, to form a 50/50 joint venture company, Nokia Alliance Internet ServicesCompany, to offer a range of mobile services in China and support the local developer ecosystem.In June 2009, Intel and Nokia entered into a long-term relationship to develop Intel Architecture-basedmobile computing device and chipset architectures.

Such alliances and partnerships further enhance the company’s portfolio of offerings.

Strategic acquisitions

The company made several strategic acquisitions in the recent years to enhance its offerings. InAugust 2009, Nokia acquired certain assets of cellity, a privately owned mobile software company.The acquisition strengthens the company’s position in the area of social networking. In September2009, Nokia acquired certain assets of Plum Ventures, a privately held company which developsand operates a cloud-based social media sharing and messaging service for private groups. In thesame month, the company also acquired Dopplr, a privately-held mobile service provider forinternational travelers.

Nokia acquired MetaCarta, a provider of geographic intelligence solutions, in April 2010. In the samemonth, Nokia acquired Novarra, a privately-held company based in Chicago, Illinois that providesmobile browsers and service platforms. The company, through this acquisition, intends to useNovarra's mobile browser and services platform to deliver enhanced internet experiences on itsSeries 40 mobile phones. In addition, in August 2010, Nokia signed an agreement to acquire Motally,a privately-held US-based company. Motally's mobile analytics service offers in-application trackingand reporting, and is designed to enable developers and publishers to optimize the development oftheir mobile applications through increased understanding of how users engage. This acquisitionenables the company to further enhance in-application and mobile web browsing analytics to its Oviservices.

The company's strategic acquisitions enhance its offering and enable it to record revenue growthfrom new offerings, while providing competitive advantage.

Demand for 3G and high bandwidth infrastructure

The demand for third generation (3G) and high bandwidth infrastructure, which allows high bandwidthapplications, is expected to increase with the growing need for advanced data and video services.The 3G technology allows services providers to provide a host of services including high speedmobile broadband, mobile TV, and mobile video on-demand (VoD), among others. As the traditionalvoice revenues of mobile operators are being hit by changing tariffs, increasing competition andalternative technology, among other factors, operators are migrating to 3G services to facilitate stable



or increasing average revenue per user (ARPU). As a result, the worldwide 3G penetration ratesare forecast to increase in coming years.

For instance, the 3G penetration rates in advanced economies such as the US are forecast toincrease from nearly 43% in 2009 to over 60% by 2013. Similarly, the 3G penetration in Asia-Pacificis expected to reach 40% by 2014. Further, worldwide mobile TV subscribers are forecast to growat a CAGR of about 45%, reaching about 450 million by 2013. Moreover, the number of fixed andmobile broadband subscriptions is forecast to reach about 3.5 billion in 2014, compared to about1.1 billion in 2009. Further, the broadband associated services such as IPTV subscriptions are alsoexpected to grow robustly in the near future. For example, the number of IPTV subscribers in theUS will reach about 15.5 million subscribers by 2013, compared to 5 million in 2009.

Nokia Siemens Networks, the company’s joint venture with Siemens, is one of the leading providersof network infrastructure products. It provides mobile and fixed network infrastructure, communicationsand networks service platforms, as well as professional services, to operators and service providers.In addition, in July 2010, Nokia Siemens Networks signed an agreement to acquire the majority ofMotorola's wireless network infrastructure assets for $1.2 billion in cash.The acquisition will enhanceposition of Nokia Siemens Networks in key wireless technologies besides giving it a larger globalfootprint in CDMA.

Increasing demand for 3G and high bandwidth infrastructure will enhance sales of Nokia SiemensNetworks’ solutions in future.

Threats

Intense competition

Nokia faces intense competition in all the segments of the communications market it operates. Inthe low-end mobile devices segment, the company has been facing competition South Korean mobiledevice companies such as LG and Samsung, while it continues to compete with Motorola and SonyEricsson, among others. In the high end mobile devices/smartphones segment, the company isfacing intense competition from Apple, RIM, HTC, and Samsung. Additionally, it is also facingcompetition from mobile network operators offering mobile phones under their own brand.

