Nokia warrants exercised

Nokia Corporation
19 December 2002


Nokia warrants exercised for share subscription


A total of 8,175,024 Nokia shares were subscribed for after the increase in the
share capital registered on November 26, 2002. The shares were subscribed for
with the A, B and C warrants of the Nokia Stock Option Plan 1997 issued to the
key personnel of Nokia. The Stock Option Plan was approved by the Annual General
Meeting of March 25, 1997.


The corresponding increase in the share capital, in total EUR 490,501.44 has
been registered in the Finnish Trade Register on December 19, 2002. As a result
of the increase, the share capital of Nokia is currently EUR 287,032,228.14 and
the total number of shares is 4,783,870,469. Nokia received as additional
shareholders' equity a total of EUR 26,379,780.57.


The holders of the new shares are entitled to all shareholders' rights from the
registration date December 19, 2002. The new shares will be listed on the
Helsinki Exchanges together with the other shares on December 20, 2002. Listing
of the shares will also be applied for on the Frankfurt, London, New York, Paris
and Stockholm Stock Exchanges.


The subscription prices of the 2001C 1Q/02, 2002AB, 2001C 3Q/02 and 2001C 4Q/02
stock options under the Nokia Stock Option Plan 2001 have been determined during
this year. The subscription price of the 2001C 1Q/02 stock options is EUR 26.06;
of the 2002 AB stock options EUR 17.89; of the 2001C 3Q/02 stock options EUR
12.99 and of the 2001C 4Q/02 stock options EUR 16.86. The said subscription
prices were determined on the basis of the trade volume weighted average prices
of the Nokia share on the Helsinki Exchanges during the trading days of the
second whole week of the second month of the respective calendar quarter in the
year 2002.


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 the C
warrants in November 2001. Subsequently, the share subscription period began for
the A warrants of the Nokia Stock Option Plan 1999 in April 2001 and for the B
warrants in April 2002, for the 2001AB warrants of the Nokia Stock Option Plan
2001 in July 2002 and for the 2001C 3Q/01 warrants in October 2002. The A, B and
C warrants of the Nokia Stock Option Plan 1997 are listed on the Helsinki
Exchanges as one security.


The subscription period of A, B and C warrants of the Nokia Stock Option Plan
1997 comes to an end on January 31, 2003 and the listing of the warrants on the
Helsinki Exchanges terminates on January 24, 2003.



Further information:


Nokia, Corporate Communications

tel. [phone]

fax [phone]

[e-mail]


www.nokia.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange