4 billion (EUR 9.6 billion (EUR 25. We have seen very
aggressive activity from competitors in our concession areas. (NYSE:TDF)

Templeton Russia and East European Fund, Inc.8%
TAIWAN 24.

(a) EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.
AS OF MARCH 31, 2005
TOTAL NET ASSETS: $218,576,657
NET ASSET VALUE PER SHARE: $40.58

PERCENT OF PERCENT OF
TOTAL NET TOTAL NET
ASSET ALLOCATION ASSETS TEN LARGEST POSITIONS ASSETS
---------------------------- ---- -------------------------------------
CASH + OTHER 7.2% SBERBANK RF 18.0% VOLGATELECOM 7.1%
POLAND 5.3%
PHARMACEUTICAL + BIOTECHNOLOGY 9.3% PHILIPPINES 1.8 % SOUTH KOREA 14.4% HUNGARY 1.9%
TOTAL 100. "We strive to
provide answers for customers who require product placement in the middle of a
room or office to obtain optimum wireless coverage. The "injector" sends both power and data over one Category 5
cable to an access point, wireless router or bridge.

orvostudom mez

You can access
a webcast of the call on the Invitel website at http://www.

Invitel (previously Vivendi Telecom Hungary)
Founded in 1994, Invitel offers telephony, Internet, and data services to
residential and business customers in Hungary.6%
UNITED KINGDOM 3.7%
CROATIA 3.1%
RUSSIA 76. The information
provided is as of the date shown.1%
SOUTH KOREA WON 14.7%
HUNGARY FORINT 1.

(a) EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES . Then the "splitter,"
which is placed at the remote location, separates the network data and Direct
Current power back into two cables, and delivers them to the access point. Estimated Street Price is $49.

About Linksys
Founded in 1988, Linksys, a Division of Cisco Systems, Inc.

and certain other countries.

rsadalomtudom sztudom

In Forint terms, gross margin for the six months ended 30
June 2005 has decreased by 3% or HUF 485 million compared to the six
months ended 30 June 2004 .

Mass Market Voice revenues declined for the six months ended 30 June 2005
to HUF 11. Bowker noted that as a result of the improvement in cash flows
provided by operations combined with the growth in EBITDA the Company's ratio
of net third party debt to the latest twelve months EBITDA decreased to 3."
A summary of Magyar Telecom B. The company assumes no
obligation to update forward -looking statements.

Templeton Releases Closed-End Funds' Portfolio Allocation Updates

AS OF MARCH 31, 2005
TOTAL NET ASSETS: $719,692,692
NET ASSET VALUE PER SHARE: $19.05

PERCENT OF PERCENT OF
TOTAL NET TOTAL NET
ASSET ALLOCATION ASSETS TEN LARGEST POSITIONS ASSETS
------------------------ --- -----------------------------------------
CASH + OTHER 2.1% AUTOMOBILES + COMPONENTS 1.9%
HONG KONG 36.1% FOOD + STAPLES RETAILING 15.4%
SOFTWARE + SERVICES 0. The Fund's portfolio is actively
managed and investment allocations can be expected to change.

(a) EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.7% BELGIUM 2.6% NORWAY 3.7 %
SLOVAK REPUBLIC 4.

zm rnyezet

Financial and Operational Highlights:
-- Total revenue in EUR terms for the six months ended 30 June 2005
increased by 7% or EUR 6.
-- Recurring EBITDA for the six months ended 30 June 2005 increased 4% to
EUR 40.6 million) for the
six months ended 30 June 2004.hu/eng)
and should be read in conjunction with this press release. Actual
future results and developments could differ materially from those set forth
in these statements due to various factors. In addition, future results
and developments could be affected by the performance of financial markets,
fluctuations in exchange rates and changes in national and supranational law,
particularly with regard to tax regulations. The Anne McBride Company
Robert Bowker Kathy Price
Chief Financial Officer Investor Relations
Tel: +36 1 801 1374 Tel: +1-212-983-1702 x212
Email: kprice@annemcbride. For more information,
please call 1-800/DIAL BEN(R) (1-800-342-5236) or visit
franklintempleton.3% RETAILING 3. You
may have a gain or loss when you sell your shares.1%
UNIFIED ENERGY SYSTEMS 4.6%
BANKS 19.57 yrs.8%
CANADIAN DOLLAR 5. The PoE Kit helps deliver
cost effective Wi-Fi coverage throughout offices, conference rooms and
warehouses, as well as distant corners or other hard to reach areas.99.

