NOKIA: Ad hoc:NOKIA:Ad hoc: Nokia Q2 2010 net sales EUR 10.0 billion, non-IFRS EPS EUR 0.11 (reported EPS EUR 0.06)

NOKIA / / Ad hoc: Nokia Q2 2010 net sales EUR 10.0 billion, non-IFRS EPS EUR 0.11
(reported EPS EUR 0.06) processed and transmitted by Hugin AS. The issuer is solely
responsible for the content of this announcement.

Nokia operating cash flow of EUR 944 million

Nokia Corporation
Interim Report
July 22, 2010 at 13.00 (CET +1)

The complete press release with tables is available at:
http://www.nokia.com/results/Nokia_results2010Q2e.pdf
http://www.nokia.com/results/Nokia_results2010Q2e.pdf

Non-IFRS second quarter 2010 results1,2
EUR million Q2/2010 Q2/2009 YoY Change Q1/2010 QoQ
Change
Net sales 10 005 9 913 1% 9 522 5%
Devices & Services 6 800 6 586 3% 6 663 2%
NAVTEQ 253 148 71% 189 34%
Nokia Siemens Networks 3 039 3 199 -5% 2 718 12%

Operating profit 660 775 -15% 820 -20%
Devices & Services 647 802 -19% 804 -20%
NAVTEQ 50 19 163% 41 22%
Nokia Siemens Networks 51 2 15

Operating margin 6.6% 7.8% 8.6%
Devices & Services 9.5% 12.2% 12.1%
NAVTEQ 19.8% 12.8% 21.7%
Nokia Siemens Networks 1.7% 0.1% 0.6%

EPS, EUR Diluted 0.11 0.15 -27% 0.14 -21%
Reported second quarter 2010 results2
EUR million Q2/2010 Q2/2009 YoY Change Q1/2010 QoQ Change
Net sales 10 003 9 912 1% 9 522 5%
Devices & Services 6 799 6 586 3% 6 663 2%
NAVTEQ 252 147 71% 189 33%
Nokia Siemens Networks 3 039 3 199 -5% 2 718 12%

Operating profit 295 427 -31% 488 -40%
Devices & Services 643 763 -16% 831 -23%
NAVTEQ -81 -100 -77
Nokia Siemens Networks -179 -188 -226

Operating margin 2.9% 4.3% 5.1%
Devices & Services 9.5% 11.6% 12.5%
NAVTEQ -32.1% -68.0% -40.7%
Nokia Siemens Networks -5.9% -5.9% -8.3%

EPS, EUR Diluted 0.06 0.10 -40% 0.09 -33%

Note 1 relating to non-IFRS results: Non-IFRS results exclude special items for all
periods. In addition, non-IFRS results exclude intangible asset amortization, other
purchase price accounting related items and inventory value adjustments arising from i)
the formation of Nokia Siemens Networks and ii) all business acquisitions completed
after June 30, 2008. More specific information about the exclusions from the non-IFRS
results may be found in this press release on pages 2-3, 14-16 and 18.

Nokia believes that these non-IFRS financial measures provide meaningful supplemental
information to both management and investors regarding Nokia's performance by excluding
the above-described items that may not be indicative of Nokia's business operating
results. These non-IFRS financial measures should not be viewed in isolation or as
substitutes to the equivalent IFRS measure(s), but should be used in conjunction with
the most directly comparable IFRS measure(s) in the reported results. A reconciliation
of the non-IFRS results to our reported results for Q2 2010 and Q2 2009 can be found in
the tables on pages 11-12 and 14-18 of this press release. A reconciliation of our Q1
2010 non-IFRS results can be found on pages 10 and 12-16 of our Q1 2010 Interim Report
of April 22, 2010.

Note 2: Nokia reported net sales were EUR 19 525 million and earnings per share
(diluted) were EUR 0.16 for the period from January 1 to June 30, 2010. Further
information about the results for the period from January 1 to June 30, 2010 can be
found in this press release on pages 9-10, 12, 19-21 and 22.

SECOND QUARTER 2010 HIGHLIGHTS
- Nokia net sales of EUR 10.0 billion, up 1% year-on-year and 5% sequentially (down 4%
and up 2% at constant currency).
- Devices & Services net sales of EUR 6.8 billion, up 3% year-on-year and 2%
sequentially (down 2% and 1% at constant currency).
- Services net sales of EUR 158 million, up 7% sequentially; billings of EUR 295
million, up 29% sequentially.
- Nokia total mobile device volumes of 111.1 million units, up 8% year-on-year and 3%
sequentially.
- Nokia converged mobile device (smartphone and mobile computer) volumes of 24.0 million
units, up 42% year-on-year and 12% sequentially.
- Nokia mobile device ASP (including services revenue) of EUR 61, down from EUR 62 in Q1
2010.
- Devices & Services gross margin of 30.2%, down from 34.0% in Q2 2009 and 32.4% in Q1
2010.
- Devices & Services non-IFRS operating margin of 9.5%, down from 12.2% in Q2 2009 and
12.1% in Q1 2010.
- NAVTEQ non-IFRS net sales of EUR 253 million, up 71% year-on-year and 34% sequentially
(up 69% and 30% at constant currency).
- Nokia Siemens Networks net sales of EUR 3.0 billion, down 5% year-on-year and up 12%
sequentially (down 11% and up 10% at constant currency).

