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		Name of each exchange
Title of each class		on which registered
American Depositary Shares Shares, par value EUR 0.06		New York Stock Exchange New York Stock Exchange(1)

(1)	Not for trading, but only in connection with the registration of American Depositary Shares representing these shares, pursuant to the requirements of the Securities and Exchange Commission.

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INTRODUCTION AND USE OF CERTAIN TERMS
FORWARD-LOOKING STATEMENTS
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
ITEM 3. KEY INFORMATION
3.A Selected Financial Data
3.B Capitalization and Indebtedness
3.C Reasons for the Offer and Use of Proceeds
3.D Risk Factors
ITEM 4. INFORMATION ON THE COMPANY
4.A History and Development of the Company
4.B Business Overview
4.C Organizational Structure
4.D Property, Plants and Equipment
ITEM 4A. UNRESOLVED STAFF COMMENTS
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
5.A Operating Results
5.B Liquidity and Capital Resources
5.C Research and Development, Patents and Licenses
5.D Trends information
5.E Off-Balance Sheet Arrangements
5.F Tabular Disclosure of Contractual Obligations
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6.A Directors and Senior Management
6.B Compensation
6.C Board Practices
6.D Employees
6.E Share Ownership
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A Major Shareholders
7.B Related Party Transactions
7.C Interests of Experts and Counsel
ITEM 8. FINANCIAL INFORMATION
8.A Consolidated Statements and Other Financial Information
8.B Significant Changes
ITEM 9. THE OFFER AND LISTING
9.A Offer and Listing Details
9.B Plan of Distribution
9.C Markets
9.D Selling Shareholders
9.E Dilution
9.F Expenses of the Issue
ITEM 10. ADDITIONAL INFORMATION
10.A Share Capital
10.B Memorandum and Articles of Association
10.C Material Contracts
10.D Exchange Controls
10.E Taxation
10.F Dividends and Paying Agents
10.G Statement by Experts
10.H Documents on Display
10.I Subsidiary Information
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
PART II
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
ITEM 15. CONTROLS AND PROCEDURES
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
ITEM 16B. CODE OF ETHICS
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
ITEM 17. FINANCIAL STATEMENTS
ITEM 18. FINANCIAL STATEMENTS
ITEM 19. EXHIBITS
GLOSSARY OF TERMS
EX-4.1
EX-8
EX-12.1
EX-12.2
EX-13
Exhibit 15A

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				Page
INTRODUCTION AND USE OF CERTAIN TERMS				4
FORWARD-LOOKING STATEMENTS				5
		PART I
ITEM 1.		IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS		8
ITEM 2.		OFFER STATISTICS AND EXPECTED TIMETABLE		8
ITEM 3.		KEY INFORMATION		8
3.A		Selected Financial Data		8
3.B		Capitalization and Indebtedness		12
3.C		Reasons for the Offer and Use of Proceeds		12
3.D		Risk Factors		12
ITEM 4.		INFORMATION ON THE COMPANY		24
4.A		History and Development of the Company		24
4.B		Business Overview		26
4.C		Organizational Structure		44
4.D		Property, Plants and Equipment		44
ITEM 4A.		UNRESOLVED STAFF COMMENTS		45
ITEM 5.		OPERATING AND FINANCIAL REVIEW AND PROSPECTS		45
5.A		Operating Results		45
5.B		Liquidity and Capital Resources		73
5.C		Research and Development, Patents and Licenses		76
5.D		Trend Information		77
5.E		Off-Balance Sheet Arrangements		77
5.F		Tabular Disclosure of Contractual Obligations		77
ITEM 6.		DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES		77
6.A		Directors and Senior Management		77
6.B		Compensation		84
6.C		Board Practices		96
6.D		Employees		99
6.E		Share Ownership		100
ITEM 7.		MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS		109
7.A		Major Shareholders		109
7.B		Related Party Transactions		110
7.C		Interests of Experts and Counsel		110
ITEM 8.		FINANCIAL INFORMATION		110
8.A		Consolidated Statements and Other Financial Information		110
8.B		Significant Changes		114

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				Page
ITEM 9.		THE OFFER AND LISTING		114
9.A		Offer and Listing Details		114
9.B		Plan of Distribution		115
9.C		Markets		115
9.D		Selling Shareholders		115
9.E		Dilution		115
9.F		Expenses of the Issue		115
ITEM 10.		ADDITIONAL INFORMATION		115
10.A		Share Capital		115
10.B		Memorandum and Articles of Association		115
10.C		Material Contracts		117
10.D		Exchange Controls		118
10.E		Taxation		118
10.F		Dividends and Paying Agents		122
10.G		Statement by Experts		122
10.H		Documents on Display		122
10.I		Subsidiary Information		122
ITEM 11.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		122
ITEM 12.		DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES		125
		PART II
ITEM 13.		DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES		125
ITEM 14.		MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS		125
ITEM 15.		CONTROLS AND PROCEDURES		125
ITEM 16A.		AUDIT COMMITTEE FINANCIAL EXPERT		126
ITEM 16B.		CODE OF ETHICS		126
ITEM 16C.		PRINCIPAL ACCOUNTANT FEES AND SERVICES		126
ITEM 16D.		EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES		128
ITEM 16E.		PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS		128
		PART III
ITEM 17.		FINANCIAL STATEMENTS		129
ITEM 18.		FINANCIAL STATEMENTS		129
ITEM 19.		EXHIBITS		129
GLOSSARY OF TERMS				130

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	•	the timing of product and solution deliveries;
	•	our ability to develop, implement and commercialize new products, solutions and technologies;
	•	expectations regarding market growth, developments and structural changes;
	•	expectations regarding our mobile device volume growth, market share, prices and margins;
	•	expectations and targets for our results of operations;
	•	the outcome of pending and threatened litigation;
	•	expected timing, scope and effects of the merger of Nokia’s and Siemens’ communications service provider businesses; and
	•	statements preceded by “believe,” “expect,” “anticipate,” “foresee,” “target,” “estimate,” “designed,” “plans,” “will” or similar expressions

	1.	competitiveness of our product portfolio;
	2.	our ability to identify key market trends and to respond timely and successfully to the needs of our customers;
	3.	the extent of the growth of the mobile communications industry, as well as the growth and profitability of the new market segments within that industry which we target;
	4.	the availability of new products and services by network operators and other market participants;
	5.	our ability to successfully manage costs;
	6.	the intensity of competition in the mobile communications industry and our ability to maintain or improve our market position and respond successfully to changes in the competitive landscape;
	7.	the impact of changes in technology and our ability to develop or otherwise acquire complex technologies as required by the market, with full rights needed to use;
	8.	timely and successful commercialization of complex technologies as new advanced products and solutions;
	9.	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 solution offerings;

	10.	our ability to protect numerous Nokia patented, standardized, or proprietary technologies from third party infringement or actions to invalidate the intellectual property rights of these technologies;
	11.	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 solutions;
	12.	inventory management risks resulting from shifts in market demand;

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	13.	our ability to source quality components and sub-assemblies without interruption and at acceptable prices;

	14.	satisfaction or waiver of the conditions to the merger of Nokia’s networks business and Siemens’ carrier-related operations for fixed and mobile networks to form Nokia Siemens Networks, including achievement of agreement between Nokia and Siemens on the results and consequences of a Siemens compliance review, and agreement of a number of detailed implementation steps, and closing of the transaction, and Nokia’s and Siemens’ ability to successfully integrate the operations, personnel and supporting activities of their respective businesses;
	15.	whether, as a result of investigations into alleged violations of law by some current or former employees of Siemens, government authorities or others take actions against Siemens and/or its employees that may involve and affect the carrier-related assets and employees transferred by Siemens to Nokia Siemens Networks, or there may be undetected additional violations that may have occurred prior to the transfer, or ongoing violations that may occur after the transfer, of such assets and employees that could result in additional actions by government authorities;
	16.	the expense, time, attention and resources of Nokia Siemens Networks and our management to detect, investigate and resolve any situations related to alleged violations of law involving the assets and employees of Siemens carrier-related operations transferred to Nokia Siemens Networks;
	17.	any impairment of Nokia Siemens Networks customer relationships resulting from the ongoing government investigations involving the Siemens carrier-related operations transferred to Nokia Siemens Networks;
	18.	developments under large, multi-year contracts or in relation to major customers;
	19.	general economic conditions globally and, in particular, economic or political turmoil in emerging market countries where we do business;
	20.	our success in collaboration arrangements relating to development of technologies or new products and solutions;
	21.	the success, financial condition and performance of our collaboration partners, suppliers and customers;
	22.	any disruption to information technology systems and networks that our operations rely on;
	23.	exchange rate fluctuations, including, in particular, fluctuations between the euro, which is our reporting currency, and the US dollar, the Chinese yuan, the UK pound sterling and the Japanese yen, as well as certain other currencies;
	24.	the management of our customer financing exposure;
	25.	allegations of possible health risks from electromagnetic fields generated by base stations and mobile devices and lawsuits related to them, regardless of merit;
	26.	unfavorable outcome of litigations;

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	27.	our ability to recruit, retain and develop appropriately skilled employees; and
	28.	the impact of changes in government policies, laws or regulations;

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			Year ended December 31,
			2002				2003				2004				2005				2006				2006
			(EUR)				(EUR)				(EUR)				(EUR)				(EUR)				(USD)
			(in millions, except per share data)
Profit and Loss Account Data
Amounts in accordance with IFRS
Net sales				30 016				29 533				29 371				34 191				41 121				54 267
Operating profit				4 780				4 960				4 326				4 639				5 488				7 243
Profit before tax				4 917				5 294				4 705				4 971				5 723				7 553
Profit attributable to equity holders of the parent				3 381				3 543				3 192				3 616				4 306				5 683
Earnings per share (for profit attributable to equity holders of the parent)
	Basic earnings per share			0.71				0.74				0.69				0.83				1.06				1.40
	Diluted earnings per share			0.71				0.74				0.69				0.83				1.05				1.39
Cash dividends per share(1)				0.28				0.30				0.33				0.37				0.43				0.57
Average number of shares (millions of shares)
	Basic			4 751				4 761				4 593				4 366				4 063				4 063
	Diluted			4 788				4 761				4 600				4 371				4 087				4 087
Amounts in accordance with US GAAP
Net income				3 603				4 097				3 343				3 582				4 275				5 642
Earnings per share (net income)
	Basic earnings per share			0.76				0.86				0.73				0.82				1.05				1.39
	Diluted earnings per share			0.75				0.86				0.73				0.82				1.05				1.39
Balance Sheet Data
Amounts in accordance with IFRS
Fixed assets and other non-current assets(2)				5 896				3 991				3 315				3 501				4 031				5 320
Cash and other liquid assets(3)				9 351				11 296				11 542				9 910				8 537				11 266
Other current assets				8 234				8 787				7 966				9 041				10 049				13 262
Total assets				23 481				24 074				22 823				22 452				22 617				29 848
Capital and reserves attributable to equity holders of the parent(2)				14 435				15 302				14 385				12 309				11 968				15 794
Minority interests				173				164				168				205				92				121
Long-term interest-bearing liabilities				187				20				19				21				69				91
Other long-term liabilities				274				308				275				247				327				432
Borrowings due within one year				377				471				215				377				247				326
Other current liabilities				8 035				7 809				7 761				9 293				9 914				13 084
Total shareholders’ equity and liabilities				23 481				24 074				22 823				22 452				22 617				29 848
Net interest-bearing debt(4)				(8 787	)			(10 805	)			(11 308	)			(9 512	)			(8 221	)			(10 849	)
Share capital				287				288				280				266				246				325
Amounts in accordance with US GAAP
Total assets(2)				23 041				24 109				22 985				22 725				22 835				30 135
Shareholders’ equity(2)				14 214				15 501				14 640				12 622				12 112				15 984

(1)	The cash dividend for 2006 is what the Board of Directors will propose for shareholders’ approval at the Annual General Meeting convening on May 3, 2007.
(2)	Total assets and shareholders’ equity have each been increased by EUR 154 million for all periods presented to adjust for income tax-related items in periods prior to 2002. These increases were recorded in connection with a change in the method by which the company assesses materiality. See Notes 1 and 38 to our consolidated financial statements included in Item 18 of this annual report on Form 20-F.

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(3)	Cash and other liquid assets consist of the following captions from our consolidated balance sheets: (1) bank and cash, (2) available-for-sale investments, cash equivalents, and (3) available-for-sale investments, liquid assets.
(4)	Net interest-bearing debt consists of borrowings due within one year and long-term interest-bearing liabilities, less cash and other liquid assets.

						EUR millions
		Number of shares				(in total)
2002			900 000				17
2003			95 338 500				1 363
2004			214 119 700				2 661
2005			315 010 000				4 265
2006			212 340 000				3 412

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										EUR millions
		EUR per share				USD per ADS				(in total)
2002			0.28				0.30				1 341
2003			0.30				0.36				1 439
2004			0.33				0.43				1 539
2005			0.37				0.46				1 641
2006			0.43	(1)			—	(2)			1 761	(1)

(1)	To be proposed by the Board of Directors for shareholders’ approval at the Annual General Meeting convening on May 3, 2007.
(2)	The final US dollar amount will be determined on the basis of the decision of the Annual General Meeting and the dividend payment date.

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		Exchange Rates
		Rate at				Average				Highest				Lowest
For the year ended December 31:		period end				rate				rate				rate
		(USD per EUR)
2002			1.0485				0.9495				1.0485				0.8594
2003			1.2597				1.1411				1.2597				1.0361
2004			1.3538				1.2478				1.3625				1.1801
2005			1.1842				1.2400				1.3476				1.1667
2006			1.3197				1.2661				1.3327				1.1860

For the month ended:
September 30, 2006			1.2687				1.2722				1.2833				1.2648
October 31, 2006			1.2773				1.2617				1.2773				1.2502
November 30, 2006			1.3261				1.2888				1.3261				1.2705
December 31, 2006			1.3197				1.3205				1.3327				1.3073
January 31, 2007			1.2998				1.2993				1.3286				1.2904
February 28, 2007			1.3230				1.3080				1.3246				1.2933

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	•	In 1967, we took our current form as Nokia Corporation, a corporation under the laws of the Republic of Finland. This was the result of the merger of three Finnish companies: Nokia AB, a wood-pulp mill founded in 1865; Finnish Rubber Works Ltd, a manufacturer of rubber boots, tires and other rubber products founded in 1898; and Finnish Cable Works Ltd, a manufacturer of telephone and power cables founded in 1912.
	•	Nokia entered the telecommunications equipment market in 1960, when an electronics department was established at Finnish Cable Works to concentrate on the production of radio-transmission equipment.
	•	Regulatory and technological reforms have played a role in our success. Deregulation of the European telecommunications industries since the late 1980s has stimulated competition and boosted customer demand.
	•	In 1982, we introduced the first fully-digital local telephone exchange in Europe, and in that same year we introduced the world’s first car phone for the Nordic Mobile Telephone analogue standard.
	•	The technological breakthrough of GSM, which made more efficient use of frequencies and had greater capacity in addition to high-quality sound, was followed by the European resolution in 1987 to adopt GSM as the European digital standard by July 1, 1991.
	•	The first GSM call was made with a Nokia phone over the Nokia-built network of a Finnish operator called Radiolinja in 1991, and in the same year Nokia won contracts to supply GSM networks in other European countries.
	•	In the early 1990s, we made a strategic decision to make telecommunications our core business, with the goal of establishing leadership in every major global market. Basic industry and non-telecommunications operations—including paper, personal computer, rubber, footwear, chemicals, power plant, cable, aluminum and television businesses—were divested during the period from 1989 to 1996. As a result, our organization evolved to consist of two main business groups, Nokia Mobile Phones and Nokia Networks.
	•	Mobile communications evolved rapidly during the 1990s and early 2000s, creating new opportunities for devices in entertainment and enterprise use.
	•	In January 2004, Nokia reorganized into four business groups—Mobile Phones, Multimedia, Enterprise Solutions and Networks—to further align the company’s overall structure with its strategy; to better position each business group to meet the specific needs of new and increasingly diverse market segments; to increase Nokia’s operational efficiency; and to maintain economies of scale.
	•	On June 19, 2006, Nokia and Siemens announced plans to combine Nokia’s networks business and Siemens’ carrier-related operations for fixed and mobile networks to form a new company called Nokia Siemens Networks, owned by Nokia and Siemens and consolidated by Nokia. The new company is expected to begin operations around the end of March 2007.

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	•	Customer and Market Operations is responsible for sales and marketing, manufacturing and logistics, and sourcing and procurement for mobile devices from Mobile Phones, Multimedia and Enterprise Solutions.
	•	Technology Platforms delivers leading technologies and platforms to Nokia’s business groups and external customers.
	•	Various other Nokia-wide horizontal units drive and manage specific Nokia assets. These include Brand and Design, Developer Support, Research and Venturing, and Business Infrastructure.
	•	Corporate Functions supports Nokia’s businesses with company-wide strategies and services.

	•	Create winning devices
	•	Embrace consumer Internet services

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	•	Deliver enterprise solutions
	•	Build scale in networks
	•	Expand professional services

	•	Brand and design
	•	Customer engagement and fulfillment
	•	Technology and architecture

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	•	The formation in the fourth quarter of a Nokia research and development unit in San Diego, USA, dedicated to the North American market, with a specific focus on Broad Appeal products.
	•	Announcement and first shipments of Nokia’s first Universal Mobile Access, or UMA, products, the Nokia 6136 and Nokia 6086.
	•	The strengthening of Mobile Phones mid-range offering with the announcement and first shipments of several GSM quadband (850/900/1800/1900) models, such as the Nokia 6125, Nokia 6131 and Nokia 6133.
	•	The strengthening of Mobile Phones WCDMA offering with the announcement and first shipments of the Nokia 6151 and Nokia 6288; the first shipments of the Nokia 6233 and Nokia 6234; and the announcement of the Nokia 6290.
	•	Announcement of the thin and stylish Nokia 6300.

	•	The refreshment of the look and feel of the popular Nokia 8800 with the announcement and first shipments of the Nokia 8800 Sirocco Edition, featuring a sliding stainless steel case.
	•	Announcement and first shipments of the “L’Amour II” collection of fashion-inspired mobile phones, in three different form factors and two distinct color schemes, including Nokia’s first fashion 3G phone.
	•	The expansion of Nokia’s range of music-optimized devices with the announcement and first shipments of the Nokia 5300 XpressMusic, Nokia 5200 and Nokia 3250 XpressMusic.
	•	A new edition to Nokia’s “active” product offering with the announcement and first shipments of the Nokia 5500 Sport, a smartphone with a sleek, sporty design and athletic lifestyle appeal.

	•	The refreshment of the popular Nokia 1100 series with the announcement and first shipments of the Nokia 1110i and Nokia 1112 black and white display models.
	•	Announcement and first shipments of the Nokia 2310, Nokia 2610 and Nokia 2626 color display models, widening Nokia’s color screen product offering for entry users.

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	•	Vertu’s third collection, Constellation, available in 18 carat yellow gold or stainless steel, and with a variety of leather trims and bezel finishes.
	•	The third limited edition in the Ascent Collection, celebrating the legendary racetracks of the world, and a Collectors’ limited edition box set featuring all six limited edition handsets in a specially designed carbon fiber and titanium box.
	•	The 2006 Signature Diamond Collection, including a limited edition handset in collaboration with French jeweler Boucheron.

	•	In the third quarter, we announced the acquisitions of Loudeye, a global leader in digital music platforms and digital media distribution services, and gate5, a leading supplier of mapping, routing and navigation software and services. The acquisitions, both of which were completed during the fourth quarter 2006, are intended to accelerate the development of Nokia’s music and location-based experiences for consumers.
	•	Strong consumer demand for Nokia Nseries multimedia computers, including the Nokia N70, Nokia N72 and Nokia N73.
	•	Shipments from the third quarter of the Nokia N93, the first Nokia device featuring optical zoom and DVD-like quality video recording.
	•	The announcement of the Nokia N95, featuring support for high-speed mobile connectivity over HSDPA and WLAN and a Global Positioning System with the Maps application.

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	•	Shipments from the second quarter of the Nokia N91, featuring a 4GB hard disk and WLAN connectivity.
	•	Shipments from the fourth quarter of the Nokia N92, featuring an integrated DVB-H receiver that enables broadcast TV services on a mobile device.
	•	In the third quarter, we launched the Nokia podcasting application, which enables people to discover and download Internet-based podcasts directly to their Nokia Nseries multimedia computer. We also launched Music Recommenders, an online music community, in the fourth quarter 2006.

	•	Imaging: We are developing photo and video applications for Nokia Nseries multimedia computers that allow easy capturing, editing, printing, sharing and storing of photos and video.
	•	Music: We are developing music applications and features that allow people to discover, purchase, enjoy and manage music on their Nokia Nseries devices and on personal computers.
	•	Internet and computing: We are developing applications for Nokia Nseries multimedia computers in the areas of Internet services, software additions and personal organizers.
	•	TV and video: We are developing applications for the DVB-H standard, as well as applications that allow easy downloading and streaming of Internet-based video.
	•	Games: We are developing the N-Gage platform and N-Gage Arena gaming community, as well as the Nokia SNAP mobile gaming platform, to support a broader population of Java-based mobile phones. During 2007 we plan to expand the N-Gage multiplayer platform to various Nokia S60 based devices.
	•	Navigation and search: We are developing search, maps and other location-based applications.

