Exercise of Warrants

Nokia Corporation
20 December 1999



Nokia warrants exercised for share subscription

A total of 8,774,416 Nokia shares were subscribed for after the
decrease of the share capital registered on December 16, 1999.
The shares were subscribed for with the warrants attached to the
Nokia Stock Option Plans issued to the key personnel of Nokia.
With the warrants of the 1994 Stock Option Plan 8,832 shares
were subscribed for, with the warrants of the 1995 Stock Option
Plan 2,246,860 shares and with the warrants of the 1997 Stock
Option Plan 6,518,724 shares. The issue of these Stock Option
Plans was approved by the Annual General Meetings of April 7,
1994, March 30, 1995 and March 25, 1997, respectively.

The corresponding increase in the share capital, in total
EUR 2,105,859.84 was registered in the Finnish Trade Register on
December 20, 1999. As a result of the increase, the share
capital of Nokia currently is EUR 277,976,684.64 and the total
number of shares is 1,158,236,186. Nokia received as additional
shareholders' equity a total of EUR 100,052,749.62.

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 December
21, 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 warrants of the Nokia Stock
Option Plan 1994 began in December 1998. 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.

Further information:

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

www.nokia.com