Conrad Herrmann is a senior vice president and director of U.S. Growth Portfolio Management for Franklin Equity Group. Mr. Herrmann is the lead portfolio manager for the flagship All-Cap Growth strategy for Franklin Equity Group, including the Franklin Flex Cap Growth Fund. He also serves as a back-up manager and in an advisory role on a number of other growth portfolios. Mr. Herrmann first joined Franklin in the summer of 1988, working as an intern in the Marketing Department. He joined Franklin full-time in the Investment Advisory group as a quantitative equity analyst in 1989. That year, he also became a fundamental research analyst, specializing in analysis of the electronic technology sector. Initially involved in the creation of the Franklin Flex Cap Growth Fund, he became the lead manager in July 1993. Prior to joining Franklin Templeton Investments, Mr. Herrmann was a vice president of Aquila Management, a mutual fund group in New York City. He joined the firm in 1983 as a fixed-income analyst. Mr. Herrmann earned his B.A. degree from Brown University and an M.B.A. from Harvard Business School. He is past president and member of the CFA Society of San Francisco and a member of the CFA Institute. Mr. Herrmann is a Chartered Financial Analyst (CFA) Charterholder.

Grant Bowers is a vice president and portfolio manager with Franklin Equity Group. He is the lead portfolio manager of Franklin Growth Opportunities Fund and FTIF Franklin U.S. Opportunities Fund (SICAV). He is also a member of Franklin Global Advisers' U.S. Growth team. Mr. Bowers joined Franklin Templeton Investments in 1993 as a fixed income analyst and in 1998 joined the Franklin equity group as an analyst. His previous research coverage has included the telecom, media, publishing, transportation and business services industries. Mr. Bowers earned his B.A. in economics from the University of California at Davis. Prior to joining Franklin Templeton, he served in the United States Army.