Darby Overseas Investments Ltd. ("Darby"), announced that it closed the Darby-BBVA Latin American Private Equity Fund ("DBVA"). Investors include institutions from the U.S., Europe, Canada and Mexico. The $175 million fund focuses principally on Mexico, Brazil and the U.S. Hispanic market.

Launched in partnership with Banco Bilbao Vizcaya Argentaria, S.A. [NYSE:BBV], DBVA has already made investments in high growth sectors within Latin America and the U.S. Hispanic markets. In January 2005 it acquired a majority stake in Laboratorios Kendrick S.A., one of the leading manufacturers of generic drugs in Mexico. The Fund also owns stakes in Satélite Distribuidora de Petróleo, S.A., a leading distributor of fuels and lubricants in the Northeast of Brazil, Border Media Partners LLC, the largest privately owned U.S. Hispanic radio-company, in number of stations, operating along the U.S.-Mexico border in Texas, and Grupo Empresarial Metropolitano, S.A. de C.V., Mexico City's leading developer of affordable housing.

DBVA is the firm's second general private equity fund for Latin America. The first fund, the Darby Emerging Markets Fund ("DEMF"), is currently in exit mode. To date, DEMF has returned in excess of its original $148 million capital base and has significant upside potential in the portfolio's five remaining investments. Darby also manages four additional funds in the Region: a Latin American Mezzanine Fund, a Latin American Technology Venture Fund and ProBanco, a financial services fund for Central America.

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Darby Overseas Investments Ltd.

FIRMS

Darby is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], 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 $412.1 billion in assets under management as of March 31, 2005.

Bank Bilbao Vizcaya Argentaria, S.A. (BBVA) is a diversified international financial group, with strengths in the traditional banking businesses of retail banking, asset management, private banking and wholesale banking.