Franklin Templeton Investments

The Adelphi, 1-11 John Adam Street, London WC2N 6HT

With 60 years of investment experience, Franklin Templeton Investments has become recognised as a leader for its global stock investments and innovative fixed-income funds. Today, Franklin Templeton Investments manages over £297 billion* in assets and has over 22 million* shareholder accounts, making it one of the largest global asset managers in the world.

Franklin Templeton Investments offers investors in the UK access to distinct investment groups, including Franklin Global Advisers, Templeton, Mutual Series, and Franklin Templeton Fixed Income Group through one point of contact.

Franklin - growth and blend styles. Experts in US equity and fixed income

Franklin employs a bottom-up approach to stock selection looking for companies with the most compelling risk/return attributes and the best potential to achieve consistent, superior, long-term results. Franklin's growth team looks for companies with distinct and sustainable competitive advantage in rapidly growing markets, while the value-driven analysts search for bargains, and a catalyst that might unlock a companies hidden worth.

Templeton - value style, global bargain-hunters. Global equity, fixed income and emerging markets.

Templeton's philosophy is based on a disciplined long-term approach to value-oriented global investing. It employs a bottom-up, stock selection approach from a global universe of stocks. Templeton's strategy is grounded in patience and the belief that on a short-term basis, stocks overreact to news and noise while on a long-term basis, markets are efficient and patience will reward those who have identified undervalued stocks.

Mutual Series - deep value. Unlocking the hidden value for shareholders, wherever it is found.

Mutual Series believes the best way to reduce risk is to evaluate financial opportunity from every conceivable angle. This unique approach is designed to produce superior long-term, risk-adjusted returns with less volatility than the market.

Throughout our entire evolution, our purpose has remained steadfast: to be the world's premier global investment management organisation founded on experience, principles, and diversity of choice and to offer our partners an investment service unparalleled within the financial industry.

* 31 March, 2008

Ian Wilkins Sales Director