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