1. Franklin Bissett Dividend Income Fund Income and Capital Appreciation
from High-Quality Securities
Les E. Stelmach, CFA
Senior Vice President, Portfolio Manager
Franklin Bissett Investment Management
Ryan Crowther, CFA
Vice President, Portfolio Manager
Franklin Bissett Investment Management, part of Franklin Templeton Investments Canada.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

2. Topics for Discussion Why Consider this Fund?
Investment Strategy and Approach
Portfolio and Case Studies
Performance
Outlook

3. Franklin Bissett Dividend Income Fund
Reasons to Invest
Broad Sector Exposure
Access to high-quality Canadian and U.S. securities representing over 70% of business sectors
Muted Volatility
Equity exposure is coupled with fixed income and preferred shares for a smoother market experience
Stable Income
Strives for above-average monthly distributions1 since the fund’s inception in 2000
Compelling Risk- Adjusted Returns
Emphasis on equity-like returns, with typical balanced-fund volatility
1. Source: Franklin Templeton Investments and Morningstar Research Inc. Statement based on the fund’s monthly distribution rate compared to the average distribution of the Morningstar Canadian Equity Balanced Category. The definition of monthly distribution rate is in the presentation’s glossary.

4. Canada and U.S. Equity Markets Tend to Complement Each Other
When global GDP growth is:
Below 4%
U.S. equity markets on average outperformed Canadian equity markets
Above 4%
Canadian equity markets on average outperformed U.S. equity markets
S&P/TSX Composite Relative to S&P 500 vs. World GDP Growth (in $US)
2017
Sources: International Monetary Fund and World Economic Outlook Database as of December 31, 2017.

5. Supplement Canadian Equity Holdings with Low Correlation Asset Classes
10-Year Correlation to Canadian Equity Market
U.S. Utilities Sector 0.00
Canadian Fixed Income -0.03
U.S. Health Care Sector 0.13
U.S. Consumer Staples Sector
Canadian Preferred Shares 0.47
U.S. Information Technology Sector
-0.25
0.25
U.S. Equity 0.51
-0.50
0.50
-0.75
0.75
Canadian Equity 1.00
-1.0
1.0
LOW
HIGH
CORRELATION
Source: Morningstar Research Inc. as of December 31, All in CAD$. Canadian Fixed Income, FTSE TMX Canada Universe Bond; Canadian Preferred Shares, S&P/TSX Preferred Share TR; U.S. Equity, S&P 500 TR (WM/Reuters) CAD$; Canadian Equity, S&P/TSX Composite Index; U.S. Consumer Staples sector, S&P 500 Index - Consumer Staples sector $; U.S. Health Care sector, S&P 500 Index - Health Care sector $; U.S. Information Technology sector, S&P 500 Index - Information Technology sector $; and U.S. Utilities sector, S&P 500 Index - Utilities sector $.

6. A Diversified Investment Opportunity
Helps Provide Stability and Offers Competitive Returns
100% Canadian Equity Portfolio vs. A Diversified Portfolio
10-Year Return vs. Risk
100% Canadian Equity
A Diversified Portfolio Provides:
60% Canadian Equity 20% U.S. Equity 15% Canadian Fixed Income 5% Preferred Shares
Risk-Adjusted
Returns
43%
Less Volatility
Sources: As of December 31, 2017, all returns shown in Canadian dollars; Canadian Equity, S&P/TSX Composite Index (CAD$); U.S. Equity, S&P 500 Index; Canadian Fixed Income, FTSE TMX Canada Universe Bond Index; and Preferred Shares, S&P Preferred Stock Index. This should not be treated as investment advice or a recommendation to buy or sell. An index is unmanaged, and one cannot invest directly in an index. It does not reflect any fees, expenses or sales charges.

7. Tap into Attractive Canadian and U.S. Equity Dividend Trends
Breadth of Yield Opportunity Across Equities
Dividend Yields by Sector (%)
Canada U.S.
Sources: FactSet, Toronto Stock Exchange and Standard & Poor’s as of December 31, Copyright © All rights reserved. Dividend yields are based on the S&P/TSX Composite and S&P 500 GICS sectors. Dividend yield is defined in the presentation’s glossary.