- Nokia Siemens Networks non-IFRS operating margin of 1.7%, up from 0.1% in Q2 2009 and
0.6% in Q1 2010.
- Nokia operating cash flow of EUR 944 million.
- Total cash and other liquid assets of EUR 9.5 billion at the end of Q2 2010.
- Nokia taxes were unfavorably impacted by Nokia Siemens Networks taxes as no tax
benefits are recognized for certain Nokia Siemens Networks deferred tax items. If
Nokia's estimated long-term tax rate of 26% had been applied, non-IFRS Nokia EPS would
have been approximately half a Euro cent higher.

OLLI-PEKKA KALLASVUO, NOKIA CEO:

"Despite facing continuing competitive challenges, we ended the second quarter with
several reasons to be optimistic about our future. For one, the global handset market
has continued to grow at a healthy pace, led by some of the less mature markets where
Nokia is strong. We are also encouraged by the solid second quarter performance of our
Mobile Phones business, helped by an improving line-up of affordable models.

In smartphones, we continue to renew our portfolio. We believe that the Nokia N8, the
first of our Symbian^3 devices, will have a user experience superior to that of any
smartphone Nokia has created. The Nokia N8 will be followed soon thereafter by further
Symbian^3 smartphones that we are confident will give the platform broader appeal and
reach, and kick-start Nokia's fightback at the higher end of the market."

INDUSTRY AND NOKIA OUTLOOK
- Nokia expects Devices & Services net sales to be between EUR 6.7 billion and EUR 7.2
billion in the third quarter 2010.
- Nokia expects its non-IFRS operating margin in Devices & Services to be between 7% to
10% in the third quarter 2010.
- Nokia and Nokia Siemens Networks expect Nokia Siemens Networks' net sales to be
between EUR 2.7 billion and EUR 3.1 billion in the third quarter 2010.
- Nokia and Nokia Siemens Networks expect the non-IFRS operating margin in Nokia Siemens
Networks to be between -2% and 2% in the third quarter 2010.
- Nokia continues to expect industry mobile device volumes to be up approximately 10% in
2010, compared to 2009 (based on its revised definition of the industry mobile device
market applicable beginning in 2010).
- Nokia continues to target its mobile device volume market share to be flat in 2010,
compared to 2009.

- Nokia continues to expect its mobile device value market share to be slightly lower in
2010, compared to 2009.
- Nokia continues to target non-IFRS operating expenses in Devices & Services of
approximately EUR 5.7 billion in 2010.
- Nokia targets Devices & Services non-IFRS operating margin of 10% to 11% in 2010. This
provides quantification in line with the June 16, 2010, revised target for Devices &
Services non-IFRS operating margin for 2010 to be at the lower end of, or below, the
previous target of 11% to 13%. Nokia continues to expect Devices & Services non-IFRS
operating margin during the fourth quarter 2010 to be higher than the currently targeted
full year Devices & Services non-IFRS operating margin.
- Nokia and Nokia Siemens Networks continue to expect a flat market in Euro terms for
the mobile and fixed infrastructure and related services market in 2010, compared to
2009.
- Nokia and Nokia Siemens Networks now target Nokia Siemens Networks to maintain its
market share in 2010. This is an update to Nokia and Nokia Siemens Networks earlier
target for Nokia Siemens Networks to grow faster than the market in 2010.
- Nokia and Nokia Siemens Networks continue to target Nokia Siemens Networks to reduce
its non-IFRS annualized operating expenses and production overheads by EUR 500 million
by the end of 2011, compared to the end of 2009.
- Nokia and Nokia Siemens Networks continue to target Nokia Siemens Networks non-IFRS
operating margin of breakeven to 2% in 2010.

SECOND QUARTER 2010 FINANCIAL HIGHLIGHTS
(Comparisons are given to the second quarter 2009 results, unless otherwise indicated.)

The non-IFRS results exclusions

Q2 2010 - EUR 365 million consisting of:

- EUR 114 million restructuring charge and other associated items in Nokia Siemens
Networks

- EUR 116 million of intangible asset amortization and other purchase price accounting
related items arising from the formation of Nokia Siemens Networks

- EUR 131 million of intangible asset amortization and other purchase price accounting
related items arising from the acquisition of NAVTEQ

- EUR 4 million of intangible assets amortization and other purchase price related items
arising from the acquisition of OZ Communications, Novarra and MetaCarta in Devices &
Services

Q1 2010 - EUR 332 million (net) consisting of:
- EUR 125 million restructuring charge and other associated items in Nokia Siemens
Networks.
- EUR 29 million gain on sale of assets and a business in Devices & Services.
- EUR 116 million of intangible asset amortization and other purchase price accounting
related items arising from the formation of Nokia Siemens Networks.
- EUR 118 million of intangible asset amortization and other purchase price accounting
related items arising from the acquisition of NAVTEQ.
- EUR 2 million of intangible assets amortization and other purchase price related items
arising from the acquisition of OZ Communications in Devices & Services.

Q2 2009 - EUR 348 million (net) consisting of:
- EUR 22 million of impairment of intangible assets in Devices & Services
- EUR 83 million restructuring charge in Devices & Services
- EUR 68 million gain on sale of security appliance business in Devices & Services
- EUR 69 million restructuring charge and other associated items in Nokia Siemens
Networks
- EUR 121 million of intangible assets amortization and other purchase price related
items arising from the formation of Nokia Siemens Networks
- EUR 119 million of intangible assets amortization and other purchase price related
items arising from the acquisition of NAVTEQ
- EUR 2 million of intangible assets amortization and other purchase price related items
arising from the acquisition of OZ Communications in Devices & Services.

