dealer use only bissett dividend income fund. 2 for broker/dealer use only. not for distribution to...

Dealer Use Only

Bissett Dividend Income Fund

2

For Broker/Dealer Use Only. Not for Distribution to the Public.

70% of returns were from dividends

Reinvested Dividends Have Provided Greater Returns Over time, total returns from dividend-paying stocks* have been greater than those of non-payers

Source: Morningstar Research Inc., as of June 30, 2012.*Includes dividend payouts, dividend growth and any increase in price. $10,000 initial investment on January 1, 1973. The S&P/TSX Composite Total Return Index includes reinvested dividends and capital gains.

$320,404

$94,583

3


Favourable Tax Treatment of Dividends Dividend Income is Worth More Than Interest Income

Source: Taxtips 2012 Ontario.Assumes 2012 Ontario marginal tax rates: Interest = 46.41%; Eligible Dividends = 29.54%.

After Tax Proceeds of $100

4


Potential Offset To Inflation Actual Dividends Paid Have Increased Beyond Inflation Over Time

S&P/TSX Composite 12 Months Dividend Per Share Headline CPI*

Total Growth: +283%

Total Increase: +26%

Source: Bloomberg, as of June 30, 2012.*Headline Consumer Price Index is not adjusted for seasonality which includes food and energy prices.

Total Growth vs. Inflation Total Growth

5


The Impact of Dividends on Performance

Historically, Dividend Payers and Increasing Dividends have outperformed Non-Dividend Payers, but this has been less consistent in more recent periods

10 Years* 5 Years* 3 Years* 1 Year

S&P/TSX Composite Total Return Index 7.6% -0.7% 6.7% -10.3%

S&P/TSX Dividend Payers 8.5% 0.0% 7.2% -7.7%

S&P/TSX Increasing Dividends 8.7% -0.6% 7.7% -7.2%

S&P/TSX Non-Dividend Payers 2.8% -7.0% 0.1% -31.7%

*Annualized. Source: RBC. Weighted compound average annual total returns as of June 30, 2012.

6


1.Source: Franklin Templeton Investments (FTI), as of 06.30.12, unless otherwise noted. Assets under management (AUM) combines the U.S. and non-U.S. AUM of the investment management subsidiaries of the parent company, Franklin Resources, Inc. [NYSE: BEN], a global investment organisation operating as Franklin Templeton Investments. AUM includes discretionary and advisory accounts, including pooled investment vehicles, separate accounts and other vehicles, as well as some accounts that may not be eligible for inclusion in composites as defined by the firm’s policies. Numbers may not equal 100% due to rounding. AUM may also include advisory accounts with or without trading authority. In addition, the Firm may provide asset allocation advisory services, and if the assets are not allocated to FTI products, then the assets are not included in AUM. Numbers may not equal 100% due to rounding. Please note that the table above does not include all affiliates under FTI.2.Franklin Templeton Multi-Asset Strategies (FTMAS) AUM as of 06.30.12. FTMAS invests in various Franklin Templeton and external investment platforms; AUM for FTMAS is reported under each utilized investment platform, as well as for FTMAS. 3.Each local asset manager may be considered as an entity affiliated with or associated to Franklin Templeton Investments by virtue of being wholly-owned subsidiaries, or other entities or joint ventures in which Franklin Resources, Inc., owns a partial interest, which may be a minority interest. Local asset management AUM includes AUM for Franklin Templeton Investments (ME) Limited and Balanced Equity Management Pty. Limited. Franklin Templeton Investments (ME) Limited and Balanced Equity Management Pty. Limited are both indirect wholly-owned subsidiaries of Franklin Resources, Inc. 4.Bissett Investment Management is not registered with securities regulators. It falls under the registration held by Franklin Templeton Investment Corp. Bissett Investment Management is an operating division of Franklin Templeton Investments Corp.For firms claiming compliance with the Global Investment Performance Standards (GIPS®), figures for the assets under management above may not correspond to the assets under management as defined by GIPS®. For GIPS® purposes, Franklin Equity Group and Franklin Templeton Fixed Income Group are both units of the firm Franklin; Templeton Emerging Markets Group and Templeton Global Equity Group are both units of the firm Templeton.

