Nokia warrants exercised

Nokia Corporation
20 December 2001


Nokia warrants exercised for share subscription

A total of 6,116,504 Nokia shares were subscribed for after the
increase in the share capital registered on November 22, 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, B and C warrants of the Nokia Stock Option Plan 1997, a
total of 6,115,904 shares were subscribed for and with the A
warrants of the Nokia Stock Option Plan 1999, a total of 600
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
366,990.24 has been registered in the Finnish Trade Register on
December 20, 2001. As a result of the increase, the share
capital of Nokia is currently EUR 284,019,540.30 and the total
number of shares is 4,733,659,005. Nokia received as additional
shareholders' equity a total of EUR 19,745,390.22.

The holders of the new shares are entitled to all shareholders'
rights from the registration date December 20, 2001. The new
shares will be listed on the Helsinki Exchanges together with
the other shares on December 21, 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, for the B warrants in
November 1999 and for C warrants in November 2001. The
subscription period for the A warrants of the Nokia Stock Option
Plan 1999 began in April 2001. 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. [phone]
Email: [e-mail]

www.nokia.com