Templeton Growth Fund, Ltd.

Templeton Growth Fund, Ltd. A PIONEER IN GLOBAL INVESTING Since 1954

FRANKLIN TEMPLETON INVESTMENTS Gain From Our Perspective At Franklin Templeton Investments, we re dedicated to one goal: delivering exceptional asset management for our clients. By bringing together multiple, world-class investment teams in a single firm, we re able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world s largest asset managers. This has helped us to become a trusted partner to individual and institutional investors across the globe. Focus on Investment Excellence At the core of our firm, you ll find multiple independent investment teams each with a focused area of expertise from traditional to alternative strategies and multi-asset solutions. And because our portfolio groups operate autonomously, their strategies can be combined to deliver true style and asset class diversification. All of our investment teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. Decade after decade, our consistent, research-driven processes have helped Franklin Templeton earn an impressive record of strong, long-term results. Global Perspective Shaped by Local Expertise In today s complex and interconnected world, smart investing demands a global perspective. Franklin Templeton pioneered international investing over 60 years ago, and our expertise in emerging markets spans more than a quarter of a century. Today, our investment professionals are on the ground across the globe, spotting investment ideas and potential risks firsthand. These locally based teams bring in-depth understanding of local companies, economies and cultural nuances, and share their best thinking across our global research network. Strength and Experience Franklin Templeton is a global leader in asset management serving clients in over 170 countries.* We run our business with the same prudence we apply to asset management, staying focused on delivering relevant investment solutions, strong long-term results and reliable, personal service. This approach, focused on putting clients first, has helped us to become one of the most trusted names in financial services. * As of 12/31/17. Clients are represented by the total number of shareholder accounts.

Investing the Templeton Way Global Expertise Templeton: A History of Global Investing 1940 John Templeton establishes investment-counseling business, Templeton, Dobbrow and Vance, Inc. 1954 Templeton Growth Fund, Ltd., the longest running global fund in Canada today, is introduced. In 1954, Sir John Templeton pioneered international investing when he introduced one of the world s first global investment funds, Templeton Growth Fund, Ltd., believing that the best investment opportunities could be found by searching the world. For more than 70 years, the Templeton organization has followed Sir John Templeton s fundamental investing approach of searching the globe for undervalued securities offering strong investment opportunities. This commitment remains the core of our philosophy today, keeping us at the forefront of the global investing arena. 1964 Templeton Growth Fund, Ltd. begins investing in Japan, then considered an emerging market. 1987 Templeton Emerging Markets Fund, the first emerging markets fund listed on the New York Stock Exchange, is launched. 1992 Widely recognized for its global expertise, Templeton joins Franklin Resources. The best bargains are not stocks whose prices are down the most, but rather those stocks having the lowest prices in relation to possible earning power of future years. SIR JOHN TEMPLETON October 1957 2008 Templeton Frontier Markets Fund, the first actively managed frontier markets fund, is launched in the U.S. 2014 Templeton Growth Fund, Ltd. celebrates its 60 th anniversary. franklintempleton.ca Templeton Growth Fund, Ltd. 1

Why Invest Globally? Overseas Investments Can Offer Unparalleled Portfolio Diversification Like many investors around the world, Canadians are generally biased towards their home country when it comes to investing. It s understandable; we like to invest in companies and brands that we are familiar with. However, this causes investors to miss out on investment and diversification opportunities that a single country alone cannot provide. 1 Foreign Markets Offer More Opportunity Foreign and emerging markets represent over 97% of the world s market capitalization as of December 31, 2017 1. Yet, in a world more connected than ever, Canadians remain somewhat reluctant to take advantage of global opportunities allocating over 17% of their investment portfolio to global equity funds 2. World Market Capitalization December 31, 2017 Foreign Markets...74.02% Emerging Markets...23.14% Canada...2.84% 2 Global Revenue Streams More and more, companies across the globe are deriving revenue not just from their domestic markets, but from many countries in various markets throughout the world. Below you ll find some well-known companies which are domiciled in different countries that generate more than 50% of their revenues outside their own borders 3. Canada Australia Brazil United States 89% 94% 93% 50% Switzerland India Israel 98% 82% 100% For illustrative purposes only; these companies are not necessarily representative of the fund s past or future portfolio composition. 1. Source: The World Federation of Exchanges. 2. Source: Investor Economics Insight: November 2017. 3. Data is as of each company s latest financial statements: December 31, 2016 ( Novartis, Pfizer, TEVA, VALE), February 28, 2017 (Blackberry), March 31, 2017 (Dr. Reddy s), June 30, 2016 (BHP Billiton). Foreign revenue is based on Total Revenue Domestic Revenue. Logos are trademarks of their respective owners. Logos are used for illustrative purposes to identify the respective companies and should not be construed as endorsement of, or affiliation with, Franklin Templeton Investments or Templeton Growth Fund, Ltd. 2 Templeton Growth Fund, Ltd. franklintempleton.ca

