Nokia Corporation    Interim Report   July 16, 2009 at 13.00 (CET +1)   The complete press release with tables is available at:   http://www.nokia.com/results/Nokia_results2009Q2e.pdf                               Non-IFRS second quarter 2009 results 1,2,3                                                    YoY                 QoQ   EUR million              Q2/2009   Q2/2008    Change   Q1/2009    Change   Net sales                  9 913    13 155    -24.6%     9 276      6.9%   Devices & Services         6 586     9 090    -27.5%     6 173      6.7%   NAVTEQ                       148                           134     10.4%   Nokia Siemens Networks     3 199     4 071    -21.4%     2 990      7.0%    Operating profit             775     2 054    -62.3%       514     50.8%   Devices & Services           802     1 824    -56.0%       642     24.9%   NAVTEQ                        19                             5    280.0%   Nokia Siemens Networks         2       274    -99.3%      -122    Operating margin            7.8%     15.6%                5.5%   Devices & Services         12.2%     20.1%               10.4%   NAVTEQ                     12.8%                          3.7%   Nokia Siemens Networks      0.1%      6.7%               -4.1%    EPS, EUR Diluted            0.15      0.37    -59.5%      0.10     50.0%                                 Reported second quarter 2009 results 1,3                                                    YoY                 QoQ   EUR million              Q2/2009   Q2/2008    Change   Q1/2009    Change   Net sales                  9 912    13 151    -24.6%     9 274      6.9%   Devices & Services         6 586     9 090    -27.5%     6 173      6.7%   NAVTEQ                       147                           132     11.4%   Nokia Siemens Networks     3 199     4 067    -21.3%     2 990      7.0%    Operating profit             427     1 474    -71.0%        55    676.4%   Devices & Services           763     1 565    -51.2%       547     39.5%   NAVTEQ                      -100                          -120    -16.7%   Nokia Siemens Networks      -188       -47    300.0%      -361    -47.9%    Operating margin            4.3%     11.2%                0.6%   Devices & Services         11.6%     17.2%                8.9%   NAVTEQ                    -68.0%                        -90.9%   Nokia Siemens Networks     -5.9%     -1.2%              -12.1%    EPS, EUR Diluted            0.10      0.29    -65.5%      0.03    233.3%   

Note 1 relating to NAVTEQ: On July 10, 2008, Nokia completed the acquisition of NAVTEQ Corporation. NAVTEQ is a separate reportable segment of Nokia starting from the third quarter 2008. Accordingly, the results of NAVTEQ are not available for the prior periods.

Note 2 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 3, 10 and 13-17.

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 2009 and Q2 2008 can be found in the tables on pages 10 and 13-17 of this press release. A reconciliation of our Q1 2009 non-IFRS results can be found on pages 12-16 of our Q1 2009 Interim Report of April 16, 2009.

Note 3: Nokia reported net sales were EUR 19 186 million and earnings per share (diluted) were EUR 0.13 for the period from January 1 to June 30, 2009. Further information about the results for the period from January 1 to June 30, 2009 can be found in this press release on pages 9, 11, and 18-23.

   SECOND QUARTER 2009 HIGHLIGHTS    - Nokia net sales of EUR 9.9 billion, down 25% year on year and up 7%     sequentially (down 24% and up 7% at constant currency).    - Devices & Services net sales of EUR 6.6 billion, down 28% year on year     and up 7% sequentially (down 28% and up 7% at constant currency), and     non-IFRS operating margin of 12.2% (20.1% in Q2 2008).    - Devices & Services gross margin of 34.0%, up from 33.8% in Q1 2009.    - Services net sales of EUR 140 million (billings of EUR 207 million).     Due to the divestment of the security appliance business in April 2009,     services net sales are not directly comparable to prior periods.    - Estimated industry mobile device volumes of 268 million units, down 12%     year on year and up 5% sequentially.    - Nokia mobile device volumes of 103.2 million units, down 15% year on     year and up 11% sequentially.    - Nokia estimated mobile device market share of 38% in Q2 2009, down from     40% in Q2 2008 and up from 37% in Q1 2009.    - Nokia mobile device ASP of EUR 62, down from EUR 65 in Q1 2009.    - NAVTEQ net sales of EUR 147 million, up 11% sequentially, and non-IFRS     operating margin of 12.8% (3.7% in Q1 2009)    - Nokia Siemens Networks net sales of EUR 3.2 billion, down 21% year on     year and up 7% sequentially (down 20% and up 8% at constant currency),     and non-IFRS operating margin of 0.1% (6.7% in Q2 2008)    - Nokia operating cash flow of EUR 716 million.    - Total cash and other liquid assets of EUR 7.0 billion at the end of Q2     2009.    OLLI-PEKKA KALLASVUO, NOKIA CEO:  

"Nokia put in a solid performance in what was another tough quarter. We increased our share of the global mobile device market sequentially to an estimated 38% and grew our smartphone market share to an estimated 41%. As a result of strong operational execution, underlying operating margins improved sequentially in all segments. Competition remains intense, but demand in the overall mobile device market appears to be bottoming out. As before, we are continuing to tightly manage our operating expenses.