In map and related location based information business, the company’s major competitors includeGoogle, TomTom, and numerous governmental and quasigovernmental mapping agencies thatlicense map data for commercial use, as well as many local competitors in geographic areas outsideof North America and Europe. In the telecom infrastructure market, the company's joint venture,Nokia Siemens Networks, continues to face intense competition from other players. Some of itsmajor competitors in this area include Huawei, ZTE, Alcatel Lucent, Ericsson, Cisco, Motorola andNEC. In telecom infrastructure services market, Nokia competes with Ericsson, Accenture, HP, IBM,Fujitsu, Juniper, Samsung and Tellabs.



Intense competition has affected the company's market share and revenues, as well as the pricesin recent times. This will continue to put pressure on the company's operating performance andmarket share in coming years.

Exchange rate fluctuations

The company operates in more than 150 countries across Europe, Americas and Asia Pacific andis exposed to risk from changes in foreign currency rates. Nokia’s business and results of operationsare from time to time affected by changes in exchange rates, particularly between the Euro, thecompany’s reporting currency, and other currencies such as the US dollar, the Japanese yen andthe Chinese yuan. In 2009, until the end of February the US dollar appreciated against the Euro by6%. After that, the US dollar depreciated by 12% and at the end of 2009 was 6.6% weaker than atthe end of 2008. The weaker US dollar towards the end of 2009 had a negative impact on thecompany’s net sales expressed in Euro as approximately 45% of Nokia’s net sales are generatedin US dollars and currencies closely following the US dollar.

In addition, in 2009, until the end of January the Japanese yen appreciated by 4.9% against theEuro. After that, the Japanese yen depreciated and ended 5.5% weaker at the end of year than atthe end of previous year. In 2009, the Brazilian real appreciated 26.5% against the Euro.The Chineseyuan, Russian ruble and India rupee depreciated 6.7%, 3.8% and 2.7%, respectively, against theEuro. In general, the depreciation of an emerging market currency has a negative impact on Nokia’soperating profit due to reduced revenue in Euro terms and/or the reduced purchasing power ofcustomers in the emerging market.

Exchange rate fluctuations may affect the company's results and financial condition. In addition,significant changes in exchange rates may also impact the company’s competitive position andrelated price pressures through their impact on its competitors.



TOP COMPETITORS

The following companies are the major competitors of Nokia Corporation

Motorola, Inc.NEC CorporationNortel Networks CorporationSony Ericsson Mobile Communications ABHuawei Technologies Co. Ltd.Cisco Systems, Inc.Hewlett-Packard CompanyJuniper Networks, Inc.LG Electronics Inc.Alcatel-LucentResearch In Motion LimitedTellabs, Inc.TomTom N.V.Fujitsu LimitedAccenture LtdLM Ericsson Telephone CompanyGoogle Inc.HTC CorporationInternational Business Machines CorporationMicrosoft CorporationSamsung Electronics Co., Ltd.Apple Inc.ZTE Corporation


Nokia CorporationTop Competitors

COMPANY VIEW

An excerpt from the 'Review by the Board of Directors' section is given below. The statement hasbeen taken from the company's annual review report for FY2009 is given below.

In 2009, Nokia’s net sales decreased 19% to E40,984 million (E50,710 million in 2008). Net salesof Devices & Services for 2009 decreased 21% to E27,853 million (E 35,099 million). Net sales ofNAVTEQ* were E670 million in 2009 (E361 million for the six months ended December 31, 2008).Net sales of Nokia Siemens Networks decreased 18% to E12,574 million (E15,309 million).

In 2009, Europe accounted for 36% (37%) of Nokia’s net sales, Asia-Pacific 22% (22%), GreaterChina 16% (13%), Middle East & Africa 14% (14%), Latin America 7% (10%), and North America5% (4%).The 10 markets in which Nokia generated the greatest net sales in 2009 were, in descendingorder of magnitude, China, India, the UK, Germany, the United States, Russia, Indonesia, Spain,Brazil and Italy, together representing approximately 52% of total net sales in 2009. In comparison,the 10 markets in which Nokia generated the greatest net sales in 2008 were China, India, the UK,Germany, Russia, Indonesia, the United States, Brazil, Italy and Spain, together representingapproximately 50% of total net sales in 2008.

