Nokia Reports Q1

ESPOO, Finland -- Table 1:

FIRST QUARTER 2006 HIGHLIGHTS

JORMA OLLILA, CHAIRMAN AND CEO:
"Nokia had an excellent quarter, with very strong year on year volume, net sales and EPS growth. A robust market coupled with our strong product portfolio and excellent execution produced outstanding results in a seasonally challenging first quarter. And our device market share of 35% in the first quarter - an increase of three percentage points year on year - further reinforces our number one position globally.

Nokia continues to benefit from a diversifying product offering in terms of form and function, led by a greater variety of devices in our mid-range offering. I am also delighted that our strategy to target new mobile communications market segments is working well, as evidenced by the success of the Nokia N70 multimedia device: the highest revenue generator for Nokia this quarter and the world's number one selling WCDMA device."

OLLI-PEKKA KALLASVUO, PRESIDENT AND COO:
"The global device market is set for another year of good growth, with the market volume expected to increase 15% or more. This year we anticipate approximately 70% of industry volume growth to come from the emerging markets. We intend to maintain our leadership in these fastest growing markets, where being competitive in the lower priced entry level products is critical to Nokia's future success. Our infrastructure business is also extremely important to our overall growth strategy, and we're very pleased with the sales developments we see from this business group."

INDUSTRY AND NOKIA OUTLOOK FOR THE SECOND QUARTER AND FULL YEAR 2006

Nokia Corp. (NYSE: NOK)