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 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 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 Web site. 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 online services, you are also subject to the agreement terms that govern receiving those services.

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

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

Restricted Access

This Web site is not intended for the general public residing in Asia (including Hong Kong), residents of Australia and residents of the United States. If you reside in the Australia, please visit our Australian Web site at www.ftInstitutional.com.au. If you choose to access this site from locations in the United States, you do so at your own initiative and risk, and are responsible for compliance with all applicable laws. If you would like information on Franklin Templeton's retail funds, please visit our retail Web site at www.franklintempleton.com.hk.

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 including any of the marketing and selling restrictions in certain Asian countries. IF YOU ARE IN ANY DOUBT about any such restriction, please consult your stock broker, lawyer, accountant, bank manager, or other professional adviser.

Investment Strategies and Services

For more information on our investment strategies and services, please contact your investment representative by visiting our Contact Us page. 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. Mutual funds, annuities, separate accounts, and other investment products 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 investments 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 (where applicable).

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 Web site (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 Web site 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.

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.

Linking and Logo Guidelines

If you would like to create a link to this Franklin Templeton Web site, 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.

Linking Guide
To be an authorized link, a site that links to a Franklin Templeton Web site:

The homepage of Franklin Templeton's public site (http://www.franklintempletoninstitutional.com)

• May only link to the homepage of Franklin Templeton's public retail site (http://www.franklintempleton.com.hk) or the homepage of Franklin Templeton's institutional public site (http://www.franklintempletonInstitutional.com)
• Must clearly show that the link is to the Web site of "Franklin Templeton Investments."
• May link to, but not replicate, 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 content.
• Should not misrepresent its relationship with Franklin Templeton (including suggesting that Franklin Templeton is sponsoring, endorsing, or affiliated with it or its products and services).
• Should not present false information about, or disparage, 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 logos with permission or in compliance with these Guides.
• The following sentences about Franklin Templeton's Web sites can be used on your Web site in connection with the authorized link. If used, it may not be altered in any way:
• Franklin Templeton Public site link: "Visit franklintempleton.com.hk, home of Franklin, Templeton, and Mutual Series Funds."

Logo Guide
A 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 site. Must be the Franklin Templeton logo approved for this purpose and provided below, in this section. May not be altered in any way.

Instructions for downloading the 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 expressly reserve the right to access, archive, or monitor any use of this Web site.

General disclaimers

No Warranties. Franklin Templeton does not make nor imply any warranties about this Web site. 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 Web site may not always be accessible to you. Franklin Templeton does not guarantee that services provided by this Web site 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 Web site 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 ("third parties") or third party sites that are linked to our Web site, 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 Web sites, 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 also disclaims 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 will not be responsible for any related damages.

Not responsible for viruses. Franklin Templeton has no responsibility for viruses or any other damage that may be caused to you as a result of using this Web site.

Information may not be accurate or timely. 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 intend that the information on this site is reliable and statements of fact have been obtained from sources considered reliable, when you use this Web site you also agree that Franklin Templeton does 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 is not intending to provide tax, legal or investment advice. Franklin Templeton has no duty to update the content of this Web site.

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" 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 from its offices within Asia. The laws of Hong Kong govern these Terms.