The Protected Cell is dedicated to investing, on a Shariah-compliant basis, in one or more share classes (each, an “Underlying Share Class”) of Franklin Templeton Shariah Funds – Franklin Shariah Global Multi-Asset Income Fund (the “Underlying Master Fund”). The investment objective of the Underlying Master Fund is to maximise income while maintaining prospects for capital appreciation. The Underlying Master Fund will primarily invest in a diversified portfolio of Shariah-compliant equity and fixed income securities (including noninvestment grade securities) issued by government, government-related and corporate entities located in developed, developing and emerging countries.

Considering the investment objectives, the Fund may appeal to Investors looking:

• for income and prospects of some capital appreciation by accessing a portfolio of both equity and fixed income securities via a single fund,
• to invest for the medium to long-term.

Potential investors should be aware that an investment in the Protected Cell involves a high degree of risk and is suitable only for investors who fully understand and who can bear the risks of such an investment for an indefinite period. Listed below are the 'Certain Risk Factors' relating to an investment in the Protected Cell:

• Credit risk: the risk of loss arising from default that may occur if an issuer fails to make principal or interest payments when due. This risk is higher if the Fund holds low-rated, sub-investment-grade securities.
• Currency risk: the risk of loss arising from exchange-rate fluctuations or due to exchange control regulations.
• Derivative Instruments risk: the risk of loss in an instrument where a small change in the value of the underlying investment may have a larger impact on the value of such instrument. Derivatives may involve additional liquidity, credit and counterparty risks.
• Emerging markets risk: the risk related to investing in countries that have less developed political, economic, legal and regulatory systems, and that may be impacted by political/economic instability, lack of liquidity or transparency, or safekeeping issues.
• Foreign Currency risk: the risk of loss arising from exchange-rate fluctuations or due to exchange control regulations.
• Shariah compliance risk: the risk that the restriction to invest only in Shariah-compliant securities may place the Fund at a comparative disadvantage vs. funds that do not have this restriction. Returns to shareholders may also be reduced due to payments to Shariah approved charities to “purify” dividends.

All potential investors must carefully read the sections entitled "Certain Risk Factors and Potential Conflicts of Interest” in the Prospectus and Supplement for a full discussion of all the risks before making an investment in the Protected Cell.