FRANKLIN TEMPLETON INVESTMENTSTotal Combined Assets Under Management (AUM): CA$719.9 Billion

Franklin Equity Group

Templeton Emerging

Markets Group

Templeton Global Equity

GroupMutual Series

Franklin Templeton

Fixed Income Group

Franklin TempletonLocal Asset Management

Franklin Templeton Real Estate Advisors

Darby

Franklin Templeton Multi-Asset Strategies

Bissett Investment

Management

Established 1947 1987 1940 1949 1970 1993 1984 1994 1982 1982

Focus

U.S. Equity

Global Equity

International Equity

Emerging Markets Equity

Global Equity


Global Equity


U.S. Equity

Distressed Debt & Merger Arbitrage

Global Fixed Income

Regional Fixed Income

Emerging Market Debt

Global Equityand Fixed Income

Regional Equity and Fixed Income

Single-Country Equity and Fixed Income

Global Private Real Estate

Global Real Estate Securities

Global Private Real Assets

Emerging Markets Private Equity & Mezzanine Finance

Infrastructure

Multi-Asset

Fund-of-Funds Strategies

Global Tactical Asset Allocation

Canadian Equity

Fixed Income

Balanced

SMA Programs

StyleGrowth, Value,

Core/HybridCore Value Core Value Deep Value

Single Sector, Multi-Sector

Multi-Sector, Single- or

Multi-Region

Multi-Sector, Multi-Region

Multi-Sector Multi-StyleGARP,

High Quality, Duration Neutral

AUM CA$140.1 Billion CA$46.5 Billion CA$94.9 Billion CA$57.7 Billion CA$323.7 Billion CA$24.8 Billion CA$4.2Billion CA$1.7 Billion CA$29.6 Billion CA$13.6 Billion

Institutional AUM: CA$153.9 BillionSingle Business Development, Relationship Management, and Consultant Relations Platform

EQUITY FIXED INCOME SPECIALISED STRATEGIES

Franklin Resources, Inc.Investment Platform OverviewFranklin Templeton offers a full range of investment capabilities from a broad breadth of investment management platforms

7


Bissett – 30 Years of Canadian Experience and Expertise

• Founded in 1982 and joined Franklin Templeton Investments in 2000

• Bissett AUM as of June 30, 2012: (CAD) $13.6 Billion

• Focus on Canadian capital markets

• Mandates include fundamental equity, quantitative equity, fixed income and balanced strategies

• Fundamental equity strategies include large/mid cap, dividend, high dividend, small cap, and microcap

• Bissett’s goal: superior investment performance and controlled, profitable growth across investment strategies

• Bissett remains an independent investment manager within the Franklin Templeton organization

8


Organizational Chart

Don ReedPresident & CEO

Franklin Templeton Investments - Canada

Chris LankesterInvestment Operations

Analyst

John LuskEVP, Investment Management

Franklin Resources, Inc.

Garey AitkenChief Investment Officer

Bissett Investment Management

Christopher MolumphyEVP/CIO, Fixed Income Investments

Franklin Resources, Inc.

Les StelmachVP/Portfolio

ManagerHigh Dividend

Richard FortinVP/Portfolio

ManagerSmall/ Microcap

Izabel FlisResearch Analyst

Tim CaulfieldVP/Director

Equity Research

Juliette JohnSVP/Portfolio

ManagerDividend &

SMA Programs

Thomas O’GormanSVP/Director Fixed Income

Bissett Investment Management

Farahana Jobanputra

Director Investment

Administration

Ryan CrowtherVP/Portfolio

ManagerDividend &

SMA Programs

Jayson MossResearch Analyst

Bissett is supported by Franklin Templeton’s Global Business Units:

