Nokia warrants exercised

Nokia Corporation
23 May 2001


Nokia warrants exercised for share subscription


A total of 513,600 Nokia shares were subscribed for after the
increase in the share capital registered on May 7, 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 and B warrants of the Nokia Stock Option Plan 1997, a
total of 502,000 shares were subscribed for and with the A
warrants of the Nokia Stock Option Plan 1999, a total of 11,600
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
30,816.00, has been registered in the Finnish Trade Register on
May 23, 2001. As a result of the increase, the share capital of
Nokia is currently EUR 281,935,919.10 and the total number of
shares is 4,698,931,985. Nokia received as additional
shareholders' equity a total of EUR 1,815,902.13.

The holders of the new shares are entitled to all shareholders'
rights from the registration date. The new shares will be listed
on the Helsinki Exchanges together with the other shares on May
25, 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 subscription period for the A warrants of the
Nokia Stock Option Plan 1999 began in April 2001. The A and B
warrants of the Nokia Stock Option Plan 1997 are listed on the
Helsinki Exchanges as one security.

The share subscription price for one 2001A and 2001B warrant of
the Nokia Stock Option Plan 2001 was confirmed to be EUR 36.75,
which is the trade volume weighted average price of the Nokia
share on the Helsinki Exchanges from May 7 to May 11, 2001. Each
2001A and 2001B warrant of the 2001 Plan entitles its holder to
subscribe for one Nokia share with a par value of EUR 0.06 for the
subscription price of EUR 36.75. The subscription period for 2001A
warrants begins on July 1, 2002 and ends on December 31, 2006. The
2001B warrants have been divided into twelve subcategories of
equal size (2001B1 - 2001B12). The subscription period for 2001B
warrants begins in each subcategory on a quarterly basis beginning
on October 1, 2002 until July 1, 2005. The subscription period for
all the 2001B warrants ends on December 31, 2006.

Further information:

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

www.nokia.com