<SEC-DOCUMENT>0000833040-18-000005.txt : 20180202
<SEC-HEADER>0000833040-18-000005.hdr.sgml : 20180202
<ACCEPTANCE-DATETIME>20180202152729
ACCESSION NUMBER:		0000833040-18-000005
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180316
FILED AS OF DATE:		20180202
DATE AS OF CHANGE:		20180202
EFFECTIVENESS DATE:		20180202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN UNIVERSAL TRUST
		CENTRAL INDEX KEY:			0000833040
		IRS NUMBER:				943077602
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		18570386

	BUSINESS ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
		BUSINESS PHONE:		650-312-2000

	MAIL ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>futproxystatementfinal.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>futproxystatementfinal.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

&nbsp; <A name="page_1"></A>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">SCHEDULE 14A INFORMATION</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">Proxy Statement Pursuant to Section 14(a)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">of the Securities Exchange Act of 1934</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">(Amendment No.)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">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;&nbsp;&nbsp;&nbsp; [X]</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">Filed by a party other than the Registrant&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; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">Check the appropriate box:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[ ]&nbsp;&nbsp; Preliminary Proxy Statement</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[X]&nbsp;&nbsp; Definitive Proxy Statement</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[ ]&nbsp;&nbsp; Definitive Additional Materials</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[ ]&nbsp;&nbsp; Soliciting Material Pursuant to Section.240-14a-12</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">FRANKLIN UNIVERSAL TRUST</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">(Name of Registrant as Specified in its Charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;(Name of Person(s) Filing Proxy Statement)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">Payment of Filing Fee (Check the appropriate box):</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[X] No fee required</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[ ] 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; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&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; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&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; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&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; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp; Proposed maximum aggregate value of transaction:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_2"></A>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; (5)&nbsp;&nbsp; Total fee paid:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[ ] Fee paid previously with preliminary material.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">[ ] 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. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; 1) Amount Previously Paid:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; 2) Form, Schedule or Registration Statement No.:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; 3) Filing Party:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new">&nbsp;&nbsp;&nbsp;&nbsp; 4) Date Filed:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0pt; TEXT-AUTOSPACE: " color=black face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="courier new"></FONT></B>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_3"></A>

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="courier new"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="courier new"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="courier new"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="times new roman">FRANKLIN UNIVERSAL TRUST</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="times new roman">IMPORTANT SHAREHOLDER INFORMATION</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We have enclosed important information about the Annual Shareholders&#8217; Meeting (the &#8220;Meeting&#8221;) of Franklin Universal Trust (the &#8220;Fund&#8221;) scheduled for Friday, March 16, 2018, at 1:00 p.m., Pacific time. These materials discuss the proposal 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 the Fund. If you complete, sign and return the proxy card, we&#8217;ll vote it as you indicated. If you simply sign, date and return the proxy card, but do not specify a vote on the proposal listed thereon, your proxy will be voted </FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">FOR</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> the election of the nominees to the position of Trustee (the &#8220;Proposal&#8221;).</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We urge you to spend a few minutes reviewing the Proposal in the proxy statement. Then, please fill out and sign the proxy card and return it to us in the enclosed postage-paid envelope so that we know how you would like to vote. When shareholders return their proxy cards promptly, the Fund may be able to save money by not having to conduct additional mailings. Returning your proxy card does not preclude you from attending the Meeting or later changing your vote prior to it being cast.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">We welcome your comments. If you have any questions, please call Fund Information at (800) DIAL BEN/342-5236.</FONT></P>

<P style="MARGIN: 0in 0in 6pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 15pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 4pt">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 15pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">TELEPHONE AND INTERNET VOTING</FONT></B></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" 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, separate instructions are enclosed.</FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 6pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 15pt" face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 15pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="courier new"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="courier new"></FONT>&nbsp;</P>

<a name="_bclFooter3"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=TimesNewRomanPS></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman">FUT Proxy 2018</FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_4"></A>

<a name="_bclPageBorder4"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 15pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="courier new">&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="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" color=black face="times new roman">This page intentionally left blank.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.25pt" color=black face="times new roman"><BR clear=all></FONT></B>

<b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">FRANKLIN UNIVERSAL TRUST</font></b></P>

<a name="_bclFooter4"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=TimesNewRomanPS>FUT Proxy 2018</FONT></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=TimesNewRomanPS></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:15.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">NOTICE
OF 2018 ANNUAL SHAREHOLDERS&#8217; MEETING</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">The Annual Shareholders&#8217; Meeting (the &#8220;Meeting&#8221;) of Franklin
Universal Trust (the &#8220;Fund&#8221;) will be held at the Fund&#8217;s offices, One Franklin
Parkway, San Mateo, California 94403, on Friday, March 16, 2018, at 1:00 p.m.,
Pacific time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">During the Meeting, shareholders of the Fund will vote on the
following:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#8226;&nbsp;The election of a
Board of Trustees of the Fund; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#8226;&nbsp;Such other matters as
may properly come before the Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">The Board of Trustees has fixed January 12, 2018 as the record
date for the determination of shareholders entitled to vote at the Meeting.</font><font face="times new roman" lang=EN-US style="font-size:10.0pt;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:228.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">By Order of the Board of
Trustees,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Karen
L. Skidmore</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Vice
President&amp; Secretary</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">San Mateo, California</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">Dated: February 2, 2018</font></p>

<p style="margin:0in;margin-bottom:6.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">

<p style="border:none;margin:0in;margin-bottom:6.0pt;padding:0in;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">IMPORTANT
NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL
SHAREHOLDERS&#8217; MEETING TO BE HELD ON MARCH 16, 2018.</font></b></p>

<p style="border:none;margin:0in;margin-bottom:6.0pt;padding:0in;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">The
Fund&#8217;s Notice of 2018 Annual Shareholders&#8217; Meeting, Proxy Statement, and form
of proxy are available on the Internet </font></b><b><font color=windowtext face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">at </font></b><b><u><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">https://www.proxyonline.com/docs/FUT2018.pdf.</font></u></b><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;"> The form of
Proxy on the internet site cannot be used to cast your vote.</font></b></p>

</div>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:6.0pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.25pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">Please
sign and promptly return your proxy card in the self-addressed envelope
regardless of the number of shares you own.
</font></p>
<a name="_bclFooter5"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face=TimesNewRomanPS lang=EN-US style="font-size:8.0pt;">FUT Proxy 2018</font></font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face=TimesNewRomanPS lang=EN-US style="font-size:8.0pt;">&nbsp;</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:6.0pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.25pt;line-height:15.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:6.0pt;text-align:center;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">This
page intentionally left blank.</font></p>









<a name="_bclFooter6"></a><DIV>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face=TimesNewRomanPS lang=EN-US style="font-size:8.0pt;">FUT Proxy 2018</font></font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face=TimesNewRomanPS lang=EN-US style="font-size:8.0pt;">&nbsp;</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:15.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">FRANKLIN UNIVERSAL TRUST</font></b></p>

<p style="margin-bottom:15.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">PROXY
STATEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:14.0pt;font-style:normal;font-weight:normal;line-height:14.5pt;">&#9830;</font><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;">&#160;&#160; INFORMATION ABOUT VOTING</font></i></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Who is asking for my
vote?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This proxy statement is for the
Annual Shareholders&#8217; Meeting (the &#8220;Meeting&#8221;) of Franklin Universal Trust (the
&#8220;Fund&#8221;), which will be held at the Fund&#8217;s offices, One Franklin Parkway, San
Mateo, California 94403, on Friday, March 16, 2018, at 1:00 p.m., Pacific time.
The Fund&#8217;s Board of Trustees (the &#8220;Board&#8221; or the &#8220;Trustees&#8221;) is </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">unanimously </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">asking you to vote </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FOR</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> t</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">he election of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">your Board&#8217;s </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">nine </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">nominees </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">to the position of &#173;Trustee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> (the &#8220;Proposal&#8221;) by promptly
completing, signing, dating and returning the enclosed proxy card. </font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;">Who is eligible
to vote?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholders of record at the close
of business on January 12, 2018, 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 February 2,
2018.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">On what issue am
I being asked to vote?</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;font-style:normal;line-height:normal;">You
are being asked to vote on one Proposal:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;">&#8226;&nbsp;The
election of a Board of Trustees of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;">How do the
Fund&#8217;s Trustees recommend that I vote?</font></i></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;">The Trustees
unanimously recommend that you vote </font><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;">FOR</font></b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;"> the election of all nominees.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:14.5pt;">&nbsp;</font></i></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">How do I ensure that my vote is accurately recorded?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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, separate instructions
are enclosed. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 for the Proposal, your proxy will be voted as
you indicate. If you simply sign, date and return the proxy card, but don&#8217;t
specify a vote on the Proposal, your shares will be voted </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FOR</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> the
election of the nominees for the Board.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></i></b></p>


<a name="_bclFooter7"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">1</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">May I revoke my
proxy?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 &#173;person.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">What if my shares are held in a bank or brokerage account?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If your shares are held by your bank
or broker, then in order to vote in person at the Meeting, you will need to
obtain a &#8220;Legal Proxy&#8221; from your bank or 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:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:14.0pt;font-style:normal;font-weight:normal;">&#9830;</font><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160; THE
</font></i></b><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;font-style:normal;">PROPOSAL: ELECTION OF TRUSTEES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;font-style:normal;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">How
are nominees selected?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board has a Nominating Committee
consisting of Harris J. Ashton, Mary C. Choksi, Edith E. Holiday, J. Michael
Luttig, Larry D. Thompson and John B. Wilson, 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 &#8220;Independent Trustees,&#8221; and Trustees who are interested persons of the
Fund are referred to as &#8220;Interested Trustees.&#8221;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Nominating Committee is
responsible for selecting candidates to serve as Trustees and recommending such
candidates (a) for selection and nomination as Independent Trustees by the
incumbent Independent Trustees and the full Board; and (b) for selection and
nomination as Interested Trustees by the full Board. In considering a
candidate&#8217;s qualifications, the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Nominating
Committee generally considers the potential candidate&#8217;s educational background,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
business or professional experience, and reputation. In addition, the
Nominating Committee has established as minimum qualifications for Board
membership as an Independent Trustee </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">(1)
that such candidate be independent from relationships with the Fund&#8217;s
investment manager</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> and other principal service providers both within the
terms and the spirit of the statutory </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">independence
requirements specified under the 1940 Act and the rules thereunder; (2) that
such candidate demonstrate</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> 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)
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:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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).&#160; 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee will, however, 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.&#160; A Qualifying
Fund Shareholder is a shareholder who (i) 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 and fifty thousand dollars ($250,000)
during the twenty-four month period prior to submitting the recommendation; and
(ii) provides a written notice to the Nominating Committee containing the
following information: (a) the name and address of the Qualifying Fund
Shareholder making the recommendation; (b) the number of shares of the Fund
that are owned of record and beneficially by such Qualifying Fund Shareholder
and the length of time that such shares have been so owned by the Qualifying Fund
Shareholder; (c) a description of all arrangements and understandings between
such Qualifying Fund Shareholder and any other person or persons (naming such
person or persons) pursuant to which the recommendation is being made; (d) the
name, age, date of birth, business address and residence address of the person
or persons being recommended; (e) such other information regarding each person
recommended by such 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) whether the Qualifying Fund 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) the written consent of
each person recommended to serve as a Trustee of the Fund if so nominated and
elected/appointed.</font></p>
<a name="_bclFooter8"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">2</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board has adopted and approved a
formal written charter for the Nominating Committee. A copy of the charter was attached
as &#8220;Appendix A&#8221; to the proxy statement for the 2017 Annual Shareholders&#8217;
Meeting.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">Who are the Fund&#8217;s Nominees and current
members of the Board?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund&#8217;s nominees and the current
Trustees of the Fund are Harris J. Ashton, Mary C. Choksi,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Edith E. Holiday, Gregory E. Johnson,
Rupert H. Johnson, Jr., J. Michael Luttig, Larry D. Thompson and John B.
Wilson. In addition, a new Trustee nominee, Terrence J. Checki, has also been
nominated. As described more fully below, these nominees </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">have significant experience managing investment
vehicles.&#160; Several of the Fund&#8217;s nominees have been Trustees since the Fund was
launched in 1988, and all are also on the Boards of other open-end and
closed-end Franklin Templeton funds.&#160; They have had experience as senior officers
and directors of major business corporations, and some have also held senior
positions in state and federal government.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Interested Trustees of the Fund hold
director and/or officer positions with Franklin Resources, Inc. (&#8220;Resources&#8221;)
and its affiliates. Resources is a &#173;publicly owned holding company, a principal
shareholder of which is Rupert H. Johnson, Jr., who owned approximately 105,911,478
(approximately 19.2%) of its outstanding shares as of December 31, 2017. The
shares deemed to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be beneficially owned by Rupert H.
Johnson, Jr. include certain shares held by a private charitable foundation or
by his spouse, of which he disclaims beneficial ownership. Resources, a global
investment management organization operating as Franklin Templeton Investments,
is primarily engaged, through its 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, Inc.
(&#8220;NYSE&#8221;) listed holding company (NYSE: BEN). Rupert H. Johnson, Jr., Chairman,
Trustee and Senior Vice President of the Fund, is the uncle of Gregory E.
Johnson, a Trustee of the Fund.&#160; There are no other family relationships among
the Trustees or nominees for Trustees.</font></p>
<a name="_bclFooter9"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">3</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each nominee is currently available
and has consented to serve as Trustee of the Fund 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 as
Trustees.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In addition to personal qualities,
such as integrity, in considering candidates for the 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 the fulfillment of a Trustee'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 it is appropriate for him or her to serve on the Board. As
indicated in the table below, Harris J. Ashton served as chief executive
officer of New York Stock Exchange 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; John B. Wilson has
served as chief operating officer of a New York Stock Exchange listed public
corporation, as well as chief financial officer of a NASDAQ listed public
corporation; J. Michael Luttig has 17 years of judicial experience as a Federal
Appeals Court Judge; Mary C. Choksi has served as the managing director of
investment management firms; Terrence J. Checki has served as a senior
executive of a Federal Reserve Bank and has vast experience evaluating economic
forces and their impacts on markets, including emerging markets; and Rupert H.
Johnson, Jr. and Gregory E. Johnson are high ranking executive officers of
Franklin Templeton Investments.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Listed below, for each nominee, is
his or her name, year of birth and address, as well as position and length of
service with the Fund, a brief description of recent professional experience,
the number of portfolios in the Franklin Templeton Investments fund complex
that he or she oversees, and other directorships held.</font></p>




