Peter A. Nori is an executive vice president and portfolio manager for the Templeton Global Equity Group with research responsibility for the global semiconductor and semiconductor equipment sectors, is the information technology sector team leader and the Director of Global Sector Research. In addition, he manages several institutional and sub-advised portfolios across Global, developed and non-US mandates. After joining Franklin Templeton in 1987 as a shareholder services representative, Mr. Nori entered the management training program. He later joined the Franklin Research Department as an equity analyst and a co-portfolio manager of Franklin Convertible Securities Fund. After joining Templeton's Global Equity Research Team in 1994, he specialized in small-capitalization securities on a global basis. Mr. Nori's large-capitalization research responsibilities have included industries within the consumer discretionary, health care, metals and technology sectors as well as country coverage in Latin America and Europe. He entered the financial services industry in 1987. Mr. Nori holds a B.S. in finance and an M.B.A., with an emphasis in finance, from the University of San Francisco. He is a Chartered Financial Analyst (CFA) charterholder and a member of CFA Institute.

Antonio Docal is the President of Templeton Investment Counsel, LLC and the Director of Portfolio Management for the Templeton Global Equity Group (TGEG). Mr. Docal has lead portfolio manager responsibilities for the TIF-International Equity Series and portfolio management responsibility for a number of other institutional commingled funds and separate account relationships. He also oversees the institutional segment of TGEG's global investment management business. Mr. Docal has research responsibility for the U.S. and previously served as the Deputy Director of Research, and in the past has covered various global sectors. Prior to joining Franklin Templeton in 2001, Mr. Docal was a vice president and director at Evergreen Funds, a principal and co-founder of Docal Associates, and an assistant treasurer in the mergers and acquisitions department at JPMorgan. He entered the financial services industry in 1979. Mr. Docal holds a B.A. in economics from Trinity College in Connecticut and an M.B.A. with concentrations in finance and international management from the Sloan School of Management at the Massachusetts Institute of Technology. He is a Chartered Financial Analyst (CFA) charterholder.

Matthew R. Nagle is an executive vice president, portfolio manager and research analyst in the Templeton Global Equity Group, responsible for managing institutional portfolios. He also has global research responsibilities for the US banks sector, electronic manufacturing services and component manufacturer companies. Prior to joining Franklin Templeton in 2003, Mr. Nagle was an associate sell-side analyst for Sanford C. Bernstein & Co., a research associate with ABN AMRO, and an auditor for financial services companies at Coopers & Lybrand. He entered the financial services industry in 1998. Mr. Nagle holds a B.B.A. in accounting from Siena College and an M.B.A. in finance from New York University. He is a Chartered Financial Analyst (CFA) charterholder and a Certified Public Accountant (CPA).

Heather Waddell, Executive Vice President, joined the Templeton organization in 1996. Ms. Waddell is a research analyst and lead portfolio manager on a number of institutional separate account relationships and sub-advised portfolios. Ms. Waddell has research responsibility for the global small capitalization industrials and communication services sectors. Ms. Waddell earned an M.B.A. from the Columbia University Graduate School of Business in New York and a B.A. in economics from the University of California, Santa Cruz. She is a Chartered Financial Analyst (CFA) charterholder and an active member of the Columbia University and the University of California Alumni associations, and the South Florida Society of Financial Analysts.