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<SEC-DOCUMENT>0000828803-11-000004.txt : 20110105
<SEC-HEADER>0000828803-11-000004.hdr.sgml : 20110105
<ACCEPTANCE-DATETIME>20110105080223
ACCESSION NUMBER:		0000828803-11-000004
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110225
FILED AS OF DATE:		20110105
DATE AS OF CHANGE:		20110105
EFFECTIVENESS DATE:		20110105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON GLOBAL INCOME FUND
		CENTRAL INDEX KEY:			0000828803
		IRS NUMBER:				222864496
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05459
		FILM NUMBER:		11508978

	BUSINESS ADDRESS:	
		STREET 1:		BROWARD FINANCIAL CENTRE
		STREET 2:		500 EAST BROWARD BLVD., SUITE 2100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33394-3091
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		BROWARD FINANCIAL CENTRE
		STREET 2:		500 EAST BROWARD BLVD., SUITE 2100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33394-3091

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>gimproxy_022511final.htm
<DESCRIPTION>TGIF PRXOY MEETING 2/25/11
<TEXT>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Schedule 14A Information</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Proxy Statement Pursuant to Section 14(A) of the</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Securities Exchange Act of 1934</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(Amendment No. )</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [X]</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ &nbsp;]</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Check the appropriate box:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[ &nbsp;]&nbsp; Preliminary Proxy Statement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ] Confidential, for Use of the Commission</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[X]&nbsp; Definitive Proxy Statement &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only (as permitted by Rule 14a-6(e)(2)) </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[ &nbsp;]&nbsp; Definitive Additional Materials</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[ &nbsp;]&nbsp; Soliciting Material under Section 240.14a-12</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">TEMPLETON GLOBAL INCOME FUND</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(Name of Registrant as Specified in its Charter)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Name of Person(s) Filing Proxy Statement, other than the Registrant)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Payment of Filing Fee (Check the appropriate box):</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[X] No fee required.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[ ] &nbsp;Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(1)&nbsp; Title of each class of securities to which transaction applies:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(2)&nbsp; Aggregate number of securities to which transaction applies:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(3)&nbsp; Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(4)&nbsp; Proposed maximum aggregate value of transaction:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(5)&nbsp; Total fee paid:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[ ]&nbsp; Fee paid previously with preliminary materials.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">[ ]&nbsp; Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. </FONT>


<FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(1) Amount Previously Paid:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(2) Form, Schedule or Registration Statement No.:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(3) Filing Party:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(4) Date Filed:</FONT></P>
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<P style="MARGIN: 0.25in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">TEMPLETON GLOBAL INCOME FUND </FONT></B></P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">IMPORTANT SHAREHOLDER INFORMATION </FONT></B></P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">These materials are for the Annual Meeting of Shareholders (the &#147;Meeting&#148;) scheduled for February&nbsp;25, 2011 at 12 Noon, Eastern time. The enclosed materials discuss the proposals (the &#147;Proposals&#148; or each, a &#147;Proposal&#148;) to be voted on at the Meeting, and contain the Notice of Meeting, proxy statement and proxy card. A proxy card is, in essence, a ballot. When you vote your proxy, it tells us how you wish to vote on important issues relating to Templeton Global Income Fund (the &#147;Fund&#148;). If you specify a vote on a Proposal, your proxy will be voted as you indicate. If you specify a vote on one Proposal but not all Proposals, your proxy will be voted as specified on such Proposal and, on the Proposal for which no vote is specified, your proxy will be voted FOR such Proposal. If you simply sign, date and return the proxy card, but do not specify a vote on 
any Proposal, your proxy will be voted FOR the Proposals. </FONT></P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We urge you to spend a few minutes reviewing the Proposals in the proxy statement. Then, please fill out and sign the proxy card and return it to us so that we know how you would like to vote. When shareholders return their proxies promptly, the Fund may be able to save money by not having to conduct additional mailings. </FONT></B></P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We welcome your comments. If you have any questions, call Fund Information at (800)&nbsp;DIAL BEN</FONT></B><SUP><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">&#174;</FONT></B></SUP><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> (800)&nbsp;342-5236. </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 58pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 72pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">TELEPHONE AND INTERNET VOTING </FONT></B></P>
<P style="MARGIN: 9pt 12.2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For your convenience, you may be able to vote by telephone or through the Internet, 24 hours a day. If your account is eligible, instructions are enclosed. </FONT></B></P>
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<P style="MARGIN: 1.25in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 50pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 50pt" face="Times New Roman"></FONT>&nbsp;</P>
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<p style="margin:0in;margin-bottom:.0001pt;"><img height=91 src="x2x0.jpg" width=185></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">TEMPLETON GLOBAL INCOME FUND </font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">NOTICE OF 2011 ANNUAL MEETING OF SHAREHOLDERS </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Annual Meeting of Shareholders (the &#8220;Meeting&#8221;) of Templeton Global Income Fund
(the &#8220;Fund&#8221;) will be held at the Fund&#8217;s offices, 500 East Broward Boulevard, 12</font><sup><font face="Times New Roman" lang=EN-US style="font-size:7.5pt;">th</font></sup><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> Floor, Fort Lauderdale, Florida 33394-3091 on February&nbsp;25, 2011 at 12 Noon, Eastern time. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">During the Meeting, shareholders of the Fund will vote
on the following Proposals: </font></p>

<p style="margin-bottom:.0001pt;margin-left:79.55pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
election of four Trustees of the Fund to hold office for the terms specified. </font></p>

<p style="margin-bottom:.0001pt;margin-left:79.55pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
ratification of the selection of PricewaterhouseCoopers LLP as the independent
registered public accounting firm of the Fund for the fiscal year ending
August&nbsp;31, 2011. </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:.25in;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By
Order of the Board of Trustees, </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:.25in;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Robert
C. Rosselot </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Vice
President and Secretary </font></i></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">January&nbsp;7, 2011 </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Please
sign and promptly return the proxy card or voting instruction form in the
enclosed self-addressed envelope regardless of the number of shares you own. </font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:76.0pt;">&nbsp;</font></p>

<div style="border:solid windowtext 1.0pt;padding:2.0pt 0in 2.0pt 0in;">

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">IMPORTANT NOTICE
REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE <br>
SHAREHOLDER MEETING TO BE HELD ON FEBRUARY 25, 2011 </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:12.2pt;margin-top:9.0pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Fund&#8217;s
Notice of Annual Meeting of Shareholders, Proxy Statement and form of Proxy are
available on the Internet at http://www.proxyonline.com/FranklinTempleton. The
form of Proxy on the Internet site cannot be used to cast your vote. </font></b></p>

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<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:40.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:40.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">[THIS PAGE INTENTIONALLY LEFT BLANK] </font></p>




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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">TEMPLETON GLOBAL INCOME FUND</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">PROXY STATEMENT </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;"><font face="Wingdings 2" lang=EN-US style="font-size:10.0pt;">&#191;</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> INFORMATION ABOUT VOTING </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Who is asking for my vote? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Board of Trustees of Templeton Global Income Fund (the &#8220;Fund&#8221;), in connection
with the Fund&#8217;s Annual Meeting of Shareholders (the &#8220;Meeting&#8221;), has requested
your vote. </font></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Who is eligible to vote? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Shareholders
of record at the close of business on December&nbsp;17, 2010 are entitled to be
present and to vote at the Meeting or any adjourned Meeting. Each share of
record is entitled to one vote (and a proportionate fractional vote for each
fractional share) on each matter presented at the Meeting. The Notice of
Meeting, the proxy statement, and the proxy card were first mailed to
shareholders of record on or about January&nbsp;7, 2011. </font></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">On what issues am I being asked to vote? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">You are being asked to vote on two Proposals: </font></p>

<p style="margin-bottom:.0001pt;margin-left:79.55pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
election of four Trustees of the Fund; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:79.55pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
ratification of the selection of PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) as the
independent registered public accounting firm of the Fund for the fiscal year
ending August&nbsp;31, 2011. </font></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">How do the Fund&#8217;s Trustees recommend that I vote? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Trustees unanimously recommend that you vote FOR the election of the four
nominees and FOR the ratification of the selection of PwC as the independent
registered public accounting firm of the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">How do I ensure that my vote is accurately recorded? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">You
may attend the Meeting and vote in person or you may complete and return the
enclosed proxy card. If you are eligible to vote by telephone or through the
Internet, instructions are enclosed. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Proxy
cards that are properly signed, dated and received at or prior to the Meeting
will be voted as specified. If you specify a vote on any of the Proposals, your
proxy will be voted as you indicate, and any Proposal for which no vote is
specified will be voted FOR that Proposal. If you simply sign, date and return
the proxy card, but do not specify a vote on either Proposal 1 or 2, your
shares will be voted FOR the election of all nominees as Trustee and FOR the
ratification of the selection of PwC as the independent registered public
accounting firm of the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">May I revoke my proxy? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">You
may revoke your proxy at any time before it is voted by forwarding a written
revocation or a later-dated proxy to the Fund that is received by the Fund at
or prior to the Meeting, or by attending the Meeting and voting in person. </font></p>