<h1 align=left style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>
<a name="_bclFooter10"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">4</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</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%">
<h1 align=left style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:left;"><b><font color=black face="times new roman" style="font-size:10.0pt;letter-spacing:.5pt;">Nominees for
Independent Trustee</font></b></h1>

<h1 align=left style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:left;"><b><font color=black face="Courier New" style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></b></h1>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td width=20% style="background:#dfdfdf;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Name, Year of
  Birth and Address</font></b></p>
  </td>
 <td width=20% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Position</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Length of Time
  Served</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Number of
  Portfolios in Fund Complex Overseen by Board Member*</font></b></p>
  </td>
 <td width=26% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Other
  Directorships Held During at Least the Past 5 Years</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Harris
  J. Ashton (1932)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  1988</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">139</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Bar-S
  Foods (meat packing company) (1981-2010).</font></p>
  </td>
 </tr>
<tr style="height:33.25pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:33.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Director
  of various companies; and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">, 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>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.899963pt;">
 <tr style="height:40.45pt;">
  <td valign=top width=20% style="border:solid windowtext 1.0pt;height:40.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Terrence
  J. Checki (1945)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:40.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Nominee for Trustee</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:40.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Not Applicable</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:40.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Not Applicable</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:40.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Hess Corporation (exploration of oil
  and gas) (2014&#8211;present).</font></p>
  </td>
 </tr>
<tr style="height:75.55pt;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:75.55pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Member
  of the Council on Foreign Relations (1996-present); Member of the National
  Committee on U.S.-China Relations (1999&#8211;present); member of the Board of
  Trustees of the Economic Club of New York (2013&#8211;present); member of the Board
  of Trustees of the Foreign Policy Association (2005-present) and member of
  various other&#160; boards of trustees and advisory boards; and</font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;"> formerly</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">,
  Executive Vice President of the Federal Reserve Bank of New York and Head of
  its Emerging Markets and Internal Affairs Group and Member of Management
  Committee (1995&#8211;2014); and Visiting Fellow at the Council on Foreign
  Relations (2014).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Mary
  C. Choksi (1950)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2014</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" style="font-size:9.0pt;">139</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Avis
  Budget Group Inc. (car rental) (2007-present), Omnicom Group Inc.
  (advertising and marketing communications services) (2011-present) and White
  Mountains Insurance Group, Ltd. (holding company) (2017-present).</font></p>
  </td>
 </tr>
<tr style="height:33.25pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:33.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Director
  of various companies; and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly,</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;"> Founder and Senior Advisor,
  Strategic Investment Group (investment management group) (2015-2017);
  Founding Partner and Senior Managing Director, Strategic Investment Group
  (1987&#8211;2015); Founding Partner and Managing Director, Emerging Markets
  Management LLC (investment management firm) (1987-2011); and Loan
  Officer/Senior Loan Officer/Senior Pension Investment Officer, World Bank
  Group (international financial institution) (1977-1987).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>


<a name="_bclFooter11"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">5</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Edith E. Holiday (1952)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2004</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" style="font-size:9.0pt;">139</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Hess
  Corporation (exploration of oil and gas) (1993-present), Canadian National
  Railway (railroad) (2001-present), White Mountains Insurance Group, Ltd.
  (holding company) (2004-present), Santander Consumer USA Holdings, Inc.
  (consumer finance) (2016-present), RTI International Metals, Inc.
  (manufacture and distribution of titanium) (1999-2015) and H.J. Heinz Company
  (processed foods and allied products) (1994-2013).</font></p>
  </td>
 </tr>
<tr style="height:61.6pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:61.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Director
  or Trustee of various companies and trusts; and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">, Assistant to
  the President of the United States and Secretary of the Cabinet (1990-1993);
  General Counsel to the United States Treasury Department (1989-1990); and
  Counselor to the Secretary and Assistant Secretary for Public Affairs and
  Public Liaison-United States Treasury Department (1988-1989).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">J.
  Michael Luttig (1954)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2009</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">139</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Boeing
  Capital Corporation (aircraft financing) (2006-2013).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Executive
  Vice President, General Counsel and member of the Executive Council, The
  Boeing Company (aerospace company) (2006-present); and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">,
  Federal Appeals Court Judge, U.S. Court of Appeals for the Fourth Circuit
  (1991-2006).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Larry D. Thompson </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">(1945)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">One Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" style="font-size:9.0pt;">&#160;Trustee</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Since 2007</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">139</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">The Southern Company (energy company)
  (2014-present; previously 2010-2012), Graham Holdings Company (education and
  media organization) (2011-present) and Cbeyond, Inc. (business communications
  provider) (2010-2012).</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Principal Occupation During at
  Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Director of various companies;
  Counsel, Finch McCranie, LLP (law firm) (2015-present); Independent
  Compliance Monitor and Auditor, Volkswagen AG (manufacturer of automobiles
  and commercial vehicles) (2017 &#8211; present); John A. Sibley Professor of
  Corporate and Business Law, University of Georgia School of Law
  (2015-present; previously 2011-2012); and </font><b><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">formerly, </font></b><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:char;letter-spacing:.5pt;">Executive Vice
  President - Government Affairs, General Counsel and Corporate Secretary,
  PepsiCo, Inc. (consumer products) (2012-2014); Senior Vice President -
  Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (2004-2011);
  Senior Fellow of The Brookings Institution (2003-2004); Visiting Professor,
  University of Georgia School of Law (2004); and Deputy Attorney General, U.S.
  Department of Justice (2001-2003).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>


<a name="_bclFooter12"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">6</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">John B. Wilson (1959)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Lead
  Independent Trustee</font></p>
  </td>
 <td valign=top width=19% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee
  since 2006 and Lead Independent Trustee since 2008</font></p>
  </td>
 <td valign=top width=15% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">113</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">President
  and Founder, Hyannis Port Capital, Inc. (real estate and private equity
  investing)(2002-present); serves on private and non-profit boards; and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">,
  President, Staples International and Head of Global Transformation (office
  supplies) (2012-2016); Chief Operating Officer and Executive Vice President,
  Gap, Inc. (retail) (1996-2000); Chief Financial Officer and Executive Vice
  President &#8211; Finance and Strategy, Staples, Inc. (1992-1996); Senior Vice
  President &#8211; Corporate Planning, Northwest Airlines, Inc. (airlines)
  (1990-1992); and Vice President and Partner, Bain &amp; Company (consulting
  firm) (1986-1990). </font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<h1 align=left style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:left;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Nominees for Interested Trustee</font></b></h1>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td width=20% style="background:#dfdfdf;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Name, Year of
  Birth and Address</font></b></p>
  </td>
 <td width=20% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Position</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Length of Time
  Served</font></b></p>
  </td>
 <td width=17% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Number of
  Portfolios in Fund Complex Overseen by Board Member*</font></b></p>
  </td>
 <td width=26% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Other
  Directorships Held During at Least the Past 5 Years</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr style="height:80.5pt;">
  <td valign=top width=20% style="border:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">**Gregory
  E. Johnson (1961)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee
  </font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2013</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">153</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 </tr>
<tr style="height:61.6pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:61.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Chairman
  of the Board, Member - Office of the Chairman, Director and Chief Executive
  Officer, Franklin Resources, Inc.; officer and/or director or trustee, as the
  case may be, of some of the other subsidiaries of Franklin Resources, Inc. and
  of 43 of the investment companies in Franklin Templeton Investments; and Vice
  Chairman, Investment Company Institute; and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly, </font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">President,
  Franklin Resources, Inc. (1994-2015).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:495.900024pt;">
 <tr>
  <td valign=top width=20% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">***Rupert
  H. Johnson, Jr. (1940)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Chairman
  of the Board, Trustee and Senior Vice President</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Chairman
  of the Board since 2013 and Trustee and Senior Vice President since 1988</font></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">139</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" style="font-size:9.0pt;">None</font></p>
  </td>
 </tr>
<tr style="height:61.6pt;page-break-inside:avoid;">
  <td colspan=5 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:61.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  Chairman, Member - 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
  41 of the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">*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
managers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>


<a name="_bclFooter13"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">7</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">** Gregory E. Johnson is considered to
be an interested person of the Trust under the federal securities laws due to
his positions as an officer and director of Resources, which is the parent
company of the Trust's investment manager. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">***
Rupert H. Johnson, Jr. is considered to be an interested person of the Trust
under the federal securities laws due to his positions as an officer and
director and major shareholder of Franklin Resources, Inc. (Resources), which
is the parent company of the Trust's investment manager. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">Note
1: Rupert H. Johnson, Jr. is the uncle of Gregory E. Johnson.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">Note
2:&#160; Officer information is current as of the date of this report. It is
possible that after this date, information about officers may change.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The following tables provide the
estimated dollar range of equity securities of the Fund and of all funds
beneficially owned by the Trustees and Trustee nominees in the Franklin
Templeton Investments fund complex as of December 31, 2017.</font></p>

<h2 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="times new roman" style="font-size:10.0pt;">Independent Trustees:</font></b></h2>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:.9pt;width:482.399963pt;">
 <tr>
  <td valign=top width=34% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <h3 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="times new roman" style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></b></h3>
  <h3 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="times new roman" style="font-size:9.0pt;text-decoration:none;">Name of Board Member</font></b></h3>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Dollar Range of
  Equity</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Securities in
  the Fund</font></b></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Aggregate
  Dollar Range of Equity Securities in All Funds Overseen by the Board Member
  in the Franklin Templeton Fund Complex</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Harris
  J. Ashton</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">$10,001 -
  $50,000</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Terrence
  J. Checki</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Mary
  C. Choksi</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Edith
  E. Holiday</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">J.
  Michael Luttig</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Larry
  D. Thompson</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">$10,001 -
  $50,000</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">John
  B. Wilson</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<h2 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="times new roman" style="font-size:10.0pt;">Interested Trustees:</font></b></h2>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:.9pt;width:482.399963pt;">
 <tr>
  <td valign=top width=35% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <h3 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="times new roman" style="font-size:9.0pt;text-decoration:none;">Name of Board Member</font></b></h3>
  </td>
 <td valign=top width=32% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Dollar Range of
  Equity Securities in the Fund</font></b></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Aggregate
  Dollar Range of Equity Securities in All Funds Overseen by the Board Member
  in the Franklin Templeton Fund Complex</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=35% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="times new roman" style="font-size:9.0pt;line-height:normal;">Gregory
  E. Johnson</font></p>
  </td>
 <td valign=top width=32% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=35% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Rupert
  H. Johnson, Jr.</font></p>
  </td>
 <td valign=top width=32% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">$1 - $10,000</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Over $100,000</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">financial goals. In Feb&#173;ruary 1998, this policy
was formalized through adoption of a requirement</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> that each board member
invest one-third of fees received for serving as a director or trustee </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.25pt;">of a Templeton fund (excluding committee fees) in
shares of one or more Templeton funds and &#173;one-third of fees received</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
for serving as a director or trustee of a Franklin fund (excluding committee
fees) in shares of one or more Franklin funds until the value of such
investments </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 &#173; 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 Feb&#173;ruary 27, 1998, were valued as of such date with
subsequent investments valued &#173;at cost.</font></p>
<a name="_bclFooter14"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">8</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">How often do the
Trustees meet and what are they paid?</font></i></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font color=black face="Courier New" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The role of the Trustees is to
provide general oversight of the Fund&#8217;s business, and to ensure that the Fund
is operated for the benefit of all shareholders. The Trustees anticipate
meeting at least eight</font><font color=navy face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">times during the current
fiscal year to review the operations of the Fund and the Fund&#8217;s investment
performance. The Trustees also oversee the services furnished to the Fund by
Franklin Advisers, Inc., the Fund&#8217;s investment manager (the &#8220;Investment
Manager&#8221;), and various other service providers. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund&#8217;s Independent Trustees
serve as independent directors/trustees of a number of investment companies in
the Franklin Templeton Investments complex, for which each Independent
Director/Trustee currently is paid a $247,000 annual retainer fee, together
with a $7,000 per meeting fee for attendance at board meetings, a portion of
which is allocated to the Fund. To the extent held, compensation may also be
paid for attendance at specially held Board meetings. The Fund&#8217;s Lead
Independent Trustee is paid an annual supplemental retainer of $25,000 for
service to such investment companies, a portion of which is allocated to the
Fund. Trustees who serve on the Audit Committee of the Fund and such other
funds receive a flat fee of $3,000 per Committee meeting attended in person and
$2,000 per telephonic meeting attended, a portion of which is allocated to the
Fund. John B. Wilson, who serves as chairman of the Audit Committee of the Fund
and other funds, receives an additional fee of $50,000 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 Board meeting.
Independent Directors/Trustees are also reimbursed for expenses incurred in
connection with attending meetings.&#160;&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the fiscal year ended &#173;August
31, 2017, there were eight meetings of the Board, four meetings of the
Nominating Committee, and three meetings of the Audit Committee. Each of the
Trustees who served on the Board during the fiscal year ended August 31, 2017
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.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund does not currently have a
formal policy regarding Trustees&#8217; attendance at the Annual Shareholders&#8217;
Meeting. None of the Trustees attended the Fund&#8217;s last annual shareholders&#8217;
meeting held on March 24, 2017.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Certain Interested Trustees and
officers of the Fund are shareholders of Resources and may receive indirect
remuneration due to their participation in the management fees and other fees
received from the Franklin Templeton funds by the Investment Manager and its
affiliates. The Investment Manager or its affiliates pay the salaries and
expenses of the officers. No pension or retirement benefits are accrued as part
of Fund &#173;expenses.</font></p>


