It is with great sadness that we share the unexpected passing of our good friend and long-time colleague Gary Motyl, chief investment officer for Templeton Global Equity Group. Gary has been a highly regarded leader in the Franklin Templeton family for over 30 years, starting as the third investment professional to be hired by Templeton's founder, Sir John Templeton. His leadership has helped to guide and shape the Templeton Global Equity team, who continue to adhere to the value-oriented investment philosophy that Templeton has championed for 70 years. Gary will be greatly missed and our thoughts are with his family, friends and colleagues at this very difficult time.

Over the years Gary has developed a strong group of analysts, portfolio managers and leaders within the Templeton Global Equity Group (TGEG). The TGEG will continue to be managed and supported by an experienced leadership team that includes Norm Boersma, President of Templeton Global Advisors Limited; Cindy Sweeting, Director of Portfolio Management, and Heather Arnold, Director of Research. Each has more than 25 years of industry experience and worked with Gary for many years. This dedicated team will provide leadership, expertise and continuity for our clients with the support of the other 36 Templeton portfolio managers and analysts in offices around the world.