Nokia to invest an additional USD 150 million t...

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Targets innovators in software and services

Menlo Park, California, USA - Nokia Growth Partners, a global private
equity and venture capital management firm, today announced an
additional commitment of USD 150 million from Nokia, increasing funds
under management for direct investments to USD 250 million.  Nokia
began sponsoring funds and promoting venture investments in 1998 as a
catalyst for innovation in the mobile industry.  Nokia commitments to
venture funding activities to date exceed USD 900 million.

Building on a track record of successful investments, Nokia Growth
Partners, launched in 2004, will now establish direct operations in
India and China and augment investment activity in the U.S. and
Europe. With the additional investment announced today, Nokia Growth
Partners will continue pursuing investments that are of strategic
relevance to Nokia, and or complementary to their strategy.

In addition to its direct investment activities, Nokia Growth
Partners will advise on Nokia's other venture capital fund
investments.  Both of these activities focus on promising companies
seeking change in the mobile landscape.  Target investments include
companies creating innovative mobile applications and services that
encourage rapid adoption of mobile solutions, such as context and
location based services, mobile payments, mobile advertising, music
and entertainment and other mobile services and software.

"Over the past decade, Nokia has developed an innovative, systematic
and sustainable private equity and venture capital strategy", says
Rick Simonson, Executive Vice President & Chief Financial Officer of
Nokia. "Our funds are structured to reinforce the primary
responsibility of any fund manager: to deliver superior return on
investment.  For the funds we invest in, the prospect of partnerships
and insights that come from close alignment with Nokia set us apart
from pure financial investors. This increase of our commitment to
Nokia Growth Partners is aligned with our strategic focus on consumer
Internet services, reflecting the increased role that Nokia Growth
Partners will play in our future success."

During the past year, Nokia has also developed close working
relationships with selected venture funds in which it has invested,
in addition to those investments under direct management. These
include:
- BlueRun Ventures - early stage venture, global
- Founders Fund - early stage venture, U.S.
- Gobi Partners - early stage IT and digital media fund, China
- Magma Venture Partners - early stage semiconductor & communications
fund, Israel
- Oak Hill Capital Partners - late stage, global private equity &
buy-out firm, U.S.
- Technology Crossover Ventures - growth/late stage venture fund,
U.S.

"Nokia has selected each of these funds based on a strong record of
delivering superior returns to investors, demonstrated expertise in
relevant markets for Nokia and a strong commitment to work closely
with Nokia, to enhance the opportunities for success in the companies
in which they invest," said Paul Asel of Nokia Growth Partners.

"Today's announcements underscore the success of Nokia Growth
Partners," concludes John Gardner of Nokia Growth Partners.  "Nokia's
new commitments will more than double our capital under direct
management, enabling us to scale globally and better support Nokia
strategic interests at a critical time for the industry.  Alignment
with the global industry leader in mobile devices and a leading
innovator in the convergence of mobility and the Internet is a clear
advantage for the companies in which we invest."

About Nokia
Nokia is the world leader in mobility, driving the transformation and
growth of the converging Internet and communications industries. We
make a wide range of mobile devices with services and software that
enable people to experience music, navigation, video, television,
imaging, games, business mobility and more. Developing and growing
our offering of consumer Internet services, as well as our enterprise
solutions and software, is a key area of focus. We also provide
equipment, solutions and services for communications networks through
Nokia Siemens Networks.

About Nokia Growth Partners
Nokia Growth Partners is a leading global growth stage venture firm
focused on mobile technology, services and media.  Nokia Growth
Partners is funded by Nokia to provide superior returns and
investments into companies, firms, and people that are changing the
face of mobility, communications, and the internet.  Nokia Growth
Partners works closely with the promising companies adding value
through deep domain expertise and network in the mobility market
combined with many years of venture investment experience.  Nokia
Growth Partners offers companies in which it invests a global
engagement model through its presence in the U.S., Europe and Asia.
See www.nokiagrowthpartners.com for more information.

Media Enquiries:

Nokia North America Communications
Tel. [phone]
Email: [e-mail]

Nokia Communications
Tel. [phone]
Email: [e-mail]

www.nokia.com
www.nokiagrowthpartners.com


 
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