Trading Statement

Nokia Corporation
20 June 2002



Nokia targets long-term sales and earnings growth of more than 10%

At the company's mid-year strategy meeting for investors on Thursday in
Helsinki, Nokia top management was confident on the growth and development of
the mobile communications industry, setting new long-term annual sales and
earnings growth targets of more than 10% from 2003.



Nokia's preliminary outlook for the second half 2002 is for year-on-year sales
growth of up to 10%, compared with previous expectations for at least 15%
growth. In addition, the company remains comfortable with its earlier stated
full-year pro forma EPS (diluted) guidance of EUR 0.83. Nokia plans to provide
more comprehensive second half 2002 financial guidance in conjunction with its
second quarter earnings announcement on July 18, 2002.



In the mobile phone market, the company continues to believe the total market
volume for 2002 will be in the range of 400 to 420 million units. This would
mean modest growth on last year's estimated market volume of 380 million units.



Expectations for second-half sales growth are underpinned by management
confidence in the appeal of the record 30 new phone models scheduled for
shipment for 2002. By the end of this year, Nokia expects to have shipped 10
color-screen models while approximately half of all Nokia's mobile phone
deliveries planned to be MMS enabled. In 2003, Nokia expects more than 50% of
its handset volume shipments to have color screens.



Management reiterated its 40% market share target in mobile phones. Nokia is
currently targetting the leading market position in China as well as the number
one position in the global CDMA market.



In mobile infrastructure, Nokia is delivering 3G equipment to 42 operators of
which 26 are in commercial volume deliveries. The company confirmed its
commitment to having the first Nokia-delivered 3G network in operation during
September 2002. Nokia is also bringing third generation networks to the US, with
ongoing volume deliveries of commercial EDGE networks.



The company characterized the recently announced Open Mobile Alliance as a major
step forward in compatibility and interoperability among mobile devices to the
benefit of the consumer. Nokia estimates industry deliveries of Symbian-based
multimedia phones to exceed one million units per month in the fourth quarter
this year. The rich functionality of these devices will support the emergence of
the growing mobile services market. Nokia management expressed growing
confidence in mobile multimedia as the world's next mega-trend.



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



It should be noted that certain statements herein which are not historical
facts, including, without limitation those regarding A) the timing of product
deliveries; B) our ability to develop and implement new products and
technologies; C) expectations regarding market growth and developments; D)
expectations for growth and profitability; and E) statements preceded by
'believe,' 'expect,' 'anticipate,' 'foresee' or similar expressions, are
forward-looking statements. Because these statements involve risks and
uncertainties, actual results may differ materially from the results that we
currently expect.  Factors that could cause these differences include, but are
not limited to: 1) developments in the mobile communications market including
the continued development of the replacement market and the Company's success in
the 3G market; 2) demand for products and services; 3) market acceptance of new
products and service introductions; 4) the availability of new products and
services by operators; 5) weakened economic conditions in many of the Company's
principal markets; 6) pricing pressures; 7) intensity of competition; 8) the
impact of changes in technology; 9) consolidation or other structural changes in
the mobile communications market; 10) the success and financial condition of the
Company's partners, suppliers and customers; 11) the management of the Company's
customer financing exposure; 12) the continued success of product development by
the Company; 13) the continued success of cost-efficient, effective and flexible
manufacturing by the Company; 14) the ability of the Company to source component
production and R&D without interruption and at acceptable prices; 15) inventory
management risks resulting from shifts in market demand; 16) fluctuations in
exchange rates, including, in particular, the fluctuations in the euro exchange
rate between the US dollar and the Japanese yen; 17) impact of changes in
government policies, laws or regulations; 18) the risk factors specified on
pages 10 to 17 of the Company's Form 20-F for the year ended December 31, 2001.



For more information:

Lauri Kivinen, Corporate Communications, tel. [phone]

Ulla James, Investor Relations, tel. [phone]

Antti Raikkonen, Investor Relations, tel. [phone]

www.nokia.com









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