Nokia Warrants Exercised

Nokia Corporation
28 June 2001

Nokia warrants exercised for share subscription

A total of 309,220 Nokia shares were subscribed for after the
increase in the share capital registered on May 23, 2001. The
shares were subscribed for with the warrants under the Nokia
Stock Option Plans issued to the key personnel of Nokia. With
the A and B warrants of the Nokia Stock Option Plan 1997, a
total of 226,320 shares were subscribed for and with the A
warrants of the Nokia Stock Option Plan 1999, a total of 82,900
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
18,553.20, has been registered in the Finnish Trade Register on
June 28, 2001. As a result of the increase, the share capital of
Nokia is currently EUR 281,954,472.30 and the total number of
shares is 4,699,241,205. Nokia received as additional
shareholders' equity a total of EUR 2,130,332.34.

The holders of the new shares are entitled to all shareholders'
rights from the registration date. The new shares will be listed
on the Helsinki Exchanges together with the other shares on June
29, 2001. 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 and for the B warrants in
November 1999. The subscription period for the A warrants of the
Nokia Stock Option Plan 1999 began in April 2001. The A and B
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