Nokia Comments On Fitch's Credit Rating Announcement

Timo Ihamuotila, Nokia's

Executive Vice President and CFO, comments on today's unsolicited rating from Fitch: "We are quickly taking action to position Nokia for future growth and success. Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position." Nokia's financial position remains strong. As of March 31 2012, Nokia had gross cash balances of EUR 9.8 billion, and a net cash position of EUR 4.9 billion. Nokia reported its first quarter 2012 results on April 19, 2012.