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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:12.25pt;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">What if my shares are held in a brokerage account? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">If
your shares are held by your broker, then in order to vote in person at the
Meeting, you will need to obtain a &#8220;Legal Proxy&#8221; from your broker and present
it to the Inspector of Election at the Meeting. Also, in order to revoke your
proxy, you may need to forward your written revocation or a later-dated proxy
card to your broker rather than to the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;"><font face="Wingdings 2" lang=EN-US style="font-size:10.0pt;">&#191;</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> THE PROPOSALS </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">PROPOSAL
1:&nbsp;&nbsp;&nbsp;&nbsp;ELECTION OF TRUSTEES </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">How are nominees selected? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Board of Trustees of the Fund (the &#8220;Board&#8221; or the &#8220;Trustees&#8221;) has a Nominating
Committee consisting of Edith E. Holiday (Chairperson), Frank J. Crothers and
Frank A. Olson, none of whom is an &#8220;interested person&#8221; of the Fund as defined
by the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). Trustees
who are not interested persons of the Fund are referred to as the &#8220;Independent
Trustees,&#8221; and Trustees who are interested persons of the Fund are referred to
as the &#8220;Interested Trustees.&#8221; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Nominating Committee is responsible for selecting candidates to serve as
Trustees and recommending such candidates (a)&nbsp;for selection and nomination
as Independent Trustees by the incumbent Independent Trustees and the full
Board; and (b)&nbsp;for selection and nomination as Interested Trustees by the
full Board. In considering a candidate&#8217;s qualifications, the Nominating
Committee generally considers the potential candidate&#8217;s educational background,
business or professional experience, and reputation. In addition, the
Nominating Committee has established as minimum qualifications for Board
membership as an Independent Trustee: (1)&nbsp;that such candidate be
independent from relationships with the Fund&#8217;s investment manager and other
principal service providers both within the terms and the spirit of the
statutory independence requirements specified under the 1940 Act and the rules
thereunder; (2)&nbsp;that such candidate demonstrate an ability and willingness
to make the considerable time commitment, including personal attendance at
Board meetings, believed necessary to his or her function as an effective Board
member; and (3)&nbsp;that such candidate have no continuing relationship as a
director, officer or board member of any U.S. registered investment company
other than those within the Franklin Templeton Investments fund complex or a
closed-end business development company primarily investing in non-public
entities. The Nominating Committee has not adopted any specific policy on the
issue of diversity, but will take this into account, among other factors, in
its consideration of new candidates to the Board. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">When
the Board has or expects to have a vacancy, the Nominating Committee receives
and reviews information on individuals qualified to be recommended to the full
Board as nominees for election as Trustees, including any recommendations by
&#8220;Qualifying Fund Shareholders&#8221; (as defined below). Such individuals are
evaluated based upon the criteria described above. To date, the Nominating
Committee has been able to identify, and expects to continue to be able to
identify, from its own resources an ample number of qualified candidates. The
Nominating Committee, however, will review recommendations from Qualifying Fund
Shareholders to fill vacancies on the Board if these recommendations are
submitted in writing and addressed to the Nominating Committee at the Fund&#8217;s
offices and are presented with appropriate background material concerning the
candidate that demonstrates his or her ability to serve as a Trustee, including
as an Independent Trustee, of the Fund. A Qualifying Fund Shareholder is a
shareholder who (i)&nbsp;has continuously owned of record, or beneficially
through a financial intermediary, shares of the Fund having a net asset value
of not less than two hundred fifty thousand dollars ($250,000) during the
twenty-four month period prior to submitting the recommendation; and </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(ii)&nbsp;provides a written notice to the Nominating
Committee containing the following information: (a)&nbsp;the name and address
of the Qualifying Fund Shareholder making the recommendation; (b)&nbsp;the
number of shares of the Fund which are owned of record and beneficially by the
Qualifying Fund Shareholder and the length of time that the shares have been
owned by the Qualifying Fund Shareholder; (c)&nbsp;a description of all
arrangements and understandings between the Qualifying Fund Shareholder and any
other person or persons (naming such person or persons) pursuant to which the
recommendation is being made; (d)&nbsp;the name, age, date of birth, business
address and residence address of the person or persons being recommended;
(e)&nbsp;such other information regarding each person recommended by the Qualifying
Fund Shareholder as would be required to be included in a proxy statement filed
pursuant to the proxy rules of the U.S. Securities and Exchange Commission
(&#8220;SEC&#8221;) had the nominee been nominated by the Board; (f)&nbsp;whether the
shareholder making the recommendation believes the person recommended would or
would not be an &#8220;interested person&#8221; of the Fund, as defined in the 1940 Act;
and (g)&nbsp;the written consent of each person recommended to serve as a
Trustee of the Fund if so nominated and elected/appointed. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Nominating Committee may amend these procedures from time to time, including
the procedures relating to the evaluation of nominees and the process for
submitting recommendations to the Nominating Committee. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Board has adopted and approved a formal written charter for the Nominating
Committee. A copy of the charter is attached as Exhibit A to this proxy
statement. </font></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Who are the nominees and Trustees? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Board is divided into three classes. Each class has a term of three years. Each
year the term of office of one class expires. This year, the terms of four
Trustees expire. Edith E. Holiday, J. Michael Luttig, Frank A. Olson and
Constantine D. Tseretopoulos have been nominated for three-year terms, set to
expire at the 2014 Annual Meeting of Shareholders. These terms continue,
however, until their successors are duly elected and qualified. All of the
nominees are currently members of the Board and are deemed to be Independent
Trustees. In addition, all of the current nominees and Trustees are also
directors or trustees of other investment companies within the Franklin
Templeton Investments fund complex. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Interested
Trustees of the Fund hold director and/or officer positions with Franklin
Resources, Inc. (&#8220;Resources&#8221;) and its affiliates. Resources is a publicly owned
holding company, the principal stockholders of which are Charles B. Johnson and
Rupert H. Johnson, Jr., who owned approximately 16.8% and 16.4%, respectively,
of its outstanding shares as of August&nbsp;31, 2010. The shares deemed to be
beneficially owned by Charles B. Johnson include certain shares held by two
private charitable foundations, of which he disclaims beneficial ownership. The
shares deemed to be beneficially owned by Rupert H. Johnson, Jr. include
certain shares held by a private charitable foundation and his spouse, of which
he disclaims beneficial ownership. Resources, a global investment management
organization operating as Franklin Templeton Investments, is primarily engaged
through various subsidiaries, in providing investment management, share
distribution, transfer agent and administrative services to a family of
investment companies. Resources is a New York Stock Exchange (&#8220;NYSE&#8221;) listed
holding company (NYSE: BEN). Charles B. Johnson, Chairman of the Board, Trustee
and Vice President of the Fund, and Gregory E. Johnson, Trustee of the Fund,
are father and son. Rupert H. Johnson, Jr., Vice President of the Fund, is the
brother of Charles B. Johnson and the uncle of Gregory E. Johnson. There are no
other family relationships among the Trustees or nominees for Trustee. </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Each
nominee currently is available and has consented to serve if elected. If any of
the nominees should become unavailable, the designated proxy holders will vote
in their discretion for another person or persons who may be nominated to serve
as Trustees. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In
addition to personal qualities, such as integrity, in considering candidates
for the Fund Board, the Nominating Committee seeks to find persons of good
reputation whose experience and background evidences that such person has the
ability to comprehend, discuss and critically analyze materials and issues
presented in exercising judgments and reaching informed conclusions relevant to
fulfillment of a Fund Trustee&#8217;s duties and fiduciary obligations. Information
on the business activities of the nominees and other Trustees during the past
five years and beyond appears below and it is believed that the specific
background of each Trustee evidences such ability and is appropriate to his or
her serving on the Fund&#8217;s Board. As indicated, Harris J. Ashton and
Frank&nbsp;A. Olson have both served as chief executive officers of NYSE listed
public corporations; Larry D. Thompson and Edith E. Holiday each have legal
backgrounds, including high level legal positions with departments of the U.S.
Government; David W. Niemiec and Ann Torre Bates each have been chief financial
officers of major corporations; J. Michael Luttig has fifteen years of judicial
experience as a Federal Appeals Court Judge; Robert&nbsp;E. Wade has over
thirty years of experience as a practicing attorney; Constantine D.
Tseretopoulos has professional and executive experience as founder and Chief of
Staff of a hospital; Frank J. Crothers has served as the chief executive
officer of several foreign closely held corporations; and Charles B. Johnson
and Gregory E. Johnson are both high ranking executive officers of Franklin
Resources, Inc. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Listed
below with the business activities of the nominees and Trustees, are their
names and years of birth, their positions and length of service with the Fund
and the number of portfolios in the Franklin Templeton Investments fund complex
that they oversee. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:568.799988pt;">
 <tr>
  <td width=35% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
  </td>
 <td width=11% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
  </td>
 <td width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
  </td>
 <td width=12% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
  </td>
 <td width=28% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:0in;margin-right:0in;page-break-after:avoid;"><b><font face="Times New Roman" style="font-size:10.0pt;">Nominees
  for Independent Trustee to serve until 2014 Annual Meeting of Shareholders:</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=35% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="Times New Roman" style="font-size:7.5pt;">Name, Year of Birth
  and Address</font></b></p>
  </td>
 <td valign=bottom width=11% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Position</font></b></p>
  </td>
 <td valign=bottom width=14% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Length of<br>
  Time Served</font></b></p>
  </td>
 <td valign=bottom width=12% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Number of<br>
  Portfolios in<br>
  Franklin<br>
  Templeton<br>
  Investments<br>
  Fund&nbsp;Complex<br>
  Overseen<br>
  by&nbsp;Trustee*</font></b></p>
  </td>
 <td valign=bottom width=28% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Other Directorships Held<br>
  During the Past Five Years</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=35% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Edith E. Holiday</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1952)<br>
  500 East Broward Blvd.<br>
  Suite 2100<br>
    Fort Lauderdale, FL 33394-3091</font></p>
  </td>
 <td valign=top width=11% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Lead Independent Trustee</font></p>
  </td>
 <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Trustee since&nbsp;1996 and&nbsp;Lead Independent
  Trustee since&nbsp;2007</font></p>
  </td>
 <td nowrap valign=top width=12% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">130</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Hess Corporation
  (exploration and refining of oil and gas), H.J.&nbsp;Heinz Company (processed
  foods and allied products), RTI International Metals, Inc. (manufacture and
  distribution of titanium), Canadian National Railway (railroad) and White
  Mountains Insurance Group, Ltd. (holding company).</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=5 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years and Beyond:
  </font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director or Trustee of
  various companies and trusts; and </font><b><font face="Times New Roman" style="font-size:10.0pt;">formerly,</font></b><font face="Times New Roman" style="font-size:10.0pt;"> Assistant to the President of the United States and
  Secretary of the Cabinet (1990&#8211;1993); General Counsel to the United States
  Treasury Department (1989&#8211;1990); and Counselor to the Secretary and Assistant
  Secretary for Public Affairs and Public Liaison-United States Treasury
  Department (1988&#8211;1989).</font></p>
  </td>
 </tr>
</table>

