THIS AREA OF THE WEBSITE IS INTENDED FOR INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS IN AUSTRALIA, HONG KONG, MALAYSIA AND SINGAPORE (AS THE CASE MAY BE). IT IS NOT INTENDED FOR USE BY MEMBERS OF THE GENERAL PUBLIC. FOR INFORMATION ON PRODUCTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC AND FINANCIAL ADVISERS, PLEASE REFER TO THE RETAIL INVESTOR SECTION OF THIS WEBSITE. IF YOU ARE NOT AN INSTITUTIONAL INVESTOR OR PROFESSIONAL ADVISOR, PLEASE EXIT FROM THIS WEBSITE. BY PROCEEDING, YOU CONFIRM THAT YOU ARE AN INSTITUTIONAL INVESTOR OR PROFESSIONAL ADVISOR.

INFORMATION IN RELATION FRANKLIN TEMPLETON COMPANIES

• Australia - Franklin Templeton Investments Australia Limited (ABN 87 006 972 247) is the responsible entity for the Australian registered schemes referred to in this website. Franklin Templeton Investments Australia Limited has operated in Australia since 1988, has offices in Melbourne and Sydney and is the holder an Australian Financial Services ("AFS") Licence, number 225328, issued by the Australian Securities and Investments Commission.
• Hong Kong - Franklin Templeton Investments (Asia) Limited
• Malaysia - Franklin Templeton Asset Management (Malaysia) Sdn. Bhd. and Franklin Templeton GSC Asset Management Sdn. Bhd. are licensed and regulated by the Securities Commission Malaysia. Franklin Templeton Asset Management (Malaysia) Sdn. Bhd. and Franklin Templeton GSC Asset Management Sdn. Bhd. are registered as Private Limited Companies in Malaysia. Registered office: Suite 31-02, 31st Floor, Menara Keck Seng, 203 Jalan Bukit Bintang, 55100 Kuala Lumpur. Registration No. 833780A and 866426M respectively.
• Singapore - Templeton Asset Management Ltd. Registration No. (UEN) 199205211E

INFORMATION RELATING TO PORTFOLIO HOLDINGS

Portfolio Holdings for Non-U.S. Funds/Non-U.S.Advisers - From time to time Franklin Templeton Resources Inc (FRI) and its subsidiaries, partnerships, joint ventures and related and affiliated business entities (“FTI”) may provide you with a partial listing of portfolio securities including but not limited to top contributors and detractors to portfolio performance owned by one or more non-US domiciled funds that are registered or passported with local regulatory authorities and are sponsored by FTI (each a “Fund” and together “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 subject to the following terms and conditions below and is herein referred to as “Holdings Information”. IF YOU ARE NOT AUTHORISED TO ACCESS HOLDINGS INFORMATION OR YOU DO NOT WANT TO BE BOUND BY THE TERMS OF THIS AGREEMENT YOU SHOULD NOT ACCEPT HOLDINGS INFORMATION.

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

1. By clicking on “Accept” or otherwise accessing the Holdings Information, you are deemed to have read, understood, accepted and agreed to be bound by this Agreement.
2. You may find on this Website, 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”.
3. You undertake to keep the Holdings Information strictly confidential, regardless of the Holdings Information form or whether the Holdings Information is marked or identified as proprietary or confidential. You also agree not to disclose or disseminate the Holdings Information to any third party and to treat the Holdings Information as nonpublic and proprietary, and you further acknowledge that the Holdings Information constitutes a valuable asset of FTI, the Funds and Fund shareholders. You recognize that adverse consequences may result for Fund shareholders if the Holdings Information is used for inappropriate trading purposes. In addition, FTI may reasonably request that you make available to FTI all research produced on the Funds.
4. You will not :
   • Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
   • Trade against the Funds or knowingly engage in any trading practices that are adverse to FTI or the Funds on the basis of the Holdings Information; and
   • Trade in shares of any U.S. registered investment company sponsored by FTI that is substantially similar to the Fund.
5. You will use your best efforts to take all appropriate action and otherwise satisfy your obligations under this Agreement and to prevent the misuse of the Holdings Information. You will immediately notify FTI if you learn of any use of the Holdings Information by any employees, agents or clients that would otherwise violate this Agreement. You 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, you acknowledges that FTI 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. You shall not be bound by the provisions of confidentiality contained in this Agreement if such Holdings Information i) is or becomes publicly known through no act or omission of the Financial Institution, its employees, agents or subcontractors; ii) is lawfully disclosed to you by a third party without restriction and without any obligation of confidentiality; iii) 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 you access the Holdings Information from FTI. FT may terminate this Agreement upon 30 days prior notice to you or immediately if this Agreement conflicts with any laws, rules or relevant regulatory interpretations. Upon termination, you shall continue to take reasonable measures to prevent the disclosure or dissemination of the Holdings Information. You acknowledge that the Holdings Information may be utilized for damaging purposes, such as duplicating FTI’s proprietary investment and trading strategies, techniques and methodologies. As a result, your nondisclosure obligations and the prohibition on your 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 you and FTI, then this Agreement shall be deemed to constitute an amendment to such other agreement.
8. Unless otherwise agreed in writing signed by both parties authorized representatives, you will not be paid for your receipt and maintenance of the confidentiality of the Holdings Information, or for your effort in providing any proposals, reports, analyses or bids, whether in response to Franklin’s request(s) for proposal or otherwise.
9. This Agreement may not be assigned by you, and you may not delegate its duties hereunder, without the prior written consent of FTI. 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 any obligation or 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.
11. 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.
12. This Agreement : (i) supersedes all prior discussions, agreements and practices between and Franklin Templeton Investments Australia, Franklin Templeton Asset Management (Malaysia) Sdn. Bhd, or Franklin Templeton GSC Asset Management Sdn. Bhd.; Franklin Templeton Investments (Asia) Limited and Templeton Asset Management Ltd.
13. Franklin Templeton Investments Australia, Franklin Templeton Asset Management (Malaysia) Sdn. Bhd, or Franklin Templeton GSC Asset Management Sdn. Bhd.; Franklin Templeton Investments (Asia) Limited and Templeton Asset Management Ltd are acting on behalf of the investment manager of the affiliated business to which the Holding Information related. Affiliated business 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”.
14. YOU SHALL INDEMNIFY AND HOLD ANY AND ALL FTI, ITS DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS HARMLESS AGAINST ANY AND ALL COSTS, EXPENSES, LOSSES, LIABILITIES, OBLIGATIONS, DAMAGES, PENALTIES TO WHICH ANY SUCH PARTY MAY BECOME SUBJECT INCLUDING REASONABLE LEGAL AND OTHER SUCH PROFESSIONAL FEES INCURRED IN INVESTIGATING AND DEFENDING OR APPEALING PENDING OR THREATENNED CLAIMS, ACTIONS, SUITS, PROCEEDINGS, ARBITRATIONS, AMOUNTS PAID IN SETTLEMENT THEREOF (COLLECTIVELY “EXPENSES”) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY BREACH OF THIS AGREEMENT SAVE WHERE SUCH EXPENSES RESULTED DIRECTLY FROM OUR GROSS NEGLIGENCE, FRAUD OR WILFUL MISCONDUCT.
15. The Agreement: (i) may be modified or supplemented by FTI at any time upon reasonable notice to You; (ii) shall be binding upon and inure to the benefit of the successors and assigns of FTI and You; and (iii) if you are an investor from Australia, Malaysia, Hong Kong or Singapore, you shall be governed and construed in accordance with the laws of Australia, Malaysia, Hong Kong or Singapore respectively.