Nokia’s gross margin in 2009 was 32.4%, compared to 34.3% in 2008. Nokia’s 2009 operating profitdecreased 76% to E1,197million, compared with E4,966 million in 2008. Nokia’s 2009 operatingmargin was 2.9% (9.8%). Nokia’s operating profit in 2009 included purchase price accounting itemsand other special items of net negative E2,306 million (net negative E2,067 million). Devices &Services operating profit decreased 43% to E3,314 million, compared with E5,816 million in 2008,with a reported operating margin of 11.9% (16.6%). Devices & Services operating profit in 2009included special items of negative E174 million (net negative E557 million). NAVTEQ’s operatingloss in 2009 was E344 million with a reported operating margin of –51.3% compared to an operatingloss of E153 million, for the six months ended on December 31, 2008 representing an operatingmargin of –42.4%. NAVTEQ’s operating loss in 2009 included purchase price accounting items andother special items of negative E465 million (net negative E235 million). Nokia Siemens Networkshad an operating loss of E1,639 million, compared with a E301 million operating loss in 2008,representing an operating margin of –13.0% (–2.0%). Nokia Siemens Networks operating loss in2009 included purchase price accounting items and other special items, including E908 millionimpairment of goodwill, of net negative E1,667 million (net negative E1,058 million).

In 2009, Nokia’s net sales and profitability were negatively impacted by the deteriorated globaleconomic conditions, including weaker consumer and corporate spending, constrained creditavailability and currency market volatility.The demand environment, in particular for mobile devices,improved during the latter part of the year as the global economy started showing initial signs ofrecovery.

Reported research and development expenses were E5,909 million in 2009, down 1% from E5,968million in 2008. Research and development costs represented 14.4% of Nokia net sales in 2009, up


Nokia CorporationCompany View

from 11.8% in 2008. Research and development expenses included purchase price accountingitems and other special items of E564 million in 2009 (E550 million in 2008). At December 31, 2009,Nokia employed 37,020 people in research and development, representing approximately 30% ofthe group’s total workforce, and had a strong research and development presence in 16 countries.

In 2009, Nokia’s selling and marketing expenses were E3,933 million, compared with E4,380 millionin 2008. Selling and marketing expenses for Nokia represented 9.6% of its net sales in 2009 (8.6%).Selling and marketing expenses included purchase price accounting items and other special itemsof E413 million in 2009 (E341 million).

Administrative and general expenses were E1,145 million in 2009 compared to E1,284 million in2008. Administrative and general expenses were equal to 2.8% of net sales in 2009 (2.5%).Administrative and general expenses included special items of E103 million in 2009 (E163 million).

Group Common Functions expenses totaled E134 million in 2009, compared to E396 million in 2008.Expenses in 2008 included a E217 million loss due to transfer of Finnish pension liabilities.

Net financial expense was E265 million in 2009 (E2 million).

Profit before tax and minority interests was E962 million (E4,970 million in 2008). Profit was E260million (E3,889 million), based on a profit of E891 million (profit of E3,988 million) attributable toequity holders of the parent and a negative E631 million (negative E99 million) attributable to minorityinterests. Earnings per share decreased to E0.24 (basic) and E0.24 (diluted), compared to E1.07(basic) and E1.05 (diluted) in 2008.

Operating cash flow for the year ended December 31, 2009 was E3,247 million (E3,197 million forthe year ended December 31, 2008) and total combined cash and other liquid assets were E8,873million (E6,820 million). As of December 31, 2009, our net debt-to-equity ratio (gearing) was –25%(– 14% as of December 31, 2008). In 2009, capital expenditure amounted to E531 million (E889million).

The key financial data, including the calculation of key ratios, for the years 2009, 2008 and 2007 areavailable in the Annual Accounts.

