FRANKLIN RESOURCES INC.?S HOLDING OF OUT

OUTOKUMPU OYJ    STOCK EXCHANGE ANNOUNCEMENT January 8, 2003 at 11.30 am

FRANKLIN RESOURCES INC.’S HOLDING OF OUTOKUMPU

Outokumpu Oyj has today been informed that the holding by the
mutual funds and separate accounts managed by affiliated
investment advisers of Franklin Resources Inc. (part of
Franklin Templeton Group) in Outokumpu Oyj has on December 19,
2002 increased from 4.92 percent to 6.82 percent and on January
3, 2003 decreased, respectively, from 6.82 percent to 4.97
percent of the total voting rights of the Company.
         
With the reference to Section 2, paragraph 10 of the Finnish
Market Securities Act and the relevant decision of the Finnish
Ministry of Finance, Outokumpu Oyj is reporting that the mutual
funds and separate accounts managed by affiliated investment
advisers of Franklin Resources Inc. (trade registration number
13-2670991) owned Outokumpu Oyj shares on December 19, 2002 and
on January 3, 2003 with the following proportions of the share
capital and voting rights:

December 19, 2002                                              
Holdings by mutual funds of Franklin Resources Inc.
                                                               
                                        Proportion  Proportion
                             Number of    of share   of voting
Fund                            shares  capital, %   rights, %
Franklin Templeton                                            
Investment Corp.             5 077 427        4.04        4.04
Franklin Templeton                                  
Investment Management Ltd.   1 323 507        1.06        1.06
Total                        6 400 934        5.10        5.10
                                                               
Holdings of voting rights by affiliated advisers of Franklin
Resources Inc. under account management agreements
                                                               
                                        Proportion  Proportion
                             Number of    of share   of voting
Adviser                         shares  capital, %   rights, %
Franklin Templeton                                            
Investment Corp.             2 142 852           -        1.71
Franklin Templeton                                            
Investment Management Ltd.      20 800           -        0.01
Total                        2 163 652           -        1.72
                                                               
January 3, 2003                                                
Holdings by mutual funds of Franklin Resources Inc.
                                                               
                                        Proportion  Proportion
                             Number of    of share   of voting
Fund                            shares  capital, %   rights, %
Franklin Templeton                                            
Investment Corp.             5 077 427        2.94        2.94
Franklin Templeton                                  
Investment Management Ltd.   1 323 507        0.77        0.77
Total                        6 400 934        3.71        3.71
                                                               
Holdings of voting rights by affiliated advisers of Franklin
Resources Inc. under account management agreements
                                                               
                                        Proportion  Proportion
                             Number of    of share   of voting
Adviser                         shares  capital, %   rights, %
Franklin Templeton                                            
Investment Corp.             2 163 954           -        1.25
Franklin Templeton                                            
Investment Management Ltd.      20 800           -        0.01
Total                        2 184 754           -        1.26


OUTOKUMPU OYJ
Corporate Management

Eero Mustala
Senior Vice President - Corporate Communications
tel.+358 9 421 2435, fax +358 9 421 2429
e-mail: eero.mustala@outokumpu.com
home page: http://www.outokumpu.com

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