Good morning. My name is Dennis and I will be your conference operator today. At this time, I would like to welcome everyone to the Nokia Third Quarter 2011 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) I would now like to turn the call over to Mr. Matt Shimao, Head of Investor Relations. Sir, you may begin. Matt Shimao – Head, Investor Relations: Ladies and gentlemen, welcome to Nokia’s third quarter 2011 conference call. I am Matt Shimao, Head of Nokia Investor Relations; Stephen Elop, President and CEO of Nokia; and Timo Ihamuotila, CFO of Nokia are here in Espoo with me today. During this call, we will be making forward-looking statements regarding the future business and financial performance of Nokia and its industry. These statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect. Factors that could cause such differences can be both external; such as general, economic and industry conditions, as well as internal operating factors. We have identified these in more detail on pages 12 through 39 of our 2010 20-F and in our quarterly results press release issued today. Please note that our quarterly results press release, the complete interim report with tables, and the presentation on our website include non-IFRS results information in addition to the reported results information. Our complete interim report with tables available on our website includes a detailed explanation of the content of the non-IFRS information and the reconciliation between the non-IFRS and the reported information. With that, Stephen, over to you? Stephen Elop – President and Chief Executive Officer: Welcome, ladies and gentleman, and thank you for joining us on…

(Operator Instructions) And the first question comes from the line of Kulbinder Garcha with Credit Suisse. Kulbinder Garcha – Credit Suisse: Thanks. I have a question and clarification, Timo just clarification just what you mentioned there on the impact of the Windows agreement or the Microsoft agreement. So just to be clear is a positive impact in gross margin of Smart Devices for Windows, because Microsoft giving you some cash payments, but you stopped paying the license fee, what is the net of those two do you think in the fourth quarter? I am trying to understand whether that would (indiscernible) our gross margin and Smart Devices expand? And then the question really more fundamentally for Stephen is regarding Windows, you are talking about only launching this product in a few markets, and my question is I guess why, because if this is going to be a flagship product with other Windows going through it, why wouldn’t Nokia do the kind of global launches we’ve historically seen while you ramp it very successfully and very quickly. Is it because of the components, is it because concerns around the experience, is it because of carrier reluctance. What is the thinking, I guess behind that and how quickly could Nokia based upon your best estimation now ramp this Windows platform into the mass-market smartphones. Is that a still 12 to 18 month horizon do you think? Thanks.

Okay, thanks. So, first on the Microsoft payment dynamics, so what I simply wanted to highlight to you is how the accounting here works from two perspectives. First, the Windows Phone related royalty expense is will be booked in our Smart Devices cost of goods sold and we will be recognizing a portion of the platform support payments has benefit to our Smart Devices cost of goods sold. And I wanted to highlight that the cash flow dynamics in this case can be different from the accounting dynamics, but we are not giving any exact number of gross margin guidance here regarding the Windows Phone margin. I mean we are not giving products specific margins regarding our guidance.

And regarding the ramp up plans, first of all we are very pleased with the degree of operators support with early signs of commitment in all of those other factors. It’s very positive. So, we are encouraged by that, but we are being very deliberate in the sequence in which we roll things out because it is a significant shift for the organization in how we stow, how we manufacture, all of those different elements. So, whether it is the need to introduce new language variance to establish marketplace capabilities in new countries to support Windows Phone, whether it is activating operator billing on and on and on is quite a long list of things we have to do to ensure we have robust launches in each country in which we operate. As well various countries have different requirements for different radio variance. Be it TD-SCDMA requirements in China, CDMA in China, of the US LTE initially in the US and elsewhere. So, there is quite range of things that we have to do to shift to a complete rollout. So, we are being very deliberate starting in certain markets, expanding again continuing to expand and really having a blossom through the course of 2012. Then I think the second part of your second question that you had there related to moving down the price bands and so forth and how we estimate that. First of all, we aren't providing specific timing guidance on that, but we should expect to see there is a repeatable pattern of cascading series of devices that increasingly expand the price bands. That’s about up and down and so there is an opportunity to do that over time. That also requires engineering work and planning and sequencing with the other products that we have moving very successfully in various markets because of course we are very thoughtful about, where and how we push launch Windows Phone relative to where Symbian is strong and so forth. So, we get the right balance in the right transition dynamics as we go through that process.

Thanks, Garcha. Operator, next question please.

