Nokia to acquire NAVTEQ


The combined entity would create a leading global player in the fast growing    
location based services market                                                  

NAVTEQ to support existing customers as before                                  

Espoo, Finland - Nokia and NAVTEQ today announced a definitive agreement for    
Nokia to acquire NAVTEQ.  Under the terms of the agreement, Nokia will pay $78  
in cash for each share of NAVTEQ including outstanding options for an aggregate 
purchase price of approximately $8.1 billion (€5.7 billion), or approximately   
$7.7 billion (€5.4 billion) net of NAVTEQ existing cash balance. The acquisition
has been approved by the board of directors of each company and is subject to   
customary closing conditions including regulatory approvals and NAVTEQ          
shareholders' approval.                                                         

The navigation area is a fast growing business, and with location-based services
expanding rapidly into mobile communications devices, the industry is poised for
even further growth.  NAVTEQ brings a number of key assets to Nokia: a great    
team with best-in-world maps and navigation industry expertise, a strong        
customer base and an industry-leading map data and technology platform with the 
broadest geographical coverage.                                                 

NAVTEQ will continue to provide the most advanced and flexible map data platform
to navigation industry players. With NAVTEQ, Nokia will further strengthen its  
location based services offering and bring to market the most innovative,       
context aware Nokia Internet services with accelerated time to market.          

NAVTEQ is a leading provider of comprehensive digital map information for       
automotive navigation systems, mobile navigation devices, Internet-based mapping
applications, and government and business solutions. NAVTEQ also owns           
Traffic.com, a web and interactive service that provides traffic information and
content to consumers. The Chicago-based company was founded in 1985, generated  
2006 revenues of $582 million and has approximately 3,000 employees located in  
168 offices in 30 countries.                                                    

Nokia is the world's largest mobile device manufacturer with more than 900      
million people using a Nokia mobile device around the world. Driven by Internet 
and digital convergence, Nokia is expanding its offering to include areas such  
as entertainment, communities and location based services. Shipping with the    
GPS-enabled Nokia N95 multimedia computer, the Nokia Maps solution is one of the
most advanced location based services in the marketplace today.                 

“Location based services are one of the cornerstones of Nokia's Internet        
services strategy. The acquisition of NAVTEQ is another step toward Nokia       
becoming a leading player in this space,” said Olli-Pekka Kallasvuo, President  
and CEO, Nokia. “By joining forces with NAVTEQ, we will be able to bring context
and geographical information to a number of our Internet services with          
accelerated time to market. We also look forward to maintaining and enhancing   
the services and support provided to NAVTEQ's existing and future customers".   

"Nokia's unique vision for location based services aligns perfectly with        
NAVTEQ's vision to enable everyone to find their way to people, places and      
opportunities on mobile communications devices, cars, desktop computers and in  
all the other places that are important to them," said NAVTEQ President and CEO 
Judson Green. "It's really exciting to imagine what we can achieve by combining 
our location experience with the resources of a company that has a customer base
of more than 900 million people.”                                               

In commenting on the transaction, Christopher Galvin, Chairman of the Board of  
NAVTEQ, said "Nokia's offer of $78 per share reflects a very attractive         
valuation for NAVTEQ's stockholders, representing a 34% premium to our stock    
price of one month ago.  In considering the offer, we approached other potential
purchasers about their possible interest in NAVTEQ and our Board took those     
contacts and discussions into account in determining that Nokia's proposal was  
the best opportunity available to maximize value for our stockholders."         

After completion of the transaction, NAVTEQ's current map data business will    
continue operationally independent, but organizationally a Nokia Group company. 
Judson Green will report directly to Olli-Pekka Kallasvuo. This will ensure that
NAVTEQ's current and future customers continue to have a dedicated and          
strengthened unit serving them as before with digital map information for       
automotive navigation systems, mobile navigation devices, Internet-based mapping
applications, as well as government and business solutions.                     