</div>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<A name="page_11"></A>
<a name="_bclPageBorder11"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="MARGIN: 0in 0in 0.75pt"><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Name, Year of Birth and Address</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Position</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Length of<BR>
Time Served</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Number of<BR>
Portfolios in<BR>
Franklin<BR>
Templeton<BR>
Investments<BR>
Fund&nbsp;Complex<BR>
Overseen<BR>
by&nbsp;Trustee*</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Other Directorships Held<BR>
During the Past Five Years</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">J. Michael Luttig</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> (1954)<BR>
500 East Broward Blvd.<BR>
Suite 2100 <BR>
Fort&nbsp;Lauderdale,&nbsp;FL&nbsp;33394-3091</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Trustee</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Since 2009</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">130</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Boeing Capital Corporation (aircraft financing).</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Executive Vice President, General Counsel and member of Executive Council, The Boeing Company; and </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">formerly,</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> Federal Appeals Court Judge, U.S. Court of Appeals for the Fourth Circuit (1991&#150;2006).</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Frank A. Olson</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> (1932)<BR>
500 East Broward Blvd.<BR>
Suite 2100<BR>
Fort Lauderdale, FL 33394-3091</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Trustee</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Since&nbsp;2003</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">130</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Hess Corporation (exploration and refining of oil and gas).</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chairman Emeritus, The Hertz Corporation (car rental) (since 2000) (Chairman of the Board (1980&#150;2000)&nbsp;and Chief Executive Officer (1977&#150;1999)); and </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">formerly,</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> Chairman of the Board, President and Chief Executive Officer, UAL Corporation (airlines).</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Constantine&nbsp;D.&nbsp;Tseretopoulos&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1954) 500 East Broward Blvd.<BR>
Suite 2100<BR>
Fort Lauderdale, FL 33394-3091</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Trustee</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Since 1999</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">24</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Physician, Chief of Staff, owner and operator of the Lyford Cay Hospital (1987&#150;present); director of various nonprofit organizations; and </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">formerly, </FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cardiology Fellow, University of Maryland (1985&#150;1987)&nbsp;and Internal Medicine Resident, Greater Baltimore Medical Center (1982&#150;1985).</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Independent Trustees serving until 2013 Annual Meeting of Shareholders:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12.25pt; TEXT-INDENT: -12.25pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Frank J. Crothers </FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1944)<BR>
500 East Broward Blvd.<BR>
Suite 2100<BR>
Fort Lauderdale, FL 33394-3091</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 5pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Trustee</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 5pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Since&nbsp;1999</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 5pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">24</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 5pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Fortis, Inc. (utility holding company) and AML Foods Limited (retail distributors).</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: #000000 1px solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Director and Vice Chairman, Caribbean Utilities Company, Ltd.; director of various other private business and nonprofit organizations; and </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">formerly,</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> Chairman, Atlantic Equipment and Power Ltd. (1977&#150;2003).</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0in 0in 0.75pt"><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Name, Year of Birth and Address</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Position</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Length of<BR>
Time Served</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Number of<BR>
Portfolios in<BR>
Franklin<BR>
Templeton<BR>
Investments<BR>
Fund&nbsp;Complex<BR>
Overseen<BR>
by&nbsp;Trustee*</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Other Directorships Held<BR>
During the Past Five Years</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12.25pt; TEXT-INDENT: -12.25pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Larry D. Thompson</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> (1945)<BR>
500 East Broward Blvd.<BR>
Suite 2100<BR>
Fort Lauderdale, FL 33394-3091</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Trustee</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Since&nbsp;2005</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">138</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cbeyond, Inc. (business communications provider) and The Southern Company (energy company).</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Senior Vice President&#151;Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (consumer products); and </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">formerly,</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> Director, Delta Airlines (aviation) (2003&#150;2005)&nbsp;and Providian Financial Corp. (credit card provider) (1997&#150;2001); Senior Fellow of The Brookings Institution (2003&#150;2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy Attorney General, U.S. Department of Justice (2001&#150;2003).</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Interested Trustees serving until 2013 Annual Meeting of Shareholders:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">**Charles B. Johnson</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> (1933)<BR>
One Franklin Parkway<BR>
San Mateo, CA 94403-1906</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chairman&nbsp;of the Board, Trustee&nbsp;and Vice President</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chairman&nbsp;of the Board since 1995, Trustee and Vice<BR>
President since 1992</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">130</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Chairman of the Board, Member&#151;Office of the Chairman and Director, Franklin Resources, Inc.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 41 of the investment companies in Franklin Templeton Investments.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">**Gregory E. Johnson</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> (1961)<BR>
One Franklin Parkway<BR>
San Mateo, CA 94403-1906</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Trustee</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Since&nbsp;2006</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">88</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Director, President and Chief Executive Officer, Franklin Resources, Inc.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 33 of the investment companies in Franklin Templeton Investments.</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Independent Trustees serving until 2012 Annual Meeting of Shareholders:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN-LEFT: 12.25pt; TEXT-INDENT: -12.25pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Harris J. Ashton </FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1932)<BR>
500 East Broward Blvd.<BR>
Suite 2100<BR>
Fort Lauderdale, FL 33394-3091</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 5pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Trustee</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 5pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Since&nbsp;1992</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap>
<P style="MARGIN: 5pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">130</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top>
<P style="MARGIN: 5pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Bar-S Foods (meat packing company) (1981&#150;2010).</FONT></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 6pt" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top colSpan=5>
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Principal Occupation During Past 5 Years and Beyond:</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Director of various companies; and </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">formerly</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">, Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief Executive Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=center><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:454.000000pt;">
 <tr>
  <td width=32% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 <td width=12% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 <td width=15% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 <td width=12% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 <td width=29% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 </tr>
<tr>
  <td valign=bottom width=32% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
   <p style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="Times New Roman" style="font-size:7.5pt;">Name, Year of
   Birth and Address</font></b></p>
   </td>
 <td valign=bottom width=12% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Position</font></b></p>
   </td>
 <td valign=bottom width=15% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Length&nbsp;of<br>
   Time&nbsp;Served</font></b></p>
   </td>
 <td valign=bottom width=12% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Number&nbsp;of</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Portfolios&nbsp;in<br>
     Franklin</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Templeton</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Investments</font></b></p>
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Fund&nbsp;Complex</font></b></p>
   <p align=center style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Overseen<br>
   by&nbsp;Trustee*</font></b></p>
   </td>
 <td valign=bottom width=29% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Other&nbsp;Directorships&nbsp;Held</font></b></p>
   <p align=center style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">During
   the Past Five Years</font></b></p>
   </td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Ann&nbsp;Torre Bates</font></b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;(1958)<br>
    500 East Broward Blvd.<br>
    Suite 2100<br>
    Fort Lauderdale, FL 33394-3091</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since&nbsp;2008</font></p>
  </td>
 <td nowrap valign=top width=12% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">SLM Corporation (Sallie<br>
  Mae), Ares Capital Corporation (specialty finance company) and Allied Capital
  Corporation (financial services) (2003&#8211;2010).</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=5 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years and Beyond:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Independent strategic and
  financial consultant; and </font><b><font face="Times New Roman" style="font-size:10.0pt;">formerly,</font></b><font face="Times New Roman" style="font-size:10.0pt;"> Executive Vice President and Chief Financial
  Officer, NHP Incorporated (manager of multifamily housing) (1995&#8211;1997); and
  Vice President and Treasurer, US Airways, Inc. (until 1995).</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">David W. Niemiec</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1949)<br>
  500 East Broward Blvd.<br>
  Suite 2100<br>
    Fort Lauderdale, FL 33394-3091</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2005</font></p>
  </td>
 <td nowrap valign=top width=12% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Emeritus Corporation (assisted
  living) (1999&#8211;2010) and OSI Pharmaceuticals, Inc. (pharmaceutical products)
  (2006&#8211;2010).</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=5 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years and Beyond:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Advisor, Saratoga Partners
  (private equity fund); and </font><b><font face="Times New Roman" style="font-size:10.0pt;">formerly,</font></b><font face="Times New Roman" style="font-size:10.0pt;"> Managing Director, Saratoga Partners
  (1998&#8211;2001)&nbsp;and SBC Warburg Dillon Read (investment banking)
  (1997&#8211;1998); Vice Chairman, Dillon, Read&nbsp;&amp; Co. Inc. (investment
  banking) (1991&#8211;1997); and Chief Financial Officer, Dillon, Read&nbsp;&amp;
  Co. Inc. (1982&#8211;1997).</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Robert E. Wade</font></b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;(1946)<br>
  500 East Broward Blvd.<br>
  Suite 2100<br>
    Fort Lauderdale, FL 33394-3091</font></p>
  </td>
 <td valign=top width=12% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
 <td valign=top width=15% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since&nbsp;2006</font></p>
  </td>
 <td nowrap valign=top width=12% style="padding:0in 0in 0in .1in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">El Oro Ltd (investments).</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=5 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years and Beyond:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Attorney at law engaged in
  private practice (1973&#8211;2009)&nbsp;and member of various boards.</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;
*&#160;&#160;&#160;&#160;&#160; We base the number of portfolios on each separate series of the U.S. registered investment companies within the Franklin Templeton Investments fund
complex. These portfolios have a common investment manager or affiliated
investment manager, and also may share a common underwriter. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">**&#160;&#160;&#160;&#160;&#160; Charles
B. Johnson and Gregory E. Johnson are &#8220;interested persons&#8221; of the Fund as
defined by the 1940 Act. The 1940 Act limits the percentage of interested
persons that can comprise a fund&#8217;s board of trustees. Charles B. Johnson is
considered an interested person of the Fund due to his position as an officer,
director and major shareholder of Resources, which is the parent company of the
Fund&#8217;s investment manager, and his position with the Fund. Gregory E. Johnson
is considered an interested person of the Fund due to his position as an
officer, director and shareholder of Resources. Charles B. Johnson is the
father of Gregory E. Johnson. The remaining Trustees of the Fund are
Independent Trustees. </font></p>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<A name="page_13"></A>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following tables provide the dollar range of the equity securities of the Fund and of all U.S. registered funds in the Franklin Templeton Investments fund complex beneficially owned by the Trustees as of December&nbsp;17, 2010: </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 554.4pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="20%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="27%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="53%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Independent Trustees:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0.75pt"><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Name of Trustee</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Dollar&nbsp;Range</FONT></B><FONT style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp;of&nbsp;Equity<BR>
Securities&nbsp;in&nbsp;the&nbsp;Fund<SUP>(1)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="27%">
<P style="MARGIN: 0in 0in 0.75pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>
Securities&nbsp;in&nbsp;all&nbsp;Funds in the<BR>
Franklin Templeton<BR>
Investments&nbsp;Fund Complex</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Harris J. Ashton.................................................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$1&#151;$10,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Ann Torre Bates................................................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Frank J. Crothers................................................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Edith E. Holiday.................................................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$1&#151;$10,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">J. Michael Luttig................................................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$10,001&#151;$50,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">David W. Niemiec................................................................................................. </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Frank A. Olson...................................................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Larry D. Thompson.............................................................................................. </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Constantine D. Tseretopoulos........................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Robert E. Wade..................................................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="20%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="27%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="53%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Interested Trustees:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0.75pt"><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Name of Trustee</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Dollar&nbsp;Range</FONT></B><FONT style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">&nbsp;of&nbsp;Equity<BR>
Securities in the Fund<SUP>(1)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>
Securities&nbsp;in&nbsp;all&nbsp;Funds in the<BR>
Franklin Templeton</FONT></B></P>
<P style="MARGIN: 0in 0in 0.75pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Investments Fund Complex</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Charles B. Johnson.............................................................................................. </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$10,001&#151;$50,000</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="53%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Gregory E. Johnson.............................................................................................. </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">None</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="27%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Over&nbsp;$100,000</FONT></P>
</TD></TR></TABLE></DIV>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 6.5in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 6.5in 3pt 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -24.5pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(1)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar range based on NYSE closing price on December&nbsp;17, 2010. </FONT></P>
<P style="MARGIN: 13.5pt 0in 0pt 12.2pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">How often do the Trustees meet and what are they paid? </FONT></I></B></P>
<P style="MARGIN: 4.5pt 0in 0pt; TEXT-INDENT: 24.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The role of the Trustees is to provide general oversight of the Fund&#146;s business and to ensure that the Fund is operated for the benefit of all of the Fund&#146;s shareholders. The Trustees anticipate meeting at least five times during the current fiscal year to review the operations of the Fund and the Fund&#146;s investment performance, and will meet more frequently as necessary. The Trustees also oversee the services furnished to the Fund by Franklin Advisers, Inc., the Fund&#146;s investment manager (the &#147;Investment Manager&#148;), and various other service providers. </FONT></P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Fund&#146;s Independent Trustees constitute the sole independent Board members of 14 investment companies in the Franklin Templeton Investments fund complex for which each Independent Trustee currently is paid a $145,000 annual retainer fee, together with a $7,000 per meeting fee for attendance at each regularly scheduled Board meeting, a portion of which fees are allocated to the Fund. To the extent held, compensation also may be paid for attendance at specially called Board meetings. The Fund&#146;s Lead Independent Trustee is paid an annual supplemental retainer of $15,000 for service to such investment companies, a portion of which is allocated to the Fund. Board members who serve on the Audit Committee of the Fund and such other investment companies receive a flat fee of $3,000 per Committee meeting attended in person and $2,000 per telephonic meeting, a portion of which is allocated t
o the Fund. The Chairman of the Audit Committee of the Fund and such other investment companies receives an additional fee of $15,000 per year, a portion of which is allocated to the Fund. Members of a Committee are not separately compensated for any committee meeting held on the day of a regularly scheduled Board meeting. </FONT></P>
</DIV>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 9pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">During the fiscal year ended August&nbsp;31, 2010, there were five meetings of the Board, three meetings of the Audit Committee, and three meetings of the Nominating Committee. Each Trustee then in office attended at least 75% of the aggregate of the total number of meetings of the Board and the total number of meetings held by all committees of the Board on which the Trustee served. The Fund does not currently have a formal policy regarding Trustees&#146; attendance at the annual shareholders&#146; meeting. No Trustees attended the Fund&#146;s last annual meeting held on February&nbsp;26, 2010. </FONT></P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Independent Trustees are also reimbursed for expenses incurred in connection with Board meetings. The Interested Trustees and certain officers of the Fund who are shareholders of Resources are not compensated by the Fund for their services, but may receive indirect remuneration due to their participation in management fees and other fees received by the Investment Manager and its affiliates from the funds in Franklin Templeton Investments. The Investment Manager or its affiliates pay the salaries and expenses of the officers and the Interested Trustees. No pension or retirement benefits are accrued as part of Fund expenses. </FONT></P>
<P style="MARGIN: 9pt 0in 0pt; TEXT-INDENT: 24.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The table below indicates the total fees paid to the Independent Trustees by the Fund individually and by all of the funds in the Franklin Templeton Investments fund complex. These Trustees also serve as directors or trustees of other funds in Franklin Templeton Investments, many of which hold meetings at different dates and times. The Trustees and the Fund&#146;s management believe that having the same individuals serving on the boards of many of the funds in Franklin Templeton Investments enhances the ability of each fund to obtain, at a relatively modest cost to each separate fund, the services of high caliber, experienced and knowledgeable Independent Trustees who can bring their experience and talents to, and effectively oversee the management of, several funds. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 561.599pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="39%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="16%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="39%">
<P style="MARGIN: 0in 0in 0.75pt"><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Name of Trustee</FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="16%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Aggregate<BR>
Compensation<BR>
From&nbsp;the&nbsp;Fund<SUP>(1)</SUP></FONT></B></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Total&nbsp;Compensation&nbsp;from<BR>
Franklin Templeton<BR>
Investments&nbsp;Fund&nbsp; Complex<SUP>(2)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">Number&nbsp;of&nbsp;Boards&nbsp;within<BR>
Franklin Templeton<BR>
Investments&nbsp;Fund&nbsp;Complex<BR>
on&nbsp;which Trustee&nbsp;Serves<SUP>(3)</SUP></FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Harris J. Ashton.................................................................. </FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$&nbsp; 10,231&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$&nbsp; 470,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Ann Torre Bates</FONT><SUP><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">(4)</FONT></SUP><FONT style="FONT-SIZE: 10pt" face="Times New Roman">............................................................... </FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,431&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 356,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Frank J. Crothers................................................................. </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,323&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 187,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Edith E. Holiday.................................................................. </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,525&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 508,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">J. Michael Luttig................................................................. </FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,461&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 408,167&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">David W. Niemiec............................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,761&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 212,750&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Frank A. Olson................................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,277&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 490,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Larry D. Thompson............................................................ </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,277&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 589,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Constantine D. Tseretopoulos......................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,431&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 194,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="39%">
<P style="MARGIN-LEFT: 12pt; TEXT-INDENT: -12pt; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Robert E. Wade</FONT><SUP><FONT style="FONT-SIZE: 7.5pt" face="Times New Roman">(4)</FONT></SUP><FONT style="FONT-SIZE: 10pt" face="Times New Roman">............................................................... </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="16%">
<P style="MARGIN: 0in 0in 0.75pt 22.05pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 10,277&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="23%">
<P style="MARGIN: 0in 0in 0.75pt 37.55pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; 511,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="22%">
<P style="MARGIN: 0in 0in 0.75pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</TD></TR></TABLE></DIV>
<DIV style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 6.5in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid">
<P style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; MARGIN: 0in 6.5in 3pt 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 6pt" face="Times New Roman"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -24.5pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(1)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation received for the fiscal year ended August&nbsp;31, 2010. </FONT></P>
<P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -24.5pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(2)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation received for the 12 months ended September&nbsp;30, 2010. </FONT></P>
<P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -24.5pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(3)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We base the number of boards on the number of U.S. registered investment companies in the Franklin Templeton Investments fund complex. This number does not include the total number of series or funds within each investment company for which the Board members are responsible. Franklin Templeton Investments currently includes 45 U.S. registered investment companies, with approximately 144 U.S. based funds or series. </FONT></P>
<P style="MARGIN: 0in 0in 0pt 24.5pt; TEXT-INDENT: -24.5pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face="Times New Roman">(4)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ms.&nbsp;Bates and Mr.&nbsp;Wade also are independent trustees of Franklin Mutual Series Funds and may, in the future, receive payments pursuant to a discontinued retirement plan that generally provides payments to independent board members who have served seven years or longer for such fund. </FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Board
members historically have followed a policy of having substantial investments
in one or more of the funds in Franklin Templeton Investments, as is consistent
with their individual financial goals. In February 1998, this policy was
formalized through adoption of a requirement that each Board member invest
one-third of the fees received for serving as a director or trustee of a
Templeton fund (excluding committee fees) in shares of one or more Templeton
funds (which may include the Fund) until the value of such investments equals
or exceeds five times the annual retainer and regular Board meeting fees paid
to such Board member. Investments in the name of family members or entities
controlled by a Board member constitute fund holdings of such Board member for
purposes of this policy, and a three-year phase-in period applies to such
investment requirements for newly elected Board members. In implementing such
policy, a Board member&#8217;s fund holdings existing on February&nbsp;27, 1998, were
valued as of such date with subsequent investments valued at cost. </font></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Who are the Executive Officers of the Fund? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Officers
of the Fund are appointed by the Trustees and serve at the pleasure of the
Board. Listed below, for the Executive Officers, are their names, years of
birth and addresses, as well as their positions and length of service with the
Fund, and principal occupations during the past five years. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:456.000000pt;">
 <tr>
  <td width=41% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 <td width=28% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 <td width=31% style="padding:0in 0in 0in 0in;">
   <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:.5pt;">&nbsp;</font></p>
   </td>
 </tr>
<tr>
  <td valign=bottom width=41% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
   <p style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="Times New Roman" style="font-size:7.5pt;">Name, Year of
   Birth and Address</font></b></p>
   </td>
 <td valign=bottom width=28% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Position</font></b></p>
   </td>
 <td valign=bottom width=31% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in .1in;">
   <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:7.5pt;">Length of Time Served</font></b></p>
   </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Charles B. Johnson</font></b></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Chairman&nbsp;of&nbsp;the&nbsp;Board,</font></p>
  <p align=center style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Trustee and<br>
  Vice&nbsp;President</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">since 1995, Trustee and</font></p>
  <p align=center style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice
  President since 1992</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-left:0in;margin-right:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:10.0pt;">Please refer
  to the table &#8220;Interested Trustees serving until 2013 Annual Meeting of
  Shareholders&#8221; for additional information about Mr.&nbsp;Charles&nbsp;B.
  Johnson.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Christopher J. Molumphy</font></b><font face="Times New Roman" style="font-size:10.0pt;">
  (1962)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-3091</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">President and&nbsp;Chief</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Executive Officer&#8212;</font></p>
  <p align=center style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Investment
  Management</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2002</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director and Executive Vice
  President, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton
  Institutional, LLC; and officer of some of the other subsidiaries of Franklin
  Resources, Inc. and of 22 of the investment companies in Franklin Templeton
  Investments.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Laura F. Fergerson</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1962)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-3091</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer&#8212;</font></p>
  <p align=center style="margin-bottom:.75pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Finance and
  Administration</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Senior Vice President,
  Franklin Templeton Services, LLC; officer of 45 of the investment companies
  in Franklin Templeton Investments; and </font><b><font face="Times New Roman" style="font-size:10.0pt;">formerly,</font></b><font face="Times New Roman" style="font-size:10.0pt;"> Trustee and member of Audit and Valuation
  Committees, Runkel Funds, Inc. (2003&#8211;2004); Assistant Treasurer of most of
  the investment companies in Franklin Templeton Investments (1997&#8211;2003); and
  Vice President, Franklin Templeton Services, LLC (1997&#8211;2003).</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.25pt;margin-right:0in;page-break-before:always;text-indent:-12.25pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">James M. Davis</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1952)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Chief&nbsp;Compliance&nbsp;Officer and Vice
  President&#8212;AML Compliance</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Chief&nbsp;Compliance&nbsp;Officer&nbsp;since 2004
  and Vice President&#8212;AML Compliance since 2006</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years and Beyond:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director, Global
  Compliance, Franklin Resources, Inc.; officer of some of the other
  subsidiaries of Franklin Resources, Inc. and of 45 of the investment
  companies in Franklin Templeton Investments; and </font><b><font face="Times New Roman" style="font-size:10.0pt;">formerly,</font></b><font face="Times New Roman" style="font-size:10.0pt;">
  Director of Compliance, Franklin Resources, Inc. (1994&#8211;2001).</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Mark H. Otani</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1968)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-3091</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer, Chief Accounting Officer
  and Treasurer</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years: </font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Director, Global Fund
  Accounting Operations, Franklin Templeton Investments; and officer of 14 of
  the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Rupert H. Johnson, Jr.</font></b><font face="Times New Roman" style="font-size:10.0pt;">
  (1940)<br>
  One Franklin Parkway<br>
    San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since&nbsp;1996</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years: </font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Vice Chairman,
  Member&#8212;Office of the Chairman and Director, Franklin Resources, Inc.;
  Director, Franklin Advisers, Inc.; Senior Vice President, Franklin Advisory
  Services, LLC; and officer and/or director or trustee, as the case may be, of
  some of the other subsidiaries of Franklin Resources, Inc. and of 25 of the
  investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Robert C. Rosselot</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1960)<br>
  500 East Broward Blvd.<br>
  Suite 2100<br>
    Fort Lauderdale, FL 33394-3091</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President and Secretary</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President since&nbsp;2009 and Secretary since
  2004</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years: </font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Senior Associate General
  Counsel, Franklin Templeton Investments; Assistant Secretary, Franklin
  Resources, Inc.; Vice President and Secretary, Templeton Investment Counsel,
  LLC; Vice President, Secretary and Trust Officer, Fiduciary Trust
  International of the South; and officer of 45 of the investment companies in
  Franklin Templeton Investments.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Craig S. Tyle</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1960)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President and Assistant&nbsp;Secretary</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2005</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">General Counsel and
  Executive Vice President, Franklin Resources, Inc.; officer of some of the
  other subsidiaries of Franklin Resources, Inc. and of 45 of the investment
  companies in Franklin Templeton Investments; and </font><b><font face="Times New Roman" style="font-size:10.0pt;">formerly,</font></b><font face="Times New Roman" style="font-size:10.0pt;">
  Partner, Shearman&nbsp;&amp; Sterling, LLP (2004&#8211;2005); and General Counsel,
  Investment Company Institute (ICI) (1997&#8211;2004).</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.25pt;margin-right:0in;page-break-before:always;text-indent:-12.25pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Aliya S. Gordon </font></b><font face="Times New Roman" style="font-size:10.0pt;">(1973)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President and Assistant&nbsp;Secretary</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;page-break-after:avoid;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years:</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Senior Associate General
  Counsel, Franklin Templeton Investments; officer of 45 of the investment
  companies in Franklin Templeton Investments; and </font><b><font face="Times New Roman" style="font-size:10.0pt;">formerly, </font></b><font face="Times New Roman" style="font-size:10.0pt;">Litigation
  Associate, Steefel, Levitt&nbsp;&amp; Weiss, LLP (2000&#8211;2004).</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">David P. Goss</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1947)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President and Assistant&nbsp;Secretary</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2000</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years: </font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Senior Associate General
  Counsel, Franklin Templeton Investments; and officer and/or director, as the
  case may be, of some of the other subsidiaries of Franklin Resources, Inc.
  and of 45 of the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Steven J. Gray</font></b><font face="Times New Roman" style="font-size:10.0pt;"> (1955)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President and Assistant&nbsp;Secretary</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years: </font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Senior Associate General
  Counsel, Franklin Templeton Investments; Vice President, Franklin Templeton
  Distributors, Inc.; and officer of 45 of the investment companies in Franklin
  Templeton Investments.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Karen L. Skidmore </font></b><font face="Times New Roman" style="font-size:10.0pt;">(1952)<br>
    One Franklin Parkway<br>
    San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=28% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Vice President and Assistant&nbsp;Secretary</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:10.0pt;">Since 2009</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td colspan=3 width=100% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin-left:12.0pt;margin-right:0in;text-indent:-12.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;">Principal Occupation During Past 5 Years: </font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:10.0pt;">Senior Associate General
  Counsel, Franklin Templeton Investments; and officer of 45 of the investment
  companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table>

