2003 stock option programme

The Outokumpu Annual General Meeting held in 2003 passed a resolution on a stock option programme for the company's management personnel. The total number of share options that may be issued is
5 100 000, entitling holders of stock options to subscribe for 5 100 000 new Outokumpu shares during the period 2006–2011. Based on a decision by the Board of Directors and in deviation from shareholders' pre-emptive rights, stock options marked 2003A, 2003B and 2003C were distributed to key persons in the Outokumpu Group in 2004, 2005 and 2006. When deciding on the total number of stock options to be distributed annually and to each individual, the Board of Directors assessed the Group's earnings trend and performance by comparing, among other items, the trend in Group earnings per share to trends in the same key ratio in peer companies.

The subscription price for shares subscribed for with 2003B stock options is the traded volume-weighted average price of Outokumpu shares on NASDAQ OMX Helsinki from December 1, 2004 to February 28, 2005 (EUR 9.81), for stock options 2003C it is the trading volume-weighted average price of Outokumpu shares on NASDAQ OMX Helsinki from December 1, 2005 to February 28, 2006 (EUR 10.44). On each dividend record date, the share subscription price of stock options will be reduced by the amount of dividends to be decided after the close of the period for determining the subscription price and prior to the share subscription. The subscription period for stock option 2003A ended on March 1, 2009 and the subscription period for stock option 2003B will end on March 1, 2010.

Following the subscriptions for 2003 stock options, Outokumpu's share capital may be increased by a maximum of EUR 1 916 784 and the number of shares by a maximum of 1 127 520. The number of shares that can be subscribed for on the basis of the stock options corresponds to 0.62% of Outokumpu's shares and voting rights.

2003 stock option programme
Stock Option	Number of participants Dec. 31, 2009	Subscription period	Dividend adjusted Share Subscription Price Dec. 31, 2009
2003 B	39	Sep. 1, 2007–Mar. 1, 2010	9.81 €
2003 C	7	Sep. 1, 2008–Mar. 1, 2011	10.44 €

	The number of shares subscribed by Dec. 31, 2009	An aggregate maximum of shares that can be subscribed with the remaining stock options	The number of stock options annulled by Dec. 31, 2009
2003 B	804 805	224 015	671 180
2003 C	18 200	80 500	1 601 300

Increases in share capital 2005–2009
	Number of shares	Share capital €
Share capital on Jan. 1, 2005	181 250 556	308 125 943.50
Shares subscribed with 2003A options
Oct. 14 – Dec. 29, 2006, registered on Jan. 11, 2007	+33 323	308 182 592.60
Shares subscribed with 2003A options
Dec. 30, 2006 – Oct. 29, 2007, registered on Nov. 9, 2007	+23 539	308 222 608.90
Shares subscribed with 2003B options
Sep. 8 – Oct. 29, 2007, registered on Nov. 9, 2007	+14 379	308 247 053.20
Shares subscribed with 2003A options
Oct. 30, 2007 – Jan. 2, 2008, registered on Jan. 15, 2008	+400	308 247 733.20
Shares subscribed with 2003B options
Oct. 30, 2007 – Jan. 2, 2008, registered on Jan. 15, 2008	+1 000	308 249 433.20
Shares subscribed with 2003A options
Jan. 3 – Feb. 29, 2008, registered on Mar. 13, 2008	+11 955	308 269 756.70
Shares subscribed with 2003B options
Jan. 3 – Feb. 29, 2008, registered on Mar. 13, 2008	+10 187	308 287 074.60
Shared subscribed with 2003A options
Mar. 1 – May 5, 2008, registered on May 16, 2008	+38 208	308 352 028.20
Shares subscribed with 2003B options
Mar. 1 – May 5, 2008, registered on May 16, 2008	+57 264	308 449 377.00
Shares subscribed with 2003A options
May 6 – Jul. 7, 2008, registered on Jul. 18, 2008	+380	308 450 023.00
Shares subscribed with 2003A options
Jul. 8 – Sep. 8, 2008, registered on Sep. 19, 2008	+693	308 451 201.10
Shares subscribed with 2003C options
Jul. 9 – Sep. 8, 2008, registered on Sep. 19, 2008	+5 000	308 459 701.10
Shares subscribed with 2003C options
Sep. 9 – Oct. 24, 2008, registered on Nov. 3, 2008	+5 000	308 468 201.10
Shares subscribed with 2003A options
Jan. 1 – Feb. 9, 2009, registered on Feb. 18, 2009	+126 910	308 683 948.10
Shares subscribed with 2003A options
Feb. 10 – Mar. 1, 2009, registered on Mar. 11, 2009	+415 473	309 390 353.20
Shares subscribed with 2003C options
Apr. 29 – Jun. 4, 2009, registered on Jun. 16, 2009	+10 000	309 407 252.20
Shares subscribed with 2003B options
Oct. 30 – Dec. 17, 2009, registered on Dec. 31, 2009	+6 276	309 417 921.40

Share capital on Dec. 31, 2009	182 010 542	309 417 921.40

Share capital on Feb. 2, 2010	182 010 542	309 417 921.40

Treasury shares on Dec. 31, 2009	1 040 888	1 769 509.60
Number of shares outstanding on Dec. 31, 2009	180 969 654	307 648 411.80