INVEST WITH A GLOBAL LEADER

INVEST WITH A GLOBAL LEADER

Since 1947, our firm has been dedicated to delivering exceptional asset management for our institutional, retail, and high-net-worth clients. By bringing together multiple, world-class investment teams in a single firm, we re able to offer specialized expertise across a full range of asset classes, supported by the strength and resources of one of the world s largest asset managers. This has helped us become a trusted partner to financial advisors and investors across the globe. FOCUS ON INVESTMENT EXCELLENCE Our independent teams with distinct investment styles and philosophies are backed by exceptional research and supported by a global platform that includes active risk management and rigorous compliance. GLOBAL PERSPECTIVE SHAPED BY LOCAL EXPERTISE We leverage the firsthand research and insights of more than 650 investment professionals 1 around the world to give investors access to global opportunities others might miss. STRENGTH AND EXPERIENCE GAINED OVER 70 YEARS We offer clients the strength and experience gained from decades of active management and an enduring commitment to reliable, personalized service. Not FDIC Insured May Lose Value No Bank Guarantee

WHY CHOOSE FRANKLIN TEMPLETON INVESTMENTS? FOCUS ON INVESTMENT EXCELLENCE Our multiple-manager structure brings together specialized investment teams with distinct styles to offer clients a full range of investment capabilities. To give clients around the world access to our best products and ideas, our investment teams are supported by a global platform that includes rigorous compliance and active risk management. INVESTMENT VEHICLES Mutual Funds ETFs Separately Managed Accounts Private Funds EXTENSIVE INVESTMENT CAPABILITIES EQUITY FIXED INCOME MULTI-ASSET ALTERNATIVES Value Deep Value Core Value Blend GARP Growth Convertibles Sector Shariah Smart Beta Government Municipals Corporate Credit Bank Loans Securitized Multi-Sector Currencies Sukuk Income Real Return Balanced/Hybrid Total Return Target Date/Risk Absolute Return Tactical Asset Allocation Managed Volatility Commodities Infrastructure Real Estate Hedge Funds Private Equity SPECIALIZED INVESTMENT TEAMS Franklin FT AlphaParity Equity Group Franklin Local Asset Management Franklin Mutual Series Franklin Real Asset Advisors Fixed Income Group Multi-Asset Solutions Templeton Emerging Markets Templeton Global Equity Group Templeton Global Macro Templeton Private Equity Partners Darby Private Equity K2 Advisors Pelagos Capital Management GLOBAL INVESTMENT PLATFORM Research Trading Portfolio Compliance Investment Risk Management 1940 1947 1948 1949 1954 1970 1986 Sir John Templeton founds Templeton, Dobrow & Vance, Inc. Franklin Resources, Inc. is founded by Rupert H. Johnson Franklin Income Fund is launched, paying investors uninterrupted dividends for 65 years 2 Mutual Series launches Mutual Shares Fund Templeton launches Templeton Growth Fund, the first global mutual fund available to investors Franklin establishes fixed income capabilities to help investors combat inflation and provide further portfolio diversification Templeton Global Bond Fund is launched to provide investors with access to global credit opportunities

