2nd Quarter & Interim Results

NOKIA CORPORATION
22 July 1999

Nokia paves the way to the mobile information society
with continued strong performance

Nokia reports strong results for the second quarter of 1999 with
continued fast growth. Net sales totaled EUR 4 493 million, an
increase of 45% compared to the second quarter in 1998. Operating
profit increased by 56% to EUR 881 million resulting in an
operating margin of 19.6%.

Jorma Ollila, Nokia Chairman and CEO, said: 'Orders for our
infrastructure products developed positively with increasing
demand for our broadband and data solutions. To keep up with
strong GSM subscriber growth, operators continued to expand
network capacity and upgrade their networks to offer emerging
value-added data services. At the same time, strong demand for our
very competitive range of mobile phones continued and we
strengthened our position as the number one mobile phone
manufacturer in the world.'

'Strong sales and order inflow growth continued in all geographic
regions and the U.S. and China continued to be our two largest
markets. Our innovativeness, strengthening market position and
globally recognized brand, combined with high profitability give
us the ability to lead the creation of the mobile information
society and excel in performance.'

Commenting on the future Ollila said: 'Our overall performance
during the first half of the year gives us confidence to reach or
slightly exceed the high-end of our 1999 net sales growth target
of 25-35%.'

EUR Million               2Q      2Q    Change    1H      1H     1998
                         1999    1998     %      1999    1998
Net sales               4 493   3 098    + 45   8 363   5 599  13 326
  Nokia
  Telecommunications    1 390   1 058    + 31   2 498   1 948   4 390
  Nokia Mobile Phones   2 922   1 849    + 58   5 499   3 188   8 070
  Other Operations        203     241    - 16     401     554   1 014
Operating profit          881     563    + 56   1 649     953   2 489
  Nokia
  Telecommunications      274     243    + 13     500     456     960
  Nokia Mobile Phones     671     327   + 105   1 287     491   1 540
  Other Operations       - 64     - 7           - 138       6    - 11
Profit before tax and     877     546    + 61   1 635     933   2 456
minority interests     
Profit from continuing    581     365    + 59   1 086     631   1 680
operations
Net profit                581     365    + 59   1 086     701   1 750
EPS from continuing                                                     
operations, EUR
  Basic                  0.51    0.32    + 59    0.95    0.56    1.48
  Diluted                0.49    0.31    + 58    0.92    0.54    1.43

NOKIA IN JANUARY - JUNE 1999

SECOND QUARTER 1999 RESULTS
(International Accounting Standards, IAS, comparisons given to the
second quarter 1998 results)

Nokia's net sales increased by 45% to EUR 4 493 million (EUR 3 098
million). Sales of Nokia Telecommunications increased by 31% to
EUR 1 390 million (EUR 1 058 million) and sales of Nokia Mobile
Phones by 58% to EUR 2 922 million (EUR 1 849 million). Sales of
Other Operations decreased by 16% and totaled EUR 203 million (EUR
241 million).

Sales continued to grow rapidly in all geographic regions. Sales
of infrastructure grew fastest in Europe. Continued fast market
growth in all geographic regions as well as Nokia's competitive
product portfolio contributed to the high growth in mobile phone
sales.

Operating profit increased by 56% to EUR 881 million (EUR 563
million), representing an operating margin of 19.6% (18.2%).
Operating profit in Nokia Telecommunications increased by 13% to
EUR 274 million (EUR 243 million), representing an operating
margin of 19.7% (22.9%). Operating profit in Nokia Mobile Phones
increased by 105% to EUR 671 million (EUR 327 million),
representing an operating margin of 23.0% (17.7%). Other
Operations, incorporating Nokia Communications Products, Nokia
Ventures Organization, Nokia Research Center and common Group
functions, reported an operating loss of EUR 64 million (operating
loss of EUR 7 million).