	•	Nokia Eseries first shipments – Nokia E60, Nokia E61, Nokia E70, Nokia E50 and Nokia E62 – a range of devices designed for business users and the IT organizations that support them. The

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		devices differ in terms of physical design and features, and use a single software platform that can be integrated with different applications and corporate solutions.
	•	In February, Nokia acquired Intellisync Corporation (“Intellisync”), which has become an integral part of the Mobility Solutions unit within Enterprise Solutions. During the year we further developed the Intellisync device management software offering, which enables operators to provide mobile device management services to enterprise customers, and allows companies to self-manage their mobile devices.
	•	Announcement of collaboration on business telephony with Alcatel. The Intellisync Call Connect solution from Nokia integrates the Nokia Eseries devices with the Alcatel OmniPCX telephone switch.
	•	Announcement of plans to offer Sourcefire’s Intrusion Prevention System in Nokia’s portfolio of high-performance IP Security Platforms.
	•	The launch of a global Nokia for Business channel program to enable sales of Nokia products and solutions through complementary Value Added Reseller, or VAR, systems integrator, and distributor channels.
	•	First shipments of new security appliances for the firewall market, the IP390 and IP560.

	•	Produces mobile devices specifically for business use that address companies’ security, manageability, cost and ease-of-use concerns.
	•	Our product portfolio contains devices with both cellular connectivity, such as GSM and 3G/WCDMA, and non-cellular connectivity, such as WLAN.
	•	Our mobile devices support network connectivity, personal information management and e-mail access, connectivity to IT infrastructures, device management, and security solutions.
	•	Current products include the Nokia E50, Nokia E60, Nokia E61, Nokia E62, Nokia E65 and Nokia E70, as well as the Nokia 9300, Nokia 9300i, and the Nokia 9500 Communicator.

	•	Develops software solutions for mobile e-mail, business telephony, device management and other mobile data services.
	•	Under the Intellisync brand name, we deliver wireless e-mail and other applications over an array of devices and application platforms across carrier networks.
	•	We also work with external vendors such as Good (acquired by Motorola in January 2007), IBM, Microsoft, Research in Motion, Seven and Visto to make Nokia’s mobile devices compatible with their solutions.
	•	We work with leading vendors like Avaya, Alcatel and Cisco to connect our mobile devices to corporate fixed line telephone networks, or PBXs, over cellular and WLAN technologies.

	•	Offers a broad range of application and secure connectivity offerings designed to help companies grant their employees access to corporate information, and establish secure remote connections between their corporate network, their offices and their employees’ mobile devices and computers.
	•	Offerings consist primarily of firewall gateways and software-based tools that operate with both Nokia and non-Nokia devices, as well as with other existing IT infrastructures.

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	•	Nokia’s security appliances run software from Checkpoint Corporation and SourceFire. Nokia and Checkpoint have common distributors, integrators and Value Added Resellers, or VARs, that integrate Nokia gateways with Checkpoint software for customers. Nokia also provides end user and reseller support for these security products.

	•	Sales to corporate customers, the management of relationships with IT distributors, systems integrator and VARs, as well as specialized sales resources for selling Enterprise Solutions products to operator customers.
	•	Management of the services business, which includes support services for corporate customers and resellers, as well as professional services to help corporate customers with more complex mobility solutions.

	•	A EUR 580 million GSM/GPRS network expansion frame agreement with China Mobile.
	•	A contract to deploy 3G/WCDMA for T-Mobile in the United States.
	•	Major managed services contracts:

	–	A USD 400 million network expansion and managed services contract with Bharti Airtel in India.
	–	A USD 230 million managed services deal with Vodafone Australia.
	–	A 5-year managed services deal with Hutchison Essar Limited in India.

	•	The first public references for Nokia’s innovative Flexi WCDMA Base Station were announced with TIM Hellas Greece, Telkomsel Indonesia, Vivatel Bulgaria, Taiwan Mobile, Ukrtelecom in Ukraine, Wind Italy, Indosat Indonesia and T-Mobile USA.
	•	The unveiling of the Nokia Flexi WiMAX Base Station and the Flexi EDGE Base Station.
	•	Expansion of Nokia’s global footprint for HSDPA, with a cumulative total of more than 40 customers by the end of 2006.
	•	Vodafone Group’s selection of Nokia as a preferred supplier of IP Multimedia Subsystem, or IMS, to Vodafone affiliates worldwide.
	•	A USD 150 million contract with Canada’s TELUS to deploy a next-generation IP broadband access network.
	•	Nokia reached the 100th mobile softswitch customer milestone following a deal with SFR France.

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	•	We introduced a renewed category model to drive product segmentation and encourage a fundamental change in the way trade customers and consumers choose and buy our devices – shifting from a product focus to an experience focus. We are now marketing our devices around four different categories – Live, Connect, Achieve and Explore – with the aim of addressing a specific set of customer needs and making it easier for consumers to choose a device aligned with their lifestyle.
	•	We continued with our roll-out of Nokia Flagship stores to improve the consumer retail experience, opening stores in Chicago, Helsinki, Hong Kong, Mexico City and New York during 2006.
	•	We renewed the Nokia website to ensure that our online digital presence continues to support our consumer relationship management strategy. Our website records millions of visitors annually and we believe a world-class online presence plays a key role in our customer retention efforts.

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				Nokia				Nokia
		Country of		Ownership				Voting
Company		Incorporation		Interest				Interest
Nokia Inc.		United States			100%				100%
Nokia GmbH		Germany			100%				100%
Nokia UK Limited		England & Wales			100%				100%
Nokia TMC Limited		South Korea			100%				100%
Nokia Telecommunications Ltd.		China			83.9%				83.9%
Nokia Finance International B.V.		The Netherlands			100%				100%
Nokia Komárom Kft		Hungary			100%				100%
Nokia do Brazil Technologia Ltda		Brazil			100%				100%
Nokia India Ltd		India			100%				100%
Nokia Italia S.p.A		Italy			100%				100%

				Productive
				Capacity, Net
Country		Location and Product		(m2)(1)
BRAZIL		Manaus (mobile devices)			10 973
CHINA		Beijing (mobile devices)			24 108
		Dongguan (mobile devices)			33 357
		Suzhou (base stations, cellular network transmission products)			7 243
		Beijing (home location registers, mobile switch centers, base station controllers)			2 118
FINLAND		Salo (mobile devices)			29 833
		Rusko (base stations)			13 288
		Espoo (switching systems, base station controllers, transcoders, radio access products)			9 744
		Limingantulli (plug-in units for both GSM and WCDMA base station product families)			4 587
GERMANY		Bochum (mobile devices)			34 332
HUNGARY		Komárom (mobile devices)			30 985
INDIA		Chennai (mobile devices, base station controllers)			23 770
MEXICO		Reynosa (mobile device batteries, mobile devices)			23 784
REPUBLIC OF KOREA		Masan (mobile devices)			34 468
UNITED KINGDOM		Fleet (mobile devices)			2 728

(1)	Productive capacity equals the total area allotted to manufacturing and to the storage of manufacturing-related materials.

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		Year Ended December 31,
		2006								2005								2004
		Net				Operating				Net				Operating				Net				Operating
		Sales				Profit/(Loss)				Sales				Profit/(Loss)				Sales				Profit/(Loss)
		(EUR millions)
Mobile Phones			24 769				4 100				20 811				3 598				18 521				3 786
Multimedia			7 877				1 319				5 981				836				3 676				175
Enterprise Solutions			1 031				(258	)			861				(258	)			839				(210	)
Networks			7 453				808				6 557				855				6 431				884
Common Group Expenses			—				(481	)			—				(392	)			—				(309	)
Eliminations			(9	)			—				(19	)			—				(96	)			—
Total			41 121				5 488				34 191				4 639				29 371				4 326

		Year Ended December 31,
		2006				2005				2004
Europe			38%				42%				42%
Middle East & Africa			13%				13%				12%
China			13%				11%				10%
Asia-Pacific			20%				18%				16%
North America			7%				8%				12%
Latin America			9%				8%				8%
Total			100%				100%				100%

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		Year Ended								Year Ended								Year Ended
		December 31,				Change (%)				December 31,				Change (%)				December 31,
		2006				2005 to 2006				2005				2004 to 2005				2004
		(Units in millions, except percentage data)
Europe			276				16	%			238				20	%			198
Middle East & Africa			106				68	%			63				62	%			39
China			129				29	%			100				19	%			84
Asia-Pacific			189				27	%			149				18	%			126
North America			160				13	%			142				16	%			122
Latin America			118				15	%			103				39	%			74
Total			978				23	%			795				24	%			643

		Year Ended								Year Ended								Year Ended
		December 31,				Change (%)				December 31,				Change (%)				December 31,
		2006				2005 to 2006				2005				2004 to 2005				2004
		(Units in millions, except percentage data)
Europe			99.6				13	%			88.5				28	%			69.2
Middle East & Africa			53.2				36	%			39.2				41	%			27.8
China			51.0				56	%			32.6				72	%			18.9
Asia-Pacific			79.8				65	%			48.4				39	%			34.8
North America			25.3				(2	)%			25.8				(10	)%			28.8
Latin America			38.6				27	%			30.4				8	%			28.2
Total			347.5				31	%			264.9				28	%			207.7

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		Year Ended								Year Ended								Year Ended
		December 31,				Change (%)				December 31,				Change (%)				December 31,
		2006				2005 to 2006				2005				2004 to 2005				2004
		(EUR billions, except percentage data)
Europe			14.0				1	%			13.9				9	%			12.8
Middle East & Africa			5.8				28	%			4.5				15	%			3.9
China			5.9				1	%			5.8				(9	)%			6.3
Asia-Pacific			13.1				32	%			9.9				20	%			8.2
North America			10.1				(8	)%			10.9				11	%			9.9
Latin America			3.8				(11	)%			4.3				21	%			3.5
Total			52.7				7	%			49.3				10	%			44.6

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		Year ended								Year Ended								Year Ended
		December 31,				Change (%)				December 31,				Change (%)				December 31,
		2006				2005 to 2006				2005				2004 to 2005				2004
		(EUR millions, except percentage data)
Europe			2 707				(4	)%			2 813				1	%			2 774
Middle East & Africa			546				99	%			274				(13	)%			316
China			885				27	%			695				(20	)%			872
Asia-Pacific			1 758				47	%			1 197				27	%			942
North America			758				(7	)%			816				(19	)%			1 008
Latin America			799				5	%			762				47	%			520
Total			7 453				14	%			6 557				2	%			6 432

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	•	significant underperformance relative to historical or projected future results;
	•	significant changes in the manner of our use of the acquired assets or the strategy for our overall business; and
	•	significantly negative industry or economic trends.

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2006				Net Sales				2005				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			41 121				100	%			34 191				100.0	%			20%
Cost of sales			(27 742	)			(67.5	)%			(22 209	)			(65.0	)%			25%
Gross profit			13 379				32.5	%			11 982				35.0	%			12%
Research and development expenses			(3 897	)			(9.5	)%			(3 825	)			(11.2	)%			2%
Selling and marketing expenses			(3 314	)			(8.1	)%			(2 961	)			(8.7	)%			12%
Administrative and general expenses			(666	)			(1.6	)%			(609	)			(1.8	)%			9%
Other operating income and expenses			(14	)							52				0.2	%
Operating profit			5 488				13.3	%			4 639				13.6	%			18%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2006				Net Sales				2005				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			24 769				100.0	%			20 811				100.0	%			19	%
Cost of sales			(17 489	)			(70.6	)%			(14 331	)			(68.9	)%			22	%
Gross profit			7 280				29.4	%			6 480				31.1	%			12	%
Research and development expenses			(1 227	)			(5.0	)%			(1 245	)			(6.0	)%			(1	)%
Selling and marketing expenses			(1 649	)			(6.6	)%			(1 541	)			(7.4	)%			7	%
Administrative and general expenses			(79	)			(0.3	)%			(68	)			(0.3	)%			16	%
Other operating income and expenses			(225	)			(0.9	)%			(28	)			(0.1	)%
Operating profit			4 100				16.6	%			3 598				17.3	%			14	%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2006				Net Sales				2005				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			7 877				100.0	%			5 981				100.0	%			32	%
Cost of sales			(4 800	)			(60.9	)%			(3 492	)			(58.4	)%			37	%
Gross profit			3 077				39.1	%			2 489				41.6	%			24	%
Research and development expenses			(902	)			(11.5	)%			(860	)			(14.4	)%			5	%
Selling and marketing expenses			(780	)			(9.9	)%			(705	)			(11.8	)%			11	%
Administrative and general expenses			(45	)			(0.6	)%			(38	)			(0.6	)%			18	%
Other operating income and expenses			(31	)			(0.4	)%			(50	)			(0.8	)%			38	%
Operating profit			1 319				16.7	%			836				14.0	%			58	%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2006				Net Sales				2005				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			1 031				100.0	%			861				100.0	%			20	%
Cost of sales			(582	)			(56.5	)%			(459	)			(53.3	)%			(27	)%
Gross profit			449				43.5	%			402				46.7	%			12	%
Research and development expenses			(319	)			(30.9	)%			(329	)			(38.2	)%			(3	)%
Selling and marketing expenses			(306	)			(29.7	)%			(221	)			(25.7	)%			38	%
Administrative and general expenses			(75	)			(7.3	)%			(74	)			(8.6	)%			1	%
Other operating income and expenses			(7	)			(0.6	)%			(36	)			(4.2	)%			(81	)%
Operating loss			(258	)			(25.0	)%			(258	)			(30.0	)%			—

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2006				Net Sales				2005				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			7 453				100.0	%			6 557				100.0	%			14	%
Cost of Sales			(4 910	)			(65.9	)%			(3 967	)			(60.5	)%			24	%
Gross profit			2 543				34.1	%			2 590				39.5	%			(2	)%
Research and development expenses			(1 180	)			(15.8	)%			(1 170	)			(17.8	)%			1	%
Selling and marketing expenses			(544	)			(7.3	)%			(475	)			(7.3	)%			15	%
Administrative and general expenses			(245	)			(3.3	)%			(211	)			(3.2	)%			16	%
Other income and expenses			234				3.1	%			121				1.8	%			93	%
Operating profit			808				10.8	%			855				13.0	%			(5	)%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2005				Net Sales				2004				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			34 191				100.0	%			29 371				100.0	%			16	%
Cost of sales			(22 209	)			(65.0	)%			(18 179	)			(61.9	)%			22	%
Gross profit			11 982				35.0	%			11 192				38.1	%			7	%
Research and development expenses			(3 825	)			(11.2	)%			(3 776	)			(12.9	)%			1	%
Selling and marketing expenses			(2 961	)			(8.7	)%			(2 564	)			(8.7	)%			15	%
Administrative and general expenses			(609	)			(1.8	)%			(611	)			(2.1	)%			—
Other operating income and expenses			52				0.2	%			181				0.6	%			(71	)%
Amortization of goodwill			—				—				(96	)			(0.3	)%			(100	)%
Operating profit			4 639				13.6	%			4 326				14.7	%			7	%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2005				Net Sales				2004				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			20 811				100	%			18 521				100.0	%			12	%
Cost of sales			(14 331	)			(68.9	)%			(12 045	)			(65.0	)%			19	%
Gross profit			6 480				31.1	%			6 476				35.0	%			—
Research and development expenses			(1 245	)			(6.0	)%			(1 196	)			(6.5	)%			4	%
Selling and marketing expenses			(1 541	)			(7.4	)%			(1 300	)			(7.0	)%			19	%
Administrative and general expenses			(68	)			(0.3	)%			(96	)			(0.5	)%			(29	)%
Other operating income and expenses			(28	)			(0.1	)%			(21	)			(0.1	)%			33	%
Amortization of goodwill			—				—				(77	)			(0.4	)%			(100	)%
Operating profit			3 598				17.3	%			3 786				20.4	%			(5	)%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2005				Net Sales				2004				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			5 981				100	%			3676				100.0	%			63	%
Cost of sales			(3 492	)			(58.4	)%			(2 118	)			(57.6	)%			65	%
Gross profit			2 489				41.6	%			1558				42.4	%			60	%
Research and development expenses			(860	)			(14.4	)%			(863	)			(23.5	)%			—
Selling and marketing expenses			(705	)			(11.8	)%			(488	)			(13.2	)%			44	%
Administrative and general expenses			(38	)			(0.6	)%			(36	)			(1.0	)%			6	%
Other operating income and expenses			(50	)			(0.8	)%			16				0.4	%			—
Amortization of goodwill			—				—				(12	)			(0.3	)%			—
Operating profit			836				14.0	%			175				4.8	%			378	%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2005				Net Sales				2004				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			861				100.0	%			839				100.0	%			3	%
Cost of sales			(459	)			(53.3	)%			(475	)			(56.6	)%			(3	)%
Gross profit			402				46.7	%			364				43.4	%			10	%
Research and development expenses			(329	)			(38.2	)%			(304	)			(36.2	)%			8	%
Selling and marketing expenses			(221	)			(25.7	)%			(199	)			(23.7	)%			11	%
Administrative and general expenses			(74	)			(8.6	)%			(61	)			(7.3	)%			21	%
Other operating income and expenses			(36	)			(4.2	)%			(4	)			(0.5	)%			—
Amortization of goodwill			—				—				(6	)			(0.7	)%			100	%
Operating loss			(258	)			(30.0	)%			(210	)			(25.0	)%			23	%

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		Year Ended								Year Ended								Percentage
		December 31,				Percentage of				December 31,				Percentage of				Increase/
		2005				Net Sales				2004				Net Sales				(Decrease)
		(EUR millions, except percentage data)
Net sales			6 557				100.0	%			6 431				100.0	%			2	%
Cost of Sales			(3 967	)			(60.5	)%			(3 688	)			(57.3	)%			8	%
Gross profit			2 590				39.5	%			2 743				42.7	%			(6	)%
Research and development expenses			(1 170	)			(17.8	)%			(1 194	)			(18.6	)%			(2	)%
Selling and marketing expenses			(475	)			(7.3	)%			(503	)			(7.8	)%			6	%
Administrative and general expenses			(211	)			(3.2	)%			(210	)			(3.3	)%			—
Other income and expenses			121				1.8	%			48				0.7	%			152	%
Amortization of goodwill			—				—				—				—				—
Operating profit			855				13.0	%			884				13.7	%			(3	)%

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Short-term		Standard & Poor’s		A-1
		Moody’s		P-1
Long-term		Standard & Poor’s		A
		Moody’s		A1

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		At December 31,
		2006				2005				2004
		(EUR millions)
Financing commitments			164				13				56
Outstanding long-term loans (net of allowances and write-offs)			19				63				—
Outstanding financial guarantees and securities pledged			23				—				3
Total			206				63				59

		2007				2008-2009				2010-2011				Thereafter				Total
		(EUR millions)
Guarantees of Nokia’s performance			175				45				30				9				259
Financial guarantees and securities pledged on behalf of third parties			—				4				—				19				23
Total			175				49				30				28				282

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		2007				2008-2009				2010-2011				Thereafter				Total
		(EUR millions)
Long-term liabilities			—				—				—				192				192
Operating leases			214				269				111				71				665
Inventory purchases			1 630				—				—				—				1 630
Total			1 844				269				111				263				2 487

Chairman Jorma Ollila, b. 1950		Chairman of the Board of Directors of Nokia Corporation. Chairman of the Board of Directors of Royal Dutch Shell Plc. Board member since 1995. Chairman since 1999.
		Master of Political Science (University of Helsinki), Master of Science (Econ.) (London School of Economics), Master of Science (Eng.) (Helsinki University of Technology).
		Chairman and CEO, Chairman of the Group Executive Board of Nokia Corporation 1999-2006, President and CEO, Chairman of the Group Executive Board of Nokia Corporation 1992-1999, President of Nokia Mobile Phones 1990-1992, Senior Vice President, Finance of Nokia 1986-1989. Holder of

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		various managerial positions at Citibank within corporate banking 1978-1985.
		Member of the Board of Directors of Ford Motor Company, Vice Chairman of the Board of Directors of UPM-Kymmene Corporation, Vice Chairman of the Board of Directors of Otava Books and Magazines Group Ltd. Chairman of the Boards of Directors and the Supervisory Boards of Finnish Business and Policy Forum EVA and The Research Institute of the Finnish Economy ETLA. Chairman of The European Round Table of Industrialists.
Vice Chairman Paul J. Collins, b. 1936		Board member since 1998. Vice Chairman since 2000.
		B.B.A. (University of Wisconsin), M.B.A. (Harvard Business School).
		Vice Chairman of Citigroup Inc. 1998-2000, Vice Chairman and member of the Board of Directors of Citicorp and Citibank N.A. 1988-2000. Holder of various executive positions at Citibank within investment management, investment banking, corporate planning as well as finance and administration 1961-1988.
		Member of the Board of Directors of BG Group and The Enstar Group, Inc. Member of the Supervisory Board of Actis Capital LLP.
Georg Ehrnrooth, b. 1940		Board member since 2000.
		Master of Science (Eng.) (Helsinki University of Technology).
		President and CEO of Metra Corporation 1991-2000, President and CEO of Lohja Corporation 1979-1991. Holder of various executive positions at Wärtsilä Corporation within production and management 1965-1979.
		Chairman of the Board of Directors of Sampo Plc. Vice Chairman of the Board of Directors of Rautaruukki Corporation, member of the Board of Directors of Oy Karl Fazer Ab and Sandvik AB (publ). Vice Chairman of the Boards of Directors of The Research Institute of the Finnish Economy ETLA and Finnish Business and Policy Forum EVA.
Daniel R. Hesse, b. 1953		Chairman and Chief Executive Officer of EMBARQ Corporation. Board member since 2005.
		B.A. (University of Notre Dame), M.B.A. (Cornell University), M.S. (Massachusetts Institute of Technology).
		CEO of Sprint Communication, Local Telecommunications Division 2005-2006, Chairman, President and CEO of Terabeam 2000-2004, President and CEO of AT&T Wireless Services 1997-2000, Executive Vice President of AT&T 1997-2000. Various managerial positions in AT&T 1977-1997.
		Member of the Board of Directors of VF Corporation. Member of the National Board of Governors of the Boys & Girls Clubs of America.

