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March 28th, 2008
European Commission Extends Review of Nokia’s Planned Acquisition of NAVTEQ

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PR – Nokia announced today that the
European Commission has initiated a Phase II review of the pending
acquisition of NAVTEQ. This is part of the Commission’s review process,
and does not in any way signal the ultimate outcome.
"We have engaged in an open and constructive
dialogue with the Commission in order to find agreement on the
acquisition of NAVTEQ. We have listened to the Commission’s concerns,
and look forward to finding a common understanding that will enable the
transaction to be closed," said Rick Simonson, Executive Vice President
and Chief Financial Officer, Nokia.

 
"Nokia remains strongly committed to this
acquisition, which will play a key role in our Internet services push,"
Simonson added.
 
The Commission now has 90 working days to make a
final decision on the transaction. However, the review period may be
extended to 125 working days under certain circumstances. The
completion of the acquisition is subject to the receipt of European
regulatory approval. Nokia has received all other necessary regulatory
approvals.

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