Net interest and financial expenses totaled EUR 2 million (EUR 19
million). Profit before tax and minority interests was EUR 877
million (EUR 546 million). Profit from continuing operations was
EUR 581 million (EUR 365 million). Net profit totaled EUR 581
million (EUR 365 million).

Earnings per share from continuing operations increased to EUR
0.51 (basic) and to EUR 0.49 (diluted) compared to EUR 0.32
(basic) and EUR 0.31 (diluted).

FIRST HALF YEAR 1999 RESULTS
(International Accounting Standards, IAS, comparisons given to the
first half year 1998 results)

Nokia's net sales increased by 49% and totaled EUR 8 363 million
(EUR 5 599 million). Sales of Nokia Telecommunications increased
by 28% to EUR 2 498 million (EUR 1 948 million) and sales of Nokia
Mobile Phones by 72% to EUR 5 499 million (EUR 3 188 million).
Sales of Other Operations decreased by 28% and totaled EUR 401
million (EUR 554 million). During the the first half year, Europe
accounted for 56% of Nokia's net sales, Asia Pacific for 23% and
the Americas for 21%. The five single largest markets were the
U.S., China, the UK., Germany and Italy.

Operating profit increased by 73% to EUR 1 649 million (EUR 953
million). Operating profit in Nokia Telecommunications increased
by 10% to EUR 500 million (EUR 456 million). Operating profit in
Nokia Mobile Phones increased by 162% to EUR 1 287 million (EUR
491 million). Other Operations reported an operating loss of EUR
138 million (operating profit of EUR 6 million).

Net interest and financial expenses totaled EUR 10 million (EUR 23
million). Profit before tax and minority interests was EUR 1 635
million (EUR 933 million). Profit from continuing operations was
EUR 1 086 million (EUR 631 million). Net profit totaled EUR 1 086
million (EUR 701 million).

Earnings per share from continuing operations increased to EUR
0.95 (basic) and to EUR 0.92 (diluted) compared to EUR 0.56
(basic) and EUR 0.54 (diluted). At the end of June 1999, the total
number of issued shares was 1 212 621 528.

At June 30, 1999, net debt-to-equity ratio (gearing) was -38% 
(-36% at the end of 1998). During the January-June period 1999,
capital expenditures amounted to EUR 512 million (EUR 314
million).

The average number of employees during the first half year period
was 48 281. At June 30, Nokia employed a total of 51 849 people
(41 596 people at June 30, 1998).

MAIN DEVELOPMENTS IN THE SECOND QUARTER 1999

During the second quarter 1999, Nokia continued to enhance its
capabilities to exploit the emerging market for third generation
mobile communications by introducing new products and solutions.
Nokia's Global IP Mobility vision paves the way to the mobile
information society by combining IP and wireless access, and
enabling secure IP access with two separate, complementary paths:
one originating in cellular communications and one in IP
networking.

Nokia continued to develop and sell mobile Internet Protocol (IP)
solutions, Wireless Application Protocol (WAP) and General Packet
Radio Service (GPRS) based products, as well as solutions for
broadband wireless connectivity and IP security. Releasing the WAP
Server and the Nokia WAP Browser were further steps in Nokia's
commitment to open standards and bringing the Internet to mobile
phone users. In addition, Nokia expects to bring the world's first
fully WAP-compliant media phone, the Nokia 7110, to the markets
during the ongoing quarter.

In May, Nokia introduced a comprehensive Wireless LAN solution as
part of its Global IP Mobility vision using the access point
technology developed for Nokia's Wireless LAN product portfolio.
It allows  wireless broadband access to the Internet, corporate
databases and e-mail. Incorporating Nokia Wireless LAN Access
Points and Nokia Wireless LAN Cards, the solution currently
provides up to 2 Mbits per second connectivity from mobile
devices, enabling transfer of graphics and e-mails with large
attachments as well as videoconferencing.

