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Capital Markets Day 2021Nishant BatraChief Strategy and Technology Officer (CSTO)

DisclaimerIt should be noted that Nokia and its business are exposedto various risks and uncertainties and certain statementsherein that are not historical facts are forward-lookingstatements. These forward-looking statements reflectNokia’s current expectations and views of futuredevelopments and include statements preceded by“believe”, “expect”, “expectations”, “commit”, “anticipate”,“foresee”, “see”, “target”, “estimate”, “designed”, “aim”,“plan”, “intend”, “influence”, “assumption”, “focus”,“continue”, “project”, “should", "is to", "will” or similarexpressions. These statements are based onmanagement's best assumptions and beliefs in light of theinformation currently available to it. Because they involverisks and uncertainties, actual results may differ materiallyfrom the results that we currently expect. Factors,including risks and uncertainties that could cause suchdifferences can be both external, such as general,economic and industry conditions, as well as internaloperating factors. We have identified these in more detailin our Annual Report on Form 20-F for the year endedDecember 31, 2020 under “Operating and Financial Reviewand Prospects—Risk Factors“, and in our other filings ordocuments furnished with the U.S. Securities and2 2021 NokiaExchange Commission, including Nokia’s financial resultsreports. Other unknown or unpredictable factors orunderlying assumptions subsequently proven to beincorrect could cause actual results to differ materiallyfrom those in the forward-looking statements. We do notundertake any obligation to publicly update or reviseforward-looking statements, whether as a result of newinformation, future events or otherwise, except to theextent legally required.Nokia presents financial information on reported,comparable and constant currency basis. Comparablemeasures presented in this document exclude intangibleasset amortization and other fair value adjustments,goodwill impairments, restructuring related charges andcertain other items affecting comparability. In order toallow full visibility on determining comparable results,information on items affecting comparability is presentedseparately for each of the components of profit or loss.Constant currency reporting provides additionalinformation on change in financial measures on a constantcurrency basis in order to better reflect the underlyingbusiness performance. Therefore, change in financialPublicmeasures at constant currency excludes the impact ofchanges in exchange rates in comparison to euro, ourreporting currency. As comparable or constant currencyfinancial measures are not defined in IFRS they may not bedirectly comparable with similarly titled measures used byother companies, including those in the same industry. Theprimary rationale for presenting these measures is thatthe management uses these measures in assessing thefinancial performance of Nokia and believes that thesemeasures provide meaningful supplemental informationon the underlying business performance of Nokia. Thesefinancial measures should not be considered in isolationfrom, or as a substitute for, financial informationpresented in compliance with IFRS.Nokia is a registered trademark of Nokia Corporation.Other product and company names mentioned herein maybe trademarks or trade names of their respective owners.

Critical networks capabilityOur industry is evolving in three waves to enable critical networks1SystemperformanceIndustry adoptionMaximize network performance –at lowest TCO – maximizingphysical resource utilization3 2021 NokiaPublic

Critical networks capabilityOur industry is evolving in three waves to enable critical networks1Systemperformance2SoftwareagilityIndustry adoptionMaximize network performance –at lowest TCO – maximizingphysical resource utilization4 2021 NokiaCreate an agile network – toenable rapid service creation –in a webscaled-network worldPublic

Critical networks capabilityOur industry is evolving in three waves to enable critical as-a-ServiceIndustry adoptionMaximize network performance –at lowest TCO – maximizingphysical resource utilization5 2021 NokiaCreate an agile network – toenable rapid service creation –in a webscaled-network worldPublicSimplify the operations paradigm –transform the business model –adopt as-a-Service consumption

Critical networks capabilityOur industry is evolving in three waves to enable critical as-a-ServiceCritical NetworksIndustry adoptionMaximize network performance –at lowest TCO – maximizingphysical resource utilization6 2021 NokiaCreate an agile network – toenable rapid service creation –in a webscaled-network worldPublicSimplify the operations paradigm –transform the business model –adopt as-a-Service consumption