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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">PROPOSAL 2:&nbsp;&nbsp;&nbsp;&nbsp;RATIFICATION OF THE SELECTION OF
INDEPENDENT AUDITORS </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:12.2pt;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">How are independent auditors selected? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Board has a standing Audit Committee currently comprised of David W. Niemiec
(Chairman), Ann Torre Bates, Frank J. Crothers and Constantine D.
Tseretopoulos, all of whom are Independent Trustees and considered to be
&#8220;independent&#8221; as that term is defined by the NYSE&#8217;s listing standards. The
Audit Committee is responsible for the appointment, compensation and retention
of the Fund&#8217;s independent registered public accounting firm (&#8220;independent
auditors&#8221;), including evaluating their independence, recommending the selection
of the Fund&#8217;s independent auditors to the full Board, and meeting with such
independent auditors to consider and review matters relating to the Fund&#8217;s
financial reports and internal auditing. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;page-break-after:avoid;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Which independent auditors did the Board select? </font></i></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Audit Committee and the Board have selected the firm of PricewaterhouseCoopers
LLP (&#8220;PwC&#8221;) as the independent registered public accounting firm of the Fund
for the current fiscal year. PwC has examined and </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">reported on the fiscal year-end financial statements
dated August&nbsp;31, 2010, and certain related SEC filings. You are being
asked to ratify the Board&#8217;s selection of PwC for the current fiscal year.
Services to be performed by the independent auditors include examining and
reporting on the fiscal year-end financial statements of the Fund and certain
related filings with the SEC. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
selection of PwC as the independent registered public accounting firm of the Fund
for the fiscal year ending August&nbsp;31, 2011 was recommended by the Audit
Committee and approved by the Board on October&nbsp;19, 2010. PwC&#8217;s reports on
the financial statements of the Fund for the fiscal years for which it has
served as auditors did not contain an adverse opinion or a disclaimer of
opinion, nor were qualified or modified as to uncertainty, audit scope or
accounting principles. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Audit Committee and the Board have been advised by PwC that neither PwC nor any
of its members have any material direct or indirect financial interest in the
Fund. Representatives of PwC are not expected to be present at the Meeting, but
will have the opportunity to make a statement if they wish, and will be
available should any matter arise requiring their presence. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;"><font face="Wingdings 2" lang=EN-US style="font-size:10.0pt;">&#191;</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> AUDITOR INFORMATION </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Audit
Fees.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; The
aggregate fees paid to PwC for professional services rendered by PwC for the
audit of the Fund&#8217;s annual financial statements or for services that are
normally provided by PwC in connection with statutory and regulatory filings or
engagements were $63,573 for the fiscal year ended August&nbsp;31, 2010 and
$64,472 for the fiscal year ended August&nbsp;31, 2009. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Audit-Related
Fees.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; For
the fiscal years ended August&nbsp;31, 2010 and August&nbsp;31, 2009, there
were no fees paid to PwC by the Fund for assurance and related services
rendered by PwC to the Fund that are reasonably related to the performance of
the audit or review of the Fund&#8217;s financial statements and not reported under
&#8220;Audit Fees&#8221; above. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In
addition, the Audit Committee pre-approves PwC&#8217;s engagement for audit-related
services to be provided to the Investment Manager and certain entities
controlling, controlled by, or under common control with the Investment Manager
that provide ongoing services to the Fund, which engagements relate directly to
the operations and financial reporting of the Fund. For the fiscal years ended
August&nbsp;31, 2010 and August&nbsp;31, 2009 there were no fees paid to PwC
for such services. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Tax
Fees.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; For
the fiscal years ended August&nbsp;31, 2010 and August&nbsp;31, 2009, there
were no fees paid to PwC by the Fund for professional services rendered by PwC
for tax compliance, tax advice and tax planning (&#8220;tax services&#8221;). </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In
addition, the Audit Committee pre-approves PwC&#8217;s engagement for tax services to
be provided to the Investment Manager and certain entities controlling,
controlled by, or under common control with the Investment Manager that provide
ongoing services to the Fund, which engagements relate directly to the
operations and financial reporting of the Fund. The fees for these services
were $0 for the fiscal year ended August&nbsp;31, 2010 and $6,000 for the
fiscal year ended August&nbsp;31, 2009. The services for which these fees were
paid included tax compliance and advice. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">All
Other Fees.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;For
the fiscal years ended August&nbsp;31, 2010 and August&nbsp;31, 2009, there
were no fees paid to PwC for products and services provided by PwC to the Fund,
other than the services reported above. </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In
addition, the Audit Committee pre-approves PwC&#8217;s engagement for other services
to be provided to the Investment Manager and certain entities controlling,
controlled by, or under common control with the Investment Manager that provide
ongoing services to the Fund, which engagements relate directly to the
operations and financial reporting of the Fund. For the fiscal years ended
August&nbsp;31, 2010 and August&nbsp;31, 2009, there were no fees paid to PwC
for such services. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Aggregate
Non-Audit Fees.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate fees paid to PwC for non-audit services provided by PwC to the Fund,
to the Investment Manager or to any entity controlling, controlled by, or under
common control with the Investment Manager that provide ongoing services to the
Fund were $0 for the fiscal year ended August&nbsp;31, 2010 and $6,000 for the
fiscal year ended August&nbsp;31, 2009. The aggregate non-audit fees include
the amounts shown under </font><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Tax Fees</font></i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> and </font><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">All
Other Fees</font></i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> above for the Fund&#8217;s
fiscal years ended August&nbsp;31, 2010 and August&nbsp;31, 2009, respectively.
</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Audit Committee has determined that the provision of the non-audit services
that were rendered to the Investment Manager and to any entities controlling,
controlled by, or under common control with the Investment Manager that provide
ongoing services to the Fund is compatible with maintaining PwC&#8217;s independence.
</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Audit
Committee Pre-Approval Policies and Procedures.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this proxy statement, the Audit Committee has not adopted
written pre-approval policies and procedures. As a result, all such services
described above and provided by PwC must be directly pre-approved by the Audit
Committee. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Audit
Committee Charter.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
Board has adopted and approved a formal written charter for the Audit Committee
which sets forth the Audit Committee&#8217;s responsibilities. A copy of the charter
is attached as Exhibit B to this proxy statement. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">As
required by the charter, the Audit Committee reviewed the Fund&#8217;s audited
financial statements and met with management, as well as with PwC, the Fund&#8217;s
auditors, to discuss the financial statements. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Audit
Committee Report.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee received the written disclosures and the letter from PwC
required by the applicable requirements of the Public Company Accounting
Oversight Board regarding PwC&#8217;s communications with the Audit Committee
concerning independence. The Audit Committee also received the report of PwC
regarding the results of their audit. In connection with the Audit Committee&#8217;s
review of the financial statements and PwC&#8217;s report, the members of the Audit
Committee discussed with a representative of PwC, PwC&#8217;s independence, as well
as the following: PwC&#8217;s responsibilities in accordance with generally accepted
auditing standards; PwC&#8217;s responsibilities for information prepared by
management that accompanies the Fund&#8217;s audited financial statements and any
procedures performed and the results; the initial selection of, and whether
there were any changes in, significant accounting policies or their
application; management&#8217;s judgments and accounting estimates; whether there
were any significant audit adjustments; whether there were any disagreements
with management; whether there was any consultation with other accountants;
whether there were any major issues discussed with management prior to PwC&#8217;s
retention; whether the auditors encountered any difficulties in dealing with
management in performing the audit; and PwC&#8217;s judgments about the quality of
the Fund&#8217;s accounting principles. </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Based
on its review and discussions with management and PwC, the Audit Committee did
not become aware of any material misstatements or omissions in the financial
statements. Accordingly, the Audit Committee recommended to the Board that the
audited financial statements be included in the Fund&#8217;s Annual Report to
Shareholders for the fiscal year ended August&nbsp;31, 2010 for filing with the
SEC. </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:13.5pt;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">AUDIT COMMITTEE </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:9.0pt;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">David
W. Niemiec (Chairman)</font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Ann
Torre Bates</font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Frank
J. Crothers</font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Constantine
D. Tseretopoulos</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;"><font face="Wingdings 2" lang=EN-US style="font-size:10.0pt;">&#191;</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> ADDITIONAL INFORMATION ABOUT THE FUND&#8217;S BOARD OF
TRUSTEES </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Board
Role in Risk Oversight.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
The Board, as a whole, considers risk management issues as part of its general
oversight responsibilities throughout the year at regular Board meetings,
through regular reports that have been developed by management, in consultation
with the Board and its counsel. These reports address certain investment,
valuation and compliance matters. The Board also may receive special written
reports or presentations on a variety of risk issues, either upon the Board&#8217;s
request or upon the Investment Manager&#8217;s initiative. In addition, the Audit
Committee of the Board meets regularly with the Investment Manager&#8217;s internal
audit group to review reports on their examinations of functions and processes
within Franklin Templeton Investments that affect the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">With
respect to investment risk, the Board receives regular written reports
describing and analyzing the investment performance of the Fund. In addition,
the portfolio managers of the Fund meet regularly with the Board to discuss
portfolio performance, including investment risk. To the extent that the Fund
changes a particular investment strategy that could have a material impact on
the Fund&#8217;s risk profile, the Board generally is consulted with respect to such
change. To the extent that the Fund invests in certain complex securities,
including derivatives, the Board receives periodic reports containing
information about exposure of the Fund to such instruments. In addition, the
Investment Manager&#8217;s investment risk personnel meet regularly with the Board to
discuss a variety of issues, including the impact on the Fund of the investment
in particular securities or instruments, such as derivatives. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">With
respect to valuation, the Fund&#8217;s administrator provides regular written reports
to the Board that enable the Board to monitor the number of fair valued
securities in the Fund&#8217;s portfolio, the reasons for the fair valuation and the
methodology used to arrive at the fair value. Such reports also include
information concerning illiquid securities within the Fund&#8217;s portfolio. The
Board also reviews dispositional analysis information on the sale of securities
that require special valuation considerations such as illiquid or fair valued
securities. In addition, the Fund&#8217;s Audit Committee reviews valuation
procedures and results with the Fund&#8217;s independent auditors in connection with
such Committee&#8217;s review of the results of the audit of the Fund&#8217;s year-end
financial statements. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">With
respect to compliance risks, the Board receives regular compliance reports
prepared by the Investment Manager&#8217;s compliance group and meets regularly with
the Fund&#8217;s Chief Compliance Officer (&#8220;CCO&#8221;) to discuss compliance issues,
including compliance risks. As required under SEC rules, the Independent
Trustees meet at </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">least quarterly in executive session with the CCO and
the Fund&#8217;s CCO prepares and presents an annual written compliance report to the
Board. The Fund&#8217;s Board adopts compliance policies and procedures for the Fund
and approves such procedures for the Fund&#8217;s service providers. The compliance
policies and procedures are specifically designed to detect and prevent
violations of the federal securities laws. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Investment Manager periodically provides an enterprise risk management
presentation to the Board to describe the way in which risk is managed on a
complex-wide level. Such presentation covers such areas as investment risk,
reputational risk, personnel risk, and business continuity risk. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Board
Structure.&nbsp;&nbsp;&nbsp;&nbsp;</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Seventy-five
percent or more of Board members consist of Independent Trustees who are not
deemed to be &#8220;interested persons&#8221; by reason of their relationship with the
Fund&#8217;s management or otherwise as provided under the 1940 Act. While the
Chairman of the Board is an interested person, the Board is also served by a
Lead Independent Trustee. The Lead Independent Trustee, together with
independent counsel, reviews proposed agendas for Board meetings and generally
acts as a liaison with Fund management with respect to questions and issues
raised by the Independent Trustees. The Lead Independent Trustee also presides
at separate meetings of Independent Trustees held in advance of each scheduled
Board meeting where various matters, including those being considered at such
Board meeting, are discussed. It is believed such structure and activities
assure that proper consideration is given at Board meetings to matters deemed
important to the Fund and its shareholders. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:7.5pt;"><font face="Wingdings 2" lang=EN-US style="font-size:10.0pt;">&#191;</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> ADDITIONAL INFORMATION ABOUT THE FUND </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:7.5pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Investment Manager.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
Investment Manager of the Fund is Franklin Advisers, Inc., a California
corporation with offices at One Franklin Parkway, San Mateo, California 94403-1906. Pursuant to an investment management agreement, the Investment Manager manages the
investment and reinvestment of Fund assets. The Investment Manager is a wholly
owned subsidiary of Resources. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Administrator.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
administrator of the Fund is Franklin Templeton Services, LLC (&#8220;FT Services&#8221;),
with offices at 500 East Broward Boulevard, Suite 2100, Fort Lauderdale, Florida 33394-3091. FT Services is an indirect, wholly owned subsidiary of Resources and an
affiliate of the Investment Manager. Pursuant to an administration agreement,
FT Services performs certain administrative functions for the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Transfer Agent.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
transfer agent, registrar and dividend disbursement agent for the Fund is BNY
Mellon Shareowner Services, P.O. Box 358015, Pittsburgh, PA 15252-8015. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Custodian.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
custodian for the Fund is JPMorgan Chase Bank, MetroTech Center, Brooklyn, New&nbsp;York 11245. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Other
Matters.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
Fund&#8217;s last audited financial statements and annual report for the fiscal year
ended August&nbsp;31, 2010, are available free of charge. To obtain a copy,
please call (800)&nbsp;DIAL BEN</font><sup><font face="Times New Roman" lang=EN-US style="font-size:7.5pt;">&#174;</font></sup><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> (800)&nbsp;342-5236 or forward a written request to
Franklin Templeton Investor Services, LLC, P.O. Box 33030, St. Petersburg, Florida&nbsp;33733-8030. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Principal
Shareholders.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;17, 2010, the Fund had 131,682,869 shares outstanding and
total net assets of $1,284,003,806.72. The Fund&#8217;s shares are listed on the NYSE
(NYSE: GIM). From time to time, the number of shares held in &#8220;street name&#8221;
accounts of various securities dealers for the benefit of their clients may </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">exceed 5% of the total shares outstanding. To the
knowledge of the Fund&#8217;s management, as of December&nbsp;17, 2010, there were no
other entities holding beneficially or of record more than 5% of the Fund&#8217;s
outstanding shares. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In
addition, to the knowledge of the Fund&#8217;s management, as of December&nbsp;17,
2010, no nominee or Trustee of the Fund owned 1% or more of the outstanding
shares of the Fund, and the Trustees and officers of the Fund owned, as a
group, less than 1% of the outstanding shares of the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Contacting
the Board of Trustees.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;If
a shareholder wishes to send a communication to the Board, such correspondence
should be in writing and addressed to the Board of Trustees at the Fund&#8217;s
offices, 500 East Broward Boulevard, Suite 2100, Fort Lauderdale, Florida 33394-3091, Attention: Secretary. The correspondence will be given to the Board for
review and consideration. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;"><font face="Wingdings 2" lang=EN-US style="font-size:10.0pt;">&#191;</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> FURTHER INFORMATION ABOUT VOTING AND THE MEETING </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Solicitation
of Proxies.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Your
vote is being solicited by the Trustees. The cost of soliciting proxies,
including the fees of a proxy soliciting agent, is borne by the Fund. The Fund
reimburses brokerage firms and others for their expenses in forwarding proxy
material to the beneficial owners and soliciting them to execute proxies. In
addition, the Fund may retain a professional proxy solicitation firm to assist
with any necessary solicitation of proxies. The Fund expects that the
solicitation would be primarily by mail, but may also include telephone,
facsimile, electronic or other means of communication. If the Fund does not
receive your proxy by a certain time, you may receive a telephone call from a
proxy soliciting agent asking you to vote. If professional proxy solicitors are
retained, it is expected that soliciting fees would be approximately $5,000,
plus expenses. The Fund does not reimburse Trustees and officers of the Fund,
or regular employees and agents of the Investment Manager involved in the
solicitation of proxies. The Fund intends to pay all costs associated with the
solicitation and the Meeting. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Voting
by Broker-Dealers.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;The
Fund expects that, before the Meeting, broker-dealer firms holding shares of
the Fund in &#8220;street name&#8221; for their customers will request voting instructions
from their customers and beneficial owners. If these instructions are not
received by the date specified in the broker-dealer firms&#8217; proxy solicitation
materials, the Fund understands that current NYSE Rules permit the broker-dealers
to vote on the Proposals on behalf of their customers and beneficial owners.
Certain broker-dealers may exercise discretion over shares held in their name
for which no instructions are received by voting these shares in the same
proportion as they vote shares for which they received instructions. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Quorum.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; A majority of the Fund&#8217;s
shares entitled to vote&#8212;present in person or represented by proxy&#8212;constitutes a
quorum at the Meeting. The shares over which broker-dealers have discretionary
voting power, the shares that represent &#8220;broker non-votes&#8221; (i.e., shares held
by brokers or nominees as to which (i)&nbsp;instructions have not been received
from the beneficial owners or persons entitled to vote and (ii)&nbsp;the broker
or nominee does not have discretionary voting power on a particular matter),
and the shares whose proxies reflect an abstention on any item will all be
counted as shares present and entitled to vote for purposes of determining
whether the required quorum of shares exists. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Method
of Tabulation.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
Provided a quorum is present or represented at the Meeting, Proposal 1, the
election of Trustees, requires the affirmative vote of a plurality of the
Fund&#8217;s shares present and voting on the Proposal at the Meeting. Proposal 2, ratification
of the selection of the independent auditors, requires the affirmative vote of
(i)&nbsp;sixty-seven percent (67%)&nbsp;or more of the voting securities
present in person or represented </font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">by proxy at the Meeting, if the holders of more than
fifty percent (50%)&nbsp;of the outstanding voting securities of the Fund are
present or represented by proxy; or (ii)&nbsp;more than fifty percent
(50%)&nbsp;of the outstanding voting securities of the Fund, whichever is less.
Abstentions and broker non-votes will be treated as votes present at the
Meeting, but will not be treated as votes cast. Abstentions and broker
non-votes, therefore, will have no effect on Proposal 1, but may have the
effect of an against vote on Proposal 2. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Simultaneous
Meetings.&nbsp;&nbsp;&nbsp;&nbsp;
</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Meeting is to be held at the
same time as the annual meetings of shareholders of Templeton Emerging Markets
Fund and Templeton Emerging Markets Income Fund. If any shareholder at the
Meeting objects to the holding of simultaneous meetings and moves for an
adjournment of the Meeting to a time promptly after the simultaneous meetings,
the persons designated as proxies will vote in favor of such adjournment. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Adjournment.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; The Chairman of the Board or
an authorized officer of the Fund for the Meeting, or the holders of a majority
of the shares present (in person or by proxy) and entitled to vote at the
Meeting, may adjourn the Meeting from time to time. Such authority to adjourn
the Meeting may be used in the event that a quorum is not present at the
Meeting or, in the event that a quorum is present but sufficient votes have not
been received to approve the Proposals, or for any other reason consistent with
Delaware law and the Fund&#8217;s By-Laws, including to allow for the further
solicitation of proxies. Unless otherwise instructed by a shareholder granting
a proxy, the persons designated as proxies may use their discretionary
authority to vote as instructed by management of the Fund on questions of
adjournment and on any other proposals raised at the Meeting to the extent
permitted by the SEC&#8217;s proxy rules, including proposals for which management of
the Fund did not have timely notice, as set forth in the SEC&#8217;s proxy rules and
the Fund&#8217;s proxy statement for the 2010 annual meeting. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Shareholder
Proposals.&nbsp;&nbsp;&nbsp;&nbsp;
</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Fund anticipates that its
2012 Annual Meeting of Shareholders will be held on or about February&nbsp;24,
2012. A shareholder who wishes to submit a proposal for consideration for
inclusion in the Fund&#8217;s proxy statement for the 2012 Annual Meeting of Shareholders
must send such written proposal to the Fund&#8217;s offices at 500 East Broward
Boulevard, Suite 2100, Fort Lauderdale, Florida 33394-3091, Attention:
Secretary, so that it is received no later than September&nbsp;9, 2011 in order
to be included in the Fund&#8217;s proxy statement and proxy card relating to that
meeting and presented at the meeting. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">A
shareholder of the Fund who has not submitted a written proposal for inclusion
in the Fund&#8217;s proxy statement by September&nbsp;9, 2011, as described above,
may nonetheless present a proposal at the Fund&#8217;s 2012 Annual Meeting of
Shareholders if such shareholder notifies the Fund in writing at the Fund&#8217;s
offices, of such proposal not earlier than September&nbsp;27, 2011 and not
later than October&nbsp;27, 2011. If a shareholder fails to give notice within
these dates, then the matter shall not be eligible for consideration at the
shareholders&#8217; meeting. If, notwithstanding the effect of the foregoing notice
provisions, a shareholder proposal is acted upon at the 2012 Annual Meeting of
Shareholders, the persons designated as proxies for the 2012 Annual Meeting of
Shareholders may exercise discretionary voting power with respect to any
shareholder proposal not received by the Fund at the Fund&#8217;s offices by
November&nbsp;23, 2011. A shareholder proposal may be presented at the 2012
Annual Meeting of Shareholders only if such proposal concerns a matter that may
be properly brought before the meeting under applicable federal proxy rules and
state law. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In addition to the requirements set forth above, a
shareholder must comply with the following: </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">1. A
shareholder intending to present a proposal must (i)&nbsp;be entitled to vote
at the meeting; (ii)&nbsp;comply with the notice procedures set forth in this
proxy statement and in the Fund&#8217;s By-Laws; and (iii)&nbsp;have been a
shareholder of record at the time the shareholder&#8217;s notice was received by the
Secretary of the Fund. </font></p>




