Presentation Title (Presenter) (Arial Bold, 30 pt)Franklin...

Global Macro Hedge Strategy

Presentation Title (Presenter) (Arial Bold, 30 pt)

Sonal Desai, Ph.D. Portfolio Manager, Director of Research International Bond Department Franklin Templeton Fixed Income Group®

Franklin Templeton Investments

Institutional Client Program

This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for the public.CLIENT EDUCATION PROGRAM MATERIALS. NOT FOR PUBLIC DISTRIBUTION.

Topics

Firm Overview

Investment Team Resources

Philosophy, Process and Risk Management

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This presentation is provided by Franklin Templeton Institutional for informational purposes only. This information is considered proprietary and shall be treated as confidential. It shall not be distributed or otherwise communicated to third parties. While every effort has been made to ensure the accuracy of the information contained within these materials, we do not guarantee such accuracy. Information provided in this presentation is as of September 30, 2012, unless otherwise indicated.© 2012 Franklin Templeton Investments. All rights reserved.


SummaryGlobal Macro Hedge Strategy• Managed by Franklin Advisers, Inc., part of Franklin Templeton Investments, one of the world’s

leading investment organizations with over US$749 billion in AUM• Highly developed professional, technological and risk management infrastructure• Only suitable for longer-term investors

Seeks to Generate Alpha from “Curve, Currencies and Credit” Investments in over 50 Countries• Utilizes three “lenses” of economic research: country, global macro and on-the-ground• Evaluates every investment on individual risk/return and its contribution to overall volatility• Uses position concentration, security selection and portfolio leverage with the aim of producing

uncorrelated performance

Seasoned Leadership Backed by Proven Fundamental Approach• Lead manager Michael Hasenstab, Ph.D., has over a 10-year track record and manages over US$165

billion1

• 16 investment professionals on the International Bond team, with experience averaging over 11 years2

• Investment research by over 130 fixed income professionals in 10 global locations

1.This includes a number of fund vehicles and separate accounts. 2.The 16 investment professionals on the International Bond team have other investment management responsibilities for other products. Investment professionals include portfolio managers, portfolio analysts and traders.As of September 30, 2012.

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Investment Platform Overview

4

Franklin Templeton Investments offers a full range of investment capabilities from a breadth of investment management platforms.

FRANKLIN TEMPLETON INVESTMENTSTotal Combined Assets Under Management (AUM) : US$749.9 Billion

Institutional AUM : US$165.2 BillionSingle Business Development, Relationship Management, and Consultant Relations Platform

EQUITY FIXED INCOME SPECIALIZED STRATEGIES

Franklin Equity Group

Templeton Emerging Markets

GroupTempleton Global

Equity Group Mutual Series

Franklin Templeton Fixed

Income Group

Franklin Templeton Local

Asset Management

Franklin Templeton Real Asset Advisors Darby

Franklin Templeton Multi-Asset Strategies

Established 1947 1987 1940 1949 1970 1993 1984 1994 1982

Focus U.S. Equity

Global Equity

International Equity

Emerging Markets Equity Global Equity


Global Equity


U.S. Equity

Distressed Debt & Merger Arbitrage

Global Fixed Income

Regional Fixed Income

Emerging Market Debt

Global Equity and Fixed Income

Regional Equity and Fixed Income

Single-Country Equity and Fixed Income

Global Private Real Estate

Global Listed Real Estate Securities

Global Private Infrastructure and Real Resources

Emerging Markets Private Equity & Mezzanine Finance

Infrastructure

Multi-Asset

Fund-of-Funds Strategies

Global Tactical Asset Allocation

Style Growth, Value, Core/Hybrid

Core Value Core Value Deep Value Single Sector, Multi-Sector

Multi-Sector, Single-or Multi-Region

Multi-Sector, Multi-Region

Multi-Sector Multi-Style

AUM US$144.1 Billion US$48.2 Billion US$100.7 Billion US$58.8 Billion US$334.7 Billion US$41.5 Billion US$4.2 Billion US$1.5 Billion US$27.4 Billion

