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CEO Perspective on Recent Market Events

Greg Johnson, CEO
Franklin Resources, Inc.

Additional Views from Portfolio Managers

November 2011

Dear Valued Client:

As you are aware, global markets are going through a period of increased volatility caused by a confluence of events. Concerns over sovereign credit fears originating in Europe, a potentially slower-than-expected economic recovery in developed economies, and an uncertain regulatory environment have all contributed to swings in the markets over the past several months.

While current market events should by no means be dismissed, we believe they are not likely to derail the global economic recovery. While there are important and significant issues for the global economy to work through, many of the underlying fundamentals appear much stronger today than they were during the financial crisis three years ago.

At Franklin Templeton, we have one of the industry's most experienced teams of investment professionals. They are here to help you pursue your long-term goals across market cycles, keeping an eye on both risk and return potential. Rest assured that our portfolio managers remain focused on their core investment disciplines. First and foremost, this means conducting rigorous, bottom-up analysis of securities. And, in markets like these, our continual emphasis on investment risk management is as important to our clients as it has been to our firm since our founding in 1947.

We are committed to providing you with our portfolio managers' perspectives and insights as events unfold. We have gathered views from across our portfolio teams. Over just the last week, they have shared perspectives on US Fixed Income, Global Fixed Income, European Equities, Emerging Markets, Global Equities and US Equities. Be sure to check back for frequent updates.

We believe that active management serves investors well. We see the important role financial advisors serve in markets like these and encourage investors to continue to seek their counsel. While headwinds remain and the global recovery may continue to be an uneven one, we are confident that investors with a well-diversified portfolio and a patient, long-term outlook will be well positioned in the years ahead.

Greg Johnson, CEO
Franklin Resources, Inc.

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