Share Capital Increase,etc

Nokia Corporation
28 July 2000


Nokia warrants exercised for share subscription

A total of 2,919,104 Nokia shares were subscribed for after the
increase in the share capital registered on June 6, 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 203,200
shares were subscribed for, with the B warrants of the same Plan
1,545,120 shares and with the A and B warrants of the Nokia Stock
Option Plan 1997, a total of 1,170,784 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 175,146.24 was registered in the Finnish Trade Register on
July 28, 2000. As a result of the increase, the share capital of
Nokia currently is EUR 281,019,543.60 and the total number of
shares is 4,683,659,060. Nokia received as additional
shareholders' equity a total of EUR 6,865,730.20.

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
July 31, 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 on the Helsinki Exchanges as one
security.


Further information:

Nokia Corporate Communications
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www.nokia.com