Franklin Templeton Investments Corp. proposes streamlining fund line-up in
Canada

TORONTO, April 8 /CNW/ - Franklin Templeton Investments Corp. today announced plans to implement certain fund changes as follows:

Securityholders will vote on proposed fund mergers

Franklin Templeton is proposing the mergers of Templeton European Corporate Class and Franklin Japan Corporate Class (the "terminating funds") into Templeton International Stock Corporate Class, which will be voted on at special meetings of securityholders on or about June 4, 2010 in Toronto. While subject to both securityholder and regulatory approval, the proposed mergers will be implemented on or about the close of business on June 11, 2010.

Templeton International Stock Corporate Class' objective is to achieve long-term capital appreciation by investing substantially all of its assets in units of Templeton International Stock Fund. The International Stock fund invests primarily in equity securities of companies outside Canada and the United States. The fund is part of Franklin Templeton's Corporate Class structure, which allows investors to switch between Corporate Class funds and portfolios while deferring taxable events until they redeem from the structure.

The decision to merge these funds will allow Franklin Templeton to streamline its product offering, reduce long-term costs for investors and concentrate resources in other mandates that will better serve the interests of its investors.

Securityholders of the terminating funds will receive an information circular in early May 2010 detailing the particulars of the proposed mergers.

Termination of Templeton European and Franklin Japan funds

Franklin Templeton will be terminating Templeton European Fund and Franklin Japan Fund (collectively, the "funds"). On June 7, 2010, these funds will cease offering units for purchase and will make a final distribution of any income and capital gains. On or about June 9, 2010 the funds will distribute the net assets of the funds to unitholders. Franklin Templeton may postpone implementing these terminations until a later date, which in any event will be no later than July 31, 2010.

Franklin Templeton Investments

Franklin Templeton Investments Corp. is a wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Bissett, Mutual Series, Fiduciary Trust and Darby investment teams. The San Mateo, CA-based company has more than 60 years of investment experience and more than US$556 billion (C$585 billion) in assets under management as of February 28, 2010.

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. Additional information on Franklin Templeton Investments Corp. can be found at www.franklintempleton.ca.

For further information: Media contact: Sarah Kingdon, Consultant, Public Relations, Franklin Templeton Investments, [phone]