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Terms of Use Agreement

THIS AREA OF THE WEBSITE IS INTENDED FOR PROFESSIONAL ADVISORS IN SINGAPORE. IT IS NOT INTENDED FOR USE BY MEMBERS OF THE GENERAL PUBLIC. FOR INFORMATION ON PRODUCTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC, PLEASE REFER TO THE RETAIL INVESTORS SECTION OF THIS WEBSITE. PLEASE READ THIS ENTIRE DOCUMENT CAREFULLY BEFORE YOU PROCEED. BY CLICKING "ACCEPT", YOU CONFIRM THAT YOU ARE A PROFESSIONAL ADVISOR AND THAT YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET OUT BELOW.

IMPORTANT INFORMATION
You must read this before proceeding, as it explains the use and nondisclosure terms and conditions between Templeton Asset Management Ltd ("TAML") and you (the "Agreement") which apply to the release of portfolio holdings information, including but not limited to top contributors and detractors to portfolio performance of one or more non-U.S. domiciled collective investment schemes that are registered as recognised schemes with the Monetary Authority of Singapore and sponsored by Franklin Templeton Investments (each a "Fund" and together the "Funds").

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 are a bank, broker-dealer, insurance company, registered investment adviser or other professional client (together, "financial institutions") engaged in business activities outside the United States.
3. 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".
4.  You agree that the Holdings Information will be kept 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 acknowledges that the Holdings Information constitutes a valuable asset of TAML, the Funds and Fund shareholders. You recognise that adverse consequences may result for Fund shareholders if the Holdings Information is used for inappropriate trading purposes. In addition, TAML may reasonably request you to make available to TAML all research produced on the Funds.
   
   You will not:
   
   (i) Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
   
   (ii) Trade against the Funds or knowingly engage in any trading practices that are adverse to TAML or the Funds on the basis of the Holdings Information; and
   
   (iii) Trade in shares of any U.S. registered investment company sponsored by Franklin Templeton Investments that is substantially similar to the Fund.
5.  You will use its best efforts to take all appropriate action and otherwise satisfy its obligations under this Agreement and to prevent the misuse of the Holdings Information. You will immediately notify FT if you learn of any use of the Holdings Information by your employees, agents or clients that would otherwise violate this Agreement. You acknowledge 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 acknowledge that FT 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 1) is or becomes publicly known through no act or omission by you or any of your employees, agents or subcontractors; 2) is lawfully disclosed to you by a third party without restriction and without any obligation of confidentiality; 3) 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 receive Holdings Information from TAML. TAML may terminate this Agreement upon 30 days prior written 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 TAML'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 TAML, then this Agreement shall be deemed to constitute an amendment to such other agreement.
8. Unless otherwise agreed in a 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 proposals or otherwise.
9. This Agreement may not be assigned by you, and you may not delegate your duties hereunder, without the prior written consent of TAML. 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.
10. 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. 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-a-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.
11. The Agreement: (i) supersedes all prior discussions, agreements and practices between you and TAML (the 'Parties') relating to the Holdings Information; (ii) constitutes the Parties' entire agreement relating to the Holdings Information; (iii) may be modified or supplemented by TAML at anytime without notice to you; (iv) shall be binding upon and inure to the benefit of the successors and assigns of TAML and you; and (v) shall be governed and construed in accordance with the laws of the Republic of Singapore.

ⁱ TAML is acting on behalf of the investment manager of the affiliated business to which the Holdings Information relates. Affiliated businesses 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".

Terms of Use Agreement

THIS AREA OF THE WEBSITE IS INTENDED FOR PROFESSIONAL ADVISORS IN SINGAPORE. IT IS NOT INTENDED FOR USE BY MEMBERS OF THE GENERAL PUBLIC. FOR INFORMATION ON PRODUCTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC, PLEASE REFER TO THE RETAIL INVESTORS SECTION OF THIS WEBSITE. PLEASE READ THIS ENTIRE DOCUMENT CAREFULLY BEFORE YOU PROCEED. BY CLICKING "ACCEPT", YOU CONFIRM THAT YOU ARE AN INSTITUTIONAL INVESTOR AND THAT YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET OUT BELOW.

IMPORTANT INFORMATION
You must read this before proceeding, as it explains the use and nondisclosure terms and conditions between Templeton Asset Management Ltd ("TAML") and you (the "Agreement") which apply to the release of portfolio holdings information, including but not limited to top contributors and detractors to portfolio performance of one or more non-U.S. domiciled collective investment schemes that are registered as recognised schemes with the Monetary Authority of Singapore and sponsored by Franklin Templeton Investments (each a "Fund" and together the "Funds").

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 are a bank, broker-dealer, insurance company, registered investment adviser or other professional client (together, "financial institutions") engaged in business activities outside the United States.
3. 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".
4.  You agree that the Holdings Information will be kept 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 acknowledges that the Holdings Information constitutes a valuable asset of TAML, the Funds and Fund shareholders. You recognise that adverse consequences may result for Fund shareholders if the Holdings Information is used for inappropriate trading purposes. In addition, TAML may reasonably request you to make available to TAML all research produced on the Funds.
   
   You will not:
   
   (i) Purchase or sell any portfolio securities listed in the Holdings Information on the basis of any information contained in Holdings Information;
   
   (ii) Trade against the Funds or knowingly engage in any trading practices that are adverse to TAML or the Funds on the basis of the Holdings Information; and
   
   (iii) Trade in shares of any U.S. registered investment company sponsored by Franklin Templeton Investments that is substantially similar to the Fund.
5.  You will use its best efforts to take all appropriate action and otherwise satisfy its obligations under this Agreement and to prevent the misuse of the Holdings Information. You will immediately notify FT if you learn of any use of the Holdings Information by your employees, agents or clients that would otherwise violate this Agreement. You acknowledge 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 acknowledge that FT 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 1) is or becomes publicly known through no act or omission by you or any of your employees, agents or subcontractors; 2) is lawfully disclosed to you by a third party without restriction and without any obligation of confidentiality; 3) 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 receive Holdings Information from TAML. TAML may terminate this Agreement upon 30 days prior written 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 TAML'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 TAML, then this Agreement shall be deemed to constitute an amendment to such other agreement.
8. Unless otherwise agreed in a 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 proposals or otherwise.
9. This Agreement may not be assigned by you, and you may not delegate your duties hereunder, without the prior written consent of TAML. 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.
10. 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. 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-a-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.
11. The Agreement: (i) supersedes all prior discussions, agreements and practices between you and TAML (the 'Parties') relating to the Holdings Information; (ii) constitutes the Parties' entire agreement relating to the Holdings Information; (iii) may be modified or supplemented by TAML at anytime without notice to you; (iv) shall be binding upon and inure to the benefit of the successors and assigns of TAML and you; and (v) shall be governed and construed in accordance with the laws of the Republic of Singapore.

ⁱ TAML is acting on behalf of the investment manager of the affiliated business to which the Holdings Information relates. Affiliated businesses 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".