8. Investment Strategy and Approach

9. Franklin Bissett Investment Management
A Legacy of Expertise in the Canadian Capital Markets
Founded in 1982 and joined Franklin Templeton Investments in 2000
CAD$20.6 billion in assets under management as of December 31, 2017
Equity strategies: CAD$13.6 billion
Fixed Income strategies: CAD$5.4 billion
Institutional
Traditional Institutional (Pensions)
Insurance Platforms
White Label
Sub-Advisory
Retail
Open-End Mutual Funds
SMA/UMA
Exchange-Traded Funds
High Net Worth
Investment Categories
Fundamental Equity
Active Quantitative Equity
Systematic Beta
Fixed Income
Multi-Asset

10. Key Facts Franklin Bissett Dividend Income Fund Inception Date
Series F: May 31, 1988
Investment Focus
North American Dividends
Asset Category
Canadian Equity Balanced
AUM
CAD$693.1 million
Number of Positions
70–90
Portfolio Yield
4.04%1
Distribution Frequency
Monthly
Source: Franklin Templeton Investments as of December 31, 2017.
1. The portfolio yield is the market-weighted average of the yield to maturity of the fund’s fixed income component and the dividend yield of the fund’s equity component. This measure is gross of fees.

11. U.S. AND FOREIGN EXPOSURE Fixed Income and preferred shares
Strategy Overview
Income and Capital Appreciation from High-Quality Securities
U.S. AND FOREIGN EXPOSURE
Typically 20%–30%
Sector Allocation
Asset shifts are strategic in nature and executed in small increments
Asset and sector allocations are a result of our extensive bottom-up security selection process
Equity Approach
Canadian and U.S. exposures offer enhanced sector diversification
Fixed Income Approach
Primarily investment-grade corporate bonds
Preferred share exposure seeks to enhance income and reduces overall portfolio volatility
Fully invested
Cash balances are normally between 1% and 5%
Equity
75%–85%
Fixed Income and preferred shares
15%–25%
CANADIAN EXPOSURE
Typically 70%–80%

12. Franklin Bissett Investment Team
Proven Capabilities
Our Culture
Culture and business goals driven by performance excellence
Sharp focus on investment management; leveraging the Franklin Templeton platform for support on:
Risk Analysis
Equity Trading
Legal Compliance
Marketing and Distribution
Our Research
Deep industry coverage across all market cap sizes and the yield spectrum
Emphasis on growing income stream over time
Bottom-up oriented fundamental research secondarily supported by top-down macro-insights
Consistent application of Franklin Bissett’s disciplined investment process and objectives for over 30 years
Portfolio Managers
Les E. Stelmach, CFA
Senior Vice President, Portfolio Manager Years of Experience: 19
Ryan Crowther, CFA
Vice President, Portfolio Manager Years of Experience: 16
Franklin Bissett Investment Platform
Premier Team draws insight from 20+ members1
Knowledge of Canadian market dynamics
Bottom-up research expertise
1. Portfolio managers, research analysts and traders from the equity team and the fixed income team.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

13. Investment Process
Building a Fundamental Franklin Bissett Canadian Equity Portfolio
Identify Profitable Companies
High full-cycle profitability
Secular earnings and cash flow growth
Durable business model
Appropriate capital structure
Effective capital allocation 1
Assess Valuation
Estimated intrinsic value based on present value of future cash flows 2
Determine Portfolio Suitability
Portfolio concentration and diversification considerations
Strategy requirements (market cap/dividend constraints) 3
Risk Monitoring, Portfolio Rebalancing and Sell Discipline
Investable Universe
franklin bissett portfolio
The above chart is for illustrative and discussion purposes only. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions.

