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

TORONTO, June 4 /CNW/ - Franklin Templeton Investments Corp. announced today certain fund changes.

The securityholders of Templeton European Corporate Class and Templeton International Stock Corporate Class have voted in favour of merging Templeton European Corporate Class into Templeton International Stock Corporate Class. 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. Templeton International Stock Fund invests primarily in equity securities of companies outside Canada and the United States. The merger will take effect on or about the close of business on June 11, 2010. Securityholders of Templeton European Corporate Class will receive securities of Templeton International Stock Corporate Class on a dollar-for-dollar and series-by-series basis.

The securityholders of Franklin Japan Corporate Class voted against the merger of the fund into Templeton International Stock Corporate Class. As a result, in accordance with the notice provided in the information circular dated May 5, 2010, Franklin Templeton will terminate Franklin Japan Corporate Class no later than July 31, 2010.

Securityholders will not be required to pay any redemption fees, sales charges or other fees associated with the termination of the fund. All costs associated with the termination of the fund will be borne by Franklin Templeton. On or prior to July 20, 2010, shareholders may switch or redeem their holdings in the fund for settlement. Any shareholders who hold Franklin Japan Corporate Class in a Franklin Templeton registered account, and who remain in the fund on July 20, 2010, will have their holdings switched into Franklin Templeton Money Market Corporate Class.

On or about July 21, 2010, Franklin Templeton will liquidate the holdings of Franklin Japan Corporate Class at fair market value, make a final distribution of any income and capital gains, and distribute the net assets to shareholders. Securityholders are encouraged to speak with their financial advisor to discuss their investment options.

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$602 billion (C$612 billion) in assets under management as of April 30, 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 contacts: Sarah Kingdon, Consultant, Public Relations, Franklin Templeton Investments, [phone]; Keith Damsell, Director, Corporate Communications, Franklin Templeton Investments, [phone]