Although information on this site has been obtained from sources believed to be reliable, no representation or warranty, expressed or implied, is made as to the accuracy or completeness of information contained in this site. Any research or analysis contained herein has been procured by Franklin Templeton Institutional for its own purposes and is provided solely to illustrate our research and analytical processes. Opinions contained herein are subject to change without notice. Franklin Templeton Institutional and its affiliates shall not be liable for any loss, whether direct or indirect, arising from use of any part of the information provided.

ATTENTION: Please read these Terms and Conditions carefully before using this Website. By using this site, you agree that the following Terms and Conditions ("Terms") apply to your use of the site, any information obtained from the site, and our products and services. If you do not agree to these Terms, do not use this site or download content from it. If you use any Franklin Templeton Institutional online services, you are also subject to the agreement terms that govern receiving those services.

Terms and Conditions as of February 1, 2001. Please check these Terms periodically for updates.

• Modification of WebSite and Terms
• U.S. Investor Use Only
• Fund Performance and Prospectus Offer
• Copyright and Trademark Ownership Policy
• Linking and Logo Guidelines
• Privacy statement
• General disclaimers
• Internet email
• Jurisdiction and governing law

Modification of Website and Terms
The information on this Website is provided as a service by Franklin Templeton Distributors, Inc., and/or its affiliates that are the Franklin Templeton corporate group of companies (collectively, "Franklin Templeton"); it is not a service provided by the Franklin Templeton mutual funds. We reserve the right to change the Website and these Terms at any time, without notice. If you use this Website after we post changes to the Terms, you accept the Terms as modified.

U.S. Investor Use Only
This Website is intended for residents of the United States only. If you do not reside in the United States, please click here for information on our international Websites or offices, which can assist you with products and services legally available in your place of residence. If you choose to access this site from locations outside of the United States, you do so at your own initiative and risk, and are responsible for compliance with all applicable laws.

Nothing on this site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such solicitation, offer, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

Fund Performance and Prospectus Offer
For more information on any of our funds, contact your investment representative or download a prospectus, which contains important information about a fund's investment goals, sales charges, expenses and risk considerations. Please read the prospectus carefully before you invest or send money.

Franklin Templeton Distributors, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906

Investment return and principal value for our funds will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Past performance does not guarantee future results. Money market funds seek to maintain a value of $1.00 per share, but there can be no assurance that they will. Mutual funds, annuities, separate accounts, and other investment products are not FDIC insured; are not deposits or obligations of, or guaranteed by, any financial institution; and are subject to risks, including possible loss of the principal amount invested.

All of the funds are subject to certain risks. Generally, investments offering potential for higher returns are accompanied by a higher degree of risk. Stocks and other equities representing an ownership interest in a corporation have historically outperformed other asset classes over the long term but tend to fluctuate more dramatically over the shorter term. Bonds, and other debt obligations, are affected by the creditworthiness of their issuers and changes in interest rates, with prices often declining as interest rates increase. High yield, lower rated ("junk") bonds generally have greater price swings and higher default risks. Foreign investing, especially in developing countries, has additional risks such as currency, market volatility, and political and social instability. These, and other risks that particular funds may be subject to, such as specialized industry sectors or use of complex securities, are discussed in each fund's prospectus.

Copyright and Trademark Ownership Policy
Copyright � 1999- 2001. Franklin Templeton. All rights reserved. Except where otherwise noted, the contents of the Franklin Templeton sites on the Internet are the property of a company, which is part of Franklin Templeton, and is protected by worldwide copyright and/or trademark laws and treaties. Except as expressly provided in these Terms, Franklin Templeton does not grant you any rights under any copyright or trademark law. For example, you may not: use, post, or distribute in any way content or material from this Website (including text, images, video, audio, software code, or user interface design or logos), except for personal non-commercial use, in the case of investors or shareholders, that is reasonably related to your purchase, sale, exchange, or use of Franklin Templeton products or services. We reserve the right to terminate your access to our site at any time. No reverse engineering, linking, framing, or modification of any part of this Website is allowed without our written approval - however, limited linking is permitted if done in compliance with all applicable laws and our Linking and Logo Guidelines. Any modification or unauthorized use will violate Franklin Templeton's copyrights and other proprietary rights. See Franklin Templeton trademarks.