Main events in 2009

Nokia Group

Nokia formed Solutions, a new unit responsible for driving Nokia’s offering of solutions, with the aimof integrating the mobile device, services and content into a unique and compelling offering for theconsumer. The unit formally started operating on October 1, 2009.

Nokia announced changes to its Group Executive Board, with Robert Andersson leaving Nokia’sGroup Executive Board as of September 30, 2009 in connection with his transfer to new duties in



Nokia’s Corporate Development unit; Alberto Torres joining Nokia’s Group Executive Board as ofOctober 1, 2009 in connection with his appointment as head of the Solutions unit, and; SimonBeresford-Wylie leaving the Group Executive Board on September 30, 2009 after stepping down asChief Executive Officer of Nokia Siemens Networks.

Nokia announced that Rajeev Suri was appointed as Chief Executive Officer of Nokia SiemensNetworks as of October 1, 2009.

Nokia continued to take action to adjust its business operations and cost base in accordance withmarket demand as well as seek savings in operational expenses, looking at all areas and activitiesacross Devices & Services and global support functions. Actions included the closure of certainNokia facilities, the streamlining of Nokia’s research and development organization, temporarylay-offs in production, and measures to increase efficiency in certain global support functions.

Nokia was named as the world’s most sustainable technology company according to the 2009–2010edition of the Dow Jones Sustainability Indexes.

Devices & Services

Nokia strengthened its portfolio of Mobile Phones with new models such as the: Nokia 2323 classic,an affordable mobile device offering an FM radio with recording and an Internet browser; Nokia 2330classic, an affordable mobile device equipped with an integrated camera; Nokia 3720 classic, arugged handset designed to resist water, dust and shock; Nokia 5130 XpressMusic, an affordablehandset optimized for music; Nokia 6303 classic, featuring a 3.2 megapixel camera, an Internetbrowser and long battery life; Nokia 6700 classic, equipped with a 5 megapixel camera, assistedGPS navigation, and high speed data access and Nokia X3, an affordable music device with stereospeakers, built-in FM radio and a 3.2 megapixel camera.

To create additional value for users of our Mobile Phones, Nokia also developed its offering ofservices designed to be accessed with them: In India and Indonesia, Nokia launched Nokia LifeTools, through which consumers can access timely and relevant agricultural information, as well aseducation and entertainment services, without requiring the use of GPRS or Internet connectivity;Nokia also continued to expand Ovi Mail, a free email service designed especially for users inemerging markets with Internet-enabled devices.

Nokia introduced Nokia Money, a new mobile financial service.The service is to be rolled out graduallyto selected markets and will be operated in cooperation with Obopay, a leading developer of mobilepayment solutions in which Nokia invested.

Nokia strengthened its portfolio of Smartphones with new models such as the: Nokia N97, featuringa tilting 3.5” touch display with a full QWERTY keyboard, a 5 megapixel camera, integrated AGPSsensors and an electronic compass, and 32 GB of onboard memory; Nokia N97 mini, a smallercompanion to the Nokia N97, featuring a tilting 3.2” touch display and a fully customizablehomescreen; Nokia 5230, an affordable touch smartphone that, in select markets, is available withComes With Music; Nokia E72, a device designed especially for business use and messaging,



featuring the latest consumer and corporate email solutions and simple Instant Messaging setup;Nokia E75, featuring a slide out QWERTY keyboard, 3.2 megapixel camera and assisted GPS andNokia X6, a powerful, touch entertainment device with 32 GB of onboard memory that, in selectmarkets, is available in combination with Comes With Music.

Building on the functionalities of Nokia’s Smartphones and enhancing their value for consumers,Nokia continued to develop Ovi, the Internet services brand under which it has integrated many ofits individual services to simplify the user experience and differentiate it from competitors. Forexample, Nokia launched Ovi Store, a one-stop shop for applications and content for millions ofNokia device users, and made available the Ovi SDK (software development kit), the Ovi MapsPlayer API (application programming interface) and the Ovi Navigation API, enabling the creationof sophisticated applications for the web as well as the Symbian and Maemo platforms.

