Re Directorate

Nokia Corporation
29 October 2001


Jorma Ollila to continue as Nokia's CEO through 2006


Nokia's Board of Directors has agreed with Jorma Ollila on the
extension of his contract as Chairman and the CEO of Nokia for an
additional five years through 2006. Mr. Paul J. Collins, Nokia's Vice
Chairman of the Board and Chairman of the Personnel Committee, states
that the Board warmly welcomes the agreement.

'Nokia's Board and Jorma Ollila agreed that ensuring continuity of
leadership and management is particularly critical as we face an
unprecedented technological transition in the mobile communication
business. This contract extension meets that need', said Mr. Collins.

Jorma Ollila (51) joined Nokia in 1985, was appointed President and
CEO in 1992, and became member of Nokia's Board of Directors in 1995.
He has been Nokia's Chairman and CEO since 1999.

Further information:

Nokia Corporate Communications
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www.nokia.com