Benefits of investing in the Templeton Global Equity Fund

The significant benefits of the Fund are:

• Exposure to the Templeton Global Trust Fund, which is a portfolio that is constructed from the bottom-up, on a stock-by- stock basis, with a consistent focus on long-term valuations. We do not construct portfolios relative to the benchmark, and country and industry allocations are a result of bottom-up stock selection;

• Investment in a professionally managed fund with an underlying investment in a diversified global equity securities portfolio across sectors and regions; and

• A time-tested investment philosophy and disciplined investment style that avoids short-term trends and focuses on long- term drivers that impact stocks and that has been in place for over 70 years.

Risk level

High

Investor suitability

Investors who have an investment timeframe of at least five years; wish to gain exposure to a diversified global equity securities portfolio; and are comfortable with the risk level of the Fund.

About the Fund

The significant features of the Fund are:

• The Fund will hold units in the Templeton Global Trust Fund which in turn will invest in a portfolio of equity securities in accordance with the Templeton investment process.

• The Templeton investment process endeavours to identify "undervalued equity securities through fundamental company analysis, using a global industry focus and a long-term investment horizon. The Templeton investment process reflects our belief that, over time, well-chosen undervalued securities will be recognised by the market and will reward the patient investor.

• The Franklin Templeton Investments global research network, with investment professionals located around the world, performs extensive fundamental company analysis (analysis that focuses on individual companies, rather than the industry in which a company operates or the economy as a whole) and industry analysis seeking to uncover investment opportunities.

How we invest your money

The Fund invests in the Templeton Global Trust Fund ("TGTF), which is a registered scheme for "wholesale clients (as defined in the Corporations Act). TGTF invests in equity securities considered undervalued based on fundamental company analysis with a global industry focus and a long-term investment horizon.

For more information about TGTF, visit our website at www.franklintempleton.com.au.

Franklin Templeton Investments Australia Limited is the Responsible Entity of TGTF. Management fees in respect of managing assets and overseeing the operations of TGTF and costs and expenses attributable to TGTF may apply and are disclosed in this PDS as Indirect Costs. Transactional and operational costs of TGTF will be factored into the Unit prices of TGTF.

At the date of the PDS, the Fund does not intend to borrow to achieve the stated investment objectives.