Your next question comes from the line of Jeff Kvaal with Barclays. Jeff Kvaal – Barclays: Yes, thank you very much gentlemen. I mean obviously giving your statement that OpEx is going to be up sequentially and that more constructors to be about plus or minus sign. It does seem there is some uptick associated with your mobile phones revenues in the fourth quarter. Would you mind helping us a little bit understand if I’m drawing that vision correctly and if so, what is that incremental OpEx going forward? Therefore Symbian Belle is that for Windows Phone how should we think about that?

Well, maybe Timo here. So, basically first of all we are not giving guidance on gross margin and if you look at the gross margin dynamics of the two businesses, they were actually quite similar during Q3. So, I would not directly draw that conclusion. Then what comes to the OpEx so we expect a holiday season with launches of quite a few new products. I mean we have just started the launch and shipping of our announced smartphone. Clearly we are expecting to launch the first Nokia experience on Windows Phone and we expect a quite large bump on marketing activity related to those launches.

I think its also just to add to that to help you understand the quarterly dynamics of OpEx just reinforcing his point. There was some marketing activity, when we are estimating, when the various spends would land. There was some that we had thought would land in Q3 is actually landing in Q4. So, that artificially lowers Q3 a bit and artificially increases Q4, but just related to the timing of the discretionary marketing spend.

Your next question comes from the line of Gareth Jenkins with UBS. Gareth Jenkins – UBS: Thanks very much for taking my question. Just wanted one clarification on something mentioned earlier again, just so I am absolutely crystal clear with this Steve, 1% to 5% margin target for Devices & Services includes some inflow from Microsoft. Can you just tell us what the target would be excluding any extension inflow? And then I guess the more structural question, I just wonder if you could give us a sense on Nokia Siemens Networks and your ownership there and what sort of timetable and what milestones you’re looking at in terms of whether it’s a successful investment for you from this point? Thank you.

Okay, thanks. First on the guidance on 1% to 5%, so we have built-in as I said, the dynamics of both the platform payment as well as our royalty payments to Microsoft. However, I want to highlight that we are not calling out any non-recurring IPR at this point regarding the guidance. And then what comes to NSN, so NSN is really focusing its strategy around mobile broadband and related services. On that business, it is really a long-term business where you absolutely have to demonstrate long-term innovation leadership towards the mobile operator customers. And we aim to really improve NSN’s performance long-term and when we do that that will also give us more options regarding moving NSN towards a more independent company.

Okay, if I may, I am just going to add on to that, I know there is questions about the Microsoft payments and how they balance and all that type of thing. Let me suggest this, certainly the way I think about this is by far the most significant things to consider as it relates to gross margin and ultimately operating margin are first, our ability to differentiate because through differentiation comes the opportunity to drive higher gross margins. Second, why by the approach that we take to how we price and in particular introduce the Windows home devices, I would point out that we believe it’s very important to establish the Windows Phone ecosystem to begin to build volume, to develop operating leverage from that volume and from that to drive overall scale efficiencies as we introduce these products. So that’s significant factor as we think about gross margin. And then third, of course is how we manage the cost of good sold, how about we do on driving cost savings into our manufacturing process, into the components and so forth. Those are the significant factors to consider as it relates to gross margin as we move through this transition.

Thanks Gareth. Operator next question please.

Your next question comes from the line of Tim Long with Bank of Montreal. Tim Long – Bank of Montreal: Thank you. Just a two potter on pricing if I could kind of in this interim period before we get to the Windows Phone. How long do you think the tactical pricing moves are going to last? And second part, if I look particularly at this September quarter here, the pricing moves really worked a lot for volumes in mobile phones, but really hasn’t driven any volume up tick in this smart device business. So is it worth continuing the tactical price moves there when it’s not driving any volume, or how should we think about that? Thanks.

