Nokia warrants exercised for share subscription

A total of 2,232,584 Nokia shares were subscribed for after the increase in the share capital registered on April 25, 2002. 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 2,229,584 shares were subscribed for and with the A warrants of the Nokia Stock Option Plan 1999, a total of 3,000 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 133,955.04 has been registered in the Finnish Trade Register on May 23, 2002. As a result of the increase, the share capital of Nokia is currently EUR 285,087,100.14 and the total number of shares is 4,751,451,669. Nokia received as additional shareholders' equity a total of EUR 7,245,251.37.

The holders of the new shares are entitled to all shareholders' rights from the registration date May 23, 2002 including the right to dividend for the fiscal year 2002. The new shares will be listed on the Helsinki Exchanges together with the other shares on May 24, 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 C warrants in November 2001 and for the A warrants of the Nokia Stock Option Plan 1999 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.

Further information:

Nokia Corporate Communications
Tel. +358 7180 34459
Fax. +358 7180 38226
Email communications.corporate@nokia.com

www.nokia.com