Compounded Returns for Periods Ended September 30, 2017 (%) Management Expense Ratio (as of 4/30/17 incl. HST) 2.45%

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1 Templeton Growth Fund, Ltd. Series A Product Profile Third Quarter 2017 FUND CHARACTERISTICS (AS OF 9/30/17) Fund Inception Date 11/29/54 Distribution Frequency Annually Morningstar Category Global Equity Total Net Assets All Series $1,527 million Number of Issuers 100 THIRD-PARTY FUND DATA Overall Morningstar Rating «««As of September 30, 2017 the fund s Series A received a 3 star overall Morningstar Rating, measuring risk-adjusted returns against 1048, 736 and 347 Global Equity funds over the 3, 5 and 10 year periods, respectively. A fund s overall rating is based on a risk-adjusted return measure that accounts for variation in monthly excess performance. FUND CODES Series CAD USD Series A Front Series A (Hedged) Front Series A DSC Series A (Hedged) DSC Series A Low Load Series A (Hedged) Low Load Series F Series I Series O Series PF (Formerly Series M) Corporate Class CAD USD Series A Front Series A DSC Series A Low Load Series F Series I Series O Series PF (Formerly Series M) FUND DESCRIPTION This Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of companies around the world and fixed income securities issued by governments or companies of any country. The Fund may invest in any country or industry in any proportion. The Fund's Series A (Hedged) seeks to minimize the impact of currency fluctuations. PERFORMANCE DATA Compounded Returns for Periods Ended September 30, 2017 (%) Since Incept 3Mths* 1 Yr 3 Yrs 5 Yrs 10 Yrs (11/29/54) Templeton Growth Fund, Ltd Management Expense Ratio (as of 4/30/17 incl. HST) 2.45% The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Please call Franklin Templeton Client Services at or visit for the most recent month-end performance. Compounded Returns for Periods Ended September 30, 2017 (%) Mths* 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept Templeton Growth Fund, Ltd. Series A Calendar Year Returns As of September 30, 2017 (%) YTD Templeton Growth Fund, Ltd. Series A Series I and V closed to new investors as of November 22, Beginning in January 2017, investors switching between Corporate Class funds will trigger a capital gain or loss at the time of the switch due to certain changes in the income tax laws made by the federal government in *Cumulative Total Returns. For information related to the Fund Characteristics, Third-Party Fund Data, and Performance Data sections, please see Explanatory Notes. 1of5

2 PORTFOLIO DIVERSIFICATION (AS OF 9/30/17) Top Ten Holdings Issuer Name Country Industry % of Total Samsung Electronics Co Ltd South Korea Technology Hardware & Equipment 3.00 Apple Inc. United States Technology Hardware & Equipment 2.57 Oracle Corp United States Software & Services 2.27 Baidu Inc China Software & Services 2.25 Comcast Corp United States Media 2.04 Alphabet Inc United States Software & Services 1.95 BP PLC United Kingdom Energy 1.84 Amgen Inc. United States Pharmaceuticals, Biotechnology & Life Sciences Total SA France Energy 1.64 BNP Paribas SA France Banks 1.59 Total Geographic Weightings vs. Benchmark (% of Total) Sector Weightings vs. Benchmark (% of Total) 1.66 Europe Financials Information Technology North America Health Care Energy Asia Consumer Discretionary Materials Mid-East / Africa Industrials Telecommunication Services Australia / New Zealand 2.62 Consumer Staples Utilities Cash & Cash Equivalents 3.89 Real Estate Cash & Cash Equivalents Templeton Growth Fund, Ltd. MSCI World Index Portfolio Allocation % Equity Cash & Cash Equivalents % 14% 28% 42% 56% 70% Largest Sector Contributors vs. MSCI World Index Sector Total Effect (%) Industrials 0.35 Energy 0.26 Utilities 0.16 Financials 0.13 Consumer Staples % 6% 12% 18% 24% 30% Smallest Sector Contributors vs. MSCI World Index Contributor data shown is for the period 7/1/17 to 9/30/17. Sector Total Effect (%) Health Care Information Technology Consumer Discretionary Materials Cash & Other Net Assets For information related to the Portfolio Diversification section, please see Explanatory Notes. 2of5

3 PORTFOLIO CHARACTERISTICS (AS OF 9/30/17) Fund vs. MSCI World Index Fund Benchmark Price to Earnings (12-month Trailing) 18.60x 20.84x PricetoBook 1.54x 2.36x PricetoCashFlow 8.49x 12.17x Market Capitalization (Millions CAD) 144, ,886 (As of 9/30/17) Performance Risk Statistics 3 Yrs 5 Yrs 10 Yrs Standard Deviation (%) Alpha (%) Beta Sharpe Ratio Information Ratio Tracking Error (%) R-Squared (%) The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Please call Franklin Templeton Client Services at or visit for the most recent month-end performance. GLOSSARY Alpha: Alpha measures the difference between a fund's actual returns and its expected returns given its risk level as measured by its beta. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates a fund has underperformed, given the expectations established by the fund's beta. Some investors see alpha as a measurement of the value added or subtracted by a fund's manager. Benchmark: An unmanaged group of securities whose overall performance is used as a standard to measure investment performance. Beta: A measure of the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market (or index) is assigned a beta of 1.00, so a portfolio with a beta of 1.20 would have seen its share price rise or fall by 12% when the overall market rose or fell by 10%. Information Ratio: In investing terminology, the ratio of expected return to risk. Usually, this statistical technique is used to measure a manager's performance against a benchmark. This measure explicitly relates the degree by which an investment has beaten the benchmark to the consistency by which the investment has beaten the benchmark. Market Capitalization: A determination of a company's value, calculated by multiplying the total number of company stock shares outstanding by the price per share. PricetoBook: The price per share of a stock divided by its book value (i.e., net worth) per share. For a portfolio, the value represents a weighted average of the stocks it holds. PricetoCashFlow: Supplements price/earnings ratio as a measure of relative value for a stock. For a portfolio, the value represents a weighted average of the stocks it holds. Price to Earnings (12-month Trailing): The share price of a stock, divided by its per-share earnings over the past year. For a portfolio, the value represents a weighted average of the stocks it holds. R-Squared: A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio's total return precisely matched that of the overall market or benchmark, its R-squared would be 100. If a portfolio's return bore no relationship to the market's returns, its R-squared would be 0. Sharpe Ratio: To calculate a Sharpe ratio, an asset's excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) are divided by the asset's standard deviation. Standard Deviation: A measure of the degree to which a fund's return varies from the average of its previous returns. The larger the standard deviation, the greater the likelihood (and risk) that a fund's performance will fluctuate from the average return. Tracking Error: Measure of the deviation of the return of a fund compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment fund is managed, the smaller the tracking error. For information related to the Portfolio Characteristics section, please see Explanatory Notes. 3of5

