Discover thepotential ofprivate equity secondaries

Footnotes:

1. Redemptions of shares in FLEX-I are expected to be offered on a quarterly basis on the first business day of each calendar quarter (up to 5% of the fund's net asset value per quarter), provided that the relevant redemption request is received on the first business day of the previous month. No assurance can be provided as to the liquidity or fund interests to potential investors. Liquidity will be managed by Franklin Templeton Investment Solutions, which is an affiliate of Franklin Advisers, Inc. Franklin Advisers, Inc. will be responsible for making investment decisions for FLEX-I's investment in a portfolio of debt and other securities, including cash and cash equivalents, liquid fixed income securities and other credit instruments, derivatives and other investment companies, including money market funds and exchange-traded funds.

2. For further information on the Fund’s objective, please refer to the prospectus.

3. FLEX-I is a Luxembourg SICAV SA, Part II UCI which requires investors to meet certain qualifications, which tend to be more accessible than those for other private equity structures.

4. Capital calls: Traditional private market funds and feeder funds are subject to capital calls as opportunities are sourced, and capital is deployed. Part II UCI vehicles, such as FLEX-I, do not have capital calls as money is invested upfront.

5. Lexington Advisors, LLC are the Investment Advisors. Lexington Partners is a Specialised Investment Manager (“SIM”), part of the Franklin Templeton Group.

Please refer to the prospectus for full details of fees and costs associated with the Fund.

Key terms:

Secondaries: Private equity secondaries are transactions that offer liquidity solutions to owners of interests in private equity and other alternative investment funds.

Co-investment: Direct equity co-investment refers to an investment structure in which a private equity firm (General Partner) and direct co-investors collectively invest in portfolio companies.

Primaries: Investments are made directly in newly formed private equity funds to gain exposure to privately held companies.

All investments involve risk, including loss of principal. Franklin Lexington PE Secondaries Fund (the “Fund”) is subject to a high degree of risk; below is a summary of the primary investment risks, which is not exhaustive, please refer to the prospectus/KID for full details:

Concentration risk: An investment should be considered long-term within a multi-asset portfolio and should not be viewed individually as a complete investment program. Accordingly, an investment in the Fund should only be considered by persons for whom a speculative, illiquid, and long-term investment is an appropriate component of a larger investment program and who can afford a loss of their entire investment.

Liquidity risks: Investments in the Fund will have limited liquidity and redemption requests may be subject to the redemption limitation and the early redemption deduction. The Fund should be viewed as a long-term investment, as it is inherently illiquid and suitable only for investors who can bear the risks associated with the limited liquidity of the Fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly redemption program for no more than 5% of the Fund’s NAV per quarter. In exceptional circumstances and not on a systematic basis, the Fund may make exceptions to, modify or suspend, in whole or in part, the redemption program if in the Fund’s board of director’s or its delegate’s reasonable judgment it deems such action to be in the Fund’s best interest and the best interest of the Fund’s investors. Shareholders may not be able to sell their shares in the Fund at all or at a favourable price.

Redemptions: Investments in the Fund will have limited liquidity and redemption requests may be subject to the redemption limitation and the early redemption deduction. In case of redemption requests exceeding certain thresholds, redemption fees and other similar fees, and may in certain circumstances be subject to suspension.

Leverage risk: The Fund may be subject to leverage risk. The Fund will not incur indebtedness, directly or indirectly, that would cause its Leverage Ratio (i.e. Aggregate Net Leverage divided by Total Asset) to be in excess of 35%. The use of leverage creates an opportunity for increased share gains but also creates risks for shareholders. The use of leverage can increase the volatility of investment returns and subject a fund to magnified losses underlying investments decline in value. A fund with a higher leverage ratio will be more sensitive to volatility and more susceptible to losses due to declines in asset values, than a fund with a lower ratio.

Fund distributions: Distributions are not guaranteed and are subject to change. The Fund cannot guarantee the amount or frequency of distributions.

