Franklin Bissett Small Cap Fund Franklin Bissett Investment

Franklin Bissett Small Cap Fund Franklin Bissett Investment Management, part of Franklin Templeton Investments Canada. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. Ralph Lindenblatt, CFA Senior Vice President, Portfolio Manager Franklin Bissett Investment Management Garey Aitken, MBA, CFA Chief Investment Officer Franklin Bissett Investment Management

Topics for Discussion Why Franklin Bissett Canadian Equity Fund? A Legacy of Expertise in the Canadian Capital Markets Franklin Bissett Equity Investment Team Investment Approach A Distinctive Approach to the Growth at a Reasonable Price (GARP) Style Investment Process Absolute, Relative and Risk-Adjusted Return Objectives Strategy Overview Risk Is a Key Aspect of our Performance Objectives ESG Approach Positioning Key Facts Navigating the Canadian Small Cap Market Pockets of Opportunity in Overlooked Market Segments Top 20 Equity Holdings Broad Industry Exposure Case Studies Continued Value Accretion Expected Investing for Future Growth Performance Statistics Reduced Systematic Risk 2018 Small Cap Themes Reasons to Invest in Franklin Bissett Small Cap Fund 3 4 5 7 8 9 10 11 12 14 15 16 17 18 19 20 22 23 24 25 2

Why Franklin Bissett Small Cap Fund? Consistency in Execution • Investment and organization consistency for over 30 years • Effective investment and risk management at every stage Access to a Deep Bench of Investment Professionals • Premier 20+ member 1 team performs on-the-ground research • Dedicated to the Canadian market and supporting investment advisors Investment Style Purity • Focuses on profitable Canadian firms with a growing cashflow • Fundamental equity analysis drives investment decisions Performance • Achieves lower volatility than the benchmark through sector diversification and security selection 2 1. Portfolio managers, research analysts and traders from the equity team and the fixed income team. 2. Source: Morningstar Research Inc. Volatility comparison measured by the beta of the fund and the S&P/TSX Small Cap Index for the three-, fiveand 10 -year time periods ending June 30, 2019. 3

Franklin Bissett Investment Management A Legacy of Expertise in the Canadian Capital Markets • Founded in 1982 and joined Franklin Templeton Investments in 2000 • CAD$17. 5 billion in assets under management as of June 30, 2019 – Equity strategies: CAD$11. 0 billion – Fixed Income strategies: CAD$6. 5 billion Institutional Retail Traditional Institutional (Pensions) Open-End Mutual Funds Insurance Platforms Investment Categories SMA/UMA Fundamental Equity White Label Exchange-Traded Funds Active Quantitative Equity Sub-Advisory High Net Worth Systematic Beta Fixed Income Multi-Asset 4

Sector Research Coverage Canadian Fundamental Equity Strategies Franklin Bissett Small Cap Fund Portfolio Managers Ralph Lindenblatt, CFA Garey Aitken, MBA, CFA Senior Vice President, Portfolio Manager Chief Investment Officer Investment Team Garey Aitken Chief Investment Officer Tim Caulfield Vice President, Director of Equity Research Les Stelmach Energy Equipment & Services Energy Mike Richmond Pipelines, Infrastructure Izabel Flis Materials Ryan Crowther Consumer Staples Health Care Financials Information Technology Sub-Group Sector Consumer Discretionary Railroads Retailing Communication Services Analyst Coverage Mitch Mc. Cartney Industrials Tim Caulfield Mitch Mc. Cartney Izabel Flis Ryan Crowther Tim Caulfield Ryan Crowther Izabel Flis Utilities Izabel Flis Real Estate Mike Richmond Ralph Lindenblatt Various Sectors Small/Micro Cap Neil Forster Mike Richmond Additional Resources Leveraging the Franklin Templeton Platform Risk Analysis Equity Trading Legal ESG Team Marketing and Distribution 1. Portfolio managers, research analysts and traders from the equity team and the fixed income team. 5

Investment Approach

Fundamental Equity Investing at Franklin Bissett A Distinctive Approach to the Growth at a Reasonable Price (GARP) Style Growth and Profitability • Exacting definitions of Growth and Profitability – Growth in intrinsic value per share – Full cycle profitability • Emphasis on strong capital allocation (reinvestment, M&A, buybacks, dividends) • Focus on financially stable businesses Value • Free cash flow derived assessment of intrinsic value • Consistent, unbiased modeling • Handicapping Risk/Reward • Visibility of the long-term business model 7