Darcy BriggsVP/Portfolio

Manager

Sevrika FisherTrading Assistant

Jeff JohnsonVP/Portfolio

Manager

Brian CalderBond Trader

Heather McOuattVP/Portfolio

Manager

Portfolio Analysis and Investment Risk

Global Portfolio & Corporate Services

Global Investment Management Services

Global Investment Risk Management

Global Equity TradingGlobal Compliance & Global Investor

Advice Compliance

Leslie LundquistSVP/Portfolio

ManagerHigh Dividend

Mitchell McCartney

Portfolio Assistant

Jason HornettVP/Portfolio Manager

Quant. Programs

Ralph Lindenblatt

SVP/PortfolioManager

Small / Microcap

Shelly WilsonExecutive Assistant

Celine BaumgartenAdmin Clerk

Andrew BuntainVP/Institutional

Portfolio Manager

As of February 7, 2012

Dealer Use Only


10


GROWTH AT A REASONABLE PRICE INVESTMENT STYLE

Invest in high quality equities and income securities to participate in their long-term capital appreciation and dividend growth

Business/Security Attributes - Equities Portfolio Construction

• Proven operational track record

• Higher than benchmark dividend yield

• Consistent dividend policy

• Earnings consistency

• High profitability

• Financial stability

• Reasonable valuation

• Bias toward common equities for growth

• Invests in Canadian and U.S. dividend-paying common and preferred equities

• Invests in Canadian and foreign fixed income

- Overweight credit product

- Diversified portfolio of investment grade issues

- Duration shorter than the DEX Universe

Objective

To provide consistent total returns and below market volatility over a full business cycle

Investment Style and Process

11



• A low-volatility approach to equity and fixed income investing

• Conservative investors seeking:- Capital appreciation- Attractive portfolio yield- Tax-advantaged income

• Each equity must pay a moderate but consistent dividend- Emphasis is placed on a growing dividend stream over time

• Fixed income holdings consist primarily of investment grade corporate debentures- Objective is to generate higher yield than government issues

• Preferred share exposure enhances income and reduces overall portfolio volatility

• Security selection- Growth-oriented issuers that meet our investment criteria are targeted - Objective is to identify securities trading at attractive spreads relative to benchmark

and government issues - Limited to investment grade credits; credit quality of P3 or higher

12


• Portfolio Construction- Invest in at least 6 of 10 S&P/TSX sectors- Set target weights, not target prices, for individual securities

• Risk Management- Rebalance to target weights- Enforce style discipline at total Portfolio level- Sell Discipline

• Deterioration in fundamentals• Excessive valuations


13


• Return Objectives

– Absolute return objective: Target long-term absolute returns that compensate for the related risks

– Relative return objective: Target excess returns relative to the benchmark

• Risk Objectives

– Primary risk objective: To ensure that the absolute return objective is achieved– Secondary risk objective: To maintain less return volatility than the benchmark

• Risk-Adjusted Return Objective

– Target a below market beta and positive alpha

Absolute, Relative and Risk-Adjusted Return Objectives

14


Risk Management

RISK MANAGEMENTOur approach to risk management aligns with our objective to deliver both strong long-term absolute and

risk-adjusted returns

INVESTMENT SECURITY SELECTION• Invest where expected return potential

exceeds our estimate of the associated cost of equity

• Return potential assessed based on long term fundamentals, valuation analysis and consideration of inherently uncertain future fundamentals

• Focus on high quality businesses with appropriate capital structures and long term dividend stability

PORTFOLIO CONSTRUCTION• Target portfolio diversification on an inter and

intra sector basis• Recognize correlations among holdings• Individual weights strike a balance between

minimizing non-systematic risk and allowing for our best ideas to have a meaningful impact

• Variability of security weights in the portfolio is generally less than in the benchmark

PORTFOLIO RISK EVALUATION• Risks are continually reviewed to confirm that exposures are

UNDERSTOOD and consistent with our INTENT and CONVICTIONS

• Portfolio Risk Evaluation is supported by Franklin Templeton Investments’ independent Global Investment Performance Services, Portfolio Analysis and Investment Risk Group

15


Bissett EquitiesInvestment Style and Process

• Sector exposure is an outcome of our bottom up security selection process

• Sector over and under weightings reflect the availability of securities which meet our investment characteristics within each sector

• Due to our disciplined style significant sector over and under weightings occur

