Press Release: January 18, 2002

WR Hambrecht + Co Initiates Coverage of Nokia (NOK) with a Neutral Rating and $23 Target

San Francisco, CA, January 18, 2002—WR Hambrecht + Co today initiated research coverage on Nokia (NOK) with a Neutral rating and a price target of $23. WR Hambrecht’s Wireless analyst Peter Friedland cites the expectation for lackluster growth in Nokia’s core handset business coupled with his view that the stock is fairly valued. WR Hambrecht + Co offers all its research reports free and real time at www.wrhambrecht.com.

“Despite that Nokia is the leading wireless handset vendor with 34% market share, we expect only 5% growth in 2002 global wireless handset unit sales” says Friedland. “Moreover, based on our historical P/E analysis, we arrive at an implied valuation of $19-24 per share, which suggests that NOK shares are fairly valued at current levels.”

WR Hambrecht expects Nokia to report revenue of $28.7 billion and earnings per share of $0.68 for 2002 and revenue of $30.5 billion and earnings per share of $0.74 for 2003.

Nokia Corporation manufactures wireless handsets and supplies wireless infrastructure equipment to wireless carriers worldwide.