Franklin Templeton Investments

Franklin Templeton Investments

We believe in the value of active management and financial advice. Our goal is to deliver strong, long-term results for investors and institutions wherever they reside in the world. Gregory E. Johnson Chairman of the Board Chief Executive Officer and President Franklin Resources, Inc.

A Premier Investment Management Organization For more than six decades, individuals and institutions around the world have viewed Franklin Templeton Investments 1 as a global leader in asset management. With an unwavering focus on investment excellence, we offer a unique combination of experience, global perspective and a consistent, disciplined approach to investing that has proven itself across market cycles. A globally diversified business with: 2 65 + YEARS OF EXPERIENCE 240,000 ADVISOR RELATIONSHIPS WORLDWIDE 150 + COUNTRIES SERVED 8,500 + EMPLOYEES WORLDWIDE 1. Franklin Resources, Inc. is 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, Fiduciary Trust Company International TM, Darby Private Equity, K2 Advisors and Bissett investment teams. 2. As of 31 December 2012.

Unwavering Focus on Investment Excellence Since our founding in 1947, Franklin Templeton Investments has remained focused on one goal: delivering exceptional investment management for our clients. Our portfolio managers take a long-term view, leveraging disciplined, time-tested strategies and assessing risk as rigorously as they seek reward. Exceptional Research Capabilities Our commitment to thorough, bottom-up research is supported by more than 580 investment professionals located in research offices across the globe. Our portfolio managers and research analysts conduct extensive, fundamental analysis, striving to get to know each organization from the ground up. We believe the breadth and depth of our global presence make us uniquely positioned to spot smart global investments others might miss. Experienced Investment Professionals Our investment professionals average over 16 years experience in the industry, and over 10 years with our firm. Over the past decade, we have doubled the firm s total number of investment professionals, demonstrating our commitment to portfolio management. INVESTMENT PROFESSIONAL TENURE 3 NUMBER OF INVESTMENT PROFESSIONALS 4 Franklin 11.0 15.8 12/2012 581 Templeton 10.9 15.3 2005 444 Mutual Series 11.8 18.8 2000 243 Average Years with Franklin Templeton Investments Average Years of Industry Experience 139% increase OUR INVESTMENT CAPABILITIES 3. As of 31 December 2012. Tenure data includes portfolio managers, portfolio managers/analysts, research analysts and traders of Franklin, Templeton and Mutual Series investment management groups. 4. As of 31 December 2012. Investment professionals include portfolio managers, portfolio managers/analysts, research analysts and traders of Franklin, Templeton, Mutual Series and subsidiary investment management groups. 2 FRANKLIN TEMPLETON INVESTMENTS

Specialized Expertise from Independent Teams We are dedicated to offering a wide range of investment solutions including mutual funds, separate accounts, commingled trusts, private equity and other vehicles designed to serve a variety of client needs and risk appetites worldwide. Each of our investment groups Franklin, Templeton, Mutual Series and our specialized investment teams 5 follows an independent and distinct investment philosophy. For example, a client who invests in a Franklin equity portfolio and a Mutual Series equity portfolio will typically see only a small percentage of stocks held in common in both portfolios. In this way, our investors may pursue significant diversification within a single firm. Our Global Perspective Is Supported by a Global Platform Our products and investment teams are supported by a single, unified global platform of services, including operations, technology, compliance, sales, client services and marketing. We believe this global platform allows each investment team to focus on maximizing the performance of its investment portfolios. In addition, this structure helps us achieve our goal of ensuring that each client receives truly global support, as well as access to our best products and ideas. Global Fixed Income US Fixed Income Global Equity International Equity US Value Equity US Growth Equity Emerging Markets Core/Hybrid Local Asset Management Private Equity Real Assets Asset Allocation Alternatives 5. Specialized investment teams include: Franklin Templeton Real Asset Advisors, Darby Private Equity, Local Asset Management teams, Franklin Templeton Multi-Asset Strategies, K2 Advisors and Fiduciary Trust Company International. FRANKLIN TEMPLETON INVESTMENTS 3

