Comments accompanying signature:
LIMITED POWER OF ATTORNEY FOR SECTION 13 AND 16
REPORTING OBLIGATIONS
Know all by these presents, that the undersigned hereby makes, constitutes andappoints each of Alison E. Baur, Thomas C. Mandia, Beth McAuley O'Malley, Thomas C. Merchant, Kimberly H.Novotny, Virginia E. Rosas and Navid J. Tofigh each acting individually, as the undersigned's true and lawfulattorney-in-fact, with full power and authority as hereinafter described on behalf of and in the name, place andstead of the undersigned to: 1. prepare, execute, acknowledge, deliver and file Forms ID, Schedules 13D and13G, and Forms 3, 4 and 5 (including any amendments thereto and any related documentation) with the UnitedStates Securities and Exchange Commission and any national securities exchanges relating to FranklinResources, Inc. (FRI) and/or any registered closed-end company to which an affiliate of FRI is an investmentadviser (each, a Reporting Entity), as considered necessary or advisable under Regulation S-T and Sections13(d) and 16(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, asamended from time to time (the Exchange Act); and 2. seek or obtain, as the undersigned's representative and onthe undersigned's behalf, information on transactions in the securities of any Reporting Entity from any person,including brokers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes anysuch person to release any such information to the undersigned and approves and ratifies any such release ofinformation; and 3. perform any and all other acts which in the discretion of such attorney-in-fact are necessary ordesirable for and on behalf of the undersigned in connection with the foregoing. The undersigned acknowledgesthat: 1. this Limited Power of Attorney authorizes, but does not require, each such attorney-in-fact to act in theirdiscretion on information provided to such attorney-in-fact without independent verification of such information; 2.any documents prepared and/or executed by any such attorney-in-fact on behalf of the undersigned pursuant to this Limited Power of Attorney will be in such form and will contain such information and disclosure as such
attorney-in-fact, in his or her discretion, deems necessary or desirable; 3. none of FRI, any Reporting Entity nor
any of such attorneys-in-fact assumes (i) any liability for the undersigned's responsibility to comply with the
requirements of the Exchange Act, (ii) any liability of the undersigned for any failure to comply with such
requirements, or (iii) any obligation or liability of the undersigned for profit disgorgement under Section 16(b) of
the Exchange Act; and 4. this Limited Power of Attorney does not relieve the undersigned from responsibility for
compliance with the undersigned's obligations under the Exchange Act, including without limitation, the reporting
requirements under Section 16 of the Exchange Act. The undersigned hereby gives and grants each of the
foregoing attorneys-in-fact full power and authority to do and perform all and every act and thing whatsoever
requisite, necessary or appropriate to be done in and about the foregoing matters as fully to all intents and
purposes as the undersigned might or could do if present, hereby ratifying all that each such attorney- in-fact of,
for and on behalf of the undersigned, shall lawfully do or cause to be done by virtue of this Limited Power of
Attorney, and indemnifies each of the foregoing attorneys-in-fact against any loss of any nature whatsoever
arising in connection therewith. This Limited Power of Attorney shall remain in full force and effect until revoked by
the undersigned in a signed writing delivered to each such attorney-in-fact. IN WITNESS WHEREOF, the
undersigned has caused this Limited Power of Attorney to be executed as of this 11th day of December, 2023.
/s/CHARLES B. JOHNSON
Signature
Charles B. Johnson
Print Name
LIMITED POWER OF ATTORNEY FOR
SECTION 13 AND 16 REPORTING OBLIGATIONS
Know all by these presents, that the undersigned hereby
makes, constitutes and appoints each of Alison E. Baur, Thomas C. Mandia, Beth McAuley O'Malley, Thomas C.
Merchant, Kimberly H. Novotny, Virginia E. Rosas and Navid J. Tofigh each acting individually, as the
undersigned's true and lawful attorney-in-fact, with full power and authority as hereinafter described on behalf of
and in the name, place and stead of the undersigned to: 1. prepare, execute, acknowledge, deliver and file Forms
ID, Schedules 13D and 13G, and Forms 3, 4 and 5 (including any amendments thereto and any related
documentation) with the United States Securities and Exchange Commission and any national securities
exchanges relating to Franklin Resources, Inc. (FRI) and/or any registered closed-end company to which an
affiliate of FRI is an investment adviser (each, a Reporting Entity), as considered necessary or advisable under
Regulation S-T and Sections 13(d) and 16(a) of the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder, as amended from time to time (the Exchange Act); and 2. seek or obtain, as
the undersigned's representative and on the undersigned's behalf, information on transactions in the securities of
any Reporting Entity from any person, including brokers, employee benefit plan administrators and trustees, and
the undersigned hereby authorizes any such person to release any such information to the undersigned and
approves and ratifies any such release of information; and 3. perform any and all other acts which in the
discretion of such attorney-in-fact are necessary or desirable for and on behalf of the undersigned in connection
with the foregoing. The undersigned acknowledges that: 1. this Limited Power of Attorney authorizes, but does not
require, each such attorney-in-fact to act in their discretion on information provided to such attorney-in-fact without
independent verification of such information; 2. any documents prepared and/or executed by any such attorneyin-
fact on behalf of the undersigned pursuant to this Limited Power of Attorney will be in such form and will contain
such information and disclosure as such attorney-in-fact, in his or her discretion, deems necessary or desirable; 3.
none of FRI, any Reporting Entity nor any of such attorneys-in-fact assumes (i) any liability for the undersigned's
responsibility to comply with the requirements of the Exchange Act, (ii) any liability of the undersigned for any
failure to comply with such requirements, or (iii) any obligation or liability of the undersigned for profit
disgorgement under Section 16(b) of the Exchange Act; and 4. this Limited Power of Attorney does not relieve the
undersigned from responsibility for compliance with the undersigned's obligations under the Exchange Act,
including without limitation, the reporting requirements under Section 16 of the Exchange Act. The undersigned
hereby gives and grants each of the foregoing attorneys-in-fact full power and authority to do and perform all and
every act and thing whatsoever requisite, necessary or appropriate to be done in and about the foregoing matters
as fully to all intents and purposes as the undersigned might or could do if present, hereby ratifying all that each
such attorney- in-fact of, for and on behalf of the undersigned, shall lawfully do or cause to be done by virtue of
this Limited Power of Attorney, and indemnifies each of the foregoing attorneys-in-fact against any loss of any
nature whatsoever arising in connection therewith. This Limited Power of Attorney shall remain in full force and
effect until revoked by the undersigned in a signed writing delivered to each such attorney-in-fact. IN WITNESS
WHEREOF, the undersigned has caused this Limited Power of Attorney to be executed as of this 11th day of
December, 2023
/s/RUPERT H. JOHNSON, JR.
Signature
Rupert H. Johnson, Jr.
Print Name
