Stmnt re Share Subscription

Nokia Corporation
7 February 2001


Nokia warrants exercised for share subscription

A total of 1,809,392 Nokia shares were subscribed for after the
increase in the share capital registered on January 9, 2001. The
shares were subscribed for with the warrants attached to the Nokia
Stock Option Plans issued to the key personnel of Nokia. With the
A warrants of the Nokia Stock Option Plan 1995, a total of 689,600
shares were subscribed for, with the B warrants of the same Plan
992,272 shares and with the A and B warrants of the Nokia Stock
Option Plan 1997, a total of 127,520 shares. The issue of these
Stock Option Plans was approved by the Annual General Meetings of
March 30, 1995 and March 25, 1997, respectively.

The corresponding increase in the share capital, in total
EUR 108,563.52 was registered in the Finnish Trade Register on
February 7, 2001. As a result of the increase, the share capital
of Nokia currently is EUR 281,881,326.90 and the total number of
shares is 4,698,022,115. Nokia received as additional
shareholders' equity a total of EUR 3,381,661.46.

The new shares subscribed for entitle their holders to dividend
for the first time for the fiscal year 2001. The holders of the
new shares are entitled to all other shareholders' rights from the
registration date. However, the new shares will be listed on the
Helsinki Exchanges together with the other shares no earlier than
in the turn of March and April 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 1995 began in  December 1997 and for the B warrants in
December 1999. 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 A and B warrants of the Nokia Stock
Option Plan 1997 are listed on the Helsinki Exchanges as one
security.

The subscription period of all the warrants of the Nokia Stock
Option Plan 1995 as well as the whole Nokia Stock Option Plan 1995
ended on January 31, 2001. The last trading day for B warrants on
the Helsinki Exchanges was January 24, 2001.

Further information:
Nokia, Corporate Communications
tel. [phone], fax + 358 (9) 652 409
email: [e-mail]

www.nokia.com