and benefits, including targeted benefits, synergies, cost savings and 
efficiencies; G) expectations, plans or benefits related to any future 
collaboration or to business collaboration agreements or patent license 
agreements or arbitration awards, including income to be received under 
any collaboration or partnership, agreement or award; H) timing of the 
deliveries of our products and services, including our short term and 
longer term expectations around the rollout of 5G, investment 
requirements with such rollout, and our ability to capitalize on such 
rollout; as well as the overall readiness of the 5G ecosystem; I) 
expectations and targets regarding collaboration and partnering 
arrangements, joint ventures or the creation of joint ventures, and the 
related administrative, legal, regulatory and other conditions, as well 
as our expected customer reach; J) outcome of pending and threatened 
litigation, arbitration, disputes, regulatory proceedings or 
investigations by authorities; K) expectations regarding restructurings, 
investments, capital structure optimization efforts, uses of proceeds 
from transactions, acquisitions and divestments and our ability to 
achieve the financial and operational targets set in connection with any 
such restructurings, investments, capital structure optimization efforts, 
divestments and acquisitions, including our current cost savings 
program; L) expectations, plans or benefits related to future capital 
expenditures, reduction of support function costs, temporary incremental 
expenditures or other R&D expenditures to develop or rollout software 
and other new products, including 5G and increased digitalization; M) 
expectations regarding our customers' future capital expenditure 
constraints and our ability to satisfy customer concerns; and N) 
statements preceded by or including "believe", "expect", "expectations", 
"consistent", "deliver", "maintain", "strengthen", "target", "estimate", 
"plan", "intend", "assumption", "focus", "continue", "should", "will" or 
similar expressions. These forward-looking statements are subject to a 
number of risks and uncertainties, many of which are beyond our control, 
which could cause our actual results to differ materially from such 
statements. These statements are based on management's best assumptions 
and beliefs in light of the information currently available to them. 
These forward-looking statements are only predictions based upon our 
current expectations and views of future events and developments and are 
subject to risks and uncertainties that are difficult to predict because 
they relate to events and depend on circumstances that will occur in the 
future. Factors, including risks and uncertainties that could cause 
these differences include, but are not limited to: 1) our strategy is 
subject to various risks and uncertainties and we may be unable to 
successfully implement our strategic plans, sustain or improve the 
operational and financial performance of our business groups, correctly 
identify or successfully pursue business opportunities or otherwise grow 
our business; 2) general economic and market conditions, general public 
health conditions (including its impact on our supply chains) and other 
developments in the economies where we operate, including the timeline 
for the deployment of 5G and our ability to successfully capitalize on 
that deployment ; 3) competition and our ability to effectively and 
profitably invest in existing and new high-quality products, services, 
upgrades and technologies and bring them to market in a timely manner; 
4) our dependence on the development of the industries in which we 
operate, including the cyclicality and variability of the information 
technology and telecommunications industries and our own R&D 
capabilities and investments; 5) our dependence on a limited number of 
customers and large multi-year agreements, as well as external events 
impacting our customers including mergers and acquisitions; 6) our 
ability to maintain our existing sources of intellectual 
property-related revenue through our intellectual property, including 
through licensing, establishing new sources of revenue and protecting 
our intellectual property from infringement; 7) our ability to manage 
and improve our financial and operating performance, cost savings, 
competitiveness and synergies generally, expectations and timing around 
our ability to recognize any net sales and our ability to implement 
changes to our organizational and operational structure efficiently; 8) 
our global business and exposure to regulatory, political or other 
developments in various countries or regions, including emerging markets 
and the associated risks in relation to tax matters and exchange 
controls, among others; 9) our ability to achieve the anticipated 
benefits, synergies, cost savings and efficiencies of acquisitions; 10) 
exchange rate fluctuations, as well as hedging activities; 11) our 
ability to successfully realize the expectations, plans or benefits 
related to any future collaboration or business collaboration agreements 
and patent license agreements or arbitration awards, including income to 
be received under any collaboration, partnership, agreement or 
arbitration award; 12) Nokia Technologies' ability to protect its IPR 
and to maintain and establish new sources of patent, brand and 
technology licensing income and IPR-related revenues, particularly in 
the smartphone market, which may not materialize as planned, 13) our 
dependence on IPR technologies, including those that we have developed 
and those that are licensed to us, and the risk of associated 
IPR-related legal claims, licensing costs and restrictions on use; 14) 
our exposure to direct and indirect regulation, including economic or 
trade policies, and the reliability of our governance, internal controls 
and compliance processes to prevent regulatory penalties in our business 
or in our joint ventures; 15) our reliance on third-party solutions for 
data storage and service distribution, which expose us to risks relating 
to security, regulation and cybersecurity breaches; 16) inefficiencies, 
breaches, malfunctions or disruptions of information technology systems, 
or our customers' security concerns; 17) our exposure to various legal 
frameworks regulating corruption, fraud, trade policies, and other risk 
areas, and the possibility of proceedings or investigations that result 
in fines, penalties or sanctions; 18) adverse developments with respect 
to customer financing or extended payment terms we provide to customers; 
19) the potential complex tax issues, tax disputes and tax obligations 
we may face in various jurisdictions, including the risk of obligations 
to pay additional taxes; 20) our actual or anticipated performance, 
among other factors, which could reduce our ability to utilize deferred 
tax assets; 21) our ability to retain, motivate, develop and recruit 
appropriately skilled employees; 22) disruptions to our manufacturing, 
service creation, delivery, logistics and supply chain processes, and 
the risks related to our geographically-concentrated production sites; 
23) the impact of litigation, arbitration, agreement-related disputes or 
product liability allegations associated with our business; 24) our 
ability to re-establish investment grade rating or maintain our credit 
ratings; 25) our ability to achieve targeted benefits from, or 
successfully implement planned transactions, as well as the liabilities 
related thereto; 26) our involvement in joint ventures and 
jointly-managed companies; 27) the carrying amount of our goodwill may 
not be recoverable; 28) uncertainty related to the amount of dividends 
and equity return we are able to distribute to shareholders for each 
financial period; 29) pension costs, employee fund-related costs, and 
healthcare costs; 30) our ability to successfully complete and 
capitalize on our order backlogs and continue converting our sales 
pipeline into net sales; 31) risks related to undersea infrastructure; 
and 32) the impact of the COVID-19 virus on the global economy and 
financial markets as well as our customers, supply chain, product 
development, service delivery, other operations and our financial, tax, 
pension and other assets, as well as the risk factors specified in our 
2019 annual report on Form 20-F published on March 5, 2020 under 
"Operating and financial review and prospects-Risk factors" as 
supplemented by the form 6-K published on April 30, 2020 under the 
header "Risk Factors" and in our other filings or documents furnished 
with the U.S. Securities and Exchange Commission. Other unknown or 
unpredictable factors or underlying assumptions subsequently proven to 
be incorrect could cause actual results to differ materially from those 
in the forward-looking statements. We do 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.