FRANKLIN TEMPLETON INVESTMENTS. Dealing Guide for Intermediaries

Transcription

1 FRANKLIN TEMPLETON INVESTMENTS Dealing Guide for Intermediaries

2 Table of Contents Background 2 Contact Information 2 General Information 3 Dealing Information 4 How to Purchase Shares 6 How to Redeem Shares 6 Payment of Redemption Proceeds 7 How to Switch Shares 7 How to Transfer Shares 8 Dividends 8 Automatic Exchange of Information 8 Confirmation/Details of Deals & Periodic Statements 9 How to Amend Investor Details 9 How to Amend your Details 9 Commissions 9 Clearstream / Euroclear Settlements 9 Holidays 10 Appendix A: Payment Instruction 11 page 1 of 13 DG LUX EN 11/18

3 Background Overview Purpose of this document This Dealing Guide provides key information and assistance to enable you as our client to deal smoothly and efficiently in the funds of Franklin Templeton Investments ( FTI ). This document only applies to our institutional clients and intermediaries. If you require assistance, please contact your local Franklin Templeton Investments Client Services team. Note: Some information in this guide is subject to change. For up-to-date information, please check our website or contact your local Client Services team (please refer to section "Contact Information"). Disclaimer This Guide is not a legal document. All financial, non-financial transactions, and business arrangements are primarily governed by the current fund documentation (i.e. Prospectus, application form) and any applicable terms of business agreed. In the event of any inconsistency between the contents of this guide and the fund documentation and/or terms of business, the latter will prevail. Contact Information Client Services: Roles and Responsibilities The Client Services (CS) representatives are your primary day-to-day contacts to assist you with all questions relating to dealing (including commission and payments inquiries) and other general inquiries. When you contact your local CS team you will be asked to provide your Personal Client Reference Number and/or Investor Portfolio Number(s). All transaction instructions for subscriptions, redemptions, switches, transfers, etc should be directed to your local Client Services team. Our CS representatives are available to assist you with all dealing and administrative matters on Monday to Friday from 9:00 to 18:00 and from 8:30 to 17:30 for UK Client Services. Contact Information: Luxembourg Client Services 8A, rue Albert Borschette L-1246 Luxembourg BP 169, L-2011 Luxembourg Tel: +352 (46) Fax: +352 (46) lucs@franklintempleton.com Spain Client Services c/ José Ortega y Gasset, 29, 6th Floor Madrid, Spain Tel: +34 (91) Fax: +352 (46) Operaciones@franklintempleton.com Bucharest Client Dealer Services Franklin Templeton Investment Management UK - Bucharest Branch Premium Point, 8th Floor, Buzesti Street 78-80, 1st District, Bucharest , Romania Tel: / Fax: / bucharestcds@franklintempleton.de Central and Eastern European countries Client Services Templeton Asset Management (Poland) TFI S.A. Rondo ONZ Warsaw, Poland Tel: +48 (22) Fax: +352 (46) CDSPoland@franklintempleton.com page 2 of 13 DG LUX EN 11/18

4 France Client Services 20, Rue de la Paix F Paris, France Tel: +33 (0) Fax: +33 (0) / +352 (46) (dealing fax) ParisCDS@franklintempleton.com Italy Client Services Corso Italia, Milan, Italy Tel: +39 (02) Fax: +39 (02) / +352 (46) (dealing fax) Italy Freefone: (800) servizioclientimilano@franklintempleton.com Nordic Countries and United Kingdom Client Services PO Box Edinburgh EH3 1EX Tel: +44 (0) Fax: +44 (0) UK Freefone: (0800) enquiries@franklintempleton.co.uk Dubai Client Services The Gate Building, East Wing, Level 2 Dubai International Financial Centre P.O. Box , Dubai United Arab Emirates Tel: +971 (4) Fax: +971 (4) / +352 (46) (dealing fax) cdsdubai@franklintempleton.com Fund Prices & Marketing Information Please refer to your local country website for fund prices and marketing information, or go to and select the appropriate country. General Information Anti-Money Laundering (AML) / Know Your Customer (KYC) Documentation As an appointed agent of FTI, you should submit certified true copies of AML / KYC documentation. Details of AML / KYC documentation requirements are provided in the fund application form. All documentation must be received in good order before any orders can be accepted. Forms & Classes of Shares All shares are issued in registered form. Fractional registered shares will be rounded to three (3) decimal places. Transaction instructions with a stated share amount will be rounded to three (3) decimal places. In accordance with the fund prospectus, shares are available in various share classes. The differences in the various classes relate to the fee structure and/or the dividend policy applicable to each class. Shares can be either distribution or accumulation shares. Full details of available share classes and Investor eligibility are provided in the fund prospectus. Charges Details of all charges applicable to each Fund Class are contained in the fund prospectus. Minimum Initial Investment The minimum initial investment in the Shares of each Fund is USD 5,000 (or USD 2,500 in the case of switches), USD 5,000,000 for Class I Shares (except for the Class I Shares of the Franklin U.S. Government Fund which has a minimum initial investment of USD 1,000,000 and the Franklin Global Corporate High Yield Fund which has a minimum initial investment of USD 20,000,000) and USD 500,000 for Class W Shares, or the equivalent in any other freely exchangeable currency, except for investment made by professional Nominees. page 3 of 13 DG LUX EN 11/18

