Exercise of Warrants

Nokia Corporation
10 January 2002

Nokia warrants exercised for share subscription

A total of 3,871,116 Nokia shares were subscribed for after the increase in
the share capital registered on December 20, 2001. The shares were subscribed
for with the warrants under the Nokia Stock Option Plans issued to the key
personnel of Nokia. With the A, B and C warrants of the Nokia Stock Option
Plan 1997, a total of 3,824,416 shares were subscribed for and with the A
warrants of the Nokia Stock Option Plan 1999, a total of 46,700 shares. The
Stock Option Plans were approved by the Annual General Meetings of March 25,
1997 and March 17, 1999, respectively.

The corresponding increase in the share capital, in total EUR 232,266.96 has
been registered in the Finnish Trade Register on January 10, 2002. As a result
of the increase, the share capital of Nokia is currently EUR 284,251,807.26
and the total number of shares is 4,737,530,121. Nokia received as additional
shareholders' equity a total of EUR 13,129,558.63.

The holders of the new shares are entitled to all shareholders' rights from
the registration date January 10, 2002. The new shares will be listed on the
Helsinki Exchanges together with the other shares on January 11, 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 subscription period for the A warrants of the Nokia
Stock Option Plan 1999 began in April 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