Warrants exercised

Nokia Corporation
24 October 2002


Nokia warrants exercised for share subscription



A total of 1,715,120 Nokia shares were subscribed for after the increase in the
share capital registered on September 26, 2002. The shares were subscribed for
with the A, B and C warrants of the Nokia Stock Option Plan 1997 issued to the
key personnel of Nokia. The Stock Option Plan was approved by the Annual General
Meeting of March 25, 1997.



The corresponding increase in the share capital, in total EUR 102,907.20 has
been registered in the Finnish Trade Register on October 24, 2002. As a result
of the increase, the share capital of Nokia is currently EUR 285,750,612.78 and
the total number of shares is 4,762,510,213. Nokia received as additional
shareholders' equity a total of EUR 5,534,477.85.



The holders of the new shares are entitled to all shareholders' rights from the
registration date October 24, 2002. The new shares will be listed on the
Helsinki Exchanges together with the other shares on October 25, 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 the C
warrants in November 2001, for the A warrants of the Nokia Stock Option Plan
1999 in April 2001, for the B warrants in April 2002 and for the 2001A warrants
of the Nokia Stock Option Plan 2001 in July 2002. 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 (9) 652 409



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