Nokia Completes Loudeye Acquisition

Nokia Completes Loudeye Acquisition

ESPOO, Finland and SEATTLE, Washington, October 16/PRNewswire-FirstCall/ -- Nokia (NYSE: NOK) today announced that it has completed its acquisition
of Loudeye Corp. (Nasdaq: LOUD), a global leader of digital music platforms
and digital media distribution services.

"With this acquisition completed, Nokia is on target to deliver the best
fully integrated mobile music experience to our customers during 2007," said
Anssi Vanjoki, executive vice president and general manager, Multimedia,
Nokia. "This new team brings the enthusiasm and expertise that make
experiences such as our recently announced Music Recommenders service
possible. Our vision is to enable people to access all the music they want,
anywhere, anytime and at a reasonable cost; this is driving the development
of our music offering."

The Nokia music experience will include music optimized devices like the
Nokia N91 8GB and other Nokia Nseries multimedia computers, innovative music
applications like the Nokia Podcasting application and the ability to
discover, purchase and manage music.

As a result of the acquisition, Loudeye common stock is no longer
publicly traded and each outstanding share of Loudeye common stock has been
converted into the right to receive USD $4.50 in cash.

About Nokia Nseries

Nokia Nseries is a range of high performance multimedia devices that
delivers unparalleled mobile multimedia experiences by combining the latest
technologies with stylish design and ease of use. With Nokia Nseries
products, consumers can use a single device to enjoy entertainment, access
information and to capture and share pictures and videos, whenever and
wherever they want.

About Nokia

Nokia is the world leader in mobile communications, driving the growth
and sustainability of the broader mobility industry. Nokia connects people to
each other and the information that matters to them with easy-to-use and
innovative products like mobile phones, devices and solutions for imaging,
games, media and businesses. Nokia provides equipment, solutions and services
for network operators and corporations.

Nokia Forward-Looking Statement Disclaimer

It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding: A) the
timing of product and solution deliveries; B) our ability to develop,
implement and commercialize new products, 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; and G) statements preceded
by "believe," "expect," "anticipate," "foresee," "target," "estimate,"
"designed" or similar expressions are forward-looking statements. Because
these statements 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) 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; 2) the availability of new products and services by network operators
and other market participants; 3) our ability to identify key market trends
and to respond timely and successfully to the needs of our customers; 4) 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; 5) competitiveness of our product portfolio; 6) timely and
successful commercialization of new advanced products and solutions; 7) price
erosion and cost management; 8) the intensity of competition in the mobile
communications industry and our ability to maintain or improve our market
position and respond to changes in the competitive landscape; 9) 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; 10) inventory management risks resulting from shifts in market
demand; 11) our ability to source quality components without interruption and
at acceptable prices; 12) our success in collaboration arrangements relating
to development of technologies or new products and solutions; 13) the
success, financial condition and performance of our collaboration partners,
suppliers and customers; 14) any disruption to information technology systems
and networks that our operations rely on; 15) our ability to protect the
complex technologies that 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; 16) general economic
conditions globally and, in particular, economic or political turmoil in
emerging market countries where we do business; 17) developments under large,
multi-year contracts or in relation to major customers; 18) 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; 19) the management of our customer financing
exposure; 20) our ability to recruit, retain and develop appropriately
skilled employees; and 21) the impact of changes in government policies, laws
or regulations; as well as 22) the risk factors specified on pages 12 - 22 of
the company's annual report on Form 20-F for the year ended December 31, 2005
under "Item 3.D Risk Factors."

www.nokia.com

Source: Nokia

Media Enquiries: Nokia, Multimedia , Communications, Kari Tuutti, Tel. +358-7180-45750; Nokia, Communications, Tel. +358-7180-34900, E-mail: press.office@nokia.com; Investor Enquiries: Nokia, Investor Relations Europe, Tel. +358-7180-34289; Investor Relations US, Tel. +1-914-368-0555

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