In June, Nokia joined the Wireless LAN Alliance (WLANA), a trade
association for the wireless LAN industry. Nokia also agreed to
work together with Ubiquity Software Corporation to deliver high
value applications for next generation IP Telephony based
networks, allowing services such as IP-enabled voice messaging and
advanced call control solutions. Geotele.Com, Inc., a U.S.-based
long distance carrier, chose Nokia IP Gateways for the deployment
of its international Voice-over-IP network.

Continuing to strengthen its research and development, Nokia
acquired a software R&D team from Fujitsu Ltd in Finland. Nokia
also established three new R&D centers, in Finland, Denmark and
the U.S., and announced that it will expand its R&D activities in
India.

Nokia Telecommunications announced GSM expansion contracts with M1
in Singapore, PKT Centertel in Poland and Yunnan PTA and Zhejiang
Mobile Communications in China. Nokia also signed three new
contracts with China United Telecommunications Corporation (China
Unicom) for its Anhui, Gansu and Inner Mongolia branches. In
addition, Amena selected Nokia as a GSM 1800 supplier in Spain,
further strengthening Nokia's position as a leading supplier of
GSM infrastructure in Europe. In Russia, Nokia won a new customer
as Vimpelcom chose Nokia for the expansion of its dual band GSM
network.

Mobile operators continued to prepare their networks for new value
added services, investing in packet switched GPRS and WAP
technology. Nokia signed new GPRS contracts with Hongkong Telecom
in China, Sonofon in Denmark, Polkomtel in Poland and with
Radiolinja in Finland. GPRS brings IP based services to the mobile
mass market.

In June, Nokia signed a development agreement with SK Telecom in
Korea, which operates the world's largest IS-95 CDMA network, to
further the development of third generation Wideband Code Division
Multiple Access (WCDMA) network planning technology. Nokia is one
of the leading manufacturers developing end-to-end WCDMA network
systems, management tools and customer services to operators
worldwide.

Sales developed very favorably in IP security and Fast Internet
Access solutions. During the second quarter, Nokia introduced a
range of innovative products. They include the Nokia IP 330
security solution aimed at securing networks and simplifying
firewall deployment, and the Speedlink Release 4.0 Digital
Subscriber Line Access Multiplexer (DSLAM) that offers
compatibility with leading voice gateway products, enabling
service providers to offer integrated voice and priority data
services. Nokia also introduced new High Speed Digital Subscriber
Line (HDSL2) products offering a broad range of service
capability.

Nokia launched the Artus Picture Messaging Application that
enables users to send pixel images to mobile phones supporting the
function, such as the Nokia 3210.

To strengthen its radio network planning competence and accelerate
related product creation, Nokia acquired a 40% holding in the UK-
based AIRCOM International in June.

Infrastructure customers have received Nokia's Year 2000
preparations well. Many operators are in the process of
implementing Year 2000 upgrades to their operative networks, but
there are also indications that some operators are considering
delaying of certain software upgrades over the change of the
millennium. Nokia believes that its proactive customer cooperation
concerning Year 2000 issues should help the company to minimize
the actual business consequences of Year 2000 related issues.

Nokia Mobile Phones' strong sales volume growth continued in all
geographic regions, further solidifying Nokia's global mobile
phone market leadership.

Nokia continued to increase its market share in GSM phones in
China, the world's single largest GSM market. Current estimates
put the number of cellular subscribers in China at 37 million with
approximately 30 million of them using GSM. To meet the growing
demand for its mobile phones in China and also for export from
China, Nokia invested in additional manufacturing capacity in its
two local joint venture mobile phone factories.

According to preliminary market estimates, the global mobile phone
subscriber base reached 375 million users at the end of June 1999.
Nokia estimates that the number of mobile subscribers will exceed
one billion in 2003.

Deliveries of the tri-mode Nokia 6185 CDMA 800/1900/AMPS, the
Nokia 5170 for CDMA 1900  and the dual band Nokia 3210 GSM
900/1800 started in June and deliveries of the dual-mode Nokia
5180 for CDMA 800/AMPS started in July. Deliveries of the premium
category tri-mode Nokia 8860 for TDMA 800/1900/AMPS and the Nokia
7110 media phone are expected to start during the third quarter.

