Exercise of Warrants

Nokia Corporation
27 March 2002

                Nokia warrants exercised for share subscription

A total of 213,908 Nokia shares were subscribed for after the increase in the
share capital registered on February 8, 2002. The shares were subscribed for
with the warrants under the Nokia Stock Option Plans issued to the key personnel
of Nokia. With the A, B and C warrants of the Nokia Stock Option Plan 1997, a
total of 213,776 shares were subscribed for and with the A warrants of the Nokia
Stock Option Plan 1999, a total of 132 shares. The Stock Option Plans were
approved by the Annual General Meetings of March 25, 1997 and March 17, 1999,
respectively.

The corresponding increase in the share capital, in total EUR 12,834.48 has been
registered in the Finnish Trade Register on March 27, 2002. As a result of the
increase, the share capital of Nokia is currently EUR 284,283,450.06 and the
total number of shares is 4,738,057,501. Nokia received as additional
shareholders' equity a total of EUR 692,057.58.

The holders of the new shares are entitled to all shareholders' rights from the
registration date March 27, 2002 including the right to dividend for the fiscal
year 2002. The new shares as well as the shares registered on February 8, 2002,
will be listed on the Helsinki Exchanges together with the other shares on April
2, 2002. Listing of the shares will also be applied for on the Frankfurt,
London, New York, Paris and Stockholm Stock Exchanges.

The subscription period for the A warrants of the Nokia Stock Option Plan 1997
began in December 1997, for the B warrants in November 1999 and for C warrants
in November 2001 and for the A warrants of the Nokia Stock Option Plan 1999 in
April 2001. The A, B and C warrants of the Nokia Stock Option Plan 1997 are
listed on the Helsinki Exchanges as one security.

Further information:

Nokia,

Corporate Communications
Tel. [phone]
Fax. [phone]
Email [e-mail]

www.nokia.com





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