Thank you. First of all this significant tactical pricing moves that we made were principally in Q2 as we were essentially dealing with an innovatory situation, and also dealing with the fact that we had cap prices higher than we would have otherwise because of anticipated supply shortages arising out of the Japanese tsunami situation. So that was something that as we looked out we said, we need to make some moves during the course of Q2 and we did. What you see in the Q3 numbers of course is a full quarter’s impact of the moves that we made in Q2. So essentially our senses, not our sense, but the reality is in Q3, we were on a more traditional price to K curve across the Board as it related to our products. And so in terms of how we think going forward, anticipating traditional price to K curves and so forth is the way we are looking at it going forward. As it relates to Smart Devices, it may not have driven a significant up tick per say, but in terms of the trend and so forth we are quite pleased that from Q2 to Q3 we saw relative stability in the Symbian volumes. Now, I also want to just refer back to some comments that I made in my prepared remarks, as it relates to what we saw in India, because it’s an interesting phenomena. And that is, the reason I mentioned the Nokia 1616, it’s not our most strategic product out there on the market as you know and yet it was one of many examples were because of the increased interest in positive reviews about in general buzz on Nokia combined with the recency of strong brand and everything else, what we saw was a halo effect. And I cannot predict how that’s going to play out in other markets, in markets, where our brand is very strong or where it has recently been very strong. So, even although, we tend to focus on just the immediate numbers in a particular geography, there are geographies that have a very large population of dedicated Nokia consumers using large numbers of Nokia devices today. And so one of our elements of uncertainty is the degree to which this halo effect applies as we launch Windows Phone around our other products. I am going to give you the balancing side of it as well. That’s if you like a bit of a bold case. There is a also a bare case, which is as there is so much excitement around Windows Phone, does that have a negative impact on the attractiveness of the Symbian brand? And of course, all of these things will play out in different ways around the world and when we say we have limited near-term visibility, it’s principally because of factors like that, that it’s hard to call right now quite frankly.

Maybe a quick addition here so, we are a company in transition and we are working with limited forward visibility as we said. We did not call the tactic pricing out this quarter totally in line with what Stephen said, but of course, markets – competitive nature in the markets can change and we have to have that tool in our toolbox as well.

Yeah.

Okay, Tim. Thanks for the question. Operator, next question please.

Your next question comes from the line of Tim Boddy with Goldman Sachs. Tim Boddy – Goldman Sachs: Yeah, thanks. I had a clarification and a question, just to clarify we saw quite weak, I guess, you might call them product gross margins in the Smart Device and Mobile Phone businesses. Gross margins are down materially sequentially, but obviously we saw continued strength in revenue in the other part of the Devices & Services business. Can you clarify is that other revenue strength that’s kind of a typical IPR type of royalty stream or is there anything exceptional in that? I know you talked to this in your prepared remarks. I just I didn’t quite catch what’s kind of sustainable and what’s one-time? And then my question really is just around using the phrase delivering a Nokia experience on Windows Phone. What exactly does that mean and how will it help you differentiate? Thank you.

Okay, so, Timo here. So, maybe I’ll start with the Devices & Services, other topic. So, first of all, as a remainder the Devices & Services other that we record the IPR income as well as Vertu and spare parts. And that element I mentioned last quarter we did see a slight increase in our recurring IPR income following the new contracts what we have announced earlier in the year. However, also this recurring IPR income is still somewhat lumpy and hard to predict. And in a mission this quarter, we actually saw also sequential increase in Vertu net sales.

And with respect to the Nokia experience on Windows Phone, clearly it is our intent to take advantage of Nokia strengths and assets as it relates to what we deliver from Nokia. So, as you see our first products launch, you will see the first signs of differentiation, the first signs of differentiation relative to Android and iPhone and also relative to other players within the Windows Phone ecosystem, although the former is more important than the lot to us in the near-term. Those forms of differentiation what you should expect to see is clearly we have strengths in design in hardware and mechanics in a variety of other things and we’re going to be quite proud to show our work in that area. But also we continue to build on the Windows Phone platform. It is a platform. So, you will see unique Nokia capabilities in the form of applications and services available from us. Now, this is important to note is our first entrée into the Windows Phone space. You will see our first signs of differentiation and our ability to differentiate clearly increases with time as we can more directly impact the software release cycles and so forth with our partners at Microsoft.

Thanks, Tim. Operator, next question please. Tim Boddy – Goldman Sachs: Thank you.

Your next question comes from the line of Stuart Jeffrey with Nomura. Stuart Jeffrey – Nomura: Hi, there, thank you very much. A question on the sort of mobile device business feature phone market, you’d spoken before about the Koreans, in particular, having had a big impact on the margin contraction there, we are seeing Samsung and LG and others starting to move away. So, I was wondering if you could perhaps refresh us on how you see the pricing environment margins have jumped up nicely to perhaps, but you might hope to see them longer term. So, should be – will it be expecting any significant changes in a profitability for Mobile Phones and just a quick update and how things have changed in the last couple of quarters? Thanks.

