WILLIAM J. LIPPMAN Portfolio Manager Franklin Equity Group, US Value Franklin Advisory Services, LLC Ridgefield Park, New Jersey, United States William Lippman is a portfolio manager of Franklin Large Cap Value Fund at Franklin Advisory Services in Ridgefield Park, New Jersey. Previously, Mr. Lippman was a president of Franklin Advisory Services, LLC, trustee, and a president of Franklin Value Investors Trust and Franklin Managed Trust. Prior to joining Franklin Templeton Investments in 1988, Mr. Lippman was the president of L.F. Rothschild Fund Management, Inc. From 1960 to 1986, he was the president of Pilgrim Group, Inc., a firm which he founded. He is also a former member of the Board of Governors of the Investment Company Institute. Mr. Lippman graduated cum laude with a bachelor's degree in business administration from City College of New York and earned an M.B.A. degree from New York University.