Paid for in part by 1 194 cans

Paid for in part by: 1

194 cans of $4, 094 credit card pop debt 29 donuts $4, 616 RRSP contribution $51, 000 annual salary 27 minutes daily exercise See third party content slide of this presentation for sources. Dealer Use Only. Not for Distribution to the Public. 2

Dealer Use Only. Not for Distribution to the Public. 3

Dealer Use Only. Not for Distribution to the Public. 4

Dealer Use Only. Not for Distribution to the Public. 5

Today’s Discussion • When Average Comes Up Short • What It Means to Be a Truly Active Manager • Why Invest Differently Than the Crowd Dealer Use Only. Not for Distribution to the Public. 6

When Average Comes Up Short Dealer Use Only. Not for Distribution to the Public. 7

Survey Says—Average May Not Be Enough 85% it’s important to invest in products that can outperform the market 96% risk management is important Source: The 2015 Franklin Templeton Global Investor Sentiment Survey, conducted by ORC International. These results reflect 500 adult investors surveyed in the US between 02/12/15 and 02/26/15. Dealer Use Only. Not for Distribution to the Public. 8

What Words Do You Associate with How You Describe Investing in an Index Fund? Index. Do Funds? Source: Franklin Templeton/The Wall Street Journal online survey conducted among 403 adult investors. The survey was conducted between 11/26/13 and 12/10/13. Dealer Use Only. Not for Distribution to the Public. 9

Here’s What “Cheap/Inexpensive” Buys You S&P/TSX Composite Index Committee meets quarterly to review index composition. Key Selection Criteria Removal Criteria • Accurate Representation of Market Sectors • Delisted • Financially Viable • Substantially Violates Selection Criteria • Liquid—Over 50% Public Shares • Market Capitalization— 0. 05% weight within the index • Domiciled in Canada Source: S&P Dow Jones Indices. a Dealer Use Only. Not for Distribution to the Public. 10

Diversification is Skewed Dealer Use Only. Not for Distribution to the Public. 11

Diversification is Skewed S&P/TSX Composite Index Holdings by Weighting As of December 31, 2017 6. 70 Percentage of S&P/Composite Index 5. 70 Top 4 Holdings = 20% of Index 4. 70 3. 70 2. 70 Bottom 185 Holdings = 20% of Index 1. 70 0. 70 -0. 30 -1. 30 Source: Bloomberg. Past performance is no guarantee of future results. Dealer Use Only. Not for Distribution to the Public. 12

A Little Perspective on a Big Difference Dealer Use Only. Not for Distribution to the Public. 13

Does Average Really Mean Consistent? What was the S&P/TSX Composite Index average annual return for the 20 -year period ended December 31, 2017? 7. 03% Source: Morningstar Research Inc. Past performance does not guarantee future results. Dealer Use Only. Not for Distribution to the Public. 14

The 7. 03% Journey—Expectation vs. Reality Value of a $10, 000 Investment S&P/TSX Composite Index Performance vs. a Compounded Hypothetical 7. 03% Return December 31, 1997–December 31, 2017 $40, 000 [VALUE] $20, 000 S&P/TSX Composite Index Performance 17 20 16 20 15 20 14 20 13 20 12 20 11 20 10 20 09 20 08 20 07 20 06 20 05 20 04 20 03 20 02 20 01 20 00 20 99 19 98 19 19 97 $0 Compounded Hypothetical 7. 03% Return This chart is for illustrative purposes only and does not reflect the performance of any Franklin, Templeton, Franklin Mutual Series or Franklin Bissett fund. Past performance does not guarantee future results. Source: Morningstar, c S&P Dow Jones Indices. a Dealer Use Only. Not for Distribution to the Public. 15

A Closer Look at “Consistency” S&P/TSX Composite Index Average Annual Total Returns 1998– 2017 40 20 7. 0% 0 -20 -40 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 This chart is for illustrative purposes only and does not reflect the performance of any Franklin, Templeton, Franklin Mutual Series or Franklin Bissett fund. Past performance does not guarantee future results. Source: Morningstar Research Inc. Dealer Use Only. Not for Distribution to the Public. 16