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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">2. A
notice regarding a nomination for the election of a Trustee shall set forth in
writing (i)&nbsp;the name, age, business address and, if known, residence
address of each nominee proposed in such notice; (ii)&nbsp;the principal
occupation or employment of each such nominee; (iii)&nbsp;the number of
outstanding shares of the Fund which are beneficially owned by each such
nominee; and (iv)&nbsp;all such other information regarding each such nominee
as would have been required to be included in a proxy statement filed pursuant
to the proxy rules of the SEC had each such nominee been nominated by the
Trustees of the Fund. In addition, the shareholder making such nomination shall
promptly provide any other information reasonably requested by the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">3. A
notice regarding a business proposal shall set forth in writing as to each
matter: (i)&nbsp;a brief description of the business desired to be brought
before the meeting and the reasons for conducting such business at the meeting;
(ii)&nbsp;the name and address, as they appear on the Fund&#8217;s books, of the
shareholder proposing such business; (iii)&nbsp;the number of shares of the
Fund which are beneficially owned by the shareholder; (iv)&nbsp;any material
interest of the shareholder in such business; and (v)&nbsp;all such other
information regarding each such matter that would have been required to be
included in a proxy statement filed pursuant to the proxy rules of the SEC had
each such matter been proposed by the Trustees of the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Submission
of a proposal by a shareholder does not guarantee that the proposal will be
included in the Fund&#8217;s proxy statement or presented at the meeting. </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:13.5pt;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By Order of the Board of Trustees, </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:9.0pt;text-indent:-12.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Robert
C. Rosselot </font></p>