3 Diversify By Investing Abroad As shown in the chart below, more than 66% of the Canadian stock market is dominated by three major sectors: financials, energy and materials. By sticking close to home, Canadian investors limit their ability to diversify and capitalize on investment opportunities available in other sectors that are more prominent outside of Canada. Index Sector Weightings 4 As of December 31, 2017 40% 30% 20% 10% 4 0% Financials Energy Materials Industrials Consumer Discretionary Telecommunication Services S&P/TSX Composite Index MSCI All Country World Index Tap Into Global Stock Market Performance The table below shows the top performing stock markets of developed countries over the past ten calendar years. 5 Utilities Consumer Staples Information Technology Real Estate Health Care Rank 2017 2016 2015 2014 2013 1 Austria Canada Denmark Israel Finland 2 Hong Kong New Zealand 3 Singapore Norway Belgium Ireland USA Ireland New Zealand USA Rank 2012 2011 2010 2009 2008 1 Belgium Ireland Sweden Norway Japan 2 Germany New Zealand Denmark Australia Switzerland 3 Denmark USA Hong Kong Singapore USA 4. Source: Standard & Poor s (S&P/TSX Composite Index) and MSCI, Inc. (MSCI All Country World Index). Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. As of December 29, 2017, the benchmark changed from MSCI World Index to MSCI All Country World Index. 5. Morgan Stanley Capital International, Inc. FactSet Research Systems Inc., 1/09/2018. The performance of countries and unmanaged indexes does not reflect expenses and may not correspond to the performance of the fund, which is actively managed and incurs expenses. franklintempleton.ca Templeton Growth Fund, Ltd. 3

The Strategy Based on Four Fundamental Cornerstones Templeton Growth Fund, Ltd. is a global equity solution for any investment portfolio. The fund employs a consistent, value-driven approach to identifying undervalued securities in companies and industries throughout the world. 1 2 3 4 Search Globally Templeton has always believed that when searching for the best investment opportunities, bargains are borderless. To find the most promising companies for our portfolios, we leverage the experience and resource infrastructure developed over the last 70 years, including analysts and offices that span the globe, from Asia to Europe to the Americas. Seek Value As value-oriented investors, we search worldwide for stocks selling at prices we believe are low relative to their true value. Stocks are typically mispriced for a reason, and our analysts must distinguish a cheap stock from a true bargain. Perform Fundamental, Bottom-Up Research Our research begins with the company. We conduct in-person visits and perform extensive fundamental research to model a company s potential future earnings, cash flow and asset value relative to its stock price. Then we compare the results to other companies in its industry and versus companies regionally and globally to determine if a stock is undervalued. Practice Patient, Long-Term Investing We have always believed it s better to adhere to a sound investment plan than to jump in and out of the market. As disciplined investors, we evaluate a company s potential for earnings and growth over a five-year horizon. Buying out-of-favour stocks can hurt short-term performance, but we believe this discipline is what drives more consistent long-term results, in terms of both lower volatility and strong returns. In the words of Sir John, we prefer to buy when others are despondently selling and sell when others are avidly buying. At Templeton, we feel our bottom-up approach and creative, forward-looking value process are uniquely suited to any environment. By looking ahead of the consensus and thinking about value differently than the crowd, we believe we position our portfolio well for the future. JAMES HARPER, CFA Lead Portfolio Manager CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. 4 Templeton Growth Fund, Ltd. franklintempleton.ca