The acquisition is expected to close in the first quarter of 2008. Nokia plans  
to finance the acquisition with a combination of cash and debt, and has secured 
a commitment on the debt. Nokia anticipates that the acquisition would not      
impact its share buy-backs under the current mandate, or its future cash        
distribution strategy in terms of dividends and share buybacks which is subject 
to the shareholders' approval. The acquisition is expected to be dilutive to    
Nokia earnings in 2008 and 2009 on a reported basis. However on a cash basis    
Nokia expects it to be only slightly dilutive in 2008 and slightly accretive in 
2009.                                                                           

Notes to editors and analysts:                                                  
Nokia and NAVTEQ will host a conference call today, Monday, October 1, 2007     
beginning at 16:00 in Helsinki / 14:00 in London / 08:00 in Chicago.  The       
conference call will be available via live webcast at www.nokia.com/investor  or
by calling +1-888-636-1561 (North America) or +1-706- 634-5012 (international), 
with conference ID 19082045	                                                    

For your convenience, a replay of the call will be accessible by calling        
+1-800-642-1687 (Nokia America) or +1-706-645-9291 (international), with        
conference ID 19082045.  	                                                      

About Nokia                                                                     
Nokia is the world leader in mobility, driving the transformation and growth of 
the converging Internet and communications industries. Nokia makes a wide range 
of mobile devices and provides people with experiences in music, navigation,    
video, television, imaging, games and business mobility through these devices.  
Nokia also provides equipment, solutions and services for communications        
networks.                                                                       

About NAVTEQ                                                                    
NAVTEQ is a leading provider of comprehensive digital map information for       
automotive navigation systems, mobile navigation devices, Internet-based mapping
applications, and government and business solutions. NAVTEQ creates the digital 
maps and map content that power navigation and location-based services solutions
around the world.                                                               

Important Additional Information Regarding the Merger will be filed with the SEC
In connection with the solicitation of proxies by NAVTEQ with respect to the    
meeting of its stockholders to be called with respect to the proposed merger,   
NAVTEQ will file a proxy statement with the Securities and Exchange Commission  
(the “SEC”). NAVTEQ STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT
IS FINALIZED AND DISTRIBUTED TO THE STOCKHOLDERS BECAUSE IT WILL CONTAIN        
IMPORTANT INFORMATION.  Stockholders will be able to obtain a free-of-charge    
copy of the proxy statement (when available) and other relevant documents filed 
with the SEC from the SEC's web site at http://www.sec.gov.  Stockholders will  
also be able to obtain a free-of-charge copy of the proxy statement and other   
relevant documents (when available) by directing a request by mail to NAVTEQ    
Corporation,  Investor Relations, 425 West Randolph Street,  Chicago,  IL 60606,
telephone (312) 894 7500, or from NAVTEQ's website at www.NAVTEQ.com.           

