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 President and CEO Franklin Resources, Inc.
A Premier Investment Management Organization For more than six decades, individuals and institutions around the world have looked to Franklin Templeton Investments 1 as a trusted partner 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 200,000 + ADVISOR RELATIONSHIPS WORLDWIDE 150 + COUNTRIES SERVED 8,000 + 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, Darby and Bissett investment teams. 2. As of 31 December 2011.
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 shareholders. 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 550 investment professionals across the globe and research offices in more than 20 countries. Our analysts and portfolio managers conduct extensive, fundamental analysis, striving to get to know each organization from the ground up. We believe that the breadth and depth of our global presence makes us uniquely positioned to spot smart global investments that others might miss. Experienced Investment Professionals Our investment professionals average over 16 years experience in the industry, and nearly 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 10.7 15.6 06/2012 558 Templeton 10.0 14.3 2005 444 Mutual Series 11.2 18.3 2000 243 Average Years with Franklin Templeton Investments Average Years of Industry Experience 130% increase OUR INVESTMENT STRATEGIES 3. As of 30 June 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 30 June 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 high-quality 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, this means that 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 that this global platform allows each investment team to focus on maximizing the performance of its investment portfolios. In addition, this structure helps to achieve our goal of ensuring that each client receives truly global support, as well as access to our best products and ideas. US Fixed Income Global Fixed Income Core/Hybrid US Value Equity US Growth Equity Global Equity International Equity Emerging Markets 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 and Fiduciary Trust Company International. FRANKLIN TEMPLETON INVESTMENTS 3
Global Investment Capabilities Our investment groups operate autonomously, each according to the guiding principles of its own investment philosophy. Through these investment groups, we provide clients 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 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 that 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 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 All investments involve risk, including possible loss of principal. 4 FRANKLIN TEMPLETON INVESTMENTS
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 Fixed Income Group ESTABLISHED: 1970 6 This integrated global fi xed income platform comprises over 100 investment professionals located in offi ces around the world. The group launched its fi rst fi xed income portfolio more than 40 years ago, and has been managing money for the institutional market for more than 30 years. A global fi xed income leader, the group has depth and breadth of experience in all major sectors of the fi xed 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 6. Franklin Templeton s fi xed 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. FRANKLIN TEMPLETON INVESTMENTS 5
Global Investment Capabilities Franklin Templeton Multi-Asset Strategies ESTABLISHED: 1982 7 This global investment platform has 30 years experience managing multi-asset, multi-strategy portfolios focused on risk-adjusted performance. The platform leverages the investment expertise of over 550 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 employing timely investment themes driven by top-down and bottom-up views Disciplined investment approach incorporating 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: 1993 As one of the fi rst global investment management fi rms 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: Portfolios developed based on deep local insight and experience Maintain global quality standards for compliance, service and investment process Leverage global risk management and trading platforms 7. Franklin Templeton Multi-Asset Strategies (FTMAS) is a global investment management group dedicated to multi-strategy solutions and is comprised of individuals from various registered entities within Franklin Templeton Investments (FTI). Certain individuals based in Canada that 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 effi cient 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 and Global Listed Real Estate Securities CAPABILITIES: Multi-Sector, Multi-Region ADVANTAGES: Skillful sourcing and selection capabilities across markets drive search for superior risk-adjusted returns Emphasis on risk management, seek downside protection Focus on real estate investments for institutional investors Darby Private Equity ESTABLISHED: 1994 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 in 2003. 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 Active engagement with its portfolio companies, seeking to build and realize value FRANKLIN TEMPLETON INVESTMENTS 7
Managing Risk in a Complex World Risk management is fundamental to our investment process. Investing across market cycles for 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
Our Distinct, Multi-Tiered Approach to Risk Management Integrates: INVESTMENT SELECTION Seek to select the securities and implement strategies derived through fundamental, research-driven analysis Investments are selected based on an evaluation of the risk-adjusted return potential OUR APPROACH PORTFOLIO CONSTRUCTION Construct portfolio based on individual investment recommendations Construction is aligned, as appropriate, with the investment division view of: Diversification Investment Correlation Macro Views Benchmark Alignment PORTFOLIO EVALUATION Purpose is to provide a clear understanding of the absolute and relative risks Seek to align risks with the investment conviction of the portfolio manager 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. Co-located with 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 access to these experts best ideas, while maintaining our global quality standards for compliance, risk management, client service, trading and investment process. 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 Senior portfolio managers average over 28 years of investment experience OFFICE IN MELBOURNE 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 14 years of investment experience OFFICE IN SÃO PAULO 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 Senior portfolio managers average over 17 years of investment experience OFFICE IN CALGARY CHINA 8 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 9 portfolios and China Life (Hong Kong) focused on QDII and developing international investment capabilities for China Life Joint venture with Sealand Securities Company, Ltd. is one of the largest investment teams among foreign investment managers OFFICES IN SHANGHAI AND HONG KONG 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 Disciplined, collaborative approach to investing focused on maximum risk-adjusted returns The largest foreign mutual fund company in India OFFICES IN CHENNAI AND MUMBAI 8. Minority interest in joint venture. 9. QDII refers to Qualified Domestic Institutional Investor and QFII refers to Qualified Foreign Institutional Investor. 10 FRANKLIN TEMPLETON INVESTMENTS
