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Franklin China Sea elastic market equity funds report the fourth quarter of 2009 _ Finance

Fund Manager: Franklin Templeton Sealand Fund Management Co., Ltd. National Fund Custodian: Agricultural Bank of China reports sent Date: January 20, 2010 § 1 Important fund managers and directors of the Board of Directors contained in this report information is not false, misleading statements or material omissions, and the authenticity of the content, accuracy and completeness of the joint and several liability. Fund Custodian Limited Agricultural Bank of China under the contract in accordance with the Fund, in January 15, 2010 review of the financial indicators in this report, net worth and portfolio performance reporting and other content, review content to ensure that there is no false, misleading statements or material omissions. Fund managers are committed to honesty, diligence and application of principles of management of fund assets, but does not guarantee the profitability of fund. The Fund's past performance is not indicative of future performance. Investment risk, before making investment decisions investors should read the prospectus of the Fund. Financial information in this report are unaudited. The reporting period from October 1, 2009 until December 31 only. Fund Fact Sheet § 2 § 3 the main financial indicators and the performance of the Fund 3.1 The main financial indicators of net unit: RMB Notes: 1. The fund performance indicators do not include the holder of the subscription or transaction fee fund (for example, open-end fund's purchase redemption fees), included in the fee level is lower than the actual income figures listed. 2. Current period realized gains that the Fund interest income, investment income, other income (excluding changes in fair value gains) after deduction of costs associated with the balance, the current profit plus realized gains for the current period changes in fair value income. 3.2 3.2.1 of this report the performance of the Fund net of fund shares and their growth rate compared with the same benchmark rate of return performance comparison of 3.2.2 from the Fund since the agreement came into effect changes in the accumulated share of the net growth rate and its performance compared with the benchmark rate of return over the same period Comparison of changes in elasticity of the market value of China Sea Franklin Equity Securities Investment Fund, the net growth rate of total return performance benchmark with the historical trend comparison chart (June 14, 2006 to December 31,[link widoczny dla zalogowanych], 2009) Note: 1, the fund Fund effective date of the contract June 14, 2006. The Fund Jiancang 6 months of the end of the investment ratio consistent with the Fund contract. 2, the end of the reporting period, the proportion of the investments of the Fund consistent with the fund contract. Fund the contract agreed on the Fund's investment ratio is as follows: \Among them, the Fund reserves of cash and investments in government bonds within one year the proportion of total net assets of not less than 5% of the Fund. \As stock market volatility, fund size of listed companies merger or change of fund managers and other causes beyond the portfolio do not meet the agreed ratio, the fund manager shall, within 10 trading days to be adjusted to meet the standards. Laws and regulations, except as otherwise provided. 3,[link widoczny dla zalogowanych], the Fund of the reporting period to comply with laws, regulations and the restrictions on the fund contract and securities investment. § 4 Report Manager 4.1 Fund Manager (or Fund Manager Group) 4.2 Introduction to the Manager of the operation of the Fund during the reporting period the situation of compliance and trustworthy description of the reporting period, the fund managers strictly abide by the \and other relevant laws, regulations, and \holders for maximum benefit, no harm fund shareholders interests. Fund's investment portfolio consistent with the relevant laws and regulations and the fund contract. 4.3 Description 4.3.1 fair trade fair trade system, special report on the implementation period, the Company strictly enforce the \to achieve a strict fair trade principles of equitable distribution of the transaction. During the reporting period does not exist for inter-fund transfer of benefits by spread trading behavior. 4.3.2 The style of portfolio and other investment portfolios similar comparison between the performance of the reporting period, the company manages a total of seven funds, namely China Sea China Franklin Income Securities Investment Fund, Franklin China Sea elastic cap stocks Securities Investment Fund Franklin China Sea potential combination of Equity Securities Investment Fund, Franklin Equity China Sea deepen the value of the securities investment fund, Franklin China Sea enhanced yield bond investment fund, Franklin China Sea Dynamic Equity Growth Securities Investment Fund and the Franklin National Sea CSI Enhanced 300 Index Securities Investment Fund, of which China Sea Franklin Income Securities Investment Fund of China for the hybrid funds, enhanced revenue bonds Franklin China Sea Securities Investment Fund Bond Fund, and the remaining five funds to stock funds. The company has launched a specific client asset management business, manages a total of three products, namely, \and \Has yet to carry out corporate annuity, social security fund asset management business. Did not occur during the reporting period the investment management style similar performance between the different funds more than 5% of the time difference. 4.3.3 irregularities Company in accordance with the special instructions \the analysis of unusual transactions, the reporting system. Regulations did not occur during the reporting period of the same fund or strictly forbidden between different funds within the same trading day reverse transactions and other transactions may lead to unfair trade practices and transfer of benefits. 