14. Comprehensive Risk Management
Recognized
Risks are recognized and understood at the security, portfolio and operational level
Rational
Risk decisions are an intended and rational part of each portfolio’s strategy
Rewarded
Every risk has an opportunity for a commensurate long-term reward

15. Portfolio and Case Studies

16. Current Allocation (%)
Asset Allocation (%) 
Canadian Equity
60.99
U.S. and Other Foreign Equity
19.71
Fixed Income
13.54
Preferred Shares
4.98
Cash
0.78
PREFERRED
SHARES 4.98%
FIXED INCOME
13.54%
EQUITY
80.69%
Geographic Exposure (%)
Canada
75.71
U.S. and Other Foreign
24.29
Source: Franklin Templeton Investments as of December 31, 2017.
The definition of cash in this document may not match the definition of “cash and cash equivalents” listed in the fund facts or management reports of fund performance for the fund, which includes bonds that have a remaining term to maturity of 365 days or less that are issued by certain governments, supranational agencies or financial institutions and have a “designated rating” (as defined in Canadian securities law). As such, the cash amounts listed may differ.
Totals may not equal 100% due to rounding.

17. Canadian Equity Sector Exposure
Emphasis on Growing Income Stream Over Time
The Portfolio’s Canadian Equity Exposure is 60.99%
% Canadian Exposure
Sources: Franklin Templeton Investments and FactSet as of December 31, 2017.
Totals may not add up to 100% due to rounding.

18. U.S. and Other Foreign Equity Sector Exposure
Provides Broader Sector Diversification
The Portfolio’s U.S. and Other Foreign Equity Exposure is 19.71%
% U.S. and Other Foreign Exposure
Sources: Franklin Templeton Investments and FactSet as of December 31, 2017.
Totals may not add up to 100% due to rounding.

19. Top Canadian Equity Holdings
Balancing Concentration with Diversification
Name
Weight (%)
Dividend Yield (%)
Canadian Imperial Bank of Commerce
4.12
4.35
Toronto-Dominion Bank
4.02
3.45
Royal Bank of Canada
3.90
3.64
Bank of Montreal
2.94
3.73
Bank of Nova Scotia
2.83
4.01
Canadian National Railway
2.67
1.70
IGM Financial
2.55
5.10
Power Financial
2.30
4.74
Enbridge Income Fund Holdings
2.20
6.87
Enbridge
2.05
4.90
Name
Weight (%)
Dividend Yield (%)
Inter Pipeline
2.05
6.26
Brookfield Renewable Partners
1.92
5.35
Rogers Communications
3.12
TELUS
1.82
4.15
Fortis
1.72
3.53
Brookfield Property Partners
1.61
5.31
Brookfield Infrastructure Partners
1.58
3.87
Freehold Royalties
1.42
4.11
Restaurant Brands
1.40
1.27
Vermilion Energy
1.36
5.65
Total
46.36
Sources: Franklin Templeton Investments and Bloomberg as of December 31, Dividend yield is defined in the presentation’s glossary.
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Totals may not equal 100% due to rounding. The information provided is not a recommendation to purchase, sell or hold any particular security. The securities identified do not represent the fund’s entire holdings and in the aggregate may represent only a small percentage of such holdings. There is no assurance that securities purchased will remain in the fund or that securities sold will not be purchased. In addition, it should not be assumed that any securities transactions discussed were or will prove to be profitable. The portfolio manager for the fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top Holdings list.

20. Top U.S. and Other Foreign Equity Holdings*
Balancing Concentration with Diversification
Name
Weight (%)
Dividend Yield (%)
McDonald’s
1.42
2.22
Microsoft
1.39
1.96
Intel
1.37
2.48
JPMorgan Chase
1.32
2.24
Wells Fargo
2.67
Pfizer
1.28
3.51
Johnson & Johnson
1.27
2.58
Duke Energy
1.19
4.19
Coca-Cola
1.17
3.22
Name
Weight (%)
Dividend Yield (%)
United Parcel Service
1.12
2.78
Procter & Gamble
1.10
3.07
General Mills
1.08
3.36
Kraft Heinz
1.04
3.16
Kinder Morgan
1.01
4.38
Merck
0.96
3.13
General Electric
0.92
3.40
Exxon Mobil
0.74
3.66
Total
19.71
Sources: Franklin Templeton Investments and Bloomberg as of December 31, Dividend yield is defined in the presentation’s glossary slide.
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Totals may not equal 100% due to rounding. The information provided is not a recommendation to purchase, sell or hold any particular security. The securities identified do not represent the fund’s entire holdings and in the aggregate may represent only a small percentage of such holdings. There is no assurance that securities purchased will remain in the fund or that securities sold will not be purchased. In addition, it should not be assumed that any securities transactions discussed were or will prove to be profitable. The portfolio manager for the fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top Holdings list.
*Includes common equity and preferred shares.

21. Fixed Income Sector Allocation
Core Holdings in Corporate Bonds
Corporate Bond Sectors
The Portfolio’s Fixed Income Exposure is 13.54%
Government Bond Sectors
% Fixed Income Exposure
Source: Franklin Templeton Investments as of December 31, 2017.
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Totals may not equal 100% due to rounding.

22. Fixed Income Characteristics
Sharp Focus on Investment Grade Bonds
Credit Rating Distribution1 (%)
Franklin Bissett Dividend Income Fund–Series F
Duration
5.98 Years
Yield to Maturity
3.64%
Preferred Shares Dividend Yield
4.46%
Sources: Franklin Templeton Investments and PC-Bond Research as of December 31, Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Yield to worst and dividend yield are defined in the presentation’s glossary.
1. Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (‘NRSRO’), such as Standard & Poor’s, Moody’s, DBRS and Fitch. The ratings are an indication of an issuer’s creditworthiness and typically range from AAA or Aaa (highest) to D (lowest). When ratings from four or three agencies are available, the middle rating is used; when two are available, the lowest rating is used; and when only one is available, that rating is used. Foreign government bonds without a specific rating are assigned the country rating provided by an NRSRO, if available. Cash and equivalents as well as derivatives are excluded from this breakdown. As a result, the chart does not reflect the fund's total net assets. The fund may be managed to a different ratings methodology based on its Investment Policy Statement. Totals may not equal 100% due to rounding.

23. Brookfield Infrastructure Partners L.P. (BIP.UN)
Case Study: Providing Essential Products and Services for the Global Economy
Company Description: Brookfield Infrastructure Partners L.P. (BIP) is an owner and operator of diverse and critical infrastructure networks globally. The company’s diverse portfolio of assets includes utilities, transport and energy, as well as communication infrastructure. BIP’s assets are located in North and South America, Australia and Europe. Brookfield Asset Management (BAM) is the primary sponsor of BIP, and is strategically aligned with a significant economic interest.
Rationale for Additional Investment
Franklin Bissett Investment Criteria
Risk Factors
BIP boasts an attractive portfolio of diverse, long-life infrastructure assets that provide essential products and services for the global economy. The scarcity and strategic positioning of the company’s assets provide valuable protective moats, while contracted revenue streams enable it to generate stable cash flows. BIP’s strategic relationship with BAM enables the company to leverage its sponsor’s global reach, deep expertise and strong operational capabilities to further enhance the value of its current asset base and strategic positioning as well as to gain access to attractive growth opportunities.
Profit-Driven Growth
Robust growth pipeline of organic and M&A- related opportunities
Attractive return on capital
Valuation
Attractive valuation
Favourable risk/reward profile
Other Positive Attributes
Critical infrastructure
Strong and aligned sponsor
Effective capital allocation
Changes in the political or economic environment and foreign exchange fluctuations in countries in which BIP operates
The case studies shown represent certain examples of the investment managers’ best performing investments and other investments made by the investment manager which were not as successful or that lost money are not shown. The investments may or may not be currently held by funds managed by the investment manager. The case studies are not representative of the overall performance of the funds managed by the investment manager as is demonstrated by those funds’ past performance numbers. Past performance does not guarantee future results and results may differ over future time periods. These case studies are being shown only as examples of what the investment manager is seeking to achieve in managing the fund, but are not necessarily indicative of what has actually been achieved with all of the investments or will be achieved going forward. This is not a complete analysis of every material fact regarding an industry, security or investment and should not be viewed as an investment recommendation. The actions taken with respect to these investments, and their performance, may not be representative of other advice or investments. Factual statements are taken from sources considered reliable, but have not been independently verified for completeness or accuracy by the fund’s manager or its affiliates. These opinions may not be relied upon as investment advice or an offer for a particular security or as an indication of trading intent for any fund.

