Nokia 2003 Annual Report Download - page 7

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• our ability to have access to the complex technology involving patents and other intellectual
property rights included in our products and solutions at commercially acceptable terms
and without infringing any protected intellectual property rights;
• developments under large, multi-year contracts or in relation to major customers;
• the management of our customer financing exposure;
• exchange rate fluctuations, including, in particular, fluctuations between the euro, which is
our reporting currency, and the US dollar, the UK pound sterling and the Japanese yen;
• our ability to recruit, retain and develop appropriately skilled employees;
• our ability to implement our new organizational structure; and
• the impact of changes in government policies, laws or regulations
as well as the risk factors specified in this Form 20-F under ‘‘Item 3.D Risk Factors.’’
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