5 Minimum Holding If a redemption, switch or transfer instruction results in the holding being less than USD 2,500 the Company reserves the right to redeem the remaining holding balance and pay the proceeds to the Investor. Third Party Payments Please note that it is the Company s policy not to make or accept unrelated Third Party Payments. Investor Portfolio Upon acceptance of an application Investors will be given an Investor Portfolio Number. This Portfolio Number should be used in all correspondence with the Company or the Management Company. In the event that more than one Portfolio Number is attributed to the same Investor, all such Investor Portfolio Numbers should be indicated. Publication of Net Asset Value (NAV) The Net Asset Value per Share of each Fund and Class of Shares is made public by the registered office of the Company and is available at the offices of the Principal Distributor and the Management Company. The Company will arrange for the publication of the Net Asset Value per Share of relevant Funds as required under applicable laws and in such newspapers as the Board of Directors may decide from time to time. This information is also available on our Internet site: The Company cannot accept responsibility for any error, delay or non-publication of prices. The Fund prices are unconfirmed unless stated otherwise and are for information only until validated by the Administrative Agent of the relevant Funds. Purchases, switches and redemptions of Shares can only be made on the basis of confirmed prices. Confirmed prices may be obtained after am Luxembourg time from Franklin Templeton International Services S.à r.l. Neither the Fund itself nor Franklin Templeton Investments can accept responsibility for any reliance or dependency placed on the prices and information included in the data file made available to you. Dealing Information Dealing and Fund Valuations Franklin Templeton Investments funds are valued daily and may be dealt on any dealing day. However some jurisdictions may not permit Investor dealing on local holidays. The price at which shares can be purchased, redeemed or switched in each class is calculated each valuation day by reference to the Net Asset Value per share of the class concerned and are available on the following valuation day. Fund prices are quoted in the denomination currency of the relevant fund or class of shares. Please refer to the terms of the fund prospectus for further information relating to dealing days, valuation days, and specific arrangements in place for your jurisdiction. Placing Deals Deals can be sent via: 1. Mail: Deal instructions and original documents should be sent via mail to the following address: Franklin Templeton International Services S.à r.l. BP 169 L-2011 Luxembourg 2. Fax: Investors wishing to place deals via fax should refer to the section "Contact Information" to find the fax number relating to their local office orders can be submitted via address " order@franklintempleton.com". Corporate investors and Intermediaries submitting orders on behalf of a retail client must complete and return the indemnity form prior to the first order being submitted. The indemnity form can be downloaded from our website under the Heading "Our Funds / Literature / Application Forms". 4. Electronic Dealing Investors wishing to place deals via electronic dealing should refer to the applicable Operating Memo which provides the relevant details. Please contact your local Client Services team for a copy. Dealing Hours Orders to be executed on the same valuation day must be received by Franklin Templeton Investments prior to the dealing cut-off time on that day. Orders received after this cut-off time or on a non- valuation day will be processed on the following valuation day. page 4 of 13 DG LUX EN 11/18

