Franklin Templeton Investments Introduces Two New Variable Insurance F

    Business Editors

    SAN MATEO, Calif.--(BUSINESS WIRE)--May 3, 2005--Franklin Templeton Investments announced today the launch of two new Franklin Templeton Variable Insurance Product Trust (FTVIPT) funds, FTVIPT Franklin Flex Cap Growth Securities Fund and FTVIPT Franklin Large Cap Value Securities Fund, available as investment options in variable products offered by insurance companies. The funds are not sold directly to the public.
    "Investors are looking for ways to diversify their portfolios," said Scott M. Lee, CFA, senior vice president of Franklin Templeton's Retirement Division. "We are expanding our variable insurance fund line-up to add another growth and another value option for investors to choose from. These new funds leverage the expertise of Franklin's growth and value investment teams."
    Franklin Flex Cap Growth Securities Fund, managed by Conrad Herrmann, CFA, invests primarily in equity securities of companies that the managers believe have the potential for capital appreciation. The fund may invest in companies of any size, from small, emerging growth companies to well-established, large companies. The fund's investments include companies the managers believe have identifiable drivers of future earnings growth, such as a particular product niche, proven technology, sound financial profits and records, strong management and industry leadership. The fund's benchmark is the Russell 3000(R) Growth Index. In addition to Herrmann, the fund's management team includes Matt Moberg, CPA, and Raymond Chan, CFA, who have seven and nine years of industry experience, respectively.
    Franklin Large Cap Value Securities Fund, managed by a team led by Stephen Madonna, CFA, focuses on equity securities of undervalued, fundamentally sound, large capitalization companies the managers believe have potential for capital appreciation. As a large-cap, value-oriented investment, the fund has a long-term preference for companies with favorable risk/reward characteristics that may enhance shareholder value over a three- to five-year time horizon. The fund's benchmark is the Russell 1000(R) Value Index. In addition to Madonna, the fund's management team includes Bill Lippman, Margaret McGee, Don Taylor, CPA, and Bruce Baughman, CPA, who have 40, 20, 23 and 21 years of industry experience, respectively.
    Herrmann is a senior vice president and portfolio manager for Franklin Advisers, Inc. in San Mateo, CA, and director of Equity Portfolio Management for Franklin's equity group. He is also the lead portfolio manager of the U.S. retail Franklin Flex Cap Growth Fund, founded in 1991, and has 21 years of experience in the industry. Madonna is a portfolio manager for Franklin Advisory Services, LLC, in Ft. Lee, NJ. He is the lead portfolio manager of the U.S. retail Franklin Large Cap Value Fund, founded in 2000, and has 10 years of experience in the industry.
    Investors interested in Franklin Flex Cap Growth Securities Fund or Franklin Large Cap Value Securities Fund may obtain a fund prospectus and contract prospectus from any of the insurance companies that have chosen to offer the funds or from their financial advisor. Investors should carefully consider a fund's investment goals, risks, charges and expenses before investing. A fund's prospectus contains this and other information. Investors should read the prospectuses carefully before investing or sending money.

    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 more than 50 years of investment experience and over $412 billion in assets under management as of March 31, 2005 and invests over $100 billion in retirement assets on behalf of individuals, small businesses and institutions. For more information, please call 1-800/DIAL BEN(R) or visit franklintempleton.com.

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CONTACT: Franklin Templeton Investments Matt Walsh, 650-312-2245 franklintempleton.com

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BANKING PRODUCT SOURCE: Franklin Templeton Investments

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