• Consequently, the Fund exhibits significant benchmark risk

• However, absolute return volatility is reduced due to our focus on businesses with more moderate revenue/cash flow/earnings volatility

16


Fixed Income Investment Style and Process

• Generate above average yield-to-maturity and stable income- Overweight corporate issues - Rigorous macro research and analysis- Invest at inflection point of yield curve

• Manage investment risk through:- Laddered maturity schedule- Diversify corporate holdings; investment grade credits only- Thorough credit analysis

17


Asset MixAs of June 30, 2012

Canadian Equities, 61.7%Fixed Income,

19.5%

U.S. and Foreign Equities, 14.4%

Preferred Shares,1.6%

Cash,2.8%

18


BDIF* S&P/TSX Composite Difference BPS

Financials 30.1% 32.1% -200

Energy 25.4% 24.7% 70

Telecommunication Services 12.6% 5.3% 730

Consumer Discretionary 8.7% 4.6% 410

Industrials 10.0% 5.9% 410

Information Technology 0.1% 1.1% -100

Consumer Staples 3.4% 3.1% 30

Utilities 7.7% 2.0% 570

Materials 2.1% 20.0% -1,790

Health Care 0.0% 1.6% -160

Total 100% 100%

Canadian Equity Sector ExposureAs of June 30, 2012

Source: Franklin Templeton Investments, Bloomberg. *Bissett Dividend Income Fund, % of Canadian equities.

19


S&P/TSX Composite Index

35 equities owned BDIF* Weight Rank

Enbridge 5.3% 2.3% 10

TELUS (non-voting shares) 5.2% 1.4%** 17

Royal Bank of Canada 4.4% 5.4% 1

TransCanada 4.3% 2.2% 12

Canadian Imperial Bank of Commerce

4.2% 2.1% 14

BCE 4.1% 2.3% 9

Toronto Dominion Bank 4.1% 5.2% 2

Calian Technologies 4.1% 0.0% -

Bank of Nova Scotia 4.1% 4.3% 3

Power Financial 4.0% 0.4% 57

Concentration 43.8% 24.2%

Top 10 Canadian Equity HoldingsAs of June 30, 2012

Source: Franklin Templeton Investments, Bloomberg. *Bissett Dividend Income Fund, % of Canadian equities. **Weight refers to TELUS Corporation.

20


Investment Characteristics BDIF* S&P/TSX Composite

Profitability

• Trailing Return on Equity• Trailing Reinvestment Rate• Trailing Dividend Payout Ratio

17.0%561 bps65.1%

15.3%762 bps41.6%

Growth

• 5 Year Historical Earnings per Share Growth• 5 Year Historical Dividend Growth

0.5%4.0%

4.4%7.9%

Consistency

• Earnings Variability 9.1% 11.4%

Valuation•Trailing Price to Earnings Ratio•Price to Book Value•Current Dividend Yield

13.9x2.2x4.8%

13.6x1.8x3.2%

Other•Debt/Equity•Beta•Weighted Average Market Capitalization

0.52:167% of the index

$20.9 Billion

0.45:1

$25.6 Billion

Portfolio Characteristics - Canadian EquityAs of June 30, 2012

Source: CPMS.*Bissett Dividend Income Fund, Canadian equity component.

21


Source: Franklin Templeton Investments, Bloomberg. *Bissett Dividend Income Fund, % of U.S. and Foreign equities.

