UPM-Kymmene's voting rights in respect of Nokia Shares reduced to less than 10 per cent

With reference to section 2, paragraph 10 of the Securities Market Act and the relevant decision by the Ministry of Finance, Nokia is reporting that the voting rights of UPM-Kymmene Corporation in respect of Nokia shares was reduced to 7.14 per cent on June 30, 1997. Consequently UPM-Kymmene Corporation’s percentage of shares and voting rights by share type was as follows:

K shares     7,119,984 = 2.38 per cent of shares and 6.71 per cent of votes

A shares     4,529,720 = 1.51 per cent of shares and 0.43 per cent of votes

Total       11,649,704 = 3.89 per cent of shares and 7.14 per cent of votes

In addition UPM-Kymmene has announced that its holding of Nokia shares will be reduced due to a transaction to be finalized on July 1, 1997. UPM-Kymmene sells 4,500,000 A shares which decreases the number of Nokia shares held by UPM-Kymmene to 2.39 per cent and of the corresponding voting rights to 6.71 per cent.

For more information, please contact:

Lauri Kivinen, Senior Vice President, Corporate Communications, Nokia
Tel. +358 9 1807 495