Hello, and welcome to the Nokia Third Quarter 2016 Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mr. Matt Shimao, Head of Investor Relations. Sir, you may begin.

Ladies and gentlemen, welcome to Nokia's third quarter 2016 conference call. I'm Matt Shimao, Head of Nokia Investor Relations. Rajeev Suri, 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 risk 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 such risks in more detail on pages 69 through 87 of our 2015 Annual Report on Form 20-F, our Interim Report for Q3 2016 issued today, as well as our other filings with the U.S. Securities and Exchange Commission. Please note that our results 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 results reports with tables, available on our website, include a detailed explanation of the content of the non-IFRS information and a reconciliation between the non-IFRS and the reported information. With that, Rajeev, over to you.

Thank you, Matt, and thanks to all of you for joining our Q3 results call. Before I turn to the quarter, I want to acknowledge another announcement that we made today that Timo Ihamuotila, our Chief Financial Officer, will be leaving Nokia to join ABB in Switzerland as Chief Financial Officer and a member of its executive committee. Timo will continue in his current role as Nokia's CFO and as a member of the company's Group Leadership Team until December 31, 2016, and will remain as an advisor of the company until February 28, 2017. I think all of you know Timo and know how important he has been to Nokia over the years and to the recent transformation of the company in particular. From the sale of the Devices & Services business and the divestment of HERE, our former mapping business to the purchase of Siemens share of Nokia Siemens Networks, from the acquisition of Alcatel-Lucent, to being a close partner in driving Nokia's strong performance in recent years, Timo has left his mark on Nokia for many years to come. Even if he will be missed, I absolutely support his desire for a new challenge at this point in his career. We also announced, as you saw, that Nokia's Senior Vice President and Corporate Controller, Kristian Pullola, will succeed Timo effective from the 1st of January, 2017. Kristian has been a strong contributor to the Nokia team since he joined us in 1999. He has expertise in all aspects of the CFO function, deep knowledge across our business in critical areas, such as patent licensing, and he's been heavily involved in all key aspects of the Nokia transformation. His track record, plus his close collaboration with Timo over many years, makes me confident that his transition into the…

Thank you, Rajeev. I will begin today by discussing the latest developments around the Alcatel-Lucent transaction. I'll then comment on the financial performance of Nokia Technologies and Group Common and Other in Q3 before turning to my usual discussion on our cash performance in the quarter. And lastly, I will spend a few minutes covering our updated guidance for Q4. Starting with the recent developments around the Alcatel-Lucent transaction, we received good news earlier this week when the AMF published an updated time table for the squeeze-out of the remaining Alcatel-Lucent securities, which is now scheduled to take place next week on November 2. As you recall, on September 30, a legal action was filed before the Paris Court of Appeal for annulment of the AMF clearance decision regarding the public buyout offer, delaying the squeeze-out of the remaining Alcatel-Lucent securities from the original timeline. Nokia has complied with all applicable laws and regulations in the process and we are confident that the case will ultimately be ruled in the AMF's favor. Thus, we expect no material impact on the acquisition of the remaining outstanding Alcatel-Lucent securities. We are pleased with this outcome, which now enables us to begin process in the most of the areas that have been pending for the squeeze-out. First, regarding the starting of the share buybacks. As we communicated on our Q2 earnings call, this has been pending for the squeeze-out to complete, consequently, we now intend to start the share repurchases in Q4. Second, we will be able to begin the process of eliminating duplicated public company costs. Third, regarding the implementation of a more optimal legal entity structure and tax model. We have said earlier, that this will require us to have full ownership of Alcatel-Lucent, nevertheless, we will have assessed our ability…

Thank you, Timo. For the Q&A session, please limit yourself to one question only. Carrie, please go ahead.

The first question comes from Gareth Jenkins of UBS. Please go ahead.

Yeah, thanks for taking the question. I just wondered whether you could clarify the phasing of the cost restructuring plan in terms of the €1.2 billion. Would it be like the Alcatel-Lucent scheme where you maybe saw some reinvestment in the middle before taking costs lower in 2018, so we should expect maybe a bit more – a bit less cost down in 2017 versus 2018? Thank you. And maybe if you could just say how much you've actually achieved already to-date. Thank you.