U.S. and Foreign Equity Sector Exposure As of June 30, 2012

BDIF* S&P 500 Difference BPS

Consumer Staples 41.0% 11.2% 2,980

Health Care 17.3% 12.0% 530

Energy 15.9% 10.8% 510

Consumer Discretionary 12.4% 11.0% 140

Industrials 7.7% 10.5% -280

Information Technology 4.5% 19.7% -1,520

Utilities 1.0% 3.7% -270

Financials 0.2% 14.3% -1,410

Materials 0.0% 3.4% -340

Telecommunication Services 0.0% 3.2% -320

Total 100% 100%

22


S&P 500

20 equities owned BDIF* Weight Rank

Diageo 8.8% 0.0% -

Philip Morris International 8.4% 1.2% 13

Chevron 8.1% 1.7% 7

Abbott Laboratories 7.7% 0.8% 23

Johnson & Johnson 7.6% 1.5% 8

General Mills 7.6% 0.2% 112

Genuine Parts 6.3% 0.1% 297

Altria Group 6.3% 0.6% 37

McDonald's 6.2% 0.7% 26

3M 6.1% 0.5% 41

Concentration 73.1% 7.3%

Top 10 U.S. and Foreign Equity HoldingsAs of June 30, 2012

Source: Franklin Templeton Investments, Bloomberg. *Bissett Dividend Income Fund, % of U.S. and Foreign equities.

23


Investment Characteristics BDIF* S&P 500

Profitability

•Trailing Return on Equity•Trailing Reinvestment Rate•Trailing Dividend Payout Ratio

27.8%1,454 bps

41.9%

22.2%1,143 bps

27.3%

Growth

•5 Year Historical Earnings per Share Growth•5 Year Historical Dividend Growth

4.9%6.0%

7.8%7.7%

Consistency •Earnings Variability 10.1% 21.5%

Valuation•Trailing Price to Earnings Ratio•Price to Book Value•Current Dividend Yield

13.3x3.3x3.4%

13.8x2.2x2.3%

Other•Debt/Equity•Beta•Weighted Average Market Capitalization

0.85:164% of the index

$117.2 Billion

0.71:1

$110.4 Billion

Portfolio Characteristics – U.S. and Foreign EquityAs of June 30, 2012

Source: CPMS.*Bissett Dividend Income Fund, % of combined U.S. and Foreign equities.

24


Performance Attribution12-Month Period Ended June 30, 2012

•The Fund returned 3.6%*, compared to the Fund’s custom benchmark**, which returned -2.5% for the 12-month period

Contributors:• Canadian equities posted positive returns in comparison to sharp declines in the benchmark index

− Security selection and higher than benchmark exposure to the Telecommunications Services sector led to positive contribution

− Security selection in Industrials (Bird Construction, Russel Metals) added value and outweighed the lack of exposure to railway equities which were also strong during the period

− Security selection in the Energy sector (Mullen Group and Enbridge) contributed to performance during the period

− Low exposure to the Materials sector which was weak due to volatile commodity prices and poor stock performance

• U.S. equities outperformed the benchmark; however, contribution was partly offset as portfolio allocation was lower than the S&P 500 in the blended benchmark

Detractors:• Overweight and poor security selection in the domestic Consumer Discretionary sector

− Thomson Reuters, Reitman’s (Canada) posted disappointing results• Fixed Income was a slight drag on total portfolio performance notwithstanding decent absolute returns

− Overweight spread product and shorter than benchmark duration were negative factors*Series A.**15% DEX Universe Bond Index, 5% BMO Nesbitt Burns Preferred Share Index, 60% S&P/TSX Composite Total Return Index, 20% S&P 500 Total Return Index (CDN$). Please note benchmark has been modified since inception.

25


Performance History (Net of Fees)As of June 30, 2012, Series A

2011 2010 2009 2008 2007 2006 2005 2004 2003 2002


5.2% 11.6% 18.7% -20.0% -3.1% 10.3% 12.7% 9.4% 10.7% -0.9%

Custom Benchmark***

-2.6% 14.0% 24.9% -22.7% 2.9% 13.1% 13.4% 9.2% 15.4% -9.8%

Difference 7.8% -2.4% -6.2% 2.7% -6.0% -2.8% -0.7% 0.2% -4.7% 8.9%

3 Month 1 Year 2 Year* 3 Year* 4 Year* 5 Year* 10 Year* SI**


-1.4% 3.6% 9.9% 10.2% 4.9% 2.0% 5.1% 5.4%

Custom Benchmark***

-3.2% -2.5% 7.1% 8.1% 1.8% 1.6% 5.8% 8.0%

Difference 1.8% 6.1% 2.8% 2.1% 3.1% 0.4% -0.7% 2.6%

Source: FTI, Bloomberg. *Annualized. **Inception Date November 30, 2000.***15% DEX Universe Bond Index, 5% BMO Nesbitt Burns Preferred Share Index, 60% S&P/TSX Composite Total Return Index, 20% S&P 500 Total Return Index (CDN$). Please note benchmark has been modified since inception.

