Franklin Templeton Investments Corp. announces new leadership of Mutual
Discovery Fund in Canada

TORONTO , Dec. 7 /CNW/ - Franklin Templeton Investments Corp. today announced that Franklin Mutual Advisers, LLC veterans Peter Langerman and Philippe Brugere-Trelat have been appointed co-lead managers of Mutual Discovery Fund, effective immediately.

Mr. Langerman and Mr. Brugere-Trelat have replaced Anne Gudefin and Charles Lahr who have resigned from the company, effective December 4, 2009 , to pursue other opportunities.

" Mr. Langerman and Mr. Brugere-Trelat bring a wealth of global equity experience and a deep understanding of Mutual Series' investment style to Mutual Discovery Fund," said Don Reed , president and chief executive officer of Franklin Templeton Investments Corp. "They are supported by 25 experienced managers, analysts and traders who employ the time-tested, deep value approach that has proven successful over the past 60-years."

Mr. Langerman is president, CEO and chairman of Franklin Mutual Advisers, LLC. He has more than 20 years of experience employing Mutual Series' deep value approach. Mr. Langerman initially joined Heine Securities Corporation (predecessor of Franklin Mutual Advisers, LLC) in June 1986 . He served as CEO of Mutual Series beginning in 1998.

Mr. Brugere-Trelat manages the U.S.-based Mutual European Fund and Mutual International Fund. He began his career at Mutual Series in 1984 and has 25 years of industry experience.

Franklin Templeton Investments Corp. is a wholly owned subsidiary of Franklin Resources, Inc., a global investment organization operating as Franklin Templeton Investments. In Canada , Franklin Templeton Investments provides global and domestic investment advisory services to the Franklin, Templeton, Bissett and Mutual Series funds, and institutional accounts. Franklin Templeton Investments Corp. has more than 600 employees providing services to more than one million unitholder accounts and more than 200 pension funds, foundations and other institutional investors. Franklin Templeton Investments Corp. can be found at www.franklintempleton.ca.

Franklin Resources, Inc. (NYSE:BEN), is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has 60 years of investment experience and approximately US$523 billion (C$566 billion) in assets under management as of October 31, 2009 .

For further information: Media contacts: Keith Damsell, Director, Corporate Communications, [phone]; Sarah Kingdon, Consultant, Public Relations, [phone]