szettudom nyek

hu/eng. These factors include, among
others, changes in the general economic and competitive situation,
particularly in Invitel's businesses and markets. Franklin
Templeton Investments provides global and domestic investment
management solutions managed by its Franklin , Templeton, Mutual Series
and Fiduciary Trust investment teams.9%
SOUTH KOREA 1.6%
INFORMATION TECHNOLOGY 15.1%
LATIN AMERICA 6. Users can save
time and money by using PoE to do away with having to place a wireless access
point near a power outlet.

technika oktat

1 million.5 million)
for the three months ended 30 June 2004, an increase of 42% in HUF terms and
47% in EUR terms.invitel.co .0%
CITIC PACIFIC LTD 2.2% HOTELS RESTAURANTS + LEISURE 2.1%
TOTAL 100.4%
TOTAL EQUITY(a) 100.0% WEIGHTED AVG.5%
INDO RUPIAH 5.6%
NORTH AMERICA 16. For more information, visit
http://www.

nyt magyar

-- Cash and cash equivalents including short term investments were EUR
18.7 billion (EUR 6. This is being partially offset by
increases in Business Internet and out of concession Business Voice revenues.1% CONSUMER STAPLES 16.0% FOOD BEVERAGE + TOBACCO 1.7%
CAPITAL GOODS 9. Since markets can go down as well as up, investment
return and principal value will fluctuate with market conditions,
currency volatility, and the economic, social and political climates
of countries where the Fund invests.2%
MOL MAGYAR OLAJ-ES GAZIPARI RT 6.7%
SOFTWARE + SERVICES 1. You
may have a gain or loss when you sell your shares.8% WEIGHTED AVG.8%
ZEALAND 11.5%
ARGENTINA 1. You
may have a gain or loss when you sell your shares . The Fund's portfolio is actively
managed and investment allocations can be expected to change.

tudom mez

Magyar Telecom B.V. Parent Company of Invitel Rt. Reports Financial Results for the Six Months Ended 30 June 2005

, parent
company of Invitel Rt.2 million for the six months
ended 30 June 2005 from EUR 65.
-- Capex to revenue ratio for the period remained at 12% and was in line
with projections.6 million) for
the six months ended 30 June 2004. This change is due to the decrease in
Business voice and data revenues in our traditional concession areas.'s financial results for the six months
ended 30 June 2005, which includes further information regarding our financial
performance and also includes qualification of some of the terms used in this
press release, is available on Invitel's website (http://www.
Peter Bezeredy, ACCA
Treasury and Investor Relations Manager
Tel: +36 1 801 1343
Email: bezeredyp@invitel.

TEMPLETON DRAGON FUND, INC.4%
PETROCHINA CO LTD 3.6%
INDUSTRIALS 12.2 + v2, WAP54G v2, WCG200, WGA54G, WPS54GU2, WRK54G,
WRT54G, WRT54GS and WRT54GP2. (Nasdaq: CSCO)
is the global leader in Wireless and Ethernet networking for both consumer and
SOHO users.S.

technika alternat

0
billion for the six months ended 30 June 2005 compared to the six
months ended 30 June 2004. 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, 2005.4%
EQUITY(a) 92.

TEMPLETON GLOBAL INCOME FUND
AS OF MARCH 31, 2005
TOTAL NET ASSETS: $1,210,121,573
NET ASSET VALUE PER SHARE: $9., and the leading global manufacturer of broadband, wireless, and
networking hardware for home, Small Office/Home Office (SOHO) and small
business environments, today announced its 12 Volt Power Over Ethernet Adapter
Kit (WAPPOE12), a small business solution which simplifies wireless
installations by combining power and data into one cable.

oktat jog

BUDAORS, Hungary, Magyar Telecom B.
-- The number of mass market ADSL contracts increased by 19 378 or 90% as
of 30 June 2005 compared to 30 June 2004. The first half of this year has been
the most competitive period that we have experienced. Invitel is the incumbent
operator in 9 out of 54 primary service areas, where it has a stable cash
generative core telephony business.