Investment Process 1 Identify Quality Businesses • Growth in intrinsic value per share • • • Full cycle profitability Financial stability Durable business model Strong capital allocation 2 Assess Valuation • Free cash flow derived assessment of intrinsic value • Visibility of the long term business model 3 Determine Portfolio Suitability • Portfolio concentration and diversification considerations • Strategy requirements (market cap/dividend constraints) Risk & ESG considerations FRANKLIN BISSETT PORTFOLIO INVESTABLE UNIVERSE Risk Monitoring, Portfolio Rebalancing and Sell Discipline The above chart is for illustrative and discussion purposes only. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. 8

Absolute, Relative and Risk-Adjusted Return Objectives RISK-ADJUSTED RETURN OBJECTIVE RISK OBJECTIVES RELATIVE RETURN OBJECTIVE ABSOLUTE RETURN OBJECTIVE • High single-digit to low double-digit annualized returns over longer time periods • Target 200 bps (gross of fees) in annualized excess returns relative to the benchmark • Primary risk objective: To ensure investors are compensated for the risk taken • Strategy dependent, but beta target is typically 0. 8– 0. 9; alpha target is ≥ 300 bps (gross of fees) annualized • Secondary risk objective: To maintain less return volatility than the benchmark 9

Strategy Overview As of June 30, 2019 100% Canadian Securities Ralph Lindenblatt, CFA Senior Vice President Portfolio Manager Market Scope • Any security less than 0. 1% of the S&P/TSX Composite Index value • Target allocation: 85% to 100% Equities with market cap < 0. 1% of S&P/TSX Composite Index 0% to 15% Equities with market cap > 0. 1% of S&P/TSX Composite Index • Focuses on companies with strong balance sheets, sustainable growth and attractive valuation Diversification Across Sectors • Provides access to at least 5 of 11 GICS sectors • Currently invested in 10 out of 11 GICS sectors Garey Aitken, MBA, CFA Chief Investment Officer Annual Portfolio Turnover of 15%– 30% Source: Franklin Templeton Investments. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. 10

Risk Is a Key Aspect of our Performance Objectives Risk Management Integrated Independent and Insightful— Role of Investment Risk Management Group • Risk management is inherent in all aspects of the investment process including security selection, portfolio construction and the sell discipline • Investment risks, including ESG-related factors, are to be recognized and intentional • Risk is to be optimized, not minimized • Consult with portfolio managers • Provide portfolio managers with analytics, including performance attribution, portfolio exposures and ex-ante risk measures 11

ESG Approach Our fundamental equity approach is to ensure that Environmental, Social and Governance (ESG) factors are recognized, analyzed and embedded within our assessment of intrinsic value • Our views on ESG factors impact the assessed risk-adjusted return potential of an investment • Our fundamental research team develops comprehensive insights into the many factors that affect the value of an investment, including ESG factors • Our approach to ESG is not exclusionary; the goal is to assess and properly discount ESG factors 12

Positioning

Key Facts As of June 30, 2019 Inception Date August 30, 1993 Investment Focus Small Cap Canadian Equities Asset Category Canadian Small/Mid Cap Equity Category AUM CAD$234. 2 million Number of Positions 30– 50 holdings (42) Benchmark S&P/TSX Small Cap Index 14

Navigating the Canadian Small Cap Market As of December 31, 2018 Over 90% of Canadian publicly traded companies fall within Morningstar’s definition of small and micro cap stocks 1 Narrowed to 150+ Securities Critical Business Attributes: 1. Proven track record 2. Growth potential 3. High full-cycle returns on capital 4. Financial strength Valuation Criteria Below-average valuation based on normalized earnings potential and discounted cashflow 1. Sources: Franklin Templeton, TMX Group and Morningstar. Analysis is based on the securities listed under Toronto Stock Exchange (excluding ETFs and structured products) and TSX Venture Exchange, but organized based on the Morningstar definition of market caps. Giant cap stocks are the top 40% of the capitalization; large cap stocks: the next 30%; mid cap stocks: the next 20%; small caps stocks: the next 7%; and micro cap stocks: the balance. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies represents, warrants or guarantees the accuracy or completeness of the information contained in this document and we are not responsible for any errors or omissions in or your use of, or reliance on, the information provided. © 2019 TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this document without TSX Inc. ’s prior written consent. 15

