CUSIP NO. 100557107                           13G                            Page 1 of 14

                                                                              UNITED STATES
                                                         SECURITIES AND EXCHANGE COMMISSION
                                                                     Washington, D.C. 20549
 
                                                                             SCHEDULE 13G
 
                                                Under the Securities Exchange Act of 1934
                                                                        (Amendment No. )*
 
                                                            THE BOSTON BEER COMPANY, INC.
                                                                         (Name of Issuer)
 
                                                    Common A Common Stock, $.01 par value
                                                           (Title of Class of Securities)
 
                                                                                100557107 
                                                                           (CUSIP Number)
 
                                                                        December 31, 2011
 
                                  (Date of Event Which Requires Filing of this Statement)
 
 Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
   [X] Rule 13d‑1(b)
   [ ] Rule 13d‑1(c)
   [ ] Rule 13d‑1(d)
 
   *The remainder of this cover page shall be filled out for a reporting person's initial
   filing on this form with respect to the subject class of securities, and for any
   subsequent amendment containing information which would alter the disclosures provided in
   a prior cover page.
 
   The information required in the remainder of this cover page shall not be deemed to be
   "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or
   otherwise subject to the liabilities of that section of the Act but shall be subject to
   all other provisions of the Act (however, see the Notes).

   

     CUSIP NO. 100557107                           13G                            Page 2 of 14

         1.    NAMES OF REPORTING PERSONS.    
 
                     Franklin Resources, Inc.
 
         2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
                     (a) 
                     (b) X
 
         3.    SEC USE ONLY
 
         4.    CITIZENSHIP OR PLACE OF ORGANIZATION
 
                     Delaware 
 
         NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
 
                     5.    SOLE VOTING POWER
 
                                 (See Item 4)
 
                     6.    SHARED VOTING POWER
 
                                 (See Item 4)
 
                     7.    SOLE DISPOSITIVE POWER
 
                                 (See Item 4)
 
                     8.    SHARED DISPOSITIVE POWER
 
                                 (See Item 4)
 
         9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
                      639,140  
 
         10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                     CERTAIN SHARES [ ]
 
         11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
                     7.4% 
 
         12.   TYPE OF REPORTING PERSON
 
                     HC, CO (See Item 4)

   

     CUSIP NO. 100557107                           13G                            Page 3 of 14

         1.    NAMES OF REPORTING PERSONS.    
 
                     Charles B. Johnson
 
         2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
                     (a) 
                     (b) X
 
         3.    SEC USE ONLY
 
         4.    CITIZENSHIP OR PLACE OF ORGANIZATION
 
                     USA 
 
         NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
 
                     5.    SOLE VOTING POWER
 
                                 (See Item 4)
 
                     6.    SHARED VOTING POWER
 
                                 (See Item 4)
 
                     7.    SOLE DISPOSITIVE POWER
 
                                 (See Item 4)
 
                     8.    SHARED DISPOSITIVE POWER
 
                                 (See Item 4)
 
         9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
                      639,140  
 
         10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                     CERTAIN SHARES [ ]
 
         11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
                     7.4% 
         12.   TYPE OF REPORTING PERSON
 
                     HC, IN (See Item 4)

   

     CUSIP NO. 100557107                           13G                            Page 4 of 14

         1.    NAMES OF REPORTING PERSONS.    
 
                     Rupert H. Johnson, Jr.
 
         2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
                     (a) 
                     (b) X
 
         3.    SEC USE ONLY
 
         4.    CITIZENSHIP OR PLACE OF ORGANIZATION
 
                     USA 
 
         NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
 
                     5.    SOLE VOTING POWER
 
                                 (See Item 4)
 
                     6.    SHARED VOTING POWER
 
                                 (See Item 4)
 
                     7.    SOLE DISPOSITIVE POWER
 
                                 (See Item 4)
 
                     8.    SHARED DISPOSITIVE POWER
 
                                 (See Item 4)
 
         9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
                      639,140  
 
         10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                     CERTAIN SHARES [ ]
 
         11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
                     7.4% 
 
         12.   TYPE OF REPORTING PERSON
 
                     HC, IN (See Item 4)

   

     CUSIP NO. 100557107                           13G                            Page 5 of 14

         1.     NAMES OF REPORTING PERSONS.    
 
                       Franklin Advisers, Inc.
 