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Dr. Bengt Holmström, b. 1949		Paul A. Samuelson Professor of Economics at MIT, joint appointment at the MIT Sloan School of Management. Board member since 1999.
		Bachelor of Science (Helsinki University), Master of Science (Stanford University), Doctor of Philosophy (Stanford University).
		Edwin J. Beinecke Professor of Management Studies at Yale University 1985-1994. Member of the Board of Directors of Kuusakoski Oy. Member of the American Academy of Arts and Sciences and Foreign Member of The Royal Swedish Academy of Sciences.
Per Karlsson, b. 1955		Independent Corporate Advisor. Board member since 2002.
		Degree in Economics and Business Administration (Stockholm School of Economics).
		Executive Director, with mergers and acquisitions advisory responsibilities, at Enskilda M&A, Enskilda Securities (London) 1986- 1992. Corporate strategy consultant at the Boston Consulting Group (London) 1979-1986.
		Board member of IKANO Holdings S.A.
Dame Marjorie Scardino, b. 1947		Chief Executive and member of the Board of Directors of Pearson plc. Board member since 2001.
		B.A. (Baylor), J.D. (University of San Francisco).
		Chief Executive of The Economist Group 1993-1997, President of the North American Operations of The Economist Group 1985-1993, lawyer 1976-1985 and publisher of The Georgia Gazette newspaper 1978-1985.
Keijo Suila, b. 1945		Board member since March 30, 2006.
		B.Sc. (Economics and Business Administration) (Helsinki University of Economics and Business Administration).
		President and CEO of Finnair Oyj 1999-2005. Holder of various executive positions, including Vice Chairman and Executive Vice President, at Huhtamäki Oyj, Leaf Group and Leaf Europe during 1985-1998. Chairman of oneworld airline alliance 2003-2004 and member of various international aviation and air transportation associations 1999-2005.
		Vice Chairman of the Board of Directors of Kesko Corporation, and Vice Chairman of the Supervisory Board of the Finnish Fair Corporation.
Vesa Vainio, b. 1942		Board member since 1993.
		LL.M. (University of Helsinki).
		Chairman 1998-1999 and 2000-2002 and Vice Chairman 1999-2000 of the Board of Directors of Nordea AB (publ). Chairman of the Executive Board and CEO of Merita Bank Ltd and CEO of Merita Ltd 1992-1997. President of Kymmene

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		Corporation 1991-1992. Holder of various other executive positions in Finnish industry 1972-1991.
		Chairman of the Board of Directors of UPM-Kymmene Corporation.

Chairman Olli-Pekka Kallasvuo, b. 1953		President and CEO of Nokia Corporation. Group Executive Board member since 1990. Group Executive Board Chairman since 2006. With Nokia 1980-81, rejoined 1982.
		LL.M. (University of Helsinki).
		President and COO of Nokia Corporation 2005-2006, Executive Vice President and General Manager of Mobile Phones 2004-2005, Executive Vice President, CFO of Nokia 1999-2003, Executive Vice President of Nokia Americas and President of

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		Nokia Inc. 1997-1998, Executive Vice President, CFO of Nokia 1992-1996, Senior Vice President, Finance of Nokia 1990-1991.
		Member of the Board of Directors of EMC Corporation.
Robert Andersson, b. 1960		Executive Vice President of Customer and Market Operations. Group Executive Board member since 2005. Joined Nokia in 1985.
		Master of Business Administration (George Washington University), Master of Science (Economics and Business Administration) (Swedish School of Economics and Business Administration, Helsinki).
		Senior Vice President of Customer and Market Operations, Europe, Middle East and Africa 2004-2005, Senior Vice President of Nokia Mobile Phones in Asia-Pacific 2001-2004, Vice President of Sales for Nokia Mobile Phones in Europe and Africa 1998-2001.
Simon Beresford-Wylie, b. 1958		Executive Vice President and General Manager of Networks. Group Executive Board member since 2005. Joined Nokia 1998.
		Bachelor of Arts (Economic Geography and History) (Australian National University).
		Senior Vice President of Nokia Networks, Asia-Pacific 2003-2004, Senior Vice President, Customer Operations of Nokia Networks, 2002- 2003, Vice President, Customer Operations of Nokia Networks 2000-2002, Managing Director of Nokia Networks in India and Area General Manager, South Asia 1999-2000, Regional Director of Business Development, Project and Trade Finance of Nokia Networks, Asia-Pacific 1998-1999, Chief Executive Officer of Modi Telstra, India 1995-1998, General Manager, Banking and Finance, Corporate and Government business unit of Telstra Corporation 1993-1995, holder of executive positions in the Corporate and Government business units of Telstra Corporation 1989-1993, holder of executive, managerial and clerical positions in the Australian Commonwealth Public Service 1982-1989.
		Member of the Board of Directors of the Vitec Group.
Mary T. McDowell, b. 1964		Executive Vice President and General Manager of Enterprise Solutions. Group Executive Board member since 2004. Joined Nokia 2004.
		Bachelor of Science (Computer Science) (College of Engineering at the University of Illinois).
		Senior Vice President, Strategy and Corporate Development of Hewlett-Packard Company 2003, Senior Vice President & General Manager, Industry-Standard Servers of Hewlett-Packard Company 2002-2003, Senior Vice President & General Manager, Industry-Standard Servers of Compaq Computer Corporation 1998-2002, Vice President, Marketing, Server

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		Products Division of Compaq Computer Corporation 1996-1998. Holder of executive, managerial and other positions at Compaq Computer Corporation 1986-1996.
Hallstein Moerk, b. 1953		Executive Vice President, Human Resources. Group Executive Board member since 2004. Joined Nokia 1999.
		Diplomøkonom (Econ.) (Norwegian School of Management). Holder of various positions at Hewlett-Packard Corporation 1977-1999.
		Member of the Board of Advisors of Center for HR Strategy, Rutgers University.
Dr. Tero Ojanperä, b. 1966		Executive Vice President, Chief Technology Officer. Group Executive Board member since 2005. Joined Nokia 1990.
		Master of Science (University of Oulu), Ph.D. (Delft University of Technology, The Netherlands).
		Executive Vice President & Chief Strategy Officer 2005-2006, Senior Vice President, Head of Nokia Research Center 2002-2004. Vice President, Research, Standardization and Technology of IP Mobility Networks, Nokia Networks 1999-2001. Vice President, Radio Access Systems Research and General Manager of Nokia Networks in Korea, 1999. Head of Radio Access Systems Research, Nokia Networks 1998-1999, Principal Engineer, Nokia Research Center, 1997-1998.
		Chairman of Nokia Foundation. A member of Young Global Leader.
Niklas Savander, b. 1962		Executive Vice President, Technology Platforms. Group Executive Board Member 2006. Joined Nokia 1997.
		Master of Science (Eng.) (Helsinki University of Technology), Master of Science (Economics and Business Administration) (Swedish School of Economics and Business Administration, Helsinki).
		Senior Vice President and General Manager of Nokia Enterprise Solutions, Mobile Devices Business Unit 2003-2006, Senior Vice President, Nokia Mobile Software, Market Operations 2002-2003, Vice President, Nokia Mobile Software, Strategy, Marketing & Sales 2001-2002, Vice President and General Manager of Nokia Networks, Mobile Internet Applications 2000-2001, Vice President of Nokia Network Systems, Marketing 1997-1998. Holder of executive and managerial positions at Hewlett-Packard Company 1987-1997.
		Member of the Board of Directors of Tamfelt Oyj. Member of the Board of Directors and secretary of Waldemar von Frenckells Stiftelse.
Richard A. Simonson, b. 1958		Executive Vice President, Chief Financial Officer. Group Executive Board member since 2004. Joined Nokia 2001.

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		Bachelor of Science (Mining Eng.) (Colorado School of Mines), Master of Business Administration (Finance) (Wharton School of Business at University of Pennsylvania).
		Vice President & Head of Customer Finance of Nokia Corporation 2001-2003, Managing Director of Telecom & Media Group of Barclays 2001, Head of Global Project Finance and other various positions at Bank of America Securities 1985-2001.
		Member of the Board of Directors of Electronic Arts, Inc. Member of the Board of Trustees of International House —New York.
Veli Sundbäck, b. 1946		Executive Vice President, Corporate Relations and Responsibility of Nokia Corporation. Group Executive Board member since 1996. Joined Nokia 1996.
		LL.M. (University of Helsinki).
		Executive Vice President, Corporate Relations and Trade Policy of Nokia Corporation 1996-. Secretary of State at the Ministry for Foreign Affairs 1993-1995, Under-Secretary of State for External Economic Relations at the Ministry for Foreign Affairs 1990-1993.
		Member of the Board of Directors of Finnair Oyj. Member of the Board and its executive committee, Confederation of Finnish Industries (EK), Vice Chairman of the Board, Technology Industries of Finland, Vice Chairman of the Board of the International Chamber of Commerce, Finnish Section, Chairman of the Board of the Finland—China Trade Association.
Anssi Vanjoki, b. 1956		Executive Vice President and General Manager of Multimedia. Group Executive Board member since 1998. Joined Nokia 1991.
		Master of Science (Econ.) (Helsinki School of Economics and Business Administration).
		Executive Vice President of Nokia Mobile Phones 1998-2003, Senior Vice President, Europe & Africa of Nokia Mobile Phones 1994-1998, Vice President, Sales of Nokia Mobile Phones 1991-1994, 3M Corporation 1980-1991.
		Chairman of the Board of Directors of Amer Group Plc.
Dr. Kai Öistämö, b. 1964		Executive Vice President and General Manager of Mobile Phones. Group Executive Board Member since 2005. Joined Nokia in 1991.
		Doctor of Technology (Signal Processing), Master of Science (Engineering) (Tampere University of Technology).
		Senior Vice President, Business Line Management, Mobile Phones 2004-2005; Senior Vice President, Mobile Phones Business Unit, Nokia Mobile Phones 2002-2003; Vice

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	President, TDMA/GSM 1900 Product Line, Nokia Mobile Phones 1999-2002; Vice President, TDMA Product Line 1997-1999; Holder of technical and managerial positions in Nokia Consumer Electronics and Nokia Mobile Phones, 1991-1997.

		Member of the Board of Directors of the Finnish Funding Agency for Technology and Innovation (Tekes). Chairman of the Research and Technology Committee of the Confederation of Finnish Industries (EK).

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Change in

Pension Value

Fees

Non-Equity

and Nonqualified

Earned or

Incentive

Deferred

Paid in

Stock

Plan

Compensation

All Other

Cash

Awards

Options Awards

Compensation

Earnings

Compensation

Total

Year

(EUR)(1)

(EUR)(2)

(EUR)(2)

EUR(2)

(EUR)(2)

(EUR)(2)

(EUR)

Chairman, Jorma Ollila (3)

2006

375 000

–

–

–

–

–

375 000

Paul J. Collins(4)

2006

162 500

–

–

–

–

–

162 500

Georg Ehrnrooth(5)

2006

120 000

–

–

–

–

–

120 000

Daniel R. Hesse

2006

110 000

–

–

–

–

–

110 000

Bengt Holmström

2006

110 000

–

–

–

–

–

110 000

Per Karlsson(6)

2006

135 000

–

–

–

–

–

135 000

Marjorie Scardino

2006

110 000

–

–

–

–

–

110 000

Keijo Suila(7)

2006

120 000

–

–

–

–

–

120 000

Vesa Vainio(8)

2006

120 000

–

–

–

–

–

120 000

(9)

(1)	Approximately 60% of each Board member’s annual remuneration is paid in cash and the balance in Nokia shares acquired from the market.
(2)	Not applicable to any non-executive member of the Board of Directors.
(3)	This table includes fees paid for Mr. Ollila, Chairman, for his services as Chairman of the Board. For compensation paid in his role as CEO until June 1, 2006, please refer to Summary Compensation Table on page 90.
(4)	The 2006 fee of Mr. Collins amounted to a total of EUR 162 500, consisting of a fee of EUR 137 500 for services as Vice Chairman of the Board and EUR 25 000 for services as Chairman of the Personnel Committee.
(5)	The 2006 fee of Mr. Ehrnrooth amounted to a total of EUR 120 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 10 000 for services as a member of the Audit Committee.
(6)	The 2006 fee of Mr. Karlsson amounted to a total of EUR 135 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 25 000 for services as Chairman of the Audit Committee.
(7)	The 2006 fee of Mr. Suila amounted to a total of EUR 120 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 10 000 for services as a member of the Audit Committee.
(8)	The 2006 fee of Mr. Vainio amounted to a total of EUR 120 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 10 000 for services as a member of the Audit Committee.
(9)	Edouard Michelin, who was elected as a member of the Board in the Annual General meeting on March 30, 2006, was paid the annual fee of EUR 110 000 prior to his accidental death in May 2006.

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	•	provide competitive base pay rates,
	•	provide a total compensation that is competitive with the relevant market,
	•	attract and retain outstanding executive talent,
	•	deliver significant variable cash compensation for the achievement of stretch goals, and
	•	align the interests of the executive officers with those of the shareholders through long-term incentives in the form of equity-based awards.

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	•	The compensation levels for similar positions (in terms of scope of position, revenues, number of employees, global responsibility and reporting relationships) in relevant benchmark companies,
	•	The performance demonstrated by the executive officer during the last year,
	•	The size and impact of the role on Nokia’s overall performance and strategic direction,
	•	The internal comparison to the compensation levels of the other executive officers of Nokia, and
	•	Past experience and tenure in role.

	•	Base salaries targeted at globally competitive market levels.
	•	Short-term cash incentives tied directly to performance and representing a significant portion of an executive officer’s total annual cash compensation. The short-term cash incentive opportunity is expressed as a percentage of the executive officer’s annual base salary. These award opportunities and measurement criteria are presented in the table below. The incentive payout formula is determined by two main factors: (a) a comparison of Nokia’s actual performance to pre-established targets for net sales, operating profit and operating cash flow and (b) a comparison of each executive officer’s individual performance to his/her predefined targets. Certain executive officers may also have objectives related to market share, quality, technology innovation, new product revenue, or other objectives of key strategic importance which require a discretionary assessment of performance by the Personnel Committee of the Board. The target setting as well as the weighting of each measure also require the Personnel Committee’s approval. The final incentive payout is determined by multiplying each executive’s eligible salary by: (1) his/her incentive target percent; and (2) the results of above mentioned factors (a) and (b). The Personnel Committee of the Board may also apply discretion when evaluating actual results against targets and the resulting incentive payouts. In certain exceptional situations, the actual short-term cash incentive awarded to the executive officer could be zero. The maximum payout is only possible with maximum performance on all measures.

A portion of the short-term cash incentives is paid twice each year based on the performance for each of Nokia’s short-term plans that end on June 30 and December 31 of each year. Another portion is paid annually at the end of the year, based on the Personnel Committee’s assessment of Nokia’s total shareholder return compared to key competitors in the high technology and telecommunications industries and relevant market indices over one-, three- and five-year periods. In the case of the President and CEO, the annual incentive award is also partly based on his performance compared against strategic leadership objectives.

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		Minimum				Target				Maximum
Position		Performance				Performance				Performance				Measurement Criteria
President and CEO(1)			0	%			100	%			225	%		Financial Objectives (includes targets for net sales, operating profit and operating cash flow measures)
			0	%			25	%			37.50	%		Total Shareholder Return (comparison made with key competitors in the high technology and telecommunications industries over one, three and five year periods)
			0	%			25	%			37.50	%		Strategic Objectives
Total			0	%			150	%			300	%
Group Executive Board			0	%			75	%			168.75	%		Financial & Strategic Objectives
			0	%			25	%			37.50	%		Total Shareholder Return (2)
Total			0	%			100	%			206.25	%

(1)	Olli-Pekka Kallasvuo’s discretionary annual incentive of 100% tied to financial objectives and 25% tied to total shareholder return covered his position as President and COO until May 31, 2006 and his position as President and CEO from June 1, 2006 onwards. The additional incentive of 25% tied to strategic objectives became effective as of June 1, 2006, and is, therefore, prorated for seven months.
(2)	Only some of the Group Executive Board members are eligible for the additional 25% total shareholder return element.

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Number of

Members

Cash

December 31,

Incentive

Year

2006

Base Salaries(3)

Payments(1)(2)

EUR

EUR

2006

11

5 273 684

3 300 759

(1)	Includes payments pursuant to cash incentive arrangements for the 2006 calendar year. The cash incentives are paid as a percentage of annual base salary based on Nokia’s short-term cash incentives.
(2)	Excluding any gains realized upon exercise of stock options, which are described in “Item 6.E Share Ownership.”
(3)	Includes base pay and bonuses to Pertti Korhonen for the period until March 31, 2006, to Jorma Ollila until May 31, 2006 (including his compensation as CEO only) and to Niklas Savander as from April 1, 2006.

										Total Number
		Group Executive Board(3)				Total				of Participants
Performance Shares at Threshold(2)			380 000				5 140 736				13 500
Stock Options			1 520 000				11 421 939				5 200
Restricted Shares			405 000				1 669 050				250

(1)	The equity-based incentive grants are generally forfeited if the employment relationship terminates with Nokia. The settlement is conditional upon performance and service conditions, as determined in the relevant plan rules. For a description of our equity plans, see Note 23 to our consolidated financial statements included in Item 18 of this annual report on Form 20-F.
(2)	At maximum performance, the settlement amounts to four times the number of performance shares originally granted at threshold.
(3)	Including Pertti Korhonen until March 31, 2006, Jorma Ollila until May 31, 2006 and Niklas Savander from April 1, 2006.

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																											Change in
																											Pension Value
																											and Nonqualified
Name and																							Non-Equity				Deferred
Principal															Stock				Option				Incentive Plan				Compensation				All Other
Position			Year**				Salary				Bonus(1)				Awards(2)				Awards(2)				Compensation				Earnings				Compensation				Total
								EUR				EUR				EUR				EUR				EUR				EUR				EUR				EUR
Jorma Ollila				2006				609 524				643 942				5 105 118				1 220 610					*				(3)			662 764	(5)			8 241 955
Chairman of the Board				2005				1 500 000				3 212 037																	(4)
	and former CEO (CEO			2004				1 475 238				1 936 221
	until June 1)
Olli-Pekka Kallasvuo				2006				898 413				664 227				1 529 732				578 465					*			1 496 883	(3)(6)			38 960	(7)			5 206 680
President and CEO				2005				623 524				947 742
(President and COO until June 1)				2004				584 000				454 150
Richard Simonson				2006	(8)			460 070				292 673				958 993				194 119					*							84 652	(9)			1 990 507
EVP and Chief Financial Officer				2005				461 526				634 516
Anssi Vanjoki				2006				505 343				353 674				938 582				222 213					*			215 143	(3)			29 394	(10)			2 264 349
EVP and General Manager,
	Multimedia			2005				476 000				718 896
Mary McDowell				2006	(8)			466 676				249 625				786 783				213 412					*							45 806	(11)			1 762 302
EVP and General Manager,
	Enterprise Solutions
Hallstein Moerk				2006	(8)			390 854				205 516				652 530				123 802					*				(12)			269 902	(13)			1 642 603
EVP and Head of Human
	Resources

(1)	Bonus payments are part of Nokia’s short-term cash incentives. The amount consists of the bonus awarded and paid or payable by Nokia for the respective fiscal year.
(2)	Amounts shown represent share based compensation expense recognized in 2006 for all outstanding equity grants in accordance IFRS 2, Share-based payment.
(3)	The change in pension value represents the proportionate change in the company’s liability related to the individual executive. These executives participate in the Finnish TEL pension system that provides for a retirement benefit based on years of service and earnings according to the prescribed statutory system. The TEL system is a partly funded and a partly pooled “pay as you go” system. The figures shown represent only the change in liability for the funded portion. The method used to derive the actuarial IFRS valuation is based upon salary information at December 31, 2005. Actuarial assumptions including salary increases and inflation have been determined to arrive at the valuation at the year end 2006.
(4)	Nokia’s liability of EUR 676 117 for Mr. Ollila’s disability benefit under the Finnish TEL pension (see footnote 3 above) was cancelled upon end of his employment effective on June 1, 2006. Furthermore, Nokia’s liability of EUR 4 787 000 for Mr. Ollila’s early retirement benefit at the age of 60 provided under his service agreement was also cancelled as of June 1, 2006. These resulted in a decrease of Nokia’s total liability of EUR 5 463 117.
(5)	All other compensation for Mr. Ollila includes: EUR 375 000 for his services as Chairman of the Board or Directors, also disclosed in the Remuneration of the Board of Directors table on page 85; a payout of EUR 166 666 for unused vacation days upon end of employment; service awards in the amount of EUR 119 048 and EUR 2 050 for driver and mobile phone.
(6)	The change in pension value for Mr. Kallasvuo includes EUR 194 883 for the proportionate change in the company’s liability related to the individual under the funded part of the Finnish TEL pension (see footnote 3 above). In addition, it includes EUR 1 302 000 for the change in liability in the early retirement benefit at the age of 60 provided under his service contract.

