Amendment to Global Custody Agreement The Chase Manhattan Bank, N.A., and Franklin Valuemark Funds, a Massachusetts business trust, hereby amend Schedule B of their Global Custody Agreement of March 15, 1994 to read as follows:

Amendment to Global Custody Agreement

The Chase Manhattan Bank, N.A., and Franklin Valuemark Funds, a Massachusetts
business trust, hereby amend Schedule B of their Global Custody Agreement of
March 15, 1994 to read as follows:

                                   SCHEDULE B

Registered Investment Company Series

Franklin                      Valuemark Funds Xxxxxxxxx Global Income Securities
                              Fund Xxxxxxxxx Developing Markets Equity Fund
                              Xxxxxxxxx Global Growth Fund Templeton Global
                              Asset Allocation Fund Xxxxxxxxx International
                              Equity Fund Templeton Pacific Growth Fund
                              Xxxxxxxxx International Smaller Companies Fund

Dated as of:      April 1, 1996

                              FRANKLIN VALUEMARK FUNDS



                        By:   /s/Xxxxxxx X. Xxxxxx

                        Title:      Vice President and Secretary


                         THE CHASE MANHATTAN BANK, N.A.



                        By:   /s/Xxxxxx Vanden-Handel

                        Title:      Vice President