Nokia warrants exercised

Nokia Corporation
22 November 2001


Nokia warrants exercised for share subscription

A total of 9,205,640 Nokia shares were subscribed for after the
increase in the share capital registered on October 26, 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 9,200,320
shares were subscribed for and with the A warrants of the Nokia
Stock Option Plan 1999, a total of 5,320 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
552,338.40 has been registered in the Finnish Trade Register on
November 22, 2001. As a result of the increase, the share capital of
Nokia is currently EUR 283,652,550.06 and the total number of shares
is 4,727,542,501. Nokia received as additional shareholders' equity
a total of EUR 29,778,124.10.

The holders of the new shares are entitled to all shareholders'
rights from the registration date November 22, 2001. The new shares
will be listed on the Helsinki Exchanges together with the other
shares on November 23, 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, for the B warrants in November 1999
and for the 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.

The subscription price of the 2001C 4Q/01 stock options under the
Nokia Stock Option Plan 2001, i.e. the 2001C stock options which will
be granted to participants during the fourth quarter of 2001, is EUR
26.67. The said subscription price was determined on the basis of the
trade volume weighted average price of the Nokia share on the Helsinki
Exchanges from November 12 to November 16, 2001.

Further information:

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

www.nokia.com