Franklin Templeton announces tax-free dividends in Templeton India Equity Income Fund and FT India Balanced Fund

Company Brief

Mumbai, May 15, 2008

Franklin Templeton Investments (India), one of the largest fund houses in the country has announced tax-free dividends in Templeton India Equity Income Fund (TIEIF) and FT India Balanced Fund (FTIBF) as given below. All investors registered in the Dividend Plans of the respective funds as on May 21, 2008 will receive the dividend.

Pursuant to payment of dividend, the NAV of the funds would fall to the extent of payout. The record date for the dividend is May 21, 2008 and any purchases on or before this date will be eligible for the dividend. There will be a one-day book closure for the growth and dividend plans in the respective funds on May 22, 2008 and will reopen for fresh purchases and redemptions on May 23, 2008. Under the dividend reinvestment plans, the dividend declared will be reinvested in the respective funds at the NAV of May 23, 2008 and unitholders will be allotted additional units for the dividend amount.

For further information, please contact:

Perfect Relations

Carolin D’mello

Mob: 9819256031

e-mail: cdmello@perfectrelations.com