How Templeton Selects Stocks Our Bargain List Selection Process Templeton s bottom-up investment approach seeks to identify the best potential investment opportunities available. To make Templeton s Bargain List, a stock must be priced low relative to the company s potential for future earnings or assets, and it must survive a critical peer review process. The funds portfolio managers then select stocks from the Bargain List based on their own individual research and each fund s investment criteria. Narrowing the Stock Universe PORTFOLIO CONSTRUCTION Portfolio managers decide which Bargain List stocks they ll select for the funds they manage. BARGAIN LIST SELECTION After extensive peer review, scrutiny and investment debate, the most promising stocks are selected for the Bargain List. IN-DEPTH FUNDAMENTAL ANALYSIS Using a five-year investment horizon, analysts conduct rigorous fundamental analysis to identify potential Bargain List stocks. Potential investment ideas are narrowed down to a group of 80 150 Bargain List Candidates. POTENTIAL BARGAINS IDENTIFIED Experienced analysts worldwide screen the universe of over 10,000 stocks, seeking value opportunities across global industry sectors. TEMPLETON S BOTTOM-UP STOCK SELECTION PROCESS franklintempleton.ca Templeton Growth Fund, Ltd. 5

The Benefits Distinct Benefits to Investing with a Global Pioneer 1 Broad Diversification Across Multiple Countries 6 The fund seeks to invest in undervalued companies offering good long-term prospects, regardless of country or industry. Global diversification helps to minimize the negative impact of any particular country, industry or investment on the overall portfolio. As of December 31, 2017, the fund is diversified in 22 countries and 20 industries. As of December 31, 2017 Geographic Breakdown Sector Allocation United States...35.20% United Kingdom...13.88% Japan...8.08% France...6.23% China...5.17% Netherlands...3.88% South Korea...3.83% Germany...3.50% Canada...2.24% Others...17.98% Financials... 22.83% Health Care... 15.45% Information Technology... 13.66% Energy... 9.44% Consumer Discretionary... 9.01% Materials... 6.93% Industrials... 5.98% Telecommunication Services... 5.86% Consumer Staples... 4.21% Utilities... 2.42% Real Estate................. 0.63% Top 10 Holdings (by issuer) Top 10 Issuers Sectors Weight (%) Samsung Electronics Co. Ltd. Information Technology 2.27 Comcast Corp. Media 2.10 Alphabet Inc. Information Technology 2.09 BP PLC Energy 2.01 Oracle Corp. Consumer Discretionary 1.88 Top 10 Issuers Sectors Weight (%) Microsoft Corp Information Technology 1.73 Standard Chartered PLC Financials 1.64 Apple Inc. Information Technology 1.61 KB Financial Group Inc. Financials 1.57 Amgen Inc. Health Care 1.53 2 Value Outside of the Benchmark The fund s value-driven investment approach results in uncovering undervalued investment opportunities around the world. This disciplined approach has provided investors with better value when compared to domestic and global stock markets. Fundamental Portfolio Characteristics from Stock Holdings in Templeton Growth Fund, Ltd. vs. Various Indexes 7 As of December 31, 2017 Average P/E Ratio Average P/CF Ratio Average P/BV Ratio S&P/TSX Composite Index 18.81x 8.44x 1.93x MSCI All Country World Index 8 20.55x 12.18x 2.34x Templeton Growth Fund, Ltd. 18.08x 7.37x 1.51x 6. Portfolio breakdowns and holdings are subject to change. Breakdown data may not add up to 100% due to rounding. Information is historical and may not reflect current or future portfolio characteristics. The portfolio manager for the fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top 10 holdings list. 7. Sources: Standard & Poor s, Inc., MSCI, Inc., and Franklin Templeton Investments. Price-to-earnings (P/E) ratio is the ratio of a company s share price to earnings per share. Price-to-cash flow (P/CF) ratio is calculated by taking a stock s capitalization and dividing it by its cash flow. Price-to-book value (P/BV) ratio is the ratio of a company s share price to net asset value per share. Fund holdings are subject to change. 8. All Morgan Stanley Capital International (MSCI) data is provided as is. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data described herein. Copying or redistributing the MSCI data is strictly prohibited. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. As of December 29, 2017, the benchmark changed from MSCI World Index to MSCI All Country World Index. 6 Templeton Growth Fund, Ltd. franklintempleton.ca