6 Fax or Dealing FUNDS COVERED DEALING CUT-OFF TIME FOR TRANSACTIONS IN THE CURRENCIES OF THE RELEVANT CLASS DEALING CUT-OFF TIME FOR TRANSACTIONS IN OTHER ACCEPTABLE CURRENCIES THAN THE CURRENCY OF THE RELEVANT SHARE CLASS DEALING CUT-OFF TIME FOR TRANSACTIONS IN HEDGED SHARE CLASSES All Fund Companies (except for FFRF) 18:00 CET 18:00 CET 18:00 CET Franklin Floating Rate Fund (FFRF) 22:00 CET N/A* 22:00 CET Electronic Dealing FUNDS COVERED DEALING CUT-OFF TIME FOR TRANSACTIONS IN THE CURRENCIES OF THE RELEVANT CLASS DEALING CUT-OFF TIME FOR TRANSACTIONS IN OTHER ACCEPTABLE CURRENCIES THAN THE CURRENCY OF THE RELEVANT SHARE CLASS DEALING CUT-OFF TIME FOR TRANSACTIONS IN HEDGED SHARE CLASSES Franklin Templeton Investment Funds (FTIF) Franklin Templeton Series II Funds (FTSIIF) and Franklin Templeton Shariah Funds (FTSF) Franklin Floating Rate Fund (FFRF) 22:00 CET 22:00 CET 18:00 CET 22:00 CET 18:00 CET 18:00 CET 22:00 CET N/A* 22:00 CET * Settlement of transactions for FFRF product must be made in the same fund currency. The table below lists the dealing platforms and order routers at the disposal of intermediaries and Institutional investors dealing in FTI products. E-DEALING PLATFORM SHARE TYPES PLATFORM TYPE WHO TO CONTACT Fundsettle Registered Order routing + Settlement Euroclear Bank / Fundsettle EMX / Fundsetlle order routing Registered + Clearstream/ Euroclear clearing Order routing EMX Registered Order routing EMX Calastone Fundsquare Registered + Clearstream/ Euroclear clearing Registered + Clearstream/ Euroclear clearing Order routing Order routing EMX Calastone Fundsquare Vestima Clearstream clearing Order routing + Settlement Clearstream Currency Conversion Deals may be received and paid in the currency of the share class. However an Investor may effect payment in another freely exchangeable currency where permitted by the Management Company. Payments of proceeds from redeemed shares may be effected in any freely exchangeable currency if instructed. Any foreign exchange transaction will be arranged on behalf of, and at the expense of, the Investor. Foreign exchange rates of currency conversion for all transactions are provided by our bankers JP Morgan Chase Bank, London. A list of acceptable currencies and our corresponding bank details is provided in "Appendix A: Payment Instruction". page 5 of 13 DG LUX EN 11/18

7 How to Purchase Shares Purchase Instructions Subscription instructions may be sent via Mail, Fax, or Electronic Dealing (please refer to "Dealing Information" section for further details). An FTI Institutional Purchase Form may be used to place subscription deals with us. Subscription instructions should contain the following information: Note: Investor s name(s) Investor s Portfolio Number(s) (if existing) Name of the Fund(s) Class Fund Class ISIN Code Number of shares or amount to be subscribed (in number and in words) Payment currency Authorized signature(s) (except for electronic orders) as per the dealing authority previously provided Contact telephone number, or fax number Address 1. The number of decimals for the number of shares for Franklin Templeton Investment Funds is three (3). 2. No third-party remittances are accepted How to pay Payments in cash, travelers cheques or non-bank money orders are not accepted. Payments should normally be made by electronic bank transfer to our bank account(s), as detailed in "Appendix A: Payment Instruction". The allotment of Shares is conditional upon receipt of the purchase monies which must be paid within three (3) business days after the deal is placed. Should monies not be received by us within this time frame, FTI reserves the right to cancel the deal and claim any losses or expenses incurred from you. Purchase Settlement Cycles DEAL ORDER RECEIVED (DAY 1) SETTLEMENT Money market funds (Except liquid reserve funds) T+1 Liquid Reserve Funds T+2 Other Funds T+3 Payments may be made in any freely exchangeable currency, with any costs borne by the Investor. The currency should be clearly indicated on the instruction. How to Redeem Shares Instructions to redeem Redemption instructions may be sent via Mail, , Fax or Electronic Dealing (please refer to "Dealing Information" section for further details). An FTI sale form can be used to place redemption deals with us. Redemption instructions should contain the following information: Investor s name(s) Investor s portfolio number(s) Name of the Fund(s) Class Fund Class ISIN Code Number of shares or amount to be sold (in numbers and in words) Settlement currency Payment details Authorized signature(s) (except for electronic orders) as per the dealing authority previously provided Contact telephone number, or fax number Note: Redemption deals can only be processed once the related subscriptions are settled. Certificates For a redemption instruction to be processed, any certificate must first be signed by the registered Investor(s) on the reverse. The original of the certificate should be returned to us by mail. page 6 of 13 DG LUX EN 11/18