Pockets of Opportunity in Overlooked Market Segments Average Number of Analysts Following a Security by Market Cap As of December 31, 2018 19 Large Cap Analysts 8 Small Cap Analysts • Less visibility by industry analysts, presents opportunities to identify mispriced small cap securities • Our security selection process is based on the belief that growth is driven by sustainable profits Sources: Bloomberg, Standard & Poor's and TMX Group Inc. Large Cap analyst calculation based on coverage for the TSX 60 Index and Small Cap analyst calculation based on coverage for S&P/TSX Small Cap Index. 16

Top 20 Equity Holdings Balancing Concentration with Diversification As of June 30, 2019 Portfolio Name Top 10 Overweights & Underweights 1 Weight (%) Name Weight (%) Indigo Books & Music 6. 49 Indigo Books & Music +6. 49 Total Energy Services 4. 11 Total Energy Services +3. 79 Transat A. T. 3. 61 Akita Drilling +3. 21 Trican Well Service 3. 31 Transat A. T. +3. 16 Akita Drilling 3. 21 Trican Well Service +3. 00 Horizon North Logistics 3. 14 Canadian Western Bank +2. 88 Equitable 2. 97 Horizon North Logistics +2. 87 MARTINREA 2. 92 Transcontinental +2. 81 Canadian Western Bank 2. 88 Corby Spirit and Wine +2. 64 Richelieu Hardware 2. 88 Alta. Gas Canada +2. 57 Sleep Country Canada Holdings 2. 88 Transcontinental 2. 81 Exco Technologies 2. 73 Corby Spirit and Wine 2. 64 Intertape Polymer 2. 60 Major Drilling 2. 58 Alta. Gas Canada 2. 57 NFI 2. 57 Inter. Rent Real Estate Investment Trust 2. 51 Killam Apartment Real Estate Investment Trust 2. 49 Name Weight (%) First Majestic Silver 2 -1. 60 SEMAFO 2 -1. 53 Badger Daylighting 2 Northview Apartment Real Estate Investment -1. 53 Trust 2 -1. 44 Enerflex 2 -1. 36 North West 2 -1. 31 Tricon Capital 2 Boralex 2 Alacer Gold 2 -1. 28 -1. 21 -1. 19 Total Franklin Templeton Investments. 61. 89 Source: Ero Copper 2 -1. 18 1. Overweight and underweight fund holdings are in comparison to the S&P/TSX Small Cap Index. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Percentage may not equal 100% due to rounding. The information provided is not a recommendation to purchase, sell or hold any particular security. The securities identified do not represent the Fund’s entire holdings and in the aggregate may represent only a small percentage of such holdings. There is no assurance that securities purchased will remain in the Fund or that securities sold will not be purchased. In addition, it should not be assumed that any securities transactions discussed were or will prove to be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top 20 Holdings list. 2. Asset not held in the portfolio during the period. 17

Sector Allocations Broad Industry Exposure As of June 30, 2019 Energy Consumer Discretionary Industrials Information Technology Financials Materials Consumer Staples Real Estate Utilities Communication Services Health Care Cash 0% 6% Franklin Bissett Small Cap Fund Sources: Franklin Templeton Investments and Fact. Set. Totals may not equal 100% due to rounding. 12% 18% 24% S&P/TSX Small Cap Index 18