Non-IFRS results exclude special items for all periods. In addition, non-IFRS results
exclude intangible asset amortization, other purchase price accounting related items and
inventory value adjustments arising from i) the formation of Nokia Siemens Networks and
ii) all business acquisitions completed after June 30, 2008.

Nokia Group
Nokia's second quarter 2010 net sales increased 1% to EUR 10.0 billion, compared with
EUR 9.9 billion in the second quarter 2009. At constant currency, group net sales would
have decreased 4% year-on-year.

The following chart sets out the year-on-year and sequential growth rates in our net
sales on a reported basis and at constant currency for the periods indicated.

SECOND QUARTER 2010 NET SALES, REPORTED & CONSTANT CURRENCY1
YoY Change QoQ Change
Group net sales - reported 1% 5%
Group net sales - constant currency1 -4% 2%

Devices & Services net sales - reported 3% 2%
Devices & Services net sales - constant currency1 -2% -1%

NAVTEQ net sales - reported 71% 33%
NAVTEQ net sales - constant currency1 69% 30%

Nokia Siemens Networks net sales - reported -5% 12%
Nokia Siemens Networks net sales - constant currency1 -11% 10%

Note 1: Change in net sales at constant currency excludes the impact of changes in exchange rates in comparison to the Euro, our reporting currency.

Nokia's second quarter 2010 reported operating profit decreased to EUR 295 million,
compared with EUR 427 million in the second quarter 2009. Nokia's second quarter 2010
non-IFRS operating profit decreased 15% to EUR 660 million, compared with EUR 775
million in the second quarter 2009. Nokia's second quarter 2010 reported operating
margin was 2.9% (4.3%). Nokia's second quarter 2010 non-IFRS operating margin was 6.6%
(7.8%).

Operating cash flow for the second quarter 2010 was EUR 944 million. The operating cash
flow for the second quarter 2009 was EUR 716 million. Total cash and other liquid assets
were EUR 9.5 billion at end of the second quarter 2010, compared with EUR 7.0 billion at
the end of the second quarter 2009. At the end of the second quarter 2010, Nokia's net
debt-equity ratio (gearing) was -27%, compared with -10% at the end of the second
quarter 2009.

Devices & Services

As previously disclosed and discussed below, multiple factors negatively impacted
Nokia's Devices & Services business during the second quarter 2010, and we expect this
to continue during the third quarter 2010.

Net Sales.

Second quarter 2010 Devices & Services net sales increased 3% to EUR 6.8 billion,
compared with EUR 6.6 billion in the second quarter 2009. At constant currency, Devices
& Services net sales would have decreased 2% year-on-year. The net sales increase
resulted primarily from higher volumes in most regions driven by stronger demand,
partially offset by an ASP decline, compared to the second quarter 2009. Net sales in
the second quarter 2010 were adversely impacted by the competitive environment,
particularly in the high end of the market.

The following chart sets out Devices & Services net sales for the periods indicated, as
well as the year-on-year and sequential growth rates, by geographic area.

DEVICES & SERVICES NET SALES BY GEOGRAPHIC AREA
(EUR million) Q2/2010 Q2/2009 YoY Q1/2010 QoQ Change
Change
Europe 2 173 2 158 1% 2 186 -1%
Middle East & Africa 934 1 038 -10% 1 005 -7%
Greater China 1 373 1 136 21% 1 458 -6%
Asia-Pacific 1 543 1 568 -2% 1 363 13%
North America 223 264 -16% 219 2%
Latin America 553 422 31% 432 28%
Total 6 799 6 586 3% 6 663 2%

Of our total Devices & Services net sales, services contributed EUR 158 million in the
second quarter 2010, compared with EUR 148 million in the first quarter 2010. Services
billings in the second quarter 2010 were EUR 295 million, compared with EUR 228 million
in the first quarter 2010. Due to the divestment of the security appliance business in
April 2009, services net sales of EUR 140 million and billings of EUR 207 million in the
second quarter 2009 are not directly comparable to services net sales and billings in
the second quarter 2010.

The following chart sets out our Devices & Services net sales for the periods indicated,
as well as the year-on-year and sequential growth rates, by category.

DEVICES & SERVICES NET SALES BY CATEGORY
(EUR million) Q2/2010 Q2/2009 3 YoY Q1/2010 QoQ
Change3 Change
Mobile phones1 3 369 3 514 -4% 3 325 1%
Converged mobile devices2 3 429 3 064 12% 3 338 3%
Total 6 799 6 586 3% 6 663 2%

Note 1: Series 30 and Series 40-based devices ranging from basic mobile phones focused on voice capability to devices with a number of additional functionalities, such as Internet connectivity, including the services and accessories sold with them.
Note 2: Smartphones and mobile computers, including the services and accessories sold with them.
Note 3: Does not include the net sales of the security appliance business that was divested in April 2009.

Volume and Market Share.