8 Bulk Payments for Redemptions A single payment will be made per payment currency for all redemption orders processed on the same date, with the same value date, for the same portfolio or Investor (depending on the set-up of the payment mandate). Payment of Redemption Proceeds Payment Instructions Payments for redeemed shares will be made within three (3) business days after the redemption instruction has been received in good order and will normally be made by electronic bank transfer to your bank account(s), unless otherwise instructed. Payments may be made in any freely exchangeable currency, with any costs borne by the Investor. The currency should be clearly indicated on the instruction. Redemption Settlement Cycles DEAL ORDER RECEIVED (DAY 1) SETTLEMENT Money market funds (Except liquid reserve funds) T+1 Liquid Reserve Funds T+2 Franklin Templeton Shariah Funds T+5 Other Funds T+3 Bank details included on the deal instruction should include: Note: Beneficiary s bank name and address SWIFT address (USD/EUR only) Sort Code (GBP only) Beneficiary s bank account name Beneficiary s bank account number/iban Currency of payment Correspondent bank details (if applicable) 1. We require an International Bank Account Number (IBAN) for bank accounts held in Europe or countries where IBAN is used. In the absence of a valid IBAN, you may be charged a fee by your bank. 2. Redemption proceeds are paid to the bank details recorded on the portfolio. If bank details on record need to be confirmed or updated please contact our local Client Services Team. How to Switch Shares Instructions to Switch Switch instructions may be sent via Mail, Fax, or Electronic Dealing (please refer to "Dealing Information" section for further details). An FTI Switch form can be used to place switch instructions with us. Switch instructions should contain the following information: Investor s name(s) Investor s portfolio number(s) Number/value of Shares to be switched between named Funds and Share Classes Including ISIN code Authorized signature(s) (except for electronic orders) as per the dealing authority previously provided Contact telephone number, or fax number Switch instructions are executed on the same day of receipt. Note: 1. Switch instructions can only be processed once the related subscriptions are settled. 2. Switches may only be made between portfolios where at least one investor is the registered holder of both portfolios. 3. For Electronic Dealing (SWIFT), the settlement of non-fund and fund currency switches out and in are confirmed on T+1. Switch Restrictions Please refer to the Fund Prospectus for full details of switch restrictions. Dividend Entitlements For distribution shares switched between the ex-distribution date and the payment date, any dividend entitlement will be switched to the designated fund upon settlement of the subscription unless otherwise indicated. page 7 of 13 DG LUX EN 11/18

9 Switches into other Franklin Templeton Investments Products Investors may, under certain circumstances, switch shares of the fund into shares of certain other funds offered by the Franklin Templeton Investments group. Information on the fund groups into which shares may be switched, and details of the procedure for switching may be obtained from your local Client Services team. How to Transfer Shares Transfer of Shares Shares may be transferred between two portfolios within the same Fund and Share Class. (Please refer to the "Dealing Information" section for further details.) Instructions to Transfer Transfers may be executed upon receipt of a completed stock transfer form together with the relevant share certificate, if any. The form should contain the following information: Note: Transferor s Portfolio number and registered name Transferee s Portfolio number and registered name. Or, if a portfolio does not exist, the transferee must have completed and signed a new application form and provide identification documentation. Name of the Fund Class Fund Class ISIN Code Number of shares to be transferred Authorized signature(s) as per the dealing authority previously provided by transferor and transferee Contact telephone number, or fax number 1. Transfer deals can only be processed once the purchase of the shares to be transferred has been settled. 2. No transfer of shares can be made via Electronic Dealing link. 3. Counter party instructions may be required for certain markets. 4. Share certificates should be joined to the request if applicable. 5. Transfers will not be accepted where the transfer is being made to a party who is not eligible to invest in the funds, as defined in the prospectus. Dividends Eligible share classes will pay dividends in cash or shares. Dividends of Distribution Shares will normally be reinvested in the purchase of further Distribution Shares of the Fund and Share Class, unless otherwise stated in the application form. Cash dividends are normally paid by electronic transfer of funds to the Investor. Dividends schedules are available from your local Client Services team. Bulk Payments of Dividends A single payment will be made per payment currency for all dividend payments processed on the same date, with the same value date, for the same account or Investor (depending on the set-up of the payment mandate). Automatic Exchange of Information Account Holders are informed that the Fund and/or the Management Company may, in accordance with the Intergovernmental Agreement for tax compliance with FATCA, and EU Directive 2014/107/EU in relation to automatic exchange of financial information, and other International Tax Agreements, communicate to the competent Local tax authorities the registration details, including country of tax residence, tax identification number, client reference numbers, account balances and payments made in relation to the account and including such details in relation to beneficial owners of the account. The Local Tax Authorities may transfer this data automatically on an annual basis with the relevant tax authorities of the U.S, EU member states or other countries in accordance with International Tax Agreements. page 8 of 13 DG LUX EN 11/18