In June, Nokia announced an agreement with the U.S.-based Sprint
PCS for Internet capable tri-mode Nokia 6185 phones and single
band Nokia 5170 phones. The value of the contract is USD 360
million with the potential to increase it to over USD 500 million.

Nokia introduced its new premium category mobile phone model, the
Nokia 8850 in June. This dual band GSM 900/1800 phone combines an
extensive set of features, including voice dialing with a high-
class design as well as outstanding performance levels. The phone
is expected to be available in the fourth quarter.

Nokia also introduced the world's first dual-band (GSM 900/1800)
high speed data terminal. This Nokia Card Phone 2.0. is a PC card
with a built-in GSM phone supporting High Speed Circuit Switched
Data (HSCSD). It enables data transmission of up to 43.2 Kbit/s
without data compression, and is expected to be commercially
available in the fourth quarter. In addition, Nokia introduced a
new phone for NMT 450 networks. The Nokia 640 is an innovative and
easy to use analog mobile phone that features 3 volt technology
and the Nokia NaviKey concept. It is expected to be available in
the third quarter.

Other Operations
Nokia Multimedia Terminals continued to strengthen its market
position in Europe and in the Asia Pacific region. Nokia is among
the first suppliers to deliver multimedia terminals for digital
terrestrial services reception in the UK and Sweden. In Malaysia,
Nokia is a partner in a venture to set up the first major digital
broadband multimedia platform in the Asia Pacific region.

Nokia Industrial Electronics signed two significant OEM product
agreements. Deliveries of these 17' to 21' CRT monitors will start
during the second half of the year.

At Nokia Ventures Organization, Nokia Wireless Business
Communications now incorporates the former InTalk Corporation that
Nokia acquired in February. The unit focuses on developing access
point technology for Nokia's wireless LAN product portfolio,
supporting the next generations of higher speed wireless
solutions. Sales of these products began in June in North America,
and are expected to begin during the second half of the year in
other parts of the world.

Nokia Wireless Software Solutions continued to develop WAP-based
mobile software solutions. Nokia's WAP Toolkit has been downloaded
by almost 15 000 customers through the Internet since January. In
June, Nokia introduced the Nokia WAP Browser and is currently
testing the Beta version of the Nokia WAP Server product.

STATEMENT BY JORMA OLLILA, CHAIRMAN AND CEO

I am pleased to report that our sales growth and operating profit
development continued positively during the second quarter of the
year. Strong sales and order inflow growth continued in all
geographic regions and the U.S. and China continued to be our two
largest markets.

Orders for our infrastructure products developed positively with
increasing demand for our broadband and data solutions. To keep up
with strong GSM subscriber growth, operators continued to expand
network capacity and upgrade their networks to offer emerging
value-added data services through WAP, HSCSD and GPRS. Our
Wireless LAN concept has been well received by the markets. We
have also become a leading supplier of GPRS core networks with
orders to deliver seven networks this year. Our GPRS solution
delivers leading-edge packet radio mobility management with high
packet throughput and best-in-class security.

Strong demand for our very competitive range of mobile phones
continued and we strengthened our position as the number one
mobile phone manufacturer in the world. During the quarter we
introduced new CDMA phones for carriers in the U.S., Canada and
Latin America, strengthening our position in this technology. We
will continue to introduce new products to the markets during the
coming months as part of our strategy to continuously renew our
product lines.

Our innovativeness, strengthening market position and globally
recognized brand combined with high profitability give us the
ability to lead the creation of the mobile information society and
excel in performance.

Our vision for the mobile information society meets the two
dominating user requirements of today: freedom of mobility and
Internet information and services. Global implementation of the
mobile Internet is proceeding rapidly and enabling technologies,
such as WAP and GPRS, will become commercial in the months to
come. We expect a number of WAP compliant products and services to
be launched later this year, and in line with our intent we are at
the forefront of this development. We are preparing for the
world's first WAP terminals, the Nokia 7110 media phones, to be in
the hands of consumers during the ongoing quarter along with the
introduction of WAP services. The Nokia 7110 makes the concept of
'Internet in your pocket' a reality.