24. Vermilion Energy (VET)
Case Study: Global Producer Partakes in Premium Pricing
Company Description: Vermilion Energy is an international energy producer with assets in three regions: North America, Europe and Australia. The company has substantially more international exposure than its Canadian peers and this diversification has been a key factor in its success. Vermilion's shareholders have benefited from our international focus through higher realized pricing, more stable cash flows, a more diversified and adaptable project portfolio and better M&A opportunities.
Rationale for Additional Investment
Franklin Bissett Investment Criteria
Risk Factors
Vermilion has been able to grow its international portfolio over time, gaining access to free cash flow generating projects such as Corrib, an offshore Ireland gas-producing unit, as well as conventional assets in Germany, where it is one of a select few acceptable bidders. Because it produces and sells its crude oil and natural gas in international markets, takeaway capacity constraints are much less impactful on corporate realized pricing (unlike many domestic peers).
Profit-Driven Growth
Low corporate declines and high margins result in superior free cash flow generation
Hedging supports stable cash flows
Valuation
Intrinsic value supported by low decline rate, high margins, premium pricing
Attractive risk/reward profile for an energy investment
Other Positive Attributes
The company retains a strong balance sheet, enabling it to acquire and consolidate producing assets
Extended downturn in crude oil and natural gas prices
Revisions to country, provincial or state fiscal terms or environmental legislation
The case studies shown represent certain examples of the investment managers’ best performing investments and other investments made by the investment manager which were not as successful or that lost money are not shown. The investments may or may not be currently held by funds managed by the investment manager. The case studies are not representative of the overall performance of the funds managed by the investment manager as is demonstrated by those funds’ past performance numbers. Past performance does not guarantee future results and results may differ over future time periods. These case studies are being shown only as examples of what the investment manager is seeking to achieve in managing the fund, but are not necessarily indicative of what has actually been achieved with all of the investments or will be achieved going forward. This is not a complete analysis of every material fact regarding an industry, security or investment and should not be viewed as an investment recommendation. The actions taken with respect to these investments, and their performance, may not be representative of other advice or investments. Factual statements are taken from sources considered reliable, but have not been independently verified for completeness or accuracy by the fund’s manager or its affiliates. These opinions may not be relied upon as investment advice or an offer for a particular security or as an indication of trading intent for any fund.

25. Performance

26. Performance Statistics (Net of Fees)
Annualized Returns (%)
Franklin Bissett Dividend Income Fund – Series F
1 Year
3 Year
5 Year
10 Year
Quartile Ranking3 4 3 2 1
Note to GDS: the benchmarks are needed only if a product manager of portfolio manager is presenting
Franklin Bissett Dividend Income Fund – Series F
Overall
3 Year
5 Year
10 Year
Morningstar Rating


Sources: Franklin Templeton Investments and Morningstar Research Inc. as of December 31, 2017.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. The gross of fees version of Series F does not exist and as a result, investors cannot purchase Series F securities on a gross of fees basis. Performance would have been lower with fees taken into account.
1. Inception date is May 31, 1988.
2. Please note the benchmark has been modified since inception. Prior to June 2012, the benchmark used to be 60% S&P/TSX Composite Index, 20% S&P 500 (CAD$) Index, 15% FTSE TMX Canada Universe Bond and 5% Nesbitt Burns 50 Preferred Index. As of June 2012, the benchmark has been updated to 15% FTSE TMX Canada Universe Bond Index, 5% S&P/TSX Preferred Stock Index, 60% S&P/TSX Composite Index and 20% S&P 500 Index (CAD$).
3. Canadian Equity Balanced Category.
Please refer to the “Important Disclosures” slide for additional information.