Bumpy Roads Can Lead to Bad Decisions S&P/TSX Composite Index Performance vs. Equity and Income Fund Net New Flows 1 20 -Year Period Ending March 31, 2018 Equity Funds Cumulative Total Returns % 280% $56 230% $46 BUYING HIGH 180% $36 $26 80% $16 30% $6 -20% -$4 -70% -120% Apr-98 . 130% -$14 SELLING LOW -$24 Apr-00 Apr-02 Apr-04 Apr-06 Apr-08 Apr-10 Apr-12 Apr-14 Apr-16 Mar-18 This chart is for illustrative purposes only and does not reflect the performance of any Franklin, Templeton, Franklin Mutual Series or Franklin Bissett fund. Past performance does not guarantee future results. 1. Source: Morningstar Research Inc. , Investor Economics Dealer Use Only. Not for Distribution to the Public. 17

Investor Returns Have Been Significantly Lower than Market Returns Investor Returns vs. Market Returns 20 -Year Period Ending December 31, 2017 Average Equity Investor’s Annualized Return S&P 500 Index This chart is for illustrative purposes only and does not reflect the performance of any Franklin, Templeton, Franklin Mutual Series or Franklin Bissett fund. Past performance does not guarantee future results. Sources: © 2018 Morningstar; Bureau of Labor Statistics; Dalbar Inc. , 2018, Quantitative Analysis of Investor Behavior Dealer Use Only. Not for Distribution to the Public. 18

What It Means to Be a Truly Active Manager Dealer Use Only. Not for Distribution to the Public. 19

Why You Need to Know About Active Share The portion of stock holdings in an actively managed fund that differs from its benchmark index 1 • Identify “closet indexers” • Make sure you get what you pay for • Identify potential for outperformance 1. Source: K. J. Martjin Cremers and Antti Petajisto, How Active Is Your Fund Manager? A New Measure That Predicts Performance, The Review of Financial Studies (2009), Vol. 22 (9), Table 4 (adapted) and pp. 3335, 3341, 3342 & 3350 (adapted), by permission of Oxford University Press. Dealer Use Only. Not for Distribution to the Public. 20

The Active Share Spectrum 0% Active Funds Closet Index Funds 20% 40% 60% 80% 100% Source: K. J. Martjin Cremers and Antti Petajisto, How Active Is Your Fund Manager? A New Measure That Predicts Performance, The Review of Financial Studies (2009), Vol. 22 (9), Table 4 (adapted) and pp. 3335, 3341, 3342 & 3350 (adapted), by permission of Oxford University Press. Dealer Use Only. Not for Distribution to the Public. 21

Active Management in Action 1. HOLD a stock NOT FOUND in the index NOT FOUND Franklin U. S. Rising Dividends Fund 1 S&P 500 Index 2 For illustrative purposes only. A fund’s stock selection is independent of benchmark inclusion. 1. As of 12/31/17. Holdings are subject to change. For updated information, please visit franklintempleton. ca. 2. As of 12/31/17. Source: Fact. Set, b S&P Dow Jones Indices. a Dealer Use Only. Not for Distribution to the Public. 22

Active Management in Action 2. NOT HOLD a stock FOUND in the index NOT FOUND Franklin U. S. Rising Dividends Fund 1 S&P 500 Index 2 For illustrative purposes only. A fund’s stock selection is independent of benchmark inclusion. 1. As of 12/31/17. Holdings are subject to change. For updated information, please call Franklin Templeton Investments at (800) 387 -1163 or visit franklintempleton. ca. . 2. As of 12/31/17. Source: Fact. Set, b S&P Dow Jones Indices. a Dealer Use Only. Not for Distribution to the Public. 23

Active Management in Action 3. Hold MORE OR LESS of a stock in the index 4. 75% Franklin U. S. Rising Dividends Fund 1 1. 20% S&P 500 Index 2 For illustrative purposes only. A fund’s stock selection is independent of benchmark inclusion. 1. As of 12/30/17. Holdings are subject to change. For updated information, please call Franklin Templeton Investments at (800) 387 -1163 or visit franklintempleton. ca. 2. As of 12/30/17. Source: Fact. Set, b S&P Dow Jones Indices. a Dealer Use Only. Not for Distribution to the Public. 24

Why Invest Differently Than the Crowd Dealer Use Only. Not for Distribution to the Public. 25

The Active Share Spectrum “If you want to have a better performance than the crowd, you must do things differently from the crowd. ” –Sir John Templeton Dealer Use Only. Not for Distribution to the Public. 26