Linking and Logo Guidelines
If you would like to create a link to the Franklin Templeton Institutional or Franklin Templeton Websites, you must comply with all applicable laws, these Terms, and the following Linking Guide, unless otherwise authorized in writing. In addition, if you would like to use a Franklin Templeton or subsidiary logo to show the link, you must comply with all applicable laws, these Terms, and the following Logo Guide, unless otherwise authorized in writing. We may revise these Guides, or withdraw these permissions or your permission at any time, without notice.

1. Linking Guide
   To be an authorized link, a site that links to Franklin Templeton Institutional's or Franklin Templeton's Website:
   • May link only to:
   • The homepage of Franklin Templeton Institutional's public site (http://www.ftiinstitutional.com)
   • The homepage of Franklin Templeton's public site (http://www.franklintempleton.com), or
   • The security entrance to Franklin Templeton's Investment Representative secure Website (https://rep.franklintempleton.com/brokers/index.htm), or
   • The homepage of Franklin Templeton's corporate site (http://pub.franklintempleton.com/public/corporate)
   • Must clearly show that the link is to the Website of "Franklin Templeton Institutional" or "Franklin Templeton Investments."
   • May link to, but not replicate, Franklin Templeton Institutional or Franklin Templeton content, and the link must maintain the integrity of our layout, content, and "look and feel."
   • Should not "frame" or create a browser or border environment or advertising around Franklin Templeton Institutional or Franklin Templeton content.
   • Should not misrepresent its relationship with Franklin Templeton Institutional or Franklin Templeton (including suggesting that Franklin Templeton Institutional or Franklin Templeton is sponsoring, endorsing, or affiliated with it or its products and services).
   • Should not present false information about, or disparage, Franklin Templeton Institutional or Franklin Templeton products or services, or otherwise diminish the goodwill in our name.
   • Should not contain content that could be construed as illegal, distasteful, offensive or controversial, and should contain only content that is appropriate for all age groups.
   • Should only use the Franklin Templeton Institutional or Franklin Templeton logos with permission or in compliance with these Guides.
   • The following sentences about Franklin Templeton Institutional and Franklin Templeton's Websites can be used on your Website in connection with the authorized link. If used, it may not be altered in any way:
   • Franklin Templeton Institutional Public site link:
     "Visit ftiinstitutional.com, offering Franklin, Templeton, and Fiduciary Trust Institutional Investment Strategies."
   • Franklin Templeton Public site link:
     "Visit franklintempleton.com, home of Franklin, Templeton, and Mutual Series Funds."
   • Franklin Templeton Institutional Investment representative site link:
     "Visit ftiinstitutional.com, offering Franklin, Templeton, and Fiduciary Trust Institutional Investment Strategies."
   • Franklin Templeton Investment representative site link:
     "Visit franklintempleton.com, home of Franklin, Templeton, and Mutual Series Funds." OR
     "Visit Franklin Templeton's Website for financial professionals to check your clients' accounts, execute transactions, and get sales ideas-without getting junk email in return."
   • Franklin Templeton Corporate site link:
     "Whether you're looking for this premier investment management firm's annual report, or want to check their job listings, visit franklintempleton.com"

    

2. Logo Guide
   An Franklin Templeton Institutional or Franklin Templeton logo used by a third party on the Internet in connection with an Authorized Link:
   • Must be used solely for the purpose of providing an authorized link to the Franklin Templeton Institutional or Franklin Templeton site.
   • Must be the Franklin Templeton Institutional or Franklin Templeton logo approved for this purpose and provided below, in this section.
   • May not be altered in any way.

