Exercise of Warrants

Nokia Corporation
28 March 2000


Nokia warrants exercised for share subscription

A total of 3,044,264 Nokia shares were subscribed for after the
increase in the share capital registered on March 14, 2000. The
shares were subscribed for with the warrants attached to the
Nokia Stock Option Plans issued to the key personnel of Nokia.
With the A warrants of the Nokia Stock Option Plan 1995, a total
of 122,800 shares were subscribed for, with the B warrants of
the same Plan 2,184,840 shares and with the warrants of the
Nokia Stock Option Plan 1997, a total of  736,624 shares. The
issue of these Stock Option Plans was approved by the Annual
General Meetings of March 30, 1995 and March 25, 1997,
respectively.

The corresponding increase in the share capital, in total EUR
730,623.36 was registered in the Finnish Trade Register on March
28, 2000. As a result of the increase, the share capital of
Nokia currently is EUR 280,385,166.00 and the total number of
shares 1,168,271,525. Nokia received as additional shareholders'
equity a total of EUR 25,809,576.28.

The holders of the new shares are entitled to all the
shareholders' rights from the registration date, and they
entitle to dividend for the first time for the fiscal year 2000.
The new shares are listed on the Helsinki Exchanges together
with the other shares on March 29, 2000. 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 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. The A and B warrants of the
Nokia Stock Option Plan 1997 are listed as one security.

Further information:

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

www.nokia.com