Franklin Templeton Funds’ Active Share Scorecard 75% 77% 79%+ average active share for top 10 largest equity funds average active share for top 15 largest equity funds active share for 15 of 22 equity funds 1 1. Franklin Templeton Canadian domiciled, broad market equity funds. As of March 31, 2018 Dealer Use Only. Not for Distribution to the Public. 27

Franklin Global Growth Fund Dealer Use Only. Not for Distribution to the Public. 28

Investment Strategy 6 Research-Driven Portfolio Dealer Use Only. Not for Distribution to the Public. Long-Term Investment Horizon Risk Management Through Limited Economic Overlap Global Opportunity Set 29

Franklin Global Growth Fund Concentrated and Active 2, 000 Number of Holdings As of July 31, 2018 1, 643 1, 500 1, 000 500 39 0 *Excludes Cash & Cash Equivalents. Franklin Global Growth Fund MSCI World (Net Dividends) Index Source: Franklin Templeton Investments. All data in Canadian dollars. Dealer Use Only. Not for Distribution to the Public. 30

Franklin Global Growth Fund No Top-Ten Overlap Top 10 Holdings Comparison As of July 31, 2018 Franklin Global Growth Fund 1 MSCI World Index 2 Umicore SA Apple Inc. Equinix Inc. Microsoft Corp. Partners Group Holdings AG Amazon. com Inc. Visa Inc. Facebook Inc. , Class A Verisk Analytics Inc. JPMorgan Chase & Co. DSV A/S Alphabet Inc. , Class C. Adobe Systems Inc. Alphabet Inc. , Class A Koninklijke DSM NV Johnson & Johnson Regeneron Pharmaceuticals Inc. Exxon Mobil Corp. Costar Group Inc. Bank of America Corp. 95% ACTIVE SHARE (AS OF 6/30/18) 1. Holdings are subject to change. For updated data, please visit www. franklintempleton. ca. 2. Source: Morningstar Research Inc. MSCI. f Dealer Use Only. Not for Distribution to the Public. 31

Franklin Global Growth Fund A Fund That Looks Very Different than its Benchmark Sector Breakdown (%) As of July 31, 2018 Info. Technology Industrials 11. 40 Financials 13. 40 12. 50 11. 30 12. 50 Health Care Consumer Disc. 22. 40 18. 00 16. 90 5. 80 4. 90 5. 00 6. 70 Materials Energy 3. 00 Real Estate Consumer Staples 0. 00 Utilities 0. 00 Telecomm. Svcs. 0. 00 Cash Equivalents & Equiv. Cash & Cash 18. 30 18. 50 0. 00 8. 20 3. 00 2. 60 2. 70 Franklin Global Growth Fund MSCI World (Net Dividends) Index Source: Franklin Templeton Investments. All data in Canadian dollars. Dealer Use Only. Not for Distribution to the Public. 32

Franklin Global Growth Fund A History of Outperformance Annualized Returns (%) As of July 31, 2018 19. 70 14. 90 12. 50 11. 40 10. 10 8. 90 12. 50 10. 73 6. 70 4. 80 YTD* 1 Year 3 Years 5 Years Since Inception Franklin Global Growth Fund - Series F Source: Franklin Templeton Investments and Morningstar Canada. 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 the 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. *Cumulative. Dealer Use Only. Not for Distribution to the Public. 33

Franklin U. S. Rising Dividends Fund Dealer Use Only. Not for Distribution to the Public. 34

A Distinct Stock Selection Process Five Screens Consistent Substantial Reinvested Dividend Increases Earnings for Future Strong Attractive Price Balance Sheet Growth Dealer Use Only. Not for Distribution to the Public. 35

Franklin U. S. Rising Dividends Fund Portfolio Analysis Top 10 Holdings Comparison As of July 31, 2018 Franklin U. S. Rising Dividends Fund 1 S&P 500 Index 2 Microsoft Corp. Apple Inc. Roper Technologies Inc. Microsoft Corp. Honeywell International Inc. Amazon. com Inc. Becton Dickinson & Co. Facebook Inc. Albemarle Corp. JP Morgan Chase & Co. Stryker Corp. Berkshire Hathaway Inc. Praxair Inc. Alphabet Inc. , Class C Accenture PLC Alphabet Inc. , Class A Texas Instruments Inc. Johnson & Johnson Analog Devices Inc. Exxon Mobil Corp. 80% ACTIVE SHARE (AS OF 6/30/18) 1. Holdings are subject to change. For updated data, please visit www. franklintempleton. ca 2. Source: Bloomberg Dealer Use Only. Not for Distribution to the Public. 36

