Nokia and SANYO Global CDMA Mobile Phones Business

Nokia and SANYO preliminary agreement with intent to form a new global company comprised of their respective CDMA mobile phones businesses -separate from the parent companies. The new entity will operate in the spirit of partnership and have major operations in San Diego, USA as well as Osaka and Tottori, Japan. The relevant assets from both companies will be contributed or made available for the new entity. Final agreements are expected to be signed in the second quarter of 2006, with the new business expected to commence operations in the third quarter 2006, provided that the due diligence has been completed and all necessary regulatory approvals obtained.