Nokia continued to develop Ovi Maps, a service that gives consumers access to mapping and, forthose with GPSenabled Nokia mobile devices, navigation. Ovi Maps utilizes NAVTEQ’s digital mapsdatabase and is evolving from a static map to a dynamic platform upon which users can add theirown content and access location-based services as well as content placed on the map by thirdparties, such as Lonely Planet, Michelin and WCities. During January 2010, Nokia introduced a newversion of Ovi Maps for its selected smartphones that includes navigation at no extra cost forconsumers available for download on Nokia’s web site. This new version of Ovi Maps includeshigh-end car and pedestrian navigation features, such as turn-by-turn voice guidance for 74 countries,in 46 languages, and traffic information for more than 10 countries, as well as detailed maps formore than 180 countries.

Nokia launched in Russia Ovi Music, representing the first step to bring Nokia Music Store–our chainof digital music stores–into the Ovi stable of services. During 2010, we plan to migrate our existingNokia Music Stores in different countries to Ovi Music, bringing a number of benefits such as a singleaccount and a sleek and simple Ovi look and feel and other user experience improvements. TheOvi Music catalog has more than 9 million tracks available for download.

Nokia commenced shipments of the Nokia N900, a handset that delivers computer-grade performancein a compact QWERTY and touch form factor. The Nokia N900 runs on Maemo, a desktop PC-likesoftware architecture based on the open source Linux software, and which Nokia is continuing todevelop.

Nokia commenced shipments of the Nokia Booklet 3G, a new Windows 7-based mini-laptop, builtfor all-day mobility and connectivity. Encased in an ultra-portable aluminum chassis, the NokiaBooklet 3G runs for up to 12 hours on a single charge and has a broad range of connectivity options.

Nokia continued to partner with third party companies, operators, developers and content providersin areas that it believes could positively differentiate its Smartphones, as well as other Nokia mobiledevices, from those offered by competitors. For example, partnering with operators, Nokia continuedto grow Nokia Messaging, its push email and instant messaging service. Nokia also continued towork together with the music industry to expand Nokia Music Store, its digital music store, andComes With Music, its ‘all-you-can-eat’ music offering. Additionally, Nokia formed a global alliance



with Microsoft to design and market a suite of productivity applications for Nokia’s Smartphones,and commenced a partnership with Intel Corporation to develop a new class of Intel Architecture-basedmobile computing device and chipset architectures that will combine the performance of powerfulcomputers with high-bandwidth mobile broadband communications and ubiquitous Internetconnectivity. Nokia also launched Ovi lifecasting, an application developed together with Facebookthat enables people to publish their location and status updates directly to their Facebook accountfrom the home screen of a mobile device.

NAVTEQ

NAVTEQ announced the availability of Motorway Junction Objects, which enables navigation systemsto display full 3D animation of complex junctions, in Australia, Europe and North America withcoverage of over 8 000 locations.

NAVTEQ announced that NAVTEQ Discover Cities reached a global pedestrian navigation milestoneof 100 cities.

NAVTEQ announced the availability of NAVTEQ LocationPoint, a location-based advertising servicefor mobile applications, in several European countries, as well as agreements with AAA, Loopt andNextar in North America to utilize the offering.

NAVTEQ launched real time traffic in 11 European countries and expanded NAVTEQ Traffic Patternsto 9 European countries.

NAVTEQ launched maps in Chile, Venezuela, Iceland and Croatia, along with a significant increasein major city coverage in its India map to now encompass 84 cities.

NAVTEQ announced that it signed an agreement with Samsung Electronics providing access to allcountries in the NAVTEQ database as well as NAVTEQ’s Visual Content, Speed Limits, ExtendedLanes and NAVTEQ Discover Cities.

NAVTEQ announced a global technology agreement with Microsoft to allow the rapid deploymentof innovative collection capabilities, as well as accelerating the collection, creation and storage of3D map data and visuals.

NAVTEQ announced the integration of Nokia GPS data for availability in NAVTEQ traffic productsin North America and Europe.

