0000912291-08-000022 Sample Contracts

MASTER CUSTODY AGREEMENT
Master Custody Agreement • August 27th, 2008 • Franklin Real Estate Securities Trust

The following is a list of the Investment Companies and their respective Series for which the Custodian shall serve under the Master Custody Agreement dated as of February 16, 1996.

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INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • August 27th, 2008 • Franklin Real Estate Securities Trust • Delaware

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN REAL ESTATE SECURITIES TRUST, a Delaware statutory trust (the “Trust”), on behalf of FRANKLIN REAL ESTATE SECURITEIS FUND (the “Fund”), a series of the Trust, and FRANKLIN TEMPLETON INSTITUTIONAL, LLC, a Delaware limited liability company (the “Adviser”). WHEREAS, the Trust has been organized and intends to operate as an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), for the purpose of investing and reinvesting its assets in securities, as set forth in its Agreement and Declaration of Trust, its By-Laws and its Registration Statement under the 1940 Act and the Securities Act of 1933, all as heretofore and hereafter amended and supplemented; and the Trust desires to avail itself of the services, information, advice, assistance and facilities of an investment manager and to have an investment manager perform various management, statistical, research, investment advisory and

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