Nokia Corp.

Volatile demand in the telecommunications equipment business. Lack of visibility on sustainability of margins in the medium term due to strong competition and possible integration challenges surrounding Alcatel-Lucent acquisition. Solid position in the wireless equipment and services segment. Enhanced scale and scope once acquisition of Alcatel-Lucent is completed. A substantial patent portfolio generating solid revenue streams. Strong balance sheet with strong cash balances. Positive free operating cash flow moderately in excess of expected dividend payments. Very strong liquidity profile. Potential for volatile margins and cash flow generation over the industry cycle. Standard&Poor's Ratings Services positive outlook reflects the potential for a one-notch upgrade in about 12-18 months if Finland-Based technology company Nokia Corp. successfully executes the proposed merger

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