Exercise of Warrants

Nokia Corporation
8 February 2002

NOKIA STOCK EXCHANGE ANNOUNCEMENT February 8, 2002

Nokia warrants exercised for share subscription

A total of 313,472 Nokia shares were subscribed for after the increase in the
share capital registered on January 10, 2002. The shares were subscribed for
with the A, B and C warrants of the Nokia Stock Option Plan 1997 issued to the
key personnel of Nokia. The Stock Option Plan was approved by the Annual General
Meeting of March 25, 1997.

The corresponding increase in the share capital, in total EUR 18,808.32 has been
registered in the Finnish Trade Register on February 8, 2002. As a result of the
increase, the share capital of Nokia is currently EUR 284,270,615.58 and the
total number of shares is 4,737,843,593. Nokia received as additional
shareholders' equity a total of EUR 1,011,534.96.

The new shares subscribed for entitle their holders to dividend for the first
time for the fiscal year 2002. The holders of the new shares are entitled to all
other shareholders' rights from the registration date, February 8, 2002.
However, the new shares will be listed on the Helsinki Exchanges together with
the other shares no earlier than at the turn of March and April 2002. 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, for the B warrants in November 1999 and for C warrants
in November 2001. The A, B and C 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. + 358 7180 38226

email [e-mail]

www.nokia.com



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