Closed-End Funds Performance Update

Closed-End Funds Performance Update July 31, 2017 Symbol Cumulative TOTAL RETURNS% 1 (as of 6/30/17) Average Annual YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Inception Date Franklin Limited Duration Income Trust 2,3 FTF Market Price 14 3.69 11.43 4.10 3.74 6.90 6.23 8/27/2003 NAV 15 3.03 9.15 2.45 5.23 6.35 6.56 Blended Benchmark Index 4 2.56 6.71 3.35 4.53 5.34 5.81 8/27/2003 Annual Expense Ratio (%) With Waiver 1.32 9,10 Without Waiver 1.35 Franklin Universal Trust 5,11 FT Market Price 14 10.26 9.95 5.21 6.93 7.48 8.16 9/23/1988 NAV 15 6.51 11.33 4.23 7.82 7.25 8.36 Credit Suisse High Yield Index 6 4.37 13.04 4.28 6.72 7.22 N/A S&P 500 Utilities Index 6 8.75 2.47 9.36 11.17 6.97 N/A Annual Expense Ratio (%) With Waiver 2.12 9 Without Waiver 2.13 Templeton Dragon Fund, Inc. 8 TDF Market Price 14 23.14 27.92 7.69 6.51 6.70 10.13 9/20/1994 NAV 15 20.73 24.07 6.30 6.20 5.38 9.37 MSCI Golden Dragon Index 7 23.49 30.91 7.97 10.46 5.12 N/A Annual Expense Ratio (%) 1.35 10 Templeton Emerging Markets Fund 11 EMF Market Price 14 23.33 33.03 0.32 3.14 3.36 11.75 2/26/1987 NAV 15 20.59 31.01 0.12 3.61 2.67 11.71 MSCI Emerging Markets Index 7 18.60 24.17 1.44 4.33 2.25 N/A Annual Expense Ratio (%) With Waiver 1.38 Without Waiver 1.39 Templeton Emerging Markets Income Fund 12 TEI Market Price 14 4.80 13.24 0.90 2.16 6.92 9.10 9/23/1993 NAV 15 6.77 14.26 3.00 4.94 7.21 8.76 JP Morgan Emerging Market Bond Global Index 7 6.20 5.52 4.64 5.20 7.30 N/A Annual Expense Ratio (%) With Waiver 1.04 Without Waiver 1.09 Templeton Global Income Fund 12 GIM Market Price 14 5.68 10.23-1.04 0.91 6.12 8.18 3/17/1988 NAV 15 3.23 8.36 0.17 3.37 7.17 7.83 JP Morgan Global Government Bond Index 7 4.07-4.41-0.45-0.03 3.82 5.73 3/17/1988 Annual Expense Ratio (%) With Waiver 0.68 9 Without Waiver 0.73 Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund s investment return and principal value will change with market conditions, and an investor may have a gain or a loss when they sell their shares. Unlike open-end funds (mutual funds), closed-end funds are not continuously offered. Closed-end funds trade on the secondary market through a national stock exchange at a price which may be above (a premium), but is often below (a discount to) the net asset value (NAV) of the fund s portfolio. Unlike a mutual fund, the market price for a closed-end fund is based on supply and demand, not the fund s NAV. Franklin Templeton Distributors, Inc. One Franklin Parkway, San Mateo, CA 94403 tel: (800) DIAL BEN /342-5236 franklintempleton.com Not FDIC Insured May Lose Value No Bank Guarantee