<p style="margin-bottom:.0001pt;margin-left:330.45pt;margin-right:0in;margin-top:0in;text-indent:-12.25pt;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Vice
President and Secretary </font></i></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">January&nbsp;7, 2011 </font></p>








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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:1.25in;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:40.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:40.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">[THIS PAGE INTENTIONALLY LEFT BLANK] </font></p>




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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT A </font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">NOMINATING COMMITTEE CHARTER </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:9.0pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Committee</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Nominating Committee
(the &#8220;Committee&#8221;) is a committee of, and established by, the Board of
Directors/Trustees of the Fund (the &#8220;Board&#8221;). The Committee consists of such
number of members as set by the Board from time to time and its members shall
be selected by the Board. The Committee shall be comprised entirely of
&#8220;independent members.&#8221; For purposes of this Charter, independent members shall
mean members who are not interested persons of the Fund (&#8220;Disinterested Board
members&#8221;) as defined in Section&nbsp;2(a)(19) of the Investment Company Act of
1940, as amended (the &#8220;1940 Act&#8221;). </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:13.5pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">II.&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Board
Nominations and Functions</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee shall make recommendations for nominations for Disinterested Board
members on the Board to the incumbent Disinterested Board members and to the
full Board. The Committee shall evaluate candidates&#8217; qualifications for Board
membership and the independence of such candidates from the Fund&#8217;s investment
manager and other principal service providers. Persons selected must be
independent in terms of both the letter and the spirit of the 1940 Act. The
Committee shall also consider the effect of any relationships beyond those
delineated in the 1940 Act that might impair independence, </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">e.g.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">,
business, financial or family relationships with investment managers or service
providers. </font></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee also shall evaluate candidates&#8217; qualifications and make
recommendations for &#8220;interested&#8221; members on the Board to the full Board. </font></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee may adopt from time to time specific, minimum qualifications that the
Committee believes a candidate must meet before being considered as a candidate
for Board membership and shall comply with any rules adopted from time to time
by the U.S. Securities and Exchange Commission regarding investment company
nominating committees and the nomination of persons to be considered as
candidates for Board membership. </font></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee shall review shareholder recommendations for nominations to fill
vacancies on the Board if such recommendations are submitted in writing and
addressed to the Committee at the Fund&#8217;s offices. The Committee shall adopt, by
resolution, a policy regarding its procedures for considering candidates for
the Board, including any recommended by shareholders. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:13.5pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">III.&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Committee
Nominations and Functions</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Committee shall make
recommendations to the full Board for nomination for membership on all
committees of the Board. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:13.5pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">IV.&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Other Powers
and Responsibilities</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee shall meet at least once each year or more frequently in open or
executive sessions. The Committee may invite members of management, counsel,
advisers and others to attend its meetings as it deems appropriate. The
Committee shall have separate sessions with management and others, as and when
it deems appropriate. </font></p>




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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee shall have the resources and authority appropriate to discharge its
responsibilities, including authority to retain special counsel and other
experts or consultants at the expense of the Fund. </font></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee shall report its activities to the Board and make such recommendations
as the Committee may deem necessary or appropriate. </font></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
majority of the members of the Committee shall constitute a quorum for the
transaction of business at any meeting of the Committee. The action of a
majority of the members of the Committee present at a meeting at which a quorum
is present shall be the action of the Committee. The Committee may meet in
person or by telephone, and the Committee may act by written consent, to the
extent permitted by law and by the Fund&#8217;s by-laws. In the event of any
inconsistency between this Charter and the Fund&#8217;s organizational documents, the
provisions of the Fund&#8217;s organizational documents shall be given precedence. </font></p>

<p style="margin-bottom:.0001pt;margin-left:48.95pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Committee shall review this Charter at least annually and recommend any changes
to the full Board. </font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ADDITIONAL STATEMENT FOR CLOSED-END FUNDS ONLY </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Committee shall
comply with any rules of any stock exchange, if any, applicable to nominating
committees of closed-end funds whose shares are registered thereon. </font></p>








