Discover thepotential ofprivate equity secondaries

Footnotes:

1. The Fund aims to meet its investment objective by investing in an AUD-hedged share class of the Franklin Lexington Private Markets Fund SICAV SA - Franklin Lexington PE Secondaries Fund (“FLEX Feeder-I”) (“Underlying Fund”), which will provide investors with exposure to the investment strategy of the Underlying Fund. The Underlying Fund is a sub-fund of the Franklin Lexington Private Markets Fund SICAV SA, which is an investment company with variable share capital (or SICAV) governed by Luxembourg law and established as a public liability company. The Underlying Fund is authorised by the Luxembourg CSSF.

2. In normal circumstance, the Fund is generally available for redemptions quarterly each Valuation Date (being the last calendar day of the quarter) in March, June, September and December, subject to limitations and notification periods. Please refer to the Product Disclosure Statement for further details. No assurance can be provided as to the liquidity or fund interests to potential investors. Liquidity of the Underlying Fund will be managed by Franklin Advisers, Inc., which is part of Franklin Templeton Investment Solutions. Franklin Advisers, Inc. will be responsible for making investment decisions for the Underlying Fund’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.

3. For further information on the Fund’s objective, please refer to the Product Disclosure Statement.

4. The Fund is an Australian registered Managed Investment Scheme which tends to be more accessible compared to other private equity structures.

5. Capital calls: Traditional private market funds and feeder funds are subject to capital calls as opportunities are sourced, and capital is deployed. The Fund does not have capital calls as money is invested upfront.

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

*The rating published on October 2025 for Franklin Lexington Private Equity Secondaries Fund (APIR SSB2504AU) is issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.

*The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Franklin Lexington Private Equity Secondaries Fund APIR SSB2504AU - assigned 23 May 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines

Please refer to the Product Disclosure Statement 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 Private Equity 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 Product Disclosure Statement and Target Market Determination 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 unitholders 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. Unitholders 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.

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 Product Disclosure Statement and Target Market Determination. Subscriptions to shares of the Fund can only be made on the basis of the current Product Disclosure Statement and Target Market Determination for the Fund, and, where available, 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.franklintempleton.com.au, or obtained, free of charge, from your local FT representative.

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.

Prospective investors must be aware of the potential limitations in connection with their ability to redeem Units in the Fund. Neither the Responsible Entity nor the Investment Manager provide any guarantees concerning the liquidity of the Fund, the ability of an investor to redeem their Units, the value of their Units at redemption or the level of sell spread that may apply to a redemption. The Responsible Entity considers the risk level of the Fund to be high. An investment in the Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors. The Fund is designed for investors that have sought professional personal financial advice, have limited need for liquidity and are seeking total returns over the long term through capital appreciation and who are willing to accept fluctuations (sometimes significant) in returns in the short term. The Fund is not suitable for investors who need access to their investment in the short term. Investors should be aware of the limitations on their ability to withdraw from the Fund.

Important Legal Information

Franklin Templeton Australia Limited (ABN76 004 835 849, AFSL 240827) is the Responsible Entity and/or investment manager of the products included in this website.

Information on this website is intended to be of general information only and does not constitute investment or financial product advice. It expresses no views as to the suitability of the products or services described as to the individual circumstances, objectives, financial situation, or needs of any investor. You should conduct your own investigation or consult a financial adviser before making any decision to invest. Please read the relevant Product Disclosure Statements (PDSs), and any associated reference documents before making an investment decision. Neither Franklin Templeton Australia, nor any other company within the Franklin Templeton group guarantees the performance of any Fund, nor do they provide any guarantee in respect of the repayment of your capital.

In accordance with the Design and Distribution Obligations, we maintain Target Market Determinations (TMD) for each of our Funds. All documents can be found via the Literature Page or by calling 1800 673 776.

Past performance is not an indicator nor a guarantee of future performance. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. All investments involve risks, including possible loss of principal.

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