Okay. So, regarding Mobile Phones margins, I presume that you refer to the approximately 10% operating margin in the Mobile Phones business. Now, we are not giving guidance by this segment. So in that sense I can talk generally about the market and the margin pressure that was discussed already earlier in the call. So, the margins have been impacted on MP by two items. First of all, on the dual SIM products, we actually are driving slightly higher than average margins simultaneously as Stephen said we had higher proportional so, over the lower end products like the 1660 and which impacts the margin negatively. And then in addition to that, we had the tactical pricing move mainly in Q2, which came into full force, now in Q3. So, that market continues to be competitive. It is clear that the competitive dynamics have somewhat changed, but assumption continues to be very formidable competitor on the Mobile Phones, feature phones space, and of course in addition to that, we have the various local competitors there.

And if I may just to add to that as you formed your question you used toward the feature phone market or the feature phone segment and so forth. And I want to just spend a second and comment on that to sort of our linear thinking on how we perceive this. The Mobile Phones business sometimes is characterized as a feature phone business things squeezed out by the smartphone business or a smarter phone business whatever the case maybe. And while it’s the case at today’s feature phones will be displaced by smarter and smarter devices over time. The market for those smarter devices at low price points continues to represent a robust business opportunity. So in the same way that today’s feature phones displaced yesterday’s feature phones. There is new products ahead from ourselves and I am sure from our competition that are going after that marketplace over time. So, we hear some commentary at time saying there is a market in contraction and so forth. But there is a lot of people with limited economic means who aspire to the same things as do we in terms of an experience. They may have less money, they maybe in an emerging market, but it’s a very good opportunity there for us that as we indicated on February 11 is an area of investment for us. The dual SIM products are good example of innovation that helps us to capture share and improve the situation in that market for us.

Thanks Stuart. Operator, next question please.

Your next question comes from the line of Mike Walkley with Canaccord Genuity. Mike Walkley – Canaccord Genuity: Great, thank you very much. Congratulations on the strong operating cost management. I was hoping to understand better the sales and marketing mechanics longer term as you ramp Windows Phone and the support you received from Microsoft. So, I understand how the sales and marketing will up next quarter as you support new smartphone launches. But longer-term, how should we think about sales and marketing as a Windows also help support the ecosystem. Thank you.

Yeah. So, we can’t disclose specific details. But clearly Microsoft has an interest in supporting the Windows Phone ecosystem overall that will take many forms. Clearly, it will include both above and below the line marketing activities to support the ecosystem a very substantial effort as it relates to the developer ecosystem and encouraging the development of applications for Windows Phone. And also the moves they’re making more broadly as it relates to Windows 8 and taking the Windows Phone user experience to big windows where we will over time see that experience on hundreds of millions of PCs and Tablets that clearly accrues the overall power of the message the Microsoft will have in the marketplace that supports our efforts as it relates to Windows Phone. There are certain aspects of that that are done collectively for the ecosystem and some of that will be done specifically for our sales as a lead vendor, I’m sure for other vendors as well who are in the Windows Phone ecosystem.

Thanks Mike. Operator, next question please.

Your next question comes from the line of Alexander Peterc with Exane BNP Paribas. Alexander Peterc – Exane BNP Paribas: Thanks for taking my question. Microsoft just announced that Qualcomm remained the sole supplier for Windows Phone chipsets, does that mean the Nokia will also follow this roadmap they also said they are working on lower cost solutions. How competitively you are seeing Nokia can be with the Windows Phone, particularly at $100 price points that the Android (indiscernible) ecosystem is attacking emerging markets as of 2012? Thanks.

So, first of all, we won’t make a specific comment on chipset selection and so forth. As we have said, our opportunity to differentiate in the Windows ecosystem is quite strong and we intend to take advantage of whatever opportunity to differentiate makes sense. The second question go ahead to repeat your second question please. Alexandre Peterc – Exane BNP Paribas: Yeah. We essentially how you are going to tackle the price….

Yeah, I am sorry, thank you. And clearly one of our critical considerations before made decision to go in this direction was the ability to drive price points down to compete with the other ecosystems at all relevant price points. We have clear engineering line of sight to do that. We know how to do it. It’s part of the engineering plan to pursue it. We are not specifying timeframes for that, but it is very much part of the plans and something that will be forthcoming.

Thank you, Alexandre. Operator, next question please.

Your next question comes from the line of Mark Sue with RBC Capital Markets. Mark Sue – RBC Capital Markets: Thank you. When we look at historical launches by Palm and others, there is usually a lot of commentary on differentiation and big operator system supports, but we also get limited sell-through what are consumers saying about Windows, so that we could kind of see some healthy sell-through. Do you think there is some pent-up demand and some open-mindedness from consumers from Windows? Do you think consumers will wait outside stores or do you think it will take a lot of stimulation to drive the Windows when it’s launched?

