Collective Investment Schemes in Securities (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from Franklin Templeton Investment Funds ("FTIF"). Commission and incentives may be paid and if so, would be included in the overall costs. FTIF are priced on a forward basis and prices are calculated daily. A prospectus is available on request from FTIF. FTIF is regulated in Luxembourg. Only those FTIF sub-funds that have been approved by the Financial Services Board (“FSB”) in terms of section 65 of the Collective Investment Schemes Control Act, 2002 are available for public sale in South Africa. Franklin Templeton Investments SA (PTY) Ltd is an authorised Financial Services Provider.