NAVTEQ and certain of its directors and executive officers may, under the rules 
of the SEC, be deemed to be “participants” in the solicitation of proxies from  
its stockholders in connection with the proposed merger.  Information concerning
the interests of the persons who may be “participants” in the solicitation is   
set forth in NAVTEQ's proxy statements and annual reports on Form 10-K          
(including any amendments thereto), previously filed with the SEC, and in the   
proxy statement relating to the merger and other relevant materials to be filed 
with the SEC when they become available.	                                       
Nokia Forward-Looking Statements                                                
It should be noted that certain statements herein which are not historical      
facts, including, without limitation, those regarding: A) the timing of product,
services  and solution deliveries; B) our ability to develop, implement and     
commercialize new products, services, solutions and technologies; C)            
expectations regarding market growth, developments and structural changes; D)   
expectations regarding our mobile device volume growth, market share, prices and
margins; E) expectations and targets for our results of operations; F) the      
outcome of pending and threatened litigation; G) expectations regarding         
successful completion of contemplated acquisitions on timely basis and our      
ability to achieve set targets upon the completion of such acquisitions; and H) 
statements preceded by "believe," "expect," "anticipate," "foresee," "target,"  
"estimate," "designed," "plans," "will" or similar expressions are              
forward-looking statements. These statements are based on management's best     
assumptions and beliefs in light of the information currently available to it.  
Because they involve risks and uncertainties, actual results may differ         
materially from the results that we currently expect. Factors that could cause  
these differences include, but are not limited to: 1) competitiveness of our    
product portfolio; 2) our ability to identify key market trends and to respond  
timely and successfully to the needs of our customers; 3) the extent of the     
growth of the mobile communications industry, as well as the growth and         
profitability of the new market segments within that industry which we target;  
4) the availability of new products and services by network operators and other 
market participants; 5) our ability to successfully manage costs; 6) the        
intensity of competition in the mobile communications industry and our ability  
to maintain or improve our market position and respond successfully to changes  
in the competitive landscape; 7) the impact of changes in technology and our    
ability to develop or otherwise acquire complex technologies as required by the 
market, with full rights needed to use; 8) timely and successful                
commercialization of complex technologies as new advanced products, services and
solutions; 9) our ability to protect the complex technologies, which we or      
others develop or that we license, from claims that we have infringed third     
parties' intellectual property rights, as well as our unrestricted use on       
commercially acceptable terms of certain technologies in our products and       
solution offerings; 10) our ability to protect numerous Nokia patented,         
standardized, or proprietary technologies from third party infringement or      
actions to invalidate the intellectual property rights of these technologies;   
11) our ability to manage efficiently our manufacturing and logistics, as well  
as to ensure the quality, safety, security and timely delivery of our products  
and solutions; 12) inventory management risks resulting from shifts in market   
demand; 13) our ability to source quality components and sub-assemblies without 
interruption and at acceptable prices; 14) Nokia's and Siemens' ability to      
successfully integrate the operations, personnel and supporting activities of   
their respective businesses as a result of the merger of Nokia's networks       
business and Siemens' carrier-related operations for fixed and mobile networks  
forming Nokia Siemens Networks; 15) whether, as a result of investigations into 
alleged violations of law by some current or former employees of Siemens,       
government authorities or others take actions against Siemens and/or its        
employees that may involve and affect the carrier-related assets and employees  
transferred by Siemens to Nokia Siemens Networks, or there may be undetected    
additional violations that may have occurred prior to the transfer, or ongoing  
violations that may occur after the transfer, of such assets and employees that 
could result in additional actions by government authorities; 16) the expense,  
time, attention and resources of Nokia Siemens Networks and our management to   
detect, investigate and resolve any situations related to alleged violations of 
law involving the assets and employees of Siemens carrier-related operations    
transferred to Nokia Siemens Networks; 17) any impairment of Nokia Siemens      
Networks customer relationships resulting from the ongoing government           
investigations involving the Siemens carrier-related operations transferred to  
Nokia Siemens Networks; 18) developments under large, multi-year contracts or in
relation to major customers; 19) general economic conditions globally and, in   
particular, economic or political turmoil in emerging market countries where we 
do business; 20) our success in collaboration arrangements relating to          
development of technologies or new products and solutions; 21) the success,     
financial condition and performance of our collaboration partners, suppliers and
customers; 22) any disruption to information technology systems and networks    
that our operations rely on; 23) exchange rate fluctuations, including, in      
particular, fluctuations between the euro, which is our reporting currency, and 
the US dollar, the Chinese yuan, the UK pound sterling and the Japanese yen, as 
well as certain other currencies; 24) the management of our customer financing  
exposure; 25) allegations of possible health risks from electromagnetic fields  
generated by base stations and mobile devices and lawsuits related to them,     
regardless of merit; 26) unfavorable outcome of litigations; 27) our ability to 
recruit, retain and develop appropriately skilled employees; and 28) the impact 
of changes in government policies, laws or regulations; as well as the risk     
factors specified on pages 12-24 of Nokia's annual report on Form 20-F for the  
year ended December 31, 2006 under "Item 3.D Risk Factors." Other unknown or    
unpredictable factors or underlying assumptions subsequently proving to be      
incorrect could cause actual results to differ materially from those in the     
forward-looking statements. Nokia does not undertake any obligation to update   
publicly or revise forward-looking statements, whether as a result of new       
information, future events or otherwise, except to the extent legally required. 


NOKIA                                                                           
Nokia, Communications                                                           
Tel: +358 7180 34900                                                            
Email: press.office@Nokia.com                                                   

Nokia,  Americas                                                                
Communications                                                                  
Media Relations		                                                               
Tel: +1 914 473 9373                                                            
Email: communication.corp@Nokia.com                                             

Nokia, Investor Relations, Europe                                               
Tel. +358 7180 34289                                                            

Nokia, Investor Relations, US                                                   
Tel. +1 914 368 0555                                                            

NAVTEQ                                                                          
NAVTEQ Communications                                                           
Tel: +1 212 802 8588                                                            
Email: bob@richtermedia.com                                                     

NAVTEQ Investor Relations                                                       
Tel: +1 312 894 7500                                                            
Email: investorrelations@navteq.com                                             

www.nokia.com