10 Confirmation/Details of Deals & Periodic Statements Electronic Confirmations/Contract Notes After the deal is processed Electronic Confirmations/Contract notes are sent to the intermediary on T+1. A Contract Note will also be posted to the registered Investor on T+1. In the event of any discrepancy the intermediary, or Investor, should contact us as soon as possible. If no discrepancy is reported within fifteen (15) Business Days from the Electronic Confirmation/Contract Note date, the transaction will be deemed correct and the Investor will be bound by the terms of the Contract Note. Statements Statements and electronic position files can be sent monthly, quarterly and/or annually. Electronic position files can also be sent daily. Online Information Online information is available via Franklin Templeton Online facility in certain jurisdictions. For further details, or to set up access, please contact your local Client Services team. How to Amend Investor Details Change of Investor Details Investors should notify us of any changes to their address, contact details, dividend options or intermediary using the appropriate Change of Details form. The Change of Details form can be requested from your local Client Services Team. How to Amend your Details Change of Broker Details FTI will change the Broker of record upon receipt of a written and signed notification from an Investor in an acceptable form. Upon changing of Broker of record, no further dealing information will be provided to the original Broker without written instructions from the Investor. Upon receipt of the notification FTI is required to inform the former Broker of the change. Commissions Any commission generated by initial sales charges, prepaid commission, or switching fees is calculated on a deal basis and paid twice a month. Trail commission and retrocession fees are accrued on a daily basis and normally paid quarterly in arrears. The calculation methodology is: (Number of shares x NAV) x (agreed annual rate of commission/365) = daily commission accrual Note: 365 is replaced by 366 for a leap year Front end commission amounts less than $100, or equivalent, will be carried forward to the next front end commission period and will be paid if the balance is greater than $100. Trail commission amounts less than $100, or equivalent, will be carried forward to the next trail commission period and will be paid if the balance is greater than $100. Please note that it is our Company policy not to make or accept unrelated third party payments. RSP Regular Savings Plan Investment In addition to making single investments into selected funds, FTI offers Investors a Regular Savings Plan in certain countries. This can be initiated at any time by the investor and it enables the accumulation of savings, benefiting from dollar-cost-averaging. The minimum holding requirement is waived in respect of Regular Savings Plans. Full details on Regular Savings Plan are available from your local Client Services team. Note: An RSP automatically terminates upon the processing of a full sell deal, switch or transfer and the delete date is entered as the deal entry date. Riva TA System automatically generates a termination letter. Clearstream / Euroclear Settlements General Information Shares in Clearstream or Euroclear account are available in the following Fund Companies: Franklin Templeton Investment Funds (FTIF) Franklin Templeton Series II Funds (FTSIIF) Franklin Templeton Shariah Funds (FTSF) page 9 of 13 DG LUX EN 11/18