Okay. Thanks, Gareth. So why don't I start with that. So, first of all, what we said in the beginning of the year was that for 2016, we would expect majority of the €1.2 billion cost savings program which is a net program. So we will fit all our investments into the envelope. So again, this is a net program. We said that we would expect majority of that to come through cost of goods sold during 2016, i.e., impacting gross margin, and then towards the latter part of the year also a little bit in OpEx. And we're very pleased with the gross margin performance, which has maintained or even improved slightly so far from 2015. So clearly, our efforts there are bearing fruit. And then when we look at OpEx performance, we have actually been maybe a bit faster than we expected in the beginning of the year. So if you look at the first three quarters of the year, we are now down in our Networks business, down in OpEx about €200 million. So that's where we are on the program and we, of course, expect it to continue into 2017 and 2018.

Yes. And, Gareth, Rajeev here. If I could just add, yes, there are areas of investments, but I can't see a scenario where OpEx would increase from 2016 to 2017 and that would be acceptable for us despite our areas of targeted investments.

Thank you, Gareth. Carrie, next question, please.

The next question comes from Sandeep Deshpande of JPMorgan. Please go ahead.

Yes, hi. Rajeev, just one question on the growth. I mean that is the main area of concern. One of the reasons to buy Alcatel-Lucent was to grow in closed markets, such as a web-scale enterprise, et cetera. Can you talk about some of those initiatives and what time horizon you expect them to come to fruition, given the considerable pressure you're facing in the telco market?

Yes, thanks, Sandeep. So, absolutely, the premise of the acquisition was the end-to-end scope and the ability for taking that scope into new markets. So, we have a number of areas. We've said we want to grow an independent software business. We're building a dedicated sales force to do that as cable. It opens up a new market for us, not just to sell fixed-access cable, which is a disruptive portfolio that we've bought from Gainspeed, but also following that beachhead, we would be able to sell IP and Optics products. And then we have new verticals, web-scale, clearly. We're getting traction in web-scale with clearly some of the best web-scale players with Optical, and then right behind Optical, IP will be the opportunity. So web-scale is a clear area of focus, and there are some 20-plus web-scale players that we are targeting. And then there are other verticals. There are four selected verticals we have and our order book is starting to improve in these verticals. And the verticals are transportation, utilities, public sector and extra-large enterprises that use technology as a differentiation, such as banks. And there, we would use software-defined networks and stuff like Nuage to enter as a beachhead. There are other areas even within mobile. I see public safety as a reasonably sizeable category in itself, where essentially we take the same product set and we are the disrupter, because that's what they need, LTE, and then we can provide to public sector. And the pipeline is fairly strong with public sector deals at the moment. And then you have private LTE networks where some people want to develop private networks, and we're working with some of our customers in the U.S. to use their spectrum and go and help build private LTE networks. And then of course, there's a whole notion of core routing where we still have not moved towards market shares that we have in edge routing and so on. There's Optical, and then there's a potential of cross-sell. So that is why what we try to do about next year as we're saying primary addressable market. The primary addressable market is the market that we serve today without much of this diversification. It's the market we serve today that we say will be low single-digit down. But then there is the total addressable market which has the adjacencies and the new areas on top of that. And I believe it will take us some time to build traction in these markets. We are getting traction, but it'll take a bit longer and it would not surprise me that we will be talking in 2018 of the total addressable market that could clearly be stronger for us to play in.

Thank you, Sandeep. Carrie, let's take our next question, please.

The next question comes from Alexander Peterc of Société Générale. Please go ahead.

Yes. Hi. Thanks for taking my question. I would just like to follow up on this, a question of diversification. Would you simply diversify with internal development efforts in these new areas in web-scale and enterprise, which would mean potentially higher R&D going forward or will you also seek to grow inorganically through targeted acquisitions? Thanks.

It's a mix, Alex, thanks for the question. Cable, we made a small bolt-on acquisition to enter that space. It's a very disruptive portfolio. So, I think we will make acquisitions if we will get an insertion point in the market. We're very disciplined about an insertion point. We don't want a me-too product line to go into a new market. So, we saw a very disruptive product line, we bought it, and now we're working on that. So, that's one example of that. The others, let's take public safety, essentially it's just a go-to-market strengthening because we have the product set. It's LTE. LTE is going to be the disruptive product line that public safety is now going to be driven by rather than TETRA and TETRAPOL. So it's a mix, but I think when you talk about internal development, it mostly is really on go-to-market, so I would say go-to-market cable, software, that's kind of the area where we have to reinvest internally if you like.

And if I may continue here. So when we, for example, look at Gainspeed, we have to put these investments into proportion. We're not talking about hundreds of millions of R&D coming in through that acquisition. And we're talking about couple of tens of millions of R&D. And as Rajeev said, we will well-fit these investments into our cost savings envelope, we will continue to drive down costs under our €1.2 billion program 2015 compared to 2018 on COGS and OpEx going forward relentlessly. So that's very clear, we will fit these investments into that envelope.

Maybe to just add one more if I may. So again, back to the primary addressable market, we've been prudent in sizing it with the visibility we have for next year. There are some swing factors and I'll just lay out about four swing factors that we see in the market that could be more positive, compared to the market we see at the moment, take China FDD-LTE. There is a possibility that China Mobile would get the FDD spectrum, let's say in the middle of the year. That would drive a possible upside for the market which we have not yet assumed. There is North America, could get a bit more resilient by public safety, FirstNet and other operators targeting public safety and also the 600 MHz spectrum awards. Then there is Latin America, has a very sizeable wholesale project, wholesale access, which is Red Compartida in Mexico and if that came to a decision, that would drive further opportunities of growth. And there's the India thing, where new spectrum has just been awarded and also Reliance Jio has entered, we already have momentum in the market, could there be more momentum in the market and could there be solid acceleration of LTE, like a bit of subset of what China did, those are all possibilities also in the primary addressable market.

Thanks for your question, Alex. Carrie, let's take our next one, please.

The next question comes from Andrew Gardiner of Barclays. Please go ahead.

Thanks very much. Just had one around the cost savings as we look into fourth quarter. Rajeev, you already mentioned the sort of aim or intent to be at the higher end of the 7% to 9% range. That's still a reasonably wide range of outcomes for fourth quarter. I'm wondering what you consider some of the major swing factors there. Is it sort of market conditions or is it more an issue in terms of the timing of the cost savings as these are coming through? And then, I suppose, as related to those cost savings, as we look into 2017, I recall previously you guys had been saying that you expected the bulk of the €1.2 billion to come in 2017 in order to get to the full year 2018 target. You're clearly backend loaded next year, but is that still a reasonable assumption in terms of the phasing? Thank you.

Thanks, Andrew. Let me start and then Timo will fill in. Of course, I said above the midpoint of the range if we execute well and some of the conditions are the market. We saw in Q3 that some markets went softer; Africa, where currencies get trapped, based on budget orders (40:51) because if they want to buy in local currencies, that's not a position we want to subscribe to. There's a thing in Latin America where we saw some CapEx cuts. So there was a market consideration. I think it's fair to say, like Timo said, that on the cost side we are tracking faster. In the synergy side, there's of course the variation of software and you tend in Q4 to get software pull-ins that happen because operators want to exhaust budgets. Those are some of the factors. But again, I said if you execute well, above the midpoint of the range of 7% to 9%.

Yes, and on the longer-term cost savings, again I mean, you said (41:26) 2017, I think what we have said that we would again expect majority in 2016 to come through COGS because we can fast implement in areas like driving common supplier base and these kind of things and then clearly head count actions take longer to execute. Now again, I'm pleased with how the head count actions have started to come through already earlier and as I said, we are also in OpEx now €200 million lower during the first nine months of 2016 compared to 2015. So, I think it's fair to say that bit more has happened already this year than we originally expected, which can have a bit of an impact into 2017 and 2018. But again, we expect strong cost performance to continue going forward as well off to 2017 and 2018.

Thank you, Andrew. Carrie, next question, please.

The next question comes from Kai Korschelt of Bank of America Merrill Lynch. Please go ahead.

Yes. Thanks, gentlemen. I wanted to actually steer the conversation to something slightly less. So, one of your major competitors in wireless, there's obviously been some change in terms of management and I'm just wondering if you're also starting to see, generally speaking, a change in the competitive behavior in the industry because some of your competitors have been fairly aggressive over the last 12 months or 18 months. So, I'm just wondering if there's any evidence around the pricing side or potentially even around market share where maybe you're now in a better position to potentially get the higher share of (43:12) going forward, just because of the, I guess, turmoil that we are seeing. Thank you.