<a name="_bclFooter15"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">9</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The table
below indicates the aggregate compensation paid to the nominees for Independent
Trustee by the Fund individually and by all of the funds in the Franklin
Templeton Investments fund complex. These Trustee nominees also serve as
directors or trustees of other Franklin Templeton funds, many of which hold
meetings at different dates and times. The Trustees and the Fund&#8217;s management
believe that having the same individuals serving on the boards of many of the
funds in the Franklin Templeton Investments fund complex 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 more effectively oversee the
management of, the funds. </font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:494.099976pt;">
 <tr>
  <td valign=top width=28% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Name
  of Trustee</font></b></p>
  </td>
 <td valign=bottom width=26% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;line-height:9.0pt;">Aggregate</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;line-height:9.0pt;">Compensation </font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;line-height:9.0pt;">From the Fund<sup>(1)</sup></font></b></p>
  </td>
 <td valign=bottom width=23% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;line-height:9.0pt;">Total
  Compensation from Franklin Templeton Investments Fund Complex<sup>(2)</sup></font></b></p>
  </td>
 <td valign=top width=23% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Number of
  Boards within Franklin Templeton Investments Fund Complex on which Director
  Serves<sup>(3)</sup></font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:9.0pt;">Harris J. Ashton</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">$1,366</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">$493,000</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">40</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="times new roman" style="font-size:9.0pt;line-height:normal;">Terrence
  J. Checki <sup>(4)</sup></font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">None</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&#160;&#160; 11,309</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">24</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="times new roman" style="font-size:9.0pt;line-height:normal;">Mary
  C. Choksi</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">1,366</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&#160;513,000</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">40</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="times new roman" style="font-size:9.0pt;line-height:normal;">Edith
  E. Holiday</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">1,366</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&#160;538,000</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">40</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="times new roman" style="font-size:9.0pt;line-height:normal;">J.
  Michael Luttig</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">1,372</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&#160;525,000</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">40</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="times new roman" style="font-size:9.0pt;line-height:normal;">Larry
  D. Thompson</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">1,372</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&#160;508,000</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">40</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="times new roman" style="font-size:9.0pt;line-height:normal;">John
  B. Wilson</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">1,424</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&#160;398,000</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">26</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="courier new" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="courier new" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:18.7pt;margin-right:0in;margin-top:3.0pt;text-indent:-18.7pt;"><sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">(1)</font></sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">&#160;&#160; Compensation
received for the fiscal year ended August 31, 2017.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:18.7pt;text-indent:-18.7pt;"><sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">(2)</font></sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">&#160;&#160; Compensation
received for the calendar year ended December 31, 2017.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:18.7pt;text-indent:-18.7pt;"><sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">(3)</font></sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">&#160;&#160; 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 158 U.S.
based funds or series.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:18.7pt;margin-right:0in;margin-top:3.0pt;text-indent:-18.7pt;"><sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">(4)</font></sup><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">&#160;&#160; Mr. Checki is a
nominee for Independent Trustee and has not yet served on the Board.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:18.7pt;margin-right:0in;margin-top:3.0pt;text-indent:-18.7pt;"><sup><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;line-height:95%;vertical-align:top;">&nbsp;</font></sup></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">Who
are the Executive Officers of &#173;the Fund?</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Officers of the Fund are appointed
by the Trustees and serve at the pleasure of the Board. Listed below, for each
Executive Officer, are his or her name, year of birth, address, a brief
description of his or her professional experience for the past 5 years, and his
or her position and length of service with the Fund:</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></b></h1>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td width=24% style="background:#dfdfdf;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Name, Year of
  Birth and Address</font></b></p>
  </td>
 <td width=25% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Position</font></b></p>
  </td>
 <td width=51% style="background:#dfdfdf;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Length of Time
  Served</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Alison
  E. Baur</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">(1964)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2012</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years: </font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Deputy
  General Counsel, Franklin Templeton Investments; and officer 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>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p>


<a name="_bclFooter16"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">10</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Gaston
  Gardey (1967)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">CA
  94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Chief
  Financial Officer, Chief Accounting Officer and Treasurer</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2009</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Treasurer,
  U.S. Fund Administration &amp; Reporting, Franklin Templeton Investments; and
  officer of 28 of the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Aliya
  S. Gordon (1973)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2009</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Senior
  Associate General Counsel, Franklin Templeton Investments; and officer of 45
  of the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Steven
  J. Gray (1955)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2009</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Senior
  Associate General Counsel, Franklin Templeton Investments; Vice President,
  Franklin Templeton Distributors, Inc. and FT AlphaParity, LLC; and officer of
  45 of the investment companies in Franklin Templeton Investments. </font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Matthew
  T. Hinkle (1971)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">CA
  94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Chief
  Executive Officer &#8211; Finance and Administration</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  June 2017</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Senior
  Vice President, Franklin Templeton Services, LLC; officer of 45 of the
  investment companies in Franklin Templeton Investments; and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly,</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">
  Vice President, Global Tax (2012-April 2017) and Treasurer/Assistant
  Treasurer, Franklin Templeton Investments (2009-2017).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Edward
  B. Jamieson (1948)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">President
  and Chief Executive Officer &#8211; Investment Management </font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">President
  since 1993 and Chief Executive Officer &#8211; Investment Management since 2002</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">President
  and Director, Franklin Advisers, Inc.; Executive Vice President, Franklin
  Templeton Institutional, LLC; and officer and/or trustee, as the case may be,
  of some of the other subsidiaries of Franklin Resources, Inc. and of 10 of
  the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>


<a name="_bclFooter17"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">11</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_18"></a><a name="_bclPageBorder18"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr style="height:80.5pt;">
  <td valign=top width=24% style="border:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">**Gregory E. Johnson (1961)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Trustee
  </font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:80.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2013</font></p>
  </td>
 </tr>
<tr style="height:40.45pt;page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:40.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Please
  refer to the table &#8220;Nominees for Interested Trustee&#8221; for additional
  information about Mr. Gregory E. Johnson.</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">**Rupert
  H. Johnson, Jr. (1940)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">One Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">San Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Chairman
  of the Board, Trustee and Senior Vice President</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" style="font-size:9.0pt;">Chairman
  of the Board since 2013 and Trustee and Senior Vice President since 1988</font></p>
  </td>
 </tr>
<tr style="height:40.45pt;page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:40.45pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Please
  refer to the table &#8220;Nominees for Interested Trustee&#8221; for additional
  information about Mr. Rupert H. Johnson, Jr.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Robert
  Lim (1948)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President &#8211; AML Compliance</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2016</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President, Franklin Templeton Companies, LLC; Chief Compliance Officer,
  Franklin Templeton Distributor, Inc. and Franklin Templeton Investors
  Services, LLC; and officer of 45 of the investment companies in Franklin
  Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Kimberly
  H. Novotny (1972)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">300
  S.E. 2nd Street</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Fort
  Lauderdale,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">FL
  33301-1923</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Associate
  General Counsel, Franklin Templeton Investments; Vice President and Corporate
  Secretary, Fiduciary Trust International of the South; Vice President,
  Templeton Investment Counsel, LLC; Assistant Secretary, Franklin Resources,
  Inc.; and officer of 45 of the investment companies in Franklin Templeton
  Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Robert
  C. Rosselot (1960)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">300 S.E. 2nd Street </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">Fort Lauderdale, FL 33301-1923</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Chief
  Compliance Officer</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2013</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Director,
  Global Compliance, Franklin Templeton Investments; Vice President, Franklin
  Templeton Companies, LLC; officer of 45 of the investment companies in
  Franklin Templeton Investments; and </font><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">formerly</font></b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">, Senior Associate General
  Counsel, Franklin Templeton Investments (2007-2013); and Secretary and Vice
  President, Templeton Group of Funds (2004-2013).</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font face=TimesNewRomanPS lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&nbsp;</font></p>


<a name="_bclFooter18"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">12</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_19"></a><a name="_bclPageBorder19"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Karen L. Skidmore (1952)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President and Secretary</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2006 </font></p>
  </td>
 </tr>
<tr style="height:35.95pt;page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:35.95pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Senior
  Associate General Counsel, Franklin Templeton Investments; and officer of 45
  of the investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Navid
  J. Tofigh (1972)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President</font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2015</font></p>
  </td>
 </tr>
<tr style="height:39.1pt;page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:39.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Associate
  General Counsel, Franklin Templeton Investments; and officer of 45 of the
  investment companies in Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:9.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Craig
  S. Tyle (1960)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">One
  Franklin Parkway </font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">San
  Mateo, CA 94403-1906</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President </font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2005</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">General
  Counsel and Executive Vice President, Franklin Resources, Inc.; and officer
  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>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:474.299988pt;">
 <tr>
  <td valign=top width=24% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Lori
  A. Weber (1964)</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;layout-grid-mode:line;letter-spacing:.5pt;">300 S.E. 2nd </font><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Street</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Fort
  Lauderdale,</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">FL
  33301-1923</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Vice
  President </font></p>
  </td>
 <td valign=top width=51% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Since
  2011</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Principal
  Occupation During at Least the Past 5 Years:</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" style="font-size:9.0pt;letter-spacing:.5pt;">Senior
  Associate General Counsel, Franklin Templeton Investments; Assistant
  Secretary, Franklin Resources, Inc.; Vice President and Secretary, Templeton
  Investment Counsel, LLC; and officer of 45 of the investment companies in
  Franklin Templeton Investments.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">&#9830; </font></i></b><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;">ADDITIONAL INFORMATION ABOUT &#173;THE FUND</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Investment Manager.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;The
Investment Manager is Franklin Advisers, Inc., a California corporation, whose
principal address is One Franklin Parkway, San Mateo, CA 94403. The Investment
Manager is a &#173;wholly-owned subsidiary of Resources.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Administrator.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;The
administrator of the Fund is Franklin Templeton Services, LLC (&#8220;FT Services&#8221;),
whose principal address is also One Franklin Parkway, San Mateo, CA 94403.
Under an agreement with the Investment Manager, FT Services performs certain
administrative functions, such as portfolio recordkeeping, for the Fund. FT
Services is an indirect, &#173;wholly-owned subsidiary of &#173;Resources.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Transfer Agent.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;The
transfer agent, registrar and dividend disbursement agent for the Fund is
American Stock Transfer &amp; Trust Company, LLC, 6201 15<sup>th</sup> Avenue,
Brooklyn, NY 11219.</font></p>