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(7)	All other compensation for Mr. Kallasvuo includes: EUR 21 240 for car allowance, EUR 10 000 for financial counseling, EUR 4 680 for driver and EUR 3 040 for mobile phone and club membership.
(8)	Salaries, benefits and perquisites of Mr. Simonson, Mr. Moerk and Ms. McDowell are paid and denominated in USD. Amounts were converted to EUR using year-end 2006 USD/EUR exchange rate of 1.31.
(9)	All other compensation for Mr. Simonson includes: EUR 13 282 company contributions to the 401(k) plan, EUR 23 419 company contributions to the Restoration and Deferral Plan, EUR 21 519 provided as benefit under Nokia’s relocation policy, EUR 12 977 for car allowance and EUR 13 454 for financial counseling.

(10)	All other compensation for Mr. Vanjoki includes: EUR 19 154 for car allowance; EUR 10 000 for financial counseling and the remainder for mobile phone.
(11)	All other compensation for Ms. McDowell includes: EUR 13 282 company contributions to the 401(k) plan, EUR 13 105 company contributions to the Restoration and Deferral Plan, EUR 2 688 provided as benefit under Nokia’s relocation policy, EUR 12 977 for car allowance and EUR 3 753 for financial counseling.
(12)	The change in pension value for Mr. Moerk was reduced by EUR 80 000. This represents the change in Nokia’s liability in the retirement benefit at age of 62 provided under his service contract.
(13)	All other compensation for Mr. Moerk includes: EUR 245 434 provided as a benefit under Nokia’s expatriate policy and EUR 24 468 for car allowance, financial counseling and Employee Stock Purchase Plan benefit.

*	None of the named executive officers participated in a formulated, non-discretionary, incentive plan. Annual incentive payments are included under the “Bonus” column.

**	History has been provided for those data elements previously disclosed.

						Option Awards																Stock Awards
										Number of												Performance				Performance
										Shares				Grant				Grant Date				Shares at				Shares at				Restricted				Grant Date
Name and Principal						Grant				underlying				Price				Fair Value(2)				Threshold				Maximum				Shares				Fair Value(3)
Position		Year				Date				Options				(EUR)				(EUR)				(Number)				(Number)				(Number)				(EUR)
Jorma Ollila Chairman of the Board and former CEO (CEO until June 1)			2006				May 5				400 000				18.02				1 349 229				100 000				400 000				100 000				4 666 937
Olli-Pekka Kallasvuo President and CEO (President and COO until June 1)			2006				May 5				300 000				18.02				1 011 922				75 000				300 000				100 000				3 668 604
Richard Simonson EVP and Chief Financial Officer			2006				May 5				100 000				18.02				337 307				25 000				100 000				25 000				1 102 125
Anssi Vanjoki EVP and General Manager, Multimedia			2006				May 5				100 000				18.02				337 307				25 000				100 000				25 000				1 102 125
Mary McDowell EVP and General Manager, Enterprise Solutions			2006				May 5				100 000				18.02				337 307				25 000				100 000				25 000				1 102 125
Hallstein Moerk EVP and Head of Human Resources			2006				May 5				60 000				18.02				202 384				15 000				60 000				15 000				661 275

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(1)	Including all grants made during 2006. Stock option grants were made under the Nokia Stock Option Plan 2005, performance share grants under the Nokia Performance Share Plan 2006 and restricted share grants under the Nokia Restricted Share Plan 2006.
(2)	The fair values of stock options equal the estimated fair value on the grant date, calculated using the Black-Scholes model. The stock option exercise price is EUR 18.02. The Helsinki Stock Exchange closing market price at grant date was EUR 17.97.
(3)	The fair value of performance shares and restricted shares equals the estimated fair value on grant date. The estimated fair value is based on the grant date market price of the Nokia share less the present value of dividends expected to be paid during the vesting period. The value of performance shares is presented on the basis of a number of shares which is two times the number at threshold.

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(1)	Average Annual Net Sales Growth: performance period 2007-2009, and
(2)	Reported, basic EPS: 2009.

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		Maximum Number of Planned Grants under
Plan type		the 2007 Equity Program in 2007
Stock Options			5 million
Restricted Shares			4 million
Performance Shares at Threshold(1)			3 million

(1)	The maximum number of shares to be delivered at maximum performance is four times the number originally granted (at threshold), i.e. a total of 12 million Nokia shares.

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98

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		2006				2005				2004
Mobile Phones			3 639				2 647				2 853
Multimedia			3 058				2 750				2 851
Enterprise Solutions			2 264				2 185				2 167
Networks			20 277				17 676				15 463
Customer and Market Operations			23 323				18 642				17 095
Technology Platforms			5 874				6 629				6 351
Common Group Functions			6 889				6 367				6 731
Nokia Group			65 324				56 896				53 511
Finland			24 091				23 628				22 922
Other European countries			14 490				13 051				12 215
Middle-East & Africa			724				250				118
China			6 893				5 466				4 782
Asia-Pacific			7 915				3 593				2 833
North America			6 050				6 680				7 235
Latin America			5 161				4 228				3 406
Nokia Group			65 324				56 896				53 511

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		Shares(1)				ADSs
Jorma Ollila(2)			286 468				0
Paul J. Collins			0				122 626
Georg Ehrnrooth(3)			314 996				0
Daniel R. Hesse			0				5 696
Bengt Holmström			16 606				0
Per Karlsson(3)			19 538				0
Marjorie Scardino			0				14 018
Keijo Suila			2 570				0
Vesa Vainio			27 784				0
Total			667 962				142 340

(1)	The number of shares includes not only shares acquired as compensation for services rendered as a member of the Board of Directors, but also shares acquired by any other means.
(2)	For Mr. Ollila, this table includes his share ownership only. Mr. Ollila was the company’s CEO until June 1, 2006 and received stock options, performance shares and restricted shares in that capacity until the said date. Mr. Ollila’s holdings of long-term equity-based incentives are outlined in footnote 5 under “Stock Option Ownership of the Group Executive Board” on page 105 and, in footnote 6 under “Performance Shares and Restricted Shares” on page 107.
(3)	Mr. Ehrnrooth’s and Mr. Karlsson’s holdings include both shares held personally and shares held through a company.

										Shares Receivable
						Shares				Through
						Receivable				Performance				Shares Receivable
						Through Stock				Shares at				Through Restricted
		Shares				Options				Threshold(3)				Shares
Number of Equity Instruments Held by Group Executive Board			519 716				2 755 806				477 360				884 500
% of the Share Capital(1)			0.013				0.069				0.012				0.022
% of the Total Outstanding Equity Incentives (per Instrument)(2)			—				3.007				3.784				14.584

(1)	The percentage is calculated in relation to the outstanding share capital and total voting rights of the company, excluding shares held by the Group.
(2)	The percentage is calculated in relation to the total outstanding equity incentives per instrument, i.e. stock options, performance shares and restricted shares, as applicable.
(3)	Performance shares at threshold represent the original grant. At maximum performance, the settlement amounts to four times the number of performance shares originally granted (at threshold). Due to the interim payout in 2006, the maximum number of Nokia shares deliverable under the performance share plan 2004 equals three times the number of performance shares originally granted (at threshold).

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		Shares				ADSs
Olli-Pekka Kallasvuo			130 000				0
Robert Andersson			16 260				0
Simon Beresford-Wylie			17 924				0
Mary McDowell			7 935				5 000
Hallstein Moerk			36 074				0
Tero Ojanperä			1 174				0
Niklas Savander			11 868				0
Richard Simonson			26 621				20 000
Veli Sundbäck			128 524				0
Anssi Vanjoki			113 050				0
Kai Öistämö			5 286				0
Total			494 716				25 000

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																				Total Intrinsic Value of
								Exercise												Stock Options,
								Price												December 31, 2006
								per				Number of Stock Options(2)								(EUR)(3)
		Stock Option				Expiration		Share
		Category(1)				Date		(EUR)				Exercisable				Unexercisable				Exercisable(4)				Unexercisable
Olli-Pekka Kallasvuo			2001 A/B			December 31, 2006			36.75				100 000				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				50 000				0				0				0
			2002 A/B			December 31, 2007			17.89				175 000				0				0				0
			2003 2Q			December 31, 2008			14.95				97 500				22 500				51 675				11 925
			2004 2Q			December 31, 2009			11.79				33 750				26 250				124 538				96 863
			2005 2Q			December 31, 2010			12.79				18 750				41 250				50 438				110 963
			2005 4Q			December 31, 2010			14.48				0				100 000				0				100 000
			2006 2Q			December 31, 2011			18.02				0				300 000				0				0
Robert Andersson			2001 A/B			December 31, 2006			36.75				21 500				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				10 750				0				0				0
			2002 A/B			December 31, 2007			17.89				30 000				0				0				0
			2003 2Q			December 31, 2008			14.95				14 625				3 375				7 751				1 789
			2004 2Q			December 31, 2009			11.79				5 850				4 550				21 587				16 790
			2005 2Q			December 31, 2010			12.79				3 750				8 250				10 088				22 193
			2005 4Q			December 31, 2010			14.48				0				28 000				0				28 000
			2006 2Q			December 31, 2011			18.02				0				80 000				0				0
Simon Beresford-Wylie			2001 A/B			December 31, 2006			36.75				14 000				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				7 000				0				0				0
			2002 A/B			December 31, 2007			17.89				0				0				0				0
			2003 2Q			December 31, 2008			14.95				10 558				2 442				5 596				1 294
			2004 2Q			December 31, 2009			11.79				5 625				4 375				20 756				16 144
			2005 2Q			December 31, 2010			12.79				18 750				41 250				50 438				110 963
			2006 2Q			December 31, 2011			18.02				0				100 000				0				0
Mary McDowell			2003 4Q			December 31, 2008			15.05				48 125				21 875				20 694				9 406
			2004 2Q			December 31, 2009			11.79				28 125				21 875				103 781				80 719
			2005 2Q			December 31, 2010			12.79				18 750				41 250				50 438				110 963
			2006 2Q			December 31, 2011			18.02				0				100 000				0				0
Hallstein Moerk			2001 A/B			December 31, 2006			36.75				30 000				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				15 000				0				0				0
			2002 A/B			December 31, 2007			17.89				30 000				0				0				0
			2003 2Q			December 31, 2008			14.95				16 250				3 750				8 613				1 988
			2004 2Q			December 31, 2009			11.79				3 750				13 125				13 838				48 431
			2005 2Q			December 31, 2010			12.79				12 500				27 500				33 625				73 975
			2006 2Q			December 31, 2011			18.02				0				60 000				0				0
Tero Ojanperä			2001 A/B			December 31, 2006			36.75				12 500				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				6 250				0				0				0
			2002 A/B			December 31, 2007			17.89				14 500				0				0				0
			2003 2Q			December 31, 2008			14.95				13 000				3 000				6 890				1 590
			2004 2Q			December 31, 2009			11.79				5 625				4 375				20 756				16 144
			2005 2Q			December 31, 2010			12.79				12 500				27 500				33 625				73 975
			2006 2Q			December 31, 2011			18.02				0				60 000				0				0

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																				Total Intrinsic Value of
								Exercise												Stock Options,
								Price												December 31, 2006
								per				Number of Stock Options(2)								(EUR)(3)
		Stock Option				Expiration		Share
		Category(1)				Date		(EUR)				Exercisable				Unexercisable				Exercisable(4)				Unexercisable
Niklas Savander			2001 A/B			December 31, 2006			36.75				12 500				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				6 250				0				0				0
			2002 A/B			December 31, 2007			17.89				21 500				0				0				0
			2003 2Q			December 31, 2008			14.95				10 558				2 442				5 596				1 294
			2004 2Q			December 31, 2009			11.79				5 760				4 480				21 254				16 531
			2005 2Q			December 31, 2010			12.79				4 375				9 625				11 769				25 891
			2006 2Q			December 31, 2011			18.02				0				60 000				0				0
Richard Simonson			2001 C 3Q/01			December 31, 2006			20.61				36 000				0				0				0
			2002 A/B			December 31, 2007			17.89				15 000				0				0				0
			2003 2Q			December 31, 2008			14.95				9 337				2 163				4 949				1 146
			2004 2Q			December 31, 2009			11.79				28 125				21 875				103 781				80 719
			2005 2Q			December 31, 2010			12.79				18 750				41 250				50 438				110 963
			2006 2Q			December 31, 2011			18.02				0				100 000				0				0
Veli Sundbäck			2001 A/B			December 31, 2006			36.75				40 000				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				20 000				0				0				0
			2002 A/B			December 31, 2007			17.89				40 000				0				0				0
			2003 2Q			December 31, 2008			14.95				40 625				9 375				21 531				4 969
			2004 2Q			December 31, 2009			11.79				16 875				13 125				62 269				48 431
			2005 2Q			December 31, 2010			12.79				12 500				27 500				33 625				73 975
			2006 2Q			December 31, 2011			18.02				0				60 000				0				0
Anssi Vanjoki			2001 A/B			December 31, 2006			36.75				70 000				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				35 000				0				0				0
			2002 A/B			December 31, 2007			17.89				6 250				0				0				0
			2003 2Q			December 31, 2008			14.95				40 000				18 750				21 200				9 938
			2004 2Q			December 31, 2009			11.79				20 000				26 250				73 800				96 863
			2005 2Q			December 31, 2010			12.79				10 000				41 250				26 900				110 963
			2006 2Q			December 31, 2011			18.02				0				100 000				0				0
Kai Öistämö			2001 A/B			December 31, 2006			36.75				2 695				0				0				0
			2001 C 4Q/01			December 31, 2006			26.67				2 695				0				0				0
			2002 A/B			December 31, 2007			17.89				1 892				0				0				0
			2003 2Q			December 31, 2008			14.95				1 436				2 163				761				1 146
			2004 2Q			December 31, 2009			11.79				3 625				4 375				13 376				16 144
			2005 2Q			December 31, 2010			12.79				4 000				8 800				10 760				23 672
			2005 4Q			December 31, 2010			14.48				0				28 000				0				28 000
			2006 2Q			December 31, 2011			18.02				0				100 000				0				0
Stock options held by the members of the Group Executive Board on December 31, 2006, Total(5)													1 420 031				1 827 915				1 097 132				1 584 755
All outstanding stock option plans (global plans), Total													68 744 405				22 911 996				27 319 485				26 518 296

(1)	Stock options granted under the 2001A/B, 2001 3Q/01 and 2001C 4Q/01 sub-categories expired as of December 31, 2006.
(2)	Number of stock options equals the number of underlying shares represented by the option entitlement. Stock options vest over 4 years: 25% after one year and 6.25% each quarter thereafter.
(3)	The intrinsic value of the stock options is based on the difference between the exercise price of the options and the closing market price of Nokia shares on the Helsinki Stock Exchange as of December 29, 2006 of EUR 15.48.
(4)	For gains realized upon exercise of stock options for the members of the Group Executive Board please refer to Stock Options Exercises and Settlement of Shares table on page 108.

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(5)

Mr. Ollila resigned as CEO and Chairman of the Group Executive Board effective June 1, 2006, and ceased employment with Nokia on that date. Mr. Korhonen resigned as member of the Group Executive Board effective April 1, 2006 and ceased employment with Nokia on May 31, 2006. The information relating to stock options held and retained by Mr. Ollila and Mr. Korhonen as of the date of resignation from the Group Executive Board is represented in the table below.

																						Total Intrinsic Value of
										Exercise												Stock Options
										Price per				Number of Stock Options(2)								(EUR)(8)
		Stock Option								Share
		Category(1)				Expiration Date				(EUR)				Exercisable				Unexercisable				Exercisable(4)				Unexercisable
Jorma Ollila			2001 A/B				December 31, 2006				36.75				1 000 000				0				0				0
(as per			2001 C 4Q/01				December 31, 2006				26.67				0				0				0				0
May 31, 2006)(6)			2002 A/B				December 31, 2007				17.89				937 500				62 500				0				0
			2003 2Q				December 31, 2008				14.95				550 000				250 000				968 000				440 000
			2004 2Q				December 31, 2009				11.79				175 000				225 000				861 000				1 107 000
			2005 2Q				December 31, 2010				12.79				0				400 000				0				1 568 000
			2006 2Q				December 31, 2011				18.02				0				400 000				0				0
Pertti Korhonen			2001 A/B				December 31, 2006				36.75				30 000				0				0				0
(as per			2001 C 4Q/01				December 31, 2006				26.67				15 000				0				0				0
March 31, 2006)(7)			2002 A/B				December 31, 2007				17.89				61 250				8 750				0				0
			2003 2Q				December 31, 2008				14.95				31 250				18 750				66 563				39 938
			2004 2Q				December 31, 2009				11.79				18 750				31 250				99 188				165 313
			2005 2Q				December 31, 2010				12.79				0				60 000				0				257 400

(6)	Mr. Ollila was entitled to retain all vested and unvested stock options granted to him prior to June 1, 2006 as approved by the Board of Directors.
(7)	Mr. Korhonen’s stock option grants were forfeited upon termination of employment in accordance with the plan rules.
(8)	The intrinsic value of the stock options is based on the difference between the exercise price of the options and the closing market price of Nokia shares on the Helsinki Stock Exchange as of May 31, 2006 of EUR 16.71 in respect of Mr. Ollila and as of March 31, 2006 of EUR 17.08 in respect of Mr. Korhonen.

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						Performance Shares																Restricted Shares
						Number of				Number of
						Performance				Performance				Intrinsic Value								Number of				Intrinsic Value
						Shares at				Shares at				December 31,				Plan				Restricted				December 31,
		Plan Name(1)				Threshold(2)				Maximum(2)				2006(3) (EUR)				Name(4)				Shares				2006(5) (EUR)
Olli-Pekka Kallasvuo			2004				15 000				45 000				536 255				2004				35 000				541 800
			2005				15 000				60 000				881 715				2005				70 000				1 083 600
			2006				75 000				300 000				2 987 751				2006				100 000				1 548 000
Robert Andersson			2004				2 600				7 800				92 951				2004				15 000				232 200
			2005				3 000				12 000				176 343				2005				28 000				433 440
			2006				20 000				80 000				796 734				2006				20 000				309 600
Simon Beresford-Wylie			2004				2 500				7 500				89 376				2004				0				0
			2005				15 000				60 000				881 715				2005				35 000				541 800
			2006				25 000				100 000				995 917				2006				25 000				387 000
Mary McDowell			2004				12 500				37 500				446 879				2003				20 000				309 600
			2005				15 000				60 000				881 715				2005				35 000				541 800
			2006				25 000				100 000				995 917				2006				25 000				387 000
Hallstein Moerk			2004				7 500				22 500				268 128				2004				20 000				309 600
			2005				10 000				40 000				587 810				2005				25 000				387 000
			2006				15 000				60 000				597 550				2006				15 000				232 200
Tero Ojanperä			2004				2 500				7 500				89 376				2004				15 000				232 200
			2005				10 000				40 000				587 810				2005				25 000				387 000
			2006				15 000				60 000				597 550				2006				15 000				232 200
Niklas Savander			2004				2 560				7 680				91 521				2004				16 500				255 420
			2005				3 500				14 000				205 734				2005				25 000				387 000
			2006				15 000				60 000				597 550				2006				15 000				232 200
Richard Simonson			2004				12 500				37 500				446 879				2004				25 000				387 000
			2005				15 000				60 000				881 715				2005				35 000				541 800
			2006				25 000				100 000				995 917				2006				25 000				387 000
Veli Sundbäck			2004				7 500				22 500				268 128				2004				20 000				309 600
			2005				10 000				40 000				587 810				2005				25 000				387 000
			2006				15 000				60 000				597 550				2006				15 000				232 200
Anssi Vanjoki			2004				15 000				45 000				536 255				2004				35 000				541 800
			2005				15 000				60 000				881 715				2005				35 000				541 800
			2006				25 000				100 000				995 917				2006				25 000				387 000
Kai Öistämö			2004				2 500				7 500				89 376				2004				15 000				232 200
			2005				3 200				12 800				188 099				2005				25 000				387 000
			2006				25 000				100 000				995 917				2006				25 000				387 000
Performance Shares and Restricted Shares held by the Group Executive Board Total (6)							477 360				1 826 780				20 851 577								884 500				13 692 060
All outstanding Performance Shares and Restricted Shares (Global plans), Total							12 311 989				45 798 454				554 183 057								5 985 476				92 655 168

(1)	The performance period for the 2004 plan is 2004–2007, with one interim measurement period for fiscal years 2004–2005. The performance period for the 2005 plan is 2005–2008, with one interim measurement period for fiscal years 2005–2006. The performance period for the 2006 plan is 2006–2008, without any interim measurement period.

