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TEMPLETON GLOBAL INCOME FUND
300 S.E. 2nd Street
Fort Lauderdale, FL 33301
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ISS: “… support for all management nominees on the management WHITE card is warranted.”
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ISS: “… the board has been more proactive in addressing the concerns of shareholders. This . . . is most evident in the substantial self-tender offer launched late last year, which demonstrated a
commitment to providing liquidity to those shareholders interested in exiting.”
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ISS: “During engagement with ISS, the board indicated that GIM is built defensively, and has historically fared better than peers in drawdowns. This is corroborated by performance year-to-date,
which has seen GIM fare better than peers by over 9 percentage points.”
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Glass Lewis: “We further note the observed gap in GIM's distribution yield has narrowed considerably, the board recently sought and secured a short-term fee waiver to reduce expenses and current
trading discounts appear consistent with the peer median.”
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Glass Lewis: “Accordingly, we recommend shareholders use GIM's WHITE proxy card to vote FOR all nominees.”
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ISS: “…relative [total shareholder return has] been directionally positive. Importantly, this trend has accelerated since the unaffected date, and GIM has outperformed peers since the 2021
[Shareholder Meeting].”
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ISS: “…Saba has not made a compelling case that the time for a transformational change is now, or that it would be best suited to have control over the board during any such process.”
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Glass Lewis: “…we do not see meaningful cause for investors to endorse further change at this time.”
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ISS: “GIM has in fact taken steps to be more proactive in managing the NAV discount.”
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ISS: “GIM is also operating with a 10-basis point fee reduction, effective for six months starting March 1, 2022. Even if interest expense is backed out and the fee reduction is added back, GIM
fares better than peers.”
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Glass Lewis: “…the remaining board draws reasonable attention to what appear to be good faith efforts to address Saba's legacy concerns...”
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Glass Lewis: “…Saba fails to point investors toward any narrative which suggests its prior slate has been directly or at least substantively responsible for any particularly favorable development…”
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