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Anne Gudefin and Charles Lahr, portfolio managers for the Mutual Series group, have resigned
from the company effective 4 December 2009 to pursue other opportunities. Mutual Series leadership
will continue under Peter Langerman, president, CEO and chairman of the Mutual Series group.
Mutual Series is made up of an experienced team with more than 25 investment professionals with an
average of over 15 years of industry experience. Mutual Series portfolio managers, analysts and
traders have followed the same unique deep-value approach focused primarily on undervalued stocks,
as well as opportunities in distressed securities and arbitrage for 60 years. The group's success
is due to the stability of the Mutual Series strategy and investment style and the talented team of
professionals that come to Mutual Series to practice it.
As a result of the departures, Peter Langerman has named the following Mutual Series veterans to assume new roles:
FTIF - Franklin Mutual Global Discovery Fund
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| Portfolio Managers: |
Peter Langerman |
| Philippe Brugere-Trelat |
FTIF - Franklin Mutual Beacon Fund
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| Portfolio Managers: |
Peter Langerman (since 2005) |
| Dave Segal |
| Deborah Turner |
Peter Langerman, president, CEO and chairman of Mutual Series group, as well as portfolio manager,
has over 20 years of experience employing Mutual Series' deep value approach.
Philippe Brugere-Trelat, who will now co-manage FTIF Franklin Mutual Global Discovery Fund with Peter
Langerman, began his career with Mutual Series in 1984 and has 25 years of experience in the industry.
David Segal, who is a portfolio manager on FTIF Franklin Mutual Beacon Fund, has over 18 years of industry
experience, joined Mutual Series in 2002 and has served as a portfolio manager on U.S. registered Mutual
Series funds.
Debbie Turner, who is a portfolio manager on FTIF Franklin Mutual Beacon Fund, has over 17 years of industry
experience, joined Mutual Series in 1993 and has served as a portfolio manager on U.S. registered Mutual
Series funds.
All other assignments will remain unchanged.
Please remember that Mutual Series' number one goal is to provide investors with funds that
deliver strong risk-adjusted returns over the long-term from smart, well-researched investments.
We are confident in the leadership and the investment teams in place, and we do not expect any
disruption in client service or investment management style as a result of these changes.
This information is intended to be of general information and interest only and does not constitute
legal or tax advice nor is it an offer for shares of the Luxembourg-domiciled Franklin Templeton
Investment Funds. Nothing in this information should be construed as investment advice.
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