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(2)	For the performance share plans 2004, 2005 and 2006, the number of performance shares at threshold represents the number of performance shares granted. This number will vest as Nokia shares should the pre-determined threshold performance levels of Nokia be met. The maximum number of Nokia shares will vest should the predetermined maximum performance levels be met. The maximum number of performance shares equals four times the number originally granted at threshold. Due to the interim payout in 2006, the maximum number of Nokia shares deliverable under the 2004 plan is equal to three times the number at threshold.
(3)	The intrinsic value is based on the closing market price of a Nokia share on the Helsinki Stock Exchange as of December 29, 2006 of EUR 15.48. The value of performance shares is presented on the basis of the company’s estimation of the number of shares expected to vest.
(4)	Under the restricted share plans 2003, 2004, 2005 and 2006 awards are granted once a quarter. For the major part of the awards made under these plans the restriction period ends for the 2003 plan, on October 1, 2006; for the 2004 plan, on October 1, 2007; for the 2005 plan, on October 1, 2008; and for the 2006 plan, on October 1, 2009.
(5)	The intrinsic value is based on the closing market price of a Nokia share on the Helsinki Stock Exchange as of December 29, 2006 of EUR 15.48.
(6)	Mr. Ollila resigned as CEO and Chairman of the Group Executive Board effective June 1, 2006, and ceased employment with Nokia on that date. Mr. Korhonen resigned as member of the Group Executive Board effective April 1, 2006 and ceased employment with Nokia on May 31, 2006. The information relating to performance shares and restricted shares held by Mr. Ollila and Mr. Korhonen as of the date of resignation from the Group Executive Board is represented in the table below.

						Performance Shares																Restricted Shares
						Number of				Number of												Number
						Performance				Performance				Intrinsic								of				Intrinsic
		Plan				Shares at				Shares at				Value(9)				Plan				Restricted				Value(10)
		name(1)				Threshold(2)				Maximum(2)				(EUR)				name(4)				Shares				(EUR)
Jorma Ollila (as per May 31, 2006)(7)			2004				100 000				300 000				2 316 314				2004				100 000				1 671 000
			2005				100 000				400 000				5 160 441				2005				100 000				1 671 000
			2006				100 000				400 000				3 342 000				2006				100 000				1 671 000
Pertti Korhonen (as per March 31, 2006) (8)																			2003				35 000				597 800
			2004				12 500				37 500				295 950				2004				25 000				427 000
			2005				15 000				60 000				791 206				2005				35 000				597 800

(7)	Mr. Ollila was entitled to retain performance shares and restricted shares granted to him prior to June 1, 2006 as approved by the Board of Directors.
(8)	Mr. Korhonen’s performance share and restricted share grants were forfeited upon termination of employment in accordance with the plan rules.
(9)	The intrinsic value is based on the closing market price of Nokia shares on the Helsinki Stock Exchange as of May 31, 2006 of EUR 16.71 in respect of Mr. Ollila and as of March 31, 2006 of EUR 17.08 in respect of Mr. Korhonen. The value of performance shares is presented on the basis of the company’s estimation of the number of shares expected to vest.

(10)	The intrinsic value is based on the closing market price of Nokia share on the Helsinki Stock Exchange as of May 31, 2006 of EUR 16.71 in respect of Mr. Ollila and as of March 31, 2006 of EUR 17.08 in respect of Mr. Korhonen.

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						Stock Option								Performance Shares								Restricted Shares
						Awards(1)								Awards(2)								Awards(3)
						Shares				Value				Shares				Value				Shares				Value
						Acquired				Realized				Delivered				Realized				Delivered				Realized
Name		Year				(Number)				(EUR)				(Number)				(EUR)				(Number)				(EUR)
Olli-Pekka Kallasvuo			2006				0				0				15 000				275 700				0				0
Robert Andersson			2006				0				0				2 600				47 788				0				0
Simon Beresford-Wylie			2006				14 000				11 480				2 500				45 950				22 000				343 200
Mary McDowell			2006				0				0				12 500				229 750				0				0
Hallstein Moerk			2006				13 125				87 544				7 500				137 850				26 000				405 600
Kai Öistämö			2006				16 076				55 954				2 500				45 950				8 750				136 500
Tero Ojanperä			2006				0				0				2 500				45 950				0				0
Niklas Savander			2006				0				0				2 560				47 053				9 750				152 100
Richard Simonson			2006				0				0				12 500				229 750				33 250				518 700
Veli Sundbäck			2006				0				0				7 500				137 850				0				0
Anssi Vanjoki			2006				157 500				303 588				15 000				275 700				0				0

(1)	Value realized on exercise is based on the total gross value received in 2006 in respect of stock options sold on the Helsinki Stock Exchange (transferable stock options) and on the difference between the Nokia share price and exercise price of options (non-transferable stock options).
(2)	Represents interim payout at threshold for the 2004 performance share grant. Value is based on the market price of the Nokia share on the Helsinki Stock Exchange as of April 24, 2006 of EUR 18.38.
(3)	Delivery of Nokia shares vested from the 2003 grant. Value is based on the market price of the Nokia share on the Helsinki Stock Exchange as of October 23, 2006 of EUR 15.60.
(4)	Jorma Ollila resigned as CEO and Chairman of the Group Executive Board effective June 1, 2006, and ceased employment with Nokia on that date. Mr. Korhonen resigned as member of the Group Executive Board effective April 1, 2006 and ceased employment with Nokia on May 31, 2006. The information relating to stock option exercises and settlement of shares regarding Mr. Ollila and Mr. Korhonen as at the date of resignation from the Group Executive Board is represented in the table below.

Stock Option

Performance Shares

Restricted Shares

Awards(1)

Awards(2)

Awards

Shares

Value

Shares

Value

Shares

Value

Acquired

Realized

Delivered

Realized

Delivered

Realized

Name

Year

(Number)

(EUR)

(Number)

(EUR)

(Number)

(EUR)

Jorma Ollila (as per May 31, 2006)

2006

500 000

19 958

100 000

1 838 000

0

0

Pertti Korhonen (as per March 31, 2006)

2006

0

0

12 500

229 750

0

0

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		Helsinki								New York
		Stock								Stock
		Exchange								Exchange
		Price per share								Price per ADS
		High				Low				High				Low
		(EUR)								(USD)
2002			29.45				11.10				26.90				10.76
2003			16.16				11.44				18.45				12.67
2004			18.79				8.97				23.22				11.03
2005
First Quarter			12.36				10.75				16.41				13.92
Second Quarter			14.39				11.29				17.60				14.68
Third Quarter			15.03				12.53				18.03				15.18
Fourth Quarter			15.75				13.28				18.62				15.90
Full Year			15.75				10.75				18.62				13.92
2006
First Quarter			17.49				14.81				21.28				17.72
Second Quarter			18.65				15.21				23.10				19.13
Third Quarter			16.78				14.61				21.41				18.43
Fourth Quarter			16.14				14.91				20.93				19.34
Full Year			18.65				14.61				23.10				17.72

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		Helsinki								New York
		Stock								Stock
		Exchange								Exchange
		Price per share								Price per ADS
		High				Low				High				Low
		(EUR)								(USD)
Most recent six months
September 2006			16.13				14.77				20.65				18.84
October 2006			16.09				15.30				20.36				19.35
November 2006			16.14				15.19				20.93				19.34
December 2006			15.63				14.91				20.55				19.96
January 2007			16.91				14.63				19.08				21.74
February 2007			17.69				16.49				22.10				23.14

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VaR		2006				2005
		EURm				EURm
At December 31			21.6				12.4
Average for the year			24.6				10.2
Range for the year			17.1-34.6				3.3-29.3

VaR		2006				2005
		EURm				EURm
At December 31			4.8				6.9
Average for the year			6.3				10.0
Range for the year			4.4-9.3				6.9-15.3

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VaR		2006				2005
		EURm				EURm
At December 31			0.1				0.1
Average for the year			0.1				0.2
Range for the year			0.1-0.2				0.1-0.2

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		2006				2005
		(EUR millions)
Audit Fees(1)			5.2				5.3
Audit-Related Fees(2)			7.1				1.0
Tax Fees(3)			6.8				5.9
All Other Fees(4)			0.4				0.1
Total			19.5				12.3

(1)	Audit Fees consist of fees billed for the annual audit of the company’s consolidated financial statements and the statutory financial statements of the company’s subsidiaries. They also include fees billed for other audit services, which are those services that only the independent auditor reasonably can provide, and include the provision of comfort letters and consents and the review of documents filed with the SEC and other capital markets or local financial reporting regulatory bodies. There were no unbilled audit fees at year-end 2006. The fees for 2005 include EUR 1.4 million of accrued audit fees for the 2005 year-end audit that were not billed until 2006.
(2)	Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the company’s financial statements or that are traditionally performed by the independent auditor, and include consultations concerning financial accounting and reporting standards; internal control matters and services in anticipation of the company’s compliance with Section 404 of the Sarbanes-Oxley Act of 2002; advice and assistance in connection with local statutory accounting requirements; due diligence related to acquisitions; employee benefit plan audits and reviews; and miscellaneous reports in connection with grant applications. The fees for 2006 include EUR 1.5 million of accrued audit related fees that were not billed until 2007. This amount includes EUR 0.3 million that Nokia will recover from a third party. There were no unbilled audit-related fees at year-end 2005.
(3)	Tax Fees include fees billed for tax compliance services, including the preparation of original and amended tax returns and claims for refund; tax consultations, such as assistance and representation in connection with tax audits and appeals, tax advice related to mergers and acquisitions, transfer pricing, and requests for rulings or technical advice from taxing authorities; tax planning services; and expatriate tax compliance, consultation and planning services. The tax fees for 2006 include EUR 0.4 million of accrued tax fees that were not billed until 2007. There were no unbilled tax fees at year-end 2005.
(4)	All Other Fees include fees billed for company establishment, forensic accounting and occasional training services.

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										(c) Total Number
										of Shares				(d) Maximum
										Purchased as				Number of Shares
										Part of Publicly				that May Yet Be
		(a) Total Number				(b) Average Price				Announced				Purchased Under
		of Shares				Paid per Share(4)				Plans or				the Plans or
Period		Purchased(3)				(EUR)				Programs(3)				Programs
January 1/1/06-1/31/06			0				0				0				182 190 000 (1	)
February 2/1/06-2/28/06			28 700 000				15.80				28 700 000				153 490 000 (1	)
March 3/1/06-3/31/06			56 180 000				16.49				56 180 000				97 310 000 (1	)
April 4/1/06-4/30/06			3 690 000				18.41				3 290 000				401 710 000 (2	)
May 5/1/06-5/31/06			18 920 000				17.28				18 920 000				382 790 000 (2	)
June 6/1/06-6/30/06			13 390 000				16.10				13 390 000				369 400 000 (2	)
July 7/1/06-7/31/06			7 060 000				15.47				6 960 000				362 440 000 (2	)
August 8/1/06-8/31/06			22 960 000				15.91				22 960 000				339 480 000 (2	)
September 9/1/06-9/30/06			16 090 000				15.35				16 090 000				323 390 000 (2	)
October 10/1/06-10/31/06			8 200 000				15.49				8 200 000				315 190 000 (2	)
November 11/1/06-11/30/06			25 270 000				15.48				25 270 000				289 920 000 (2	)
December 12/1/06-12/31/06			11 880 000				15.30				11 880 000				278 040 000 (2	)
Total			212 340 000								211 840 000

(1)	On April 7, 2005, the Annual General Meeting authorized the Board to resolve to repurchase a maximum of 443.2 million Nokia shares by using funds available for distribution of profits. The authorization was effective until April 7, 2006.
(2)	On March 30, 2006, the Annual General Meeting authorized the Board to resolve to repurchase a maximum of 405 million Nokia shares by using funds available for distribution of profits. The authorization is effective until March 30, 2007.
(3)	The difference between the “Total Number of Shares Purchased” and the “Total Number of Shares Purchased as Part of Publicly Announced Plans and Programs” represents repurchases of a total of 500 000 shares in open-market transactions effected by affiliates of Nokia Corporation to cover the Group’s obligations in connection with certain employee stock option plans.
(4)	When ADRs were purchased the USD price paid was converted into EUR by using the noon buying rate as of the date of purchase

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Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm			F-1
Consolidated Profit and Loss Accounts			F-3
Consolidated Balance Sheets			F-4
Consolidated Cash Flow Statements			F-5
Consolidated Statements of Changes in Shareholders’ Equity			F-7
Notes to the Consolidated Financial Statements			F-9

	*1			Articles of Association of Nokia Corporation.
	4	.1		Amended and Restated Framework Agreement among Siemens AG and Nokia Corporation and Nokia Siemens Networks B.V. dated as of June 19, 2006 and as amended and restated as of January 24, 2007.
	6	.		See Note 30 to our consolidated financial statements included in Item 18 of this annual report on Form 20-F for information on how earnings per share information was calculated.
	8	.		List of significant subsidiaries.
	12	.1		Certification of Olli-Pekka Kallasvuo, Chief Executive Officer of Nokia Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	12	.2		Certification of Richard A. Simonson, Chief Financial Officer of Nokia Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	13	.		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	15	.(a).		Consent of Independent Registered Public Accounting Firm.

*	Incorporated by reference to our annual report on Form 20-F for the fiscal year ended December 31, 2000.

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132

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133

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134

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F-1

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F-2

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F-3

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						Financial year ended December 31
		Notes				2006				2005				2004
						EURm				EURm				EURm
Net sales							41 121				34 191				29 371
Cost of sales							(27 742	)			(22 209	)			(18 179	)
Gross profit							13 379				11 982				11 192
Research and development expenses							(3 897	)			(3 825	)			(3 776	)
Selling and marketing expenses			6				(3 314	)			(2 961	)			(2 564	)
Administrative and general expenses							(666	)			(609	)			(611	)
Other income			7				522				285				343
Other expenses			7, 8				(536	)			(233	)			(162	)
Amortization of goodwill			10				—				—				(96	)
Operating profit			2-10				5 488				4 639				4 326
Share of results of associated companies			15, 33				28				10				(26	)
Financial income and expenses			11				207				322				405
Profit before tax							5 723				4 971				4 705
Tax			12				(1 357	)			(1 281	)			(1 446	)
Profit before minority interests							4 366				3 690				3 259
Minority interests							(60	)			(74	)			(67	)
Profit attributable to equity holders of the parent							4 306				3 616				3 192

							2006				2005				2004
							EUR				EUR				EUR
Earnings per share				30
	(for profit attributable to the equity holders of the parent)
	Basic							1.06				0.83				0.69
	Diluted							1.05				0.83				0.69
Average number of shares (000’s shares)				30				2006				2005				2004
	Basic							4 062 833				4 365 547				4 593 196
	Diluted							4 086 529				4 371 239				4 600 337

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						December 31
		Notes				2006				2005
						EURm				EURm
ASSETS
Non-current assets
Capitalized development costs			13				251				260
Goodwill			13				532				90
Other intangible assets			13				298				211
Property, plant and equipment			14				1 602				1 585
Investments in associated companies			15				224				193
Available-for-sale investments			16				288				246
Deferred tax assets			26				809				846
Long-term loans receivable			17				19				63
Other non-current assets							8				7
							4 031				3 501
Current assets
Inventories			18, 20				1 554				1 668
Accounts receivable, net of allowances for doubtful accounts (2006: EUR 212 million, 2005: EUR 281 million)			19, 20				5 888				5 346
Prepaid expenses and accrued income			19				2 496				1 938
Other financial assets							111				89
Available-for-sale investments, liquid assets			16				5 012				6 852
Available-for-sale investments, cash equivalents			16, 34				2 046				1 493
Bank and cash			34				1 479				1 565
							18 586				18 951
Total assets							22 617				22 452
SHAREHOLDERS’ EQUITY AND LIABILITIES
Capital and reserves attributable to equity holders of the parent
Share capital			22				246				266
Share issue premium							2 707				2 458
Treasury shares, at cost							(2 060	)			(3 616	)
Translation differences							(34	)			69
Fair value and other reserves			21				(14	)			(176	)
Retained earnings			24				11 123				13 308
							11 968				12 309
Minority interests							92				205
Total equity							12 060				12 514
Non-current liabilities			25
Long-term interest-bearing liabilities							69				21
Deferred tax liabilities			26				205				151
Other long-term liabilities							122				96
							396				268
Current liabilities
Short-term borrowings			27				247				377
Accounts payable							3 732				3 494
Accrued expenses			28				3 796				3 320
Provisions			29				2 386				2 479
							10 161				9 670
Commitments and contingencies			31
Total shareholders’ equity and liabilities							22 617				22 452

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							Financial year ended
							December 31
			Notes				2006				2005				2004
							EURm				EURm				EURm
Cash flow from operating activities
Profit attributable to equity holders of the parent								4 306				3 616				3 192
	Adjustments, total			34				1 857				1 774				2 059
Profit attributable to equity holders of the parent before change in net working capital								6 163				5 390				5 251
	Change in net working capital			34				(793	)			(366	)			241
Cash generated from operations								5 370				5 024				5 492
	Interest received							235				353				204
	Interest paid							(18	)			(26	)			(26	)
	Other financial income and expenses, net received							54				47				41
	Income taxes paid							(1 163	)			(1 254	)			(1 368	)
Net cash from operating activities								4 478				4 144				4 343
Cash flow from investing activities
Acquisition of Group companies, net of acquired cash								(517	)			(92	)			—
Purchase of current available-for-sale investments, liquid assets								(3 219	)			(7 277	)			(10 318	)
Purchase of non-current available-for-sale investments								(88	)			(89	)			(388	)
Purchase of shares in associated companies								(15	)			(16	)			(109	)
Additions to capitalized development costs								(127	)			(153	)			(101	)
Long-term loans made to customers								(11	)			(56	)			—
Proceeds from repayment and sale of long-term loans receivable								56				—				368
Recovery of impaired long-term loans made to customers								276				—				—
Proceeds from (+)/ payment of (-) other long-term receivables								(3	)			14				2
Proceeds from short-term loans receivable								199				182				66
Capital expenditures								(650	)			(607	)			(548	)
Proceeds from disposal of shares in Group companies, net of disposed cash								—				5				1
Proceeds from disposal of shares in associated companies								1				18				—
Proceeds from disposal of businesses								—				95				—
Proceeds from maturities and sale of current available-for-sale investments, liquid assets								5 058				9 402				9 737
Proceeds from sale of current available-for-sale investments								—				247				587
Proceeds from sale of non-current available-for-sale investments								17				3				346
Proceeds from sale of fixed assets								29				167				6
Dividends received								—				1				22
Net cash from (used in) investing activities								1 006				1 844				(329	)

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							Financial year ended
							December 31
			Notes				2006				2005				2004
							EURm				EURm				EURm
Cash flow from financing activities
Proceeds from stock option exercises								46				2				—
Purchase of treasury shares								(3 371	)			(4 258	)			(2 648	)
Proceeds from long-term borrowings								56				5				1
Repayment of long-term borrowings								(7	)			—				(3	)
Proceeds from (+)/ repayment of (-) short-term borrowings								(137	)			212				(255	)
Dividends paid								(1 553	)			(1 531	)			(1 413	)
Net cash used in financing activities								(4 966	)			(5 570	)			(4 318	)
Foreign exchange adjustment								(51	)			183				(23	)
Net increase (+)/ decrease (-) in cash and cash equivalents								467				601				(327	)
Cash and cash equivalents at beginning of period								3 058				2 457				2 784
Cash and cash equivalents at end of period								3 525				3 058				2 457
Cash and cash equivalents comprise of:
	Bank and cash							1 479				1 565				1 090
	Current available-for-sale investments, cash equivalents			16, 37				2 046				1 493				1 367
								3 525				3 058				2 457

