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Technology Stocks : Nokia Corp. (NOK)

NOK 6.835

-1.1%

Nov 7 3:59 PM EST

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To: Puck who started this subject	3/25/2002 1:58:15 PM
From: Puck	Read Replies (1) of 9255

Sanford Bernstein (Telecom Equipment) We believe that carrier CAPEX will increase in 2H02 vs. 1H02, with 2Q02 a significant inflection point in this cyclical industry. Projected 1Q spending establishes a run rate well below budgeted 2002 spending. Given strong and increasing cash flow by incumbent carriers, historically low levels of projected spending after adjusting for capitalized interest, and deteriorating network performance, we expect CAPEX to follow the traditional back-half loaded seasonal pattern in 2002 and to grow 3-5% YoY in 2003.

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