Global Investment Groups Our investment groups operate autonomously, each according to the guiding principles of its own investment philosophy. Through these investment groups, we provide clients with access to a broad range of investment strategies designed to meet their investment goals. Franklin Equity Group ESTABLISHED: 1947 The Franklin Equity Group has a perspective grounded in over 65 years of investment experience. The group offers investors a range of investment options, managed by experienced teams and based on bottom-up security selection, integrated and disciplined risk management, and an unwavering commitment to solid long-term returns. Growth, Hybrid/Balanced, Value CAPABILITIES: Global, Sector, Regional, Single-Country ADVANTAGES: Experienced investment professionals covering all market capitalizations and styles Collaborative environment balances autonomy with rigorous debate and accountability Committed to its disciplined approach, regardless of short-term market cycles Templeton Global Equity Group ESTABLISHED: 1940 With over 70 years of experience, Templeton is a pioneer in global investment management. The group consistently adheres to a disciplined strategy, based on four fundamental cornerstones: Search Globally; Seek Value; Perform Bottom-Up Research; and Practice Patient, Long-Term Investing. Value CAPABILITIES: Global, Regional ADVANTAGES: Value-focused, patient and bottom-up investment philosophy Comprehensive on-the-ground coverage All investments involve risk, including possible loss of principal. 4 FRANKLIN TEMPLETON INVESTMENTS

Templeton Emerging Markets Group ESTABLISHED: 1987 Following Templeton s bottom-up, long-term, value-oriented investment philosophy, the emerging markets team focuses on investment opportunities in emerging and frontier markets, where they can capitalize on their experience, their on-the-ground presence and the dynamic economic growth potential of these countries. Value CAPABILITIES: Global, Regional, Single-Country ADVANTAGES: Disciplined, long-term approach to value investing Pioneer in emerging markets investing Research teams located around the world provide local, firsthand understanding of emerging markets opportunities Mutual Series ESTABLISHED: 1949 For over six decades, Mutual Series has been dedicated to deep value investing, seeking to purchase stocks of companies at a sizable discount to their perceived intrinsic value. Mutual Series is also recognized for its expertise with distressed securities and merger arbitrage. While these asset classes typically account for a small portion of the portfolios holdings, they have historically helped lower overall portfolio volatility. Deep Value CAPABILITIES: Global, Regional ADVANTAGES: Strategy combines the key elements of investing in undervalued stocks and, to a lesser extent, merger arbitrage and distressed securities Success predicated on fundamental research FRANKLIN TEMPLETON INVESTMENTS 5

Global Investment Groups Franklin Templeton Fixed Income Group ESTABLISHED: 1970 6 This integrated global fixed income platform comprises over 100 investment professionals located in offices around the world. The group launched its first fixed income portfolio more than 40 years ago, and has been managing money for the institutional market for more than 30 years. A global fixed income leader, the group has depth and breadth of experience in all major sectors of the fixed income market, including investment-grade and high-yield corporate bonds, global sovereign and emerging market debt, mortgage- and asset-backed securities, bank loans and municipal securities. Fixed Income CAPABILITIES: Single and Multi-Sector Strategies ADVANTAGES: Dedicated fixed income professionals located around the world Disciplined risk management and control measures Pursuit of potential alpha across securities, sectors and global markets Franklin Templeton Multi-Asset Strategies ESTABLISHED: 1982 7 This global investment platform has over 30 years of experience managing multi-asset, multi-strategy portfolios focused on risk-adjusted performance. The platform leverages the investment expertise of over 580 investment professionals at Franklin Templeton Investments and the intellectual capital of its diverse investment management groups. It combines a quantitative, tactical approach focused on fundamentals with the bottom-up views of its dedicated research team. Multi-Asset, Multi-Strategy CAPABILITIES: Global Tactical, Multi-Asset Real Return, Target Risk, Target Date ADVANTAGES: Established global team employs timely investment themes driven by top-down and bottom-up views Disciplined investment approach incorporates a multi-asset and multi-time horizon view Focus on creating diversified, result-oriented portfolios by accessing multiple sources of alpha Franklin Templeton Local Asset Management ESTABLISHED: 1982 As one of the first global investment management firms to establish local asset management capabilities in India (1993) and in South Korea (1997), Franklin Templeton Investments is a pioneer in local asset management. Each team s goal is to manage its business on a global scale, focusing on local investing, benchmarks and client needs, while drawing on the deep resources and global presence of the broader Franklin Templeton Investments organization. Equity and Fixed Income, Growth, Core/Hybrid CAPABILITIES: Global, Regional, Single-Country ADVANTAGES: Develop portfolios based on deep local insight and experience Maintain global quality standards for compliance, service and investment process Leverage global risk management and trading platforms 6. Franklin Templeton s fixed income capabilities date back to 1970 when Franklin first began managing fixed income investment products. Franklin Templeton Fixed Income Group (FTFIG) was formed in 2006, combining Franklin Templeton s range of fixed income capabilities and offerings under one platform. 7. Franklin Templeton Multi-Asset Strategies (FTMAS) is a global investment management group dedicated to multi-strategy solutions and comprises individuals from various registered entities within Franklin Templeton Investments (FTI). Certain individuals based in Canada who advise FTMAS mandates are part of Fiduciary Trust Company of Canada, a wholly owned subsidiary of FTI, that originated in 1982. FTMAS was formed in 2007 to combine the research and oversight of all multi-strategy investment solutions offered by FTI. FTMAS invests in various Franklin Templeton investment platforms. 6 FRANKLIN TEMPLETON INVESTMENTS

Franklin Templeton Real Asset Advisors ESTABLISHED: 1984 Franklin Templeton Real Asset Advisors (originally the global real estate team of Fiduciary Trust Company International) has been investing globally since 1984. With an experienced and multinational team of investment professionals, the group strives to provide investors with an efficient alternative for investing globally in private real estate funds, private infrastructure, real resources funds and listed real estate securities. Global Private Real Estate, Global Private Infrastructure, Real Resources, Global Listed Real Estate Securities and Global Listed Infrastructure CAPABILITIES: Multi-Sector, Multi-Region ADVANTAGES: Skillful sourcing and selection capabilities across markets drive search for superior risk-adjusted returns Emphasis on risk management, seeking downside protection Focus on real estate investments for institutional investors Darby Private Equity Darby is a pioneering manager of emerging market private equity, mezzanine and infrastructure funds. With over 60 investment professionals in 12 offices around the world, the group has the breadth, experience and on-the-ground investment capacity to source and manage investments in mid-market growth companies and infrastructure projects in Asia, central and eastern Europe and Latin America. Darby was established in 1994 by the former US Secretary of the Treasury, the Honorable Nicholas F. Brady, and was wholly acquired by Franklin Templeton Investments in 2003. ESTABLISHED: 1994 Emerging Markets Private Equity and Mezzanine Finance CAPABILITIES: Multi-Sector, Multi-Region ADVANTAGES: Experienced local investment professionals Comprehensive due diligence process used for selecting investments Actively engages with its portfolio companies, seeking to build and realize value K2 Advisors 8 K2 Advisors is a hedge fund solutions manager that is highly regarded for its client-centric approach to providing investors with individualized attention and customized programs. A pioneer in requiring the disclosure of portfolio holdings from its managers, K2 has developed an extensive set of proprietary analysis and risk modeling tools that help its 30 investment professionals use portfolio data to blend the art and science of manager research with asset allocation to construct customized alternative investment solutions that are grounded in risk transparency. ESTABLISHED: 1994 Multi- and Single-Strategy Hedge Fund Portfolios CAPABILITIES: Global, Sector and Regional Custom and Advisory Solutions, Hedge Fund Replication ADVANTAGES: Established investment team using innovative holdings-based risk analysis for hedge fund strategies Disciplined risk management process and control measures Pursuit of absolute returns with reduced volatility and low correlation to traditional equity and bond markets 8. Franklin Templeton Investments acquired a majority stake in K2 Advisors on 1 November 2012. FRANKLIN TEMPLETON INVESTMENTS 7

Managing Risk in a Complex World Risk management is fundamental to our investment process. Investing across market cycles for over 65 years has taught us to expect the unexpected and to have the people and processes in place to navigate both the risks and opportunities of the global marketplace. Risk Management at Franklin Templeton Investments Risk is inherent to market participation. That is why we take a comprehensive, disciplined approach to risk management, looking at risk and return from multiple angles. Our process begins with the belief that risks must be: Recognized Rational Rewarded We strive to ensure that risks are recognized and understood at the security, portfolio and operational level. We affirm that each risk decision is an intentional and rational part of the portfolio s strategy. We seek to ensure that every risk offers the opportunity for a commensurate reward. EXPERIENCED PORTFOLIO MANAGERS AND TIME-TESTED INVESTMENT STRATEGIES Our portfolio managers and research analysts implement a fundamental, research-driven approach to asset management across all strategies. They actively assess risk at each stage of the investment life cycle including during investment selection, portfolio construction and ongoing portfolio evaluation. 8 FRANKLIN TEMPLETON INVESTMENTS