<a name="_bclFooter19"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">13</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_20"></a><a name="_bclPageBorder20"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
Custodian.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;Bank of New York, Mutual Funds Division, 90 Washington
Street, New York, NY 10286, acts as custodian of the Fund&#8217;s securities and
other &#173;assets.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Reports to Shareholders and
Financial Statements.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;The Fund&#8217;s last audited financial statements
and annual report for the fiscal year ended &#173; August 31, 2017, are available
free of charge. To obtain a copy, please call (800) DIAL BEN/342-5236 or
forward a written request to Franklin Templeton Investor Services, LLC, P.O.
Box 997151, Sacramento, CA &#173; 95899-9983.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Principal Shareholders.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;As
of January 12, 2018, the Fund had 25,131,894 shares outstanding and total net
assets of $203,048,307.&#160; The Fund&#8217;s shares are listed on the NYSE (symbol: FT).
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 exceed 5% of
the total shares outstanding. To the knowledge of the Fund&#8217;s management, as of
January 12, 2018, there were no entities holding beneficially or of record more
than 5% of the Fund&#8217;s outstanding shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In addition, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">to the knowledge of the Fund&#8217;s management, as of January 12, 2018, no
Trustee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of the Fund owned 1% or more of the outstanding shares of the
Fund, and the officers and Trustees of the Fund owned, as a group, less than 1%
of the outstanding shares of &#173;the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Contacting the Board of
Trustees.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&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, One Franklin Parkway, San Mateo, California
94403. The correspondence will then be given to the Board for their review and &#173;consideration.</font><b><i><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font></i></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&#9830; AUDIT
COMMITTEE</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board has a standing Audit
Committee currently consisting of Messrs. Wilson (Chairman), Luttig and
Thompson, all of whom are Independent Trustees and also are considered to be
&#8220;independent&#8221; as that term is defined by the NYSE&#8217;s listing standards. The
Fund&#8217;s Audit Committee is responsible for the appointment, compensation and
retention of the Fund&#8217;s independent registered public accounting firm
(auditors), including evaluating their independence, recommending the selection
of the Fund&#8217;s auditors to the full Board, and meeting with such auditors to
consider and review matters relating to the Fund&#8217;s financial reports and
internal accounting. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Selection of Auditors.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee and the Board have
selected the firm of PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) as auditors of the Fund
for the current fiscal year. 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:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Audit Fees</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 $49,352 for the fiscal year ended August 31, 2017, and $44,334
for the fiscal year ended August 31, 2016.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Audit-Related Fees</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">There were no fees paid to PwC for
assurance and related services rendered by PwC to the Fund that are reasonably
related to the performance of the audit or </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">review of
the Fund's financial statements and are not reported under &#8220;Audit Fees&#8221; above
for the fiscal years ended August 31, 2017 and August 31, 2016.&#160; </font></p>
<a name="_bclFooter20"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">14</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_21"></a><a name="_bclPageBorder21"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">There were no fees paid to PwC for
assurance and related services rendered by PwC to the Investment Manager and
any entity controlling, controlled by or under common control with the
Investment Manager that provides ongoing services to the Fund that are
reasonably related to the performance of the audit of financial statements for
the fiscal years ended August 31, 2017 and August 31, 2016.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Tax Fees</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&nbsp;There
were no fees paid to PwC for professional services rendered by PwC to the Fund
for tax compliance, tax advice and tax planning for the fiscal years ended
August 31, 2017 and August 31, 2016.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">There were no aggregate fees paid to
PwC for professional services rendered by PwC to the Investment Manager and any
entity controlling, controlled by or under common control with the Investment
Manager that provides ongoing services to the Fund for tax compliance, tax
advice and tax planning for the fiscal years ended August 31, 2017 and August
31, 2016.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">All Other Fees</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">There were no fees paid to PwC for products
and services rendered by PwC to the Fund, not reported in previous paragraphs,
for the fiscal years ended August 31, 2017 and August 31, 2016.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The fees paid to PwC for products
and services rendered by PwC to the Investment Manager and any entity
controlling, controlled by or under common control with the Investment Manager
that provides ongoing services to the Fund, not reported in previous
paragraphs, were $0 for the fiscal year ended August 31, 2017 and $539,168 for
the fiscal year ended August 31, 2016.</font><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit Committee &#173;Pre-Approval
Policies and Procedures</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&nbsp;</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As of the date of this proxy statement,
the Audit Committee has not adopted &#173;pre-approval policies and procedures. As a
result, all such services described above and provided by PwC must be directly &#173;
pre-approved by the Audit &#173;Committee.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Aggregate Non-Audit Fees</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;The
aggregate fees paid to PwC for non-audit services to the Fund and to the
Investment Manager and any entity controlling, controlled by, or under common
control with the Investment Manager that provides ongoing services to the Fund,
were $0 for the fiscal year ended August 31, 2017, and $539,168 for the fiscal
year ended August 31, 2016.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee has considered
whether 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 that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01
of Regulation S-X is compatible with maintaining PwC's independence.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit Committee Report</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;The
Board has adopted and approved a revised formal written charter for the Audit
Committee, which sets forth the Audit Committee&#8217;s responsibilities. A copy of
the charter  <FONT face=times style="font-size:12px;color:teal;"> </FONT>is<FONT face=times style="font-size:12px;color:teal;"> </FONT>  <FONT face=times style="font-size:12px;color:teal;"> </FONT>attached hereto as
&#8220;Appendix A.&#8221;<FONT face=times style="font-size:12px;color:teal;"> </FONT></font></p>


<a name="_bclFooter21"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">15</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_22"></a><a name="_bclPageBorder22"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> Audit Committee reviewed and discussed the
Fund&#8217;s audited financial statements</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> with management, as well as with
PwC, the Fund&#8217;s auditors. The Audit Committee discussed with PwC the matters
required to be discussed by the statement on Auditing Standards No. 16, as amended,
as adopted by the Public Company Accounting Oversight Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">The Audit Committee received the written disclosures and the letter from
PwC required by </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">applicable requirements of the Public Company Accounting
Oversight Board regarding PwC&#8217;s communications with the Audit Committee
concerning independence. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee also
received the report</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> of PwC regarding the
results of their audit. In connection with their review of the financial
statements and the auditors&#8217; report, the members of the Audit Committee
discussed with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">PwC the independence
of PwC, as well as the following: the auditors&#8217; responsibilities</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> in accordance with generally accepted auditing
standards; the auditors&#8217; responsibilities for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">information prepared by the Fund&#8217;s management that accompanies the
Fund&#8217;s audited financial statements</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">
and any procedures performed and the results; the initial selection of, and
whether there were any changes in, significant accounting policies or their
application; the Fund&#8217;s management&#8217;s judgments and accounting estimates;
whether there were any significant audit adjustments; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">whether there were
any disagreements with the Fund&#8217;s management; whether there was any
consultation</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> with other accountants; whether
there were any major issues discussed with the Fund&#8217;s management prior to the
auditors&#8217; retention; whether the auditors encountered any difficulties in
dealing with the Fund&#8217;s management in performing the audit; and the auditors&#8217;
judgments about the quality of the Fund&#8217;s accounting &#173; principles.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font color=black face="courier new" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">B</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">ased on its review and discussions with the Fund&#8217;s management and the
Fund&#8217;s auditors, the Audit </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee did not
become aware of any material misstatements or omissions in the financial</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> statements.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 31,
2017, for filing with &#173;the SEC.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; THE
AUDIT &#173;COMMITTEE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John
B. Wilson (Chairman)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;
</font><font face="times new roman" lang=SV style="font-size:12.0pt;line-height:normal;">J. Michael
Luttig</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=SV style="font-size:12.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;
Larry D. Thompson</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=SV style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=SV style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=SV style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=SV style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=SV style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#9830;</font></i></b><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> </font></b><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">ADDITIONAL
INFORMATION ABOUT THE BOARD</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=SV style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board Role in Risk Oversight.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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's request or upon the Investment Manager's initiative. In
addition, the Audit Committee of the Board meets regularly with the Investment
Manager's internal audit group to review reports on their examinations of
functions and processes within Franklin Templeton Investments that affect the
Fund.</font></p>
<a name="_bclFooter22"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">16</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_23"></a><a name="_bclPageBorder23"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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'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'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:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">With respect to valuation, the
Fund's administrator provides regular written reports to the Board that enable
the Board to monitor the number of fair valued securities in a particular
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'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's Audit Committee reviews valuation procedures and
results with the Fund's independent auditors in connection with the Audit
Committee's review of the results of the audit of the Fund's year-end financial
statements.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">With respect to compliance risks,
the Board receives regular compliance reports prepared by the Investment
Manager's compliance group and meets regularly with the Fund's Chief Compliance
Officer (&quot;CCO&quot;) to discuss compliance issues, including compliance
risks. As required under SEC rules, the Independent Trustees meet at least
quarterly in executive session with the CCO, and the CCO prepares and presents
an annual written compliance report to the Board. The Board adopts compliance
policies and procedures for the Fund and approves such procedures for the
Fund'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:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board Structure.</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
Seventy-five percent or more of Board members consist of Independent Trustees
who are not deemed to be &quot;interested persons&quot; by reason of their
relationship with the Fund'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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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>
<a name="_bclFooter23"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">17</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_24"></a><a name="_bclPageBorder24"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;"><b><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#9830;</font></i></b><b><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;"> FURTHER
INFORMATION ABOUT VOTING AND THE &#173;MEETING</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Solicitation of Proxies</font></i></b><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
Your vote is being solicited by the Board. The cost of soliciting these
proxies, including the fees of any proxy soliciting agent, is borne by the
Fund. The Fund reimburses brokerage firms and others for their expenses in
forwarding proxy materials to the beneficial owners and soliciting them to
execute their 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 be
conducted via telephone, telecopy, electronic or oral solicitations. 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:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Voting by &#173;Broker-Dealers</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&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 NYSE rules permit the broker-dealers to
vote on the Proposal to be considered at the Meeting 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
those shares in the same proportion as they vote shares for which they received
instructions.&#160; Because there are no proposals expected to come before the
Meeting for which brokers or nominees do not have discretionary voting power,
the Fund does not anticipate receiving any &#8220;broker non-votes&#8221; (i.e., shares
held by brokers or nominees as to which (i) instructions have not been received
from the beneficial owners or persons entitled to vote and (ii) the broker or
nominee does not have discretionary voting power on a particular matter). </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Quorum</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;Forty
percent of the shares entitled to vote &#8212; present in person or represented by
proxy &#8212; constitutes a quorum at the Meeting. The shares over which &#173;broker-dealers
have discretionary voting power, the shares that represent &#8220;broker &#173; non-votes&#8221;
(if any), and the shares whose proxies reflect an abstention on any item (if
any), are all counted as shares present and entitled to vote for purposes of
determining whether the required quorum of shares &#173;exists.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Required Vote</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;Provided
that a quorum is present, the election of Trustees requires a plurality of
shares voted, meaning that the nine nominees receiving the greatest number of
votes shall be elected. All voting rights are non-cumulative, which means that
the holders of more than 50% of the shares voting for the election of Trustees
can elect 100% of such Trustees if they choose to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">do
so, and in such event, the holders of the remaining shares voting will not be
able to elect any Trustees. </font></p>
<a name="_bclFooter24"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">18</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_25"></a><a name="_bclPageBorder25"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adjournment</font></i></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&nbsp;Whether
or not a quorum is present at the Meeting, the Meeting may be adjourned by a
majority vote of the shares represented at the Meeting, either in person or by
proxy, properly cast upon the question of adjournment.&#160; If the Meeting is
adjourned, notice need not&#160; be given of the adjourned meeting at which the
adjournment is taken, unless a new record date of the adjourned meeting is
fixed or unless the adjournment is for more than 60 days from the date set for
the original Meeting, in which case the Board of Trustees shall set a new date.
At any adjourned Meeting, the Fund may transact any business which might have
been transacted at the original Meeting. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Whether or not a quorum is present,
the persons named as proxies may propose one or more adjournments of the
Meeting to permit the further solicitation of proxies. The persons named as
proxies will vote in their discretion on questions of adjournment those shares
for which proxies have been received that grant discretionary authority to vote
on matters that may properly come before the &#173;Meeting, and on any other
proposals properly 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.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Proposals</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;
The Fund anticipates mailing this proxy statement on or about February 2, 2018.
The Fund anticipates that its next Annual Shareholders&#8217; Meeting will be held on
or about Friday, March 15, 2019.&#160; Shareholder proposals to be presented at the
next annual shareholders&#8217; meeting must be received at the Fund&#8217;s offices, One
Franklin Parkway, San Mateo, California 94403, Attention: Secretary, no later
than October 5, 2018, in order to be considered for inclusion in the Fund&#8217;s
proxy statement and proxy card relating to that meeting and presented at that
meeting. Submission of a proposal by a shareholder does not guarantee that the
proposal will be included in the proxy statement. A shareholder who wishes to
make a proposal at the 2019 Annual Shareholders&#8217; Meeting without including the
proposal in the Fund&#8217;s proxy statement must notify the Fund at the Fund&#8217;s
offices of such proposal by December 19, 2018.&#160; If a shareholder fails to give
notice by this date, then the persons named as proxies in the proxies solicited
by the Board for the 2019 Annual Shareholders&#8217; Meeting may exercise
discretionary voting power with respect to any such proposal.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No business other than the matters
described above is expected to come before the Meeting, but should any other
matter requiring a vote of shareholders arise, including any question as to an
adjournment or postponement of the Meeting, the designated proxy holders will
vote on such matters in accordance with the views of the Fund&#8217;s management.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.3pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By
order of the Board of Trustees,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Karen
L. Skidmore</font></p>


<a name="_bclFooter25"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">19</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_26"></a><a name="_bclPageBorder26"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:6.0pt;margin-left:17.0pt;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">Vice
President&amp; Secretary</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Dated: February 2, 2018</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">San Mateo, California</font></p>

<p align=left style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:left;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></b></p>

<p align=left style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:left;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></b></p>

<p align=left style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:left;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></b></p>

<p align=left style="margin-bottom:0in;margin-left:0in;margin-right:0pt;margin-top:0in;text-align:left;"><b><font face="courier new" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &nbsp; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<font face="times new roman" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text:  -->
<FONT face=times style="font-size:12px;color:red;"> </FONT>

</font>
<a name="_bclFooter26"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">20</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_27"></a><a name="_bclPageBorder27"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> <FONT face=times style="font-size:12px;color:red;"> </FONT><!--Deleted Text: &#160; --><FONT face=times style="font-size:12px;color:red;"> </FONT></font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">APPENDIX
A</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">FRANKLIN TEMPLETON INVESTMENTS<br>
AUDIT COMMITTEE CHARTER</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></p>

