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TEMPLETON AND FRANKLIN TO MERGE BUSINESSES

 TEMPLETON AND FRANKLIN TO MERGE BUSINESSES
 ST. PETERSBURG, Fla., July 31 /PRNewswire/ -- Templeton Global


Utilities, Inc. (AMEX: TGU) (the "fund") announced today that Templeton, Galbraith & Hansberger Ltd. ("Templeton"), the fund's investment manager, has informed the fund's board of directors that it has entered into a merger agreement with Franklin Resources, Inc. (NYSE: BEN) ("Franklin"), the fifth largest mutual fund manager in the United States. The merger agreement between Templeton and Franklin is conditional on approval of a new Investment Management Agreement and Sub-Advisory Agreement by shareholders of the fund. The fund's board of directors has called a special shareholders meeting for Oct. 30, 1992, to consider approval of the new agreements.
 In making a joint announcement with Franklin, Templeton Chairman John M. Templeton said: "I am confident that this new partnership with Franklin will help assure our continuing place among leaders in global investment management. It will give us additional resources to expand and improve the research, investment management and shareholder and client service operations that Templeton's 700 employees now carryout in 13 offices and 10 nations. Although the merger will create a larger organization, our investment process will remain the same as will our senior-level management team." Mr. Templeton, who has for several years been reducing his day-to-day involvement in Templeton's operations, will continue to move toward a counseling and advisory role. The current members of Templeton's management team, who strongly support this new venture, will continue to lead the organization: Thomas L. Hansberger, chairman, president and chief executive officer; Martin L. Flanagan, executive vice president and chief operating officer; Mark G. Holowesko, director of Worldwide Equity Research; and J. Mark Mobius, director of Emerging Market Investments.
 "We are absolutely delighted with this agreement," said Charles B. Johnson, president and chief executive officer of Franklin. "Templeton is exactly the firm we sought as a partner. Their mix of global funds blends perfectly with Franklin's strength in U.S. fixed income products. The combination of our two companies should make us a strong competitor in the global investment management industry for years to come."
 "The decision to merge with Franklin, one of the finest names in the mutual fund industry, was undertaken only after a long and careful analysis," said Thomas L. Hansberger, Templeton president and chief executive officer. "Our primary objective was to select a partner of the highest quality, whose structure, philosophy and resources would best fit with and support our organization as we seek to expand in an increasingly competitive global environment. At the same time, we also sought to maintain autonomy in our investment and management operations on a day-to-day basis. We feel a partnership with Franklin achieves both goals, and we are highly enthusiastic about what this will mean to us and the fund's shareholders in the future. It is important for us to be allied with an organization of Franklin's stature and one which, for three consecutive years, has received the top award for service quality for fund shareholders and dealers."
 Franklin manages 68 funds -- primarily invested in U.S. fixed income securities and as of June 30, 1992, had over $66.5 billion under management. The combined funds under management of the Templeton/Franklin group will be over $85 billion.
 -0- 7/31/92
 /NOTE TO EDITOR: This is a disclosure release for the Templeton Global Utilities, Inc. Additional information about the merger of Templeton, Galbraith & Hansberger Ltd. and Franklin Resources, Inc. can be found in a release wired today on PR Newswire./
 /CONTACT: Thomas M. Mistele, secretary of the fund of Templeton Global Utilities, Inc., 800-237-0738, ext. 7660/
 (TGU BEN) CO: Templeton Global Utilities, Inc.; Templeton, Galbraith & Hansberger
 Ltd.; Franklin Resources, Inc. ST: Florida, California IN: FIN SU: TNM


AW-JB -- FL001 -- 5461 07/31/92 09:28 EDT
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Date:Jul 31, 1992
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