Risk Assessment at Each Stage of the Investment Life Cycle INVESTMENT MANAGEMENT Risk management is led first and foremost by experienced portfolio managers who: Apply disciplined risk management techniques tailored to each team s specific strategies Use a fundamental, consistent, research-driven process Consider risk at all stages of the investment process Have proven track records Investment Selection Portfolio Construction Evaluation Portfolio GLOBAL RISK MANAGEMENT Investment managers are supported by independent risk management specialists that are: Located around the globe Embedded to work consultatively with portfolio teams Focused on providing robust analytics and critical unbiased insight OVERSIGHT COMMITTEES Senior-level oversight committees are focused on complex risk factors: Counterparty risk Pricing and liquidity Complex securities and derivatives GLOBAL RISK MANAGEMENT AND PERFORMANCE SPECIALISTS Our global portfolio teams are supported by our dedicated, independent risk management specialists who are integrated into our global portfolio and trading groups. Located alongside portfolio managers around the world, this team provides robust analytics and critical, unbiased insight into each portfolio s risk profile. COMPREHENSIVE REVIEW AND OVERSIGHT Senior oversight committees are focused on helping portfolio managers understand some of today s most complex risk factors including those associated with investing in derivatives and complex securities, pricing and liquidity, counterparty exposure, and investing in emerging and frontier markets. Our comprehensive, disciplined approach to managing investment risk is unique in that it leverages the specialized expertise of our Franklin, Templeton and Mutual Series teams, each of which is backed by the strength of our global organization. We believe this combination of expertise and global strength allows each portfolio team to navigate today s complex investment landscape while also maintaining a long-term perspective. FRANKLIN TEMPLETON INVESTMENTS 9

Local Investment Capabilities Our global perspective is enhanced by our local asset management teams located around the world. Our teams combine in-depth expertise and autonomous decision making with the global resources of Franklin Templeton Investments, developing what we believe to be unparalleled insights into the markets we invest in. Experienced local research teams are an integral part of our approach, which looks beyond the largest or most visible securities in each market to include less recognizable names that meet our rigorous investment criteria. By bringing the extensive resources of our local teams to products offered in global markets, we are able to provide investors around the world with access to these experts best ideas, while maintaining our global quality standards for compliance, risk management, client service, trading and investing. AUSTRALIA Equity EST. 1988 Large-cap Australian equity specialist (formerly managed under Balanced Equity Management [BEM] brand) Fundamental, long-term value investors with consistent, disciplined approach BRAZIL Equity, Fixed Income and Private Equity EST. 1997 Experienced in managing core and benchmark-agnostic Brazilian equity, core and multi-strategy fixed income, hybrid and absolute return strategies Senior portfolio managers average over 13 years of investment experience CANADA Equity and Fixed Income EST. 1982 Canadian equity, fixed income and balanced portfolios specialist (managed under the Bissett brand) A distinctive, profit-driven approach to growth at a reasonable price (GARP) with expertise across the yield and market capitalization spectrum CHINA 9 Equity and Fixed Income EST. 2003 Separate joint ventures with Sealand Securities Company, Ltd. (China) focused on China A-share, fixed income and QDII and QFII 10 portfolios and China Life (Hong Kong) focused on QDII and developing international investment capabilities for China Life EUROPE Equity EST. 2008 European equity specialist managing core, concentrated and dividend-focused strategies A fundamental manager utilizing a long-term perspective to look broadly across markets INDIA Equity, Fixed Income and Private Equity EST. 1993 Experienced manager of a diverse range of equity, fixed income, hybrid and private equity strategies across cycles, sectors and market capitalizations The largest foreign mutual fund company in India 10 FRANKLIN TEMPLETON INVESTMENTS