F-7

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																							Fair
																							value
											Share												and								Before
			Number of				Share				issue				Treasury				Translation				other				Retained				minority				Minority
			shares				capital				premium				shares				differences				reserves				earnings(1)				interests				interests				Total
			(000’s)
Group, EURm
Balance at January 1, 2004				4 700 268				288				2 313				(1 373	)			(85	)			80				14 079				15 302				164				15 466
	Translation differences																			(119	)											(119	)			(16	)			(135	)
	Net investment hedge gains																			78												78								78
	Cash flow hedges, net of tax																							(1	)							(1	)							(1	)
	Available-for-sale investments, net of tax																							(66	)							(66	)							(66	)
	Other decrease, net																											(1	)			(1	)			(5	)			(6	)
	Profit																											3 192				3 192				67				3 259
Total recognized income and expense								—				—				—				(41	)			(67	)			3 191				3 083				46				3 129
	Stock options exercised			5				—				—																				—								—
	Stock options exercised related to acquisitions											(8	)																			(8	)							(8	)
	Share-based compensation (2)											53																				53								53
	Acquisition of treasury shares			(214 120	)											(2 661	)															(2 661	)							(2 661	)
	Reissuance of treasury shares			788												14																14								14
	Cancellation of treasury shares							(8	)			8				1 998												(1 998	)			—								—
	Dividend																											(1 398	)			(1 398	)			(42	)			(1 440	)
Total of other equity movements								(8	)			53				(649	)			—				—				(3 396	)			(4 000	)			(42	)			(4 042	)
Balance at December 31, 2004				4 486 941				280				2 366				(2 022	)			(126	)			13				13 874				14 385				168				14 553
	Tax benefit on stock options exercised											(2	)																			(2	)							(2	)
	Translation differences																			406												406				31				437
	Net investment hedge losses																			(211	)											(211	)							(211	)
	Cash flow hedges, net of tax																							(132	)							(132	)							(132	)
	Available-for-sale investments, net of tax																							(57	)							(57	)							(57	)
	Other decrease, net																											(55	)			(55	)			1				(54	)
	Profit																											3 616				3 616				74				3 690
Total recognized income and expense								—				(2	)			—				195				(189	)			3 561				3 565				106				3 671
	Stock options exercised			125								2																				2								2
	Stock options exercised related to acquisitions											(1	)																			(1	)							(1	)
	Share-based compensation (2)											79																				79								79
	Acquisition of treasury shares			(315 174	)											(4 268	)															(4 268	)							(4 268	)
	Reissuance of treasury shares			484												10																10								10
	Cancellation of treasury shares							(14	)			14				2 664												(2 664	)			—								—
	Dividend																											(1 463	)			(1 463	)			(69	)			(1 532	)
Total of other equity movements								(14	)			94				(1 594	)			—				—				(4 127	)			(5 641	)			(69	)			(5 710	)
Balance at December 31, 2005				4 172 376				266				2 458				(3 616	)			69				(176	)			13 308				12 309				205				12 514

F-8

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																							Fair
																							value
											Share												and								Before
			Number of				Share				issue				Treasury				Translation				other				Retained				minority				Minority
			shares				capital				premium				shares				differences				reserves				earnings(1)				interests				interests				Total
			(000’s)
Balance at December 31, 2005				4 172 376				266				2 458				(3 616	)			69				(176	)			13 308				12 309				205				12 514
	Tax benefit on stock options exercised											23																				23								23
	Excess tax benefit on share-based compensation											14																				14								14
	Translation differences																			(141	)											(141	)			(13	)			(154	)
	Net investment hedge gains; net of tax																			38												38								38
	Cash flow hedges, net of tax																							171								171								171
	Available-for-sale investments, net of tax																							(9	)							(9	)							(9	)
	Other decrease, net																											(52	)			(52	)			(1	)			(53	)
	Profit																											4 306				4 306				60				4 366
Total recognized income and expense								—				37				—				(103	)			162				4 254				4 350				46				4 396
	Stock options exercised			3 046				0				43																				43								43
	Stock options exercised related to acquisitions											(1	)																			(1	)							(1	)
	Share-based compensation (2)			2 236								219																				219								219
	Settlement of performance shares											(69	)			38																(31	)							(31	)
	Acquisition of treasury shares			(212 340	)											(3 413	)															(3 413	)							(3 413	)
	Reissuance of treasury shares			412												4																4								4
	Cancellation of treasury shares							(20	)			20				4 927												(4 927	)			—								—
	Dividend																											(1 512	)			(1 512	)			(40	)			(1 552	)
	Acquisition of minority interests																															—				(119	)			(119	)
Total of other equity movements								(20	)			212				1 556				—				—				(6 439	)			(4 691	)			(159	)			(4 850	)
Balance at December 31, 2006				3 965 730				246				2 707				(2 060	)			(34	)			(14	)			11 123				11 968				92				12 060

(1)	Opening retained earnings has been increased by EUR 154 million for recognition of certain additional items relating to periods prior to 2002. See Note 1 and Note 26.
(2)	Share-based compensation is shown net of deferred compensation recorded related to social security costs on share-based payments.

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1.	Accounting principles

	•	The Group adopted Amendment to IAS 19, Actuarial Gains and Losses, Group Plans and Disclosures, which introduced the option of an alternative recognition approach for actuarial gains and losses. The Group did not adopt this alternative option.
	•	The Group adopted Amendment to IAS 39, Cash Flow Hedge Accounting of Forecast Intragroup Transactions, where an entity may designate intragroup transactions as hedged items if certain criteria are fulfilled.
	•	The Group adopted Amendment to IAS 39, The Fair Value Option, which restricts use of the fair value option for financial instruments to certain circumstances.
	•	The Group adopted Amendments to IAS 39 and IFRS 4, Financial Guarantee Contracts, in which all financial guarantee contracts are initially recognized at fair value and subsequently measured at the higher of either the amount determined in accordance with IAS 37 or the amount initially recognized less any cumulative amortization.
	•	The Group adopted IFRIC 4, Determining whether an Arrangement contains a Lease, where if fulfillment of an arrangement is dependent on the use of a specific asset and conveys a right to use, the arrangement contains a lease.

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Buildings and constructions		20 - 33 years
Production machinery, measuring and test equipment		1 - 3 years
Other machinery and equipment		3 - 10 years

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	•	IFRIC 8, Scope of IFRS 2, requires consideration of transactions involving the issuance of equity instruments where the identifiable consideration received is less than the fair value of the equity instruments issued to establish whether or not they fall within the scope of IFRS 2. The Group will apply IFRIC 8 from annual periods beginning January 1, 2007, but it is not expected to have any impact on the Group’s accounts.
	•	IFRIC 9, Reassessment of Embedded Derivatives, requires an entity to assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract. The Group will apply IFRIC 9 from January 1, 2007, but it is not expected to have a material impact on the Group’s accounts;
	•	IAS 1 (Amendment), Presentation of Financial Statements: Capital Disclosures, requires qualitative and quantitative disclosures to enable users to evaluate an entity’s objectives, policies and processes for managing capital. The Group will adopt IAS 1 on January 1, 2007 and does not expect the adoption of this amendment to have a material impact on the disclosures.

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	•	IFRS 7, Financial Instruments: Disclosures, includes a comprehensive set of qualitative and quantitative disclosures on risk exposures from all financial instruments. The Group will adopt IFRS 7 on January 1, 2007 and does not expect the adoption of this standard to have a material impact on the disclosures.
	•	IFRS 8, Operating Segments requires that segments are identified and reported based on a risk and return analysis. Under IFRS 8, segments are components of an entity regularly reviewed by an entity’s chief operating decision-maker. Given the delayed implementation date for this standard, it has not been practicable to evaluate the impact of this standard.

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																				Total				Common
				Mobile								Enterprise								reportable				Group				Elimina-
				Phones				Multimedia				Solutions				Networks				segments				Functions				tions				Group
2006				EURm				EURm				EURm				EURm				EURm				EURm				EURm				EURm
Profit and Loss Information
	Net sales to external customers				24 769				7 877				1 015				7 453				41 114				7								41 121
	Net sales to other segments				—				—				16				—				16				(7	)			(9	)			—
	Depreciation and amortization				279				99				36				203				617				95								712
	Impairment and customer finance charges				—				—				—				—				—				51								51
	Operating profit/(loss)(1)				4 100				1 319				(258	)			808				5 969				(481	)							5 488
	Share of results of associated companies				—				—				—				—				—				28								28
Balance Sheet Information
	Capital expenditures(2)				244				73				30				126				473				177								650
	Segment assets(3) of which:				4 921				1 474				604				3 746				10 745				1 190				(31	)			11 904
		Investments in associated companies			—				—				—				—				—				224								224
	Unallocated assets(4)																																10 713
	Total assets																																22 617
	Segment liabilities(5)				5 140				1 622				395				1 703				8 860				337				(333	)			8 864
	Unallocated liabilities(6)																																1 693
	Total liabilities																																10 557

																				Total				Common
				Mobile								Enterprise								reportable				Group				Elimina-
				Phones				Multimedia				Solutions				Networks				segments				Functions				tions				Group
2005				EURm				EURm				EURm				EURm				EURm				EURm				EURm				EURm
Profit and Loss Information
	Net sales to external customers				20 811				5 979				839				6 556				34 185				6								34 191
	Net sales to other segments				—				2				22				1				25				(6	)			(19	)			—
	Depreciation and amortization				247				83				22				241				593				119								712
		Impairment and customer finance charges			—				36				—				—				36				30								66
	Operating profit/(loss)				3 598				836				(258	)			855				5 031				(392	)							4 639
	Share of results of associated companies				—				—				—				—				—				10								10
Balance Sheet Information
	Capital expenditures(2)				273				77				24				102				476				131								607
	Segment assets(3) of which:				4 355				1 374				202				3 437				9 368				1 135				(53	)			10 450
		Investments in associated companies			—				—				—				—				—				193								193
	Unallocated assets(4)																																12 002
	Total assets																																22 452
	Segment liabilities(5)				4 772				1 505				315				1 607				8 199				241				(156	)			8 284
	Unallocated liabilities(6)																																1 654
	Total liabilities																																9 938

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																			Total				Common
			Mobile								Enterprise								reportable				Group				Elimina-
			Phones				Multimedia				Solutions				Networks				segments				Functions				tions				Group
2004			EURm				EURm				EURm				EURm				EURm				EURm				EURm				EURm
Profit and Loss Information
	Net sales to external customers			18 443				3 653				815				6 431				29 342				29								29 371
	Net sales to other segments			78				23				24				—				125				(29	)			(96	)			—
	Depreciation and amortization			306				77				23				314				720				148								868
	Impairment and customer finance charges			—				—				—				115				115				11								126
	Operating profit/(loss)			3 786				175				(210	)			884				4 635				(309	)							4 326
	Share of results of associated companies			—				—				—				—				—				(26	)							(26	)

(1)	Networks operating profit includes a gain of EUR 276 million relating to a partial recovery of a previously impaired financing arrangement with Telsim.
(2)	Including goodwill and capitalized development costs, capital expenditures in 2006 amount to EUR 1 240 million (EUR 760 million in 2005). The goodwill and capitalized development costs consist of EUR 60 million in 2006 (EUR 31 million in 2005) for Mobile Phones, EUR 171 million in 2006 (EUR 16 million in 2005) for Multimedia, EUR 271 million in 2006 (EUR 5 million in 2005) for Enterprise Solutions, EUR 88 million in 2006 (EUR 93 million in 2005) for Networks and EUR 0 million in 2006 (EUR 8 million in 2005) for Common Group Functions.
(3)	Comprises intangible assets, property, plant and equipment, investments, inventories and accounts receivable as well as prepaid expenses and accrued income except those related to interest and taxes.
(4)	Unallocated assets include cash and other liquid assets, available-for-sale investments, long-term loans receivable and other financial assets as well as interest and tax related prepaid expenses, accrued income and deferred tax assets. Tax related prepaid expenses and accrued income, and deferred tax assets amount to EUR 1 240 million in 2006 (EUR 1 281 million in 2005).
(5)	Comprises accounts payable, accrued expenses and provisions except those related to interest and taxes.
(6)	Unallocated liabilities include non-current liabilities and short-term borrowings as well as interest and tax related prepaid income, accrued expenses and provisions. Tax related accrued expenses and deferred tax liabilities amount to EUR 497 million in 2006 (EUR 433 million in 2005).

		2006				2005				2004
Net sales to external customers by geographic area by location of customer		EURm				EURm				EURm
Finland			387				331				351
China			4 913				3 403				2 678
USA			2 815				2 743				3 430
India			2 713				2 022				1 369
Great Britain			2 425				2 405				2 269
Germany			2 060				1 982				1 730
Other			25 808				21 305				17 544
Total			41 121				34 191				29 371

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Segment assets by geographic area		2006				2005
		EURm				EURm
Finland			4 165				3 619
China			1 257				1 120
USA			1 270				1 437
India			618				416
Great Britain			523				437
Germany			615				390
Other			3 456				3 031
Total			11 904				10 450

Capital expenditures by market area		2006				2005				2004
		EURm				EURm				EURm
Finland			275				259				216
China			125				93				57
USA			63				74				80
India			65				31				3
Great Britain			11				12				5
Germany			23				26				20
Other			88				112				167
Total(1)			650				607				548

(1)

Including goodwill and capitalized development costs, capital expenditures amount to EUR 1 240 million in 2006 (EUR 760 million in 2005 and EUR 649 million in 2004). The goodwill and capitalized development costs in 2006 consist of EUR 268 million in USA (EUR 0 million in USA in 2005 and EUR 0 million in USA in 2004) and EUR 321 million in other areas (EUR 153 million in 2005 and EUR 101 million in 2004).

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		2006				2005				2004
		EURm				EURm				EURm
Wages and salaries			3 457				3 127				2 805
Share-based compensation expense, total			192				104				62
Pension expenses, net			310				252				253
Other social expenses			439				394				372
Personnel expenses as per profit and loss account			4 398				3 877				3 492

			2006				2005				2004
Average personnel
	Mobile Phones			3 639				2 647				2 853
	Multimedia			3 058				2 750				2 851
	Enterprise Solutions			2 264				2 185				2 167
	Networks			20 277				17 676				15 463
	Common Group Functions			36 086				31 638				30 177
	Nokia Group			65 324				56 896				53 511

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		2006								2005
		Domestic				Foreign				Domestic				Foreign
		Plans				Plans				Plans				Plans
		EURm				EURm				EURm				EURm
Present value of defined benefit obligations at beginning of year			(890	)			(495	)			(727	)			(398	)
Foreign currency exchange rate changes			—				(3	)			—				(3	)
Current service cost			(63	)			(38	)			(48	)			(21	)
Interest cost			(40	)			(26	)			(36	)			(22	)
Plan participants’ contributions			—				(7	)			—				(6	)
Actuarial (loss) gain			(51	)			14				(91	)			(52	)
Curtailment			3				—				3				—
Benefits paid			10				9				9				7
Present value of defined benefit obligations at end of year			(1 031	)			(546	)			(890	)			(495	)
Plan assets at fair value at beginning of year			904				372				768				303
Foreign currency exchange rate changes			—				3				—				3
Expected return on plan assets			41				21				46				18
Actuarial gain (loss) on plan assets			(8	)			(3	)			56				22
Employer contribution			59				32				19				27
Plan participants’ contributions			—				8				—				6
Transfer from central pool			—				—				24				—
Benefits paid			(11	)			(9	)			(9	)			(7	)
Plan assets at fair value at end of year			985				424				904				372
(Deficit)/Surplus			(46	)			(122	)			14				(123	)
Unrecognized net actuarial losses			187				89				128				105
Unrecognized past service cost			—				—				3				—
Prepaid/(Accrued) pension cost in balance sheet			141				(33	)			145				(18	)

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		2006				2005				2004
		EURm				EURm				EURm
Current service cost			101				69				62
Interest cost			66				58				56
Expected return on plan assets			(62	)			(64	)			(56	)
Net actuarial losses recognized in year			8				9				—
Past service cost gain (-) loss (+)			3				1				(1	)
Transfer from central pool			—				(24	)			—
Curtailment			(4	)			(3	)			—
Total, included in personnel expenses			112				46				61

		2006				2005
		EURm				EURm
Prepaid pension costs at beginning of year			127				126
Net income (expense) recognized in the profit and loss account			(112	)			(46	)
Contributions paid			91				46
Foreign currency exchange rate changes			2				1
Prepaid pension costs at end of year(1)			108				127

(1)	included within prepaid expenses and accrued income

		2006				2005				2004				2003				2002
		EURm				EURm				EURm				EURm				EURm
Present value of defined benefit obligation			(1 577	)			(1 385	)			(1 125	)			(1 009	)			(800	)
Plan assets at fair value			1 409				1 276				1 071				887				762
Deficit			(168	)			(109	)			(54	)			(122	)			(38	)

		2006								2005
		Domestic				Foreign				Domestic				Foreign
		%				%				%				%
Discount rate for determining present values			4.60				4.78				4.20				4.55
Expected long-term rate of return on plan assets			4.60				5.50				4.44				5.49
Annual rate of increase in future compensation levels			3.50				3.59				3.50				3.91
Pension increases			2.00				2.69				2.00				2.55

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		2006								2005
		Domestic				Foreign				Domestic				Foreign
		%				%				%				%
Asset Category:
Equity securities			11				27				25				26
Debt securities			75				61				72				62
Insurance contracts			—				11				—				11
Real estate			1				—				2				—
Short-term investments			13				1				1				1
Total			100				100				100				100

6.	Advertising and promotional expenses

7.	Other operating income and expenses

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7.	Other operating income and expenses (Continued)

8.	Impairment

																		Common
		Mobile								Enterprise								Group
		Phones				Multimedia				Solutions				Networks				Functions				Group
		EURm				EURm				EURm				EURm				EURm				EURm
2006
Impairment of available-for-sale investments			—				—				—				—				18				18
Impairment of other intangible assets			33				—				—				—				—				33
Total, net			33				—				—				—				18				51
2005
Impairment of available-for-sale investments			—				—				—				—				30				30
Total, net			—				—				—				—				30				30
2004
Impairment of available-for-sale investments			—				—				—				—				11				11
Impairment of capitalized development costs			—				—				—				115				—				115
Total, net			—				—				—				115				11				126

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9.	Acquisitions

		February 10, 2006
		EURm
Intangible assets subject to amortization:
Technology related intangible assets			38
Other intangible assets			22
			60
Deferred tax assets			45
Other non-current assets			16
Non-current assets			121
Goodwill			290
Current assets			42
Total assets acquired			453
Deferred tax liabilities			23
Other non-current liabilities			1
Non-current liabilities			24
Current liabilities			104
Total liabilities assumed			128
Net assets acquired			325

	•	Nokia Telecommunications Ltd, based in BDA, Beijing, a leading mobile communications manufacturer in China. The Group acquired an additional 22% ownership interest in Nokia Telecommunications Ltd. on June 30, 2006.

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9.	Acquisitions (Continued)

	•	Loudeye Corporation, based in Bristol, England a global leader of digital music platforms and digital media distribution services. The Group acquired a 100% ownership interest in Loudeye Corporation on October 16, 2006.
	•	gate5 AG, based in Berlin, Germany, a leading supplier of mapping, routing and navigation software and services. The Group acquired a 100% ownership interest in gate5 AG on October 15, 2006.