In the second quarter 2010, the total mobile device volumes of Devices & Services were
111.1 million units, representing an increase of 8% year-on-year and 3% sequentially.
The overall industry mobile device volumes for the same period were 338 million units
based on Nokia's preliminary estimate, representing an increase of 14% year-on-year and
5% sequentially. Nokia's preliminary estimated mobile device market share was 33% in the
second quarter 2010, down from an estimated 35% in the second quarter 2009 and unchanged
from an estimated 33% in the first quarter 2010 (based on Nokia's revised definition of
the industry mobile device market share applicable beginning in 2010 and applied
retrospectively to 2009 for comparative purposes only).

Of the total industry mobile device volumes, converged mobile device industry volumes in
the second quarter 2010 increased to 59.0 million units, based on Nokia's preliminary
estimate, compared with an estimated 41.0 million units in the second quarter 2009 and
52.6 million units in the first quarter 2010. Our own converged mobile device volumes,
comprising our smartphones and mobile computers, were 24.0 million units in the second
quarter 2010, an increase of 42% compared with 16.9 million units in the second quarter
2009 and 12% compared with 21.5 million units in the first quarter 2010. Nokia's
preliminary estimated share of the converged mobile device market was 41% in the second
quarter 2010, compared with an estimated 41% in the second quarter 2009 and an estimated
41% in the first quarter 2010.

The following chart sets out our mobile device volumes for the periods indicated, as
well as the year-on-year and sequential growth rates, by geographic area.

DEVICES & SERVICES MOBILE DEVICE VOLUME BY GEOGRAPHIC AREA
(million units) Q2/2010 Q2/2009 YoY Change Q1/2010 QoQ Change
Europe 26.1 23.3 12% 23.9 9%
Middle East & Africa 21.0 18.9 11% 22.2 -5%
Greater China 19.3 18.6 4% 21.1 -9%
Asia-Pacific 30.8 30.3 2% 29.2 5%
North America 2.6 3.2 -19% 2.7 -4%
Latin America 11.2 8.9 26% 8.7 29%
Total 111.1 103.2 8% 107.8 3%

Nokia's 8% year-on-year increase in global mobile device volumes was primarily driven by
an improved demand environment as economic conditions had improved in most regions
compared with the difficult economic conditions of the second quarter 2009. This
improvement was offset to some extent by lower demand for our mobile devices in North
America. On a sequential basis, Nokia's 3% increase in global mobile device volumes
primarily reflected a seasonal increase in demand in Latin America, Europe and
Asia-Pacific offset to some extent by a seasonal decrease in demand in Greater China and
by lower demand for our mobile devices in Middle East & Africa and North America.

Average Selling Price

. Our mobile device average selling price (ASP) in the second quarter 2010 was EUR 61,
down from EUR 64 in the second quarter 2009 and from EUR 62 in the first quarter 2010
(including services revenue applied retrospectively to 2009 for comparative purposes
only). The lower year-on-year ASP was primarily due to a higher proportion of
lower-priced converged mobile device sales and price pressure, particularly in certain
high-end smartphones, offset to some extent by converged mobile devices representing a
greater proportion of our overall mobile device volumes in the second quarter 2010. On a
sequential basis, our lower ASP was primarily driven by price pressure, particularly in
certain high-end smartphones, offset to some extent by the appreciation of certain
currencies against the Euro and converged mobile devices representing a greater
proportion of our overall mobile device volumes in the second quarter 2010. Our
converged mobile device ASP in the second quarter 2010 was EUR 143, down from EUR 155 in
the first quarter 2010 and EUR 181 in the second quarter 2009. The year-on-year and
sequential declines in our converged mobile devices ASPs were mainly driven by an
increase in the proportion of such devices sold at lower price points consistent with
our strategy to reach wider groups of consumers, as well as price pressure in certain
high-end smartphones in the second quarter 2010.

The following chart sets out our Devices & Services ASP for the periods indicated, as
well as the year-on-year and sequential growth rates, by category.

DEVICES & SERVICES AVERAGE SELLING PRICE BY CATEGORY
(EUR) Q2/2010 Q2/2009 YoY Change Q1/2010 QoQ Change
Mobile phones1 39 41 -5% 39 0%
Converged mobile devices2 143 181 -21% 155 -8%
Total 61 64 -4% 62 -1%

Note 1: Series 30 and Series 40-based devices ranging from basic mobile phones focused on voice capability to devices with a number of additional functionalities, such as Internet connectivity, including the services and accessories sold with them.
Note 2: Smartphones and mobile computers, including the services and accessories sold with them.

Profitability.

Devices & Services gross profit (reported and non-IFRS) decreased 8% to EUR 2.1 billion,
compared with EUR 2.2 billion in the second quarter 2009, with a gross margin (reported
and non-IFRS) of 30.2% (34.0%). Devices & Services gross margin (reported and non-IFRS)
was 32.4% in the first quarter 2010. The year-on-year and sequential gross margin
declines were primarily due to price pressure, particularly in certain high-end
smartphones, offset to some extent by converged mobile devices representing a greater
proportion of our overall mobile device volumes in the second quarter 2010, compared to
the second quarter 2009 and first quarter 2010. Sequentially, the gross margin decline
was also due to the depreciation of the Euro against certain currencies, which led to
higher cost of goods sold, and our foreign exchange hedging having a smaller positive
one-quarter impact on the gross margin, as well as a mix shift towards sales of
lower-gross margin converged mobile devices. During the latter part of the second
quarter 2010, Devices & Services net sales and cost of goods sold were somewhat
negatively impacted by industry-wide shortages of certain components and we see this
situation continuing through the third quarter 2010.

