EXHIBIT 99.1
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MEDIA RELEASE [LOGO OMITTED]
Franklin Templeton Investments Corp. (Canada) announcement
Toronto, March 3, 2005 -- Franklin Templeton Investments Corp. (FTIC-Canada)
today announced that a panel of the Ontario Securities Commission (OSC) has
approved FTIC-Canada's agreement with the Staff of the OSC resolving the issues
resulting from the OSC's investigation concerning frequent trading market timing
activity.
Under the terms of the settlement agreement, FTIC-Canada will pay C$49.1 million
to be distributed to investors in certain funds managed by FTIC-Canada that
experienced frequent trading market timing activities between February 1999 and
February 2003. The OSC Staff stated they found no evidence of late trading
occurring in funds managed by FTIC-Canada. Nor did they find any evidence of
market timing by any insiders of the company or any evidence of ongoing market
timing activity in funds managed by FTIC-Canada.
The settlement monies will be distributed to investors who held the relevant
funds during the time period outlined in the agreement in accordance with a plan
to be developed by FTIC-Canada and overseen by an independent distribution
consultant to be retained by the company. FTIC-Canada will submit the
distribution plan to the OSC for approval by December 1, 2005. Once approved,
FTIC-Canada will have three months to implement the plan.
FTIC-Canada is one of a group of five companies to reach agreements with the OSC
concerning frequent trading market timing activity.
Franklin Templeton Investments Corp. (Canada) is an indirect, wholly-owned
subsidiary of Franklin Resources, Inc., a global investment management
organization operating as Franklin Templeton Investments.
FORWARD-LOOKING STATEMENTS
Statements in this press release regarding Franklin Resources, Inc.'s business,
which are not historical facts, are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve a number of risks, uncertainties and other
important factors, some of which are listed below, that could cause the actual
results and outcomes to differ materially from any future results or outcomes
expressed or implied by such forward-looking statements. These and other risks,
uncertainties and other important factors are described in more detail in
Franklin's recent filings with the U.S. Securities and Exchange Commission,
including, without limitation, the "Risk Factors" section of the Management's
Discussion and Analysis of Financial Condition and Results of Operations in
Franklin's Annual Report on Form 10-K for the fiscal year ended September 30,
2004, and Franklin's most recent quarterly report on Form 10-Q.
* Governmental investigations, settlements of such investigations, ongoing
and proposed governmental actions, and regulatory examinations of the
company and its business activities as described in more detail in the
company's press releases and regulatory filings as well as civil litigation
arising out of or related to such matters could adversely impact our assets
under management, increase costs and negatively impact the profitability of
the company and future financial results.
* Regulatory or legislative actions and reforms, particularly those
specifically focused on the mutual fund industry, could adversely impact
our assets under management, increase costs and negatively impact the
profitability of the company and future financial results.
* Volatility in the equity markets may cause the levels of our assets under
management to fluctuate significantly.
* Weak market conditions may lower our assets under management and reduce our
revenues and income.
* We face strong competition from numerous and sometimes larger companies.
* Changes in the distribution channels on which we depend could reduce our
revenues or hinder our growth.
* We face risks associated with conducting operations in numerous foreign
countries.
* Certain of the portfolios we manage, including our emerging market
portfolios and related revenues, are vulnerable to market-specific
political or economic risks.
* Our ability to meet cash needs depends upon certain factors, including our
asset value, credit worthiness and the market value of our stock.
* Technology and operating risk and limitations could constrain our
operations.
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For more information:
Hugh Cameron, Franklin Templeton Investments Corp. 416 957-6099