Another dimensionof private realestate investing

1. Source: Clarion Partners Investment Research, NCREIF, Bloomberg, REIT.com as of 2Q2025. Note: Private Equity Real Estate Index = NFI-ODCE is used as a performance benchmark for core real estate (stabilized institutional quality assets). S&P 500 is one of the best presentations of the U.S. stock market. Bloomberg US Aggregate Bond Index is used to represent investment-grade bonds being traded in the United States. Risk is measured using standard deviation of annual total returns. Past performance is not indicative of future results, and a risk of loss exists. Index returns do not include managements fees or related fees. Data is hypothetical, based on 10-year historical observations.
2. Information is based on historical observations using 10-year average returns as of 2Q2025 using Clarion Partners Investment Research, NCREIF, REIT.com, S&P, Bloomberg, 2Q2025. Please note: 10-year yield average is based on historical trailing 12-month observations for dividend yield for stocks and publicly traded REITs, yield-to-worst for bonds and 12-month income for private real estate. Private Equity Real Estate Index = NFI-ODCE, which is used as a performance benchmark for core real estate (stabilized institutional-quality assets), Bonds = Bloomberg US Aggregate Bond Index, Stocks = S&P 500, and Public REITs = NAREIT All REITs. Past performance is not indicative of future results, and a risk of loss exists.
3. Information presented is based on 25-year historical U.S. Real Estate Income and Inflation observations as of 2Q2025 using Clarion Partners Investment Research, NCREIF, BLS, Moody's Analytics, 2Q2025. Note: Real Estate Income Index is based on NPI Quarter-over-Quarter Same-Store NOI growth; Consumer Price Index is CPI All Items seasonally adjusted. Past performance is not necessarily indicative nor a guarantee of future performance.
4. Not all costs are shown. Further information about all fees and charges is available in the Fund's prospectus.

Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus/KID.

Important Legal Information

Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your units.

This marketing material is intended to be of general interest only and should not be construed as investment advice nor does it constitute legal or tax advice and it is not an information document required by any legislative provision nor an offer for shares or an invitation to apply for shares of the Clarion Partners Real Estate Income Fund (the "Fund or CPREX"). For the avoidance of doubt, if you make a decision to invest, you will be buying units/shares in the Fund and will not be investing directly in the underlying assets of the Fund. The value of shares in the Fund and income received from it can go down as well as up, and investors may not get back the full amount invested. Past performance does not predict future returns. Currency fluctuations may affect the value of overseas investments. When investing in a fund denominated in a foreign currency, your performance may also be affected by currency fluctuations.

Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.

Distributions are not guaranteed and the proportion of income and return of capital will fluctuate depending on fund returns. Unlike fixed-income securities, there is no obligation to distribute any fixed amount, and reductions in, or suspensions of, distributions may occur that would reduce yield. Distributions are not an indication of performance, rate of return, or yield. Mutual fund distributions are not guaranteed and are set and may change at the discretion of Franklin Templeton Investments Canada.

Series F is available to investors participating in programs that do not require Franklin Templeton to incur distribution costs in the form of trailing commissions to dealers. As a consequence, the management fee on Series F is lower than on Series A. The gross of fees version of Series F does not exist and as a result, investors cannot purchase Series F securities on a gross of fees basis. Performance would have been lower with fees taken into account.

Series O investors do not pay any of the management fees within the fund but instead pay a separate management and administration fee that they negotiate directly with Franklin Templeton Canada. To qualify to purchase or hold Series O units an investor must meet minimum investment requirements as set out in the fund's current prospectus. For more details on the management and administration fee, please read the prospectus. Performance is presented in Canadian dollars and is gross of fees (before management and custodial fees) of Series O units of the Fund. Taking into account such fees would result in lower rates of return.

Franklin Clarion Partners Real Estate Income Fund is sold pursuant to the Offering Memorandum exemptions to qualified Canadian investors. Each investor must therefore qualify for an Offering Memorandum exemption in their jurisdiction of residence. Generally, this requires that an investor qualify as an "accredited investor" (as defined in securities legislation) and purchase the Fund as principal.

Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors can obtain any fund document by contacting a financial advisor or downloading it from the list of fund documents above.

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