Issue of Equity

Nokia Corporation
24 July 2002


Nokia warrants exercised for share subscription


A total of 1,462,624 Nokia shares were subscribed for after the increase in the
share capital registered on June 25, 2002. The shares were subscribed for with
the A, B and C warrants of the Nokia Stock Option Plan 1997 issued to the key
personnel of Nokia. The Stock Option Plan was approved by the Annual General
Meeting of March 25, 1997.


The corresponding increase in the share capital, in total EUR 87,757.44 has been
registered in the Finnish Trade Register on July 24, 2002. As a result of the
increase, the share capital of Nokia is currently EUR 285,281,377.26 and the
total number of shares is 4,754,689,621. Nokia received as additional
shareholders' equity a total of EUR 4,719,704.82.


The holders of the new shares are entitled to all shareholders' rights from the
registration date July 24, 2002. The new shares will be listed on the Helsinki
Exchanges together with the other shares on July 25, 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 the C
warrants in November 2001, for the A warrants of the Nokia Stock Option Plan
1999 in April 2001, for the B warrants in April 2002 and for the 2001A warrants
of the Nokia Stock Option Plan 2001 in July 2002. 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. + 358 7180 38226
Email: [e-mail]

www.nokia.com






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