26


Investment Outlook

• Canadian equity benchmarks are now lagging their U.S. counterparts after more than a decade of outperformance due to the greater resources exposure in our benchmark

• Evidence of slower economic growth as well as continued volatility in capital markets may limit the potential for further valuation expansion

• Defensive investments may be positioned for decent relative performance if the current environment persists

• Corporate earnings have been supported by aggressive cost cutting but opportunities to reduce expenses are declining; revenues have not recovered sufficiently to maintain the pace of earnings growth in the absence of more expense reduction

• Investors should expect a period of more modest capital appreciation; more meaningful contribution to total return from dividends than from capital gains is likely in the near term

• We expect that our defensive GARP investment style with an emphasis on yield should continue to deliver attractive returns with low volatility over the long-term

27


Equity Investment Expertise

1. Bissett Income Fund’s new name, as of 06.24.2011; the Fund is an all cap, high-yield equity solution with a target yield of 2.5 times the benchmark yield.2. The target yield of Bissett Canadian Dividend Fund is 1.5 times the benchmark yield. 3. Bissett Dividend Income Fund is an 80/20 equity/bond solution.4. Bissett Canadian Equity Fund has a target yield similar to the benchmark yield.

Fundamental Research Approach

Bissett Canadian Dividend Fund2

Bissett Canadian Equity Fund4

Bissett Dividend Income Fund3

Bissett Canadian High Dividend Fund1

Bissett Microcap Fund

Bissett Small Cap Fund

Quantitative Research Approach

Bissett All Canadian Focus Fund

Bissett U.S. Focus Fund

Sector Fund

Bissett Energy Corporate Class Smaller Market Capitalization Larger

Bissett MicrocapFund

BissettSmall CapFund

Bissett Canadian High Dividend Fund1

Bissett Canadian Equity Fund4

Bissett CanadianDividend Fund2

Bissett Dividend Income Fund3

Dealer Use Only

Appendix

29


Juliette L. John, CFASenior Vice President, Portfolio ManagerBissett Investment Management

Juliette John is a senior vice president, portfolio manager of Bissett Investment Management and has been with the firm since 1994. Ms. John co-manages the Bissett Dividend Income Fund (1998), Bissett Canadian Dividend Fund (since inception), the Bissett Canadian Dividend Program (1998) and the Separately Managed Account program that spans mandates from Large Cap Canadian equities to Dividend and Balanced mandates (1996). She is also a member of the Equity Research Team with research responsibility for the Canadian commercial banks.

Past duties have included portfolio management for institutions (1998), Canadian equity research for various sectors (1995) and equity trading (1994).

Prior to joining Bissett, Ms. John was employed with the securities brokerage division of a Canadian chartered bank.

Ms. John holds a bachelor's degree in commerce from the University of Calgary and earned her Chartered Financial Analyst (CFA) Charterholder designation in 1998.

Co-Lead Manager

30


Ryan Crowther, CFAVice President, Portfolio ManagerBissett Investment Management

Ryan Crowther is a vice president and portfolio manager at Bissett Investment Management. Mr. Crowther shares co-lead manager responsibilities of the Bissett Canadian Dividend Fund (2011), Bissett Dividend Income Fund (2011) and the separately managed account (SMA) platform, as well as equity research coverage of the materials sector.

Ryan joined Bissett in 2008 as an equity analyst and was appointed to his current role in June 2011. His past duties have included equity research coverage of a number of sectors at Bissett, including materials, energy infrastructure, utilities and retail. Prior to joining Bissett, Mr. Crowther was a research associate and analyst at Salman Partners 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 degree from the University of British Columbia. He is a Chartered Financial Analyst (CFA) Charterholder.