27. Trailing 12-Month Distribution Paid
Uninterrupted Monthly Income That’s Tax-Efficient
Franklin Bissett Dividend Income Fund – Series F
March 31, 1997–December 31, 2017
Uninterrupted monthly dividends since inception without returning initial investor capital
Source: Franklin Templeton Investments. The trailing 12-month distribution rate is defined in the presentation’s glossary page. For more information on the distributions paid by the fund, please consult the management reports of fund performance for the fund. Distributions are not guaranteed and the proportion of income and return of capital will fluctuate depending on fund returns. Unlike fixed-income securities, there is no obligation to distribute any fixed amount, and reductions in, or suspensions of, distributions may occur that would reduce yield. Distributions are not an indication of performance, rate of return, or yield. Mutual fund distributions are not guaranteed and are set and may change at the discretion of Franklin Templeton Investments Canada.

28. Our Outlook

29. Our Current Outlook
As of December 31, 2017
The Canadian equity market ended 2017 on a strong note, closing out the year at an all-time high
Market volatility remains, with divergent performance between the cyclical components of the marketplace versus more defensive sectors
While the current interest rate environment remains constructive for equities, Canadian economic growth has slowed
Ongoing dislocations within the Canadian equity market have provided opportunities to both buy on weakness and sell on strength
The U.S. market outperformed Canada throughout 2017, in large part reflecting the different sectoral mix in that market (fewer cyclicals, more technology)
We continue to identify suitable dividend-paying portfolio candidates that meet our absolute, relative and risk-adjusted return objectives
The information is not a complete analysis of every aspect of any market, country, industry, security or portfolio. Statements of fact are from sources considered to be reliable, but no representation or warranty is made as to their completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date indicated. The views expressed may not be relied upon as investment advice and are not share class specific.

30. Appendix

31. Supplemental Performance Statistics
Performance Statistics (Net of Fees) – Series F
Returns (%)
As of December 31, 2017
1 Year
3 Years2
5 Years2
10 Years2
Since Inception2,3
Franklin Bissett Dividend Income Fund – Series F
4.74
5.44
7.65
6.29
8.28
Canadian Equity Balanced Category
6.57
5.30
7.27
4.91
5.78
Custom Benchmark1
9.38
7.40
9.98
6.42
8.40
S&P/TSX Composite Index
9.10
6.59
8.63
4.65
6.15
S&P 500 (CAD$)
13.83
14.37
21.24
11.12
4.92
FTSE TMX Canada Universe Bond Index
2.52
2.56
3.01
4.67
5.52
S&P/TSX Preferred Stock Index
13.62
1.11
1.46
3.16
N/A4
Sources: Franklin Templeton Investments and Morningstar Research Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. The gross of fees version of Series F does not exist and as a result, investors cannot purchase Series F securities on a gross of fees basis. Performance would have been lower with fees taken into account.
1. Please note the benchmark has been modified since inception. Prior to June 2012, the benchmark used to be 60% S&P/TSX Composite Index, 20% S&P 500 (CAD$) Index, 15% FTSE TMX Canada Universe Bond and 5% Nesbitt Burns 50 Preferred Index. As of June 2012, the benchmark has been updated to 60% S&P/TSX Composite Index, 20% S&P 500 Index, 15% FTSE TMX Canada Universe Bond Index and 5% S&P/TSX Preferred Stock Index.
2. Annualized.
3. The Fund’s Series F inception date is May 31, 1988.
4. The S&P/TSX Preferred Stock Index inception date is July 19, 2002.