<h1 align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">I.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">The
Committee.</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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;).</font><sup><font face="times new roman" lang=EN-US style="font-size:12.0pt;">1</font></sup><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
The Committee shall consist of such number of members as set by the Board from
time to time, but in no event fewer than three (</font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NYSE-listed Funds only</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">),
and its members shall be selected by the Board. The Committee shall be
comprised entirely of members who satisfy the requirements for independence set
out in Rule 10A-3(b)(1) under the Securities Exchange Act of 1934 (the &#8220;1934
Act&#8221;) (&#8220;Disinterested Board members&#8221;).</font><sup><font face="times new roman" lang=EN-US style="font-size:12.0pt;">2</font></sup><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;
Each member of the Committee must be financially literate, as such
qualification is interpreted by the Board in its business judgment, or must
become financially literate within a reasonable period of time after his or her
appointment to the Committee. At least one member of the Committee must be an
&#8220;audit committee financial expert,&#8221; as determined by the Board and as defined
in Item 3(b) of U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) Form N-CSR. The
Committee will make recommendations to the Board for its approval with respect
to such audit committee financial expert determinations at least annually.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If a Committee member of an NYSE-listed Fund simultaneously
serves on the audit committee of more than three public companies, the Board
must determine that such simultaneous service would not impair the ability of
such member to effectively serve on the Fund&#8217;s Committee. When a member serves
on multiple boards in the same fund complex, such service will be counted as
one board for these purposes (</font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NYSE-listed Funds only</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">).</font></p>

<h1 align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">II.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">Purposes of
the Committee.</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The function of the Committee is to assist Board oversight
of&#160; the Fund&#8217;s financial statements and accounting and auditing processes,
which shall include being directly responsible </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">for 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.&#160; It is
management&#8217;s responsibility to prepare the Fund&#8217;s financial statements in
accordance with generally accepted accounting principles (&#8220;GAAP&#8221;) and to
maintain appropriate systems for accounting and internal controls. It is the
auditors&#8217; responsibility to express an opinion on the Fund&#8217;s financial
statements, to plan and carry out an audit in accordance with the standards of
the SEC and the Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;) 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 GAAP.</font></p>
<a name="_bclFooter27"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">21</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>

<hr align=left size=1 width="33%">
<div id=ftn1><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><sup><sup><font color=black face=timesnewromanps lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">1</font></sup></sup><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160; </font><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">This
document serves as the Charter for the Committee of each U.S. registered
investment company (a &#8220;Fund&#8221;) within Franklin Templeton Investments, and each
series thereof as applicable, including certain Exchange-listed Funds included
on <u>Appendix A</u> hereto.</font></p><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&nbsp;</font></p><font lang=EN-US>

</font></div>
<div id=ftn2><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><sup><sup><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">2</font></sup></sup><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each member of the
Committee may not, other than in his or her capacity as a member of the
Committee, the Board, or any other Board committee: (A) accept directly or
indirectly any consulting, advisory, or other compensatory fee from the Fund or
any subsidiary thereof, provided that, unless the rules of the applicable
national securities exchange or national securities association provide
otherwise, compensatory fees do not include the receipt of fixed amounts of
compensation under a retirement plan (including deferred compensation) for
prior service with the Fund (provided that such compensation is not contingent
in any way on continued service); or (B) be an &#8220;interested person&#8221; of the Fund
as defined in section 2(a)(19) of the Investment Company Act of 1940.</font></p><font lang=EN-US>

</font></div>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_28"></a><a name="_bclPageBorder28"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Consistent with such allocation of functions, the purposes
of the Committee are:</font></p>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; </font><font face="times new roman" style="font-size:10.0pt;font-weight:normal;">T</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">o
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></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
oversee or, as appropriate, assist Board oversight of the quality, objectivity
and integrity of the Fund&#8217;s financial statements and the independent audit
thereof;</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
oversee or, as appropriate, assist Board oversight of the Fund&#8217;s compliance
with legal and regulatory requirements (primarily as they relate to the Fund&#8217;s
accounting and financial reporting, internal control over financial reporting
and independent audits);</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(d)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
approve prior to appointment the engagement of the Fund&#8217;s auditors and, in
connection therewith, to review and evaluate the auditors&#8217; qualifications,
independence and performance, taking into account the opinions of management;</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(e)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
act as a liaison between the Fund&#8217;s auditors and the Board;</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(f)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">to
prepare, or authorize the preparation of, the disclosure required by Item
407(d)(3)(i) of Regulation S-K&#160; (the &#8220;Audit Committee Report&#8221;) for inclusion in
the Fund&#8217;s annual proxy statement (</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">NYSE- and NYSE American-listed Funds only</font></i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">);
and</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(g)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">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></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In addition, the Committee shall serve as the Fund&#8217;s
Qualified Legal Compliance Committee (&#8220;QLCC&#8221;) pursuant to Section 205 of the
SEC&#8217;s Standards of Professional Conduct for Attorneys Appearing and Practicing
before the Commission in the Representation of an Issuer (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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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>
<a name="_bclFooter28"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">22</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_29"></a><a name="_bclPageBorder29"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<h1 align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:left;text-indent:0in;"><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">III.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">Powers and
Duties.</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Committee shall have the following powers and duties to
carry out its purposes:</font></p>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">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 PCAOB.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
be directly responsible for approving the services to be provided by, and the
compensation of, the auditors, including:</font></h2>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">pre-approval of all audit and audit
related services;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">pre-approval of all non-audit related
services to be provided to the Fund by the auditors;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">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></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">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) and (iii) above:</font></h3>

<h4 align=left style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(A)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">establishment by the Committee of
policies and procedures to pre-approve such services, 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 1934 Act), to
management; or</font></h4>

<h4 align=left style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(B)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">delegation by the Committee to
one or more designated members of the Committee who are Disinterested Board
members of authority to pre-approve such services, provided the Committee is
informed of the decisions of any member pursuant to such delegated authority no
later than its next scheduled meeting;</font></h4>

<p style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">subject, in the case of (ii) through (iv), to any
waivers, exceptions or exemptions that may be available under applicable law or
rules.</font></p>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;">&nbsp;</h2>
<a name="_bclFooter29"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">23</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_30"></a><a name="_bclPageBorder30"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To meet with the auditors, including private meetings, as
necessary to (i) review the arrangements for and scope of the annual audit and
any special audits; (ii) 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)
consider the auditors&#8217; comments with respect to the Fund&#8217;s financial,
accounting and reporting policies, procedures and internal controls and
management&#8217;s responses thereto; and (iv) to review the form of opinion the
auditors propose to render.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(d)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
meet to review and discuss the Fund&#8217;s annual audited financial statements with
management and the auditors, including reviewing the Fund&#8217;s disclosures under
&#8220;Management&#8217;s Discussion of Fund Performance&#8221; (&#8220;MDFP&#8221;) in its annual
shareholder report (</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">All Funds</font></i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">). To meet to review and discuss the Fund&#8217;s
semi-annual financial statements with management, including reviewing the Fund&#8217;s
MDFP disclosures in its semi-annual shareholder report, as applicable (</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">NYSE-listed
Funds and New Jersey/Alternative Strategies Funds only</font></i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">). Such meetings may
be telephonic.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(e)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
consider the effect upon the Fund of any changes in accounting principles or
practices proposed by management or the auditors.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(f)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
receive and consider reports from the auditors:</font></h2>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">as required by generally accepted
accounting standards, including Auditing Standard (&#8220;AS&#8221;) No. 1301
(Communications with Audit Committees);</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">annually and by update as required by
SEC Regulation S-X, regarding:</font></h3>

<h4 align=left style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(A)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">all critical accounting policies
and practices of the Fund to be used;</font></h4>

<h4 align=left style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(B)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">all alternative treatments within
GAAP 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;</font></h4>

<h4 align=left style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(C)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">other material written
communications between the auditors and management of the Fund, such as any
management letter or schedule of unadjusted differences; and</font></h4>

<h4 align=left style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(D)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">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></h4>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">at least annually regarding the
auditors&#8217; internal quality-control procedures; and</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;">&nbsp;</h3>
<a name="_bclFooter30"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">24</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_31"></a><a name="_bclPageBorder31"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">at least annually regarding 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.</font></h3>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(g)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
review (i) major issues regarding accounting principles and financial statement
presentations, including any significant changes in the Fund&#8217;s selection or
application of accounting principles, and major issues as to the adequacy of
the Fund&#8217;s internal controls and any special audit steps adopted in light of
material control deficiencies; and (ii) analyses prepared by management and/or
the auditors setting forth significant financial reporting issues and judgments
made in connection with the preparation of the financial statements, including
analyses of the effects of alternative GAAP methods on the financial
statements.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(h)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">In
considering the independence of the auditors:</font></h2>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">at least annually to receive from the
auditors a formal 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;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">to receive and consider, if
applicable, periodic reports from the auditors regarding whether the provision
of non-audit services (including tax services) is compatible with maintaining
the auditors&#8217; independence;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">to request from the auditors a written
affirmation that they are independent auditors under the federal securities
laws and standards adopted by the PCAOB; and</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">to discuss with the auditors any
disclosed relationships or services that may impact the objectivity, impartial
judgment, and independence of the auditors and for taking, or recommending that
the Board take, appropriate action to oversee the independence of the auditors.</font></h3>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(i)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">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></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;">&nbsp;</h2>
<a name="_bclFooter31"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">25</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_32"></a><a name="_bclPageBorder32"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(j)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To review the effect of regulatory and accounting
initiatives, as well as off-balance sheet structures, on the financial
statements of the Fund.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(k)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
consider any reports of audit problems or 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></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(l)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
review communications from the Fund&#8217;s Chief Executive Officer &#8211; Finance and
Administration, and Chief Financial Officer and Chief Accounting Officer
concerning (i) 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) 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 to review
requested communications from management for any other purposes the Committee
deems appropriate.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(m)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">In
connection with the preparation of the Audit Committee Report (</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">NYSE and NYSE
American-listed Funds only</font></i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">):</font></h2>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">to review and discuss the audited
financial statements of the Fund with management;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">to discuss with the auditors the
matters required to be discussed by the statement on AS No. 1301, as amended;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">to receive the written disclosures and
the letter(s) from the auditors required by applicable requirements of the
PCAOB regarding the auditor&#8217;s communications with the Committee concerning
independence (referred to in paragraph (h) above), and discuss with the
auditors the auditor&#8217;s independence; and</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">based on the review and discussions
referred to in paragraphs (i) through (iii) above, to recommend to the Board
that the audited financial statements be included in the Fund&#8217;s annual report
on Form N-CSR for the last fiscal year for filing with the SEC.</font></h3>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(n)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
review and discuss, as appropriate, the Fund&#8217;s earnings press releases
(including the type and presentation of information to be included therein,
paying particular attention to any use of &#8220;pro forma,&#8221; or &#8220;adjusted&#8221; non-GAAP,
information), as well as any financial information and earnings guidance
provided to analysts and rating agencies. (</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">NYSE-listed Funds only</font></i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">)</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(o)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
review and discuss the Fund&#8217;s processes with respect to risk assessment and
risk management.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(p)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
set clear policies relating to the hiring by entities within Franklin Templeton
Investments of employees or former employees of the auditors</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">.</font></i></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;">&nbsp;</h2>
<a name="_bclFooter32"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">26</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_33"></a><a name="_bclPageBorder33"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(q)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To evaluate, as either part of the full Board or as a
Committee, its performance at least annually.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(r)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
review potential conflict of interest situations where appropriate in
connection with the Fund&#8217;s ongoing review of all related party transactions.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(s)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">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></h2>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">determine whether an investigation is
necessary regarding any report of evidence of a material violation by the Fund
or its affiliates;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">if the Committee determines such an
investigation is necessary or appropriate, (A) notify the Board; (B) initiate
an investigation, which may be conducted by either the CLO or by outside
attorneys; and (C) retain such additional expert personnel as the Committee
deems necessary to assist in the investigation;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">at the conclusion of any such
investigation, (A) recommend by a majority vote, that the Fund implement an
appropriate response (as defined in Section 205.2(b) of the Standards) to
evidence of a material violation, and (B) inform the CLO and the CEO and the Board
of the results of such investigation and the appropriate remedial measures to
be adopted;</font></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">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></h3>

<h3 style="margin:0in;margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:-.5in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">(v)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;text-decoration:none;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;text-decoration:none;">otherwise respond to evidence of a
material violation.</font></h3>

<h1 align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:left;text-indent:0in;"><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">IV.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font color=black face="times new roman" style="font-size:12.0pt;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">Other
Functions and Procedures of the Committee</font></b><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;letter-spacing:.5pt;text-autospace:ideograph-numeric ideograph-other;">.</font></h1>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">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) the
auditors as provided in III(c), above; and (ii) 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 meet
separately, periodically, with management and with the auditors.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">The
Committee shall establish procedures for (i) 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) the confidential, </font></h2>
<a name="_bclFooter33"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">27</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_34"></a><a name="_bclPageBorder34"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">anonymous submission
by employees of the Fund or Franklin Resources, Inc. and its subsidiaries of
concerns regarding questionable accounting or auditing matters.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">The
Committee shall have the authority to engage special or independent counsel,
experts and other advisers as and when it determines necessary to carry out its
duties.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(d)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">The
Fund must provide for appropriate funding, as determined by the Committee in
its capacity as a Committee of the Board, for payment of (i) 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)
compensation to any advisers employed by the Committee (under paragraph (c)
above); and (iii) ordinary administrative expenses of the Committee that are
necessary or appropriate in carrying out its duties.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(e)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">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></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(f)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">The
Committee shall report its activities to the Board, including any issues that
arise with respect to the quality or integrity of the Fund&#8217;s financial
statements, the Fund&#8217;s compliance with legal or regulatory requirements, or the
qualifications, performance and independence of the Fund&#8217;s auditors, and make
such recommendations as the Committee may deem necessary or appropriate.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(g)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">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. The
Board shall adopt and approve this Charter and may amend it on its own motion.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(h)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">The
Committee shall meet jointly with the Audit Committees of the other Funds
within the Franklin Templeton Investments Fund complex as may be appropriate,
including to attend presentations and review proposals and other matters of
common concern to all such Audit Committees.</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(i)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">Pursuant
to delegated authority from the Board, and at the request of the applicable
investment manager of the Fund (the &#8220;Investment Manager&#8221;), the Committee, or an
appointed delegate of the Committee as applicable, shall provide proxy voting
instructions as a representative of the Fund to the Investment Manager in
certain situations where the Investment Manager has identified a material
conflict of interest between the Investment Manager or one of its affiliates
and an issuer (</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">i.e.</font></i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">, the Committee or its appointed delegate will
approve or disapprove the Investment Manager&#8217;s voting recommendation).</font></h2>