Devices & Services reported operating profit decreased 16% to EUR 643 million, compared
with EUR 763 million in the second quarter 2009, with a reported operating margin of
9.5% (11.6%). Devices & Services non-IFRS operating profit decreased 19% to EUR 647
million, compared with EUR 802 million in the second quarter 2009, with a non-IFRS
operating margin of 9.5% (12.2%). The 19% year-on-year decrease in non-IFRS operating
profit for the second quarter 2010 was driven primarily by the lower gross margin. Our
operating expenses in the second quarter 2010 were also adversely impacted by the
depreciation of the Euro against certain currencies, compared to the second quarter
2009.

Nokia will deliver a family of smartphones based on the Symbian^3 software platform that
is targeted to offer a clearly improved user experience, a high standard of quality, and
competitive value to consumers. We plan to start shipping the Nokia N8, the first
Symbian^3 device, towards the end of the third quarter 2010. The Nokia N8 will be
followed soon thereafter by further Symbian^3 smartphones that will give the platform
broader appeal and reach.

NAVTEQ

Net Sales.

Second quarter 2010 NAVTEQ reported net sales increased 71% year-on-year to EUR 252
million, compared with EUR 147 million in the second quarter 2009, benefiting from
improved conditions in the automotive industry and growth in mobile device sales. At
constant currency, NAVTEQ net sales would have increased 69% year-on-year.

Profitability.

In the second quarter 2010, NAVTEQ's reported gross profit increased to EUR 205 million,
compared with EUR 125 million in the second quarter 2009, with a gross margin of 81.3%
(85.7%). Non-IFRS gross profit was EUR 206 million (EUR 127 million), with a non-IFRS
gross margin of 81.4% (85.8%). In the second quarter 2010, NAVTEQ's reported operating
loss decreased to EUR 81 million, compared with a EUR 100 million loss in the second
quarter 2009. The reported operating margin was -32.1% (-68.0%). NAVTEQ's non-IFRS
operating profit was EUR 50 million (EUR 19 million), with a non-IFRS operating margin
of 19.8% (12.8%) in the second quarter 2010.

Nokia Siemens Networks

Net Sales.

Second quarter 2010 net sales decreased 5% to EUR 3.0 billion, compared with EUR 3.2
billion in the second quarter 2009. The decrease was primarily due to the ongoing
industry-wide issue related to security clearances in India, which is preventing the
completion of product sales to customers, and shortages of certain components that are
affecting the broader industry; we see both of these situations continuing during the
third quarter 2010. At constant currency, Nokia Siemens Networks net sales would have
decreased 11% year-on-year. Of total Nokia Siemens Networks net sales, services
contributed EUR 1.4 billion in the second quarter 2010.

The following chart sets out Nokia Siemens Networks net sales for the periods indicated,
as well as the year-on-year and sequential growth rates, by geographic area.

NOKIA SIEMENS NETWORKS NET SALES BY GEOGRAPHIC AREA
(EUR million) Q2/2010 Q2/2009 YoY Change Q1/2010 QoQ Change
Europe 1 136 1 209 -6% 1 065 7%
Middle East & Africa 400 459 -13% 297 35%
Greater China 357 353 1% 275 30%
Asia-Pacific 594 648 -8% 632 -6%
North America 181 208 -13% 153 18%
Latin America 371 322 15% 296 25%
Total 3 039 3 199 -5% 2 718 12%

Profitability.

Nokia Siemens Networks reported gross profit increased 1% to EUR 869 million, compared
with EUR 860 million in the second quarter 2009, with a gross margin of 28.6% (26.9%).
Nokia Siemens Networks non-IFRS gross profit increased 4% to EUR 937 million, compared
with EUR 897 million in the second quarter 2009, with a non-IFRS gross margin of 30.8%
(28.0%). The higher year-on-year non-IFRS gross profit in the second quarter 2010 was
primarily due to continued progress on product cost reductions and a favorable regional
mix, compared to the second quarter 2009.

Nokia Siemens Networks second quarter 2010 reported operating loss was EUR 179 million,
compared with a reported operating loss of EUR 188 million in the second quarter 2009,
with a reported operating margin of -5.9% (-5.9%). Nokia Siemens Networks non-IFRS
operating profit was EUR 51 million in the second quarter 2010, compared with a non-IFRS
operating profit of EUR 2 million in the second quarter 2009, with a non-IFRS operating
margin of 1.7% (0.1%). The year-on-year improvement in Nokia Siemens Networks non-IFRS
operating result was primarily due to the improved gross margin.