GLOBAL PERSPECTIVE SHAPED BY LOCAL EXPERTISE With more than 650 investment professionals 1 in 25 countries around the world, we are uniquely positioned to look beyond the largest or most visible securities in each market to spot smart global investments that meet our rigorous investment criteria. Our firsthand understanding of local culture, companies and economies sets us apart as a truly global partner. Our local asset management (LAM) teams combine deep expertise and autonomous decision making with the global resources of our firm to develop in-depth insights into the markets we invest in. By bringing these insights to the products we offer in global markets, we can give investors access to our experts best ideas while maintaining our global quality standards for compliance, risk management, trading and investing. 43 RESEARCH OFFICES 12 GLOBAL TRADING OFFICES 15 LOCAL ASSET MANAGEMENT TEAMS 170 COUNTRIES SERVED AMERICAS Bogota 3 Boston Buenos Aires Calgary Coral Gables Dublin Fort Lauderdale Los Angeles Mexico City Montreal Nassau New York City Rancho Cordova Rio de Janeiro Salt Lake City San Mateo Sao Paulo Short Hills St. Petersburg Stamford 4 Toronto Washington, D.C. Wilmington EUROPE, MIDDLE EAST, AFRICA Amsterdam Brussels Bucharest Budapest Cape Town Dubai Edinburgh Florence Frankfurt Geneva Istanbul Leeds London Luxembourg Madrid Milan Padua Paris Poznan Rome Stockholm Vienna Warsaw Zurich ASIA PACIFIC Bangkok Beijing Chennai Ho Chi Minh City 3 Hong Kong Hyderabad Kuala Lumpur Melbourne Mumbai Seoul Shanghai 3 Singapore Sydney Tokyo 1987 1991 1992 1993 1996 1997 2000 Led by Dr. Mark Mobius, Templeton begins investing in emerging markets and offers the first emerging markets equity fund to US investors Templeton begins distributing crossborder SICAV funds to provide investors around the world access to global market opportunities The Templeton and Franklin organizations merge in what was at the time the largest merger of an independent mutual fund company in history establishes operations in India to provide investment management services to a large and fast-growing investor base Mutual Series, established in 1949, joins to expand clients access to its unique, deep-value style of investing establishes operations in South Korea to provide investors with a means to access global markets and diversify assets Beginning in 2000, broadens local asset management capabilities by opening offices in Australia, Canada, China, Malaysia, MENA, United Kingdom and Vietnam

STRENGTH AND EXPERIENCE GAINED OVER 70 YEARS We offer clients the strength and experience gained from decades of active asset management. At Franklin Resources, Inc. (operating as Franklin Templeton Investments), our track record of fiscal responsibility includes conservative balance sheet management practices, substantial liquid cash and investments, and access to additional liquidity. Our credit ratings are among the highest of any asset management company. 5 The strength of our firm is reinforced by a values-driven culture that s committed to putting clients first, working with integrity, building relationships, and achieving quality results. This client-centric approach has earned us the reputation of being one of the most trusted names in asset management. 6 5. For Franklin Resources, Inc.: Standard & Poor s long-term and short-term ratings are A+ and A-1+. Moody s long-term and short-term ratings are A1 and P-1. Ratings do not apply to Investments underlying products/funds and are subject to change. 650 + investment professionals 1 $ 753.2 billion in assets under management 7 9,200 + employees worldwide 33 countries with offices 22.3 million shareholder accounts 2001 2003 2007 2012 2013 2016 Fiduciary Trust Company International, established in 1931, joins to provide investment management services to high-net-worth individuals, families and charitable organizations Darby, established by former US Secretary of the Treasury Nicholas F. Brady, joins Franklin Templeton to meet the demand for access to private equity placements in emerging markets Between 2007 and 2011, makes strategic investments and acquisitions of China JVs, Vietcombank Fund Management, Algebra Capital, Rensburg and Balanced Equity Management to further meet the needs of investors around the world purchases K2 Advisors, Inc. and launches Franklin K2 Alternative Strategies Fund in 2013 to offer investors strategies that can help reduce volatility in unpredictable markets expands LAM capabilities to Mexico and acquires Pelagos Capital Management, LLC to provide investors with greater access to commodities and managed futures opportunities launches Franklin LibertyShares active and strategic beta ETFs

THE VALUE OF PROFESSIONAL ADVICE We believe investors can benefit from the expertise of a financial advisor who can help you define your goals and needs, then identify investments that meet your financial objectives. To invest in funds or to learn more about our offerings, please contact your financial advisor. All investments involve risks, including possible loss of principal. Investors should carefully consider a fund s investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, for any fund, talk to your financial advisor, call us at (800) DIAL BEN/342-5236, or visit franklintempleton.com. Please carefully read a prospectus before you invest or send money. 1. As of 9/30/17. Investment professionals include portfolio managers, portfolio managers/analysts, research analysts and traders of Franklin, Templeton, Franklin Mutual Series, and subsidiary investment management groups. 2. Dividends will vary, depending on the fund s income, and past distributions are not indicative of future trends. 3. Joint venture partners with Investments. 4. Majority ownership interest. 6. Source: Market Strategies International. Cogent Reports. Advisor Brandscape ; Web survey of 1,390 US-based financial advisors: January March 2016. 7. As of 9/30/17. Distributors, Inc. One Franklin Parkway San Mateo, CA 94403-1906 (800) DIAL BEN / 342-5236 franklintempleton.com 2017 Investments. All rights reserved. GOF G 11/17