JAPAN 11 Equity EST. 1996 Equity specialists covering all market sectors and market capitalizations Fundamental research focus and robust risk management framework MALAYSIA Fixed Income and Sukuk 12 EST. 2009 Specialist in Shariah-compliant investment strategies (investments managed according to Islamic investment principles) Diversified investment capabilities including fixed income and Sukuk asset classes MEXICO Fixed Income EST. 2013 Experienced specialist in managing Mexican investments across currencies, cycles and sectors Long-term investors with a consistent, disciplined approach that seeks to maximize return and minimize risk MIDDLE EAST & NORTH AFRICA Equity, Fixed Income and Sukuk 12 EST. 2006 Experienced managers of Middle East and North Africa (MENA) and East and Emerging Asia (MENASIA) equity, fixed income and Sukuk strategies Experience managing in both public and private markets across market cycles SOUTH KOREA Equity, Fixed Income and Private Equity EST. 1997 Focused on Korean equity, fixed income, hybrid and private equity strategies First foreign-affiliated asset manager to be established in South Korea UK Equity EST. 1985 UK equity specialist covering all market sectors and market capitalizations Fundamentally research-driven, active approach to managing portfolios US 13 Equity and Fixed Income EST. 1947 More than 65 years managing value, growth and hybrid/balanced equity strategies that cover US, global and sector specialties Over 40 years managing US and global fixed income, with breadth and depth of experience in all major taxable and tax-free sectors VIETNAM 9 Equity, Fixed Income and Private Equity EST. 2008 Joint venture with Vietcombank, one of Vietnam s largest banking groups One of the first foreign joint ventures to be established in Vietnam 9. Minority interest in joint venture. 10. QDII refers to Qualified Domestic Institutional Investor and QFII refers to Qualified Foreign Institutional Investor. 11. Offered through sub-delegation to a designated third-party asset management company. 12. Sukuk a financial certificate similar to a bond in Islam that complies with Islamic religious laws of Shariah. 13. Franklin Templeton Distributors, Inc. is the primary underwriter of Franklin Templeton US-registered mutual funds. FRANKLIN TEMPLETON INVESTMENTS 11

Global Perspective with Local Expertise As the global economy has become increasingly complex and interconnected, the nature of global investing has continued to evolve. True global diversification requires more than analyzing international markets from afar; it requires firsthand knowledge and an understanding of local market nuances. Resources on the Ground, Across the Globe Calgary Montreal Toronto Boston Los Angeles Salt Lake City St. Petersburg Dublin Miami San Mateo Washington, D.C. Fort Lauderdale New York City Short Hills Wilmington Fort Lee Rancho Cordova Stamford 14 Nassau Mexico City Bogotá 15 Rio de Janeiro São Paulo u Presence in 35 countries u 44 research offices u 12 global trading offices Buenos Aires 14. Majority ownership interest. 15. Includes joint venture partners with Franklin Templeton Investments. 12 FRANKLIN TEMPLETON INVESTMENTS

As a pioneer in global investing, our perspective is built on decades of experience navigating the world s local markets. During that time, we have expanded our footprint to include research, trading, sales and operations offices that now span the globe. Edinburgh Leeds London Stockholm Amsterdam Moscow Beijing Shanghai 15 Vienna Frankfurt Poznań Warsaw Seoul Milan Budapest Bratislava Tokyo Geneva Zürich Bucharest Dubai Luxembourg Paris Istanbul Chennai Hyderabad Mumbai Bangkok Hong Kong Brussels Madrid Ho Chi Minh City 15 Singapore Kuala Lumpur Cape Town Johannesburg Melbourne Sydney FRANKLIN TEMPLETON INVESTMENTS 13

Strength and Stability We take a long-term, strategic approach to investing that has helped us thrive through market highs and lows over the past 65 years. Investors seeking a trusted partner are encouraged by the strong, long-term performance record of our products. In addition, fiscal responsibility is embedded in all aspects of our business. At Franklin Resources, Inc. (operating as Franklin Templeton Investments), our solid financial track record includes conservative balance sheet management practices, substantial liquid cash and investments, and access to additional liquidity. Furthermore, our credit ratings are among the highest of any asset management company. 16 A Pioneer in Global Investing 1971 1947 Franklin Resources, Inc. is founded by Rupert H. Johnson Sr., head of a successful Wall Street retail brokerage 1992 Franklin acquires Templeton at the time, this represented the largest merger of an independent mutual fund company in history Franklin becomes a publicly traded company Templeton Emerging Markets team, led by Dr. Mark Mobius, begins investing in emerging markets 1970 Franklin establishes fixed income capabilities 1987 1991 Templeton begins distributing cross-border SICAV funds 1940 Sir John Templeton founds Templeton, Dobbrow & Vance, Inc. in New York 1984 Franklin Templeton Real Asset Advisors (originally the global real estate team of Fiduciary Trust Company International) begins investing in global real estate 16. For Franklin Resources, Inc.: Standard & Poor s long-term and short-term ratings are AA- and A-1+. Moody s long-term and short-term ratings are A1 and P-1. Ratings do not apply to Franklin Templeton Investments underlying products/funds and are subject to change. 14 FRANKLIN TEMPLETON INVESTMENTS