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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">EXHIBIT B </font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">AUDIT COMMITTEE CHARTER </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:9.0pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Committee</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Audit Committee (&#8220;Committee&#8221;) is a committee of, and established by, the Board
of Directors/Trustees of the Fund (the &#8220;Board&#8221;). The Committee shall consist of
such number of members as set by the Board from time to time, but in no event
less than three, and its members shall be selected by the Board. The Committee
shall be comprised entirely of &#8220;independent&#8221; members, as defined in
Item&nbsp;3(a)(2) of SEC Form N-CSR (&#8220;Disinterested Board members&#8221;). Members
shall be financially literate, meaning that each member is able to read and
understand fundamental financial statements, including the Fund&#8217;s balance sheet
and income statement. At least one member of the Committee shall be designated
by the Board as an &#8220;audit committee financial expert,&#8221; as defined in
Item&nbsp;3(b) of SEC Form N-CSR, unless the Board determines that the Fund
does not have an audit committee financial expert on the Committee. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:13.5pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">II.&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Purposes of
the Committee</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
function of the Committee is to be directly responsible for overseeing the
Fund&#8217;s accounting and auditing processes, which shall include the appointment,
compensation, retention and oversight of the work of the Fund&#8217;s independent
registered public accounting firm (&#8220;auditors&#8221;) engaged (including resolution of
disagreements between management and the auditors regarding financial
reporting) for the purpose of preparing or issuing an audit report or
performing other audit, review or attest services for the Fund. It is
management&#8217;s responsibility to maintain appropriate systems for accounting and
internal controls. It is the auditors&#8217; responsibility to plan and carry out an
audit in accordance with the standards of the Public Company Accounting
Oversight Board and to report directly to the Committee. It is not the duty of
the Committee to plan or conduct audits or to determine that the Fund&#8217;s
financial statements are complete and in accordance with generally accepted
accounting principles; it is the responsibility of the auditors to conduct
audits and the responsibility of management to prepare the Fund&#8217;s financial
statements in accordance with generally accepted accounting principles. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In giving its recommendations to the Board with
respect to the Fund&#8217;s financial statements, the Committee will rely on: </font></p>

<p style="margin-bottom:.0001pt;margin-left:79.55pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; management&#8217;s
representation that such financial statements have been prepared with integrity
and objectivity and in conformity with generally accepted accounting
principles, </font></p>

<p style="margin-bottom:.0001pt;margin-left:79.55pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
report of the Fund&#8217;s auditors with respect to such financial statements. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Consistent with such allocation of functions, the
purposes of the Committee are: </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(a) To
oversee the Fund&#8217;s accounting and financial reporting policies and practices
and its internal controls, and to obtain, where it deems appropriate, reports
on internal controls of service providers to the Fund; </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(b) To
oversee the quality, objectivity and integrity of the Fund&#8217;s financial
statements and the independent audit thereof; </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(c) To
act as a liaison between the Fund&#8217;s auditors and the Board; and </font></p>




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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(d) To
consider such other matters as it deems appropriate in carrying out its purpose
and any other matters that may be assigned to it by the Board. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In
addition, the Committee shall serve as the Fund&#8217;s Qualified Legal Compliance
Committee (&#8220;QLCC&#8221;) pursuant to Section&nbsp;205 of the SEC&#8217;s Standards of
Professional Conduct for Attorneys (the &#8220;Standards&#8221;). In this capacity, the
Committee is required to adopt and maintain written procedures for the
confidential receipt, retention and consideration of any report of evidence of
a material violation. &#8220;Evidence of a material violation&#8221; means credible
evidence, based upon which it would be unreasonable, under the circumstances,
for a prudent and competent attorney not to conclude that it is reasonably
likely that a material violation of an applicable U.S. federal or state
securities law, a material breach of fiduciary (or similar duty) to the Fund
arising under U.S. federal or state law, or a similar material violation of any
U.S. federal or state law has occurred, is ongoing, or is about to occur. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:13.5pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">III.&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Powers and
Duties</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Committee shall have the following powers and
duties to carry out its purposes: </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(a) To
select the auditors, subject to approval both by the Board and by a separate
vote of the Disinterested Board members, and, in connection therewith, to
evaluate the independence and qualifications of the auditors in accordance with
applicable federal securities laws and regulations and the rules and standards
of the Independence Standards Board and American Institute of Certified Public
Accountants. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(b) To be directly responsible for approving the
services to be provided by, and the compensation of, the auditors, including: </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; pre-approval
of all audit and audit related services; </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160; pre-approval
of all non-audit related services to be provided to the Fund by the auditors; </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160; pre-approval
of all non-audit related services to be provided by the auditors to the Fund&#8217;s
investment adviser or to any entity that controls, is controlled by or is under
common control with the Fund&#8217;s investment adviser and that provides ongoing
services to the Fund where the non-audit services relate directly to the
operations or financial reporting of the Fund; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160; establishment
by the Committee, if deemed necessary or appropriate, as an alternative to
Committee pre-approval of services to be provided by the auditors, as required
by paragraphs (ii)&nbsp;and (iii)&nbsp;above, of policies and procedures to
permit such services to be pre-approved by other means, such as through
establishment of guidelines or by action of a designated member or members of
the Committee; provided the policies and procedures are detailed as to the
particular service and the Committee is informed of each service and such
policies and procedures do not include delegation of audit committee
responsibilities, as contemplated under the Securities Exchange Act of 1934, to
management; subject, in the case of (ii)&nbsp;through (iv), to any waivers,
exceptions or exemptions that may be available under applicable law or rules. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(c) To
meet with the auditors, including private meetings, as necessary to
(i)&nbsp;review the arrangements for and scope of the annual audit and any
special audits; (ii)&nbsp;discuss any matters or concerns relating to the
Fund&#8217;s financial statements, including any recorded and/or unrecorded
adjustments to such statements recommended by the auditors, or other results of
audits; (iii)&nbsp;consider the auditors&#8217; comments with respect </font></p>




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<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">to
the Fund&#8217;s financial, accounting and reporting policies, procedures and
internal controls and management&#8217;s responses thereto; and (iv)&nbsp;to review
the form of opinion the auditors propose to render. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(d) To receive and consider reports from the auditors:
</font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; as
required by generally accepted accounting standards; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160; annually
and by update as required by SEC Regulation S-X, regarding: (w)&nbsp;all
critical accounting policies and practices of the Fund to be used;
(x)&nbsp;alternative treatments within generally accepted accounting principles
for policies and practices related to material items that have been discussed
with management of the Fund, including ramifications of the use of such
alternative disclosures and treatments, and the treatment preferred by the
auditors; (y)&nbsp;other material written communications between the auditors
and management of the Fund, such as any management letter or schedule of
unadjusted differences; and (z)&nbsp;all non-audit services provided to any
entity in an investment company complex, as defined in SEC Regulation S-X, that
were not pre-approved by the Committee pursuant to SEC Regulation S-X. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(e) To
consider the effect upon the Fund of any changes in accounting principles or
practices proposed by management or the auditors. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(f) In
considering the independence of the auditors, to request from, and discuss
with, the auditors a written statement, and other reports as necessary,
describing all relationships between the auditors and the Fund, the Fund&#8217;s
investment adviser and service providers, and other entities advised or
serviced by, including any entities controlling, controlled by or under common
control with, the investment adviser or any other service providers to the Fund
that, in the auditors&#8217; judgment, could be thought to bear upon the auditors&#8217; independence;
to receive and consider, if applicable, periodic reports from the auditors
regarding whether the provision of non-audit services is compatible with
maintaining the auditors&#8217; independence; and to request from the auditors a
certificate that they are independent auditors under the Federal securities
laws and are in compliance with all standards adopted by the Independence
Standards Board. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(g) To
require that the auditors regularly provide timely information to the Committee
with respect to new rules and pronouncements by applicable regulatory and
accounting standards agencies, along with an explanation of how such
developments may affect the Fund&#8217;s financial statements and accounting
principles and practices. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(h) To
review, at such times and in the manner deemed appropriate by the Committee,
the results of the annual audit of, and the report of the auditors on the
Fund&#8217;s annual financial statements, including footnotes and any significant
audit findings. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(i) To
consider any reports of difficulties that may have arisen during the course of
the audit, including any limitations of the scope of the audit, and
management&#8217;s response thereto. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(j) To
review certifications of the Fund&#8217;s Chief Executive Officer&#8212;Finance and
Administration, and Chief Financial Officer and Chief Accounting Officer
concerning (i)&nbsp;all significant deficiencies and material weaknesses in the
design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the Fund&#8217;s ability to record, process,
summarize and report financial information; and (ii)&nbsp;any fraud, whether or
not material, that involves management or other employees who have a
significant role in the Fund&#8217;s internal controls over financial reporting, and
for any other purposes the Committee deems appropriate, as required by &#167;302 of
the Sarbanes-Oxley Act. </font></p>




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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(k) To inform the chief legal officer (&#8220;CLO&#8221;) and
chief executive officer (&#8220;CEO&#8221;) of the Fund (or the equivalents thereof) of any
report of evidence of a material violation by the Fund, its officers,
directors/trustees, employees (if any), or agents (collectively, &#8220;affiliates&#8221;).
In connection therewith, the Committee shall: </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; determine
whether an investigation is necessary regarding any report of evidence of a
material violation by the Fund or its affiliates; </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160; if
the Committee determines such an investigation is necessary or appropriate,
(A)&nbsp;notify the Board; (B)&nbsp;initiate an investigation, which may be
conducted by either the CLO or by outside attorneys; and (C)&nbsp;retain such
additional expert personnel as the Committee deems necessary to assist in the
investigation; </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160; at
the conclusion of any such investigation, (A)&nbsp;recommend by a majority
vote, that the Fund implement an appropriate response (as defined in
Section&nbsp;205.2(b) of the Standards) to evidence of a material violation,
and (B)&nbsp;inform the CLO and the CEO and the Board of the results of such
investigation and the appropriate remedial measures to be adopted; </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160; acting
by majority vote, take all other appropriate action, including the authority to
notify the SEC in the event the Fund fails in any material respect to implement
an appropriate response that the Committee has recommended the Fund to take;
and </font></p>

<p style="margin-bottom:.0001pt;margin-left:97.65pt;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160; otherwise
respond to evidence of a material violation. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.5pt;margin-right:0in;margin-top:13.5pt;text-indent:-24.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">IV.&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Other
Functions and Procedures of the Committee</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">. </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(a)
The Committee shall meet at least twice each year or more frequently, in open
or executive sessions, as may be necessary to fulfill its responsibilities. The
Committee shall meet as frequently as circumstances require with (i)&nbsp;the
auditors as provided in III (c), above; and (ii)&nbsp;management&#8217;s internal
audit department to review and discuss internal audit functions and reports.
The Committee may invite members of management, the auditors, counsel, advisers
and others to attend its meetings as it deems appropriate. The Committee shall
have separate sessions with the auditors, management and others, as and when it
deems appropriate. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(b)
The Committee shall establish procedures for (i)&nbsp;the receipt, retention
and treatment of complaints received by the Fund or the Fund&#8217;s adviser
regarding accounting, internal accounting controls, or accounting matters
relating to the Fund; and (ii)&nbsp;the confidential, anonymous submission by
employees of the Fund or the Fund&#8217;s adviser, administrator, principal
underwriter or any other provider of accounting related services for the Fund,
of concerns regarding questionable accounting or auditing matters. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(c)
The Committee shall have the authority to engage special counsel, experts and
advisers as and when it determines necessary to carry out its duties and the
Fund must provide for appropriate funding, as determined by the Committee, for
payment of (i)&nbsp;compensation to any auditors engaged for the purpose of
preparing or issuing an audit report or performing other audit, review or
attest services for the Fund; (ii)&nbsp;compensation to any advisers employed
by the Committee; and (iii)&nbsp;ordinary administrative expenses of the
Committee that are necessary or appropriate in carrying out its duties. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(d)
The Committee shall have unrestricted access to the Fund&#8217;s management and
management of the Fund&#8217;s adviser, including, but not limited to, their chief
executive officer(s), chief financial officer(s), internal auditors and any
other executives and financial officers. </font></p>




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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(e)
The Committee shall report its activities to the Board and make such
recommendations as the Committee may deem necessary or appropriate. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(f)
The Committee shall review and assess the adequacy of this Charter annually, or
more frequently if it chooses, and recommend any changes to the Board. </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(g)
The Chair of the Committee shall meet periodically on an informal basis with
the Chairpersons of the Audit Committees of other Funds within the
Franklin/Templeton/Mutual Series complex to share information and discuss items
of mutual interest and shall report back to the Committee on any issues of
substance discussed at such periodic meetings. In addition, the Committee shall
meet jointly with Audit Committees of other Funds within the
Franklin/Templeton/Mutual Series complex as may be appropriate, to attend
presentations and review proposals and other matters of common concern to all
such Audit Committees. </font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ADDITIONAL STATEMENTS FOR CLOSED-END FUNDS ONLY </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(The provisions set forth
in Appendix A hereto are intended to cover specific requirements and wording
mandated by applicable Stock Exchange listing requirements.) </font></p>




