Warrants Exercised

Nokia Corporation
27 March 2001

                           March 27, 2001


NOKIA WARRANTS EXERCISED FOR SHARE SUBSCRIPTION


A total of 197,152 Nokia shares were subscribed for after the
increase in the share capital registered on February 7, 2001.
The shares were subscribed for with the A and B warrants
attached to the Nokia Stock Option Plan 1997 issued to the key
personnel of Nokia. The issue of this Stock Option Plan was
approved by the Annual General Meeting of March 25, 1997.

The corresponding increase in the share capital, in total EUR
11,829.12 was registered in the Finnish Trade Register on March
27, 2001. As a result of the increase, the share capital of
Nokia currently is EUR 281,893,156.02 and the total number of
shares is 4,698,219,267. Nokia received as additional
shareholders' equity a total of EUR 636,230.37.

The holders of the new shares are entitled to all shareholders'
rights from the registration date including the right to
dividend for the fiscal year 2001. The new shares as well as the
shares registered on February 7, 2001, will be listed on the
Helsinki Exchanges together with the other shares on March 28,
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 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.


Further information:
Nokia
Corporate Communications
Tel. [phone]
Fax. [phone]
Email: [e-mail]

www.nokia.com