Private market investment risks: The fund may be able to invest in private securities that are illiquid and thinly traded, which may limit the manager’s ability to sell such securities at their fair market value or when necessary to meet the portfolio’s liquidity needs. To the extent the fund invests in privately held companies they present certain challenges and involve incremental risks as opposed to investments in public companies, such as dealing with the lack of available information about these companies as well as their general lack of liquidity. There also can be no assurance that companies will list their securities on a securities exchange, as such, the lack of an established, liquid secondary market for some investments may have an adverse effect on the market value of those investments and on an investor’s ability to dispose of them at a favourable time or price.

Derivatives risk: The Fund may be subject to risks related to hedging and risks related to hedging and derivative transactions. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance.

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

Franklin Templeton ("FT") shall not be liable to any user of this document or to any other person or entity for the inaccuracy of information or any errors or omissions in its contents, regardless of the cause of such inaccuracy, error or omission. Any opinions expressed are the author's at publication date and they are subject to change without prior notice. Any research and analysis contained in this marketing material has been procured by FT for its own purposes and is provided to you only incidentally. Data from third party sources may have been used in the preparation of this document and FT has not independently verified, validated or audited such data. References to particular industries, sectors or companies are for general information and are not necessarily indicative of the Fund's holding at any one time. No shares of the Fund may be directly or indirectly offered or sold to residents of the United States of America. Shares of the Fund are not available for public distribution in all jurisdictions and prospective investors should consult their financial advisor before deciding to invest. The Fund may use financial derivatives or other instruments which may entail specific risks more fully described in the Fund's Prospectus and, where available, in the relevant KID or any other relevant offering document. Subscriptions to shares of the Fund can only be made on the basis of the current Prospectus of the Fund, and, where available, the relevant KID (or any other relevant offering document), accompanied by the latest available audited annual report and the latest semi-annual report if published thereafter. These documents can be found on our website at www.ftidocuments.com, or obtained, free of charge, from your local FT representative. The Fund's documents are available in English.

In addition, a summary of investor rights is available from www.franklintempleton.lu​. The summary is available in English.

FLEX is notified for marketing in multiple EU Member States under the AIFMD Directive. The AIFM may decide to terminate the arrangements made for the marketing of FLEX in accordance with Article 32a of the AIFMD Directive 2011/61/EU.

Issued in Europe by: Franklin Templeton International Services S.à r.l. – Supervised by the Commission de Surveillance du Secteur Financier - 8A, rue Albert Borschette, L-1246 Luxembourg. Tel: +352-46 66 67-1 Fax: +352-46 66 76. Poland: Issued by Templeton Asset Management (Poland) TFI S.A.; Rondo ONZ 1; 00-124 Warsaw. Saudi Arabia: Franklin Templeton Financial Company, Unit 209, Rubeen Plaza, Northern Ring Rd, Hittin District 13512, Riyadh, Saudi Arabia. Regulated by CMA. License no. 23265-22. Tel: +966-112542570. Switzerland: Issued by Franklin Templeton Switzerland Ltd, Talstrasse 41, CH-8001 Zurich. United Arab Emirates: Issued by Franklin Templeton Investments (ME) Limited, authorized and regulated by the Dubai Financial Services Authority. Dubai office: Franklin Templeton, The Gate, East Wing, Level 2, Dubai International Financial Centre, P.O. Box 506613, Dubai, U.A.E. Tel: +9714-4284100 Fax: +9714-4284140. UK: Issued by Franklin Templeton Investment Management Limited (FTIML), registered office: Cannon Place, 78 Cannon Street, London EC4N 6HL. Tel: +44 (0)20 7073 8500. Authorized and regulated in the United Kingdom by the Financial Conduct Authority. Investors can also obtain these documents free of charge from any of the following local authorised FTI representatives.

Offshore Americas: In the US, this publication is made available by Franklin Templeton, One Franklin Parkway, San Mateo, California 94403-1906. Tel: (800) 239-3894 (USA Toll-Free), (877) 389-0076 (Canada Toll-Free) and Fax: (727) 299-8736. US by Franklin Templeton, One Franklin Parkway, San Mateo, California 94403-1906, (800) DIAL BEN/342-5236, franklintempleton.com. Investments are not FDIC insured; may lose value; and are not bank guaranteed.

Investments entail risks, the value of investments can go down as well as up and investors should be aware they might not get back the full value invested.