Closed-End Funds Performance Update July 31, 2017 Symbol Cumulative TOTAL RETURNS% 1 (as of 7/31/17) Average Annual YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Inception Date Franklin Limited Duration Income Trust 2,3 FTF Market Price 14 4.79 10.23 5.14 3.33 7.55 6.27 8/27/2003 NAV 15 4.06 7.92 3.09 5.07 6.71 6.60 Blended Benchmark Index 4 3.36 6.12 3.84 4.45 5.63 5.83 8/27/2003 Annual Expense Ratio (%) With Waiver 1.32 9,10 Without Waiver 1.35 Franklin Universal Trust 5,11 FT Market Price 14 11.82 9.29 6.76 6.38 8.34 8.19 9/23/1988 NAV 15 8.66 11.37 6.24 7.71 7.95 8.41 Credit Suisse High Yield Index 6 5.55 11.59 5.11 6.59 7.69 N/A S&P 500 Utilities Index 6 11.41 5.70 12.85 11.15 7.64 N/A Annual Expense Ratio (%) With Waiver 2.12 9 Without Waiver 2.13 Templeton Dragon Fund, Inc. 8 TDF Market Price 14 31.26 30.41 8.17 8.63 6.76 10.40 9/20/1994 NAV 15 25.93 24.76 6.17 7.17 5.53 9.54 MSCI Golden Dragon Index 7 31.46 32.62 8.36 11.44 5.06 N/A Annual Expense Ratio (%) 1.35 10 Templeton Emerging Markets Fund 11 EMF Market Price 14 31.93 32.32 1.69 5.08 3.40 11.96 2/26/1987 NAV 15 29.26 32.14 1.88 5.04 2.85 11.93 MSCI Emerging Markets Index 7 25.77 25.30 2.76 5.14 2.31 N/A Annual Expense Ratio (%) With Waiver 1.38 Without Waiver 1.39 Templeton Emerging Markets Income Fund 12 TEI Market Price 14 6.47 9.01 2.29 1.05 7.51 9.13 9/23/1993 NAV 15 7.68 13.87 3.25 4.66 7.39 8.77 JP Morgan Emerging Market Bond Global Index 7 6.90 4.59 4.83 4.51 7.46 N/A Annual Expense Ratio (%) With Waiver 1.04 Without Waiver 1.09 Templeton Global Income Fund 12 GIM Market Price 14 5.40 7.65 0.16 0.33 5.93 8.14 3/17/1988 NAV 15 2.98 8.64 0.07 2.80 7.05 7.80 JP Morgan Global Government Bond Index 7 5.79-3.29 0.37 0.09 3.68 5.78 3/17/1988 Annual Expense Ratio (%) With Waiver 0.68 9 Without Waiver 0.73 Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund s investment return and principal value will change with market conditions, and an investor may have a gain or a loss when they sell their shares. Unlike open-end funds (mutual funds), closed-end funds are not continuously offered. Closed-end funds trade on the secondary market through a national stock exchange at a price which may be above (a premium), but is often below (a discount to) the net asset value (NAV) of the fund s portfolio. Unlike a mutual fund, the market price for a closed-end fund is based on supply and demand, not the fund s NAV. Franklin Templeton Distributors, Inc. One Franklin Parkway, San Mateo, CA 94403 tel: (800) DIAL BEN /342-5236 franklintempleton.com Not FDIC Insured May Lose Value No Bank Guarantee

1. Total return calculations represent the cumulative and average annual changes in value of an investment over the periods indicated. The YTD returns have not been annualized. 2. Figures shown are for common shares. 3. As of 7/31/17, the fund had leverage in the amount of 33.74% of the fund s total portfolio. The fund employs leverage through the issuance of Auction Preferred Shares and purchase of mortgage dollar rolls. The use of financial leverage creates an opportunity for increased income, but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases/decreases in the cost of the fund s leverage may be offset by increased/decreased income from the fund s floating rate instruments. 4. The blended benchmark index consists of 1/3 Bloomberg Barclays U.S. Mortgage-Backed Securities Index, 1/3 Credit Suisse Leveraged Loan Index and 1/3 Credit Suisse High Yield Index. Source for indexes: FactSet. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 5. As of 7/31/17, the fund had leverage in the amount of 22.59% of the fund s total portfolio. The fund employs leverage through the issuance of senior fixed rate notes which creates an opportunity for increased income, but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). The cost of leverage rises and falls with changes in short-term interest rates. Such increases/decreases in the cost of the fund s leverage may be offset by increased/decreased income from the fund s floating rate instruments. 6. Source for index: FactSet. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 7. Source for indexes: FactSet. The index is unmanaged and includes reinvestment of any income or distributions. It does not reflect any fees, expenses or sales charges. One cannot invest directly in an index, and an index is not representative of the fund s portfolio. Index data is provided for comparison purposes only. The fund is not managed against an index. 8. The fund invests in certain China A shares through its investment in the Templeton China Opportunities Fund, Ltd. (China Fund). The China Fund is a Cayman Islands exempt company, is a wholly-owned subsidiary of the fund, and is able to invest directly in China A shares consistent with the investment objective of the fund. 9. Benefit of expense reduction rounds to less than 0.01%, based on the most recent audited financial statements. 10. Benefit of waiver and payments by affiliates rounds to less than 0.01%, based on the most recent audited financial statements. 11. The fund has an expense reduction contractually guaranteed through August 31, 2017. Fund investment results reflect the expense reduction; without this reduction, the results would have been lower. 12. The fund has an expense reduction contractually guaranteed through December 31, 2017. Fund investment results reflect the expense reduction; without this reduction, the results would have been lower. 13. Assumes reinvestment of distributions based on the dividend reinvestment and cash purchase plan. 14. Assumes reinvestment of distributions based on net asset value. WHAT ARE THE RISKS? Franklin Limited Duration Income Trust: All investments involve risks, including possible loss of principal. Interest rate movements and mortgage prepayments will affect the fund's share price and yield. Bond prices generally move in the opposite direction of interest rates. As the prices of bonds in a fund adjust to a rise in interest rates, the fund's share price may decline. Investments in lower rated bonds include higher risk of default and loss of principal. The fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results. Franklin Universal Trust. All investments involve risks, including possible loss of principal. Bond prices generally move in the opposite direction of interest rates. As prices of bonds in a fund adjust to a rise in interest rates, the fund's share price may decline. Investments in lower rated bonds include higher risk of default and loss of principal. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. In addition to having sensitivity to other factors, securities issued by utility companies have historically been sensitive to interest rate changes. When interest rates fall, utility securities prices, and thus a utilities fund's share price, tend to rise; when interest rates rise, their prices generally fall. The fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results Templeton Dragon Fund, Inc. All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing, including currency volatility, economic instability and political developments of countries where the fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. There are special risks associated with investments in China, Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage), inflation and rapid fluctuations in inflation and interest rates. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Because the fund invests its assets primarily in companies in a specific region, the fund is subject to greater risks of adverse developments in that region and/or the surrounding regions than a fund that is more broadly diversified geographically. Political, social or economic disruptions in the region, even in countries in which the fund is not invested, may adversely affect the value of securities held by the fund. Also, as a nondiversified investment company investing in "China companies," the fund may invest in a relatively small number of issuers and, as a result, be subject to a greater risk of loss with respect to its portfolio securities. The fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results. Closed-End Funds Performance Update 4

