TEMPLETON EMERGING MARKETS FUND March 31 2020 For

TEMPLETON EMERGING MARKETS FUND March 31, 2020 For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830

Current Volatility in Perspective Past 10 Years MSCI EM Index Cumulative Returns March 31, 2010 to March 31, 2020 200 Toda y 150 100 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: © Morningstar 2020. Indexes are unmanaged and one cannot invest directly in an index. Index returns do not reflect any fees, expenses or sales charges. For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 1

Three New Realities in Emerging Markets More than commodities For Dealer Use Only / Not for Distribution to The Public Tech Revolution Strengthened by crisis www. franklintempleton. ca 800 -387 -0830 2

New Reality #1 Emerging Markets Are More than Commodities MSCI EM Index Sector Weightings December 31, 2009 vs. December 31, 2019 Energy & Materials Information Technology & Communication Services THEN NOW 29. 6% 14. 8% 22. 1% 26. 7% Source: MSCI EM Index, as of December 31, 2019. For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 3

New Reality #2 Emerging Market Companies Are Becoming Tech Leaders Patent Applications As of December 2018 China 1, 542, 002 USA 597, 141 Japan Germany 313, 567 67, 898 Source: World Intellectual Property Organization (WIPO), as of December 2018. For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 4

New Reality #3 Policy Improvements are Making Emerging Markets More Resilient EMs have significantly increased their reserves EMs have diversified their borrowing International Reserves as a % of GDP 1 U. S. Denominated Debt (%)2 30% 20% 55% 10% 11% E & ast Pa As ci ia fic b. S Af ah ric ar a an A 1991 Su EN M Am Lat er in ic a So As uth ia 0% 1995 2019 2017 1. Franklin Templeton Capital Market Insights Group, World Bank and IMF, as of March 2019. 2. Franklin Templeton Capital Markets Insight Group, Bank for International Settlements, and Institute of International Finance, as of June 2019. For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 5

WHY TEMPLETON EMERGING MARKETS FUND? For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830

Local Knowledge, Global Reach 80+ Investment Professionals As of December 31, 2019. For Dealer Use Only / Not for Distribution to The Public 16 17 Countries Average Years of Industry Experience www. franklintempleton. ca 800 -387 -0830 7

Templeton Emerging Markets Fund A Diverse Portfolio Built Through Active Stock Selection Low Overlap in Fund Holdings vs. MSCI Emerging Markets Index 1 As of March 31, 2020 70% Active Share 2 100% Industrials 53% Consumer Discretionary 11% Consumer Staples 75% Materials 73% Information Technology 56% Comm Services Category average: 45%3 9 11 of 52% Financials 0% Utilities 50% Healthcare 40% Energy sectors have stocks that aren’t found in the index. 0% Fund holdings different from Index Fund holdings same as Index Real Estate 1. Factset. 2. Franklin Templeton Canada. 3. Morningstar Direct. For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 8

Templeton Emerging Markets Fund Strong long-term performance Annualized Returns (%) As of March 31, 2020 -10. 04 -15. 68 1 Year 1. 59 4. 13 -2. 12 3 Years 3. 75 0. 15 5 Years Templeton Emerging Markets Fund – Series F 5. 61 2. 29 10 Years 4. 75 15 Years Emerging Markets Equity Category 6. 19 5. 02 Since Inception (11/24/2000) Decile Ranking MORNINGSTAR 1 The performance of the Fund ranks in the top 10% of its category peers over 1 -, 3 -, 5 - and 10 years. Star Rating OVERALL 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years 1 1 Sources: Franklin Templeton 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. 1. Templeton Emerging Markets Fund is rated within the Morningstar Emerging Markets Equity Category. Please refer to the “Important Disclosures” slide for additional information on Morningstar Star Ratings. 9 For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830

Templeton Emerging Markets Fund Series Information MER Investment Minimum TML 809 2. 86% $500 TML 731 TML 909 2. 86% $500 Series A—Low Load TML 812 TML 739 2. 86% $500 Series PA – Front End TML 5590 TML 5593 2. 59% $200, 000 Series PA –Deferred Sales Charges TML 5592 TML 5595 2. 59% $200, 000 Series PA – Low Load TML 5591 TML 5594 2. 59% $200, 000 Series F TML 741 TML 751 1. 77% $500 Series F ADM† TML 5018 TML 5041 1. 77% $500 Series PF TML 3916 TML 3917 1. 46% $100, 000 Series PF ADM† TML 5089 TML 5112 1. 46% $100, 000 TML 171 TML 179 Negotiated $200, 000 CAD USD Series A—Front End TML 730 Series A—Deferred Sales Charges Commission-Based Fee-Based Negotiated Fee Series O †”ADM” refers to the Investment Advisory Services Fee purchase option for Series F, FT, PF (Hedged) and PFT. For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 10

APPENDIX For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830

Emerging Markets: Then and Now For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 12

Important Disclosures The information presented 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 Corp. 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 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 security holder 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. Morningstar Star Ratings. As of March 31, 2020. © 2020 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. The Morningstar Rating™ for funds, or “star rating, ” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3 -year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22. 5% receive 4 stars, the next 35% receive 3 stars, the next 22. 5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3 - 5 - and 10 -year (if applicable) Morningstar Ratings metrics. The weights are 100% 3 -year rating for 36– 59 months of total returns, 60% 5 -year rating/40% 3 -year rating for 60– 119 months of total returns, and 50% 10 -year rating/30% 5 -year rating/20% 3 -year rating for 120 or more months of total returns. While the 10 -year overall star rating formula seems to give the most weight to the 10 -year period, the most recent 3 -year period actually has the greatest impact because it is included in all 3 rating periods. Templeton Emerging Markets Fund is rated within the Morningstar Emerging Markets Equity Category. All rating data refers to Series F units. Please refer to morningstar. ca for more details on the calculation of Morningstar Risk-Adjusted Ratings and the 1 -year information. For each of the 3 -, 5 - and 10 -year performance periods, there were in total 220, 144 and 69 funds, respectively, in the Morningstar Emerging Markets Equity Category. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. © 2019 Franklin Templeton. All rights reserved. Franklin Templeton Canada is a business name used by Franklin Templeton For Dealer Use Only / Not for Distribution to The Public www. franklintempleton. ca 800 -387 -0830 Investments Corp. 13

IS IT TIME TO RETHINK EMERGING MARKETS? Learn about three new realities that are reshaping some of the fastest growing economies in the world. franklintempleton. ca/emergingmarkets Franklin Templeton 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. Founding Member of The Canadian Coalition for Good Governance. Canadian offices: CALGARY • MONTREAL • TORONTO NYSE: BEN Franklin Templeton Canada 200 King Street West, Suite 1500 Toronto, Ontario, M 5 H 3 T 4 (800) 387 -0830 www. franklintempleton. ca © 2020 Franklin Templeton. All rights reserved. For Dealer Use Only / Not for Distribution to The Public TEMF PBE 03/20