Trading Statement

Nokia Corporation
27 November 2001


Nokia expects solid revenue growth next year as industry
enters new phase

Company announces annual sales growth target of about 15% with
continuing good profitability for 2002.

At the company's annual global analyst meeting, Nokia saw conditions
set to improve markedly next year, expecting annual sales growth of
about 15% for 2002 with continuing good profitability. Nokia also
expects to achieve sales growth of 25-35% during the fourth quarter,
2002 at the latest.

Nokia estimates 420-440 million mobile handsets would be sold globally
in 2002, representing annual market volume growth in the area of 
10-15%. Annual double-digit market volume growth is expected to 
continue from 2002 onwards. The company also revisited its full-year 
estimate for total market volume for 2001, which Nokia now sees 
reaching about 380 million phones, with expectations for about 
105-110 million in the fourth quarter 2001.

In terms of global subscriber growth, the company continues to expect
1 billion mobile phone subscribers during the first half of next year
and is forecasting a total 1.5 billion subscribers by 2005.

With a stream of new product and category launches in the pipeline for
next year, Nokia remains committed to extending its mobile phone
market leadership, and reiterated its long-term target of achieving a
40% share. Management confirmed its commitment to start shipments of
dual mode GSM/WCDMA 3G phones during the second half of 2002. The
company believes that 3G phones should account for roughly 10% of all
mobile phones unit sales in 2003.

During November, Nokia launched a total of nine new products; six
mobile phones, including Nokia's first imaging phone, and three models
targeted specifically for Asia Pacific, the fastest growing market,
and three Bluetooth accessories. To complement these, the company
announced today that it had begun online sales of add-on software for
its mobile terminals via www.nokia.com, beginning with a large
selection of applications for the Nokia 9210 Communicator.

In mobile network infrastructure, Nokia estimates the overall market
to be flat to slightly positive in 2002. However, the company sees its
own accessible market expanding by more than 10% during the coming
year as operators in the Americas convert from TDMA to GSM/EDGE, and
as Japan and Korea join the WCDMA community. As a recent example of
this trend, US operator Cingular Wireless announced it had chosen
Nokia as a major supplier for its next generation GSM/EDGE network
infrastructure.

Nokia intends to strengthen its position in the GSM infrastructure
market, where it currently holds an approximate 30% market share.
Backed by estimates that it would deliver approximately 100,000 3G
WCDMA carriers during 2002, the company continues to target a leading
35% share of the WCDMA market.

Speaking to investors, Nokia top management emphasized the importance
of the recent industry commitment to create service platforms based on
open standards. Management also elaborated on Nokia's mobile software
strategy to license its mobile terminal software platform and client
components to other handset vendors. Based on the benefits achieved
through the emerging standard service platforms, Nokia forecasts the
value of the global mobile services market will reach USD 385 billion
this year, and will grow to an estimated USD 810 billion market in
2006.

Management offered further information on Club Nokia, which currently
has approximately 10 million members. Nokia estimates that, the number
of active Club Nokia members will grow to around 50 million by 2004.
The company also forecasts that Club Nokia revenues will reach
EUR 1 billion in 2004.

Nokia remains comfortable with the overall fourth quarter 2001
guidance given in conjunction with its third quarter release on
October 19, 2001. In 2002, year-over-year quarterly development
is anticipated as follows: slightly negative revenue growth for
the first quarter, with low double-digit revenue growth for the
second quarter accelerating to 25-35% revenue growth during the
fourth quarter at the latest. Both Nokia's infrastructure and
mobile phone businesses are expected to show sales growth of
about 15% for the full-year 2002.

Nokia Networks' Pro Forma operating margins are expected to increase
from around 10% in the first half of 2002 to the mid-teens in the
second half, while Pro Forma operating margins in Nokia Mobile Phones
are expected to remain at around the high teens throughout 2002. Nokia
Ventures Organisation is expected to post a Pro Forma loss of around
EUR 200 million for 2002.

Backed by continuing good profitability and efficient net working
capital management, the company expects operating cash flow during
2002 to remain at healthy levels.

It should be noted that certain statements herein which are not
historical facts, including, without limitation those regarding 1) the
timing of product deliveries; 2) the Company's ability to develop and
implement new products and technologies; 3) expectations regarding
market growth and developments; 4) expectations for growth and
profitability; and 5) statements preceded by 'believes', 'expects',
'anticipates', 'foresees', or similar expressions, are forward-looking
statements. Because such statements involve risks and uncertainties,
actual results may differ materially from the results currently
expected by the Company. Factors that could cause such differences
include, but are not limited to 1) industry conditions, such as the
strength of product demand, the intensity of competition, pricing
pressures, the acceptability of new product introductions such as
Internet-ready phones, the introduction of new products by
competitors, the impact of changes in technology, including the
Company's success in the emerging 3G market, the introduction and
marketing of new products and services by operators, the ability of
the Company to source components from third parties without
interruption and at reasonable prices, demand for vendor financing and
the Company's ability and willingness to provide such financing and to
mitigate the related exposure, and the success and financial condition
of the Company's strategic partners and customers; 2) operating
factors, such as continued success of manufacturing activities and the
achievement of manufacturing efficiencies therein, continued success
of product development and inventory risks due to shifts in market
demand; 3) general economic conditions in the Company's principal
geographic markets and in the wireless telecommunications industry as
a whole, and fluctuations in exchange rates, including in particular
the impact of the exchange rate between the Euro and the US dollar; as
well as 4) the risk factors specified on pages 10 to 16 of the
Company's Form 20-F for the year ended December 31, 2000.

Nokia is the world leader in mobile communications. Backed by its
experience, innovation, user-friendliness and secure solutions, the
company has become the leading supplier of mobile phones and a leading
supplier of mobile, fixed and IP networks. By adding mobility to the
Internet Nokia creates new opportunities for companies and further
enriches the daily lives of people. Nokia is a broadly held company
with listings on six major exchanges.

Further information:

Lauri Kivinen, Corporate Communications, tel. [phone]
Ulla James, Investor Relations, tel. [phone]
Antti Raikkonen, Investor Relations, tel. [phone]

www.nokia.com