Co-Lead Manager

31


• Strong free cash flow generation over time

• Visible runway for earnings growth for years to come

• Consistent dividend increases over extensive time frame

• Industry leader with strong competitive position

• Impressive operational track record

• Disciplined capital allocation

• Strong balance sheet

Enbridge (TSX:ENB)

32


Enbridge (TSX:ENB)As of June 30, 2012

All numbers in Canadian Dollars.Daily pricing of ENB is from January 1, 2006 to June 30, 2012.Source: Bloomberg.

33


• A general contractor engaged in domestic commercial, industrial and institutional projects

• Impressive long term track record of profitability and growth

• Dividend-friendly policy, generally having paid out more than half of its free cash flow historically

• Strong balance sheet profile (significant cash position) provides investors with downside protection in the event of a significant decline in business activity or margins

• Recent acquisition of H.J. O'Connell diversifies Bird’s profile and should prove meaningfully accretive to cash flow over the coming year

Bird Construction (TSX:BDT)

34


Bird Construction (TSX:BDT)As of June 30, 2012

All numbers in Canadian Dollars.Daily pricing of BDT is from February 24, 2006 to June 30, 2012.Source: Bloomberg.

35


Name Industry Since Firm Since Responsibilities

Garey Aitken, CFA®, MBA

Chief Investment Officer1993 February, 1998

Chief Investment Officer

Portfolio Management: Canadian Equity Program

Tim Caulfield, CFA®

VP, Director Equity Research1999 January, 2007

Portfolio Management: Canadian Equity Program

Research: Diversified Financials and Insurance, Information Technology

Juliette John, CFA®

SVP, Portfolio Management1994 May, 1994

Portfolio Management: Dividend & Separately Managed Account Program

Research: Commercial Banks

Ryan Crowther, CFA®

VP, Portfolio Management2002 February, 2008

Portfolio Management: Dividend & Separately Managed Account Program

Research: Materials

Leslie Lundquist, CFA®

SVP, Portfolio Management1992 May, 1992 Portfolio Management: High Dividend Equity

Les Stelmach, CFA®

VP, Portfolio Management2000 January, 2006

Portfolio Management: High Dividend Equity

Research: Energy, Real Estate

Ralph Lindenblatt, CFA®

SVP, Portfolio Management1998 January, 2001

Portfolio Management: Small/ Micro Cap Equity

Research: Small/ Mid Cap across all sectors

Richard Fortin, CFA®

VP, Portfolio Management1996 January, 2009

Portfolio Management: Small/ Micro Cap Equity

Research: Small/ Mid Cap across all sectors

Jason Hornett, CFA®

VP, Portfolio Management1997 November, 1997 Portfolio Management: Quantitative Strategies

Andrew Buntain, CFA®

VP, Institutional Portfolio Manager1995 May, 2007

Communication of BIM process, philosophy and strategies to internal and external constituencies

Izabel Flis

Research Analyst2001 January, 2001

Research: Pipelines and Infrastructure, Retailing, Cable, Broadcasting, Consumer Staples, Telecommunication Services, Utilities

Jayson Moss, CFA®

Research Analyst2004 November, 2011 Research: Consumer Discretionary, Industrials, Health Care

Bissett Equity Group: Years of Experience and Responsibilities

*CFA® and Chartered Financial Analyst ® are registered trademarks owned by CFA Institute

36


Name Industry Since Firm Since Responsibilities

Chris Lankester

Investment Operations Analyst2000 November, 2000 Investment Operations

Mitchell McCartney

Portfolio Assistant2011 May, 2011 Investment Operations

Farahana Jobanputra, MBA

Director, Investment Administration2008 January, 2008 Investment Operations & Administration