Nokia Siemens Networks

Nokia Siemens Networks won 29 new 3G contracts during 2009, confirming its industry leadingposition in wireless broadband.The company secured key deals across the globe including contractswith: Softbank in Japan; Telenor in Denmark and Sweden; Megafon in Russia; Hutchison Telecom



in Hong Kong; China Unicom and China Mobile; Nuevatel in Bolivia; and Viettel and Vinaphone inVietnam.

Nokia Siemens Networks took significant steps forward in LTE, making the world’s first LTE call andhandover on commercial software and started LTE interoperability tests with 4 leading device vendors.Nokia Siemens Networks had by year end 2009 shipped capable LTE hardware to close to all its3G customers, demonstrating readiness to support operators all over the world in the first commercialdeployments of LTE. Nokia Siemens Networks was selected to provide LTE networks for Zain Bahrainand Telenor Denmark, taking commercial LTE references to six, including a deal with Verizon, theUnited States operator, which selected Nokia Siemens Networks as a supplier of its IP Multi-MediaSubsystem (IMS) network, which will enable rich multimedia applications across its networks.

Nokia Siemens Networks signed 37 new Managed Services contracts in 2009, breaking into newgeographic markets across the world with landmark agreements that included contracts with Orangein the United Kingdom and Spain, Oi in Brazil, Zain in Nigeria and East Africa and Unitech in India.

Nokia Siemens Networks extended its global services delivery capability with the inauguration of aGlobal Networks Solutions Centre in Noida, India.

Nokia Siemens Networks announced a number of technological advances including the launch ofthe Flexi Multiradio base station which allows GSM/EDGE, WCDMA/HSPA/HSPA+ and LTE standardsto run concurrently in a single unit, and the Evolved Packet Core for LTE that will enable operatorsto efficiently offer a full range of data, voice, and high-quality and real-time multimedia services overdifferent wireless standards using the same open platform in the core network.

Nokia Siemens Networks also launched new solutions including FlexiPacket Microwave, a nextgeneration full packet microwave solution which combines Carrier Ethernet Transport with MicrowaveRadio, and charge@once unified and business solutions that allow operators to combine chargingand billing.

Nokia Siemens Networks announced a reorganization of its business structure to align it better tocustomer needs. At the same time, Nokia Siemens Networks announced a plan to improve itsfinancial performance, which include targeted reductions of annualized operating expenses andproduction overheads of EUR 500 million by the end of 2011, compared to the end of 2009, on anon-IFRS basis. As part of that effort, the company is conducting a global personnel review whichmay lead to headcount reductions in the range of about 7 % to 9 % of its approximately 64 000employees.

Acquisitions and divestments in 2009

In December 2009, Nokia and New Alliance, an investment company which is part of the ShanghaiAlliance Investment Ltd, announced plans to form a 50-50 joint venture company to offer a range ofmobile services in China and support the local developer ecosystem.



In December 2009, Nokia sold its minority holding in Venyon, a leading trusted service manager onthe mobile near field communication (NFC) market, to Giesecke & Devrient.

In October, 2009, Nokia completed the sale of Symbian Professional Services to Accenture.

In October 2009, Nokia Siemens Networks and Juniper Networks formed a joint venture offering aCarrier Ethernet solution for mobile backhaul, business and residential broadband networks. Thejoint venture company is 60 % owned by Juniper Networks and 40 % by Nokia Siemens Networks.

In September 2009, Nokia acquired Dopplr, a mobile service provider for international travelers.

In September 2009, NAVTEQ acquired Acuity Mobile, whose leading mobile location-based advertisingdelivery platform enables NAVTEQ to continue to differentiate its interactive advertising capabilities.

In September 2009, Nokia acquired certain assets of Plum Ventures, a company that develops andoperates a cloud-based social media sharing and messaging service for private groups.

In August 2009, Nokia acquired cellity, a mobile software company that has developed a solutionfor aggregating address book data.

In April 2009, Nokia sold its security appliance business to Check Point Software Technologies.

In February 2009, Nokia acquired bit-side, a professional services and software company.

In January 2009, NAVTEQ acquired T-Traffic Systems, a leading provider of traffic services inGermany.