Richelieu Hardware Ltd. (RCH) Case Study: Continued Value Accretion Expected Company Description: Richelieu Hardware imports and distributes specialty hardware and complementary products to nearly 70, 000 customers in North America, including kitchen and bathroom cabinet manufacturers, kitchen dealers, residential and commercial woodworkers, home-furnishing manufacturers, office and ready-to-assemble furniture manufacturers, renovation superstore chains and purchasing groups representing more than 6, 000 hardware retailers. Richelieu’s network consists of over 60 distribution centers across North America carrying over 100, 000 product SKUs. The company also has two manufacturing plants located in Canada. Rationale for Investment Franklin Bissett Investment Criteria Risk Factors Topical ESG Considerations We believe that Richelieu continues to have strong growth potential driven by continued penetration of the U. S. market where housing and renovation market fundamentals remain solid, continued strong organic growth in Canada and upside potential from tuck-in acquisitions. Richelieu has solid fundamental investment attributes, including strong free cash flow generation, above-average returns on invested capital (ROICs), a strong balance sheet with no debt, low capital intensity and a highlyregarded management team with a strong track record of disciplined capital allocation. We expect continued earnings accretion as well as shareholder-friendly initiatives (primarily share buybacks) to drive equity value higher over time. Track Record of Profitable Growth • Strong historical ROICs • Solid free cash flow generation • Construction market • Governance—Richelieu ranks Solid Financial Position • Solid balance sheet with net cash • Capital-light business model Other Positive Attributes • Industry-leading position • Highly-regarded management team • Solid track record of value accretion through tuck-in acquisitions • Strong track record of disciplined capital allocation • • cycle risk M&A integration risk Currency risk • favourably on governance characteristics. Its board is largely independent and management is aligned with shareholders through strong insider equity ownership. Social—since acquisitions figure prominently in Richelieu’s growth strategy, social and cultural considerations may arise upon integrating acquired businesses. The case studies shown represent certain examples of the investment managers’ best performing investments and other investments made by the investment manager which were not as successful or that lost money are not shown. The investments may or may not be currently held by funds managed by the investment manager. The case studies are not representative of the overall performance of the funds managed by the investment manager as is demonstrated by those funds’ past performance numbers. Past performance does not guarantee future results and results may differ over future time periods. These case studies are being shown only as examples of what the investment manager is seeking to achieve in managing the fund, but are not necessarily indicative of what has actually been achieved with all of the investments or will be achieved going forward. This is not a complete analysis of every material fact regarding an industry, security or investment and should not be viewed as an investment recommendation. The actions taken with respect to these investments, and their performance, may not be representative of other advice or investments. Factual statements are taken from sources considered reliable, but have not been independently verified for completeness or accuracy by the fund’s manager or its affiliates. These opinions may not be relied upon as investment advice or an offer for a particular security or 19 as an indication of trading intent for any fund.

Boyd Group Income Fund (BYD. UN) Case Study: Disciplined Consolidator in a Fragmented Industry Company Description: Boyd Group Income Fund is one of the largest operators of non-franchised collision repair centres in both Canada (under the Boyd Autobody & Glass and Assured Automotive banners) and in the U. S. (under the Gerber Collision & Glass banner). The Company is also a major retail auto glass operator in the U. S. Rationale for Investment Franklin Bissett Investment Criteria Risk Factors Topical ESG Considerations Boyd is a consolidator in a highly-fragmented industry. We believe the Company has significant runway for growth as independent operators still make up 70% of the market in the U. S. and Boyd’s market share is less than 5% today. Boyd’s acquisitions are highly accretive and are funded through internally-generated cash flow. As such, the company maintains a healthy balance sheet. Organic growth is also healthy averaging 3%-5% per year. Boyd generates strong free cash flow owing to its profitable growth and a capital-light business model. Management has a track record of disciplined capital allocation and operational execution as evidenced by increasing operating margins and high historical returns on invested capital. Track Record of Profitable Growth • Strong historical ROICs • Strong free cash flow generation • Potential for • Governance—Boyd ranks Solid Financial Position • Solid balance sheet • Capital-light business model Other Positive Attributes • Stable business (recession-resistant) • Runway for growth through acquisitions given highly fragmented industry • Solid organic growth • • • advanced driver safety features to reduce accident frequency M&A integration risk Customer concentration risk Labour risk (i. e. , technician shortages) • favourably on governance considerations. The Company has an independent chairman, an experienced and diverse board, and management has proven to be excellent stewards of shareholder capital. Executive compensation is modestly higher than the industry comparative group, but relatively consistent when adjusted for the size of the business. Social—Boyd ranks highly on social considerations. It invests in its technicians through training programs, has as an attractive compensation and benefits program and is considered an employer of choice. The case studies shown represent certain examples of the investment managers’ best performing investments and other investments made by the investment manager which were not as successful or that lost money are not shown. The investments may or may not be currently held by funds managed by the investment manager. The case studies are not representative of the overall performance of the funds managed by the investment manager as is demonstrated by those funds’ past performance numbers. Past performance does not guarantee future results and results may differ over future time periods. These case studies are being shown only as examples of what the investment manager is seeking to achieve in managing the fund, but are not necessarily indicative of what has actually been achieved with all of the investments or will be achieved going forward. This is not a complete analysis of every material fact regarding an industry, security or investment and should not be viewed as an investment recommendation. The actions taken with respect to these investments, and their performance, may not be representative of other advice or investments. Factual statements are taken from sources considered reliable, but have not been independently verified for completeness or accuracy by the fund’s manager or its affiliates. These opinions may not be relied upon as investment advice or an offer for a particular security or 20 as an indication of trading intent for any fund.