4 Identify Potential Bargains Experienced analysts Focus on global industry sectors Quantitative and qualitative assessment Identify material ESG issues In-Depth Fundamental Analysis Five-year financial forecasts Management/supplier/ competitive evaluation Recommendation of Bargain List candidates Research Team Evaluation Presentation of investment thesis Investment debate and critique: Devil s Advocate ESG Devil s Advocate Director of Research approval Bottom-Up Portfolio Construction Investment parameters Industry and sector framework Build and diversify portfolio Long-term approach: 20% historical turnover Portfolio Monitoring and Risk Management Ongoing valuation analysis Ongoing ESG monitoring Disciplined sell methodology Weekly peer review and risk analytics TEMPLETON S BOTTOM-UP STOCK SELECTION PROCESS Historical turnover is based on Templeton s experience as a Firm, over a five-year period as of most recent quarter end. The turnover is a byproduct of Templeton s long-term approach to managing portfolios, but various factors, such as a portfolio s specific investment guidelines and market or economic conditions may cause actual portfolio turnover to vary. INVESTMENT AND MANAGEMENT TEAM (AS OF 9/30/17) Templeton Growth Fund, Ltd. Management Team Years with Firm Years Experience James Harper, CFA Norman Boersma, CFA Tucker Scott, CFA Heather Arnold, CFA Templeton Global Equity Management Team Years with Firm Years Experience Norman Boersma, CFA - Chief Investment Officer Heather Arnold, CFA - Director of Research Cindy L. Sweeting, CFA - Director of Portfolio Management Templeton Global Equity Group Number of Members Average Years Experience Portfolio Managers/Analysts Research Analysts Additional Resources Research Technology Group Junior Research Analysts Global Trading Platform Global Research Library Performance Analysis and Investment Risk Group Global Portfolio Compliance Group CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. 4of5

5 EXPLANATORY NOTES FUND CHARACTERISTICS Number of Issuers: All portfolio holdings are subject to change. Holdings of the same issuer have been combined. THIRD-PARTY FUND DATA Source: Morningstar 9/30/17.The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Ratings metrics. The weights are 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three- year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Please refer to for more details on the 1-year data and on the calculation of Morningstar Risk-Adjusted Ratings Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. PERFORMANCE DATA The fund offers other series subject to different fees and expenses, which will affect their performance. All MSCI data is provided as is. The Fund described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the Fund described herein. Copying or redistributing the MSCI data is strictly prohibited. PORTFOLIO DIVERSIFICATION Top Ten Holdings: Holdings of the same issuer have been combined. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. The portfolio manager for the fund reserves the right to withhold release of information with respect to holdings that would otherwise be included. Geographic/Sector Weightings: Weightings as percent of total. Percentage may not equal 100% due to rounding. Information is historical and may not reflect current or future portfolio characteristics. Largest/Smallest Sector Contributors: Information is historical and may not reflect current of future portfolio characteristics. All portfolio holdings are subject to change.source: FactSet. Data is calculated as a percentage of total including cash and cash equivalents but excluding fixed income. Total Effect represents the opportunity cost of investment decisions in a group relative to the overall benchmark. PORTFOLIO CHARACTERISTICS The portfolio characteristics listed are based on the fund's underlying holdings, and do not necessarily reflect the fund's characteristics. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security's issuing company. This methodology may cause small differences between the portfolio's reported characteristics and the portfolio's actual characteristics. In practice, Franklin Templeton's portfolio managers invest in the series or type of security which they believe is most appropriate at the time of purchase. The market capitalization figures for both the portfolio and the benchmark are at the security level, not aggregated up to the main issuer. All portfolio holdings are subject to change. Source: FactSet. Price to Earnings (12-mo Trailing) measures the current price to earnings ratio (P/E) relative to the trailing 12 months of reported earnings. Price to Earnings, Price to Cash Flow and Price to Book Value for the weighted average use harmonic means. Values less than 0.01 (i.e., negative values) are excluded and values in excess of 200x are capped at 200x. For the benchmark, no limits are applied to these ratios in keeping with the benchmark's calculation methodology. Market capitalization statistics are indicated in the base currency for the portfolio presented. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Franklin Templeton Investments Canada is a business name used by Franklin Templeton Investments Corp. Franklin Templeton Investments Canada 200 King Street West, Suite 1500 Toronto, ON M5H 3T4 Client Services Toll-free: Fax: franklintempleton.ca 2017 Franklin Templeton Investments Corp. All rights reserved. 700 PPE 09/17 5of5