Nokia warrants exercised

Nokia Corporation
27 July 2001


Nokia warrants exercised for share subscription

A total of 39,180 Nokia shares were subscribed for after the
increase in the share capital registered on June 28, 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 1,680
shares were subscribed for and with the A warrants of the Nokia
Stock Option Plan 1999, a total of 37,500 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
2,350.80, has been registered in the Finnish Trade Register on
July 27, 2001. As a result of the increase, the share capital of
Nokia is currently EUR 281,956,823.10 and the total number of
shares is 4,699,280,385. Nokia received as additional
shareholders' equity a total of EUR 638,702.79.

The holders of the new shares are entitled to all shareholders'
rights from the registration date July 27, 2001. The new shares
will be listed on the Helsinki Exchanges together with the other
shares on July 30, 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