Franklin U. S. Rising Dividends Fund Portfolio Analysis Sector Weighting Differential Franklin U. S, Rising Dividends Fund 1 vs. S&P 500 Index 2 As of July 31, 2018 80% 15. 0% . . . -1. 9% -2. 8% -2. 9% -3. 1% . . . . (AS OF 6/30/18) 8. 8% 4. 7% 2. 4% 1. 1% . . . ACTIVE SHARE -9. 5% -11. 8% -20% -10% 1. Holdings are subject to change. 2. Source: S&P Dow Jones Indices. a 0% Dealer Use Only. Not for Distribution to the Public. 10% 20% 37

Portfolio of High Quality Companies S&P 500 Stocks by Dividend Policy Compounded Returns CDN$ 30 -year Period Ended June 30, 2018 9. 69% 8. 65% 6. 28% 2. 88% -1. 35% Dividend Growers & Initiators Dividend-Paying Stocks Dividend Payers with No Change Non-Dividend Paying Stocks Dividend Cutters & Eliminators Source: © 2018 Ned Davis Research, Inc. Indices are unmanaged and one cannot invest directly in an index. All stocks were categorized by the following methodology for the 12 month period ended December 31, 2017. Dividend Growers & Initiators represents all dividend-paying stocks of the S&P 500 that increased their existing dividend or initiated a new dividend; Dividend-Paying Stocks represent all dividend-paying stocks of the S&P 500; Dividend Payers with No Change represents all dividend-paying stocks of the S&P 500 that maintained their existing dividend rate; Non-Dividend-Paying Stocks represents non-dividend-paying stocks of the S&P 500; and Dividend Cutters & Eliminators represents stocks in the S&P 500 that have lowered or eliminated their dividend. Dealer Use Only. Not for Distribution to the Public. 38

Managing Risk in the Fund Over the Long-term Reducing Volatility is a Key Component of the Investment Process Downside Capture Franklin U. S. Rising Dividends Fund, Series F 3 -Year 5, 10 & 15 year periods ending July 31, 2018 Reformat & cut 3 -Year results 97. 33% 103. 61% 5 -Year 97. 05% 80. 55% 10 -Year 113. 50% 90. 37% 15 -Year 105. 42% 0% 20% 40% Franklin U. S. Rising Dividends Fund - Series F 60% 80% 100% 120% Morningstar Canada U. S. Equity Category Average Source: © 2018 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Indexes are unmanaged, and one cannot invest directly in an index. Dealer Use Only. Not for Distribution to the Public. 39

Managing Risk in the Fund Reducing Volatility is a Key Component of the Investment Process Franklin U. S. Rising Dividends Fund – Series F As of July 31, 2018 10 -year Risk/Return Beta 13. 0 Return 12. 0 Franklin U. S. Rising Dividends Fund. Series A 11. 0 10. 0 9. 0 8. 0 10. 5 11. 0 11. 5 Std Dev 12. 0 3 -Year 5 -Year 10 Year 0. 94 0. 93 0. 87 Beta measures a fund’s market-related risk over the time periods shown. The beta is calculated against the S&P 500 Total Return Index (CDN$) as the benchmark. A beta lower than 1. 00 indicates historically lower volatility than the index; higher than 1. 00 indicates historically higher volatility Franklin U. S. Rising Dividends Fund - Series F Morningstar US Equity Category S&P 500 TR Source: © 2018 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Indexes are unmanaged, and one cannot invest directly in an index. Dealer Use Only. Not for Distribution to the Public. 40

Franklin Bissett Canadian Equity Fund Dealer Use Only. Not for Distribution to the Public. 41

Investing with a Distinctive Approach to Dividends We seek companies with: 100% Canadian Growing A History of At an Attractive Equities Cash Flow Financial Price Strength Dealer Use Only. Not for Distribution to the Public. 42