Q2 2010 OPERATING HIGHLIGHTS

Devices & Services
- Nokia continued to build the various elements of, and attract consumers to, Ovi.
Highlights for the quarter included the following:
- To support the expansion of Ovi, Nokia acquired MetaCarta Inc. to obtain its
geographic intelligence technology and expertise, and Novarra Inc., whose mobile browser
and services platform will be used by Nokia to deliver enhanced Internet experiences on
Nokia's Series 40-based mobile phones.
- Nokia continued to expand elements of Ovi into different markets. For example, Nokia
brought its unlimited music downloads offering to China and India, as well as expanded
the footprint of Ovi Life Tools, its data and entertainment service, to China.
- Ovi continued to gain further traction with consumers. For example, cumulative
downloads of Ovi Maps, the free navigation offering, reached more than 17 million by the
end of the quarter. Nokia also began including the offering in all its GPS-enabled
smartphones out-of-the-box.
- Nokia took a significant step to building greater presence for Ovi on the web,
announcing a worldwide strategic alliance with Yahoo! that will see the two companies
leverage each others' strengths in e-mail, instant messaging and maps and navigation
services. As part of the alliance, Nokia will be the exclusive, global provider of
Yahoo!'s maps and navigation services, integrating Ovi Maps across Yahoo! properties,
branded as "powered by Ovi", while Yahoo! will become the exclusive, global provider of
Nokia's Ovi Mail and Ovi Chat services branded as "Ovi Mail / Ovi Chat powered by
Yahoo!".
- Nokia and Microsoft launched Microsoft Communicator Mobile, the first application
developed together as part of their alliance around mobile productivity. The application
is available to owners of selected Nokia Eseries devices through Ovi Store.
- Nokia continued to grow and enhance the usability of Ovi Store for consumers and
publishers. The release of Ovi Store 1.7 during the second quarter delivers improvements
to browsing and search consumer experience. Nokia's most popular devices each have
access to more than 13 000 content items (including apps) in the store. Ovi App Wizard
achieved 1 million downloads in just 10 weeks since launch with thousands of partners
publishing thousands of apps. The store has been attracting on average more than 1.7
million downloads a day. Additionally, 90% of Nokia consumers who can access Ovi Store
can now do so in their local language (where Ovi Store supports at least one of the
country's primary languages), while more than 80% of those with local language
availability can also purchase from Ovi Store in their local currency.
- Nokia launched the Nokia N8, the first Nokia smartphone based on the next-generation
Symbian^3 software that is targeted to offer a clearly improved user experience, a
higher standard of quality, and competitive value to consumers. The Nokia N8 also offers
industry-leading imaging, video and entertainment capabilities.
- Nokia launched a trio of Nokia C1 phones, one of which features a 2-in-1 double SIM
solution. Nokia also launched the Nokia C2, a dual SIM device with dual standby
capability.
- Nokia launched the Nokia Bicycle Charger Kit, an alternative charging solution built
especially for people with limited access to electricity.
- Nokia started shipments of the Nokia C3, a mobile phone featuring a full QWERTY
keyboard and optimized for messaging and social networking.
- Nokia launched the Nokia C6, a messaging-optimized smartphone with a 3.2-inch HD
touchscreen display, a slide out four-row QWERTY keyboard and a 5 megapixel camera.
- Nokia launched the Nokia E5, a messaged-optimized smartphone that builds on the
success of the Nokia E71 and Nokia E72.
- Nokia strengthened its portfolio of devices based on China's TD-SCDMA standard with
the launch of the Nokia X5 and the Nokia C5.
- Nokia launched the Nokia X2, featuring dual speakers, dedicated music keys, an FM
stereo radio and support for up to 16GB of storage via a microSD card.
- Nokia started shipments of the Nokia E73 Mode, a QWERTY smartphone exclusively for
T-Mobile customers in the United States.

NAVTEQ

- NAVTEQ announced the following:
- The launch of full, navigable map coverage of Bulgaria and Egypt, as well as a
completely updated addressing system in the Kingdom of Saudi Arabia.
- The launch of NAVTEQ Traffic Patterns, NAVTEQ Lonely Planet Trips and NAVTEQ
LocationPoint Advertising in Australia.
- An expanded visual content offering for its Singapore map, including 3D Landmarks,
Enhanced 3D City Models, Junction View image and Sign-As-real images.
- Successful advertiser trials in Europe with McDonald's and Best Western powered by
NAVTEQ's LocationPoint Advertising platform.
- Garmin's selection of NAVTEQ Traffic for its first European connected PND service.
- An expanded agreement with the United States National Geospatial Intelligence Agency
under the Homeland Security Infrastructure Program for utilization of NAVTEQ map data.
- The addition of the Lonely Planet Travel Guide(TM) to the NAVTEQ map of India.

Nokia Siemens Networks
- Nokia Siemens Networks smart device solutions, which allow improved battery life,
better coverage and faster download speeds, were deployed in London to improve user
experience on the O2 network. Similar contracts were agreed with many operators
including Elisa in Finland, Mosaic Telecom in the United States, SFR in France, Indosat
in Indonesia, Cable & Wireless Communications in the UK, Cell C in South Africa and
Qatar Telecom in Qatar.
- Nokia Siemens Networks signed a full operation and maintenance managed services
contract with Mobile TeleSystems in Russia, a seven-year service management and
equipment supply agreement with Vodafone Hutchison in Australia and a large services
contract with Telefónica O2 to expand network capacity across Germany.
- In April, Nokia Siemens Networks signed a EUR 750 million frame agreement with China
Mobile and China Unicom to continue providing GSM, WCDMA and TD-SCDMA mobile network
equipment and solutions.
- Nokia Siemens Networks complemented its portfolio with TD-LTE support using its common
software definable Flexi Multiradio Base Station including trials in China and Taiwan,
interoperability tests with Samsung devices as well as launch of the TD-LTE Open Lab in
China.
- Nokia Siemens Networks continued to prepare for commercial LTE deployments with
technological world-first trials, including a 75 kilometer LTE call with Telstra in
Australia, the launch of Self Organizing Networks offering for LTE to reduce human error
and cost, and started production of LTE-ready Flexi Multiradio Base Station radio
frequency modules for 800 MHz spectrum suitable for rural areas.
- Nokia Siemens Networks achieved industry firsts with the unveiling of a migration path
to 400-Gigabit-per-second optical transport and a next generation packet optical
transport solution to help operators cut their costs. During the quarter Nokia Siemens
Networks also delivered a major optical transport network upgrade to Aurora, Australia.
- T-Mobile UK and 3 UK awarded Nokia Siemens Networks a GBP 400 million contract to
build Europe's largest shared network (MBNL) and will offer smartphone and dongle
customers the biggest 3G coverage in the United Kingdom. The HSDPA 3G network already
offers outdoor coverage to more than 90% of Britain's population.
- Vodafone Portugal selected Nokia Siemens Networks Service Broker, which is based on an
OpenCloud platform and will enable the seamless convergence of legacy services with new
data services, to satisfy growing subscriber demand for personalized services.

