Ms. Sarah Kingdon reports

FRANKLIN TEMPLETON CANADA ANNOUNCES COMPLETION OF FUND MERGERS

Franklin Templeton Canada has completed certain fund mergers.

At the close of business on July 7, 2023, units of each fund identified as a terminating fund in an attached table were exchanged for units of the corresponding continuing fund on a taxable basis and were delisted from the Toronto Stock Exchange. Today, July 10, 2023, the units of each corresponding continuing fund were listed substitutionally on the TSX under the same ticker.

In each merger, substantially all of the assets of the terminating fund were transferred to the continuing fund (after reserving sufficient assets to satisfy the estimated liabilities, if any, of the terminating fund as of the merger date) in exchange for a number of units of the continuing fund equal to the number of units of the terminating fund then outstanding.

Final distributions

On July 7, 2023, unitholders of record of the terminating funds received the final notional distributions shown in an attached table.

The notional reinvested distributions were not paid in cash but reinvested in additional units and reported as taxable distributions, with a corresponding increase in each unitholder's adjusted cost base of their units of the particular terminating fund immediately prior to the merger. The additional units were immediately consolidated so that the number of units held by each unitholder, the number of units outstanding and the net asset value of each terminating fund did not change as a result of the reinvested distribution.

Investors are encouraged to speak to their financial adviser about these changes. Franklin Templeton Canada's client service team is also available between 8 a.m. and 6 p.m. EDT at 1-800-387-0830 or service@franklintempleton.ca.

About Franklin Resources Inc.

Franklin Resources is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. In Canada, the company's subsidiary is Franklin Templeton Investments Corp., which operates as Franklin Templeton Canada. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multiasset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4-trillion (U.S.)(approximately $1.9-trillion (Canadian)) in assets under management as of May 31, 2023.

Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investments in mutual funds and exchange-traded funds. Please read the prospectus and fund facts/ETF facts document before investing. Mutual funds and ETFs are not guaranteed. Their values change frequently. Past performance may not be repeated.