Share Subscription

NOKIA CORPORATION
23 July 1999


Nokia warrants exercised for share subscription

A total of 361,280 Nokia shares were subscribed for after the
previous increase in the share capital was registered on June 6,
1999. The shares were subscribed for with the warrants attached
to the bond loans issued to the key personnel of Nokia. With the
warrants of the 1995 bond loan 117,200 shares were subscribed
for and with the warrants of the 1997 bond loan 244,080 shares.
The issue of these bond loans was approved by the Annual General
Meetings of March 30, 1995 and March 25, 1997, respectively.

The increase in the share capital, in total EUR 86,707.20 was
registered in the Finnish Trade Register on July 23, 1999. As a
result of the increase, the share capital of Nokia is now EUR
291,115,873.92 and the total number of shares is 1,212,982,808.
Nokia received as additional shareholders' equity in total EUR
3,978,576.22.

The holders of the new shares are entitled to all shareholders'
rights from the registration date. The new shares are listed at
the Helsinki Exchanges together with the old shares on July 26,
1999. Listing of the shares will also be applied for at the
Frankfurt, London, New York, Paris and Stockholm Stock
Exchanges.

The subscription for shares with the Nokia 1995 and 1997 bond
loans with warrants began in December 1997.


Further information:

Nokia, Corporate Communications, tel. [phone].
www.nokia.com