Please carefully read these Terms and Conditions of Use (these "Terms"). Your access to or use of this website signifies that you understand and agree to be bound by these Terms. If you do not agree to be bound by or comply with these Terms, do not use this website.

This website is owned and operated by Brandywine Global Investment Management, LLC ("Brandywine Global"). Brandywine Global is a wholly owned, Specialist Investment Manager of Franklin Resources, Inc. (NYSE: BEN) Brandywine Global reserves the right, in its sole discretion, to change, modify, add, or remove portions of these Terms at any time. We suggest that you check these Terms periodically for changes. They can be accessed from the link at the bottom of our website pages. Any changes, modifications, additions to, or deletions from these Terms shall be effective upon posting on this website. If you use this website after we post changes to the Terms, you accept the Terms as changed. Brandywine Global expressly reserves the right to monitor any use of this website.

The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Brandywine Global or its affiliates to any registration requirement within such jurisdiction or country. Brandywine Global is a Delaware LLC registered with the U.S. Securities and Exchange Commission ("SEC") as an investment advisor pursuant to the Investment Advisors Act of 1940. Brandywine Global does not claim that the products or services in this website are available in any particular jurisdiction or appropriate for any particular investor. If you choose to access this website from a location other than the United States, you do so on your own initiative, and you are responsible for compliance with any applicable local laws.

This website does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Nor does this website constitute an offering or recommendation by Brandywine Global of any security, investment management service, or advisory service. Brandywine Global does not provide investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. Brandywine Global does not represent that the securities, products, or services discussed on, or accessible through, this website are suitable for any particular investor. You acknowledge that your requests for information are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security.

All information and content on this website is subject to applicable statutes and regulations, furnished "as is", without warranty of any kind, expressed or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or non-infringement. Any commentaries, articles or other opinions herein are intended to be general in nature and for current interest. Decisions based on information contained in this website site are the sole responsibility of the visitor, and in exchange for using this website, the visitor agrees to hold Brandywine Global, its directors, officers and employees harmless against any claims for damages arising from any decision that the visitor makes based on such information.

Brandywine Global and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

1. any delay, termination, failure, defect, or interruption in the transmission of this website;
2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website;
3. any termination or interruption of your access to this website;
4. your reliance on or use of this website;
5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail;
6. any act or omission of Brandywine Global in making this website available to you; or
7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Brandywine Global or within the control of any other party providing software or services support for this website.

Brandywine Global does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Brandywine Global, you, or any third party.

All content on this website is presented as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. Additionally, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

In no event will Brandywine Global or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website including, but not limited to, (i) loss of anticipated profits, benefits, use, or data, or (ii) injury caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in operation of transmission, computer virus or worm, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information, resulting from the use of or access to this site, even if (i) such damages are reasonably foreseeable, or (ii) Brandywine Global or any other party has been advised of the possibility of such damages. It is possible that all or a portion of the forgoing disclaimers or limitations of liability may not be enforceable in the jurisdiction in which you reside.

You agree to indemnify, defend, and hold harmless Brandywine Global and affiliates, and the officers, directors, employees, and agents of Brandywine Global and affiliates, from and against any and all claims, liabilities, damages, losses, or expenses, including attorney fees and costs, arising out of or in any way connected with your access to or use of this website.

Brandywine Global is not responsible for the content of any site owned by a third party that may be linked to this website via hyperlink. The information to which the user links is neither prepared nor maintained by Brandywine Global, and Brandywine Global has not and will not review or update the information contained in any linked website. Brandywine Global is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the linked website. Use of any website hyperlinked to or from this website shall be at your own risk. Brandywine Global does not endorse or make any representations about the companies, products, or materials accessible through these hyperlinks. If you opt to hyperlink to other websites accessible through the Brandywine Global website, you do so entirely at your own risk. No representation or warranty is provided for any software that you may download from a link from this website.

Through this website, you may have access to information relating to securities, indexes or the securities markets ("Market Data"). Brandywine Global may compile or obtain this Market Data from third parties who are independent of Brandywine Global. Even though the sources of the Market Data provided on this website are believed to be reliable, Brandywine Global is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the Market Data. The Market Data that may be provided is not a complete summary or statement of all available information or data. BRANDYWINE GLOBAL MAKES NO EXPRESS OR IMPLIED WARRANTIES (INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO THE MARKET DATA.

