Nokia warrants exercised

Nokia Corporation
7 May 2001


                           May 7, 2001

Nokia warrants exercised for share subscription

A total of 268,068 Nokia shares were subscribed for after the
decrease in the share capital registered on April 17, 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 72,016 shares were subscribed for and with the A
warrants of the Nokia Stock Option Plan 1999, a total of 196,052
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
16,084.08, has been registered in the Finnish Trade Register on
May 7, 2001. As a result of the increase, the share capital of
Nokia is currently EUR 281,905,103.10 and the total number of
shares is 4,698,418,385. Nokia received as additional
shareholders' equity a total of EUR 3,543,231.40.

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 May
8, 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.

The subscription price for one C warrant of the Nokia Stock Option
Plan 1999 was confirmed to be EUR 116.48, which is the trade
volume weighted average price of the Nokia share on the Helsinki
Exchanges during the last five trading days in March 2001. Each C
warrant of the 1999 Plan entitles its holder to subscribe for four
Nokia shares with a par value of EUR 0.06 for the aggregate
subscription price of EUR 116.48 during the period from April 1,
2003 to December 31, 2004.

Further information:

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

www.nokia.com