Source: Franklin Templeton Investments (FTI), as of September 30, 2012, unless otherwise noted. Assets under management (AUM) combines the U.S. and non-U.S. AUM of the investment management subsidiaries of the parent company, Franklin Resources, Inc. [NYSE: BEN], a global investment organization operating as Franklin Templeton Investments. AUM includes discretionary and advisory accounts, including pooled investment vehicles, separate accounts and other vehicles, as well as some accounts that may not be eligible for inclusion in composites as defined by the firm’s policies. AUM may also include advisory accounts with or without trading authority. In addition, the Firm may provide asset allocation advisory services, and if the assets are not allocated to FTI products, then the assets are not included in AUM. Numbers may not equal 100% due to rounding. Please note that the table above does not include all affiliates under FTI.Franklin Templeton Multi-Asset Strategies (FTMAS) AUM as of September 30, 2012. FTMAS invests in various Franklin Templeton Investments and external investment platforms; AUM for FTMAS is reported under each utilized investment platform, as well as for FTMAS.Each local asset manager may be considered as an entity affiliated with or associated to Franklin Templeton Investments by virtue of being wholly-owned subsidiaries, or other entities or joint ventures in which Franklin Resources, Inc., owns a partial interest, which may be a minority interest. Local asset management AUM includes AUM for Franklin Templeton Investments (ME) Limited and Balanced Equity Management Pty. Limited. Franklin Templeton Investments (ME) Limited and Balanced Equity Management Pty. Limited are both indirect wholly-owned subsidiaries of Franklin Resources, Inc.Please refer to the “Important Disclosures” slide for additional information.For firms claiming compliance with the Global Investment Performance Standards (GIPS®), figures for the assets under management above may not correspond to the assets under management as defined by GIPS®. For GIPS® purposes, Franklin Equity Group and Franklin Templeton Fixed Income Group are both units of the firm Franklin; Templeton Emerging Markets Group and Templeton Global Equity Group are both units of the firm Templeton.


Global Macro Hedge StrategyInvestment Objective• Seeks to generate strong absolute returns over the long term• Identifies macroeconomic imbalances in global interest rate, currency and credit markets• May invest in both long and short sovereign and corporate securities and derivatives, as well as foreign exchange

Unconstrained in Seeking Most Attractive Global Opportunities• Typically express 5–6 macro themes • May contain concentrated and illiquid positions• Frontier markets and niche investments, such as local bank deposits, may also be used• Leverage will be actively used

There is no assurance that the portfolio will achieve its investment objective. Past performance does not guarantee future results.5


Macro Strategy Designed to Generate Returns in Any Market EnvironmentWe Believe Alpha Opportunities Exist Throughout an Economic Cycle• Interest rates, currencies and credit spreads move in cycles, but not necessarily together• Accelerating economic growth implies stronger fundamentals

–Tends to be positive for risk currency/credit exposure, but not for duration exposure (higher interest rates)• Slower economic growth implies weaker fundamentals

–Tends to be positive for duration exposure (falling interest rates), but not for risk currency/credit exposure

1. “Safe-Haven” currencies are those that the market tends to gravitate toward during periods of economic volatility.The above chart is for illustrative and discussion purposes only. Not representative of any current holdings.

Economic Growth

Short DurationLong Risk CurrenciesShort Safe-Haven Currencies1

Long Credit

Long DurationShort Risk CurrenciesLong Safe-Haven Currencies1

Short Credit

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Lead Manager: Michael Hasenstab, Ph.D.Since 2001, Lead Manager of Global Bond Plus and Global MultisectorPlus Strategies• Renowned macroeconomist with deep knowledge of global fixed income markets• Named the top global bond fund manager by Bloomberg Global Markets in 2009 and 2010*• Since 2001, AUM in his strategies have grown from US$2.1 billion to over US$165 billion1

Leads Global Sovereign & Emerging Markets Debt Team• Team conducts on-going and rigorous analysis of developed and emerging countries• Disciplined application of interest rate, exchange rate and sovereign credit equilibrium models• Access to fixed income research platform with over 30 years of continuous operation

Praise for Dr. Hasenstab’s Approach*• “Produced returns better than bonds and equities, but hasn't experienced high volatility.”2

• “Hasenstab has a remarkable talent for spotting long-term trends in advance and then getting in on the ground floor.”3

• “No matter what happens in the Eurozone, or elsewhere for that matter, one thing that’s unlikely to change is Hasenstab’s steely resolve to stick with an investment process that’s focused on the long term, and which doesn’t react to headlines.”4

• “We believe investors are in good hands.”5

1. As of September 30, 2012.2. Barron’s, global bond category, Templeton Global Bond Fund, for the 1-year period ended December 18, 2010.3. Morningstar, global bond category, Templeton Global Bond Fund, as of June 15, 2012.4. Morningstar, global bond category, Templeton Global Bond Fund, as of June 1, 2012.5. Morningstar, global bond category, Templeton Global Bond Fund, as of April 17, 2012.*The quotes and awards shown herein are based on Michael Hasenstab’s management of certain U.S. and Luxembourg registered mutual funds, which employ a similar but not identical strategy as the Fund. There can be no assurance that the Fund will achieve the same results. Past performance does not guarantee future results.

Morningstar Awards 2011*

Winner Fixed Income Fund Manager of the Year

Investment Week 2011*

Winner Global Bond Manager of the Year

Switzerland, Germany, United Kingdom, France, Europe

Lipper 2011*

Best Fund Over 3-, 5- and 10-Year Periods as of 12/31/11

Lipper 2011*

Best-Selling Bond Funds Domiciled in Europe in 2011

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Leveraging Ideas Generated by Global Research Effort

• The International Bond Team uses the experience of 16 investment professionals:–Over 11 years’ average experience–Fourteen languages spoken

• Process builds upon existing portfolio management, research and risk infrastructure

• Able to draw upon over 130 fixed income investment professionals in developed and emerging markets located around the world

• Team may also exchanges ideas, insights and information with Franklin Templeton Investments global equity managers and analysts

Investment professionals include portfolio managers, portfolio analysts and traders.As of September 30, 2012.

31 Additional Globaland Local AssetManagementProfessionals

101 Additional FixedIncome Professionalsin 10 Locations

89 GlobalEquityProfessionals

70 RiskManagementProfessionals

International Bond Team

16 Managers,Analysts and Traders

8


International Bond - TeamGlobal Summits (16) Title Years of Experience

Michael Hasenstab, Ph.D. Senior Vice President, Portfolio Manager,Co-Director International Bond Department

17

Canyon Chan, CFA Senior Vice President, Portfolio Manager 21

Sonal Desai, Ph.D. Director of Research, Portfolio Manager 18

Calvin Ho, Ph.D. Senior Global Macro and Research Analyst 7

Hyung-Cheol Shin, Ph.D. Senior Global Macro and Research Analyst 20

Kang Tan, Ph.D. Senior Global Macro and Research Analyst 12

Diego Valderrama, Ph.D. Senior Global Macro and Research Analyst 10

Vivek Ahuja Research Analyst/Portfolio Manager 16

Laura Burakreis Research Analyst/Portfolio Manager 25

Christine Zhu Quantitative Research Analyst 9

Attila Korpos, Ph.D. Research Analyst 7

Charlie Liu Research Associate 1

Jonathan Hum Research Associate 1

Michael Messmer Senior Trader 11

Matt Henry Trader 6

Andrew Mesic Trader 5

Product Management (3) Title Years of Experience

Elsa Goldberg Vice President, Senior Product Manager 16

Brian Henry Institutional Portfolio Manager 23

Susan Wong, CFA Product Manager 7

As of September 30, 2012.CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

9


Investment PhilosophyView Global Financial Markets as an Integrated System• Markets usually reflect fundamentals over 2–3 year horizon, but often deviate in the short term• Seek to take advantage of global inefficiencies and structural trends• Seek to identify “linkages” throughout global financial and economic systems in conjunction with in-depth individual country research

• Utilize a long-term value approach to “curve, currencies and credit” analysis

No Substitute for Fundamental Research• On-going evaluation of over 50 different countries and economies• Diversity of inputs in the investment process is critical• Extensive country analysis through multiple lenses

Concentrated and Contrarian• Look for opportunities where others panic and be prepared to react quickly when others do not• Willing to weather periodic and significant short-term volatility in search of long-term opportunities• Hold only those investments in which we have high conviction, and add leverage, as appropriate

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Designed to Achieve Diversification Across Wide Range of Fixed Income Instruments• Ability to choose from ideas generated by global fixed income management resources • Process builds upon existing strategies, research and risk management infrastructure

Global Macro Hedge Strategy

Global MultisectorPlus

Global Bond Plus

Government/Sovereign Bonds

Currency/Foreign Exchange

Quasi-Sovereign and Govt. Agencies

Corporate Bonds and Spread Sectors

Bank Loans

Structured Debt

Frontier Govt. and Corp. Bonds

Credit Linked Notes

Local Bank Deposits

Specialty Issues

Leverage

For illustrative purposes only; not representative of any current holdings.

Utilize Utilize Less Do Not Utilize

11


Investment Process

The above chart is for illustrative and discussion purposes only and is not indicative of the Fund’s investment holdings at any given time.

DevelopedMarkets

EmergingMarkets

FrontierMarkets

GEOGRAPHIC UNIVERSE

GLOBALMACRO HEDGE

STRATEGY

Best Execution

Risk Analysis

THREE “LENSES” OF GLOBAL RESEARCH

SOURCES OF POTENTIAL ALPHA

CONSTRUCTION & IMPLEMENTATION

LongCurve

ShortCurve

LongCurrency

ShortCurrency

LongCredit

ShortCredit

Investments include, but are not limited to: government, supranational, municipal and corporate debt; bank loans;private placements; structured debt; mortgages; forward foreign exchange; swaps; futures; and options

Portfolio Management• Top 5–6 themes

• 23–35 individual positions

• Leverage

Trading• Trade structuring

• Market flows

• Local execution

Risk Modeling• VaR

• Correlations

• Scenario-planning

• Stress-testing

Country Analysis• Macroeconomic

fundamentals

• Monetary & fiscal policy

• Capacity for change

Macro Models• Currency models

• Interest rate models

• Ad hoc thematic research

• Identify imbalances

Local Perspectives• Brazil

• China, India, Korea, Malaysia

• Dubai

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Sample Portfolio Construction

Typically Express 5–6 Global Macro Themes• Evaluate ideas from a “clean slate” all-cash portfolio• Look for uncorrelated ideas• Focus in areas where we believe opportunities exist to “harvest low-hanging fruit”• Potential investments compared based on expected risk/return

Six “Levers” for Each Market—Curve, Currencies and Credit, Either Long or Short• Execute ideas via combination of cash, bonds, derivatives and leverage• Position size based on valuations, cross-correlations and expected risk/return• Recognize that shorting can be more complicated in some frontier and emerging markets • No stop-loss provisions—counterintuitive to the way we think

.13


Robust Global Growth• Long EM FX• Minimal long duration• Almost zero sovereign credit

Global Re-Coupling to the U.S. Slowdown• Long duration ex U.S.• Short EUR• Long JPY, CHF to hedge

BRL, IDR

European Sovereign Crisis• Long E. Eur. credits• Avoid PIIGS

Bottoming of Interest Rate Cycle• Scaled out of long duration exposures

Low U.S. Interest Rates• Short JPY

to hedge U.S. rates

Credit Crunch Widens• Long EM

credits and FX• Reduced

JPY, CHF EM Liquidity Crisis• Anchored

EM deals• Added EM

credits and FX

August 2007U.S. Sub-Prime

Spreads Globally

September 2008Lehman (plus Fannie, Freddie, ML, WaMu)

December 2008Fed cuts rates from

1% to 0–0.25%

December 2009European sovereign

crisis begins0

200

400

600

800

1,000

7/06 10/06 1/07 4/07 7/07 10/07 1/08 4/08 7/08 10/08 1/09 4/09 7/09 10/09 1/10 4/10 7/10 10/10

JPM

EM

BIG

Sove

reign

Spr

ead (

meas

ured

in ba

ssis

point

s)¹

How We Navigated the Hundred-Year StormInvestment Strategies Utilized in the Franklin Templeton Global Bond Plus Composite Representative Account (2006–2010)

Source: Bloomberg, 2010.The above chart is for illustrative and discussion purposes only. Information is historical, is for a different strategy and may not reflect current or future portfolio characteristics of aGlobal Macro Hedge Strategy.1. The JPMorgan Emerging Bond Index Global (EMBIG) Sovereign Spread is the difference in yields between the EMBIG and the U.S. Treasury yield curve. JPMorgan calculates this spread by aggregating the cash flows of all the bonds in the index and determining the number of basis points which need to be added to the U.S. Treasury yield curve so that the discounted net present value of the aggregate cash flows will equal the aggregate current market value of the bonds (Z-spread).

3Q ‘06 4Q ‘06 1Q ‘07 2Q ‘07 3Q ‘07 4Q ‘07 1Q ‘08 2Q ‘08 3Q ‘08 4Q ‘08 1Q ‘09 2Q ‘09 3Q ‘09 4Q ‘09 1Q ‘10 2Q ‘10 3Q ‘10 4Q ‘10

14


Risk Management Is the Foundation of Our Investment PhilosophyResponsibility Begins and Ends with Our Portfolio Managers• Leverage time-tested strategies and experienced managers and teams• Integrated within our fundamental, research-driven process

Performance Analysis and Investment Risk (PAIR) Team• 70 professionals based in 14 locations; 20 dedicated to fixed income• Performs scenario analyses, risk modeling, stress-testing, position scaling, risk budgeting and

performance attribution• Designed to ensure risks are “recognized, rational and rewarded”

Recognized Rational Rewarded

Strive to ensure risks are recognized and understood at the security, portfolio and operational level

Risk decisions are an intended and rational part of each portfolio’s strategy

Seek to ensure that every risk has an opportunity for a commensurate long-term reward

As of September 30, 2012.15


Risk Management Process Is Independent, Detailed and DisciplinedOn-going Monitoring of Exposures, Correlations and Counterparties• PAIR team members sit on trading desk, but conduct independent analysis• Trades subject to pre- and post-trade compliance• Key risk statistics published overnight to internal website• Regular manager and peer review of risks on daily, weekly, monthly and quarterly basis

Dedicated Risk Management Specialists

• Performance Analysis and Investment Risk work consultatively to help integrate risk analytics into the portfolio evaluation process

• Independent analysis is designed to allow for a consistent philosophy andan unbiased perspective for the organization

In-Depth Reviewand Oversight

• Senior level oversight committees manage risk related to: counterparty risk, complex securities, global product launches and pricing and liquidity

• Support specialists in Portfolio Compliance, Legal and Trading support the portfolio teams in monitoring risks in each area

Solid, CommittedOrganization

• Unifying mission and organizational values guide decision-making withinthe organization

• A leading global asset management firm helps support the portfolio teams in adhering to core philosophies through market cycles

FUNDAMENTALS OF RISK MANAGEMENT

16


Integration of Risk Management into Portfolio Construction

1 Portfolio Construction• Build portfolios according

to proven style and client constraints• Seek to ensure proper diversification

2 Performance Evaluation• Designed to identify

drivers and detractorsof performance

• Assess which risks areeffectively rewarded

• Backtest risk modelto validate ex-ante risk

4 Risk Monitoring• Measure risk exposures

and help identify new risks• Monitor risks across several

dimensions daily and bringattention to material changes

• Contribute to Summits Risk Committee

3 Risk Analysis• Analyze exposure

changes under variousconditions

• Designed to ensuremanagers do not departfrom investment policy

• Propose trades to helpmitigate unwanted riskexposures

17


Example: Isolating Risk Exposures• If we like a local interest-rate opportunity but find the currency unattractive, we can hedge out the currency risk, or cross-hedge to a currency we do find attractive

• Example: Long maturity local Mexico bonds (denominated in Mexican pesos) cross-hedged to Indian rupees

The above chart is for illustrative and discussion purposes only and is not indicative of the Fund’s investment holdings at any given time.