Performance

Performance Statistics (Net of Fees) Annualized Returns (%) As of June 30, 2019 -27. 86 -5. 38 -8. 12 1 Year 8. 51 2. 55 5. 00 0. 15 3 Years 8. 31 6. 62 -8. 76 0. 35 -1. 61 5 Years Franklin Bissett Small Cap Fund – Series F 10 Years 6. 85 7. 80 6. 4 0 Since Inception¹ Canadian Small/Mid Cap Equity Category Sources: Franklin Templeton Investments and Morningstar Research Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. The gross of fees version of Series F does not exist and as a result, investors cannot purchase Series F securities on a gross of fees basis. Performance would have been lower with fees taken into account. 1. Inception date is August 30, 1993. 2. Benchmark: S&P/TSX Small Cap Index beginning April 1, 2012. Prior to that, BMO Small Cap Index. 22

Attractive Risk Profile Reduced Systematic Risk Beta 1 As of June 30, 2019 1. 00 0. 70 0. 69 0. 67 3 Year 1. 00 5 Year Franklin Bissett Small Cap Fund – Series F 10 Year S&P/TSX Small Cap Index Sources: Franklin Templeton Investments, Standard & Poor's and Morningstar Research Inc. 1. Beta is a measure of the fund’s volatility relative to the market, as represented by the S&P/TSX Small Cap Index. A beta greater than 1. 00 indicates volatility greater than the market. 23

2019 Small Cap Themes As of June 30, 2019 Q 2 2019 Performance • For the second quarter of 2019, small cap Canadian equities were relatively flat, returning -0. 3% and once again lagging the performance of the larger cap S&P/TSX Composite TRI, which was up 2. 6% in the quarter to a new all-time high on April 8, 2019. • The Fund posted a return of -4. 4% in the quarter, lagging its benchmark S&P TSX Small Cap Composite TRI by 410 basis points. • The underperformance of the Fund relative to its benchmark in Q 2 is mainly due to negative security selection + interaction across multiple sectors, particularly Consumer Discretionary, Energy and Industrials. Overall, sector allocation had a neutral impact on Fund performance, though an underweight position in Materials detracted from relative performance. Our Current Outlook • Despite the resurgence in Canadian small cap equities year-to-date, we believe that the market continues to exhibit attractive risk-reward characteristics and opportunities exist to selectively add positions with strong business fundamentals at attractive prices in relation to our assessment of intrinsic value. • While the Fund has lagged its benchmark for an extended period, with our long-term perspective and discerning approach we will capitalize on equity market dislocations as they present themselves. • We note that the mandate has been actively managed through several market regimes of strong and weak sentiment and varying sources of sector leadership and economic environments. Our confidence is unwavering in our ability to combine leading fundamental research and portfolio management capabilities to deliver on our absolute, relative and risk-adjusted return objectives. The information is not a complete analysis of every aspect of any market, country, industry, security or portfolio. Statements of fact are from sources considered to be reliable, but no representation or warranty is made as to their completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date indicated. The views expressed may not be relied upon as investment advice and are not share class specific. 24

Reasons to Invest in Franklin Bissett Small Cap Fund • Provides access to an overlooked part of the market which comprises more than 90% of publicly traded companies in Canada 1 • Maintains lower volatility than the benchmark by diversifying holdings across a minimum of 5 GICS sectors and targeting established, profitable companies • Serves as a complement to large cap Canadian exposure and global holdings 1. Sources: Franklin Templeton Investments, TMX Group and Morningstar. Analysis is based on the securities listed under Toronto Stock Exchange (excluding ETFs and structured products) and TSX Venture Exchange, but organized based on the Morningstar definition of market caps. Giant cap stocks are the top 40% of the capitalization; large cap stocks: the next 30%; mid cap stocks: the next 20%; small caps stocks: the next 7%; and micro cap stocks: the balance. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies represents, warrants or guarantees the accuracy or completeness of the information contained in this document and we are not responsible for any errors or omissions in or your use of, or reliance on, the information provided. © 2019 TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this document without TSX Inc. ’s prior written consent. 25