We are balancing short-term priorities with our longer-term growth ambitions as elements of the mobile handset, PC, internet and media industries converge to form a new industry. Consumers will increasingly expect devices and services designed as integrated solutions. To capture this opportunity we are accelerating our strategic transformation into a solutions company."

   INDUSTRY AND NOKIA OUTLOOK    - Nokia expects industry mobile device volumes in the third quarter 2009     to be at approximately the same level or up slightly sequentially.    - Nokia expects its mobile device market share in the third quarter 2009     to be approximately at the same level sequentially.    - Nokia continues to expect 2009 industry mobile device volumes to     decline approximately 10% from 2008 levels.    - Nokia now expects its market share in mobile devices to be     approximately flat in 2009, compared with 2008. This is an update to     Nokia's earlier target to increase its market share in mobile devices     in 2009.    - Nokia now expects its non-IFRS operating margin in Devices & Services     in the second half 2009 to be at approximately the same level as in the     first half 2009. This is an update to Nokia's earlier target for the     non-IFRS operating margin in Devices & Services to be in the teens for     the second half 2009.    - Nokia and Nokia Siemens Networks continue to expect the mobile     infrastructure and fixed infrastructure and related services market to     decline approximately 10% in Euro terms in 2009, from 2008 levels.    - Nokia and Nokia Siemens Networks now expect Nokia Siemens Networks     market share to decline moderately in 2009, compared to 2008, with a     strong performance in its Services business unit expected to be offset     by declines in certain product businesses. This is an update to Nokia     and Nokia Siemens Networks earlier target for Nokia Siemens Networks     market share to remain constant in 2009, compared to 2008.    SECOND QUARTER 2009 FINANCIAL HIGHLIGHTS  

(Comparisons are given to the second quarter 2008, unless otherwise indicated.)

   The non-IFRS results exclusions   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 one-time 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    Q1 2009 - EUR 459 million consisting of:    - EUR 34 million of impairment of intangible assets in Devices & Services    - EUR 59 million restructuring charge in Devices & Services    - EUR 123 million restructuring charge and other one-time items in Nokia     Siemens Networks    - EUR 116 million of intangible assets amortization and other purchase     price related items arising from the formation of Nokia Siemens     Networks    - EUR 125 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    Q2 2008 - EUR 580 million consisting of:    - EUR 259 million of charges related to closure of the Bochum site in     Germany in Devices & Services    - EUR 201 million restructuring charge and other one-time items in Nokia     Siemens Networks    - EUR 120 million of intangible assets amortization and other purchase     price related items arising from the formation of Nokia Siemens     Networks   

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 2009 net sales decreased 25% to EUR 9.9 billion, compared with EUR 13.2 billion in the second quarter 2008. At constant currency, Group net sales would have decreased 24% year on year and increased 7% sequentially.

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.

                 NOKIA SECOND QUARTER 2009 NET SALES                    Reported & Constant Currency 1                                                         Q2/2009      Q2/2009                                                            vs.          vs.                                                        Q2/2008      Q1/2009                                                         Change       Change    Group net sales - reported                              -25%           7%   Group net sales - constant currency 1                   -24%           7%    Devices & Services net sales - reported                 -28%           7%   Devices & Services net sales - constant currency 1      -28%           7%    Nokia Siemens Networks net sales - reported             -21%           7%   Nokia Siemens Networks net sales - constant currency 1  -20%           8%      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 2009 reported operating profit decreased 71% to EUR 427 million, compared with EUR 1.5 billion in the second quarter 2008. Nokia's second quarter 2009 non-IFRS operating profit decreased 62% to EUR 775 million, compared with EUR 2.1 billion in the second quarter 2008. Nokia's second quarter 2009 reported operating margin was 4.3% (11.2%). Nokia's second quarter 2009 non-IFRS operating margin was 7.8% (15.6%).

Operating cash flow for the second quarter 2009 was EUR 716 million. Operating cash flow for the second quarter 2008 was EUR 1.5 billion. Total cash and other liquid assets were EUR 7.0 billion at June 30, 2009, compared with EUR 8.0 billion at June 30, 2008. At June 30, 2009, Nokia's net debt-equity ratio (gearing) was -10%, compared with -47% at June 30, 2008.