Franklin Resources, Inc.'s holding of voting rights in UPM 10.11 per cent

According to Finnish Securities Market Act, Chapter 2, Section 9, UPM reports that on March 7, 2005, the holding of the below listed mutual funds and separate accounts managed by the affiliated investment advisers of Franklin Resources, Inc. represented 7.58% of the share capital and 10.11% of the voting rights in UPM.

On March 7, 2005, UPM held 8,000,000 own shares, which represent 1.5% of share capital. Shares held by the company do not have voting rights. These shares are not taken into account in Franklin Resources, Inc.'s calculations for voting rights. On March 7, 2005, total number of UPM's shares in issue was 524,450,272.

On March 7, 2005, the holdings by mutual funds of Franklin Resources, Inc. were as follows:

Fund Number Proportion of share capital (%) Proportion of voting rights (%)
Franklin Templeton Investments (Asia) Ltd. 68,116 0.01% 0.01%
Franklin Templeton Investments Australia Ltd. 51,634 0.01% 0.01%
Franklin Templeton Investments Corp. 1,988,702 0.38% 0.38%
Franklin Templeton Investment Mgmt. Ltd. 3,402,144 0.65% 0.65%
Templeton Asset Management Ltd. 862,805 0.17% 0.17%
Templeton Global Advisors Ltd. 28,735,740 5.48% 5.48%
Templeton Investment Counsel LLC 4,628,539 0.88% 0.88%
Total 39,737,680 7.58% 7.58%

On March 7, 2005, the holdings of voting rights by affiliated advisers of Franklin Resources, Inc. under account management agreements were as follows:

Adviser Number Proportion of
voting rights (%)
Fiduciary International, Inc. 8,905 0.00%
Franklin Templeton Alternative Strategies , Inc. 61,966 0.01%
Franklin Templeton Investments (Asia) Ltd. 40,817 0.01%
Franklin Templeton Investments Corp. 1,640,240 0.31%
Franklin Templeton Investment Mgmt. Ltd. 1,705,084 0.33%
Templeton Asset Management Ltd. 52,726 0.01%
Templeton Global Advisors Ltd. 1,099,268 0.21%
Templeton Investment Counsel LLC 7,614,911 1.45%
Templeton Franklin Investment Services, Inc. 1,061,311 0.20%
Total 13,285,228 2.53%

UPM
Corporate Communications
March 11, 2005