         2.     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
                       (a) 
                       (b) X
         3.     SEC USE ONLY
 
         4.     CITIZENSHIP OR PLACE OF ORGANIZATION
 
                       California 
 
                 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
 
                     5.    SOLE VOTING POWER
 
                                 582,870  
 
                     6.    SHARED VOTING POWER
 
                                    0  
 
                     7.    SOLE DISPOSITIVE POWER
 
                                 582,870  
 
                     8.    SHARED DISPOSITIVE POWER
 
                                    0  
 
         9.     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
                        582,870  
 
         10.    CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                       CERTAIN SHARES [ ]
 
         11.    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
                       6.8% 
 
         12.    TYPE OF REPORTING PERSON
 
                       IA, CO (See Item 4)

   

     CUSIP NO. 100557107                           13G                            Page 6 of 14

         Item 1.
 
         (a)   Name of Issuer
 
                     THE BOSTON BEER COMPANY, INC.
 
(b)            Address of Issuer's Principal Executive Offices
 
One Design Center Place
Suite 850
Boston, MA 02210
 
         Item 2.
 
         (a)   Name of Person Filing
 
                     (i):   Franklin Resources, Inc.
 
                     (ii):  Charles B. Johnson
 
                     (iii): Rupert H. Johnson, Jr.
 
                     (iv):  Franklin Advisers, Inc.
 
         (b)   Address of Principal Business Office or, if none, Residence
 
                     (i), (ii), and (iii):
                     One Franklin Parkway
                     San Mateo, CA 94403‑1906
 
                    (iv): One Franklin Parkway
                                 San Mateo, CA  94403‑1906
 
         (c)   Citizenship
 
                     (i):     Delaware
                     (ii) and (iii): USA
                     (iv): California
 
         (d)   Title of Class of Securities
 
                     Common A Common Stock, $.01 par value
 
         (e)   CUSIP Number
 
                     100557107 

   

     CUSIP NO. 100557107                           13G                            Page 7 of 14

         Item 3. If this statement is filed pursuant to §§240.13d‑1(b) or 240.13d‑2(b) or (c),
                         check whether the person filing is a:
                        (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
                       (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
                       (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
                                       78c). 
                       (d) [ ] Investment company registered under section 8 of the Investment Company
                                       Act of 1940 (15 U.S.C 80a‑8).
                       (e) [X] An investment adviser in accordance with §240.13d‑1(b)(1)(ii)(E);
                       (f) [ ] An employee benefit plan or endowment fund in accordance with
                                        §240.13d‑1(b)(1)(ii)(F); 
                       (g) [X] A parent holding company or control person in accordance with
                                       §240.13d‑1(b)(1)(ii)(G); 
                       (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit
                                      Insurance Act (12 U.S.C. 1813);
                       (i) [ ] A church plan that is excluded from the definition of an investment
                                       company under section 3(c)(14) of the Investment Company Act of 1940 (15
                                       U.S.C. 80a‑3);
                       (j) [ ] A non‑U.S. institution in accordance with §240.13d‑1(b)(ii)(J);
                       (k) [ ] Group, in accordance with §240.13d 1(b)(1)(ii)(K).
 
