Franklin Resources, Inc.'s holding of voting rights in UPM below 10 per cent

(UPM, Helsinki, 3 November 2008 at 13:30) – According to Finnish Securities Market Act, Chapter 2, Section 9, UPM reports that on 30 October 2008, the holding of the below listed mutual funds and separate accounts managed by the affiliated investment advisers of Franklin Resources, Inc. in UPM represented 6.72 per cent of the share capital and 9.94 per cent of the total votes pertaining to such share capital.

On 30 October 2008, the holdings of the mutual funds of Franklin Resources, Inc. in UPM were as follows:

Number Proportion of share capital (%) Proportion of voting rights (%)
Franklin Advisers, Inc. 45,640 0.01 0.01
Franklin Templeton Investments (Asia) Limited 65,956 0.01 0.01
Franklin Templeton Investments Australia Limited 112,834 0.02 0.02
Franklin Templeton Investments Corp. 1,897,232 0.36 0.36
Franklin Templeton Investment Management Limited 1,677,368 0.32 0.32
Templeton Asset Management Ltd. 1,087,262 0.22 0.22
Templeton Global Advisors Limited 26,515,481 5.10 5.10
Templeton Investment Counsel, LLC 3,528,373 0.68 0.68
Total 34,930,146 6.72 % 6.72 %

On 30 October 2008, the holdings of voting rights by affiliated advisers of Franklin Resources, Inc. under account management agreements were as follows:

Number Proportion of voting rights (%)
Fiduciary International, Inc. 141 0.00
Franklin Templeton Investments (Asia) Limited 1,117,441 0.21
Franklin Templeton Investments Australia Limited 124,266 0.02
Franklin Templeton Investments Corp. 2,747,976 0.53
Franklin Templeton Investment Management Limited 2,923,234 0.56
Franklin Templeton Portfolio Advisors 758,708 0.15
Templeton Asset Management Ltd. 24,275 0.00
Templeton Global Advisors Limited 3,605,833 0.69
Templeton Investment Counsel, LLC 5,441,131 1.05
Total 16,743,005 3.22 %