With an estimated 375 million mobile subscribers at the end of
June and upgrade sales accounting for over 40% of total units
sold, the importance of brand, design and segmentation is
increasing. Our philosophy is to combine the most sophisticated
technologies with user-friendly interface and high-class design.
We have been pleased to note that our Connecting People approach,
an essential element of the Nokia brand, has been widely accepted
across the markets worldwide. A recent study ranked Nokia the 11th
most valuable brand worldwide owned by a public company.

We have successfully concluded a series of acquisitions in key
technology areas and integrated these businesses faster than
originally envisioned. They have already contributed to the
broadening of our product offering, especially in the areas of IP
networking and wireless LAN. We will continue our acquisition
strategy in line with our ambition to expand competences in new
emerging areas of communications.

Our actual results will always depend not only on our performance
but on a variety of external factors, including general economic
and industry conditions. However, our overall performance during
the first half of the year gives us confidence to reach or
slightly exceed the high-end of our 1999 net sales growth target
of 25-35%.

CONSOLIDATED PROFIT AND LOSS ACCOUNT, IAS, EUR million
(unaudited)
                   4-6/99     4-6/98     1-6/99     1-6/98    1-12/98
                                                                    
Net sales           4 493      3 098      8 363      5 599     13 326
Cost of goods sold -2 783     -1 898     -5 112     -3 512     -8 299
Research and         -395       -275       -747       -515     -1 150
development expenses
Selling, general     -434       -362       -855       -619     -1 388
and administrative expenses
                                                                    
Operating profit      881        563      1 649        953      2 489
Share of results of    -2          2         -4          3          6
associated companies
Financial income and   -2        -19        -10        -23        -39
expenses
                                                                    
Profit before tax     877        546      1 635        933      2 456
and minority interests


Tax                  -280       -164       -526       -279       -737
Minority interests    -16        -17        -23        -23        -39
                                                                    
Profit from           581        365      1 086        631      1 680
continuing operations
Cumulative prior        -         -          -          70         70
year net effect of change   
in accounting policies
                                                                    
Net profit            581        365      1 086        701      1 750
                                                                    
                                                                    
                                                                    
Earnings per share, EUR                                             
Continuing operations                                               
Basic                0.51       0.32       0.95       0.56       1.48
Diluted              0.49       0.31       0.92       0.54       1.43
                                                                    
Net profit                                                          
Basic                0.51       0.32       0.95       0.62       1.54
Diluted              0.49       0.31       0.92       0.60       1.49
                                                                    
Average number of shares                                            
(1 000 shares)                                                      
Basic           1 147 985  1 138 054  1 147 435  1 136 634  1 138 341
Diluted         1 184 408  1 171 873  1 183 575  1 168 472  1 173 301
                                                                    
                                                                    
Depreciation          140        128        284        240        509
                                                                    


Currency rate June 30, 1999, 1 EUR = 1.034 USD, 1 EUR = 5.94573 FIM


NET SALES BY BUSINESS GROUP, EUR million
(unaudited)

                              4-6/99  4-6/98  1-6/99  1-6/98 1-12/98
                                                                    
Nokia Telecommunications       1 390   1 058   2 498   1 948   4 390
Nokia Mobile Phones            2 922   1 849   5 499   3 188   8 070
Other Operations                 203     241     401     554   1 014
Inter-business group             -22     -50     -35     -91    -148
eliminations
                                                                    
Nokia Group                    4 493   3 098   8 363   5 599  13 326
                                                              


OPERATING PROFIT BY BUSINESS GROUP, EUR million

                              4-6/99  4-6/98  1-6/99  1-6/98 1-12/98
                                                                    
Nokia Telecommunications         274     243     500     456     960
Nokia Mobile Phones              671     327   1 287     491   1 540
Other Operations                 -64      -7    -138       6     -11
                                                                    
