Listing of Warrants

NOKIA CORPORATION
22 July 1999                                            
                                     

Nokia applies for listing of warrants on the main list
of the Helsinki Exchanges

Nokia Board has resolved to apply for listing of the B warrants of
the Stock Option Plan 1995 and the A, B and C warrants of the
Stock Option Plan 1997 on the main list of the Helsinki Exchanges
so that the listing commences on or about

-        December 1, 1999 (B warrants of the 1995 Plan),
-        November 1, 1999 (A and B warrants of the 1997 Plan), and
-        November 1, 2001 (C warrants of the 1997 Plan).

In connection with the Stock Option Plan 1995, 2.9 million B
warrants were issued. As of December 1, 1999, each B warrant
entitles holders to subscribe for four Nokia shares at a price of
FIM 168. In the aggregate, the B warrants entitle holders to
subscribe for 11 600 000 shares.

In connection with the Stock Option Plan 1997, a total of
9.5 million warrants were issued. The warrants are divided into
categories A, B and C, and currently entitle holders to subscribe
for four Nokia shares at a price of FIM 307 after the applicable
exercise dates. Some A warrants have already been exercised after
December 1, 1997. B warrants entitle holders to subscribe for
shares from November 1, 1999 and C warrants may be exercised from
November 1, 2001. In the aggregate 38 000 000 shares may be
subscribed for under the Stock Option Plan 1997.

In connection with the listing, the B warrants of the Stock Option
Plan 1995 and all the warrants of the Stock Option Plan 1997 will
be transferred into the book-entry system by November 1, 1999.

Further information:

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

www.nokia.com