As unsettling as the recent volatility in the global markets has been, it is also worth pointing out that it has the potential to create opportunities for experienced investment managers who are able to distinguish true bargains from those securities that have simply become cheap. Franklin Templeton's Institutional investment teams are evaluating these opportunities based on their individual investment objectives and sorting out those that are appropriate for their portfolios.

Franklin Templeton's Institutional investment teams are coping with volatile markets by applying the rigorous investment strategies that have helped our firm and our shareholders weather other periods of uncertainty over the past 60 years. We also recognize that more challenges may lie ahead, and will keep our communications as up-to-date as possible, so you can continue to feel confident with the trust you have placed in our management.

We are committed to open and transparent dialogue with all of our clients during this challenging time. Please do not hesitate to contact your institutional representative with any additional questions or concerns.