32. Franklin Bissett Equity Group: Years of Experience and Responsibilities
Name
Industry Since
Firm Since
Responsibilities
Garey Aitken, CFA, MBA
Chief Investment Officer
1993
February, 1998
Portfolio Management: Canadian Equity and Dividend Strategies
Tim Caulfield, CFA
VP, Director of Equity Research
1999
January, 2007
Portfolio Management: Canadian Equity Strategies
Research: Financials
Les Stelmach, CFA
SVP, Portfolio Manager
January, 2006
Portfolio Management: Dividend Strategies
Research: Energy
Ryan Crowther, CFA
VP, Portfolio Manager
2002
February, 2008
Research: Materials
Ralph Lindenblatt, CFA
1998
January, 2001
Portfolio Management: Small/Micro Cap Strategies
Research: Small/Micro Cap strategies across all sectors
Richard Fortin, CFA
1996
January, 2009
Jason Hornett, CFA
1997
November, 1997
Portfolio Management: Quantitative Strategies
Andrew Buntain, CFA
VP, Institutional Portfolio Manager
1995
May, 2007
Communication of FBIM process, philosophy and strategies to internal and external constituencies
Izabel Flis, CFA
2001
Portfolio Management: ActiveQuant and Systematic Beta (Employed in ETFs) Strategies
Research: Pipelines and Infrastructure, Retailing, Cable, Broadcasting, Consumer Staples, Telecommunication Services, Utilities
Jayson Moss, CFA
Research Analyst
2004
November, 2011
Research: Consumer Discretionary, Industrials, Health Care, Information Technology
Mike Richmond, CFA
August, 2013
Research: Energy Equipment and Services, Special Situations, Real Estate
Neil Forster, CFA, MBA
2006
March, 2014
Mitchell McCartney, CFA
2011
May, 2011
Special Situations
Chris Lankester
Investment Operations Analyst
2000
November, 2000
Investment Operations
Dino Kurbegovic
Portfolio Assistant
2017
June, 2017
Shelly Wilson
Executive Assistant
February, 2000
Support Portfolio Management Team
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

33. Biography Les E. Stelmach, CFA
Senior Vice President, Portfolio Manager Franklin Bissett Investment Management Calgary, Alberta, Canada
Les Stelmach is a senior vice president and portfolio manager at Franklin Bissett Investment Management. He is co-manager of Franklin Bissett Energy Corporate Class (2011), Franklin Bissett Canadian Dividend Fund (2012) and Franklin Bissett Dividend Income Fund (2012). Mr. Stelmach’s analyst responsibilities include coverage of the energy sector.
Past duties have included responsibility for research coverage for various high yield equity securities, including equities within the healthcare, industrial, and utility sectors. In 2006, Mr. Stelmach joined Franklin Bissett as an income trust analyst. In 2009 he was named vice president and portfolio manager.
Prior to joining Franklin Bissett, Mr. Stelmach was employed by BMO Nesbitt Burns (now BMO Capital Markets) for six years, most recently as a vice president and research analyst specializing in the royalty and income trust sector.
Mr. Stelmach holds a bachelor of commerce degree in finance, with distinction, from the University of Alberta. He is a Chartered Financial Analyst (CFA) charterholder.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

34. Biography RYAN CROWTHER, CFA
Vice President, Portfolio Manager Franklin Bissett Investment Management Calgary, Alberta, Canada
Ryan Crowther is a vice president, portfolio manager at Franklin Bissett Investment Management and has been with the organization since Mr. Crowther shares co-lead manager responsibilities of the Franklin Bissett Canadian Dividend Strategies (2011), including Franklin Bissett Dividend Income Fund (2011), and Franklin Bissett Canadian Dividend Fund (2011). Mr. Crowther's analyst responsibilities include coverage of the materials sector.
Mr. Crowther joined Franklin Bissett in 2008 as an equity analyst and was appointed to his current position in June His previous research responsibilities have included equity research coverage for the materials, energy infrastructure, utilities and retail sectors.
Prior to joining Franklin Bissett, Mr. Crowther was a research associate and analyst at an investment boutique from 2002 to 2007, with coverage of companies in the industrials and materials sectors, among others. From 1999 to 2002, Mr. Crowther played a business development role in a Vancouver-based internet services provider, and was a founding partner of a domain registration company.
Mr. Crowther holds a bachelor of commerce from the University of British Columbia. He is a Chartered Financial Analyst (CFA) charterholder.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