Templeton Emerging Markets Fund. All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing including currency volatility, economic instability, and social and political developments of countries where the fund invests. Emerging markets are subject to all of the risks of foreign investing generally and involve heightened risks due to these markets' smaller size and lesser liquidity, and lack of established legal, political, business and social frameworks to support securities markets. Some of these heightened risks may include political and social uncertainty (for example, regional conflicts and risk of war); o of corruption and crime in these countries' economic systems; delays in settling portfolio securities transactions; risk of loss arising out of the system of share registration and custody used in these countries; greater sensitivity to interest rate changes; currency and capital controls; currency exchange rate volatility; and inflation, deflation or currency devaluation. The fund may invest a portion of its assets in Russian securities. The United States and other nations have imposed and could impose additional sanctions on certain issuers in Russia due to regional conflicts. These sanctions could result in the devaluation of Russia's currency, a downgrade in Russian issuers' credit ratings, or a decline in the value and liquidity of Russian stocks or other securities. The fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, if the fund holds the securities of an issuer that is subject to such sanctions, an immediate freeze of that issuer's securities could result, impairing the ability of the fund to buy, sell, receive or deliver those securities. There is also the risk that counter measures could be taken by Russia's government, which could involve the seizure of the fund's assets. Such sanctions could adversely affect Russia's economy, possibly forcing the economy into a recession. These risks could affect the value of the fund's portfolio. The fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results Templeton Emerging Markets Income Fund. All investments involve risks, including possible loss of principal. Changes in interest rates will affect the value of the fund's portfolio and its share price and yield. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments of countries where the fund invests. The fund's investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to these markets' smaller size and lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation. The markets for particular securities or types of securities are or may become relatively illiquid. Reduced liquidity will have an adverse impact on the security's value and on the fund's ability to sell such securities when necessary to meet the fund's liquidity needs or in response to a specific market event. The fund's use of foreign currency techniques involves special risks as such techniques may not achieve the anticipated benefits and/or may result in losses to the fund. Also, as a nondiversified investment company, the fund may invest in a relatively small number of issuers and, as a result, be subject to a greater risk of loss with respect to its portfolio securities. The fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results Templeton Global Income Fund. All investments involve risks, including possible loss of principal. Changes in interest rates will affect the value of the fund's portfolio and its share price and yield. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. Special risks are associated with foreign investing, including currency fluctuations, economic instability and political developments of countries where the fund invests. Investments in developing markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. The markets for particular securities or types of securities are or may become relatively illiquid. Reduced liquidity will have an adverse impact on the security's value and on the fund's ability to sell such securities when necessary to meet the fund's liquidity needs or in response to a specific market event. The fund's use of foreign currency techniques involves special risks as such techniques may not achieve the anticipated benefits and/or may result in losses to the fund. Also, as a nondiversified investment company, the fund may invest in a relatively small number of issuers and, as a result, be subject to a greater risk of loss with respect to its portfolio securities. The fund is actively managed but there is no guarantee that the manager's investment decisions will produce the desired results. Closed-End Funds Performance Update 5

February 18, 2016 Monthly Update Investment Manager Franklin Advisers, Inc. Franklin Limited Duration Income Trust Franklin Universal Trust Templeton Emerging Markets Income Fund Templeton Global Income Fund Investment Manager Templeton Asset Management Ltd. Templeton Emerging Markets Fund Templeton Dragon Fund, Inc. tel: (800) DIAL BEN /342-5236 franklintempleton.com TRANSFER AGENT American Stock Transfer & Trust Co., LLC 6201 15th Avenue Brooklyn, NY 11219 General Mail Inquiries: Franklin Templeton c/o American Stock Transfer & Trust Co., LLC 6201 15th Avenue Brooklyn, NY 11219 info@amstock.com Shareholder Services: Toll Free Phone Number: 1-800/937-5449 Hearing Impaired Phone Number: 1-866/703-9077 International Phone Number: 718/921-8124 Hearing Impaired International Number: 718/921-8386 www.amstock.com 2017 Franklin Templeton Investments. All rights reserved.