<h2 style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-indent:1.0in;"><font color=black face="times new roman" style="font-size:12.0pt;font-weight:normal;">(j)&#160; </font><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">To
the extent applicable to the Fund, the Committee shall comply with such other
rules of the applicable national securities exchanges and the SEC applicable to
exchange-listed funds, as such may be adopted and amended from time to time. (</font><i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">Exchange-listed
Funds only</font></i><font face="times new roman" style="font-size:12.0pt;font-weight:normal;">)</font></h2>









<a name="_bclFooter34"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">- </font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;">28</font><font style="display:none;"><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"></font></font><font color=black face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;letter-spacing:.5pt;"> -</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="times new roman" style=""><font color=black face="times new roman" lang=EN-US style="font-size:8.0pt;letter-spacing:.5pt;">FUT
Proxy 2018</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_35"></a><a name="_bclPageBorder35"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Appendix A</font></b></p>

<p align=right style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amended
as of October 4, 2017</font></i></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">EXCHANGE-LISTED FUNDS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Funds listed on New York Stock Exchange LLC (&#8220;</font></u><i><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NYSE-listed
Funds</font></u></i><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Franklin
Universal Trust</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Templeton
Dragon Fund, Inc.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Templeton
Emerging Markets Fund</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Templeton
Emerging Markets Income Fund</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Templeton
Global Income Fund</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fund listed on NYSE American LLC (&#8220;</font></u><i><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NYSE
American-listed Fund</font></u></i><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; Franklin
Limited Duration Income Trust</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Funds listed on NYSE Arca, Inc.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Franklin
ETF Trust</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin Liberty Short Duration U.S. Government ETF</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.5pt;">Franklin
Templeton ETF Trust</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Asia ex Japan ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Australia ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Brazil ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Canada ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE China ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Europe ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Europe Hedged ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE France ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Germany ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Hong Kong ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE India ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Italy ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Japan ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Japan Hedged ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Mexico ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Russia ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE South Korea ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Switzerland ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE Taiwan ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin FTSE United Kingdom ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin Liberty Intermediate Municipal
Opportunities ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin Liberty International Opportunities ETF</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;">Franklin Liberty Investment Grade Corporate ETF</font></p>


<a name="_bclFooter35"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face=TimesNewRomanPS lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style=""><font face=TimesNewRomanPS lang=EN-US style="font-size:8.0pt;"># 3108736</font><font style=""><font face=TimesNewRomanPS lang=EN-US style="font-size:8.0pt;">&#160;
</font></font><font face=TimesNewRomanPS lang=EN-US style="font-size:8.0pt;">v. 1</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
&nbsp; <A name="page_36"></A>

<a name="_bclPageBorder36"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin Liberty Municipal Bond ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin Liberty U.S. Low Volatility ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin LibertyQ Emerging Markets ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin LibertyQ Global Dividend ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin LibertyQ Global Equity ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin LibertyQ International Equity Hedged ETF</FONT></P>

<P style="MARGIN: 0in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in; TEXT-INDENT: -0.5in"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Funds listed on Bats BZX Exchange, Inc.</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.5pt" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: 0.5pt" color=black face="times new roman">Franklin Templeton ETF Trust</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin LibertyQ U.S. Equity ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin LibertyQ U.S. Mid Cap Equity ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Franklin LibertyQ U.S. Small Cap Equity ETF</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 15pt" 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; </FONT></P>

<P style="MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 15pt" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 15pt" face=timesnewromanps></FONT>&nbsp;</P>

<a name="_bclFooter36"></a><DIV>

<DIV>

<DIV align=right>

<TABLE cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top align=left>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none" face=timesnewromanps><FONT style="FONT-SIZE: 10pt" face=timesnewromanps></FONT></FONT><FONT face=timesnewromanps><FONT style="FONT-SIZE: 10pt" face=timesnewromanps>30</FONT></FONT><FONT face=timesnewromanps><FONT style="FONT-SIZE: 10pt" face=timesnewromanps></FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=TimesNewRomanPS></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=TimesNewRomanPS>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=TimesNewRomanPS>&nbsp;&nbsp;</FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=TimesNewRomanPS>&nbsp;</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=TimesNewRomanPS># 3108736</FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=TimesNewRomanPS>&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=TimesNewRomanPS>v. 1</FONT></FONT></P></DIV></DIV>
<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_37"></A><BR>

<a name="_bclPageBorder37"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<IMG src="futproxyballot-finalx1x1.jpg" border=0>
<BR>
<P style="text-align: center;">
<B><FONT size=5 face="Calibri-Bold,Arial,Helvetica,sans-serif">FRANKLIN UNIVERSAL TRUST</FONT></B></P>
<P style="text-align: center;">
<FONT size=4 face="Calibri,Arial,Helvetica,sans-serif">PROXY FOR ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MARCH 16, 2018</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Calibri,Arial,Helvetica,sans-serif">THIS PROXY IS BEING SOLICITED BY THE BOARD OF TRUSTEES OF THE FUND. The undersigned hereby revokes all previous proxies for his or her shares of Franklin Universal Trust (the &#147;Fund&#148;) and appoints Alison Baur, Craig S. Tyle, Karen L. Skidmore, Steven J. Gray, and Navid J. Tofigh, 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&#146;s Annual Shareholders&#146; Meeting (the &#147;Meeting&#148;) to be held at One Franklin Parkway, Building 920, San Mateo, CA 94403-1906 at 1:00 p.m., Pacific time, on March 16, 2018, including any postponements or adjournments thereof, upon the matter set forth on the reverse side, and instructs them to vote upon any other matters that may properly be acted upon at the Meeting.</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="Calibri-Bold,Arial,Helvetica,sans-serif">Do you have questions? </FONT></B><FONT size=3 face="Calibri,Arial,Helvetica,sans-serif">If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free </FONT><B><FONT size=3 face="Calibri-Bold,Arial,Helvetica,sans-serif">(800) 434-3719</FONT></B><FONT size=3 face="Calibri,Arial,Helvetica,sans-serif">. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.</FONT></P>
<P style="text-align: left;">
<B><U><FONT size=3 face="Calibri-Bold,Arial,Helvetica,sans-serif">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL SHAREHOLDERS&#146; MEETING TO BE HELD ON MARCH 16, 2018: </FONT></U></B><B><FONT size=3 face="Calibri-Bold,Arial,Helvetica,sans-serif">The Fund&#146;s Notice of 2018 Annual Shareholders&#146; Meeting, Proxy Statement and form of Proxy are available on the Internet at </FONT></B><B><U><FONT color="#0000ff" size=3 face="Calibri-Bold,Arial,Helvetica,sans-serif">https://www.proxyonline.com/docs/FUT2018.pdf</FONT></U></B></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_37"></A><BR>

<a name="_bclPageBorder38"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="53%"></TD>

   <TD width="35%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=5 face=Calibri-Bold,Arial,Helvetica,sans-serif>FRANKLIN UNIVERSAL TRUST</FONT></B></TD>

   <TD style="TEXT-INDENT: 122.88pt" colSpan=2 align=left><B><FONT size=5 face=Calibri-Bold,Arial,Helvetica,sans-serif>PROXY CARD</FONT></B></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.08pt" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>YOUR SIGNATURE IS REQUIRED </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>FOR YOUR VOTE TO BE</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.08pt" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>COUNTED. </FONT></B><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Note: Please sign exactly as your name or names</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.08pt" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>appear on this Proxy. When shares are held jointly, each holder</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.08pt" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>should sign. When signing as executor, administrator, attorney,</FONT></TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>SIGNATURE (AND TITLE IF APPLICABLE)</FONT></TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>DATE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.08pt" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>trustee or guardian, please give full title as such. If the signer is a</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.08pt" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>corporation, please sign full corporate name by duly authorized</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.08pt" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>officer, giving full title as such. If signer is a partnership, please sign</FONT></TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>SIGNATURE (IF HELD JOINTLY)</FONT></TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>DATE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.08pt" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>in partnership name by authorized person.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The Board of Trustees of the Fund solicits this proxy. It will be voted as specified. If no specification is made, this proxy shall be voted FOR the election of nominees for Trustee for the terms specified in the proxy statement. 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. Management is not aware of any such matters.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>You are urged to date and sign this proxy and return it promptly whether or not you plan to attend the meeting in person. This will save the expense of follow-up letters to shareholders who have not responded.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS A VOTE FOR THE ELECTION OF ALL NOMINEES.</FONT></B></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="2%"></TD>

   <TD width="63%"></TD>

   <TD width="10%"></TD>

   <TD width="12%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:&nbsp; <FONT size=6 face=Calibri,Arial,Helvetica,sans-serif><FONT size=6 face="Calibri Light"><FONT face=Wingdings><FONT lang=JA style="FONT-SIZE: 11pt" color=#1f497d face="ms pgothic,sans-serif">&#9679;</FONT>

   <P></P></FONT></FONT></FONT></FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>WITHOLD</FONT></B></TD>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>FOR ALL,</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>FOR ALL</FONT></B></TD>

   <TD style="TEXT-INDENT: 12.839pt" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>ALL</FONT></B></TD>

   <TD align=center><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>EXCEPT</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>1</FONT></B></TD>

   <TD align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>.</FONT></B></TD>

   <TD align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Election of Trustees:</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(01) Harris J. Ashton</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(02) Terrence J. Checki</FONT></TD>

   <TD align=center><FONT size=6 face=Calibri,Arial,Helvetica,sans-serif><FONT size=6 face="Calibri Light">O</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 13.319pt" align=left><FONT size=6 face=Calibri,Arial,Helvetica,sans-serif><FONT size=6 face="Calibri Light">O</FONT></FONT></TD>