3 Low Average Turnover Ratio The fund s long-term investing approach has historically resulted in annual portfolio turnover ratios that have been considerably lower than the average for global funds which is a reflection of its patience for value recognition and can help to keep fund expenses low for investors. TEMPLETON GROWTH FUND, LTD. VS. MORNINGSTAR GLOBAL EQUITY CATEGORY Average Annual Portfolio Turnover 9 23% Templeton Growth Fund, Ltd. 52% Morningstar Global Equity Category 4 Global Resources & Expertise 10 With investment professionals in offices around the world, Templeton Global Equity Group has on-the-ground insight into investment opportunities that others may miss. Templeton Global Equity Group 14 Years Average tenure with Templeton JAMES HARPER, CFA 25 years industry experience HEATHER ARNOLD, CFA 34 years industry experience TUCKER SCOTT, CFA 26 years industry experience NORM BOERSMA, CFA 32 years industry experience 19 Years Average investment industry experience Toronto, Canada Edinburgh, UK Nassau, Bahamas Fort Lauderdale, USA Singapore Melbourne, Australia Hong Kong, China 39 Portfolio managers and research analysts across 7 Locations worldwide 9. Source: Morningstar Research, Inc. Portfolio turnover data is the average of all funds in the Morningstar Global Equity category as reported in their annual report for 2017. Templeton Growth Fund, Ltd. data is as of April 30, 2017. 10. Investment team information is as of December 31, 2017. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. franklintempleton.ca Templeton Growth Fund, Ltd. 7

The Results Templeton Growth Fund, Ltd. Solid Long-Term Results Our patient value approach to investing has proven successful for over half a century. For an investor who purchased $10,000 of this fund s Series A on its inception date, the market value of this investment would have been $10,945,321 as of December 31, 2017. Growth of a $10,000 Investment 11 November 29, 1954 December 31, 2017 $12,000,000 $9,000,000 $6,000,000 $3,000,000 $0 11/54 6/60 2/66 10/71 6/77 2/83 Templeton Growth Fund, Ltd. Series A Annualized Returns Based On 5-Year Increments 12 58 63 63 68 68 73 73 78 78 83 83 88 9.39% 18.26% 13.97% 24.85% 19.73% 13.28% 11. Source: Morningstar Research Inc., as of December 31, 2017. Assume: Lump-sum investment of $10,000 into Templeton Growth Fund, Ltd. Series A at the series inception on November 29, 1954. 8 Templeton Growth Fund, Ltd. franklintempleton.ca

I m looking to invest outside of Canada. I need a global equity fund that can help me find opportunities using a proven investment approach one that will provide solid long-term growth for my investments. $10,945,321 Investment Value (Distributions Reinvested, Net of Fees) 10/88 6/94 2/00 10/05 6/11 12/17 88 93 93 98 98 03 03 08 08 13 16.45% 10.57% 1.65% -2.15% 11.00% 12. Source: Franklin Templeton Investments. All returns shown are net of fees. Performance data is shown rounded to the nearest hundredth. Templeton Growth Fund, Ltd. Series A returns represent the year-over-year change in value of an investment, and include reinvestment of dividends. The chart is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. franklintempleton.ca Templeton Growth Fund, Ltd. 9