10.	Depreciation and amortization

		2006				2005				2004
		EURm				EURm				EURm
Depreciation and amortization by function
Cost of sales			279				242				196
Research and development			312				349				431
Selling and marketing			9				9				14
Administrative and general			111				99				123
Other operating expenses			1				13				8
Amortization of goodwill			—				—				96
Total			712				712				868

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11.	Financial income and expenses

			2006				2005				2004
			EURm				EURm				EURm
Income from available-for-sale investments
	Dividend income			—				1				22
	Interest income			223				295				299
Other financial income				55				77				178
Foreign exchange gains and losses				(31	)			(11	)			8
Interest expense				(22	)			(18	)			(22	)
Other financial expenses				(18	)			(22	)			(80	)
Total				207				322				405

12.	Income taxes

			2006				2005				2004
			EURm				EURm				EURm
Income tax expense
	Current tax			(1 303	)			(1 262	)			(1 403	)
	Deferred tax			(54	)			(19	)			(43	)
	Total			(1 357	)			(1 281	)			(1 446	)
	Finland			(941	)			(759	)			(1 128	)
	Other countries			(416	)			(522	)			(318	)
	Total			(1 357	)			(1 281	)			(1 446	)

			2006				2005				2004
			EURm				EURm				EURm
Income tax expense at statutory rate				1 488				1 295				1 372
	Amortization of goodwill			—				—				28
	Provisions without income tax benefit/expense			12				11				—
	Taxes for prior years			(24	)			1				(34	)
	Taxes on foreign subsidiaries’ profits lower than income taxes at statutory rate			(73	)			(30	)			(130	)
	Net change in provisions			(12	)			22				67
	Change in deferred tax rate			—				—				26
	Deferred tax liability on undistributed earnings			(3	)			8				60
	Adoption of IAS 39(R) and IFRS 2			—				—				11
	Other			(31	)			(26	)			46
Income tax expense				1 357				1 281				1 446

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12.	Income taxes (Continued)

13.	Intangible assets

		2006				2005
		EURm				EURm
Capitalized development costs
Acquisition cost January 1			1 445				1 322
Additions during the period			127				153
Disposals during the period			(39	)			(30	)
Accumulated acquisition cost December 31			1 533				1 445
Accumulated amortization January 1			(1 185	)			(1 044	)
Disposals during the period			39				30
Amortization for the period			(136	)			(171	)
Accumulated amortization December 31			(1 282	)			(1 185	)
Net book value January 1			260				278
Net book value December 31			251				260
Goodwill
Acquisition cost January 1			90				1 298
Transfer of accumulated amortization on adoption of IFRS 3			—				(1 208	)
Translation differences			(26	)			—
Additions during the period (Note 9)			488				—
Other changes			(20	)			—
Accumulated acquisition cost December 31			532				90
Net book value January 1			90				90
Net book value December 31			532				90
Other intangible assets
Acquisition cost January 1			676				631
Translation differences			(21	)			3
Additions during the period			99				59
Acquisition of subsidiary (Note 9)			122				—
Impairment losses			(33	)			—
Disposals during the period			(71	)			(17	)
Accumulated acquisition cost December 31			772				676

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13.	Intangible assets (Continued)

		2006				2005
		EURm				EURm
Accumulated amortization January 1			(465	)			(422	)
Translation differences			10				7
Disposals during the period			66				14
Amortization for the period			(85	)			(64	)
Accumulated amortization December 31			(474	)			(465	)
Net book value January 1			211				209
Net book value December 31			298				211

14.	Property, plant and equipment

		2006				2005
		EURm				EURm
Land and water areas
Acquisition cost January 1			82				104
Translation differences			(1	)			1
Additions during the period			—				5
Disposals during the period			(3	)			(28	)
Accumulated acquisition cost December 31			78				82
Net book value January 1			82				104
Net book value December 31			78				82
Buildings and constructions
Acquisition cost January 1			865				910
Translation differences			(11	)			16
Additions during the period			123				29
Disposals during the period			(52	)			(90	)
Accumulated acquisition cost December 31			925				865
Accumulated depreciation January 1			(244	)			(220	)
Translation differences			4				(1	)
Disposals during the period			40				12
Depreciation for the period			(30	)			(35	)
Accumulated depreciation December 31			(230	)			(244	)
Net book value January 1			621				690
Net book value December 31			695				621
Machinery and equipment
Acquisition cost January 1			3 735				3 340
Translation differences			(62	)			149
Additions during the period			466				470
Disposals during the period			(432	)			(224	)
Accumulated acquisition cost December 31			3 707				3 735

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14.	Property, plant and equipment (Continued)

		2006				2005
		EURm				EURm
Accumulated depreciation January 1			(2 984	)			(2 650	)
Translation differences			48				(111	)
Disposals during the period			429				217
Depreciation for the period			(459	)			(440	)
Accumulated depreciation December 31			(2 966	)			(2 984	)
Net book value January 1			751				690
Net book value December 31			741				751
Other tangible assets
Acquisition cost January 1			17				21
Translation differences			(1	)			1
Additions during the period			6				1
Disposals during the period			—				(6	)
Accumulated acquisition cost December 31			22				17
Accumulated depreciation January 1			(6	)			(11	)
Translation differences			—				1
Disposals during the period			—				6
Depreciation for the period			(1	)			(2	)
Accumulated depreciation December 31			(7	)			(6	)
Net book value January 1			11				10
Net book value December 31			15				11

			2006				2005
			EURm				EURm
Advance payments and fixed assets under construction
Net carrying amount January 1				120				40
Translation differences				(2	)			2
Additions				213				105
Disposals				(1	)			—
Transfers to:
	Other intangible assets			(37	)			(3	)
	Buildings and constructions			(89	)			(4	)
	Machinery and equipment			(131	)			(20	)
Net carrying amount December 31				73				120
Total property, plant and equipment				1 602				1 585

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15.	Investments in associated companies

		2006				2005
		EURm				EURm
Net carrying amount January 1			193				200
Translation differences			(2	)			8
Additions			19				12
Disposals			(1	)			(17	)
Share of results			28				10
Other movements			(13	)			(20	)
Net carrying amount December 31			224				193

16.	Available-for-sale investments

		2006				2005
		EURm				EURm
Fair value at January 1			8 591				10 876
Translation differences			(44	)			49
Deductions, net			(1 184	)			(2 276	)
Fair value gains (losses)			1				(28	)
Impairment charges (Note 8)			(18	)			(30	)
Fair value at December 31			7 346				8 591
Non-current			288				246
Current, liquid assets			5 012				6 852
Current, cash equivalents			2 046				1 493

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16.	Available-for-sale investments (Continued)

17.	Long-term loans receivable

		2006				2005
		EURm				EURm
Under 1 year			—				56
Between 1 and 2 years			7				—
Between 2 and 5 years			12				7
Over 5 years			—				—
			19				63

		2006				2005
		EURm				EURm
Raw materials, supplies and other			360				361
Work in progress			600				685
Finished goods			594				622
Total			1 554				1 668

19.	Accounts receivables and prepaid expenses and accrued income

		Balance at				Charged to								Balance
		beginning				cost and								at end
Allowances on assets to which they apply:		of year				expenses				Deductions(1)				of year
		EURm				EURm				EURm				EURm
2006
Allowance for doubtful accounts			281				70				(139	)			212
Excess and obsolete inventory			176				353				(311	)			218
2005
Allowance for doubtful accounts			361				80				(160	)			281
Excess and obsolete inventory(2)			172				376				(372	)			176
2004
Allowance for doubtful accounts			367				155				(161	)			361
Excess and obsolete inventory			188				308				(324	)			172

(1)	Deductions include utilization and releases of the allowances.

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(2)	In 2005, reported deductions inadvertently excluded certain items. The previously reported 2005 deductions of EUR 249 million were adjusted to the current amount of EUR 372 million and the reported ending balance was similarly adjusted. This matter affected the disclosure only and had no impact on the balance sheet, profit and loss or cash flow.

			Hedging												Available-for-sale
			reserve												investments												Total
			Gross				Tax				Net				Gross				Tax				Net				Gross				Tax				Net
Balance at December 31, 2003				14				(2	)			12				83				(14	)			69				97				(16	)			80
Cash flow hedges:
	Fair value losses in period			—				(1	)			(1	)			—				—				—				—				(1	)			(1	)
Available-for-sale investments:
	Net fair value gains/(losses)			—				—				—				18				(1	)			17				18				(1	)			17
	Transfer to profit and loss account on impairment			—				—				—				11				—				11				11				—				11
	Transfer of fair value gains to profit and loss account on disposal			—				—				—				(105	)			10				(95	)			(105	)			10				(95	)
	Transfer of fair value losses to profit and loss account on disposal			—				—				—				—				—				—				—				—				—
Balance at December 31, 2004				14				(3	)			11				7				(5	)			2				21				(8	)			13
Cash flow hedges:
	Fair value gains/(losses) in period			(177	)			45				(132	)			—				—				—				(177	)			45				(132	)
Available-for-sale investments:
	Net fair value gains/(losses)			—				—				—				(69	)			6				(63	)			(69	)			6				(63	)
	Transfer to profit and loss account on impairment			—				—				—				9				—				9				9				—				9
	Transfer of fair value gains to profit and loss account on disposal			—				—				—				(5	)			—				(5	)			(5	)			—				(5	)
	Transfer of fair value losses to profit and loss account on disposal			—				—				—				2				—				2				2				—				2
Balance at December 31, 2005				(163	)			42				(121	)			(56	)			1				(55	)			(219	)			43				(176	)
Cash flow hedges:
	Fair value gains/(losses) in period			232				(61	)			171				—				—				—				232				(61	)			171
Available-for-sale investments:
	Net fair value gains/(losses)			—				—				—				(42	)			1				(41	)			(42	)			1				(41	)
	Transfer to profit and loss account on impairment			—				—				—				18				—				18				18				—				18
	Transfer of fair value losses to profit and loss account on disposal			—				—				—				14				—				14				14				—				14
Balance at December 31, 2006				69				(19	)			50				(66	)			2				(64	)			3				(17	)			(14	)

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21.	Fair value and other reserves (Continued)

F-40

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F-41

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Table of Contents

F-42

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Table of Contents

Vesting status

Stock

Number

(as percentage

Exercise period

Exercise

Plan

options

of partici-

of total number

price/

(year of

out-

pants

Option (sub)

of stock options

First vest

Last vest

Expiry

share

launch)

standing

(approx.)

category

outstanding)

date

date

date

EUR

2001 (1),(2)

44 978 614

24 000

2001A+B

Expired

July 1, 2002

July 1, 2005

December 31, 2006

36.75

2001C3Q/01

Expired

October 1, 2002

October 3, 2005

December 31, 2006

20.61

2001C4Q/01

Expired

January 2, 2003

January 2, 2006

December 31, 2006

26.67

2001C1Q/02

100.00

April 1, 2003

April 3, 2006

December 31, 2007

26.06

2001C3Q/02

100.00

October 1, 2003

October 2, 2006

December 31, 2007

12.99

2001C4Q/02

93.75

January 2, 2004

January 2, 2007

December 31, 2007

16.86

2002A+B

100.00

July 1, 2003

July 3, 2006

December 31, 2007

17.89

2003 (2)

29 255 968

19 000

2003 2Q

81.25

July 1, 2004

July 2, 2007

December 31, 2008

14.95

2003 3Q

75.00

October 1, 2004

October 1, 2007

December 31, 2008

12.71

2003 4Q

68.75

January 3, 2005

January 2, 2008

December 31, 2008

15.05

2004 2Q

56.25

July 1, 2005

July 1, 2008

December 31, 2009

11.79

2004 3Q

50.00

October 3, 2005

October 1, 2008

December 31, 2009

9.44

2004 4Q

43.75

January 2, 2006

January 2, 2009

December 31, 2009

12.35

2005 (2)

17 421 819

5 000

2005 2Q

31.25

July 1, 2006

July 1, 2009

December 31, 2010

12.79

2005 3Q

25.00

October 1, 2006

October 1, 2009

December 31, 2010

13.09

2005 4Q

0.00

January 1, 2007

January 1, 2010

December 31, 2010

14.48

2006 1Q

0.00

April 1, 2007

April 1, 2010

December 31, 2011

14.99

2006 2Q

0.00

July 1, 2007

July 1, 2010

December 31, 2011

18.02

2006 3Q

0.00

October 1, 2007

October 1, 2010

December 31, 2011

15.37

2006 4Q

0.00

January 1, 2008

January 1, 2011

December 31, 2011

15.38

(1)	The stock options under the 2001 plan are listed on the Helsinki Stock Exchange.
(2)	The Group’s current global stock option plans have a vesting schedule with 25% vesting one year after grant, and quarterly vesting thereafter, each of the quarterly lots representing 6.25% of the total grant. The grants vest fully in four years.

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		Number of				Weighted average				Weighted average				Aggregate intrinsic
		shares				exercise price				share price				value
						EUR				EUR				EURm
Shares under option at December 31, 2003			238 993 617				27.90								10
Granted			7 172 424				11.88
Exercised			781 338				8.33				12.49				3
Forfeited			4 733 995				19.55
Expired			97 693 392				33.99
Shares under option at December 31, 2004			142 957 316				23.29								3
Granted			8 552 160				12.82
Exercised			724 796				10.94				13.42				2
Forfeited			5 052 794				17.86
Shares under option at December 31, 2005			145 731 886				22.97								61
Granted(1)			11 421 939				16.79
Exercised			3 302 437				13.71				16.70				10
Forfeited			2 888 474				15.11
Expired			57 677 685				33.44
Shares under option at December 31, 2006			93 285 229				16.28								63
Options exercisable at December 31, 2004 (shares)			83 667 122				26.18								3
Options exercisable at December 31, 2005 (shares)			112 095 407				25.33								17
Options exercisable at December 31, 2006 (shares)			69 721 916				16.65								32

(1)	Includes options converted in acquisitions.

		Options outstanding												Vested options outstanding
																		Weighted
						Weighted average												average				Weighted
						remaining												remaining				average
Exercise prices		Number of				contractual life in				Weighted average				Number of				contractual				exercise price
EUR		shares				years				exercise price EUR				shares				life in years				EUR
0.68 - 11.79			6 407 858				3.68				10.98				3 302 237				3.32				11.01
12.06 - 14.86			8 132 229				3.95				12.84				2 595 071				3.68				12.80
14.95 - 17.87			24 150 595				2.06				14.96				18 790 492				2.00				14.96
17.89			44 643 161				1.00				17.89				44 555 120				1.00				17.89
18.02 - 42.85			9 951 386				4.90				18.47				478 996				2.90				27.38
			93 285 229												69 721 916

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		2006				2005				2004
Weighted average expected dividend yield			2.08%				2.50%				2.44%
Weighted average expected volatility			24.09%				25.92%				33.00%
Risk-free interest rate			2.86% - 3.75%				2.16% - 3.09%				2.24% - 4.22%
Weighted average risk-free interest rate			3.62%				2.60%				3.07%
Expected life (years)			3.60				3.59				3.20
Weighted average share price			17.84				13.20				11.84

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		Performance				Number of				Interim
		shares				participants				measurement				Performance				1st (interim)				2nd (final)
Plan		outstanding				(approx.)				period				period				settlement				settlement
2004			3 449 502				11 000				2004-2005				2004-2007				2006				2008
2005			4 107 301				12 000				2005-2006				2005-2008				2007				2009
2006			4 755 186				13 000				N/A				2006-2008				N/A				2009

				Threshold Performance				Maximum Performance
						Average Annual				Average Annual
Plan				EPS(1)		Net Sales Growth(1)		EPS(1)		Net Sales Growth(1)
2004		Interim measurement		0.80		4%		0.94		16%
		Performance period		0.84		4%		1.18		16%
		Number of shares vesting(2)		1.72 million		1.72 million		6.90 million		6.90 million
2005		Interim measurement		0.75		3%		0.96		12%
		Performance period		0.82		3%		1.33		12%
		Number of shares vesting(2)		2.05 million		2.05 million		8.21 million		8.21 million
2006		Performance period		0.96		5%		1.41		20%
		Number of shares vesting(2)		2.38 million		2.38 million		9.51 million		9.51 million

(1)	Both the EPS and Average Annual Net Sales Growth criteria have an equal weight of 50%.
(2)	A performance share represents the grant at threshold. At maximum performance, the settlement amounts to four times the number of performance shares originally granted at threshold.

						Weighted
		Number of				average				Weighted average				Aggregate
		performance				grant date				remaining				intrinsic
		shares at				fair value				contractual				value
		threshold				EUR (1)				term (years)				EURm(2)
Performance shares at January 1, 2005			3 910 840				10.58				3.25				91
Granted			4 469 219				11.86				3.74
Forfeited			337 242				10.74				3.88
Performance shares at December 31, 2005			8 042 817				11.28				2.79				344
Granted(3)			5 140 736				14.83				2.48
Forfeited			569 164				12.30				1.34
Performance shares at December 31, 2006(4)			12 614 389				12.93				1.91				557

(1)	The fair value of performance shares is estimated based on the grant date market price of the Company’s share less the present value of dividends expected to be paid during the vesting period.
(2)	The aggregate intrinsic value reflects management’s estimate of the number of shares expected to vest.

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(3)	Includes a minor number of performance shares granted under other employee equity plans than the global plans.
(4)	Based on the performance of the Group during the Interim Measurement Period 2004-2005, under the 2004 Performance Share Plan, both performance criteria were met. Hence, 3 595 339 Nokia shares equalling the threshold number were delivered in 2006 with an intrinsic value of EUR 66 million. The performance shares related to the interim settlement of the 2004 Performance Share Plan are included in the number of performance shares outstanding at December 31, 2006 as these performance shares will remain outstanding until the final settlement in 2008. The final payout, in 2008, if any, will be adjusted by the shares delivered based on the Interim Measurement Period.

										Weighted
						Weighted				average
						average				remaining				Aggregate
		Number of				grant date				contractual				intrinsic
		Restricted				fair value				term				value
		Shares				EUR (1)				(years)				EURm
Restricted Shares at December 31, 2004			2 319 430				11.55				2.06				27
Granted			3 016 746				12.14				2.76
Forfeited			150 500				14.31				0.74
Restricted Shares at December 31, 2005			5 185 676				11.59				2.06				80
Granted(2)			1 669 050				14.71				2.65
Forfeited			455 100				12.20				0.87
Vested			334 750				12.33				0.00				5
Restricted Shares at December 31, 2006			6 064 876				12.27				1.69				94

(1)	The fair value of restricted shares is estimated based on the grant date market price of the Company’s share less the present value of dividends expected to be paid during the vesting period.

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(2)	Includes a minor number of restricted shares granted under other employee equity plans than the global plans.

		2006
		EURm
Retained earnings			11 123
Translation differences (distributable earnings)			(282	)
Treasury shares			(2 060	)
Other non-distributable items:
Portion of untaxed reserves			115
Distributable earnings December 31			8 896

						Repayment
		Outstanding				date beyond				Outstanding
		December 31, 2006				5 years				December 31, 2005
		EURm				EURm				EURm
Long-term interest-bearing liabilities			69				69				21
Other long-term liabilities			122				122				96
			191				191				117
Deferred tax liabilities			205								151
Total long-term liabilities			396								268

EUR				USD
	97.00	%			3.00	%

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			2006				2005
			EURm				EURm
Deferred tax assets:
	Intercompany profit in inventory			34				49
	Tax losses carried forward			41				7
	Warranty provision(1)			134				151
	Other provisions(1)			253				280
	Fair value gain/losses			—				43
	Depreciation differences and untaxed reserves			104				88
	Other temporary differences(2)			243				228
Total deferred tax assets				809				846
Deferred tax liabilities:
	Depreciation differences and untaxed reserves			(23	)			(24	)
	Fair value gains/losses			(16	)			—
	Undistributed earnings			(65	)			(68	)
	Other temporary differences			(101	)			(59	)
Total deferred tax liabilities				(205	)			(151	)
Net deferred tax asset				604				695
The tax charged to shareholders’ equity is as follows:
Fair value and other reserves, fair value gains/losses and excess tax benefit on share-based compensation				(43	)			93

(1)	Deferred tax assets have been increased in all periods presented by EUR 154 million for recognition of certain additional items relating to periods prior to 2002. See Note 1.
(2)	In 2006, other temporary differences include deferred tax of EUR 70 million arising from share-based compensation.

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		2006				2005
		EURm				EURm
Social security, VAT and other taxes			966				790
Wages and salaries			250				231
Advance payments			303				268
Other			2 277				2 031
Total			3 796				3 320

						IPR
		Warranty				infringements				Tax				Other				Total
		EURm				EURm				EURm				EURm				EURm
At December 31, 2005			1 181				396				386				516				2 479
Exchange differences			(11	)			—				—				—				(11	)
Additional provisions			894				179				65				262				1 400
Changes in estimates			(105	)			(72	)			(49	)			(101	)			(327	)
Charged to profit and loss account			789				107				16				161				1 073
Utilized during year			(761	)			(219	)			—				(175	)			(1 155	)
At December 31, 2006			1 198				284				402				502				2 386

														2006				2005
														EURm				EURm
Analysis of total provisions at December 31:
Non-current															690				788
Current															1 696				1 691

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30.	Earnings per share

									2005				2004
					2006				As revised				As revised
Numerator (EURm)
	Basic/Diluted:
		Profit attributable to equity holders of the parent				4 306				3 616				3 192
Denominator (000’s Shares)
	Basic:
		Weighted average shares				4 062 833				4 365 547				4 593 196
		Effect of dilutive securities:
			stock options, restricted shares and performance shares			23 696				5 692				7 141
	Diluted:
		Adjusted weighted average shares and assumed conversions				4 086 529				4 371 239				4 600 337

		2006				2005
		EURm				EURm
Collateral for our own commitments
Property under mortgages			18				18
Assets pledged			27				10
Contingent liabilities on behalf of Group companies
Other guarantees			358				276
Collateral given on behalf of other companies
Securities pledged(1)			—				—
Contingent liabilities on behalf of other companies
Financial guarantees on behalf of third parties(1)			23				—
Other guarantees			2				2
Financing commitments
Customer finance commitments(1)			164				13
Venture fund commitments(2)			208				230

(1)	See also note 37 b).
(2)	See also note 37 a).

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			Operating
			leases
Leasing payments, EURm
	2007			176
	2008			135
	2009			109
	2010			67
	2011			48
	Thereafter			80
	Total			615

		2006				2005				2004
		EURm				EURm				EURm
Transactions with associated companies
Share of results of associated companies			28				10				(26	)
Dividend income			1				1				2
Share of shareholders’ equity of associated companies			61				33				37
Liabilities to associated companies			14				14				3

F-53

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2006

2005

2004

Cash

Share-based

Cash

Share-based

Cash

Share-based

Base

incentive

compensation

Base

incentive

compensation

Base

incentive

compensation

salary

payments

expense

salary

payments

expense

salary

payments

expense

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

Jorma Ollila

609 524

643 942

6 325 728

1 500 000

3 212 037

3 389 994

1 475 238

1 936 221

2 109 863

Chairman of the Board(1)

Olli-Pekka Kallasvuo

898 413

664 227

2 108 197

623 524

947 742

666 313

584 000

454 150

394 979

President and CEO(2)

(1)	CEO and Chairman until June 1, 2006.
(2)	President and CEO as from June 1, 2006; and President and COO October 1, 2005-June 1, 2006; Executive Vice President and General Manager of Mobile Phones January 1, 2004-October 1, 2005.