Any Market Data and other information accessible through this website is for personal, non-commercial use. You agree not to reproduce, modify, sell, distribute, broadcast, publish, or use for any commercial or unlawful purpose any Market Data or other information you access through this website.

Any Market Data is provided "as is" and on an "as available" basis. Brandywine Global will not be responsible for lost profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable Market Data or other information. Brandywine Global is not obligated to update or to continue to offer Market Data or other information accessible through this website.

Electronic mail submitted to this site should be considered neither secure nor confidential. Brandywine Global makes no representation whatsoever concerning the security or confidentiality of your electronic messages and makes no representation that any electronic messages submitted through this website will be received by Brandywine Global. Delivery, and timely delivery, of electronic mail is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Brandywine Global therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Such requests, orders, or instructions will not be processed until Brandywine Global can confirm your instructions or obtain appropriate written documentation where necessary.

Furthermore, any communications or material you transmit to Brandywine Global's website by electronic mail or otherwise, including, but not limited to, data, questions, comments, or suggestions will be treated as non-confidential and nonproprietary and will become the property of Brandywine Global. Such communications or materials may be used for any purpose, including, but not limited to, reproduction, disclosure, transmission, publication, broadcast and posting. Further, Brandywine Global reserves the right to use any ideas, concepts, know-how, or techniques contained in any electronic communication you send to this website for any purpose whatsoever.

All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Brandywine Global, unless otherwise noted. The content of this website is protected by applicable intellectual property law. Brandywine Global reserves all rights with respect to intellectual property ownership of all material on this website, and will enforce such rights to the full extent permissible by law. The material accessible on or through this website is accessible for personal browsing and printing purposes only. Users of this website may not otherwise:

1. copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website without the express, written permission of Brandywine Global;
2. use, copy, modify, or display any Brandywine Global name, logo, text, or graphic image without Brandywine Global's express, written permission;
3. display any of the pages, text, images, or other content of this website using "framing" technology without Brandywine Global's express written permission;
4. modify or use the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use; or
5. take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Brandywine Global.

Other users and sites may include a link to Brandywine Global's website by pointing to Brandywine Global's homepage (www.brandywineglobal.com). This Limited License entitles other users and sites to link to Brandywine Global's homepage (www.brandywineglobal.com) only. Linking to other content within this website is prohibited without the express written permission of Brandywine Global. This Limited License expressly prohibits the framing of the content contained in this website content in any way or any other activity that may create a misimpression or confusion among users with respect to sponsorship or affiliation. Any site offering a link to this website under this Limited License must deliver our homepage address as stated above.

You may not use this website in any manner that could damage or overburden any Brandywine Global server, or any network connected to any Brandywine Global server, or in any manner that would interfere with another party's use of the website. Unless expressly authorized by Brandywine Global in writing or as otherwise allowed by these Terms, you may not include the term " Brandywine Global," " Brandywine Global Investment Management, LLC" or any Brandywine Global trademark or executive's name, or any variation of the foregoing, as a meta-tag, hidden textual element or use this website or any of its content in any manner that could create the impression of an affiliation, sponsorship or endorsement by Brandywine Global.

You may not, without the express written permission of Brandywine Global, use any robot, spider, intelligent agent, other automatic device, or manual process to search, monitor or copy this website or the reports, data, information, content, software, products services, or other materials on, generated by or obtained from this website, whether through links or otherwise, provided that generally available third-party web browsers may be used without such permission. You may not attempt to probe, scan or test the vulnerability of this website or to breach security or authentication measures without proper authorization.

Brandywine Global reserves the right to terminate your access to this website at any time, without notice, for any reason whatsoever.

These Terms will be governed and construed under the laws of the state of Delaware. Nothing in these Terms creates any rights or protections that you are not already entitled to by law. If any part of these Terms is held invalid or unenforceable, that part will be deemed modified as necessary to make it effective, and the remaining provisions of these Terms will remain in effect.