In much the same way that portfolio diversification helps reduce risk, our asset base, diversified by investment objective and sales region, has served as a key strength, particularly during challenging market conditions. In fact, coming out of the recent global recession one of the worst economic crises since the creation of mutual funds we emerged stronger than ever, with our assets under management rebounding to above pre-crisis highs. 1996 Franklin Templeton Investments acquires Mutual Series (established in 1949) 2001 Franklin Templeton Investments acquires Fiduciary Trust Company International (established in 1931) 2003 2007 2012 Franklin Templeton Investments acquires Darby, a private equity group (established in 1994 by the former US Secretary of the Treasury, Nicholas F. Brady) Strategic investments and acquisitions (China Life, Sealand Securities Company, Ltd., Vietcombank Fund Management, Pelagos Capital Management, LLC, Algebra Capital, Rensburg, Balanced Equity Management and K2 Advisors) broaden and diversify the business 1993 1997 One of the first global firms to establish operations in South Korea One of the first global firms to establish operations in India 17 2000s Franklin Templeton Investments continues to expand local asset management capabilities, opening additional offices in: Australia Canada China Malaysia MENA United Kingdom Vietnam 2013 Franklin Templeton Investments is widely regarded as one of the strongest and most stable independent global asset management firms in the world 17. Originally managed under Pioneer ITI Asset Management acquired in 2002. FRANKLIN TEMPLETON INVESTMENTS 15

A Valued Partner At Franklin Templeton Investments, we believe the strength of our relationships and the trust our business partners and clients place in us are critical to our success. Our core values of Putting Clients First, Building Relationships, Achieving Quality Results and Working with Integrity define the way we do business. Throughout our history, a steadfast commitment to these values has guided our decision making and been a key differentiator for our company. Serving Our Clients Every time we interact with our clients an opportunity is presented. We strive to seize these opportunities to not only meet their expectations, but to exceed them. Our range of products and services is tailored to meet the needs of our diverse set of clients, which includes financial advisors, gatekeepers, retail shareholders and institutional investors. We offer a comprehensive suite of services that addresses evolving investor needs and the increasing sophistication of intermediaries and gatekeepers. As our business has grown, we have continued to build an integrated global service platform that can adapt quickly and cohesively. In addition, our extensive web presence, innovative marketing tools and customized support are designed to help financial advisors achieve success. Enduring Relationships with Advisors and Institutions Our dedication to customer service has translated into a network of longstanding relationships. For example, 22% of our global institutional relationships have been in place for over 10 years and the tenure of our distribution relationships with the largest US retail firms averages 30 years. 18 With 240,000 active financial advisor relationships 19 around the globe, Franklin Templeton Investments is one of the most trusted sources of investment products and services worldwide. 18. As of 31 December 2012. 19. As of 31 December 2012. Based on data collected from the United States, Canada, India and Japan and sales of cross-border funds worldwide. 16 FRANKLIN TEMPLETON INVESTMENTS

Franklin Templeton Investments Global Headquarters San Mateo, California FRANKLIN TEMPLETON INVESTMENTS 17

A true citizen of the world, Benjamin Franklin brought a global perspective to his work as a statesman, scientist and philanthropist. As one of the Founding Fathers of the United States, he epitomized the ideas of frugality and prudence when it came to saving and investing. His valuable wisdom inspired the name of our firm at its founding in 1947 and continues to inspire us today. [insert local website address] Investments entail risks, the value of investments can go down as well as up, and investors may not get back the full amount invested. Important Legal Information This document is intended to be of general interest only, and does not constitute legal or tax advice nor is it an offer of any investment fund or service. Nothing in this document should be construed as investment advice. Investors should seek professional financial advice and obtain a full explanation of any proposed investment before making a decision to invest. The descriptions in this document are intended to provide a general overview of our investment philosophy, strategies, services and other related matters. Any research and analysis contained in this document has been procured by Franklin Templeton Investments for its own purposes and is provided to you only incidentally. Franklin Templeton Investments shall not be liable to any user of this document or to any other person or entity for the inaccuracy of information contained in this document or for any errors or omissions in its contents, regardless of the cause of such inaccuracy, error or omission. Any performance quoted is historical. Issuance of this document may be restricted in certain jurisdictions. This document does not constitute the issuance of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such issuance or offer is not authorized or to any person to whom it is unlawful to issue such a document or make such an offer or solicitation. Issued by [insert issuer name and address] 2013 Franklin Templeton Investments. All rights reserved. FTIF CB 11/13