4.4 During the reporting period the Fund's investment strategy and performance of the Fund during the reporting period that 4.4.1 and operation of an investment strategy, market review and analysis in the operation of the adjustment through the third quarter, the market is recognized in the third quarterly performance supported by the recovery continue to shock the uplink. Industry performance, the strongest big consumer trends, such as appliances, cars and catering and tourism industries have substantially outperformed the index; but by policy and re-financing of the large financial and banking industries such as real estate performance is relatively poor. Review market performance throughout the fourth quarter, we can continue to use the hot spots, to describe the coexistence of pain and pleasure, study the reasons behind, as we noted in the previous quarterly: Although the economy is still in the recovery process, but it is amazing regression from normal, the policy focus from \In this backdrop, investors turned cautious and short-term as the market likes to chase more money changing hot spots (such as the GEM subject shares, Copenhagen theme stocks and stock index futures unit, etc.), so that the entire on the performance of the market volatility. 2, the overall market outlook and investment strategy, the economic volatility in the investment opportunities are drawing to a close, more investment opportunities coming from the microscopic fluctuations in the drive. Since 2010, macroeconomic policy will remain in a certain inertia, profits of listed companies will be presented with the economic recovery and rapid growth in the coming period, the market may not like the early running many institutions as optimistic forecasts, nor be as many investors feared the current pessimistic. Based on this determination, we next investment will be more focused on performance and valuation of the company's investigation, because only the sustainability of profit growth which results can be positive or reverse, valuation and investment targets with a margin of safety in order to investors a more favorable return. Investment direction, we maintain the strategy of the previous quarter: First,[link widoczny dla zalogowanych], the pursuit of recovery from the high flexibility to switch to truly support business growth stocks (whether periodic or cyclical industries); Second, the layout of the driving force for economic growth file points. 4.4.2 the Fund's performance during the reporting period end of the reporting period, the net value of 1.5075 yuan fund, the net growth rate of 18.66% of the reporting period, performance benchmark over the same period grew by 13.17%, the fund performance benchmark than 5.49 percentage points. Achieve better performance period, mainly in the constantly sum up experience and depth of the actual situation of China's national conditions, based on the company to focus more on bottom-up selection, and the effective allocation structure of the dynamic adjustment. Increase timely guarantee of future performance and growth and cheap valuations of stocks and plate configuration, reduction of industry recovery and growth stocks lower than expected performance of individual stocks and sectors. Next, we will still adhere to our consistent investment philosophy, investment in core competitiveness and long-term development prospects of the company, and in actual operation, combined with China's actual conditions, investment strategies appropriate adjustments. § 5 Final Report of the portfolio assets of the Fund reported 5.1 5.2 combinations of the reporting period by sector 5.3 stock portfolio reporting period accounted for at fair value, net assets of the Fund's top ten order of the proportion of equity investments 5.4 detail the reporting period classified by bond products 5.5 reporting period bond portfolio accounted for at fair value, the proportion of the size of the net assets of the Fund ranked in the top five bond investment detail the reporting period of 5.6 accounted for at fair value, the proportion of the size of the net assets of the Fund ranked in the top ten asset-backed securities investment details of the reporting period the Fund does not hold asset-backed securities. 5.7 The reporting period accounted for at fair value, the proportion of the size of the net assets of the Fund ranked in the top five warrants investment details of the reporting period the Fund does not hold warrants. 5.8 Statements 5.8.1 Portfolio investment in the Fund's top ten issuers of securities regulatory authorities to initiate an investigation period is, or within one year before the report prepared by the public reprimand, punishment case: During the reporting period, the Fund's investments the top ten issuers of securities regulatory authorities to initiate an investigation was not, but one of the top ten securities \related to punishment by the authorities notice should \The Fund's investment decisions Salt Lake Potash Description: The company's investment research team, after thorough research, the long-term tracking of the Fund through the Salt Lake Potash Company believes that the interests of the Fund,[link widoczny dla zalogowanych], the concept of value investing, investment decisions on the stock investment system of the State to follow. 5.8.2 The Fund invests in the top ten stocks, there is no excess funds to invest in the stock options under the contract other than the stock library. 5.8.3 other assets held by the reporting period constitutes a 5.8.4 in the conversion of convertible bonds of the details of the reporting period the Fund does not hold in the conversion of the convertible bonds. 5.8.5 the reporting period the top ten in circulation exists in limited circumstances the stock note of the reporting period the Fund does not exist in the top ten stocks in circulation being limited. § 6 Changes in open-end fund share of the unit: Documents Available for Inspection § 7 were 7.1 Documents Available for Inspection 1, approved by China Securities Regulatory Commission China Sea elastic cap stocks Franklin Securities Investment Fund was established to document 2, \Fund Fund Contract \and the fund custodian's home and posted on the fund manager website: [link widoczny dla zalogowanych] access mode 1, open days, investors in the fund or the fund custodian to the fund manager's home free of charge and can be purchased fee copy 2, the landing site [link widoczny dla zalogowanych] access to fund managers. Franklin Fund Management Co., Ltd. China Sea January 20, 2010

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