Critical networks capabilityConnected Industries will drive new Critical as-a-ServiceCritical NetworksIndustry adoptionCritical networks forconsumer connectivity:Mobile Internet : 3Bsmartphone usersFew centralized edge cloudsE-commerce and socialplatformsHigh performance networking7 2021 NokiaICT* and OT*comingtogether inthe 5G era*ICT Information &Communications Technologies,*OT Operational TechnologiesPublicCritical networks forindustrial IoT: 25B IoT devices and sensorsby 2025Multitude of micro edge cloudsAugmented intelligence controlplatformsFit-for-purpose network SLAs

Critical networks capabilityConnected Industries will drive new Critical Networks1Systemperformance2SoftwareagilityCritical Networks3Networkas-a-ServiceCloud native plus automationenabled aaS deliveryIndustry adoption8 2021 NokiaEngineered critical networks:Frictionless critical networks:Custom network slicesCoordination between network & applicationNegotiated terms & conditionsSemi-automated network life cycle‘Instant’ cloud network mash-upsEasy intent-based APIsBusiness outcomes drivenFully automated network aaS life cyclePublic

Critical networks capabilityNokia’s strategic commitments shape these technology a-ServiceCritical NetworksIndustry adoption9 2021 NokiaPublic

Nokia’s strategic commitments shape these technology wavesCritical networks capabilityTrusted partner for Critical as-a-ServiceCritical NetworksIndustry adoption10 2021 NokiaPublic

Nokia’s strategic commitments shape these technology wavesCritical networks capabilityTrusted partner for Critical as-a-ServiceCritical NetworksFocus on technology leadership in each businessIndustry adoption11 2021 NokiaPublic

Nokia’s strategic commitments shape these technology wavesCritical networks capabilityTrusted partner for Critical as-a-ServiceCapture valueshift Networksto cloud and new business modelsCriticalFocus on technology leadership in each businessIndustry adoption12 2021 NokiaPublic

Nokia’s strategic commitments shape these technology wavesCritical networks capabilityTrusted partner for Critical as-a-ServiceCapture valueshift Networksto cloud and new business modelsCriticalFocus on technology leadership in each businessIndustry adoptionCreate value with long-term research and intellectual property13 2021 NokiaPublic

1. System performanceDeliver technology leadership through best of breed products at lowest TCOCustom Chips Increased throughputDensity and power efficiencyCustom featuresRANX-HaulDistributedCoreIP/MPLS BackboneCoreReefSharkFP4WavenceFixedEdge DCOptical TransportQuillionPSE-V14 2021 NokiaPublicCentral DC

1. System performanceDeliver technology leadership through best of breed products at lowest TCOCustom Chips Increased throughputDensity and power efficiencyCustom featuresRANX-HaulPacket SchedulerAdvanced Software Optimize performanceHigh reliabilitySpecialized algorithmsDistributedCoreIP/MPLS BackboneCoreReefSharkFP4WavenceFixed5G CoreEdge DCDeepfieldSROSOptical Transport5G CoreCentral DCQuillionCloudBand15 2021 NokiaPublicPSE-VCloudBand

1. System performanceDeliver technology leadership through best of breed products at lowest TCOCustom Chips Increased throughputDensity and power efficiencyCustom featuresRANX-HaulPacket SchedulerAdvanced Software Optimize performanceHigh reliabilitySpecialized algorithmsSpectrum Optimization 16Maximize spectrum utilizationLeverage spatial reuseOptimize fiber link capacity 2021 NokiaDistributedCoreIP/MPLS BackboneCoreReefSharkFP4mmWavemMIMOWavenceFixed5G CoreDeepfieldEdge DCSROSOptical Transport5G CoreCentral DCQuillion25G PONCloudBand5G FWAPublicPCSPSE-VCloudBand