For more information on the operating highlights mentioned above, please refer to
related press announcements at the following links: www.nokia.com/press
http://www.nokia.com/press , www.navteq.com/about/press.html
http://www.navteq.com/about/press.html , www.nokiasiemensnetworks.com/press
http://www.nokiasiemensnetworks.com/press

NOKIA IN THE SECOND QUARTER 2010
(The following discussion is of Nokia's reported results. Comparisons are given to the
second quarter 2009 results, unless otherwise indicated.)

Nokia's net sales increased 1% to EUR 10 003 million (EUR 9 912 million). Net sales of
Devices & Services increased 3% to EUR 6 799 million (EUR 6 586 million). Net sales of
NAVTEQ increased 71% to EUR 252 million (EUR 147 million). Net sales of Nokia Siemens
Networks decreased 5% to EUR 3 039 million (EUR 3 199 million).

Operating profit decreased 31% to EUR 295 million (EUR 427 million), representing an
operating margin of 2.9% (4.3%). Operating profit in Devices & Services decreased 16% to
EUR 643 million (EUR 763 million), representing an operating margin of 9.5% (11.6%).
Operating loss in NAVTEQ was EUR 81 million (operating loss EUR 100 million),
representing an operating margin of -32.1% (-68.0%). Operating loss in Nokia Siemens
Networks was EUR 179 million (operating loss EUR 188 million), representing an operating
margin of -5.9% (-5.9%). Group Common Functions reported expense totaled EUR 33 million
(EUR 48 million).

In the period from April to June 2010, net financial expense was EUR 68 million (EUR 61
million). Profit before tax was EUR 221 million (EUR 380 million). Profit was EUR 104
million (EUR 287 million), based on a profit of EUR 227 million (EUR 380 million)
attributable to equity holders of the parent and a loss of EUR 123 million (loss of EUR
93 million) attributable to non-controlling interests. Earnings per share decreased to
EUR 0.06 (basic) and to EUR 0.06 (diluted), compared with EUR 0.10 (basic) and EUR 0.10
(diluted) in the second quarter of 2009.

NOKIA IN JANUARY - JUNE 2010
(The following discussion is of Nokia's reported results. Comparisons are given to the
January-June 2009 results, unless otherwise indicated.)

Nokia's net sales increased 2% to EUR 19 525 million (EUR 19 186 million). Net sales of
Devices & Services increased 6% to EUR 13 462 million (EUR 12 759 million). Net sales of
NAVTEQ were EUR 441 million (EUR 279 million). Net sales of Nokia Siemens Networks
decreased 7% to EUR 5 757 million (EUR 6 189 million).

Operating profit increased 62% to EUR 783 million (EUR 482 million), representing an
operating margin of 4.0% (2.5%). Operating profit in Devices & Services increased 13% to
EUR 1 474 million (EUR 1 310 million), representing an operating margin of 10.9%
(10.3%). Operating loss in NAVTEQ was EUR 158 million (loss of EUR 220 million),
representing an operating margin of -35.8% (-78.9%). Operating loss in Nokia Siemens
Networks was EUR 405 million (loss of EUR 549 million), representing an operating margin
of -7.0% (-8.9%). Corporate Common Functions reported expense totaled EUR 53 million
(EUR 59 million).

In the period from January to June 2010, net financial expense was EUR 141 million (net
financial expense EUR 138 million). Profit before tax was EUR 632 million (EUR 368
million). Profit was EUR 279 million (EUR 291 million), based on a profit of EUR 576
million (EUR 502 million) attributable to equity holders of the parent and a loss of EUR
297 million (loss EUR 211 million) attributable to non controlling interests. Earnings
per share increased to EUR 0.16 (basic) and EUR 0.16 (diluted), compared with EUR 0.14
(basic) and EUR 0.13 (diluted) in January-June 2009.

PERSONNEL
The average number of employees during the period from January to June 2010 was 126 876,
of which the average number of employees at Nokia Siemens Networks was 64 759. At June
30, 2010, Nokia employed a total of 129 746 people (120 827 people at June 30, 2009), of
which 65 251 were employed by Nokia Siemens Networks (60 983 people at June 30, 2009).

SHARES
The total number of Nokia shares at June 30, 2010 was 3 744 956 052. At June 30, 2010,
Nokia and its subsidiary companies owned 36 112 670 Nokia shares, representing
approximately 1.0 % of the total number of Nokia shares and the total voting rights.

