AMENDMENT NO.1 TO THE AGREEMENT AND DECLARATION OF TRUST OF FLOATING RATE MASTER TRUST Article I, Section 1.01 of the Declaration of Trust is hereby amended in its entirety as follows: 1.01 Name. The Delaware statutory business trust established...

           AMENDMENT NO.1 TO THE AGREEMENT AND DECLARATION OF TRUST OF

                           FLOATING RATE MASTER TRUST



      Article I, Section 1.01 of the Declaration of Trust is hereby amended
in its entirety as follows:

            1.01 Name.  The Delaware statutory business trust established
            hereby shall be known as the "Franklin Floating Rate Master
            Trust" and the Trustees shall conduct the business of the Trust
            under that name or any other name as they may from time to time
            determine.

            In witness whereof, the Trustees named below, being all of the
Trustees of the Trust, do hereby execute this Amendment No. 1 on this 21st day
of March 2000.


                                                 /s/ Xxxxx X. Xxxxxx, III
                                                 -----------------------------
                                                 Xxxxx X. Xxxxxx, III, Trustee


                                                 /s/ S. Xxxxxx Xxxxxxxxx
                                                 -----------------------------
                                                 S. Xxxxxx Xxxxxxxxx, Trustee


                                                 /s/ Xxxxxxx X. Xxxxxxx
                                                 -----------------------------
                                                 Xxxxxxx X. Xxxxxxx, Trustee


                                                 /s/ Xxxxx X.X. XxXxxx
                                                 -----------------------------
                                                 Xxxxx X.X. XxXxxx, Trustee


                                                 /s/ Xxxxxx X. Xxxxxx
                                                 -----------------------------
                                                 Xxxxxx X. Xxxxxx, Trustee


                                                 /s/ Xxxxx X. Holiday
                                                 -----------------------------
                                                 Xxxxx X. Holiday, Trustee


                                                 /s/ Xxxxxx X. Xxxxxxx, Xx.
                                                 -----------------------------
                                                 Xxxxxx X. Xxxxxxx, Xx., Trustee


                                                 /s/ Xxxxxx X. Xxxxxxx
                                                 -----------------------------
                                                 Xxxxxx X. Xxxxxxx, Trustee