Franklin Templeton Investments Enters Strategic Relationship with Vietcombank Fund Management

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Hanoi, February 23:: Franklin Resources, Inc. (operating as Franklin Templeton Investments) (NYSE: BEN) of San Mateo, CA, USA, has announced the acquisition of a 49 percent stake in Vietcombank Fund Management ("VCBF"), an investment management firm currently focused on private equity investment in Vietnam. The remaining 51% of VCBF will continue to be owned by Vietcombank, the Bank for Foreign Trade of Vietnam.

Franklin Resources, Inc. (operating as Franklin Templeton Investments) (NYSE: BEN) of San Mateo, CA, USA, has announced the acquisition of a 49 percent stake in Vietcombank Fund Management ("VCBF"), an investment management firm currently focused on private equity investment in Vietnam. The remaining 51% of VCBF will continue to be owned by Vietcombank, the Bank for Foreign Trade of Vietnam.

"In building Franklin Templeton's global business, a key approach we have employed has been to make strategic investments in local companies around the world in order to leverage the expertise of well-qualified investment and financial services professionals who have first-hand knowledge of their domestic markets," said Greg Johnson, president and chief executive officer of Franklin Resources, Inc. "We see tremendous opportunity to grow our business by extending our local asset management network to Vietnam and by partnering with Vietcombank to introduce our successful investment funds to Vietnamese investors. As more middle class affluence comes on-line in countries where disciplined savers are eager to become investors, Franklin Templeton wants to be a provider of choice with its broad spectrum of investment solutions."

Franklin Templeton's strategic relationship with VCBF marks its first joint venture in Vietnam and provides an opportunity to build a local asset management presence there. Franklin Templeton also intends to partner with Vietcombank to make its investment funds available, in time, to Vietnamese investors. Approximately 9% of Franklin Templeton's assets under management are currently from investors in the Asia Pacific region, and Vietnam will be a key area of focus in expanding the company's penetration in Asia. Vietcombank is an excellent partner in that it has the invaluable local expertise and staff on the ground that will be integral to such an expansion.

"We are extremely pleased with this alliance with Franklin Templeton," said Mr. Pham Quang Dzung, Chairman of Vietcombank Asset Management. "Our aim is to make Vietcombank Fund Management the number one asset management company in Vietnam and this partnership with Franklin Templeton is a critical step towards that goal."