Appendix

Supplemental Performance Statistics (Net of Fees) – Series F Returns (%) As of June 30, 2019 1 Year 3 Years 3 -27. 86 -8. 51 -8. 76 5. 00 6. 85 Canadian Small/Mid Cap Equity Category -5. 38 2. 55 0. 35 8. 31 7. 80 Benchmark 1 -8. 12 0. 15 -1. 61 6. 62 6. 40 S&P/TSX Small Cap Index 2 -8. 12 0. 15 -1. 61 5. 94 N/A Franklin Bissett Small Cap Fund – Series F 5 Years 3 10 Years 3 Since Inception 3, 4 Sources: Franklin Templeton Investments and Morningstar Direct. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. The gross of fees version of Series F does not exist and as a result, investors cannot purchase Series F securities on a gross of fees basis. Performance would have been lower with fees taken into account. 1. Benchmark: S&P/TSX Small Cap Index beginning April 1, 2012. Prior to that, BMO Small Cap Index. 2. S&P/TSX Small Cap Index is an investable index for the Canadian small cap market. 3. Annualized. 4. Inception date is August 30, 1993. 27

Franklin Bissett Equity Group: Years of Experience and Responsibilities Name Industry Since Firm Since Responsibilities Garey Aitken, CFA, MBA Chief Investment Officer 1993 February 1998 Chief Investment Officer Portfolio Management: Canadian Equity and Small/Micro Cap Strategies Tim Caulfield, CFA VP, Director of Equity Research 1999 January 2007 Portfolio Management: Canadian Equity Strategies Research: Financials and Industrials Les Stelmach, CFA SVP, Portfolio Manager 1999 January 2006 Portfolio Management: Dividend Strategies Research: Energy Ryan Crowther, CFA VP, Portfolio Manager 2002 February 2008 Portfolio Management: Dividend Strategies Research: Materials, Health Care and Information Technology Ralph Lindenblatt, CFA SVP, Portfolio Manager 1998 January 2001 Portfolio Management: Small/Micro Cap Strategies Research: Small/Micro Cap strategies across various sectors Izabel Flis, CFA VP, Portfolio Manager 2001 January 2001 Portfolio Management: Quantitative Strategies Research: Pipelines and Infrastructure, Retailing, Cable, Broadcasting, Consumer Staples, Telecommunication Services, and Utilities Andrew Buntain, CFA VP, Institutional Portfolio Manager 1995 May 2007 Communication of FBIM process, philosophy and strategies to internal and external constituencies Mike Richmond, CFA Research Analyst 2001 August 2013 Research: Energy Equipment and Services, Real Estate, and Small/Micro Cap strategies across various sectors Neil Forster, CFA, MBA Research Analyst 2006 March 2014 Research: Small/Micro Cap strategies across various sectors Mitchell Mc. Cartney, CFA Research Analyst 2011 May 2011 Research: Industrials, Consumer Discretionary Chris Lankester Investment Operations Analyst 2000 November 2000 Investment Operations Dino Kurbegovic Portfolio Assistant 2017 June 2017 Investment Operations Shelly Wilson Executive Assistant 2000 February 2000 Support Portfolio Management Team CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. 28

Biography RALPH LINDENBLATT, CFA Senior Vice President, Portfolio Manager Franklin Bissett Investment Management Calgary, Alberta, Canada Ralph Lindenblatt is a senior vice president, portfolio manager at Franklin Bissett Investment Management and has been with the organization since 2001. Mr. Lindenblatt shares co-lead responsibilities of the Franklin Bissett Small Cap Fund (2006), Franklin Bissett Microcap Fund (2006) and Franklin Bissett Canadian All Cap Balanced Fund (2013). Mr. Lindenblatt's analyst responsibilities include coverage of the small cap and mid cap sectors. Past duties have included sector research for Canadian equities and analytical support for Franklin Bissett's domestic small cap program. In 2006 Mr. Lindenblatt was named co-lead manager, and in 2007 he was named vice president and lead manager. He was promoted to his current role in 2010. Prior to joining Franklin Bissett, Mr. Lindenblatt held various positions within the investment division of a Canadian chartered bank. Mr. Lindenblatt holds a bachelor of science from the University of Victoria. He is a Chartered Financial Analyst (CFA) charterholder. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. 29