Franklin Bissett Canadian Equity Fund Portfolio Analysis Top 10 Holdings Comparison As of July 31, 2018 Franklin Bissett Canadian Equity Fund 1 S&P/TSX Composite TR Index 2 Brookfield Asset Management Inc. Royal Bank of Canada Canadian National Railway Co. Toronto-Dominion Bank Restaurant Brands International Inc. Bank of Nova Scotia Royal Bank of Canada Suncor Energy Inc. Toronto-Dominion Bank Canadian National Railway Co. Canadian Pacific Railway Limited Enbridge Inc. Canadian Imperial Bank of Commerce Bank of Montreal Canadian Imperial Bank of Commerce Bank of Nova Scotia Canadian Natural Resources Limited Onex Corporation Trans. Canada Corporation 53% ACTIVE SHARE (AS OF 6/30/2018) 1. Holdings are subject to change. For updated data, please visit www. franklintempleton. ca. 2. Source: Fact. Set, b MSCI. f Dealer Use Only. Not for Distribution to the Public. 43

Franklin Bissett Canadian Equity Fund Portfolio Analysis Sector Weighting Differential Versus S&P/TSX Equity Income Index 2 As of July 31, 2018 I. . . ACTIVE SHARE (AS OF 6/30/18) 0. 4% . . . -0. 7% -1. 2% -2. 4% -3. 4% . . . . 53% 4. 4% 4. 0% [VALUE] 2. 8% -6. 2% -10% -5% 0% 5% 10% 1. Holdings are subject to change. 2. Source: S&P Dow Jones Indices. a Dealer Use Only. Not for Distribution to the Public. 44

Franklin Bissett Canadian Equity Fund A History of Outperformance Franklin Bissett Canadian Equity Fund – Series F Growth of a $10, 000 Investment Since Inception March 1, 1983–July 31, 2018 400, 000 $341, 232 350, 000 Franklin Bissett Canadian Fund, Series F 300, 000 250, 000 $199, 074 200, 000 S&P / TSX Composite TR 150, 000 $155, 813 Canadian Equity 100, 000 - 3/1/1983 11/30/1984 8/31/1986 5/31/1988 2/28/1990 11/30/1991 8/31/1993 5/31/1995 2/28/1997 11/30/1998 8/31/2000 5/31/2002 2/29/2004 11/30/2005 8/31/2007 5/31/2009 2/28/2011 11/30/2012 8/31/2014 5/31/2016 2/28/2018 50, 000 Mar ‘ 83 Source: Morningstar Dealer Use Only. Not for Distribution to the Public. Mar ‘ 93 Mar ‘ 03 Mar ‘ 13 Jul ‘ 18 45

Important Information Fund Performance As of August 31, 2018 Series Inception Date 1 -year 3 -year 5 -years 10 -years Since Inception Franklin Global Growth Fund F 24 -Jun-2011 22. 42% 13. 06% 15. 23% -- 12. 67% Franklin U. S. Rising Dividends Fund F 1 -Dec-1984 22. 78% 13. 77% 15. 51% 11. 35% 7. 46% Franklin Bissett Canadian Equity Fund F 1 -Mar-1983 8. 57% 8. 15% 7. 52% 10. 42% Dealer Use Only. Not for Distribution to the Public. 7. 18% 46

Learn More What Matters Most The Case for Active Risk Management Dealer Use Only. Not for Distribution to the Public. 47

Important Information 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. Please read the prospectus or fund facts before investing. Additional information about the Funds is available in the Funds’ annual information form, management reports of fund performance and financial statements. You can get a free copy of any or all of these documents, from your dealer, by calling toll-free 1 -800 -387 -0830 or by contacting us at service@franklintempleton. ca. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does 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. Dealer Use Only. Not for Distribution to the Public. 48

Important Information Slide #2 Sources: Average Salary: Statistics Canada; Credit Card Debt: CBC article: “Canadians carrying fewer cards, but higher balances”); RRSP Contribution: Bank of Montreal’s 8 th Annual RRSP Study: Donuts and cans of soda: nationalmaster. com; Daily exercise: Statistics Canada. a. S&P 500 Index: Copyright © 2017, S&P Dow Jones Indices LLC. All Rights Reserved. Reproduction of S&P U. S. Index data in any form is prohibited except with the prior written permission of S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P U. S. Index data. b. Source: Fact. Set. © 2017 Fact. Set Research Systems Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Fact. Set Research Systems Inc. and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Fact. Set Research Systems Inc. nor its content providers are responsible for any damages or losses arising from any use of this information. c. © 2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. d. Source: Investment Company Institute, Washington, DC 2017. Available at www. ici. org. e. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This is a presentation of Licensee. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in Licensee's presentation thereof. f. Source: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. Dealer Use Only. Not for Distribution to the Public. 49