Well, a couple of things, first of all as it relates to how the most recent release of Windows Phone is being received, the so-called Mango release. What I focus on most deliberately is something called the NPS scores, the net promoter scores, where we do some very detailed research and indeed many of the operators have done the same research for validation as to how smartphone users who compare Windows Phone and the competing environments, essentially rate or would be willing to recommend Windows Phone to their friends and family. Those scores for Windows Phone are very high. And so fundamentally, we have a belief that if we can introduce them to that experience, help them understand it, and get them to taste it if you like, then we can be quite successful. As it relates to pent-up demand or how people perceive it, one of the things that I think is really important to note is that we are delivering the first Nokia experience on Windows Phone. And when you think about the brand equity and the demand and the interest and so forth, in some markets, it maybe a Microsoft brand, like Microsoft or Windows or what have you that has greater brand equity, but in many of the markets in which we are operating, the Nokia brand by any measurement is far more significant in terms of people’s smartphone purchasing decisions and that’s something clearly will be taking a great deal of advantage of as we go through our launch cycles.

Thanks Mark. Operator, next question please.

Our next question comes the line of (indiscernible) with Morgan Stanley.

Hello, yes, it’s (indiscernible). Thanks for taking my call. You’ve been mentioning big Windows and Windows 8, which is coming for tablets next year. I was wondering tablets are more like big smartphones, more than small PCs. And we see HP and maybe it could exit the PC manufacturing business. I mean, does it make sense and to me those makes sense that actually Nokia could be a big player in tablets with Windows 8 next year and basically feels the factors which might have been left empty in terms of smartphones as you’ve lost market share in the past year?

So, we have not announced any specific plans as it relates to tablets. It is the case that we recognize from an ecosystem perspective that there are benefits and synergies that exist between Windows, Windows Phone, ultimately other platforms as well, where people are looking for complete digital experiences across the smartphone to PC to tablet, the television set, the automobile and so forth. And without saying that we are doing a lot of those things, it is the case that we see that opportunity and is a major player in the smartphone space in and around the Windows Phone platform will certainly consider any of those opportunities as we go forward.

Thank you, (indiscernible). Operator, next question please.

Your next question is from the line of Ittai Kidron with Oppenheimer. Ittai Kidron – Oppenheimer: Thanks and congratulations gentlemen on the good quarter. I had a couple of questions. First, Timo with regards to your market commentary you mentioned to the market group correct me if I am wrong 10% quarter-over-quarter, that’s fairly strong. Can you tell us any more insights into that and is it because of this strong growth do you expect also still normal seasonal fourth quarter or do you think part of that volume has not been moved into the third quarter? And the second relates to your performance in China and Asia-Pacific, clearly you’ve done very well over there, but can you give us a bit more color on how much of this progress was just pure underlying strong demand in that region versus real share gains there?

Okay, so thanks. I will start with first of all these were volume market growth comments and if I recall correctly it was about 10% both sequentially and year-over-year. The value according to our estimate maybe slightly lower actually and it really is driven in this case by strong demand on, because this is volume mainly on the developing markets in places like Asia. Regarding the Q4 seasonality, the only thing we are saying here that we expect our top-line to be seasonally higher going into Q4, but we are not making any comment on the market at the moment and I must admit that visibility is limited as we have said.

Thanks Ittai. Operator, next question please.

Your next question comes from the line of Zahid Hussein with Citi. Zahid Hussein – Citi: Hi guys, thanks very much. Just really loss on gross margin for me, in terms of Windows Phone devices, that are coming out, particularly the first couple that you plan to launch. Can you just confirm whether gross margins would be higher in current smartphone or actually be lower given all the puts and takes on OS payments as well as capital fees on Microsoft. And second, in terms of ASP, your current smartphone ASP obviously 130 we expect Windows Phone devices will be obviously a lot higher. Can you give us a kind of range of what we should be thinking about for that? Thanks.

Okay, so Timo here. So, the ASP expansion as you currently point out is an easier equation and there given the low ASP at the moment in our smartphone business, we would expect somewhat higher ASP into the portfolio from the new Nokia smartphones and Windows Phone. Then what comes to gross margin, so we have also said that we will price these products in a way that we support the ecosystem getting into the (volume) and that is what we will do so. It will be a dynamic equation, where we will need to balance the consumer interest and appeal vis-à-vis getting the ecosystem into the volume.

