Templeton Greater European Fund Changes Name and Investment Strategy

Business Wire, June 1, 1999

SAN MATEO, Calif.--(BUSINESS WIRE)--June 1, 1999--

Franklin Templeton Distributors, Inc. announced today a change in the name and investment strategy of Templeton Greater European Fund. The Board of Trustees of Templeton Global Investment Trust approved the change effective August 1, 1999. Templeton Greater European Fund will be called Templeton International Fund and will shift its focus to include investments in any foreign developed country and to exclude investments in emerging or developing countries.

Greg Johnson, president of Franklin Templeton Distributors, Inc. said "There has been increasing demand from our investment representatives and shareholders for a fund that invests in foreign markets without having exposure to emerging markets. This change is in response to those requests."

The fund, which currently invests at least 75% of its total assets in equity securities of Greater European (Western, Central and Eastern Europe) companies will shift its focus to include investment in companies located in any foreign developed country and to exclude investments in emerging or developing countries such as those in Eastern Europe, Latin America, the Middle East and Africa, China, India, Indonesia, Korea, Malaysia and Thailand. The management team of Mark Holowesko, Jeffrey Everett and Sean Farrington will consider investment in companies located in developed countries, such as Australia, Canada, New Zealand, Hong Kong, Japan and Singapore and those in Western Europe. Adjustment to the portfolio has begun and will continue gradually, in an orderly fashion, consistent with market and investment considerations. The fund's investment goal of seeking long term capital appreciation will remain the same.

Investors interested in the fund may obtain a prospectus containing more complete information, including sales charges, risks and expenses, from securities dealers or by calling Franklin Templeton, toll free, at 1-800/DIAL BEN(R) (1/800 342-5236). Foreign investing involves special risks, including currency fluctuations and political uncertainty. Investors should read the prospectus carefully before investing or sending money.

Franklin Templeton Distributors, Inc. is the fund's principal distributor and a wholly owned subsidiary of Franklin Resources, Inc. (NYSE:BEN). Franklin Resources is a global investment organization with over $227 billion in assets under management as of April 30, 1999. Franklin's headquarters are located at 777 Mariners Island Blvd., San Mateo, CA 94404.