Dealer Use Only. Not for Distribution to the Public. 50

Appendix © 2016 Franklin Templeton Investments Corp. . All rights reserved. Dealer Use Only. Not for Distribution to the Public. BTBCA PPT 12/15 51

Templeton Growth Fund, Ltd. Dealer Use Only. Not for Distribution to the Public. 52

A Distinct Strategy Value Seekers Bottom-up Patience Investors Dealer Use Only. Not for Distribution to the Public. 53

Templeton Growth Fund, Ltd. Portfolio Analysis Top 10 Holdings Comparison As of March 31, 2018 Templeton Growth Fund, Ltd. 1 MSCI World Index 2 Samsung Electronics Co. Ltd. Apple Inc. Alphabet Inc. Microsoft Corporation BP PLC Alphabet Inc. Microsoft Corp. Amazon. com Inc. Oracle Corp. JPMorgan Chase & Co. Comcast Corp. Facebook, Inc. Royal Dutch Shell PLC Johnson & Johnson Apple Inc. Exxon Mobil Corp. Standard Chartered PLC Tencent Holdings Ltd. KB Financial Group Inc. Bank of America Corp. 88% ACTIVE SHARE (AS OF 6/30/18) 1. Holdings are subject to change. 2. Source: Fact. Set, b MSCI. f Dealer Use Only. Not for Distribution to the Public. 54

Templeton Growth Fund, Ltd. Portfolio Analysis Geographic Weighting Differential Templeton Growth Fund, Ltd. 1 vs. MSCI World Index 2 As of March 31, 2018 E. . . 88% 18. 3% ACTIVE SHARE (AS OF 6/30/18) A. . . 2. 8% L. . . 0. 0% A. . . -2. 2% N. . . -18. 7% -35% -25% -15% -5% 5% 15% 25% 35% 1. Holdings are subject to change. 2. Source: Morningstar Research Inc. , MSCI. f Dealer Use Only. Not for Distribution to the Public. 55

Impressive Long-Term Results Templeton Growth Fund, Ltd. – Series F Growth of a $10, 000 Investment Since Index Inception November 24, 2000–March 31, 2018 $24, 000 $22, 996 Templeton Growth Fund, Ltd. - Series F $20, 566 World Index $20, 000 $16, 000 $12, 000 $8, 000 $4, 000 2005 2009 2013 2018 Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rate[s] of return is [are] the historical annual compounded total return[s] including changes in [share or unit] value and reinvestment of all [dividends or distributions] and does [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 c, MSCIf. . performance may not be repeated. Sources: Morningstar Dealer Use Only. Not for Distribution to the Public. 56

Franklin Templeton’s Active Share Scorecard Top 10 Equity Funds by Assets 1 (As of June 30, 2018) Active Share Category Average Franklin Bissett Canadian Equity Fund 53 22 Templeton Growth Fund, Ltd. 88 71 Franklin US Rising Dividend Fund 80 46 Franklin Mutual Global Discovery Fund 88 72 Franklin Bissett Canadian Dividend Fund 54 30 Templeton International Stock Fund 85 44 Franklin Bissett Small Cap Fund 90 74 Franklin Active. Quant Canadian Fund 51 22 Franklin Mutual European Fund 82 49 Franklin Select US Equity Fund 82 46 • 75% average active share for top 10 largest equity funds • 77% average active share for top 15 largest equity funds • 79% or higher active share for 15 of 22 equity funds 1. Franklin Templeton Canadian domiciled, broad market equity funds. – sorted by AUM size Dealer Use Only. Not for Distribution to the Public. 57

A Few Notes on Active Share The original study was conducted on US equity funds domiciled in the US comparing their performance and holdings against their respective broad based highly diversified equity indices. • Applying this measure to narrower markets or sectors tends to be an imperfect measure of active management. • Looking at the Canadian Market: — A high percentage of the Canadian Market Capitalization falls within the Financial, Material or Energy sectors. — Making it difficult for any pure Canadian equity mandate to have significantly different security exposure than the S&P/TSX Composite Index. Dealer Use Only. Not for Distribution to the Public. 58

A Few Notes on Active Share Fund A Fund B Global Equities Small Caps CDN EQUITIES Active Share Dealer Use Only. Not for Distribution to the Public. 59