Indeed, we see market share as an opportunity. Our customers are quite conservative buyers. They look for the long-term, so they look for weakness in the sector and strength in places like that. So it's always an opportunity. I think in terms of pricing environment, no, we haven't seen any significant change since when we spoke about it in Q1 last year. I have to say that one thing that's important to recognize when you compare with some of the peers is that for us, end-to-end is now a significant competitive advantage. Maybe this is less understood, but we're getting a lot more strategic mind share. And as we are driving our pricing practices to the rest of the businesses that we acquire from Alcatel-Lucent, it is becoming clear that areas like Fixed and IP and Optical and cloud and Applications, Analytics and software, they're less exposed to standards, first of all, so there was more opportunity for differentiation and there's better opportunity for better pricing. So typically, price erosion characteristics in these other businesses are very different from the mobile infrastructure business. Now, mobile is more standard-driven, but from a technology point of view, we've always gained pride in the fact that we have the highest performing networks at capacity conditions. And I think this is valued by customers as well. So I guess what I'm trying to say is that we are now exposed to markets with lower characteristics of price erosion with more opportunity for differentiation, and while in mobile, we are not chasing the best features in the world, we are chasing the best high-performance networks that operators will buy at scale and at capacity because that is a condition that is again and again very important for our customers. And end-to-end is much more appreciated advantage now coming through our customer-perceived value scores, coming through our customer experience surveys. And I've had many customers say that you are performing extremely well on your integration and your portfolio end-to-end is a solid competitive advantage.

Thank you, Kai. Carrie, next question, please.

The next question comes from Francois Meunier of Morgan Stanley. Please go ahead. Francois A. Meunier - Morgan Stanley & Co. International Plc: Yes. I've got two questions. The first one is about the extraordinary performance in gross margin this quarter. You've got revenues down double digits and gross margin is actually up and if you're digging into the results in Ultra Broadband, it's up as well. So there is no real positive mix effect. So, Rajeev, what is your secret to have gross margin so strong while one of your competitors is really struggling on that point? That's the first question. The second question, maybe you started to answer already but I think you're talking about the primary market evolution being negative for next year and investing a bit more in adjacent markets like cloud and decal price (46:12). Like what is the size of the investments in those two markets in terms of R&D and SG&A, and of course, the part of the envelope (46:27), something which comes on top of what you've already explained in terms of cost savings?

Thanks, Francois. So the first, the gross margin point, so what I just explained to Kai's question about the opportunity for more differentiation in some of the other businesses apart from mobile, and then also the less price erosion explains part of the question on the gross margin performance. And second, I want to repeat this because I think that our disciplined operating model and this relentless focus we have on cost control, but also constant industrialization of best practices, the ones that we used in the transformation of Nokia Siemens Networks, we are religiously applying it now to the rest of the company. And the things that we find that are good in Alcatel-Lucent, we're applying it to the Nokia side of the equation, because we have a platform to industrialize these things and we have a culture to allow for people to say, well, if there's money on the table, I'm eager to go and get it. So things like centralized pricing, this industry needs that approach. Best companies do that. And then also the approach of how we do design for cost, design for quality, design for serviceability and we reduce our products and services cost on an ongoing basis. One of the examples of reduction of services cost is a methodology we have that's called regional services profitability drive. So we use that. And then of course, our ongoing performance management processes. We spend a week as a management team sitting together and reviewing the hell out of everything in the business in a very granular way. We're not bored with that; we love it. And of course, then to the structured approach to integration synergy capture. I don't have my leadership team focused on integration and transformation. I have a separate meeting structure where I do that, separate meeting structure for performance management, separate meeting structure for strategy initiatives, and a separate meeting structure for reviews. So it's a very detailed approach. And the reason we do this because we think it has become a competitive advantage, and the culture in the company has sort of embraced this as a competitive advantage. So I think this for us is a cultural strength. It's very nuanced, it's in the detail, and to me, it's a secret sauce. And why I like it, because it's not easy to replicate; it's so hard to understand this.