Personnel

The average number of employees for 2009 was 123,171, (121,723 for 2008 and 100,534 for 2007).At December 31, 2009, Nokia employed a total of 123,553 people (125,829 at December 31, 2008,and 112,262 at December 31, 2007). The total amount of wages and salaries paid in 2009 wasE5,658 million (E5,615 million in 2008 and E4,664 million in 2007).

Management and Board of Directors

Board of Directors, Group Executive Board and President

Pursuant to the Articles of Association, Nokia Corporation has a Board of Directors composed of aminimum of 7 and a maximum of 12 members. The members of the Board are elected for a term ofone year at each Annual General Meeting, i.e. as from the close of that Annual General Meetinguntil the close of the following Annual General Meeting, which convenes each year by June 30. Ageneral meeting may also dismiss a member of the Board of Directors. The Board has theresponsibility for appointing and discharging the Chief Executive Officer, the Chief Financial Officer



and the other members of the Group Executive Board.The Chief Executive Officer, who is separatedfrom Chairman, also acts as President and his rights and responsibilities include those allotted tothe President under Finnish law.

The current members of the Board of Directors were elected at the Annual General Meeting on April23, 2009. On December 31, 2009, the Board consisted of the following members: Jorma Ollila (Chair),Marjorie Scardino (Vice Chair), Georg Ehrnrooth, Lalita D. Gupte, Bengt Holmstrom, HenningKagermann, Per Karlsson, Olli-Pekka Kallasvuo, Isabel Marey-Semper, Risto Siilasmaa and KeijoSuila.

Information on shares and stock options held by the members of the Board of Directors and thePresident and CEO as well as the other members of the Group Executive Board are available in theAnnual Accounts.

For more information regarding Corporate Governance, please see the Corporate GovernanceStatement in the Additional information section of this document or at Nokia’s website, www.nokia.com.

Changes in the Group Executive Board

Alberto Torres, Executive Vice President, Head of Solution Unit, was appointed as a member of theGroup Executive Board as from October 1, 2009. Robert Andersson and Simon Beresford-Wylie leftthe Group Executive Board as from September 30, 2009.

Service contracts

Olli Pekka Kallasvuo’s service contract covers his current position as President and CEO andChairman of the Group Executive Board. As at December 31, 2009, Mr. Kallasvuo’s annual totalgross base salary, which is subject to an annual review by the Board of Directors and confirmationby the independent members of the Board, is E1,176,000. His incentive targets under the Nokiashort-term cash incentive plan are 150% of the annual gross base salary. In case of termination byNokia for reasons other than cause, including a change of control, Mr. Kallasvuo is entitled to aseverance payment of up to 18 months of compensation (both the annual total gross base salaryand target incentive). In case of termination by Mr. Kallasvuo, the notice period is six months andhe is entitled to a payment for such notice period (both annual total gross base salary and targetincentive for six months). Mr. Kallasvuo is subject to a 12-month non-competition obligation aftertermination of the contract. Unless the contract is terminated for cause, Mr. Kallasvuo may be entitledto compensation during the non-competition period or a part of it. Such compensation amounts tothe annual total gross base salary and target incentive for the respective period during which noseverance payment is paid.

Provisions on the amendment of articles of association

Amendment of the Articles of Association requires a decision of the general meeting, supported bytwo-thirds of the votes cast and two-thirds of the shares represented at the meeting. Amendment of



the provisions of Article 13 of the articles of association requires a resolution supported bythree-quarters of the votes cast and three-quarters of the shares represented at the meeting.

Shares and share capital

Nokia has one class of shares. Each Nokia share entitles the holder to one vote at general meetingsof Nokia.

In 2009, Nokia issued 7,500 new shares upon exercise of stock options issued to personnel in 2004.Effective March 25, 2009, a total of 56 million shares held by the company were cancelled. Theissuance of new shares and cancellation of shares did not impact the amount of share capital of thecompany. Neither the issuance of shares nor the cancellation of shares had any significant effecton the relative holdings of the other shareholders of the company nor on their voting power.

In 2009, Nokia did not repurchase any shares.