Contacts:
Invitel Rt.2% CONSUMER DURABLES + APPAREL 2.4%
71.4%
UTILITIES 6.

matematika lcs

V.
-- Gross margin increased by 1% to EUR 66. In Forint terms, recurring EBITDA increased by 1% to HUF 10.0 million) compared to HUF 12. This performance was due to the increase in the number of
our DSL packages in line with the continued expansion of the Hungarian
broadband market. We are
especially pleased with our continued progress in high-growth market segments
such as in residential Internet services as well as in our out of concession
business."
Mr.

Conference Call Information
On 11 August 2005 (at 14:00 UK time, 15:00 CET, 9:00 AM EST), Invitel will
host a conference call to discuss financial results for the second quarter of
2005.4%
CHEUNG KONG INFRASTRUCTURE
HOLDINGS LTD 4.6%
CHINA 35 .5%
EGIS RT 5.2%
TELECOMMUNICATION SERVICES 23.6%
SLOVAK KORUNA 4.

Linksys Introduces New Power Over Ethernet Adapter Kit for Small Business Solutions

and/or its affiliates in the U.

jog nyok

Mass Market Internet revenues were HUF 2.
Wholesale revenues for the six months ended 30 June 2005 increased to HUF
3.7 million) from HUF 1.

This press release contains forward-looking statements.0% CHINA MOBILE (HONG KONG) LTD 6.3%
TECHNOLOGY HARDWARE + EQUIPMENT 9.9% NEW ZEALAND 4.3%
POLAND ZLOTY 6.0%

You may request a copy of the Fund's current Report to
Shareholders by contacting Fund Information at 1-800/DIAL BEN(R)
(1-800-342-5236).

magyar jog

("Invitel") today reported its financial results for
the six months ended 30 June 2005.invitel. In
addition, a replay will be available two hours after the call has ended and
through 19 August.hu

Invitel Rt.

Templeton closed -end Funds:

Templeton Dragon Fund, Inc.5%
CHEUNG KONG HLDGS LTD 3.0%
UTILITIES 8. The information provided is as of the date shown.8% CHEREPOVETS MK SEVERSTAL 8.2%

INTERNATIONAL PERCENT OF INDUSTRY ALLOCATION PERCENT OF
ALLOCATION PORTFOLIO PORTFOLIO
NET NET
ASSETS ASSETS
------------------------ --- -----------------------------------------
EUROPE 100.8% GREECE 0.9%
UNITED KINGDOM 0.2%
BRAZIL 0.2%
NORTH AMERICA 7. Since markets can go down as well as up, investment
return and principal value will fluctuate with market conditions,
currency volatility, and the economic , social and political climates
of countries where the Fund invests.linksys.
Other brands and products are trademarks or registered trademarks of their
respective holders. Copyright (C) 2005 Cisco Systems, Inc.

sztudom kiadv

9 million for the six months ended 30
June 2005.5 billion (EUR 48.5
million ) for the six months ended 30 June 2004.7
billion (EUR 23.0 million) compared to HUF 6.
Martin Lea, CEO of Invitel, commented, "Overall the results for the six
months ended 30 June 2005 were positive .invitel.----The Templeton
closed-end Funds referenced below, which trade on the New York Stock
Exchange , today released portfolio allocation updates containing the
following information as of March 31 , 2005:

Asset Allocation

Ten Largest Positions/Portfolio Characteristics

International Allocation/Net Currency Distribution

Industry Allocation/Country Distribution

To obtain a copy of the updates, please contact Fund Information
at 1-800-342-5236.2%
HSBC HOLDINGS PLC 3.6%
TOTAL EQUITY(a) 100.6%
TOTAL EQUITY(a) 100.

TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC.0% AUTOMOBILES + COMPONENTS 3.6%
HEALTH CARE 9.6%
INFORMATION TECHNOLOGY 1.1% MALAYSIA 2.8%
DANISH KRONE 1.9%
EURO MON UNIT 14.5%
NORWEGIAN KRONE 3.4%
MID-EAST/AFRICA 0.

sztudom rnyezet

In Forint terms, total revenue for
the six months ended 30 June 2005 increased by 3% or HUF 751 million
compared to the six months ended 30 June 2004. This decrease is attributable
to increased competition in our historical concession areas and mobile
substitution .4 billion (EUR 13.9%
51.5% INDONESIA 5.9% SINGAPORE 1.9%
THAILAND BAHT 5.3%
AUSTRALIAN DLR 5.0%
N ZEAL DOLLAR 6.1% DENMARK 1.5%
US DOLLAR 10. In work settings such as the small office,
conference room or a warehouse, the PoE adapter allows users the flexibility
to place an access point almost anywhere .