And maybe I'll comment on the second question, which was regarding the investments. So again, these investments, what we are talking about, will fit into the cost envelope we have communicated to the market. We're not expecting for those to come on top. And again, as Rajeev also spoke earlier about, so we're not talking something massive here. We are trying to and will do this in a smart way. So, there is clear discontinuity with Gainspeed in the cable market. We think it makes sense to go after it. And as I said, OpEx, some tens of millions to go after that opportunity. Rajeev spoke about public safety. This is again a clear inflection point where we can go with our current offering into that market when it moves to LTE, not really additional R&D investment; some additional investment into sales and marketing. So this is what we mean and talk about here. We try to be very thoughtful on how we do this

Exactly, because we are fortunate. Let's take even the vertical enterprise and let's take the web-scale. It's the product line of IP and Optics that we are now decisively moving to its next-generation evolution to go and target the web-scale and enterprise. So it's that approach. Again, it's a little bit of go-to-market, but not that much additional R&D. But Timo makes a very important point that this insertion point, if we don't see the right insertion point, there's no point going after a market. We have to see the right insertion point, the discontinuity. We've got to have the compelling competitive advantage that's got to be unique. Then we'll go in and we'll do it properly. But we also have the conditions to change priority choices and course correct as we go on if the market were to weaken, for instance. We have levers on cost, we have adjustments on priority choices. So again, very disciplined approach, reuse of capital wherever possible, approach to enter newer markets.

Thank you, Francois. Carrie, next question, please.

The next question comes from Avi Silver of CLSA. Please go ahead.

Yes. Thank you for taking my question. And also best of luck to Timo and Kristian. Can you walk us through what specifically changed in your order book between July and today that gives more pause in the revenue outlook, and given that change, what does that tell us about your visibility in your various product segments? And just a quick follow-up on the buyback. Was it always your intention to include the squeeze-out as part of the buyback program? Just seems like a reduction in the program at the time when the share price is hitting new lows? Thank you.

Thanks, Avi. Let me start with the order book. So, when we looked at the market at the beginning of the year, we thought it would be flattish. Then, of course we wanted to give it a little bit of time to evaluate the market. When we looked at Q2, we felt the order book had gotten strong, and we said now we need a few more weeks, potentially the whole of the third quarter to examine what the market will look like and land. We didn't see that in Q3 in terms of the strong order book. What changed was the macroeconomic environment in Eastern Europe, in Russia, Ukraine, in Africa, with the fall of currencies and also operators wanting us to supply in local currency, which is a big risk, and of course that reduces their ability to finance their CapEx. And then, of course, Latin America sadly went into a CapEx squeeze situation, given what's happening in Brazil and in the rest of the markets. And again, that market is driven so largely and disproportionately by one country, Brazil; of course it makes an impact. So, we saw some of those things, and then it became clear that the market would be more declining this year, rather than growing. And yes, in terms of visibility, our best visibility for the primary addressable market next year is what I said it is, low single-digit. But again, we continue to watch and be careful. We'll be even more wiser when we get to Capital Markets Day, but that is our best visibility at the minute.

Yes, and Avi, on the buybacks, I think we were very clear in our communications when we said that we expected to use equity to acquire the Alcatel-Lucent shares and securities to get above 95%. And now if I look at the overall situation, we used a bit short of €600 million to acquire those securities, and then we are now using about another €600 million to get the squeeze-out. So again, we would have an opportunity to use equity on the squeeze-out, as well which we are not doing. So altogether we are using €1.2 billion more, and I think we were quite clear that this, at least partly, would be part of the buyback program or how, and that's how we look at it. So that's the reason for the €1 billion. There's no other change in any parameters or any thinking. And another thing I want to say is that we are clearly not on autopilot on how we think about it because you kind of referred to the share price, which I totally understand. The way we think about buybacks is that when we can execute, we will look at both, kind of like the expected path on execution, as well as then where the share is when we make our decisions on how we execute. And naturally, for next year then the board will look at the distribution decisions and will make a proposal on that to the AGM.

Thank you, Avi. Carrie, next question, please.

The next question comes from Richard Kramer of Arete Research. Please go ahead.

Thanks very much. Given that you've made some very clear comments on cost savings being a net number and that this sort of new meme of reinvestment is within your spending plans, my question is really for Timo on the future capital structure. As you exit and if we look at the pending restructuring outflows, this buyback and the dividend that you were committed to for next year, which seems largely covered by the cash generation, would you be exiting Nokia where it's in a position to run its business with a much lower net cash balance? Or in other words, what's the point of leaving effectively €5 billion-plus of capital non-employed on the balance sheet. And maybe a quick one for Rajeev to think about or even talk about on the Capital Markets Day. Given the state of your principal rivals and all the areas you've laid out and all the uncertainty we all face in forecasting the market, are you confident that Nokia can grow faster than the market next year, i.e., do you see sufficient chances for you to take share in a range of areas that you can outgrow the market, whatever the market growth might turn out to be? Thanks.