The Power of Dollar-Cost Averaging Regular Investments May Help You Reach Your Long-Term Goals 13 Dollar-cost averaging is a proven investment technique that may help lower the average cost of the shares you purchase. For example, by investing a fixed dollar amount of $1,000 each month in Templeton Growth Fund, Ltd. you buy more shares when the price is low and fewer shares when the price is high. As a result, your average share cost may be less than the average price per share. TEMPLETON GROWTH FUND, LTD. SERIES A Dollar Cost Averaging, $1,000 Invested Per Month April 30, 1992 December 31, 2017 $800,000 An investor who invests $12,000 annually can take advantage of the fund s performance over time. $600,000 $646,207 Fund Market Value $400,000 $200,000 $300,000 Total Investment Cost $0 '93 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Total Investment Cost Fund Market Value Total Investment Fund Market Value Total Investment Fund Market Value 1993 $1,000 $1,000 2005 $156,000 $216,566 1993 $12,000 $14,121 2006 $168,000 $276,259 1994 $24,000 $26,553 2007 $180,000 $269,412 1995 $36,000 $43,003 2008 $192,000 $198,710 1996 $48,000 $64,105 2009 $204,000 $234,527 1997 $60,000 $87,718 2010 $216,000 $253,897 1998 $72,000 $100,098 2011 $228,000 $252,557 1999 $84,000 $134,516 2012 $240,000 $301,599 2000 $96,000 $145,873 2013 $252,000 $423,151 2001 $108,000 $156,965 2014 $264,000 $473,383 2002 $120,000 $136,108 2015 $276,000 $538,416 2003 $132,000 $168,961 2016 $288,000 $567,974 2004 $144,000 $194,848 2017 $300,000 $646,207 Average share cost = $10.22 Average price per share = $10.89 13. Source: Franklin Templeton Investments, as of December 31, 2017. The illustration represents performance of a hypothetical investment and is for illustrative purposes only. It does not represent the past or future performance of a Franklin Templeton mutual fund. All contributions are at month end with the investment beginning on April 30, 1992. All information presented net of fees excludes any upfront sales charge; however, the standard fees are reflected in the fund performance. 10 Templeton Growth Fund, Ltd. franklintempleton.ca

Plan for Income in the Future A Systematic Withdrawal Plan Can Provide Income When You Need It After a lifetime of savings, what s next? A systematic withdrawal plan allows investors to sell their accumulated shares at regular intervals, which can create the effect of having a paycheque from your portfolio. Many investors employ a systematic withdrawal plan when they have reached their investment goals and need to tap their portfolio for income. The table below shows a $100,000 investment made 30 years ago with an annual withdrawal of $30,000 starting 20 years after your initial investment plus a 6% increase every year for your income needs. 20 YEARS OF GROWTH PLUS 10 YEARS OF INCREASING SYSTEMATIC WITHDRAWALS 14 $100,000 Initial Investment (Series A), $30,000 First Withdrawal Amount (30% of Initial Investment), 6% Annual Increase in Withdrawal Amount Reinvest Dividends and Capital Gains January 1, 1988 December 31, 2017 $400,000 $300,000 $395,424 TOTAL WITHDRAWALS Based on 10 years of $30,000 systematic withdrawals $200,000 $100,000 $0 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 It s important to note that the amounts withdrawn do not represent dividends or income, but rather, the proceeds from the sale of shares. This illustration assumes sufficient shares are sold from the shareholder s account at the time of each withdrawal to provide for such payments. Account Value after $395,424 of Withdrawals $750,000 $600,000 $450,000 $300,000 $150,000 $265,733 ENDING PORTFOLIO VALUE $0 '88 '92 '96 '00 '05 '09 '13 '17 14. Source: Morningstar Research Inc., as of December 31, 2017. The illustration represents a hypothetical investment program and is for illustrative purposes only. The results of such a program vary substantially depending on investment performance during the period the program is in effect. The rate or amount chosen for withdrawal determines the value remaining at the end of the period. In a period of declining market values, continued withdrawals could eventually exhaust the principal. Returns are based on Series A shares of Templeton Growth Fund, Ltd. but do not take into account any fees outside of the prescribed MER, nor any federal or provincial tax consequences. If taxes or additional fees were taken in account, the hypothetical values shown would be reduced. franklintempleton.ca Templeton Growth Fund, Ltd. 11