   Instructions for downloading an Franklin Templeton Institutional or Franklin Templeton logo in connection with an authorized link:

   • Highlight the image. When the menu pops up, select "Save this image as..." and save it to your desktop or other appropriate file.

     

Privacy Statement
To ensure service quality and better serve our customers, Franklin Templeton Institutional and Franklin Templeton expressly reserve the right to access, archive, or monitor any use of this Website.

General Disclaimers
No Warranties. Franklin Templeton Institutional and Franklin Templeton do not make nor imply any warranties about this Website. We disclaim, to the fullest extent permitted by law, any such express or implied warranties, including the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. Our disclaimer may not apply to you if you live in a state that does not allow disclaimers of implied warranties.

Service may be interrupted. This Website may not always be accessible to you. Franklin Templeton Institutional and Franklin Templeton do not guarantee that services provided by this Website will not be interrupted. Periods of volatile or unusual market activity, in particular, may affect systems availability or response time.

You are responsible for your connectivity. You also agree that you are responsible for the means you use to access the Franklin Templeton Institutional or Franklin Templeton Website and understand that your hardware, software, the Internet, your Internet Service Provider, and other third parties involved in connecting you may not perform as intended or desired.

Downloads may not be error free. We also do not promise that any software or other information that you may download or copy will be error free. If any defects are detected, we do not promise that they will be corrected.

Not responsible for third party links. We do not review, and cannot be responsible for, the content or continued accessibility of the services provided or information posted by independent providers who are not affiliated with Franklin Templeton Institutional or Franklin Templeton ("third parties") or third party sites that are linked to our Website, either with or without our permission. We do not represent or warrant that the information or services (for example market data or financial tools) provided by such third parties are suitable for you, timely, accurate, complete or reliable. By providing access to other Websites, Franklin Templeton Institutional and Franklin Templeton are not recommending the purchase or sale of securities issued by any company, nor are we endorsing the products or services provided by such third party.

Not responsible for third party damages. Franklin Templeton Institutional and Franklin Templeton also disclaim responsibility for any damages third parties may cause to you through the use of this site, whether intentional or unintentional. For example, you understand that hackers may breach our security procedures and that Franklin Templeton Institutional and Franklin Templeton will not be responsible for any related damages.

Not responsible for viruses. Franklin Templeton Institutional and Franklin Templeton have no responsibility for viruses or any other damage that may be caused to you as a result of using this Website.

Information may not be accurate or timely. Franklin Templeton Institutional and Franklin Templeton make available the information and materials on this site for informational purposes only. They should not be used or considered as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security. Although Franklin Templeton Institutional and Franklin Templeton intend that the information on this site is reliable and statements of fact have been obtained from sources considered reliable, when you use this Website you also agree that Franklin Templeton Institutional and Franklin Templeton do not represent or warrant that the information or services provided are accurate, complete, timely, reliable, or suitable for you. Moreover, the information and services are general in nature, may not apply to particular factual or legal circumstances, and so Franklin Templeton Institutional and Franklin Templeton is not intending to provide tax, legal or investment advice. Franklin Templeton Institutional and Franklin Templeton have no duty to update the content of this Website.

Cautions about future or "forward-looking" statements. Speculation or stated beliefs about future events, such as market and economic conditions, company or security performance, upcoming product offerings or other projections are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. General business, market, economic and political conditions could cause actual results to differ materially from what we presently anticipate or project.

Internet email
We discourage you from using email for sending confidential or sensitive information. If you send email (encrypted or not) to us over the Internet, you are accepting the associated risks of lack of confidentiality.

Jurisdiction and Governing Law
This site is controlled and operated by Franklin Templeton Institutional and Franklin Templeton from its offices within California in the United States of America. The laws of the State of California govern these Terms. If you take legal action relating to these Terms, you agree to file such action only in the state courts of the City and County of San Mateo, California, or the United States District Court for the Northern District of California, and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.