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<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:1.0pt;">&nbsp;</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Appendix
A </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In addition to the purposes set forth above, the
purposes of the Committee include: </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(a)
preparation of the Audit Committee Disclosure Report required to be included in
the Fund&#8217;s annual proxy statement; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(b)
the assistance of oversight, as either part of the full Board or as a
Committee, of the Fund&#8217;s compliance with legal and regulatory requirements. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In addition to the powers and duties set forth above,
the Committee shall have the following powers and duties to carry out its
purposes: </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;page-break-after:avoid;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(a) To obtain and review a report by the auditors, at
least annually, describing: </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.3in;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; All
relationships between the auditors and the Fund, the Fund&#8217;s adviser, and any
control affiliate of the adviser that provides ongoing services to the Fund; </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.3in;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160; Any
material issues raised by the most recent internal quality-control review, or
peer review, of the auditors, or by any inquiry or investigation by
governmental or professional authorities, within the preceding five years,
respecting one or more independent audits carried out by the auditors, and any
steps taken to deal with any such issues; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.3in;margin-right:0in;margin-top:4.5pt;text-indent:-24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160; The
auditors&#8217; internal quality-control procedures; </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(b) To
discuss generally, to the extent the Fund issues any earnings press releases or
any financial information and earnings guidance provided to analysts and rating
agencies, any such releases or information and guidance; </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(c) To
discuss in a general manner, as either part of the full Board or as a
Committee, the Fund&#8217;s processes with respect to risk assessment and risk
management; </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(d) To
review and approve, as either part of the full Board or as a Committee, clear
policies relating to the hiring by entities within Franklin Templeton
Investments of employees or former employees of the auditors; </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(e) To
evaluate, as either part of the full Board or as a Committee, its performance
at least annually; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:24.45pt;margin-right:0in;margin-top:4.5pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(f)
Upon appointment of a member (i)&nbsp;to the Committee or (ii)&nbsp;to the
audit committee of another public company, who simultaneously serves on the
audit committees of three or more public companies, to request the Board to
determine that such simultaneous service would not impair the ability of such
member to effectively serve on the Committee. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-indent:24.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Committee shall comply with such other rules of the New York Stock Exchange,
Inc., other applicable national securities exchanges and the U.S. Securities
and Exchange Commission applicable to closed-end funds, as such may be adopted
and amended from time to time. </font></p>








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<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:40.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">[THIS PAGE INTENTIONALLY LEFT BLANK] </font></p>




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<P style="MARGIN: 6.25in 0.25in 0pt 0in; TEXT-ALIGN: right" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">TLGIM PROXY 01/11 </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial color=#231f20>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS</FONT></B></P>
<P style="MARGIN: 0in 0in 4pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial color=#231f20>FOR THE SHAREHOLDER MEETING TO BE HELD ON FEBRUARY 25, 2011</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial>The Fund&#146;s Notice of Annual Meeting of Shareholders, Proxy Statement and form of Proxy are available on the Internet at</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial>http://www.proxyonline.com/FranklinTempleton. The form of Proxy on the Internet site cannot be used to cast your vote.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<DIV align=left>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 14pt" face=Arial></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>
<IMG height=68 src="x0x0.gif" width=135>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.1in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial color=#231f20>WO#</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial color=#231f20>86865</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial><BR clear=all>
</FONT></P>
<P style="MARGIN: 0in 0in 4pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Helvetica color=black>WE ENCOURAGE YOU TO TAKE ADVANTAGE OF INTERNET OR TELEPHONE VOTING. BOTH ARE AVAILABLE 24 HOURS A DAY, 7 DAYS A WEEK. </FONT></B></P>
<P style="MARGIN: 0in 0in 4pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Helvetica color=black>Telephone and Internet voting are available through 11:59 PM Eastern Time the day prior to the shareholder meeting date.</FONT></P>
<DIV align=left>
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<TR>
     <TD style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 0.5pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top width="100%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 12pt" face=Arial>TELEPHONE</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 12pt" face=Arial>1-866-540-5760</FONT></B></P>
<P style="MARGIN: 4pt 13.5pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face=Arial>Use any touch-tone telephone to vote your proxy. <BR>
Have your proxy card in hand when you call.</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 6pt 0in; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial>OR</FONT></B></P>
<DIV align=left>
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<TR>
     <TD style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 0.5pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 0.5pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" vAlign=top width="100%">
<P style="MARGIN: 2pt 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 12pt" face=Arial>INTERNET</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 12pt" face=Arial color=#231f20>http://www.proxyvoting.com/</FONT></B><B><FONT style="FONT-SIZE: 12pt" face=HelveticaNeue-Bold>gim</FONT></B></P>
<P style="MARGIN: 0in 13.7pt 4pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face=Arial>Use the Internet to vote your proxy. Have your proxy card in hand when you access the web <BR>
site, or vote your proxy through ISD at: www.bnymellon.com/shareowner/equityaccess</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.05in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial>If you vote your proxy by Internet or by telephone, you do NOT need to mail back your proxy card. To vote by mail, mark, sign and date your proxy card and return it in the enclosed postage-paid envelope.</FONT></P>
<P style="MARGIN: 6pt 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT></B>&nbsp;</P>
<P style="MARGIN: 6pt 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Wingdings 3">q</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial>&nbsp;&nbsp;FOLD AND DETACH HERE&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Wingdings 3">q</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
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<P style="MARGIN: 30pt 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=HelveticaNeue-Bold>The Board of Trustees unanimously recommends a vote FOR the Proposals.</FONT></B></P>
</TD>
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<P style="MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial>Please mark your votes as indicated in this example</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0.5pt; PADDING-LEFT: 0.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.1pt" vAlign=top width="6%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 22pt" face=Wingdings>x</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial></FONT>&nbsp;</P>
<DIV align=left>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial>Proposal 1 &#150; Election of Trustees.</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0.5pt; PADDING-LEFT: 0.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="21%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial>FOR </FONT></B><FONT style="FONT-SIZE: 6pt" face=Arial>all nominees</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 6pt" face=Arial>listed (except as</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 6pt" face=Arial>marked below)</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0.5pt; PADDING-LEFT: 0.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="30%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial>WITHHOLD AUTHORITY</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 6pt" face=Arial>to vote for all</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 6pt" face=Arial>nominees listed</FONT></P>
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<P style="MARGIN: 6pt 0in 8pt 0.1in"><FONT style="FONT-SIZE: 8pt" face=Arial>Nominees:</FONT></P>
<P style="MARGIN: 0in 0in 2pt 0.1in"><FONT style="FONT-SIZE: 7.5pt" face=Arial>01 Edith E. Holiday</FONT></P>
<P style="MARGIN: 0in 0in 2pt 0.1in"><FONT style="FONT-SIZE: 7.5pt" face=Arial>02 J. Michael Luttig&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 2pt 0.1in"><FONT lang=FR style="FONT-SIZE: 7.5pt" face=Arial>03 Frank A. Olson</FONT></P>
<P style="MARGIN: 0in 0in 2pt 0.1in"><FONT lang=FR style="FONT-SIZE: 7.5pt" face=Arial>04 Constantine D. Tseretopoulos&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 24pt" face=Arial>&#61551;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 8pt" face=Arial>To withhold authority to vote for any individual nominee, write that nominee&#146;s name on the line below.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial>&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial>FOR</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial>AGAINST</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial>ABSTAIN</FONT></B></P>
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<P style="MARGIN: 0in 8.5pt 6pt 62.5pt; TEXT-INDENT: -62.5pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt" face=HelveticaNeue>Proposal 2 &#150; Ratification of the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm of the Fund for the fiscal year ending August 31, 2011.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 24pt" face=Arial>&#61551;</FONT></P>
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<P style="MARGIN: 0in 0in 6pt 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 7pt" face=HelveticaNeue></FONT>&nbsp;</P>
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<P style="MARGIN: 0.25in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial>YES</FONT></B></P>
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<P style="MARGIN: 0.25in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial>NO</FONT></B></P>
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<P style="MARGIN: 0in 8.5pt 6pt 0.1in; TEXT-INDENT: -0.1in; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial>I PLAN TO ATTEND THE MEETING.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 24pt" face=Arial>&#61551;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 24pt" face=Arial>&#61551;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 24pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 24pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial>Mark Here for Address Change or Comments</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 24pt" face=Arial>&#61551;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial>Please sign exactly as your name appears on this Proxy. If signing for estates, trusts or corporations, title or capacity should be stated.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Signature(s):</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Dated:</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">, 2011</FONT></B></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 9pt 0in 0pt 13.5pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 9pt 0in 0pt 13.5pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial>You can now access your Templeton Global Income Fund account online. </FONT></I></B></P>
<P style="MARGIN: 9pt 0in 0pt 13.5pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial>Access your Fund account online via Investor ServiceDirect&#174; (ISD).</FONT></P>
<P style="MARGIN: 6pt 0in 0pt 13.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial>The transfer agent for the Fund now makes it easy and convenient to get current information on your shareholder account.</FONT></P>
<P style="MARGIN: 6pt 0in 0pt 13.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Arial>&#149;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial>View account status</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Arial>&#149;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial>Make address changes</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Arial>&#149;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial>View certificate history</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Arial>&#149;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial>Obtain a duplicate 1099 tax form</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Arial>&#149;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial>View book-entry information</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Arial>&#149;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial>Establish/change your PIN</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=Arial>&#149;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial>View payment history for dividends</FONT></P>
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     <TD style="PADDING-RIGHT: 0.5pt; PADDING-LEFT: 0.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt 13.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13.5pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial>Visit us on the Web at http://www.bnymellon.com/shareowner/equityaccess<BR>
For Technical Assistance call 1-877-978-7778 between 9am-7pm<BR>
Monday-Friday, Eastern Time</FONT></B></P>
<P style="MARGIN: 9pt 0in 0pt 13.5pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial>www.bnymellon.com/shareowner/equityaccess</FONT></B></P>
<P style="MARGIN: 3pt 0in 0pt 13.7pt; TEXT-ALIGN: center" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial>Investor ServiceDirect<SUP>&#174;</SUP></FONT></I></B></P>
<P style="MARGIN: 3pt 0in 0pt 13.7pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 12pt" face=Arial>Available 24 hours per day, 7 days per week</FONT></B></P>
<P style="MARGIN: 0.25in 0in 0pt 13.7pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial>TOLL FREE NUMBER: 1-800-370-1163</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt 13.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Wingdings 3">q</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial>&nbsp;&nbsp;&nbsp;FOLD AND DETACH HERE&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Wingdings 3">q</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=HelveticaNeue-Bold>TEMPLETON GLOBAL INCOME FUND </FONT></B></P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=HelveticaNeue-Bold>ANNUAL MEETING OF SHAREHOLDERS &#150; FEBRUARY 25, 2011</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial>The undersigned hereby revokes all previous proxies for his/her shares of Templeton Global Income Fund (the &#147;Fund&#148;) and appoints KIMBERLY H. NOVOTNY, ROBERT C. ROSSELOT and LORI A. WEBER, and each of them, proxies of the undersigned with full power of substitution to vote all shares of the Fund that the undersigned is entitled to vote at the Fund's Annual Meeting of Shareholders (the &#147;Meeting&#148;) to be held at 500 East Broward Boulevard, 12th Floor, Fort Lauderdale, Florida 33394 at 12 Noon, Eastern time, on February 25, 2011, including any postponements or adjournments thereof, upon the matters set forth below and instructs them to vote upon any other matters that may properly be acted upon at the Meeting, including any matters presented for which the Fund was not given timely notice. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial>This Proxy is solicited on behalf of the Board of Trustees. It will be voted as specified. If no specification is made, this Proxy shall be voted FOR Proposal 1 (including all nominees for trustee) and Proposal 2. If any other matters properly come before the Meeting to be voted on, the proxy holders will vote, act and consent on those matters in accordance with the views of management.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=center><BR clear=all>
</P>
</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"><BR>
</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20>BNY MELLON SHAREOWNER SERVICES</FONT>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20>P.O. BOX 3550</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20>SOUTH HACKENSACK, NJ 07606-9250</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 2pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Continued and to be signed on the other side)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 1.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WO#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0.05in 0pt 0in; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial color=#231f20>86865&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" face=Arial></FONT>&nbsp;</P>
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</TEXT>
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