Performance results «««MORNINGSTAR RATINGTM 15 Over multiple time periods, the fund s Series F performance relative to its peer group has resulted in an overall 3-star Morningstar Rating. Compounded Returns 16 As of December 31, 2017 Inception Date 1-Year 3-Year 5-Year 10-Year Since Inception Templeton Growth Fund, Ltd. Series A 11/29/1954 11.57% 8.53% 13.59% 5.09% 11.75% Templeton Growth Fund, Ltd. Series F 11/24/2000 12.81% 9.71% 14.82% 6.19% 4.97% We believe our ability to find bottom-up bargains and build diversified, differentiated portfolios can help to position our shareholders well for potential long-term investment success. JAMES HARPER, CFA Lead Portfolio Manager 15. As of December 31, 2017. The Morningstar Rating TM 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 36 59 months of total returns, 60% five-year rating/40% three-year rating for 60 119 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. Templeton Growth Fund, Ltd. is rated within the Morningstar Global Equity category. All performance data refers to Series F units. Please refer to www.morningstar.ca for more details on the calculation of Morningstar Risk-Adjusted Ratings and the one-year information. For each of the three-, five- and 10-year performance periods, there were in total 1,034, 748 and 363 funds, respectively, in the Morningstar Global Equity category. 16. Source: Franklin Templeton Investments, as of December 31, 2017. Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. 12 Templeton Growth Fund, Ltd. franklintempleton.ca

Templeton Growth Fund, Ltd. Reasons to Invest The Strategy 1 2 3 Value-oriented stock selection aimed at uncovering the best bargains worldwide. Identifies securities using fundamental, bottom-up research that compares a company s potential future earnings, cash flow and asset value relative to its stock price. Patient, long-term strategy that focuses on a company s potential over a five-year time horizon. The Benefits 1 2 3 Globally diversified portfolio with investments spread across various countries, industries and securities. Disciplined investment strategy that results in distinct value compared to broad-based equity indexes. Access to global research and experience with offices and analysts located around the world. The Results 1 2 3 Achieved strong performance of 11.75% since inception in 1954, based on Series A returns. The fund s Series A has generated a positive return in 10 of the past 11 performance periods based on 5-year increments from 1959 to 2013. Earned a 3-star Morningstar Rating, as of December 31, 2017, based on Series F returns. For investors concerned about a fluctuating Canadian dollar, the Series A (Hedged) version of Templeton Growth Fund, Ltd. seeks to minimize the impact of changes in currency values. Templeton Growth Fund, Ltd. CORPORATE CLASS SERIES A, F, I, O, PF CDN$ US$ SERIES A, F, I, O, PF CDN$ US$ Series A Front End 700 702 Series A Front End 350 351 Series A DSC 732 102 Series A DSC 352 353 Series A Low Load 648 649 Series A Low Load 614 615 Series A (Hedged) Front End 3623 Series F 354 355 Series A (Hedged) DSC 3625 Series I (Closed to New Investors)* 356 357 Series A (Hedged) Low Load 3624 Series O 358 359 Series F 740 750 Series PF 3754 3755 Series I (Closed to New Investors)* 780 795 Series O 165 175 Series PF 3817 3818 *Series I and V closed to new investors as of November 22, 2016. 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 2016. franklintempleton.ca Templeton Growth Fund, Ltd. 13

Franklin Templeton Investments Canada 200 King Street West, Suite 1500 Toronto, ON M5H 3T4 fax (866) 850-8241 (800) 387-0830 www.franklintempleton.ca For more information on Templeton Growth Fund, Ltd. or Franklin Templeton Solutions, please call (800) 387-0830, speak to your investment advisor, or visit www.franklintempleton.ca. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. The information presented herein is considered reliable at the present time; however, we do not represent that it is accurate or complete, or that it should be relied upon as such. The information presented herein is not a recommendation or solicitation to buy or sell securities. 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. The indicated rates of return are the historical annual compounded total returns including changes in 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. 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. 2018 Franklin Templeton Investments Corp. All rights reserved. 700 INVE 12/17