JAPAN Equity EST. 1996 Open-end retail and institutional equity products offered Equity investment style is growth at a reasonable price Experienced equity team senior portfolio managers have over 18 years industry experience OFFICE IN TOKYO MALAYSIA Fixed Income and Sukuk 10 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 Senior portfolio manager has over 18 years of investment experience OFFICE IN KUALA LUMPUR MIDDLE EAST & NORTH AFRICA Equity, Fixed Income and Sukuk 10 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 Senior portfolio managers average over 12 years of investment experience OFFICE IN DUBAI 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 Korea Senior investment professionals average over 20 years of investment experience OFFICE IN SEOUL UK Equity EST. 1985 UK equity specialist covering all market sectors and market capitalizations Fundamentally research-driven, active approach to managing portfolios Experienced team with proven track record of over 20 years OFFICE IN LEEDS US 11 Equity and Fixed Income EST. 1947 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 OFFICE IN SAN MATEO VIETNAM 8 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 Expertise in private equity, listed equity and fixed income strategies OFFICES IN HO CHI MINH CITY AND HANOI 10. Sukuk a financial certificate similar to a bond in Islam that complies with Islamic religious laws of Shariah. 11. 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 continues 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 Halifax Montreal Toronto Vancouver Winnipeg Dublin Miami Salt Lake City Washington D.C. Fort Lauderdale New York City San Mateo Wilmington Fort Lee Norwalk Short Hills Los Angeles Rancho Cordova St. Petersburg Nassau Mexico City Bogotá 13 Rio de Janeiro São Paulo u Offi ces in over 30 countries u 15 global trading operations Buenos Aires u Largest cross-border fund manager 12 12. Source: Lipper FMI Thomson Reuters, as of 30 June 2012. Based on cross-border retail funds (excluding ETF and Tracker Funds). A cross-border fund is one that sources less than 80% of its assets from investors in any single country. 13. Includes joint venture partners with Franklin Templeton Investments. 12 FRANKLIN TEMPLETON INVESTMENTS
Our global perspective is built on decades of firsthand experience navigating the world s local markets. A pioneer in global investing, we have developed an extensive network of research offices, trading platforms and investment professionals working in offices around the world. Edinburgh Leeds London Stockholm Amsterdam Moscow Beijing Shanghai 13 Vienna Frankfurt Poznań Warsaw Seoul Milan Budapest Bratislava Tokyo Geneva Zürich Bucharest Dubai Luxembourg Paris Istanbul Chennai Hyderabad Mumbai Bangkok Hong Kong Madrid Ho Chi Minh City 13 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, and by our enduring financial stability. 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. 14 A Pioneer in Global Investing 1947 Franklin Resources Inc. is founded by Rupert H. Johnson Sr., head of a successful Wall Street retail brokerage 1971 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 14. For Franklin Resources, Inc.: Standard & Poor s long-term and short-term ratings are AA- and A-1+, respectively. Moody s long-term and short-term ratings are A1 and P-1, respectively. 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 2011 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 Mgmt, Pelagos Capital Mgmt, LLC, Algebra Capital, Rensburg and Balanced Equity Management) 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 15 2000s Franklin Templeton Investments continues to expand local asset management capabilities, opening additional offices in: Australia Canada China Malaysia MENA United Kingdom Vietnam 2012 Franklin Templeton Investments is widely regarded as one of the strongest and most stable independent global asset management firms in the world 15. Originally managed under Pioneer ITI Asset Management acquired in 2002. FRANKLIN TEMPLETON INVESTMENTS 15
A Valued Partner At Franklin Templeton Investments, we believe that the strength of our relationships and the trust that 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 point of differentiation for our company. Serving Our Clients Every time we interact with our clients, it presents an opportunity. 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 address evolving investor needs and the increasing sophistication of intermediaries and gatekeepers. As our business has grown, we ve 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 long-standing relationships. For example, 24% 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 29 years. 16 With over 200,000 active financial advisor relationships 17 around the globe, Franklin Templeton Investments is one of the most trusted sources of investment products and services worldwide. 16. As of 31 December 2011. 17. As of 31 December 2011. Based on data collected from the United States, Canada, India, 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. www.franklintempleton.com.au Investments entail risks, the value of investments can go down as well as up and investors should be aware that they might not get back the full value invested. Important Legal Information Franklin Templeton Investments Australia Limited (ABN 87 006 972 247) (Australian Financial Services Licence Holder No. 225328) issues this publication for the benefit of the category of person described below with the intention to provide general information only and not investment or financial product advice. It is not addressed to any other person and may not be used by them for any purpose whatsoever. It expresses no views as to the suitability of the services or other matters described herein to the individual circumstances, objectives, financial situation, or needs of any recipient. This document has been prepared for circulation to persons who are wholesale investors within the meaning of the Corporations Act 2001 (Cwlth) or to whom this document may otherwise lawfully be communicated to give preliminary information about the investment propositions described herein. It is confidential communication to, and solely for the use of, and may only be acted on by, such persons. Issued by: Melbourne Sydney Level 19, 101 Collins Street Level 30, RBS Tower, 88 Phillip Street Melbourne, VIC, 3000 Sydney, NSW, 2000 Tel: +61 (3) 9603 1200 Tel: +61 (2) 9250 2200 Copyright 2012 Franklin Templeton Investments. All rights reserved. FTIFAU CB 10/12