Nokia Group                      881     563   1 649     953   2 489
                                                                    

CONDENSED CASH FLOW STATEMENT, IAS, EUR million
(unaudited)
                                       1-6/1999   1-6/1998  1-12/1998
                                                             
                                                                    
Net cash from operating activities        1 520        615    1 687
                                                                    
Net cash used in investing activities      -663       -324     -780
                                                                    
Net cash used in financing activities      -931       -434      -63
                                                                    
Net increase in cash and cash               -74       -143      844
equivalents
                                                                    
Cash and cash equivalents at beginning    2 970      2 080    2 047
of period
                                                                    
Cash and cash equivalents at end of       2 896      1 937    2 891
period
                                                                    

Dividends
Net cash used in financing activities 1-6/99 includes dividends
paid EUR 563 million (1-6/98 EUR 358 million).


Currency rate June 30, 1999, 1 EUR = 1.034 USD, 1 EUR = 5.94573 FIM

CONSOLIDATED BALANCE SHEET, IAS, EUR million
(unaudited)

                                      30.6.1999  30.6.1998 31.12.1998
                                                                    
ASSETS                                                              
                                                                    
Fixed assets and other non-current                                  
assets
    Intangible assets                      663        367        484
    Property, plant and equipment        1 617      1 178      1 331
    Deferred tax assets                    259        227        196
    Other assets                           214        171        209
                                         2 753      1 943      2 220
Current assets                                                      
    Inventories                          1 634      1 291      1 292
    Receivables                          4 010      2 712      3 631
    Short-term investments               2 054      1 576      2 165
    Bank and cash                          843        361        726
                                         8 541      5 940      7 814
                                                                    
Total assets                            11 294      7 883     10 034
                                                                    
SHAREHOLDERS' EQUITY AND LIABILITIES                                
                                                                    
Shareholders' equity                     5 670      4 018      5 109
                                                                    
Minority interests                          89         67         63
                                                                    
Long-term liabilities                                               
    Long-term interest bearing             290        172        257
    liabilities
    Deferred tax liabilities                86         90         88
    Other long-term liabilities             48         46         64
                                           424        308        409
Current liabilities                                                 
    Short-term borrowings and current      436        517        760
    portion of long-term debt
    Accounts payable                     1 845      1 007      1 357
    Accrued expenses                     2 830      1 966      2 336
                                         5 111      3 490      4 453
                                                                    
Total shareholders' equity and          11 294      7 883     10 034
   liabilities
                                                                    
Interest-bearing liabilities               726        689      1 017
                                                                    
Shareholders' equity per share, EUR       4.94       3.53       4.45
                                                                    
                                                                    
Number of shares (1000 shares) *     1 148 300  1 138 906  1 146 871
(split-adjusted)                                                    

* Shares owned by Group companies are excluded

Currency rate June 30, 1999, 1 EUR = 1.034 USD, 1 EUR = 5.94573 FIM

SHAREHOLDERS' EQUITY, EUR million
(unaudited)
                                                              
              Share  Share  Trea-  Other   Con-     Retained  Total      
            capital  issue  sury   re-     version  earnings                    
                   premium  shares serves  differen-    
                                           ces
                                                                   
Balance at     252    803    -110     2      182      2 491    3 620
December 31,
1997
                                                                   
Share issue      1     40                                         41
Dividend                                               -378     -378
Conversion                                    16                  16
differences                                   
Other increase/                      -1                  18       17
decrease, net
Net profit                                              702      702
Balance at     253    843    -110     1      198      2 833    4 018
June 30, 1998
                                                                   

Balance at     255    909    -110     1      182      3 872    5 109
December 31,
1998
                                                                   
Share issue            14                                         14
Bonus issue     36    -36                                          -
Dividend                                               -586     -586
Conversion                                    31                  31
differences
Other increase/                                          16       16
decrease, net
Net profit                                            1 086    1 086
Balance at     291    887    -110     1      213      4 388    5 670
June 30, 1999


