Nokia Comments on Standard & Poor's Credit Rating Announcement

Timo Ihamuotila, Nokia's NOK Executive Vice President and CFO, comments on today's rating announcement from Standard & Poor's: "As we have detailed in recent announcements, Nokia is in the middle of a transformation program which encompasses every aspect of our business. We are implementing a decisive action plan to position our company for future growth and success. The main focus of these actions is on lowering the company's costs, improving cash flow and maintaining a strong financial position, while bringing attractive new products to market." 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.