Shelly Wilson

Executive Assistant2000 February, 2000 Support Portfolio Management Team

Celine Baumgarten

Admin. Clerk2008 October, 2008 Administrative Duties

Bissett Equity Group: Years of Experience and Responsibilities

37


Sector Sub-Group Analyst Coverage

Energy Les Stelmach

Pipelines, Infrastructure Izabel Flis

Materials Ryan Crowther

Industrials Jayson Moss

Consumer Discretionary Jayson Moss

Retailing, Cable, Broadcasting Izabel Flis

Consumer Staples Izabel Flis

Health Care Jayson Moss

Financials Commercial Banks Juliette John

Diversified Financials & Insurance Tim Caulfield

Real Estate Les Stelmach

Information Technology Tim Caulfield

Telecommunication Services Izabel Flis

Utilities Izabel Flis

Sector Research CoverageCanadian Equity, Dividend and High Dividend Programs

38


Name Industry Start Date Firm Start Date Responsibilities

Thomas O’Gorman, MBA, CFASVP, Director of Fixed Income

1990 June 2010

Director of Fixed IncomePortfolio ManagerStrategy Development & ImplementationEconomic and Credit Analysis

Heather McOuatt, CFAVP, Portfolio Manager

1995 December 1997Portfolio ManagerStrategy Development & Implementation Credit and Sector Analysis

Darcy Briggs, CFA, CGA, FRMVP, Portfolio Manager

1994 January 2005Portfolio ManagerStrategy Development & ImplementationEconomic and Credit Analysis

Jeffrey Johnson, CFA, FRM, MBAVP, Portfolio Manager, Money Market Trader

1997 May 2005Portfolio Manager / TraderCash Management Corporate Paper Analysis

Brian Calder, CFPBond Trader

2000 August 2001Bond TraderBond Market AnalysisProvincial Reviews

Sevrika FisherFixed Income Trading Assistant

2007 October 2010 Fixed Income Trading Assistant

Bissett Fixed Income Group: Years of Experience and Responsibilities

39


Thank YouQuestion Period

The indicated rates of return are historical annual compounded total returns including changes in unit or share value and reinvestment of all distributions and dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. 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 and 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 Corp. General business, market, economic and political conditions could cause actual results to differ materially from what the speaker presently anticipates or projects. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Franklin Templeton Investments is one of the world’s largest publicly-traded investment management companies,

delivering a truly global perspective to investors for over 60 years. With values that have withstood the test of time,

Franklin Templeton Investments provides global and domestic investment advisory services to the Franklin,

Templeton, Bissett and Mutual Series funds and institutional accounts, including private wealth management

solutions through Fiduciary Trust Company of Canada.

www.franklintempleton.ca

Franklin Templeton Investments Corp.5000 Yonge Street, Suite 900, Toronto, ON M2N 0A7Client Services Toll-free: 1.800.387.0830 Fax: 416.364.1163Sales Team Toll-free: 1.800.897.7286 Fax: 416.364.1320TTY: 1.800.908.8145

Founding Member of The Canadian Coalition for Good Governance

Canadian offices: CALGARY • HALIFAX • OTTAWA • MONTREAL • TORONTO • VANCOUVER • WINNIPEG

U.S. offices: FT. LAUDERDALE • FORT LEE • LOS ANGELES • MIAMI • NEW YORK CITY • NORWALK • RANCHO CORDOVA • SALT LAKE CITY SAN MATEO • SHORT HILLS • ST. PETERSBURG • WASHINGTON D.C.• WILLMINGTON

International offices:ABUDHABI • AMSTERDAM • BEIJING • BRUSSELS • BUENOS AIRES • CAPE TOWN • CARACAS CHENNAI • DUBAI • DUBLIN EDINBURGH • FRANKFURT • GENEVA • HONG KONG • HYDERABAD • ISTANBUL• JOHANNESBURG • LONDON • LUXEMBOURG MADRID • MELBOURNE • MEXICO CITY • MILAN • MOSCOW • MUMBAI • NASSAU • PARIS • POZNAN • RIO DE JANEIRO SAO PAULO • SEOUL • SHANGHAI • SINGAPORE • STOCKHOLM • SYDNEY • TAIPEI • TOKYO • VIENNA • WARSAW • ZURICH

NYSE: BEN

Bissett Investment Management is part of Franklin Templeton Investments Corp. Fiduciary Trust Company of Canada is a wholly owned subsidiary of Franklin Templeton Investments Corp.

dealer use only bissett dividend income fund. 2 for broker/dealer use only. not for distribution to...

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