Minimum Requirements
* One Linksys 12-volt powered device
* Compatible with: ADSLMUE1, AG041, BEFSX41 v1 + v2, BEFW11S4 v4,
RT31P2, WAG54G v1.

zm forr

5 million from EUR 38.9 million for the six months ended 30 June
2004. These statements
reflect the current belief of Invitel's management as well as assumptions made
by, and information available to, Invitel .
Andrea Raba, ACCA
Financial Reporting Manager
Tel: +36 1 801 1651
Email: rabaa@invitel.3% HOLDINGS LTD 15.1%
SEMICONDUCTORS + SEMICONDUCTOR
EQUIPMENT 5.0%

You may request a copy of the Fund's current Report to
Shareholders by contacting Fund Information at 1-800/DIAL BEN(R)
(1-800-342-5236).0% CONSUMER DISCRETIONARY 3.0% FINANCIALS 19.0%

You may request a copy of the Fund's current Report to
Shareholders by contacting Fund Information at 1-800/DIAL BEN(R)
(1-800-342-5236). MATURITY 4 yrs .1%
BRITISH POUND 0.4%
UKRAINE 2.
The PoE (Power over Ethernet) Adapter Kit is a perfect solution for
running AC power to wall or ceiling-mounted network devices.

nyt rakoztat

Primarily, as a result of lower traffic due to mobile substitution and reduced
prices as a result of increased competition.
"Whilst we will continue to experience a gradual reduction in our
traditional 'in concession' voice business , we now have strong growth in all
other areas such as voice revenue outside our historical concessions , Mass
Market and Business Internet, Business Voice Out, and Wholesale," concluded
Ian McKenzie , Executive Chairman of the Board.V. You can participate in the conference call by dialling +44-145 -256-0299
(UK), +1-706-679-0560 (International) or +1-877-270-4109 (US).com

Invitel Rt .co.hu

(NYSE:BEN), a global investment management
organization operating as Franklin Templeton Investments.7%
DIVERSIFIED FINANCIALS 1.4%
100.2% CONSUMER STAPLES 0.6%
CAPITAL GOODS 0.7%
MATERIALS 16.9%
SINGAPORE DOLLAR 1.3%
EUROPE 42. Emerging markets involve
heightened risks related to the same factors, in addition to those
associated with their relatively small size and lesser liquidity.
"Our new Power over Ethernet Kit delivers ease-of-use and the utmost
flexibility to add a wireless networking solution in a working environment,"
said Tim Thornton, Linksys director of product marketing."
The 12 Volt Power over Ethernet Adapter Kit is a two piece set which
includes an injector and splitter which enables power and data to travel on
one cable. All rights
reserved .

oktat lcs

Business revenues for the six months ended 30 June 2005 were HUF 5. The industry
allocation uses MSCI's industry definitions for the convenience of
comparison.6%
JSC MINING + SMELTING CO
NORILSK NICKEL 4 .3% ENERGY 19. Since markets can go down as well as up, investment
return and principal value will fluctuate with market conditions,
currency volatility, and the economic , social and political climates
of countries where the Fund invests.3%
AUSTRALIA/NEW THAILAND 5.3% EUROPE 45.6% FINLAND 1.7% GERMANY 2.2%
VENEZUELA 3.6%
UNITED STATES 1., Linksys(R), a division of Cisco
Systems, Inc.

forr rakoztat

"Our entire company remains
committed to cost containment and disciplined growth.2%
100.7%

INTERNATIONAL PERCENT OF INDUSTRY ALLOCATION PERCENT OF
ALLOCATION PORTFOLIO PORTFOLIO
NET NET
ASSETS ASSETS
------------------------ --- -----------------------------------------
ASIA 96.3%
TELECOMMUNICATION SERVICES 8.4%
LUKOIL HOLDINGS 7.1% AUSTRIA 1.9%
TOTAL 100.com.