11 All settlement instructions will use the CFF(Central Facility for Funds) processes and settle against the Fund Issuance Account (FIA) of Franklin Templeton International Services S.à r.l. in Clearstream Banking. Settlement in Cleartream or Euroclear account Deal orders via Euroclear must be stated without decimals. For Distribution Shares classes, dividends due will be paid out. The standard settlement period is T+3 for buys and sells however certain products or funds may have a different settlement cycle, please refer to section How to Purchase Shares or Payment of Redemption Proceeds. Switches are only available to Clearstream participants. Conversions of shares in registered form or to Clearstream or Euroclear account may be rounded down to the nearest whole share. Holidays The Fund will not be valued on any day which the New York Stock Exchange ("NYSE") is not open and any full day on which banks in Luxembourg are not open for normal business (other than during a suspension of normal dealing) and/or days as may be determined by the directors of the Fund. If settlement falls on a day which is not a business day as defined in the prospectus of the Fund, it will be processed for the value of the next business day following the holiday. Non-valuation days are omitted in the process of settlement date calculation. For the list of non-valuation dates, please contact your local Client Services team. page 10 of 13 DG LUX EN 11/18

12 Appendix A: Payment Instruction FTIF - Franklin Templeton Investment Funds Australian Dollar (AUD) Canadian Dollar (CAD) Swiss Franc (CHF) Chinese Yuan (CNY) Czech Krona (CZK) Euro (EUR) UK Sterling (GBP) Hong Kong Dollar (HKD) Hungarian Florin (HUF) Japanese Yen (JPY) Norwegian Krona (NOK) ANZ Banking Group, Melbourne. ANZBAU3M GB53CHAS Royal Bank of Canada, Toronto. ROYCCAT2 GB15CHAS UBS AG, Zurich. UBSWCHZH80A GB91CHAS JP Morgan Chase Bank, Hong Kong. CHASHKHH GB41CHAS Ceskoslovenska Obchodni, Prague. CEKOCZPP GB71CHAS GB90CHAS Sort Code GB51CHAS JP Morgan Chase Bank, Hong Kong. CHASHKHH GB54CHAS ING Bank (Hungary) Rt. INGBHUHB GB65CHAS JP Morgan Chase Bank, Tokyo. CHASJPJT GB32CHAS Nordea Bank Norge ASA. NDEANOKK Acct: GB47CHAS page 11 of 13 DG LUX EN 11/18

13 New Zealand Dollar (NZD) Polish Zloty (PLN) Swedish Krona (SEK) Singapore Dollar (SGD) US Dollar (USD) South African Rand (ZAR) Westpac Banking Corp, Wellington. WPACNZ2W GB75CHAS mbank. BREXPLPW GB49CHAS Svenska Handelsbanken, Stockholm. HANDSESS GB92CHAS Oversea-Chinese Banking Corporation Limited, Singapore. OCBCSGSG GB31CHAS JP Morgan Chase Bank, New York. CHASUS33 GB90CHAS Standard Bank of South Africa, J burg. SBZAZAJJ GB74CHAS FTSIIF - Franklin Templeton Series II Funds Australian Dollar (AUD) Swiss Franc (CHF) Euro (EUR) UK Sterling (GBP) US Dollar (USD) ANZ Banking Group, Melbourne. ANZBAU3M JP Morgan Chase Bank,N.A. London GB62CHAS UBS AG, Zurich. UBSWCHZH80A GB13CHAS GB54CHAS JP Morgan Chase Bank N.A., New York CHASUS33 Account no.: JP Morgan Chase Bank,N.A. London GB89CHAS JP Morgan Chase Bank N.A., New York. CHASUS33 GB81CHAS page 12 of 13 DG LUX EN 11/18

14 FFRF - Franklin Floating Rate Funds Chinese Yuan (CNY) Euro Dollar (EUR) Singapore Dollar (SGD) US Dollar (USD) Account Name: Account Name: Account Name: JP Morgan Chase Bank, Hong Kong, CHASHKHH. Account no.: GB90CHAS GB20CHAS Oversea-Chinese Banking Corporation Limited, Singapore, OCBCSGSG. Account no.: JPMorgan Chase Bank, London GB47CHAS JP Morgan Chase Bank N.A., New York, CHASUS33 GB41CHAS FTSF - Franklin Templeton Shariah Funds Euro Dollar (EUR) Singapore Dollar (SGD) UK Sterling (GBP) US Dollar (USD) Account Name: Account Name: GB11CHAS Oversea-Chinese Banking Corporation Limited, Singapore. OCBCSGSG. Account no.: GB53CHAS GB79CHAS JP Morgan Chase Bank N.A., New York. CHASUS33 GB31CHAS page 13 of 13 DG LUX EN 11/18

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