March 02 -

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Ratings -- Nokia Corp. -------------------------------------------- 02-Mar-2012

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Standard & Poor's contact: Thierry Guermann, Stockholm (46) 8 440 59 05

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CREDIT RATING: BBB-/Negative/A-3 Country: Finland

Primary SIC: Electronic parts

and equipment

Mult. CUSIP6: 654902

Mult. CUSIP6: 65528W

Mult. CUSIP6: 65528X

Mult. CUSIP6: 65528Y

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Credit Rating History:

Local currency Foreign currency

02-Mar-2012 BBB-/A-3 BBB-/A-3

02-Aug-2011 BBB/A-2 BBB/A-2

09-Jun-2011 BBB+/A-2 BBB+/A-2

30-Mar-2011 A-/A-1 A-/A-1

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Issues:

Rating Rating Date

EUR5 bil med-term note Prog 12/12/2007: sr

unsecd BBB- 02-Mar-2012

EUR1.25 bil 5.5% med-term nts due 02/04/2014 BBB- 02-Mar-2012

EUR500 mil 6.75% med-term nts due 02/04/2019 BBB- 02-Mar-2012

US$500 mil 6.625% nts due 05/15/2039 BBB- 02-Mar-2012

US$1 bil 5.375% nts due 05/15/2019 BBB- 02-Mar-2012

4(2) CP prog auth amt US$4 bil A-3 02-Mar-2012

EURO CP prog auth amt US$4 bil A-3 02-Mar-2012

(Gtd: Nokia Corp.)

• A Permanent Economic Emergency