COMMITMENTS AND CONTINGENCIES, EUR million
(unaudited)
                                                  GROUP          
                                     30.6.1999  30.6.1999 31.12.1998
Collateral for own commitments                                      
Mortgages                                   6          6         6
Assets pledged                              7          7         9
                                                                    
Collateral given on behalf of other                                 
companies
Mortgages                                   -          -         1
                                                                    
Contingent liabilities on behalf of                                 
Group companies
Other guarantees                          441        240       283
                                                                    
Contingent liabilities on behalf of                                 
associated companies
Guarantees for loans                        -          1         1
                                                                    
Contingent liabilities on behalf of                                 
other companies
Guarantees for loans                      143         66        84
Other guarantees                            -          1         -
                                                                 
Leasing obligations                       642        409       463

Currency rate June 30, 1999, 1 EUR = 1.034 USD, 1 EUR = 5.94573 FIM

NOTIONAL AMOUNTS OF DERIVATIVE FINANCIAL INSTRUMENTS, EUR million 1)
(unaudited)
                                     30.6.1999  30.6.1998 31.12.1998
                                                                    
Foreign exchange forward                 9 050     11 004    15 638
contracts 2) 3)
Currency options bought                    689        982       741
Currency options sold                      698      1 242       876
Interest rate forward and futures          315      2 063         -
contracts 2)
Interest rate swaps                         50         71        67
Interest rate options bought                 -         18         -

1)        The notional amounts of derivatives summarized here do
 not represent amounts exchanged by the parties and, thus are not
 a measure of the exposure of Nokia caused by its use of
 derivatives.
2)        Notional amounts outstanding include positions, which
 have been closed off.
3)        Notional amount includes contracts used to hedge the
 net investments in foreign subsidiaries.

Currency rate June 30, 1999, 1 EUR = 1.034 USD, 1 EUR = 5.94573 FIM


It should be noted that certain statements herein which are not
historical facts, including, without limitation those regarding 1)
the timing of product deliveries; 2) the Company's ability to
develop new products and technologies; 3) expectations regarding
market growth and developments; 4) expectations for growth and
profitability; 5) the impact of Year 2000 issues (including the
extent and timing of such issues); and 6) statements preceded by
'believes', 'expects', 'anticipates', 'foresees', or similar
expressions, are forward-looking statements. Because such
statements involve risks and uncertainties, actual results may
differ materially from the results currently expected by the
Company. Factors that could cause such differences include, but
are not limited to 1) general economic conditions, such as the
rate of economic growth in the Company's principal geographic
markets or fluctuations in exchange rates; 2) industry conditions,
such as the strength of product demand, the intensity of
competition, pricing pressures, the acceptability of new product
introductions, the introduction of new products by competitors,
changes in technology or the ability of the Company to source
components from third parties without interruption and at
reasonable prices and the financial condition of the Company's
customers; 3) operating factors, such as continued success of
manufacturing activities and the achievement of efficiencies
therein, continued success of product development or inventory
risks due to shifts in market demand; 4) the risks, costs and
uncertainties (including lack of available information and
difficulties in addressing and identifying Year 2000 issues)
associated with Year 2000 issues as well as the failure of
suppliers to identify, disclose and address Year 2000 issues
accurately and on a timely basis; as well as 5) the risk factors
specified in the Company's Form 20-F for the year ended December
31, 1998.

Helsinki, July 22, 1999

For more information:
Lauri Kivinen, Senior Vice President, Corporate Communications,
tel. + 358 9 1807 495
Martin Sandelin, Vice President, Investor Relations, 
tel. + 1 972 894 4880
Ulla James, Assistant Vice President, Investor Relations, 
tel. + 358 9 1807 290

www.nokia.com

Nokia will report its 3Q 1999 results on October 21, 1999, and its
4Q and whole year 1999 results on February 1, 2000.