Exercise of Warrants

Nokia Corporation
10 January 2000


Nokia warrants exercised for share subscription

A total of 5,279,780 Nokia shares were subscribed for after the
increase in the share capital registered on December 20, 1999.
The shares were subscribed for with the warrants attached to the
Nokia Stock Option Plans issued to the key personnel of Nokia.
With the warrants of the 1994 Stock Option Plan 2,721,760 shares
were subscribed for, with the A warrants of the 1995 Stock
Option Plan 31,200 shares, with the B warrants of the 1995 Stock
Option Plan 1,931,120 shares and with the warrants of the 1997
Stock Option Plan 595,700 shares. The issue of these Stock
Option Plans was approved by the Annual General Meetings of
April 7, 1994, March 30, 1995 and March 25, 1997, respectively.

The corresponding increase in the share capital, in total EUR
1,267,147.20 was registered in the Finnish Trade Register on
January 10, 2000. As a result of the increase, the share capital
of Nokia currently is EUR 279,243,831.84 and the total number of
shares is 1,163,515,966. Nokia received as additional
shareholders' equity a total of EUR 32,251,473.75.

The holders of the new shares are entitled to all shareholders'
rights from the registration date. The new shares are listed on
the Helsinki Exchanges together with the old shares on January
11, 2000. Listing of the shares will also be applied for on the
Frankfurt, London, New York, Paris and Stockholm Stock
Exchanges.

The subscription for shares with the warrants of the Nokia Stock
Option Plan 1994 began in December 1998. The subscription period
for the A warrants of the Nokia Stock Option Plan 1995 began in
December 1997 and for the B warrants in December 1999. The
subscription period for the A warrants of the Nokia Stock Option
Plan 1997 began in December 1997 and for the B warrants in
November 1999. The A and B warrants of the Nokia Stock Option
Plan 1997 are listed as one security.

Further information:

Nokia Corporate Communications
Tel. [phone]
Fax [phone]
E-mail: [e-mail]

www.nokia.com