Thanks Zahid. Operator next question please.

Your next question comes from the line of Richard Kramer with Arete Research. Richard Kramer – Arete Research: Thanks very much. I’d like to ask a slightly longer term question about the 10% margin target. Right now, if you look at your OpEx run-rate, it’s fairly close to the $1 billion reduction on the $5.65 billion starting point and yet the margins are just 2% excluding IPR. Maybe Timo or Stephen, if you could talk a little longer term about what bridges the gap to a 10% operating margin. Is it going to be substantially higher sales? Could it be substantially lower operating cost than the $1 billion target that you’ve given us? Just trying to understand the dynamics around that and then I guess the other question is given the fairly low and long persistent low margins at NSN, should we expect substantially more restructuring to come at NSN, now that you have new management taking range and you’ve recapitalized the business. Thanks.

Okay. So first on the 10% margin target, so there are I would say, too longer main drivers we need to work on. First one is the operating leverage and it needs to be a combination of both the growth equi side of the equation as well as the cost side of the equation. And again here, I would use the words, this is a dynamic equation that’s partly the reason why we said actually that the OpEx reduction target for the company is more than $1 billion. And then longer term of course we are working very hard to differentiate our offering drive innovation through that mechanism and also there longer term look to bring to the market products, which can allow for gross margin expansion.

Regarding NSN, I will just comment on the hiring of Jesper Ovesen. We specifically selected him because he has some very good track record on taking companies through the necessary changes, for example most recently the effort he undertook to take a company through the privatization and then getting it back over the market in a very successful way. In that case, we required additional restructuring, we’re not forecasting what’s required specifically at NSN, but we’re certainly glad we brought someone on with his skills to make sure we are considering all options and all approaches to that. And again here, I think it’s important to add that business of innovation is really the NSN business is really driven by investment into innovation in the core R&D in mobile networks and/or mobile broadband and in related managed services. And any action we would take here needs to be in line in supporting NSN becoming a real global real leader on this area, where it partly already is.

Thanks Richard. Operator, we will now take our last question.

Today’s final question will come from the line of Kai Korschelt with Deutsche Bank. Kai Korschelt – Deutsche Bank: Yes, thank you for taking my question. My first just on the low end the sequential unit growth, I think where north of 15 million if we go back to the second quarter I think were down 12 million and there was obviously a lot of de-stocking and potentially restocking going on. Would be possible to maybe just breakout the level of element of inventory change rather than real end demand than your products? And my other question was just on NSN, just a quick question on the Q4 revenue guidance. It looks slightly below typical seasonality, just wondering if there is any reason for that if already seeing any macro weakness affecting the spending behavior of the carriers. Thank you.

Okay, thanks. Timo here. So, first on the inventory dynamics what you asked about maybe I can give some color on that in a way that we actually indeed, if you got inventory correction and what we said regarding that was that basically we had a general inventory, which was slightly above our normal four to six weeks range and then last quarter we said we had brought it into approximately nil and that’s about one week of inventory. And then if you work that through the numbers and say approximately 100 million units you will come to unit number of some 7 million or something. So, that would be I would say reasonable approximation give and take some units. And then on NSN guidance regarding Q4 so, yes we have to take into account the current economic environment, where we operate in and that is partly factored into the guidance simultaneously also noting that NSN has had some very strong growth in some other areas outside Europe and US like Asia Pacific and in particularly Japan.

For some closing remarks, I will turn the call back over to Stephen. Stephen Elop – President and Chief Executive Officer : Very good. Thank you everybody and thank you for the good questions today. Just in closing, again I want to reiterate that we are pleased with Nokia’s results this quarter, but we are on a journey. We have to continue to execute well one step-at-a-time in the implementation of our new strategy, one country, one carrier, one radio technology at a time. We got to work through that, so that we can bring great mobile products to people all around the world. Next week we have Nokia World. I think its going to be pretty exciting. I know for everyone at Nokia its going to be very proud moment. So, we look forward to seeing as many of you as we can at that event. Thank you for your attention and support. Matt Shimao – Head, Investor Relations: Ladies and gentlemen this concludes our conference call. I would like to remind you that during the conference call today, we have made a number of forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results currently expected. Factors that could cause such differences can be both external, such as general, economic, and industry conditions, as well as internal operating factors. We have identified these in more detail on pages 12 through 39 in our 2010 20-F and in our press release issued today. Thank you.

Ladies and gentlemen this does conclude the Nokia third quarter 2011 earnings conference call. You may now disconnect.