Chairman and CEO Jorma Ollila at Nokia's Annual General Meeting: Nokia targets market share gains in both infrastructure and handsets

At Nokia's Annual General Meeting today in Helsinki, Nokia's Chairman and CEO Jorma Ollila emphasized the importance of the mobile communications industry: "Mobile communications is on its way to becoming one of the largest industries in the world. We continue to see enormous opportunities for Nokia in the mobile world, especially as the industry moves towards third generation networks and mobile Internet services."

"In the coming 18 months we are planning to launch several truly epoch-making products and solutions that will change the conception of mobile services and the Internet. They will enable new kinds of custom-built digital offerings, which can be used irrespectively of time and space."

"Nokia's industry-leading position gives us excellent opportunities to gain market share in both our main businesses during the ongoing evolution towards new technology based services. In networks, we are targeting the leadership position with 35% market share in third generation WCDMA networks. In mobile phones we will strengthen our market position further by growing faster than the market, targeting at 40% market share."

In his speech Mr. Ollila also stated that the company is well positioned to become the world's leading mobile e-business company. He was referring to the transformation process Nokia is going through turning itself into an effective e-business company, with substantially all revenues generated via e-mode. This process will generate significant cost savings across the company in everything Nokia does.

Mr. Ollila also discussed the changes in Nokia's shareholder base. "Nokia's ownership structure nicely reflects the distribution of equity assets around the world. In the United States, we have over two million shareholders, holding over 50% of Nokia's shares. We also have a strong investor base in Germany with 250,000 shareholders, and in Sweden and in Finland with 100,000 shareholders in both countries. A diverse and broad global ownership structure, comprising institutional as well as private investors, is a strength that supports Nokia's business in many ways."

Further information:

Nokia Corporate Communications
Tel. +358 (0) 7180 34424
Fax +358 (0) 7180 38226
E-mail communications.corporate@nokia.com

www.nokia.com