Okay. So, thanks, Richard. Why don't I start here on the lower net cash balance? So, first of all, if we look at let's call it sort of extraordinary outflows and what we have discussed about that, we said today that we have little short of €1.4 billion to go out still in restructuring, as currently planned. Then we have also said that we have the expected swap costs on top of that. And then we, of course, have the dividends. So we have still, I would say, room to go down a bit on the overall capital structure and we also want to be in a position to reach our investment-grade rating target, which as I've said, is not the primary target, but nevertheless, something where we really want to be in a position that we can access Capital Markets with very clean documentation and that's what we are looking at as well. So again I don't think there is change in thinking and we have said that long-term, we think that the combined portfolio of Alcatel-Lucent and Nokia will give us earnings volatility diversification and that should, by definition, also mean to a position where Nokia could manage with either capital structure. So that is our long-term plan and we continue to execute diligently on that plan.

And thanks, Richard. On the question on market share, we should at least keep our market share in the primary addressable market. There are some opportunities to grow on top of that in the adjacencies, if you like, in the new areas and there might be select opportunities to grow share as well, but we want to at least be able to keep the share in the primary addressable market. One of the things we don't want to do is to chase down some of those deals in Africa or Eastern Europe where financing conditions are prevalent or we have to do business in local currencies, creating a cash crash (57:25) situation or further risk on the balance sheet. And then or sort of beef low pricing. We're also doing unique things like prolong the life of LTE with 4.5G Pro and 4.9G that we recently launched at CTIA. It's getting traction. One customer is buying it, Globe, already now, other customers are in trial phase and we're converting a lot of customers. Because it is not just belonging for the sake of it, 4.9G gives you 1 gigabit speeds, gives you low latency less than 10 milliseconds to it. It's an evolution to 5G. The more we are able to drive that in the market, the more 4G will evolve to 5G, both on the core side as well as on the radio side.

Okay. Thank you, Richard, and thank you all for your questions today. We're reaching the end of our time for today, so this will conclude the Q&A session. And with that, I'd like to turn the call now to Timo for some personal remarks before Rajeev's closing remarks.

Okay. Thank you, Matt. This will be my last earnings call at Nokia. I would like to close with a few personal remarks as Matt said. So, I've been at Nokia since 1990s and past seven years as the CFO. And after more than 15 consecutive years with Nokia, and as I said, quite a few as CFO, I feel it is now time for me to take a new challenge in a new company. And even if there is never an optimal time for a change like this, I leave Nokia knowing that the company is well equipped to tackle the challenges of the future and create shareholder value. The selection of Kristian Pullola as Nokia's next CFO will ensure a smooth transition. And I've worked closely with Kristian for many years and I'm very pleased to see him taking over the role. Now my time at Nokia has been a one-of-a-kind experience, and I've enjoyed working with you, our investors and analysts. I truly appreciate that through the good and the bad, I have been able to maintain good professional relationship with the investor community. And I hope that our paths will cross again in the future. And finally, I would want to take the opportunity to thank the whole Nokia team and in particular, the CFO organization for my fantastic 15 years, 20 years at the company. Nokia has been a very important part of my life for a long time and I will certainly continue to follow the company closely as a shareholder. So thank you.

Thanks, Matt, and thanks, Timo. And thanks again to all of you for joining. I'd like to close with a few words on the quarter. Yes, market conditions are not easy. You have seen that in our top line performance and in the results of the competition. But it is not our style to put our heads in the sand and be in denial about what is going on in our market. We prefer to see things as they are, not as we might like them to be and then take swift action to respond in real time. Operational discipline, industrialization of best practices, extreme vigilance of market development, these and the other things that I talked about today, put us in a strong position to face whatever conditions come our way. Should they get worse, we have our hands on the right levers. Should they get better, I believe we will disproportionately benefit. In summary, we remain on track and we are not the slightest bit complacent. With that, thank you very much for your time, and your questions and your attention and I look forward to seeing you all at our Capital Markets Day in November in Barcelona. Matt, back to you.

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 69 through 87 of our 2015 Annual Report on Form 20-F, our report for Q3 2016 issued today as well as our other filings with the U.S. Securities and Exchange Commission. Thank you.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines. Have a fantastic day.