   <TD align=center><FONT size=6 face=Calibri,Arial,Helvetica,sans-serif><FONT size=6 face="Calibri Light">O</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(03) Mary C. Choksi</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(04) Edith E. Holiday</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(05) Gregory E. Johnson</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(06) Rupert H. Johnson, Jr.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(07) J. Michael Luttig</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(08) Larry D. Thompson</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(09) John B. Wilson</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>TO WITHHOLD AUTHORITY TO VOTE FOR A PARTICULAR NOMINEE, MARK &#8220;FOR ALL, EXCEPT&#8221; AND WRITE THE NOMINEE&#8217;S NAME</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>ON THE LINE BELOW.</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The form of proxy on the internet site cannot be used to cast your vote.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Please sign, date and mail your proxy card in the envelope provided as soon as possible.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>THANK YOU FOR VOTING</FONT></B></P></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>futproxyballot-finalx1x1.jpg
<TEXT>
begin 644 futproxyballot-finalx1x1.jpg
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBEH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M_P"VB6(6W&/1Y #^0S0!K45EQ:U&W^MB91_>0[P/RY_2M"&:.>,20NKH>X-
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M* "BBB@ HHJ.>401&1E=@.R*6/Y"@!]176[[-(5^\%R/?'-5CJ0[02_C$_\
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M:37(I9H0UK]@\ASN&-V>F.O2L_1=,O-"OKZYN\&TA@*Q2%QRH.0/44]M_/\
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MXYJJ^G7D(T61M.^U"VMV26+<O!('J<4?U^#&_P#/\SH--W&S5FO5O<DD3*%
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M0 ^K-G_'^%5JLV?\?X4 6:*** "BBB@ HHHH *6DI: "BBB@ HHHH *9+O\
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M\)]8?\^ES_X[_C7-_P#"'Z__ - V3_OM?\:/^$/U_P#Z!LG_ 'VO^- '2?\
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M /T#9/\ OM?\:/\ A#]?_P"@;)_WVO\ C0!TG_"?6'_/I<_^._XT?\)]8?\
M/I<_^._XUS?_  A^O_\ 0-D_[[7_ !H_X0_7_P#H&R?]]K_C0!TG_"?6'_/I
M<_\ CO\ C1_PGUA_SZ7/_CO^-<W_ ,(?K_\ T#9/^^U_QH_X0_7_ /H&R?\
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M_C1_PGUA_P ^ES_X[_C7-_\ "'Z__P! V3_OM?\ &C_A#]?_ .@;)_WVO^-
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MBBB@ HHHH \LF\*:IK/B'47BA\FW-W+^^EX!&\].Y_"NOT7P5I>E[9)4^UW
M_CE' /LO3\\UTE% !1110 4444 %%%% !1110 4444 %+244 +1244 +1244
M +1244 +1244 +1244 +1244 +1244 +1244 +1244 +1244 +1244 +1244
M +1244 +1244 +2444 %%%% !1110 4444 %%%% !1110 4444 %%%% !115
M>:^M8#B6>-6],Y/Y4 6**HG5[7JOFN/:)O\ "F_VQ;_\\Y_^_1H T**S_P"V
M+?\ YYS_ /?HT?VQ;_\ /.?_ +]&@#0HK/\ [8M_^><__?HT?VQ;_P#/.?\
M[]&@#0HK/_MBW_YYS_\ ?HT?VQ;_ //.?_OT: -"BL_^V+?_ )YS_P#?HT?V
MQ;_\\Y_^_1H T**S_P"V+?\ YYS_ /?HT?VQ;_\ /.?_ +]&@#0HK/\ [8M_
M^><__?HT?VQ;_P#/.?\ []&@#0HK/_MBW_YYS_\ ?HT?VQ;_ //.?_OT: -"
MBL_^V+?_ )YS_P#?HT?VQ;_\\Y_^_1H T**S_P"V+?\ YYS_ /?HT?VQ;_\
M/.?_ +]&@#0HK/\ [8M_^><__?HT?VQ;_P#/.?\ []&@#0HK/_MBW_YYS_\
M?HT?VQ;_ //.?_OT: -"BL_^V+?_ )YS_P#?HT?VQ;_\\Y_^_1H T**S_P"V
M+?\ YYS_ /?HT?VQ;_\ /.?_ +]&@#0HK/\ [8M_^><__?HT?VQ;_P#/.?\
M[]&@#0HK/_MBW_YYS_\ ?HT?VQ;_ //.?_OT: -"BL_^V+?_ )YS_P#?HT?V
MQ;_\\Y_^_1H T**S_P"V+?\ YYS_ /?HT?VQ;_\ /.?_ +]&@#0HK/\ [8M_
M^><__?HT?VQ;_P#/.?\ []&@#0HJD-6L_P"*1D_WT8?TJS%<0SC,,J/_ +K
MT 24444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M@F6&T7>XNW=HLX\U0^2N: .SM[NWN@3;7$4P7@F-PV/RJ:N>\.W.C3W<HL[
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M>O&/:C2=+GTW4]1*M']BN7$T:@G*.?O<>AK7HH RM'TZXL)=3>0QG[3<M-&
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M \'/>I+"SCL+**UA+&.)=H+')-"Z@^ASGBZSAL/"4=K;@B..10,]3UYK O\
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M^?\ UJ/[*C_Y^+G_ +^?_6H CHJ3^RH_^?BY_P"_G_UJ/[*C_P"?BY_[^?\
MUJ (Z*D_LJ/_ )^+G_OY_P#6H_LJ/_GXN?\ OY_]:@".BI/[*C_Y^+G_ +^?
M_6H_LJ/_ )^+G_OY_P#6H CHJ3^RH_\ GXN?^_G_ -:C^RH_^?BY_P"_G_UJ
M (Z*D_LJ/_GXN?\ OY_]:C^RH_\ GXN?^_G_ -:@".BI/[*C_P"?BY_[^?\
MUJ/[*C_Y^+G_ +^?_6H CHJ3^RH_^?BY_P"_G_UJ/[*C_P"?BY_[^?\ UJ (
MZ*D_LJ/_ )^+G_OY_P#6H_LJ/_GXN?\ OY_]:@".BI/[*C_Y^+G_ +^?_6H_
MLJ/_ )^+G_OY_P#6H CHJ3^RH_\ GXN?^_G_ -:C^RH_^?BY_P"_G_UJ (Z*
MD_LJ/_GXN?\ OY_]:C^RH_\ GXN?^_G_ -:@".BI/[*C_P"?BY_[^?\ UJ/[
M*C_Y^+G_ +^?_6H CHJ3^RH_^?BY_P"_G_UJ/[*C_P"?BY_[^?\ UJ (Z*D_
MLJ/_ )^+G_OY_P#6H_LJ/_GXN?\ OY_]:@".BI/[*C_Y^+G_ +^?_6H_LJ/_
M )^+G_OY_P#6H CHJ3^RH_\ GXN?^_G_ -:C^RH_^?BY_P"_G_UJ (Z*D_LJ
M/_GXN?\ OY_]:C^RH_\ GXN?^_G_ -:@".BI/[*C_P"?BY_[^?\ UJ/[*C_Y
M^+G_ +^?_6H CHIQTK',=Y< _P"T0P_E4,D%[;C)5;E!W3Y6_+O0!)5>^_X\
MIO\ <-20S),N4.<<$'@@^]1WW_'E-_N&@#6M_P#CWB_W!_*I*CM_^/>+_<'\
MJDH **** "BBB@ HK"M_$/EP:I_:*)%/I['<JGAU_A(SZU')K]Y'8Z>GV)'U
M2_!9( V%0=<L3Z#% '0T5SPUC5-.O;:+6[:U$-RXC2>U=B%<] P;U]:OVVI2
M3>(+S3C&HC@B1PPZDM0!I45EPZI))XDGTLQJ(XK=90_<DG&*TI9$BB>21@J(
M"S$]@*.EP\AU%<W!JVNZG ;W3+"T6S)/EBXD822@=QC@?C0WBDMIEI?1VX5&
MNA;W2.>83T- '245@Z]XB_LC4]/M?+5UN6_>L3]Q<@ _F?TJW>:G)#KEAIT,
M:N9U=Y6/\"@=?Q-"U TZ*YW0O$QU+5KO3[B%87C=A"P)Q(%.#^-:&C:D^HM?
M"2-4^S73P+M[@8Y/YT :5%%% !16'XDUNYTF6QAL[:.>6[D,:AVV@'C'\ZAT
M_P 1W$E]=:=J-B+:]@A,JA7W*X ]:+@=%167X<U5]9T:*^DB6-G+ JIR.#BL
M;3?$.O:K')-8Z7:O"DAC):;!R/\ ]=%M;!TN=;163XCUA]&TY)HH1-<2R+''
M%G[S&H](\01W_AY]4EC\LPAS+&O.TKV_+'YT=_(.QM45S6CZWK6IFWNAID T
M^=\;EFRZ#.,GUICZ_J]QK-]8:;IUO,+1@&9Y=I.: .HHJ&T:=[6)KJ-8YRN7
M13D*?8U0\0ZW'HEFDAB:>>5MD,*G!=J'H"U-6BL32[_79+Q(M3TJ.&&0$B6*
M3=L(&<,*HZMXN;3]?%BMLKVR,B3S9/R%O_K4=;!TN=316+XBUR32FM+>UMUG
MN[Q]D2NVU1TY)_$4B7OB#[!.7TN#[6C*$59ALD4]3GMB@#;HKC[#Q)K]_?7%
MK#I%N7MG"3?OL;>3[\]#TKL* "BN=M?$^V358=2A2";3P7PK?ZQ.Q&?P_,5$
M?%4MOX?MK^ZLQ]JO'VV]M&QRWH2?\]10!T]%<I/XCUC26AEUK2XHK25@IDAD
MW&,GU%:;ZTX\40Z2L2&*6W\[S,\]_P#"@#8HK'GUF2+Q3;:0(E,<T!E,F>01
MGC]*R/\ A*-7EEU%K32X)K>PD99"9=K8&>?R% '7T52T;4H]7TN"^B0HLH/R
MGJ"#@C\Q5VAZ %%%% !1110 4444 4-7_P!5;_\ 7=?ZU5?S)YA;6YPQ&7?^
MX/\ &K&N.(K6*0]%E4_H:FTNW,-J'?\ ULOSN?<]OPH FM;:*UB$<2X'<]V/
MJ:FHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M9;USP*VM.TBRTL,+*-XPP (:5W&!TQN)Q^%5['1HX;C4Y;A(G^WR?,H'&S&
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MV.W)FM//MQ%G#/G&S.>?O+T]ZU8=#L(1'B%G*2&7,CLQ9R,;FR>3CUZ57N-
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MH H:UI%MK=B;2[+JFX,&C(# CTR#3],TVWTO3H[&W#&&,$?/@ELG)S^=7**
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %5=4_P"0;<_]<S_*K55=4_Y!MS_US/\ *@!]G_QY0?\
M7-?Y5-4-G_QY0?\ 7-?Y5-0 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110!2U+K9_\ 7RG]:O51U+K9_P#7RG]:
MO4 %%%% !17GGQ"U?4++68;>TO)H(VMU<K&Y7)W,,\?05RG_  D&L_\ 05O?
M^_[?XT >W45X_I]QXHU/)M+O4'0=7\]@H^I)Q5R:T\811F1;VZG"\GR;O>1^
M - 'JE%>)/KVM(Q5M3O58'!!F;C]:TO#NO:M)K]C')J-S)'),JLKRE@03TP:
M /6Z*** &32QP1-+,ZQQH,LS'  ]Z@L=1L]11GL[B.94.&V'H?>G7UQ!:6<M
MQ=$""-=SDC/'TK!T34K%FU'6)[N!6FVL\:.&,,:\+NQW.>?RH0&]>7MM80>=
M=S+#'D#<WJ>U+:7EM?0^=:3I-'G&Y#GGTK&\8.%TRTD$RQ 7D+>:PR$YZGVK
M(M[F>WCOK^&Y-S';7B3RW$(*I<(5 <;0<':.?PH76_\ 6W^8/R_K<[5W6-&=
MV"JHR23@ 52M]:TRY21H+^WD$2EWVR#Y5'4GVJA:F>7PM=W-RSL]U'+,%8YV
M*P.U1Z#&*YZUTFYF\.IJ=P\"I!ILB1)$IW,"IY<G^0I/2_E_P1K6QV_VVU_T
M?]_'_I/^I^;_ %G&>/7BH)-:TR*[^RR7]NL^<;#(,@^GUKDK:WOHY_"[SWJS
MQN/W48A">7^[]<\U!'<64?A"ZTJX3.KN[J82A,CR%N"/7MS3>EQ+6QW8O;4W
MALQ<1_:0NXQ;ANQZXJO-K>F00QRRW\"1R$A&+C#$'!Q]*X^XLKN/5KJ]ARU_
MIL%M(1_?&PAU_$?RJI;7"QVWA^X:Y2T0O='S9$WA<GN* _K\#T:WN(;J!)[>
M19(G&5=3D&I*QM0EEG\,-<6%UYDD<8E26+Y1)M.3P.QP1BL"UU34+V_2(33+
M%JDRRVY#$&.)&.X#TR%'_?5'6P=+G907EM<*IAF1@S,HYZE3@@?2BVNH;M9&
M@?<(Y&C;@C#*<$5QP*2WNF7-_>3QH+FZC,AG90,,=HSGCT]QQ4ENDEM*UY#<
MSJS:RT+1^8?+*L^"-O3\:%K;^NP/2_\ 7?\ R.TJ&ZN8K.UEN9VVQ1*6<XS@
M"L'Q7=K%)! 97A9XW=7-V;=,C'=02S>@I;F>2Z^'[SS-NEDL=S,>YV]:71L:
M6J1NP74%Q))'#(&:+ <#^'(R/TJ:N0GN[JWGO;M9YC#8S6[O&&.TQF,!QC\<
M_A5:YNK\QV+W-T8;>]\V<F6Z:!5)(V)O )&%YQQDYIB6USN**P)+B^A\&-.E