2. Software agilityTechnology leadership through cloud & automation with business value at the intersectionof CSPs, Webscales and Connected IndustriesOrchestrationOpenness Open architectures & interfacesLeverage webscale ecosystemRANX-HaulDistributedCoreIP/MPLS BackboneCoreEdge DCOptical TransportCentral DCRICORANFixedOB-BAA17 2021 NokiaSR LinuxPublicOpen Line SystemsSR Linux

2. Software agilityTechnology leadership through cloud & automation with business value at the intersectionof CSPs, Webscales and Connected IndustriesOrchestrationOpenness Open architectures & interfacesLeverage webscale ecosystemCloud Native 18Elastically scalable, resilient,statelessCloud-agnostic software 2021 NokiaRANX-HaulDistributedCoreIP/MPLS BackboneCorevRANRICVoNR/IMSORAN5G Packet CoreFixedEdge DC5G Subcriber CoreOptical TransportCentral DCCloud Orch.Cloud Orch.ContainersContainersSDANCI/CDCI/CDOB-BAASR LinuxPublicOpen Line SystemsSR Linux

2. Software agilityTechnology leadership through cloud & automation with business value at the intersectionof CSPs, Webscales and Connected IndustriesOrchestrationOpenness Open architectures & interfacesLeverage webscale ecosystemCloud Native Elastically scalable, resilient,statelessCloud-agnostic softwareService OrchestrationRANX-Haul 19Multi-vendor, multi-domainorchestrationAI/ML enabled 2021 NokiaDistributedCoreNetwork SlicingIP/MPLS BackboneSecurity OrchestrationCorevRANRICSD-WANORAN5G Packet CoreFixedEdge DCNetwork & Service Automation Network OrchestrationNetwork Services PlatformVoNR/IMS5G Subcriber CoreOptical TransportCentral DCCloud Orch.Cloud -BAASR LinuxOpen Line SystemsSR LinuxPublic

3. Network-as-a-ServiceBusiness model evolution for simple and elastic consumption underpinned by aaS technologiesNaaS LS BackboneCoreEdge DCOptical TransportCentral DCNaaS Delivery 20Intent driven APIsOperational automationBuilt in security 2021 NokiaFixedPublic

3. Network-as-a-ServiceBusiness model evolution for simple and elastic consumption underpinned by aaS technologiesNaaS Delivery Intent driven APIsOperational automationBuilt in securityNaaS DeliveryPrivateWirelessNetwork aaSNetworkSlice aaSNDAC21 2021 NokiaEdge CloudAnalytics aaSEnd PointSecurity aaSTransportConnectivityaaSCore aaSWINGPublic

3. Network-as-a-ServiceBusiness model evolution for simple and elastic consumption underpinned by aaS technologiesIndustrial Outcomes aaS Rapid ‘mash-up’ service innovationDynamic scalabilityLow asset/operations overheadPredictable opexIndustrial Outcomes aaSPrecision AssetTracking aaSDroneSurveillance aaSNaaS Delivery 22Intent driven APIsOperational automationBuilt in security 2021 NokiaDigitalTwin aaSWork FromHome aaSNaaS DeliveryPrivateWirelessNetwork aaSNetworkSlice aaSPublicEdge CloudAnalytics aaSEnd PointSecurity aaSTransportConnectivityaaSCore aaS

Critical networks capabilityStrong business groups leveraging strengths of each -ServiceCritical NetworksIndustry adoptionMobile Networks: Performance renewal and capitalizing on virtualization, cloud agility and open ecosystemsNetwork Infrastructure: Leading system performance and driving automation transformationCloud & Network Services: Cloud native evolution underway and evolving to aaSNokia Technologies: Delivering value with intellectual property23 2021 NokiaPublic

Software. 2. agility. System. 1. performance. Critical Networks. Public. Nokia's strategic commitments shape these technology waves. Capture value shift to cloud and new business models. Focus on technology leadership in each business. Create value with long -term research and intellectual property. Trusted partner for Critical Networks