1 EUR = 1.234 USD

The unaudited, consolidated interim financial statements of Nokia have been prepared in
accordance with the International Financial Reporting Standards ("IFRS"). The same
accounting policies and methods of computation are followed in the interim financial
statements as were followed in the consolidated financial statements of Nokia for 2009.

The complete press release with tables is available at:
http://www.nokia.com/results/Nokia_results2010Q2e.pdf
http://www.nokia.com/results/Nokia_results2010Q2e.pdf

FORWARD-LOOKING STATEMENTS
It should be noted that certain statements herein which are not historical facts are
forward-looking statements, including, without limitation, those regarding: A) the
timing of the deliveries of our products and services and their combinations; B) our
ability to develop, implement and commercialize new technologies, products and services
and their combinations; C) expectations regarding market developments and structural
changes; D) expectations and targets regarding our industry volumes, market share,
prices, net sales and margins of products and services and their combinations; E)
expectations and targets regarding our operational priorities and results of operations;
F) the outcome of pending and threatened litigation; G) expectations regarding the
successful completion of acquisitions or restructurings on a timely basis and our
ability to achieve the financial and operational targets set in connection with any such
acquisition or restructuring; and H) statements preceded by "believe," "expect,"
"anticipate," "foresee," "target," "estimate," "designed," "plans," "will" or similar
expressions. These statements are based on management's best assumptions and beliefs in
light of the information currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results that we currently
expect. Factors that could cause these differences include, but are not limited to: 1)
the competitiveness and quality of our portfolio of products and services and their
combinations; 2) our ability to timely and successfully develop or otherwise acquire the
appropriate technologies and commercialize them as new advanced products and services
and their combinations, including our ability to attract application developers and
content providers to develop applications and provide content for use in our devices; 3)
our ability to effectively, timely and profitably adapt our business and operations to
the requirements of the converged mobile device market and the services market; 4) the
intensity of competition in the various markets where we do business and our ability to
maintain or improve our market position or respond successfully to changes in the
competitive environment; 5) the occurrence of any actual or even alleged defects or
other quality, safety or security issues in our products and services and their
combinations; 6) the development of the mobile and fixed communications industry and
general economic conditions globally and regionally; 7) our ability to successfully
manage costs; 8) exchange rate fluctuations, including, in particular, fluctuations
between the euro, which is our reporting currency, and the US dollar, the Japanese yen
and the Chinese yuan, as well as certain other currencies; 9) the success, financial
condition and performance of our suppliers, collaboration partners and customers; 10)
our ability to source sufficient amounts of fully functional components, sub-assemblies,
software, applications and content without interruption and at acceptable prices and
quality; 11) our success in collaboration arrangements with third parties relating to
the development of new technologies, products and services, including applications and
content; 12) our ability to manage efficiently our manufacturing and logistics, as well
as to ensure the quality, safety, security and timely delivery of our products and
services and their combinations; 13) our ability to manage our inventory and timely
adapt our supply to meet changing demands for our products; 14) our ability to protect
the complex technologies, which we or others develop or that we license, from claims
that we have infringed third parties' intellectual property rights, as well as our
unrestricted use on commercially acceptable terms of certain technologies in our
products and services and their combinations; 15) our ability to protect numerous Nokia,
NAVTEQ and Nokia Siemens Networks patented, standardized or proprietary technologies
from third-party infringement or actions to invalidate the intellectual property rights
of these technologies; 16) the impact of changes in government policies, trade policies,
laws or regulations and economic or political turmoil in countries where our assets are
located and we do business; 17) any disruption to information technology systems and
networks that our operations rely on; 18) our ability to retain, motivate, develop and
recruit appropriately skilled employees; 19) unfavorable outcome of litigations; 20)
allegations of possible health risks from electromagnetic fields generated by base
stations and mobile devices and lawsuits related to them, regardless of merit; 21) our
ability to achieve targeted costs reductions and increase profitability in Nokia Siemens
Networks and to effectively and timely execute related restructuring measures; 22)
developments under large, multi-year contracts or in relation to major customers in the
networks infrastructure and related services business; 23) the management of our
customer financing exposure, particularly in the networks infrastructure and related
services business; 24) whether ongoing or any additional governmental investigations
into alleged violations of law by some former employees of Siemens AG ("Siemens") may
involve and affect the carrier-related assets and employees transferred by Siemens to
Nokia Siemens Networks; 25) any impairment of Nokia Siemens Networks customer
relationships resulting from ongoing or any additional governmental investigations
involving the Siemens carrier-related operations transferred to Nokia Siemens Networks;
as well as the risk factors specified on pages 11-32 of Nokia's annual report Form 20-F
for the year ended December 31, 2009 under Item 3D. "Risk Factors." Other unknown or
unpredictable factors or underlying assumptions subsequently proving to be incorrect
could cause actual results to differ materially from those in the forward-looking
statements. Nokia does not undertake any obligation to publicly update or revise
forward-looking statements, whether as a result of new information, future events or
otherwise, except to the extent legally required.

Nokia, Helsinki - July 22, 2010

Media and Investor Contacts:
Corporate Communications, tel. +358 7180 34900
Investor Relations Europe, tel. +358 7180 34927
Investor Relations US, tel. +1 914 368 0555

- Nokia plans to publish its third quarter 2010 results on October 21, 2010.

www.nokia.com http://www.nokia.com/

HUG#1433504

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NOKIA
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WKN: 870737;ISIN: FI0009000681;
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