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 with 2003C stock options 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 ended 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.
 

Listing timetable of the stock options 2003

Increases in share capital to the trade register and the listing of shares subscribed with 2003 A, B and C stock options on the NASDAQ OMX Helsinki Ltd will be made according to the following timetable during 2008, 2009 and in 2010: