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SWISS INSTITUTIONAL INVESTORS – IMPORTANT LEGAL INFORMATION

THIS AREA OF THE WEBSITE IS INTENDED FOR SWISS INSTITUTIONAL INVESTORS. IT IS NOT INTENDED FOR USE BY MEMBERS OF THE GENERAL PUBLIC. FOR INFORMATION ON PRODUCTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC, PLEASE REFER TO THE RETAIL INVESTORS SECTION OF THIS WEBSITE.

I CONFIRM THAT I AM A PROFESSIONAL INVESTOR, HAVE READ THE IMPORTANT INFORMATION AND WISH TO PROCEED

IMPORTANT INFORMATION

You must read this before proceeding, as it explains both the legal and regulatory restrictions which apply to the information contained and investment products referred to within this Website.

1. This Website is directed only at individuals resident within Switzerland and the information provided is not for distribution outside Switzerland. None of the information, whether in part or full, should be copied, reproduced or redistributed in any form nor should it be regarded as an offer or a solicitation of an offer for investment in countries outside the Switzerland. No shares or units in these products or funds may be offered or sold to citizens or residents of the United States of America or in any other country, state or jurisdiction where it would be unlawful to offer, solicit an offer for or sell such shares or units.

2. The information on this Website is issued and approved by Franklin Templeton Investment Management Limited and does not, in any way, constitute investment advice. Franklin Templeton Investment Management Limited is authorised and regulated by Swiss Financial market Supervisory Authority FINMA.

3. This site uses cookies to improve your online experience. Sites like ours store small text files on your computer when you visit. We use this information to monitor traffic and look for ways to improve the services we offer at www.franklintempleton.ch. The cookies we use don't include any information about your personal identity or your accounts. Your browser must accept at least a session cookie to use all the features on this site. For instructions on disabling these files, please visit our cookie policy. By closing this message, you consent to our use of cookies on this site.

4. The prices of shares and units and income there from can go down as well as up, and you may not get back the full amount invested. Past performance is no guarantee of future performance. Currency fluctuations will affect the value of overseas investment. Emerging Markets can be more risky than developed markets. Investors should be aware of the special risks associated with aggressively seeking capital appreciation, including investment in securities of a more speculative nature with greater emphasis on short-term trading profits, and concentration of stocks in specific sectors, as with investments in the technology and biotechnology sectors. This investment strategy can lead to greater volatility than an investment in products or funds invested in a greater spread of stocks across a wider variety of sectors. Current tax levels and reliefs may vary and will depend on your personal circumstances.

5. Subscriptions for shares or units in any Franklin Templeton Investments product or fund can be made only on the basis of the current brochure and prospectus (or other offering document) for that product or fund which more fully describes the investment risks. All or most of the protections provided by the Swiss regulatory system will not apply to investors in the Franklin Templeton Investment Funds.

6. Considerable care has been taken to ensure that the information contained on this website is accurate at the date of publication. However no representation or warranty, express or implied, is made to its accuracy or completeness. Franklin Templeton Investment Management Limited and Franklin Templeton Investments therefore accept no liability for any loss arising, whether direct or indirect, caused by the use of any part of the information provided. Any research and analysis contained in this website has been procured by Franklin Templeton Investments for its own purposes and may be acted upon by it in that connection. It is provided to you only incidentally, and any opinions expressed are subject to change without notice.

FRANKLIN TEMPLETON INVESTMENTS terms and conditions relating to the use and non disclosure of PORTFOLIO HOLDINGS for Non-U.S. Funds/Non-U.S.Advisers

This Use and Nondisclosure terms and conditions (the “Agreement”) is between Franklin Templeton Investment Management Limited (“FT”) and Recipient, and relates to the release of portfolio holdings information, including but not limited to top contributors and detractors to portfolio performance of one or more non-U.S. domiciled funds that are registered or passported with local regulatory authorities and are sponsored by Franklin Templeton Investments (each a “Fund” and together the “Funds”).¹

1. Recipient is deemed to have read, understood and accepted this Agreement and the Recipient agrees that all provisions of this Agreement are binding upon it from the date that the Recipient receives any Holdings Information following the issue of this Agreement by FT to the Recipient.

2. The Recipient is a bank, broker-dealer, insurance company, registered investment adviser or other professional client (together, “financial institutions”) engaged in business activities outside the United States (a “Non-U.S. Adviser”).

3. From time to time, FT may furnish to Recipient, as of a month-end date (or other mutually agreed upon time frame), a partial listing of all portfolio securities including but not limited to top contributors and detractors to portfolio performance owned by one or more Funds and any such additional information relating to the Fund(s) that may not otherwise be publicly disseminated. Such listing of portfolio securities and any other non-public information is herein referred to as “Holdings Information”.

4. Recipient agrees that the Holdings Information will be kept strictly confidential, regardless of the Holdings Information form or whether the Holdings Information is marked or identified as proprietary or confidential. Recipient also agrees not to disclose or disseminate the Holdings Information to any third party and to treat the Holdings Information as nonpublic and proprietary, and acknowledges that the Holdings Information constitutes a valuable asset of FT, the Funds and Fund shareholders. Recipient recognizes that adverse consequences may result for Fund shareholders if the Holdings Information is used for inappropriate trading purposes. In addition, FT may reasonably request the Non-U.S Adviser to make available to FT all research produced on the Funds.
   
   Recipient will not:
   
   (i) Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
   
   (ii) Trade against the Funds or knowingly engage in any trading practices that are adverse to FT or the Funds on the basis of the Holdings Information; and
   
   (iii) Trade in shares of any U.S. registered investment company sponsored by Franklin Templeton Investments that is substantially similar to the Fund.

5. Recipient will use its best efforts to take all appropriate action and otherwise satisfy its obligations under this Agreement and to prevent the misuse of the Holdings Information. Recipient will immediately notify FT if Recipient learns of any use of the Holdings Information by Recipient’s employees, agents or clients that would otherwise violate this Agreement. Recipient acknowledges that damages alone would not be an adequate remedy for any breach of the provisions of this Agreement and, accordingly, without prejudice to any and all other rights or remedies, Recipient acknowledges that FT or any Fund or F-T Fund to which the Holdings Information pertains shall be entitled to the remedies of injunction, specific performance and other equitable relief for any threatened or actual breach of the provisions of this agreement

6. The Recipient shall not be bound by the provisions of confidentiality contained in this Agreement if such Holdings Information 1) is or becomes publicly known through no act or omission of the Recipient, its employees, agents or subcontractors; 2) is lawfully disclosed to the Recipient by a third party without restriction and without any obligation of confidentiality; 3) is required to be disclosed by any Governmental body, regulatory body (including without limitation any relevant securities exchange) or court of competent jurisdiction or otherwise pursuant to any statutory or regulatory obligation.

7. The Agreement shall remain in effect for so long as the Offshore Adviser receives Holdings Information from FT. FT may terminate this Agreement upon 30 days’ prior written notice to Recipient or immediately if this Agreement conflicts with any laws, rules or relevant regulatory interpretations. Upon termination, Recipient shall continue to take reasonable measures to prevent the disclosure or dissemination of the Holdings Information. Recipient acknowledges that the Holdings Information may be utilized for damaging purposes, such as duplicating FT’s proprietary investment and trading strategies, techniques and methodologies. As a result, Recipient’s nondisclosure obligations and the prohibition on Recipient’s dissemination of the Holdings Information to any third party shall survive this Agreement’s termination. To the extent of any conflict between this Agreement and any other agreement between Recipient and FT, then this Agreement shall be deemed to constitute an amendment to such other agreement.

8. Unless otherwise agreed in a writing signed by both parties’ authorized representatives, Recipient will not be paid for its receipt and maintenance of the confidentiality of the Holdings Information, or for its effort in providing any proposals, reports, analyses or bids, whether in response to Franklin’s request(s) for proposals or otherwise.

9. This Agreement may not be assigned by Recipient, and Recipient may not delegate its duties hereunder, without the prior written consent of FT. All of the terms and provisions contained herein shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, successors and assigns. Nothing contained in this Agreement shall be construed as creating any obligation or any expectation on the part of either party to enter into a business relationship with the other party, or an obligation to refrain from entering into a business relationship with any third party.

10. Nothing contained in this Agreement shall be construed as creating a joint venture, partnership or employment relationship between the parties, it being understood that the parties are independent contractors vis-à-vis one another. Except as specified herein, no party shall have the right, power or implied authority to create any obligation or duty, express or implied, on behalf of any other party hereto.

11. The Agreement: (i) supersedes all prior discussions, agreements and practices between Recipient and FT (the “Parties”) relating to the Holdings Information; (ii) constitutes the Parties’ entire agreement relating to the Holdings Information; (iii) may be modified or supplemented by FT at anytime upon reasonable notice to the Recipient; (iv) shall be binding upon and inure to the benefit of the successors and assigns of FT and Recipient; and (v) shall be governed and construed in accordance with the laws of England and Wales.

¹ FT is acting on behalf of the investment manager of the affiliated business to which the Holdings Information relates.

Affiliated businesses shall include Franklin Resources, Inc. ("FRI") and FRI's subsidiaries, partnerships, joint ventures and related and affiliated business entities (collectively, "Franklin Templeton Investments”), along with FRI-sponsored closed-end and mutual funds (and FRI-sponsored financial products of a similar nature) (these funds and products, collectively, "the F-T Funds”) are known from time to time as “Franklin."