Step 1 = Purchase peso-denominated Mexican bond

Step 2 = Cross-hedge peso risk into Indian rupee risk

Result = “Rupee-denominated” long-dated Mexican debt

Cross-HedgeMexican Interest Rate Risk

Indian Rupee Risk

=

Single Security Hedge-Out Mexican Peso and Hedge-In Indian Rupee Result

+Indian RupeeMexican Peso

Mexican Interest Rate Risk

Mexican Peso Risk

-

18


Example: Combining Research, Risk Management and Portfolio Construction

The above chart is for illustrative and discussion purposes only and is not indicative of the Fund’s investment holdings at any given time. The above example is not intended to be the views of the portfolio managers, nor should be taken as investment advice.

PORTFOLIOShort JPY position

Cou

ntry

Res

earc

hM

acro

R

esea

rch

JapanWeak economic fundamentals

Short JPY

Interest rate differential analysis

Strong correlation between USD/JPY and U.S.-Japan interest rates

U.S.Interest rates will eventually rise after QE

Short U.S. rates

RESEARCH

Incorporated correlation analysis into risk models

Target % of short JPY to hedge U.S. rates risk

U.S. rates risk, JPY correlation

PAIR (risk team)

Target % short JPY

Portfolio does not hold anyU.S. TreasuriesPortfolio does hold EM $ sovereign bonds

Implicit U.S. rates risk

Portfolio Management

IMPLEMENTATION

JPY correlation

Short U.S. rates

Short JPY

19


Our Current Macro Outlook

Portfolio manager opinions are as of the date of this publication, are subject to change without notice and should not be considered as investment advice.As of September 30, 2012.

Questions in the Eurozone Have Shifted from Existential to Practical• How will the fiscal compact evolve into a deeper fiscal union?• Will ambitious structural reforms continue now that the European Central Bank’s de facto quantitative easing

has eased pressure?

Global Linkages Help Predict How Dynamics in One Region Are Transmitted to Another• Trade channel: A European downturn would not lead to as sharp of a drop in demand as 2008 because

Europe does not trade as much with the world as the U.S.• Capital markets channel:

–Risk of deleveraging shock is mitigated by the binary choice European banks face—raise capital elsewhere or pull out of their most lucrative markets entirely

–The ECB’s long-term repurchase operation adds to aggressive monetary policy from the U.S. and Japan, and capital cannot be entirely contained by borders

Capital Flows Are Determined by Relative Pricing, not Absolute• A European downturn would lower absolute levels of growth, but the gap of growth speeds will persist

between the G-3 and lower-leveraged developed and emerging markets

Long-Term Risks of Historically Unorthodox Monetary Policy• There has to be a cost of the most expansionary monetary policy in modern times: asset price distortions,

price pressures

20


Summary

Today We Covered

•Firm Overview

•Investment Team Resources

•Philosophy, Process and Risk Management

21


Important InformationThis document has been prepared for circulation to persons reasonably believed to be within one of the professional orqualified investor exemptions contained in the applicable regulations of their jurisdiction or to whom this document mayotherwise lawfully be communicated to give preliminary information about the investment propositions described herein. Itis a confidential communication to, and solely for the use of, such persons and is not intended for general publicdistribution.

The description in this document of our investment management service and other matters are general in nature. Theinformation contained in this document is subject to updating, completion, modification and amendment. It should not beassumed that the approach described will necessarily be followed in a particular case. Such matters will also be subject toany specific arrangements with a particular client.

It is the responsibility of every person receiving a copy of this document to satisfy him or herself as to the full observanceof laws of any relevant country, including obtaining any government or other consent which may be required or observingany other formality which needs to be observed in that country. None of the services or other matters described hereshould be taken as an offer or solicitation of those services or other matters in any jurisdiction where such an offer orsolicitation is not permitted under applicable legislation.

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© 2012 Franklin Templeton Investments. All rights reserved.