35. Glossary
Average Credit Quality: The credit rating of a bond is an assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment, as well as the availability of assets and extent of liabilities. The average credit quality of a fund reflects the holdings of the underlying issues, based on the size of each holding. Usually we quote the average credit quality as per Standard & Poor's or Moody's credit rating agencies.
Average Duration: Also known as “effective” or “Macaulay” duration it is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. It's an indication of an issue's coupon relative to its maturity. Rising interest rates mean falling bond prices; declining interest rates mean rising bond prices. The bigger the duration number, the greater the interest-rate risk; (or reward for bond prices). The weighted average duration of a fund reflects the effective duration of the underlying issues, based on the size of each holding. This value differs with “Modified Duration” which is modified for the market (dirty) price of an issue.
Current Yield: In general, yield is the annual rate of return for any investment and is expressed as a percentage. With bonds, yield is the effective rate of interest paid on a bond, calculated by the coupon rate divided by the bond's market price. Bonds are typically issued with fixed coupon payments (regular cash payments of a fixed amount). Bonds are typically valued in terms of the their yield - what dollar amount as coupon payments is received as compared to the bond's current market price. For a bond fund the current yield may be the disclosed yield paid out to investors.
Dividend Yield: The dividend yield of a stock is the total amount of dividend per share paid over the previous 12 months, divided by its current price. The dividend yield of a mutual fund is the market-weighted average of the dividend yields of all the stocks in the portfolio. This measure is gross of fees.
Monthly Distribution Rate: The sum of all the income plus any return of capital paid to investors per unit during one month, divided by the fund's month-end unit price. This calculation may exclude capital gain distributions to reflect the normal monthly income stream and is net of all applicable fees.
Portfolio Yield: Market-weighted average of the yield to maturity of the fund’s fixed income component and the dividend yield of the fund’s equity component. This measure is gross of fees.
Standard Deviation: A measure of the degree to which a fund's return varies from its previous returns or from the average of all similar funds: The larger the standard deviation, the greater the likelihood (and risk) that a security's performance will fluctuate from the average return.
Trailing 12-month Distribution Rate: The sum of the monthly distribution rates of the previous 12 months. This measure is net of all applicable fees.
Yield to Maturity: Yield to Maturity (“YTM”) also known as the “Gross Redemption Yield” or “Redemption Yield”. The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupons are reinvested at the same rate.
Yield to Worst: The yield to maturity if the worst possible bond repayment takes place. If market yields are higher than the coupon, the yield to worst would assume no prepayment. If market yields are below the coupon, the yield to worst would assume prepayment. In other words, yield to worst assumes that market yields are unchanged. Normally this value is not aggregated since it varies but if a weighted average value is used for a Fund then the figure will reflect the values of the underlying issues, based on the size of each holding.

36. Important Disclosures
The information presented herein is considered reliable at the present time, however, we do not represent that it is accurate or complete, or that it should be relied upon as such. Speculation or stated beliefs about future events, such as market or economic conditions, company or security performance, upcoming product offerings or other projections represent the beliefs of the speaker and do not necessarily represent the views of Franklin Templeton Investments. General business, market, economic and political conditions could cause actual results to differ materially. The information presented is not a recommendation or solicitation to buy or sell any securities.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. The gross of fees version of Series F does not exist and as a result, investors cannot purchase Series F securities on a gross of fees basis. Performance would have been lower with fees taken into account.
Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
© 2018 Franklin Templeton Investments Corp. All rights reserved. Franklin Templeton Investments Canada is a business name used by Franklin Templeton Investments Corp. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
STANDARD & POOR’S®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. Standard & Poor’s does not sponsor, endorse, sell or promote any S&P index-based product.
Additional Information for Performance Statistics Slide: As of December 31, The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Ratings metrics. The weights are 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for 60–119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Franklin Bissett Dividend Income Fund is rated within the Morningstar Canadian Equity Balanced category. All performance data refers to Series F units. Please refer to for more details on the calculation of Morningstar Risk-Adjusted Ratings and the one-year information. For each of the three-, five- and 10-year performance periods, there were in total 377, 293 and 153 funds, respectively, in the Morningstar Canadian Equity Balanced category.

37. Franklin Templeton Investments Gain From Our Perspective®
Franklin Templeton Investments is a global leader in investment management with clients in over 170 countries. Here in Canada and abroad, we're dedicated to one goal: delivering exceptional asset management for our clients. At the core of our success are multiple independent investment teams—each with a focused area of expertise—from traditional to active quant, alternative strategies, multi-asset solutions and Active and Strategic Beta ETFs. All of these teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. We combine our expertise in Canada with extensive global resources, and a focus on excellence. As a result, we've become a trusted partner to generations of advisors and investors.
Franklin Templeton Investments Canada
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