Nokia 2004 Annual Report Download - page 7

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• any disruption to information technology systems and networks that our operations rely on;
• 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;
• our ability to recruit, retain and develop appropriately skilled employees;
• developments under large, multi-year contracts or in relation to major customers;
• 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;
• the management of our customer financing exposure; 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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