MPMQ=K#_KX?F!&?O#@9('/3M6->7I@M]0_LG4[BXM5M%D:;SS(8Y-XZ-V)&<B
MCK8#N**X:YOYX8[[^R+^>ZM!'"7F>4OY;%L-AN2/EY.!QZ5(LMT;/RX]45X9
M+Z&-3:WC3-&&X8>80#SUQSB@#M::KHS,JNI93A@#R/K7%>(KTV$\D%M=3QS6
MD<91IKU@7R?X4P?,XZDT7+_8+S77@NITNBZ,%\UB1&0NYPI/.!G![4 =O17%
M7-VT5MJJZ5J,\]I';HPF\XR%)2W(#_3DC-;FI6LUIX>F%G<7#30CSE=Y2S,0
M=Q!/H<$8]Z/,/(V:@MKJ&[61H'W".1HVX(PRG!%<;:ZIJ%[?I$)IEBU299;<
MAB#'$C'<!Z9"C_OJI;=9+:5KR&YG5VUAH3'YA\LJS8(V]/QH7]?@#_K\3M**
MXK1[N^N-4B>:_ACN#-(LUN]TQ<J,_*(MN%QP00?YU-H;W*2:).][=3->K*LR
MRREE( )& >F,=:%J#.OHKF->N;VSU)K>WEEQJ<:Q0D,<12 X)'I\IS]15&]N
MY(WO<ZA<)J<%PL=I;>:?G3Y<?)_%GG).:%J#.UHKC9]6DA%W:RWKI=G5$$<>
M\[A$67I_LXS[5V5'2X=;!1110 55U3_D&W/_ %S/\JM55U3_ )!MS_US/\J
M'V?_ !Y0?]<U_E4U0V?_ !Y0?]<U_E4U !1110 4444 %%%% !12T4 )12T4
M )12T4 )12T4 )12T4 )12T4 )12T4 )12T4 )12T4 )12T4 )12T4 )12T4
M )12T4 )12T4 )12T4 )12T4 )12T4 )12T4 )12T4 )12T4 )1110!2U+K9
M_P#7RG]:O51U+K9_]?*?UJ]0 4444 >7_$[_ )&&W_Z]%_\ 0WK%\/V'VJXD
MG>$316X!\H_\M')PB?BQ'X UM_$S_D8;?_KT7_T-ZL)I[:+X:M9DDQ-.'N6Q
MV(C.P?AG/UH H:OJT=E']A;9>W,?$A8X@B/]Q$& <>IK-L==^SW"O-9V[KW,
M*>2X^C)BLAB68EB23U)I* .OU2S75;)[B&47!V&>"9E D95^_&^.K+D'/I6'
MX:_Y&33?^OE/_0JTO![L;@1[B56>-L=L-E&'X@_I3QI/]C^/+.T#;D^TQNA_
MV2W% 'K%%%% "$ C!&12!$&<*HSUP*J:Q?'3=+GNPF]HU^52< DG S^)JA=W
MFI6-FOVJXL5GDD"QE(9'SP20$!))_'I0!M-M(PV"/0U!>V<5]926LA98I5VM
ML.#CTKE9=0DU,6%Q,@23[/>HP (&5 '0\CIT-7;V>ZM_ UK-9RB*18(<L02<
M?*..:/Z_,#I%4(H50 H& !VI<@=Q6%-?ZJ;F6TMVL_.M8!+,[HVUR<X51NR!
M@=236'?W@OTO+L(4\ZULWV^F931NPV7]?UU.YI!M)##!]ZYOQ7J#RZ)?P6Z3
MQ-& '>6!U1EW $*W /7\LTZ*[O;"Y>RBCLDM;*V6>41QLN<[LA1GCIWHOU Z
M2BN4M_$]\MM)=W-FSV_V9IP5MY(PA&,*6;ALYZBK^AZI?WER\5W;D)Y8D646
MTD*@YY7Y^OU%%@-LD <D >] 4#& ..E8/B=O,NM'M&_U<]XI<>H49 _.N?EN
M;C_A(&F,\_D+J(C^VB1MBKC_ %.SIUXSTH6O]>G^8/3^O7_([THI&"H(SGIW
MI<#T'K7 BZN5B@U<7$YNY-4,#1^82ICR1LVYQVI^ERS,=#O6N9I)=1DE2Y1Y
M"RNO/\/08QVH6H/0[HJKX) ;'([U4U.UO+JU6.POA8R!@2_DK)E<'Y<'\/RK
M)\+W@MO#$K3DF.Q>5,]<JI)_EQ6+H&I-J&OW(DU!Y&O+0L(HI2-C9^XO8$*.
MOUHZZ ;G]C^(>?\ BIQSU_XE\?\ C2-HWB!UVMXF#+Z'3XS_ %K(L=3;1+G6
M#<+<0>5"DD5G-,9>3QNW9(Y)'>E\+:PEO<ZI]HO9K\YC<>6&D)R/F*J.P)Q^
M5 &O_9'B'_H9_P#RGQ_XU#<^'-:NK62VF\1AH9/O*+!%S^1JIXJ>5/)U*%;Z
M",M&QNC,0L*DX(\K.?KQWI^LV,<NOV%O97%T+BYD\^9A<-M6(=<#.!GH*%J&
MQ=71O$"C"^)@ >PT^/\ QH71=?50J^)5 '8:?'_C38EG@\=&-KN>5)+-I-CM
M\J_/@  <<#\:R+5M2L]9T[[4EZEY-=ND[O)F*5#G 49[#VXH6M@>ES9.C>("
M<GQ,"1QDZ?'_ (TO]C>(-V[_ (28;L8S_9\>?YU3\27-S:^([6Y@DD\NUMC/
M)&#PZ;P&X^A)_"FOJ$ESXHMKY)G-BC2PQJK?*^V,EFQWYX_"CI<"Z-%U]5VK
MXE 7T&GQX_G6KIEM>6ULR7]_]NE+DB3R5CPN!Q@?CS[UD6^MZABQN+E+8V^H
M!C$D8;?%\I9<G.&X'/ J*W\17\5O;W5_%;-%<VDEPBPA@5* '!))SG/X>] '
M3X48P!QTI<#T'K7)B[OTU>UN[^2S7.GRRH5#*JY*'#<G...13H_$E\B732)%
M*ML8I'<6\D68F)#$*QSQC(/2@#J=B[]^T;CQG'-&%&. /2L_3[Z?4$O9(O*6
M))6CMWP3NVC!8\\C=GICI7-I-J=QHNCS2SP2SO?+Y3,K<??'S<\_ABC_ ('X
M@=;-913WMO=2;B]ON\L9^7+#!./7'\ZG*J6#%1N'0XY%<Y_;6ILL5LB6OVLW
MKVCNRMLX4MN SGTXS2W6LZE&E]<1+:F#3B%F5@VZ4A06VG/RCGC.: .BV*6W
M;1GUQ3JYZ37[@6>I3K'%FUN8XHP0>5;9UYZ_,:BBUZ^NM:%K;FU,8N7B>/RW
M9T1>KEL@<XQT[]Z \SI0<]*6N2\.WM[:PZ?%((&L[J>6) H/F*06;).<=CQB
MNMH *JZI_P @VY_ZYG^56JJZI_R#;G_KF?Y4 /L_^/*#_KFO\JFJ&S_X\H/^
MN:_RJ:@ HHHH **** "EI*6@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "DI:2@"EJ76S_ .OE/ZU>JCJ76S_Z^4_K5Z@ HHHH \O^)O\
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MKN&1D"LJRUP6]A]IN=1CU/>Z1A+2$!D9L\'YCF@#2BT/3XHXT2$A8Q(%R['
M?[W?O4\FG6LNF_V>\>;;8(]F3T'3GKVK.;7$MY[A[D3HJ0Q.+<Q#>&8D  @\
MDD=.GO45EK5Q+?:EYEI=E81$$MMB[U+ Y[XQ[YQ0!<F\/V$ZH)!.2B>67$[A
MG7.=K'.6'UJ631K"4.&@ #I'&0K$#:ARH&.F#4%IK]K<RPQ>7-%)*[Q8<#Y'
M09*D@]<<C&:2[UH#P]-JEG$6"@[/,'!PVW=QV[_2@#0O+2"^M7MKE-\3XW+D
MC.#GM2"RMQ<RW'EYDE01N2<@J,X&.G<UEZ-J<L^IW%C+>6]Z$B659H  .205
M(!/L?QJT^L1Q:A':36MS&)9/+CF=0$9L9P.<]NN* "WT.QM@Z(LK1,AC\J29
MW15/4!2< 5+8:7;Z>6,#3G(V@2S.X4>@#$X%-U+5(]/D@C,$\\MP66-(5!)(
M&>Y&*JV7B.VO9X(TM[J-;@E4DDC 4N!DKUSD8/MQUH L:QIK:@MJT4@CFMIU
MF1F&1QU'XBF'P]I9O/M7V;YS)YI7S&V;_P"]MSC/X5:U.Z:QTVXNDB,K11E@
M@[X_I6?#X@W6EHS6-T;JY3<MN@7<0 "6^]@+SW.:%_7]?(&3IH&F1ZA]M6V
MFWF3[S;0QZL%SC/OBDM] T^SN&NK2V5)\-L)9BJ$]<#.!GVJS:7R7^GBZM!N
MW [4D^4AAQM/IR,5C+K5]#I-_-<"!KJ&[^S1A 0@)V@>Y W4>0>9J:)IW]E:
M7%:E_,<99W QN8G)/ZT^?2K*XN)9Y8=TLL7DNVXC*9SCKZ]^M5=-NKQ=5N=.
MOI8YVCB29)4CV9!)!!&3T(IK^([:.YDB:VNA'%/Y$D^P>6KG&.<YQR.U&_\
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M)VE<[<=LUTM% %*/2K.)+9$B(6VD:2+YC\K'.3[_ 'C5VBB@ JKJG_(-N?\
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MD>UFEA5T(NK;S$96<MTSP1GKFNFHH AM(/LUI%#^[^10/W:;%_!>P]JFHHH
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ JIJAQIESG_ )YFK=9?B";R]-9!]Z0X'T')_E0!
M=M!BS@'_ $S7^535';_\>\7^X/Y5)0 4444 %%%% !2TE+0 4444 %,EE2&)
MY9&"H@+,3V I]5[X0-93+=,%A9"')., TGMH5%)R296LM8AO9 J6]RBL"R22
M1X5P/0T^'5;>?3'U!!)Y*AB01\W'6L?3IY;#4X-.AO4OK21"5Q@M$ /451LK
M6[?PM+,E^R0!')@\L$'KGGKS6/M';Y'I/"4[WO975M]G?RWT.HDU&"+3!?ON
M$)0/TYP>GX\T6NI6]WIYO8MWE ,2".1CK6!=RO+I^C6,433%D262->I51T_S
MZ4NGS/!)JUG+"T'FQO/'&Y&1D'/3_/%-U'=D_5(\C?6_X7L:EOXAM)GB4QW$
M*S'$;RQX5C[&EFUV"*ZEMUMKN9XB YBBW ?K6!;+*EMH[7TN^P:3Y54!=CY.
M,GN*MPEQKNJ;-32Q'F)D,JG?P?[WI_6DIRV-986DF[=$^_>W:_X&]'?Q27YL
MPKB41"4Y&!@_UYI(M2MY9+M<E/LIQ(S# '^<5CSPSW/BJ06MV;<_90V]4#Y&
M1QS5+R)_L6OQ>89I5=-S[<%L')X'M0ZC73N91PM.26O2/RNTC8'B2SX=H;I8
M"<"X,7[L_C5]K^$7\5G\QDE0R*0/EQ]:QK[4;%_"WEI-&S-"J+$"-V[CC%1H
MRV6L:5]KD6+99;6,C  ''3)JN=IVN#PT&FU%IZZ=[(UK[6(+*[6V:&XEE*;\
M1)NXSC^E.@U>TN+.:YB9BL )D4KAEP,]*SI+NW7Q7%.UQ$(39\2%QM/S'O54
M.ES<:]=V_-N;<IO'1F"\XJ7-_G^ +#0<5=-:)W]7:QL6.LQ7TBK';7:JP)$C
MQ87'US4$7B6RD".T=S'$[;1*\7R9^M0^'F86L ;5(Y08L+;!5!7\1R<5AP),
M-#M'N9=VFF?$D:C#+R><]Q0YR5C2.%I.<D^C2Z^?=;Z>GF=W12#! (Z=J6MS
MR0HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *2EI*
M *&L && 'IYZ_P!:CTN7R'-E(>F6A)[KZ?45)J_^JM_^NZ_UJO/"LR $E6!R
MK+U4^HH V**S(-2,1$5]A#T$H^ZWU]#6D"& *D$'H10 M%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%13W$-NF^:147W/6@"0D $
MD@ =2:P+Z7[:L]Q_RR1&6+W]6JQ//)J'RA6BM>X/#2?X"F7@"V,P   0X H
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M]B8T*DH\R6G^7EN:U%%%48A1110 4444 %%%% !1110 4444 %%%% !1110
M4E+24 4-7_U5O_UW7^M,I^L<00GL)TS_ "IE ",H8$, 0>H-0+:K&<V\DD'M
M&W'Y=*L44 1?Z=VOVQ[Q*?Z4F;__ )_S_P!^EJ:B@"'-_P#\_P"?^_2T9O\
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M% !1110 57NAYAA@'6610?IG)_E5BFV2>?J#2_P0#8#_ +1Z_D/YT :E%%%
M!1110 4444 %+24M !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %)2TE !6=JD#*5O(E)>,8=1_$G_UNM:-% &6CK(@=#E6&0:=45S;M82-
M+$I:U8Y=1UC/J/:GJRNH92"IZ$4 .HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHJ*>=80."SMPJ+U8T )<2LBJD0W32':B^_K]!6
ME9VXM;9(@<D<LWJ>YJOI]FT9-Q<8,[C&!T0>@J]0 4444 %%%% !1110 4M)
M2T %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4E+24 %%%%
M !6;-IK1,9+%@N3EHF^Z?IZ5I44 8HNE1_+N%:"3T?H?H>AJ<$$9'(K1=$D4
MK(BNI[,,BJ;:3;9)B,D!/_/-R!^72@".BE.F3 82^D'^\BFF_P!FW/\ T$&_
M[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;_OTM "T4G]FW/_00;_OTM']FW/\
MT$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;_OTM "T4G]FW/_00;_OTM']F
MW/\ T$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;_OTM "T4G]FW/_00;_OT
MM']FW/\ T$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;_OTM "T4G]FW/_00
M;_OTM']FW/\ T$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;_OTM "T4G]FW
M/_00;_OTM']FW/\ T$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;_OTM "T4
MG]FW/_00;_OTM']FW/\ T$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;_OTM
M "T4G]FW/_00;_OTM']FW/\ T$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/_00;
M_OTM "T4G]FW/_00;_OTM']FW/\ T$&_[]+0 M%)_9MS_P!!!O\ OTM']FW/
M_00;_OTM "T4G]FW/_00;_OTM']FW/\ T$&_[]+0 M,>1(UW.P4>I.*D_LMF
M_P!9>3D?[.%_I4T.FVL3;Q%O?^](=Q_6@"BDDUUQ9Q97_GJ_"CZ>M7K.P2V8
MR,QEG8?-(W\AZ"K=% !1110 4444 %%%% !1110 4M)10 M%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4E%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %+244 +1244 +1244 +1244 +1244 +1244 +1244 +1244
M +1244 +1244 +1244 +1244 +1244 +1244 +1244 +1244 +1244 +1244
M +1244 +2444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
)110 4444 ?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