Linksys is a registered trademark or trademark of Cisco Systems, Inc.

kiadv rnyezet

6 million) for
the six months ended 30 June 2005 up from HUF 1. In the rest of Hungary, which represents
a significant growth opportunity following the liberalisation of the telecom
market, Invitel is an alternative telecom operator with a national backbone,
metropolitan networks and point-to-multi-point access system.3%
CHINA PETROLEUM + CHEMICAL CORP 5.0%
CHINA INT'L MARINE CONTAINERS
(GROUP) CO 3.2%
REAL ESTATE 10.4%
MATERIALS 0 .7%
HUNGARY 15.295%
100.

nyek alternat

1x as of 30 June 2005.hu/eng . Forward-looking statements are not
guarantees of future performance and involve risks and uncertainties .1%
ENERGY 9.2%
SIBIRTELECOM 3. Emerging markets involve
heightened risks related to the same factors, in addition to those
associated with their relatively small size and lesser liquidity.2% IRISH REPUBLIC 0.0% POLAND 6.2 %
SOUTH AFRICA 0.

rakoztat ldtudom

9 million as of 30 June 2005 .

Business Editors

FORT LAUDERDALE, Fla.com.8%
HANG LUNG GROUP LTD 4.9% CONSUMER DISCRETIONARY 10. Emerging markets involve
heightened risks related to the same factors, in addition to those
associated with their relatively small size and lesser liquidity.9%
TELEKOMUNIKACJA POLSKA SA 5.1%
PERU 0.

Pricing and Availability
The Linksys 12 Volt Power over Ethernet Adapter Kit (WAPPOE12) is
available immediately through major distributors, value-added resellers and
business solution providers.

rnyezet rakoztat

Our net operating expenses year on year decreased
by 8% compared to the six months ended 30 June 2004.5%
FINANCIALS 18.1%
TRANSPORTATION 3. The
Fund's portfolio is actively managed and investment allocations can be
expected to change.4% HOUSEHOLD + PERSONAL PRODUCTS 0.3%
INDUSTRIALS 0. CREDIT QUALITY A+
FIXED INCOME 96 .2% WEIGHTED AVG. DURATION 3. COUPON 6.0%

NET CURRENCY PERCENT COUNTRY DISTRIBUTION PERCENT
DISTRIBUTION OF TOTAL OF TOTAL
NET NET
ASSETS ASSETS
-------------------------- ------- ------------------------------------
ASIA 29.9% FRANCE 1.8%
SPAIN 2.1%
SWEDEN 9. Linksys provides
award-winning product support to its customers.

kiadv rsadalomtudom

To access the replay of the call, please dial
+44-145-255-0000 (UK), +1-706-645 -9291 or +1-800-642-1687 (US) and enter
conference ID number 7802168 (UK) or 7783519 (US/International ). An archived
replay of the conference web cast will also be available on the Invitel web
site , http://www.0%
EUROPE 3.5%
BANKS 6.31

PERCENT OF
TOTAL NET
ASSET ALLOCATION ASSETS PORTFOLIO CHARACTERISTICS
---------------------------- ----------------------------- ------------
CASH + OTHER 3.
EQUITY(a) 0.
------- ---- WEIGHTED AVG.5%
MALAYSI RINGGIT 2.5%
SWEDISH KRONA 9.6%
MEXICO 1. The Linksys 12 Volt Power Over Ethernet Adapter Kit Simplifies Wireless
Installations

IRVINE, Calif.

gazdas ldtudom

Growth in Broadband is
expected to continue.
-- Net third party debt to latest twelve months recurring EBITDA continues
to reduce and was 3.
-- 74% of debt related foreign exchange denominated cash outflows for the
next two years are hedged.4 billion (EUR 46.4 billion (EUR 5."
Robert Bowker, CFO of Invitel stated, "Whilst we saw a decline in our
gross margin we were able to compensate for this by reducing our operating
costs and focusing on operational efficiencies , which meant that we recorded a
modest increase in EBITDA.1x. (NYSE:TRF)

Templeton Global Income Fund (NYSE:GIM)

The Funds' investment advisers are subsidiaries of Franklin
Resources , Inc.7% DAIRY FARM INTERNATIONAL
EQUITY(a) 97.6% ASIA 31.9% AUSTRALIA/NEW ZEALAND 9.0% AUSTRALIA 5.6% NETHERLANDS 0.4%
CANADA 5. The information
provided is as of the date shown. Linksys is dedicated to making networking easy and affordable for
its customers, offering innovative, award-winning products that seamlessly
integrate with a variety of devices and applications.