Biography GAREY J. AITKEN, MBA, CFA Chief Investment Officer Developed Markets Equity - Franklin Local Asset Management Franklin Bissett Investment Management Calgary, Alberta, Canada Garey Aitken is the chief investment officer of Franklin Bissett Investment Management, leading Franklin Bissett's equity operations and has been with Franklin Bissett since 1998. In addition to the chief investment officer responsibilities, Mr. Aitken shares co-lead manager responsibilities of the Franklin Bissett Canadian Equity Program (2003), Franklin Bissett Monthly Income and Growth Fund (sinception), Franklin Bissett Energy Corporate Class (sinception), Franklin Active. Quant Canadian Fund (sinception), Franklin Active. Quant U. S. Fund (sinception), Franklin Bissett Canada Plus Equity Fund (sinception), Franklin Bissett Canadian Balanced Fund (2011), Franklin Bissett Canadian All Cap Balanced Fund (2013), Franklin Bissett Small Cap Fund (2019) and Franklin Bissett Microcap Fund (2019). In June 2017, Mr. Aitken was appointed chief investment officer of Developed Markets Equity - Franklin Local Asset Management. In this role, Mr. Aitken oversees developed market equity LAMs including Australia, Europe and the UK and the respective heads for each report directly to him. In 2000, Mr. Aitken was named vice president, portfolio manager and in 2002 he was named vice president, director of equity research. Previous to joining Franklin Bissett, Mr. Aitken was an officer for a senior Canadian energy firm. Prior to that, he was employed with a Canadian chartered bank in a corporate lending role. Mr. Aitken holds a bachelor of commerce from the University of Alberta and an MBA from the University of British Columbia. He is a Chartered Financial Analyst (CFA) charterholder. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. 30

Important Disclosures The information presented herein is considered reliable at the present time, however, we do not represent that it is accurate or complete, or that it should be relied upon as such. Speculation or stated beliefs about future events, such as market or economic conditions, company or security performance, upcoming product offerings or other projections represent the beliefs of the speaker and do not necessarily represent the views of Franklin Templeton Investments. General business, market, economic and political conditions could cause actual results to differ materially. The information presented is not a recommendation or solicitation to buy or sell any securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. The gross of fees version of Series F does not exist and as a result, investors cannot purchase Series F securities on a gross of fees basis. Performance would have been lower with fees taken into account. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. © 2019 Franklin Templeton Investments Corp. All rights reserved. Franklin Templeton Investments Canada is a business name used by Franklin Templeton Investments Corp. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. STANDARD & POOR’S®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. Standard & Poor’s does not sponsor, endorse, sell or promote any S&P index-based product. 31

Franklin Templeton Investments Gain From Our Perspective® Franklin Templeton Investments is a global leader in investment management with clients in over 170 countries. Here in Canada and abroad, we're dedicated to one goal: delivering exceptional asset management for our clients. At the core of our success are multiple independent investment teams—each with a focused area of expertise—from traditional to active quant, alternative strategies, multi-asset solutions and Active and Strategic Beta ETFs. All of these teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. We combine our expertise in Canada with extensive global resources, and a focus on excellence. As a result, we've become a trusted partner to generations of advisors and investors. Franklin Templeton Investments Canada 200 King Street West, Suite 1500, Toronto, Ontario, M 5 H 3 T 4 Client Services Toll-free: 1. 800. 387. 0830 Fax: 416. 364. 1163 Sales Team Toll-free: 1. 800. 897. 7286 Fax: 416. 364. 1320 Founding Member of The Canadian Coalition for Good Governance Canadian offices: CALGARY • MONTREAL • TORONTO U. S. offices: FT. LAUDERDALE • FORT LEE • LOS ANGELES • MIAMI • NEW YORK CITY • NORWALK • RANCHO CORDOVA SALT LAKE CITY • SAN MATEO • SHORT HILLS • ST. PETERSBURG • WASHINGTON D. C. • WILMINGTON International offices: ABU DHABI • AMSTERDAM • BEIJING • BRUSSELS • BUENOS AIRES • CAPE TOWN • CARACAS • CHENNAI DUBAI • DUBLIN • EDINBURGH • FRANKFURT • GENEVA • HONG KONG • HYDERABAD • ISTANBUL • LONDON LUXEMBOURG • MADRID • MELBOURNE • MEXICO CITY • MILAN • MUMBAI • NASSAU • PARIS • POZNAN RIO DE JANEIRO • SAO PAULO • SEOUL • SHANGHAI • SINGAPORE • STOCKHOLM • SYDNEY • TAIPEI TOKYO • VIENNA • WARSAW • ZURICH NYSE: BEN © 2019 Franklin Templeton Investments Corp. All rights reserved. 2509_CDN_CAD_RETAIL