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We generally operate our institutional business under the trade name “Franklin TempletonInstitutional”. Through various legal entities, including Franklin Templeton Institutional, LLC and variousnon-U.S. subsidiaries, we distribute and market globally the different investment management capabilitiesof our various investment management subsidiaries under the Franklin, Templeton, Mutual Series, Bissettand Darby brand names. We primarily attract new institutional business through our strong relationshipswith pension and management consultants and through additional mandates from our existing clientrelationships.Our U.S. retirement business is conducted through divisions of FTDI that work closely with sponsors,consultants, record keepers and financial advisors of defined contribution plans, including 401(k) plans,variable annuity products and individual retirement accounts (“IRAs”). We offer our asset managementcapabilities to the U.S. retirement industry through a number of investment options, including sub-advisedportfolios, funds, education savings plans and variable insurance funds.Through our various subsidiaries, we also market and distribute our sponsored investment products toseparately-managed accounts. Our subsidiaries, Franklin Templeton Financial Services Corp. andTempleton/Franklin Investment Services, Inc., also serve as direct marketing broker/dealers for institutionalinvestors for certain of our institutional mutual funds, private investment funds and unregistered funds.E. Trust and CustodyThrough various trust company subsidiaries, including Fiduciary Trust, we offer a wide range ofinvestment management and related services, including trust services, custody and administration, estateplanning, tax planning, and private banking, to high net-worth individuals, families, foundations andinstitutional clients. In addition, we also offer our clients a series of other services, including foreignexchange, performance measurement and securities lending. We provide planned giving administration andrelated custody services for non-profit organizations, including pooled income funds, charitable remaindertrusts, charitable lead trusts and gift annuities, for which we may or may not act as trustee.Our other subsidiaries involved in the trust business, either as trust companies or companies investingin trust companies, include: Fiduciary Investment Corporation, which is incorporated under the New YorkState Banking Law and serves as an indirect holding company for several of our trust company subsidiaries;FTCC, a trust company incorporated under the Trust and Loan Companies Act in Canada; Fiduciary TrustInternational of the South, a Florida state-chartered limited purpose trust company; Fiduciary TrustInternational of California, a California state-chartered limited purpose trust company; Fiduciary TrustInternational of Delaware, a Delaware state-chartered limited purpose trust company; FTCI (Cayman) Ltd.,an offshore trust company holding an unrestricted trust license in the Cayman Islands; and FranklinTempleton Bank & Trust, F.S.B. (“FTB&T”), a chartered federal savings bank. All of the trust companiesreferenced above have full trust powers. FTB&T, among other functions, exercises full trust powers andserves primarily as custodian of IRAs and business retirement plans.F. Private Equity Investment ManagementDarby is primarily engaged in sponsoring and managing funds that invest in private equity andmezzanine finance transactions in emerging markets in Asia, Latin America and Central/Eastern Europe.Darby offers these investment funds through private placements to institutional and high net-worthindividual investors.In addition, Templeton Asset Management Ltd., an investment adviser, sponsors and manages alimited number of private equity funds, which also invest primarily in emerging markets in Asia, LatinAmerica and Central/Eastern Europe.12