In 2009, Nokia transferred a total of 10,351,876 Nokia shares held by it under Nokia equity plansas settlement under the plans to the Plan participants, personnel of Nokia Group. The amount ofshares transferred represented approximately 0.2% of the total number of shares and the total votingrights.The transfers did not have a significant effect on the relative holdings of the other shareholdersof the company nor on their voting power.

On December 31, 2009, Nokia and its subsidiary companies owned 36,693,564 Nokia shares. Theshares represented approximately 1.0% of the total number of the shares of the company and thetotal voting rights. The total number of shares at December 31, 2009, was 3,744,956,052. OnDecember 31, 2009, Nokia’s share capital was E245, 896,461.96.

Information on the authorizations held by the Board in 2009 to issue shares and special rights entitlingto shares, transfer shares and repurchase own shares as well as information on the shareholders,stock options, shareholders’ equity per share, dividend yield, price per earnings ratio, share prices,market capitalization, share turnover and average number of shares may be found in the AnnualAccounts.

Industry and Nokia outlook for full year 2010

Nokia expects industry mobile device volumes to be up approximately 10% in 2010, compared to2009, based on the industry mobile device market definition applied by Nokia beginning in 2010.

Nokia targets its mobile device volume market share to be flat in 2010, compared to 2009, basedon the industry mobile device market definition applied by Nokia beginning in 2010.

Nokia targets to increase its mobile device value market share slightly in 2010, compared to 2009,based on the industry mobile device market definition applied by Nokia beginning in 2010.



Nokia and Nokia Siemens Networks expect a flat market in euro terms for the mobile and fixedinfrastructure and related services market in 2010, compared to 2009.

Nokia and Nokia Siemens Networks target Nokia Siemens Networks to grow faster than the marketin 2010, compared to 2009.



LOCATIONS AND SUBSIDIARIESHead Office

Nokia CorporationKeilalahdentie 2-4Espoo 02150FINP:358 7180 08000F:358 7180 34003http://www.nokia.com

Other Locations and Subsidiaries

Nokia Latin AmericaNokia United States703 NW 62nd Avenue102 Corporate Park DriveSuite 100White PlainsMiamiNew York 10604Florida 33126USAUSA

Nokia Greater China and KoreaNokia BrazilNokia China CampusAv das Nacoes UnidasBeijing Economic and TechnologicalDevelopment

12.901 Torre Norte 11oAndar Cep 04578-910

No.5 Donghuan ZhongluSao Paulo 04578-910Beijing 100176BRACHN

Nokia IndiaNokia South East Asia and PacificSP Infocity438B Alexandra RoadIndustrial Plot no. 24307-00 Alexandra TechnoparkUdyog Vihar, Phase 1Singapore 119968Dundahera, GurgaonSGPHaryana 122016IND

Nokia EurasiaNokia Middle East and AfricaStoleshnikov Per 14Al Thuraya Tower II103031 Moscow27th floorRUSDubai Internet City

DubaiARE


Nokia CorporationLocations and Subsidiaries

Nokia Czech RepublicNokia CanadaPraha City Center601 Westney Road SouthKlimentska 46L1S 4N7 Ajax11002 PragueCANCZE

Nokia FranceNokia - DenmarkParc du Millenaire 2A.C.Meyers Vaenge 1535 rue de la Gare1790 Copenhagen75019 ParisDNKFRA

Nokia IndonesiaNokia GermanyJl. Ir H Juanda 381A (Dago)Lise-Meitner-Str. 1040135 Bandung89081 UlmIDNDEU

Nokia JapanNokia IranArco Tower1569 Shariati Avenue1-8-1 Shimomeguro15136 TehranMeguro-kuIRN153-0064 TokyoJPN

Nokia NetherlandsNokia MalaysiaStrawinskylaan 3111Jalan Stesen Sentral 51077 ZX Amsterdam50470 Kuala LumpurNLDMYS

Nokia SpainNokia NorwayCamino Cerro de los GamosSandakerveien 1161 Edificio 3NO-0484 Oslo28224 MadridNORESP


Nokia CorporationLocations and Subsidiaries

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