		2006				2006				2005				2005				2004				2004
		Gross				Shares				Gross				Shares				Gross				Shares
		Annual Fee				Received				Annual Fee				Received				Annual Fee				Received
		EUR(1)								EUR(1)								EUR(1)
Board of Directors
Jorma Ollila(2)			375 000				8 035				165 000				5 011				150 000				4 834
Chairman
Paul J. Collins (3)			162 500				3 481				162 500				4 935				150 000				4 834
Vice Chairman
Georg Ehrnrooth(4)			120 000				2 570				120 000				3 644				100 000				3 223
Daniel R. Hesse (5)			110 000				2 356				110 000				3 340				—				—
Dr. Bengt Holmström(6)			110 000				2 356				110 000				3 340				100 000				3 223
Per Karlsson(7)			135 000				2 892				135 000				4 100				125 000				4 029
Dame Marjorie Scardino(8)			110 000				2 356				110 000				3 340				100 000				3 223
Keijo Suila(9)			120 000				2 570				—				—				—				—
Vesa Vainio(10)			120 000				2 570				120 000				3 644				100 000				3 223
(11)
(12)

(1)	Approximately 60 % of the gross annual fee is paid in cash. Approximately 40 % is paid in Nokia shares acquired from the market included in the table under “Shares Received.”.

(2)	This table includes fees paid for Mr. Ollila, Chairman, for his services as Chairman of the Board, only.

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(3)	The 2006 and 2005 fees of Mr. Collins amounted to a total of EUR 162 500, consisting of a fee of EUR 137 500 for services as Vice Chairman of the Board and EUR 25 000 for services as Chairman of the Personnel Committee. The 2004 fee of Mr. Collins amounted to a total of EUR 150 000, consisting of a fee of EUR 125 000 for services as Vice Chairman of the Board and EUR 25 000 for services as Chairman of the Personnel Committee.
(4)	The 2006 and 2005 fees of Mr. Ehrnrooth amounted to a total of EUR 120 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 10 000 for services as a member of the Audit Committee. The 2004 fee of Mr. Ehrnrooth amounted to EUR 100 000 for services as a member of the Board.
(5)	The 2006 and 2005 fees of Mr. Hesse amounted to EUR 110 000 for services as a member of the Board.
(6)	The 2006 and 2005 fees of Mr. Holmström amounted to EUR 110 000 for services as a member of the Board. The 2004 fee of Mr. Holmström amounted to EUR 100 000 for services as a member of the Board.
(7)	The 2006 and 2005 fees of Mr. Karlsson amounted to a total of EUR 135 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 25 000 for services as Chairman of the Audit Committee. The 2004 fee of Mr. Karlsson amounted to a total of EUR 125 000, consisting of a fee of EUR 100 000 for services as member of the Board and EUR 25 000 for services as Chairman of the Audit Committee.
(8)	The 2006 and 2005 fees of Ms. Scardino amounted to EUR 110 000 for services as a member of the Board. The 2004 fee of Ms. Scardino amounted to EUR 100 000 for services as a member of the Board.
(9)	The 2006 fee of Mr. Suila amounted to a total of EUR 120 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 10 000 for services as a member of the Audit Committee. Mr. Suila is a Nokia Board member since 2006.

(10)	The 2006 and 2005 fees of Mr. Vainio amounted to a total of EUR 120 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 10 000 for services as a member of the Audit Committee. The 2004 fee of Mr. Vainio amounted to EUR 100 000 for services as a member of the Board.
(11)	Edouard Michelin was paid the gross annual fee of EUR 110 000 for services as a member of the Board prior to his accidental death in May 2006. This amount included 2 356 shares. The 2005 fee of Mr. Michelin amounted to EUR 110 000 for services as a member of the Board, which amount included 3 340 shares.
(12)	Arne Wessberg served as a member of the Board until March 30, 2006. The 2005 fee of Mr. Wessberg amounted to a total of EUR 120 000, consisting of a fee of EUR 110 000 for services as a member of the Board and EUR 10 000 for services as a member of the Audit Committee. The total amount included 3 644 shares. The 2004 fee of Mr. Wessberg amounted to EUR 100 000 for services as a member of the Board, which amount included 3 223 shares.

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			2006				2005				2004
			EURm				EURm				EURm
Adjustments for:
	Depreciation and amortization (Note 10)			712				712				868
	(Profit)/loss on sale of property, plant and equipment and available-for-sale investments			(4	)			(131	)			26
	Income taxes (Note 12)			1 357				1 281				1 446
	Share of results of associated companies (Note 33)			(28	)			(10	)			26
	Minority interest			60				74				67
	Financial income and expenses (Note 11)			(207	)			(322	)			(405	)
	Impairment charges (Note 8)			51				66				129
	Share-based compensation			192				104				62
	Premium return			—				—				(160	)
	Customer financing impairment charges and reversals			(276	)			—				—
Adjustments, total				1 857				1 774				2 059
Change in net working capital
	(Increase)/decrease in short-term receivables			(1 770	)			(896	)			372
	Decrease/(increase) in inventories			84				(301	)			(193	)
	Increase in interest-free short-term borrowings			893				831				62
	Change in net working capital			(793	)			(366	)			241

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36.	Principal Nokia Group companies at December 31, 2006

				Parent				Group
				holding				majority
				%				%
US		Nokia Inc.			—				100.00
DE		Nokia GmbH			100.00				100.00
GB		Nokia UK Limited			—				100.00
KR		Nokia TMC Limited			100.00				100.00
CN		Nokia Telecommunications Ltd			4.50				83.90
NL		Nokia Finance International B.V			100.00				100.00
HU		Nokia Komárom Kft			100.00				100.00
BR		Nokia do Brazil Technologia Ltda			99.99				100.00
IN		Nokia India Ltd			99.99				100.00
IT		Nokia Italia S.p.A.			100.00				100.00

Symbian Limited		—			47.90

37.	Risk management

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37.	Risk management (Continued)

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37.	Risk management (Continued)

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37.	Risk management (Continued)

Financing

Outstanding

commitments

Total

EURm

EURm

EURm

Total Portfolio

42

164

206

		Maturity date												Maturity date
		less than 12 Months												12 months or more												Total
		Fair				Unrealized				Unrealized				Fair				Unrealized				Unrealized				Fair				Unrealized				Unrealized
2006		Value				Losses				Gains				Value				Losses				Gains				Value				Losses				Gains
Governments			10				—				—				2 360				(38	)			—				2 370				(38	)			—
Banks			2 861				(2	)			—				860				(8	)			1				3 721				(10	)			1
Corporates			136				—				—				260				(3	)			—				396				(3	)			—
Asset backed securities			98				—				—				473				(1	)			2				571				(1	)			2
			3 105				(2	)			—				3 953				(50	)			3				7 058				(52	)			3

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37.	Risk management (Continued)

		Maturity date												Maturity date
		less than 12 Months												12 months or more												Total
		Fair				Unrealized				Unrealized				Fair				Unrealized				Unrealized				Fair				Unrealized				Unrealized
2005		Value				Losses				Gains				Value				Losses				Gains				Value				Losses				Gains
Governments			30				—				—				3 919				(32	)			2				3 949				(32	)			2
Banks			2 962				(3	)			—				803				(5	)			1				3 765				(7	)			1
Corporates			60				—				—				433				(1	)			2				459				(1	)			2
Asset backed securities			25				—				—				112				—				—				172				—				—
			3 077				(3	)			—				5 267				(38	)			5				8 345				(41	)			5

		2006				2005
		EURm				EURm
Fixed rate investments			5 853				7 531
Floating rate investments			1 205				814
Total			7 058				8 345

(1)	Fixed income and money-market investments include Term deposits, investments in Liquidity funds and investments in fixed income instruments classified as Available-for-sale. Available-for-sale investments are carried at fair value in 2006 and 2005.
(2)	Weighted average interest rate for fixed income and money-market investments was 3.33% in 2006 and 3.52% in 2005.
(3)	Included within fixed income and money-market investments is EUR 10 million of restricted cash at December 31, 2006 (10 million at December 31, 2005)

	Revolving Credit Facility of USD 2 000 million, maturing in 2012
	Local commercial paper program in Finland, totaling EUR 750 million
	Euro Commercial Paper (ECP) program, totaling USD 500 million
	US Commercial Paper (USCP) program, totaling USD 500 million

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37.	Risk management (Continued)

Short-term		Standard & Poor’s		A-1
		Moody’s		P-1
Long-term		Standard & Poor’s		A
		Moody’s		A1

		2006				2005
		EURm				EURm
Foreign exchange forward contracts(2)			29 859				29 991
Currency options bought(2)			404				284
Currency options sold(2)			193				165
Interest rate swaps (receive fixed interest)			—				50
Cash settled equity options(3)			45				150

(1)	Includes the gross amount of all notional values for contracts that have not yet been settled or cancelled. The amount of notional value outstanding is not necessarily a measure or indication of market risk, as the exposure of certain contracts may be offset by that of other contracts.
(2)	As at December 31, 2006 notional amounts include contracts amounting to EUR 2.4 billion used to hedge the shareholders’ equity of foreign subsidiaries (at December 31, 2005 EUR 2.4 billion).
(3)	Cash settled equity options are used to hedge risk relating to incentive programs and investment activities.

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37.	Risk management (Continued)

			2006				2005
			EURm				EURm
Derivatives with positive fair value(1):
	Forward foreign exchange contracts(2)			65				60
	Currency options			2				1
	Cash settled equity options			7				8
Derivatives with negative fair value(1):
	Forward foreign exchange contracts(2)			(63	)			(97	)
	Currency options			(3	)			—
	Cash settled equity options			(2	)			—

(1)	Out of the forward foreign exchange contracts and currency options, fair value net EUR 25 million gain was designated for hedges of net investment in foreign subsidiaries as at December 31, 2006 (net EUR 27 million loss at December 31, 2005) and reported within translation differences.
(2)	Out of the outstanding foreign exchange forward contracts, fair value net EUR 1 million loss was designated for cash flow hedges as at December 31, 2006 (net EUR 3 million loss at December 31, 2005) and reported in fair value and other reserves. The total gain and loss of foreign exchange forward contracts designated for cash flow hedges and reported in fair value and other reserves was net EUR 69 million gain as at December 31, 2006 (net EUR 163 million loss at December 31, 2005).

38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

			2006				2005				2004
			EURm				EURm				EURm
Reconciliation of profit attributable to equity holders of the parent under IFRS to net income under US GAAP:
Profit attributable to equity holders of the parent reported under IFRS				4 306				3 616				3 192
US GAAP adjustments:
	Pensions			(1	)			(3	)			—
	Development costs			(55	)			10				42
	Share-based compensation expense			(8	)			(39	)			39
	Cash flow hedges			—				(12	)			31
	Amortization of identifiable intangible assets acquired			—				—				(11	)
	Impairment of identifiable intangible assets acquired			—				—				(47	)
	Amortization of goodwill			—				—				106
	Other differences			22				(1	)			(6	)
	Deferred tax effect of US GAAP adjustments			11				11				(3	)
Net income under US GAAP				4 275				3 582				3 343

			2006				2005				2004
			EUR				EUR				EUR
Earnings per share (net income):
	Basic			1.05				0.82				0.73
	Diluted			1.05				0.82				0.73
Average number of shares (000’s shares):
	Basic			4 062 833				4 365 547				4 593 196
	Diluted			4 086 529				4 371 239				4 600 337

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

				2006				2005				2004
				EURm				EURm				EURm
Presentation of comprehensive income under US GAAP:
Net income under US GAAP					4 275				3 582				3 343
Other comprehensive income (loss):
	Foreign currency translation adjustment				(92	)			272				(67	)
	Additional minimum liability, net of tax of EUR -5 million in 2006 and EUR 5 million in 2005				7				(8	)			—
	Net gain (losses) on cash flow hedges, net of tax of EUR 61 million in 2006, EUR 43 million in 2005 and EUR 8 million in 2004				171				(122	)			(23	)
	Net unrealized (losses) gains on securities:
		Net unrealized holding (losses) gains during the year, net of tax of EUR 1 million in 2006, EUR 6 million in 2005 and EUR -2 million in 2004			(40	)			(81	)			2
		Transfer to profit and loss account on impairment			18				9				11
		Less: Reclassification adjustment on disposal, net of tax of EUR 0 million in 2006 and 2005 and EUR 10 million in 2004			14				(3	)			(95	)
Other comprehensive income (loss)					78				67				(172	)
Comprehensive income under US GAAP					4 353				3 649				3 171

			2006				2005
			EURm				EURm
Reconciliation of total equity under IFRS to total shareholders’ equity under US GAAP:
Total equity reported under IFRS				12 060				12 514
	Less minority interests			(92	)			(205	)
Capital and reserves attributable to equity holders of the parent under IFRS				11 968				12 309
US GAAP adjustments:
	Pensions (1)			(276	)			(65	)
	Development costs			(102	)			(47	)
	Share issue premium			143				135
	Share-based compensation			(143	)			(135	)
	Amortization of identifiable intangible assets acquired			(62	)			(62	)
	Impairment of identifiable intangible assets acquired			(47	)			(47	)
	Amortization of goodwill			432				432
	Impairment of goodwill			255				255
	Translation of goodwill			(231	)			(242	)
	Other differences			29				6
	Deferred tax effect of US GAAP adjustments			146				83
Total shareholders’ equity under US GAAP				12 112				12 622

(1)	The pension adjustment in 2005 consisted of adjustments for pension expense and additional minimum liability.

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

		2006
		EURm
Total shareholders’ equity under US GAAP before adoption of FAS 158			12 274
Adoption of FAS 158			(222	)
Deferred tax			60
Total shareholders’ equity under US GAAP after adoption of FAS 158			12 112

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

		2006
		EURm
Net pension asset recognized for IFRS			108
Difference in unrecognized amounts			(53	)
Additional minimum liability			(1	)
Net pension asset recognized for US GAAP before adoption of FAS 158			54
Adoption of FAS 158			(222	)
Net pension liability recognized for US GAAP after adoption of FAS 158			(168	)

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

		EURm
2007			152
2008			73
2009			41
2010			23
2011			10
Thereafter			148
			447

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

																		Common
		Mobile								Enterprise								Group
		Phones				Multimedia				Solutions				Networks				Functions				Group
		EURm				EURm				EURm				EURm				EURm				EURm
Balance as of January 1, 2005			57				5				35				249				9				355
Goodwill disposed			—				—				—				—				(9	)			(9	)
Translation adjustment			45				—				4				28				—				77
Balance as of December 31, 2005			102				5				39				277				—				423
Additions			51				147				290				—				—				488
Translation adjustment			29				7				(28	)			(23	)			—				(15	)
Balance as of December 31, 2006			182				159				301				254				—				896

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

Long lived assets by location of assets (1):		2006				2005
		EURm				EURm
Finland			755				745
China			219				174
USA			117				126
India			77				31
Great Britain			107				107
Germany			103				110
Other			224				292
Group			1 602				1 585

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

Capital additions to long lived assets (1):		2006				2005
		EURm				EURm
Mobile Phones			19				23
Multimedia			10				10
Enterprise Solutions			5				7
Networks			116				94
Common Group Functions			413				414
Group			563				548

(1)	Long-lived assets include property, plant and equipment.

			2004
Net income under US GAAP (EURm)
	As reported			3 343
Add: Share-based employee compensation expense included in reported net income under US GAAP, net of tax				1
Deduct: Total share-based employee compensation expense determined under fair value method for all awards, net of tax				(116	)
Net income under US GAAP (EURm)
	Pro forma			3 228
Basic and diluted earnings per share (EUR)
	As reported			0.73
	Pro forma			0.70

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

			2006				2005
			EURm				EURm
Current assets:
	Intercompany profit in inventory			34				49
	Warranty provision			68				74
	Other provisions			96				28
	Tax losses carried forward			—				6
	Other temporary differences			115				191
				313				348
Non-current assets:
	Tax losses carried forward			48				26
	Warranty provision			66				77
	Other provisions			157				252
	Depreciation differences and untaxed reserves			104				85
	Fair value gains/losses			—				43
	Other temporary differences			128				40
				503				523
Deferred tax assets				816				871
Less: valuation allowance				(7	)			(25	)
Total deferred tax assets				809				846
Current deferred tax liabilities				(27	)			(26	)
Non-current deferred tax liabilities:
	Depreciation differences and untaxed reserves			(14	)			(13	)
	Fair value gains/losses			(16	)			—
	Undistributed earnings			(65	)			(68	)
	Other temporary differences			(83	)			(44	)
				(178	)			(125	)
Total deferred tax liabilities				(205	)			(151	)
Net deferred tax asset				604				695

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

		2006				2005				2004
		EURm				EURm				EURm
Service cost — benefits earned during the year(1)			101				69				62
Interest on projected benefit obligation			66				58				56
Expected return on assets			(62	)			(64	)			(56	)
Amortization of prior service cost			5				3				2
Recognized net actuarial (gain) loss			4				5				(5	)
Amortization of transition asset			1				1				1
Transfer from central pool			—				(24	)			—
Curtailment			(5	)			—				—
Net periodic pension cost			110				48				60

(1)	Excludes premiums associated with pooled benefits.

		2006								2005
		Domestic				Foreign				Domestic				Foreign
		plans				plans				plans				plans
		EURm								EURm
Projected benefit obligation at beginning of year			(890	)			(495	)			(727	)			(398	)
Foreign currency exchange rate changes			—				(3	)			—				(3	)
Service cost			(63	)			(38	)			(48	)			(21	)
Interest on projected benefit obligation			(40	)			(26	)			(36	)			(22	)
Plan participants’ contributions			—				(7	)			—				(6	)
Actuarial gain (loss)			(51	)			14				(91	)			(52	)
Curtailment			2				—				3				—
Benefits paid			11				9				9				7
Projected benefit obligation at end of year			(1 031	)			(546	)			(890	)			(495	)
Plan assets at fair value at beginning of year			904				373				768				303
Foreign currency exchange rate changes			—				3				—				4
Actual return on plan assets			33				18				102				40
Employer contribution			59				32				19				27
Plan participants’ contributions			—				7				—				6
Transfer from central pool			—				—				24				—
Benefits paid			(11	)			(9	)			(9	)			(7	)
Plan assets at fair value at end of year			985				424				904				373

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

		2006								2005
		Domestic				Foreign				Domestic				Foreign
		plans				plans				plans				plans
		EURm								EURm
Excess (deficit) of plan assets over projected benefit obligation			(46	)			(122	)			14				(122	)
Unrecognized transition asset			1				—				1				—
Unrecognized net actuarial loss			146				51				84				66
Unamortized prior service cost			25				—				30				—
			126				(71	)			129				(56	)
Additional minimum liability			—				(1	)			—				(13	)
Net amount recognized before adoption of FAS 158			126				(72	)			129				(69	)
Adoption of SFAS 158			(172	)			(50	)
Net amount recognized after adoption of FAS 158			(46	)			(122	)

		2006
		EURm
Unrecognized transition asset			1
Unrecognized net actuarial loss			197
Unamortized prior service cost			25
Unrecognised amounts in accumulated other comprehensive income			223

		2006								2005
		Domestic				Foreign				Domestic				Foreign
		plans				plans				plans				plans
		EURm								EURm
Prepaid benefit cost			131				58				129				60
Accrued benefit liability			(5	)			(130	)			—				(129	)
Accumulated other comprehensive income							1				—				13
Net amount recognized			126				(71	)			129				(56	)

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

		2006								2005
		Domestic				Foreign				Domestic				Foreign
		%				%				%				%
Discount rate for determining present values			4.60				4.78				4.20				4.55
Expected long term rate of return on plan assets			4.60				5.50				4.44				5.49
Annual rate of increase in future compensation levels			3.50				3.59				3.50				3.91
Pension increases			2.00				2.69				2.00				2.55

		2006								2005
		Domestic				Foreign				Domestic				Foreign
		%				%				%				%
Discount rate for determining present values			4.20				4.55				4.75				5.00
Expected long term rate of return on plan assets			4.44				5.49				5.00				5.31
Annual rate of increase in future compensation levels			3.50				3.91				3.50				3.82
Pension increases			2.00				2.55				2.00				2.38

		Domestic				Foreign
		Pension				Pension
		Benefits				Benefits
		EURm				EURm
2007			12				9
2008			16				9
2009			20				10
2010			23				10
2011			26				11
2012-2016			174				64

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

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38.	Differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (Continued)

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	NOKIA CORPORATION

	By:	/s/ Anja Korhonen

	Name:                         Anja Korhonen
	Title:     Senior Vice President, Corporate Controller

	By:	/s/ Kaarina Stahlberg

	Name:                    Kaarina Stahlberg
	Title:     Vice President, Assistant General Counsel
	March 12, 2007

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