Additional Information for Investment Platform Overview Slide:

FTI AUM includes AUM for Rensburg Fund Management Limited, a wholly-owned subsidiary of Franklin Resources, Inc. Franklin Equity Group (formerly FranklinGlobal Advisers), a unit of Franklin, combines the expertise of the Franklin Advisers, Inc., and Fiduciary Global Advisors equity teams (with origin dating back to1947 and 1931, respectively). Franklin Templeton Fixed Income Group, a unit of Franklin, combines the expertise of the Franklin Advisers, Inc., and FiduciaryTrust Company International fixed income teams (originating in 1970 and 1973, respectively). Franklin Templeton Real Asset Advisors originated in 1984 as theglobal real estate team of Fiduciary Trust Company International. FTMAS is a global investment management group dedicated to multi-strategy solutions and iscomprised of individuals from various registered entities within Franklin Resources, Inc. Certain individuals based in Canada that advise FTMAS mandates are partof the Fiduciary Trust Company of Canada, a wholly-owned subsidiary of Franklin Resources, Inc., that originated in 1982. FTMAS was formed in 2007 to combinethe research and oversight of all multi-strategy investment solutions offered by Franklin Resources, Inc.


DisclosureThis document does not constitute an offering of any security, product, service or fund, including shares in the Global Summits Master Fund, Ltd. (the “Master Fund”), orinterests/shares in Templeton Global Summits Fund, L.P. or Templeton Global Summits Fund, Ltd. (Cayman) (the “Feeder Funds”) which can only be made to qualified investorsby a Feeder Fund Confidential Private Placement Memorandum (the “Memorandum”), nor does it constitute any type of investment advice. This document is for informationalpurposes only and may not be relied upon by you in evaluating the merits of investing in a Feeder Fund. It is qualified in its entirety by the Memorandum and no offering ofshares/interests in a Feeder Fund may be made by any literature, advertising, or document in whatever form other than the Memorandum, which supersedes and may qualify,and differ from, the information and opinions contained herein. The Memorandum contains important information regarding the Fund’s investment objectives, risks, fees, liquidity,and other matters of interest and should be carefully read prior to an investment in the Fund. There are no assurances that the stated investment objectives of the Fund will bemet.

An investment in the Fund involves a high degree of risk and is suitable only for investors who can afford to risk the loss of all or substantially all of such investment. The Fund isexpected to employ leverage and hold illiquid investments. The Fund’s performance may be volatile. The Fund’s fees and expenses may offset its trading profits. The Fund is notsubject to the same regulatory requirements as registered investment companies. Where securities are issued in a currency other than the investors’ currency of reference,changes in exchange rates may have an adverse effect on the value of the investment.

The Fund will not be registered in any jurisdiction, there will be no public market for the interests in the Fund, and such interests will not generally be transferable. The Fundshares/interests may only be offered for sale in jurisdictions where offers and sales are permitted. Neither the Fund nor the sale of Fund shares/interests will be registered underthe laws of any jurisdiction including the United States Securities Act of 1933 or the United States Investment Company Act of 1940. Shares/interests in the Fund may not beappropriate for all investors and involve important legal and tax consequences and investment risks that should be discussed with your professional financial, legal and taxadvisors prior to investing.

The information contained in this document is not a complete analysis of every material fact regarding the relevant markets or the Fund. Statements of fact cited by the managerhave been obtained from sources considered reliable, but no representation is made as to the completeness or accuracy of information. Because market and economicconditions are subject to rapid change, opinions provided are only valid as of the date of the material and are subject to change without notice. Past performance is not aguarantee of future results.

This document includes forward-looking statements related to, among other things, the future financial performance and objectives of the Fund. These forward-looking statementsare typically identified by terminology such as “may,” “will,” “should,” “expect,” “anticipates,” “plans,” “intends,” “believes,” “estimates,” “projects,” “predicts,” “seeks,” “potential,”“continue,” “designed to,” “aim of” or other similar terminology. Forward-looking statements are inherently unreliable, and prospective investors should not rely on them. Theforward-looking statements are based on the Fund’s current expectations, assumptions, estimates and projections about future events. Actual results are subject to numerousrisks and uncertainties that could cause actual results to differ materially from those expressed in a forward-looking statement. The Fund has no obligation to update or otherwiserevise any forward-looking statement after the date of this presentation or to reflect the occurrence of unanticipated events.

This document is confidential and may not be reproduced or distributed without the prior written consent of Franklin Templeton Investments.

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