             If filing as a non‑U.S. institution in accordance with §240.13d‑1(b)(1)(ii)(J). please
             specify the type of institution:
 
         Item 4.  Ownership
 
         The securities reported herein (the “Securities”) are beneficially owned by one or
         more open‑ or closed‑end investment companies or other managed accounts that are
         investment management clients of investment managers that are direct and indirect
         subsidiaries (each, an “Investment Management Subsidiary” and, collectively, the
         “Investment Management Subsidiaries”) of Franklin Resources, Inc. (“FRI”), including
         the Investment Management Subsidiaries listed in Item 7.  Investment management
         contracts grant to the Investment Management Subsidiaries all investment and/or
         voting power over the securities owned by such investment management clients, unless
         otherwise noted in this Item 4.  Therefore, for purposes of Rule 13d‑3 under the Act,
         the Investment Management Subsidiaries may be deemed to be the beneficial owners of
         the Securities.
 
         Beneficial ownership by Investment Management Subsidiaries and other affiliates of
         FRI is being reported in conformity with the guidelines articulated by the SEC staff
         in Release No. 34‑39538 (January 12, 1998) relating to organizations, such as FRI,
         where related entities exercise voting and investment powers over the securities
         being reported independently from each other.  The voting and investment powers held
         by Franklin Mutual Advisers, LLC (“FMA”), an indirect wholly‑owned Investment
         Management Subsidiary, are exercised independently from FRI and from all other
         Investment Management Subsidiaries (FRI, its affiliates and the Investment Management
         Subsidiaries other than FMA are collectively, “FRI affiliates”).  Furthermore,
         internal policies and procedures of FMA and FRI establish informational barriers that
         prevent the flow between FMA and the FRI affiliates of information that relates to
         the voting and investment powers over the securities owned by their respective
         investment management clients.  Consequently, FMA and the FRI affiliates report the
         securities over which they hold investment and voting power separately from each
         other for purposes of Section 13 of the Act.
 
     Charles B. Johnson and Rupert H. Johnson, Jr. (the “Principal Shareholders”) each own
         in excess of 10% of the outstanding common stock of FRI and are the principal
         stockholders of FRI.  FRI and the Principal Shareholders may be deemed to be, for
         purposes of Rule 13d‑3 under the Act, the beneficial owners of securities held by
         persons and entities for whom or for which FRI subsidiaries provide investment
         management services.  The number of shares that may be deemed to be beneficially

   
 
     CUSIP NO. 100557107                           13G                            Page 8 of 14
           
       owned and the percentage of the class of which such shares are a part are reported in
       Items 9 and 11 of the cover pages for FRI and each of the Principal Shareholders. 
       FRI, the Principal Shareholders and each of the Investment Management Subsidiaries
       disclaim any pecuniary interest in any of the Securities.  In addition, the filing of
       this Schedule 13G on behalf of the Principal Shareholders, FRI and FRI affiliates, as
       applicable, should not be construed as an admission that any of them is, and each of
       them disclaims that it is, the beneficial owner, as defined in Rule 13d‑3, of any of
       the Securities.
 
       FRI, the Principal Shareholders, and each of the Investment Management Subsidiaries
       believe that they are not a “group” within the meaning of Rule 13d‑5 under the Act
       and that they are not otherwise required to attribute to each other the beneficial
       ownership of the Securities held by any of them or by any persons or entities for
       whom or for which the Investment Management Subsidiaries provide investment
       management services.
 
(a)	Amount beneficially owned:	 	
 	 	 	 	
 	  639,140	 	
 	 	 	 	
(b)	Percent of class:	 	
 	 	 	 	
 	   7.4%	 	
 	 	 	 	
(c)	Number of shares as to which the person has:	 	
 	 	 	 	
 	(i)	Sole power to vote or to direct the vote	 	
 	 	 	 	
 	 Franklin Resources, Inc.:	0	
 	 	 	 	
 	 Charles B. Johnson:	0	
 	 	 	 	
 	 Rupert H. Johnson, Jr.:	0	
 	 	 	 	
 	 Franklin Templeton Portfolio Advisors, Inc.[1]:	 
19,170	
 	 	 	 	
 	 Franklin Templeton Institutional, LLC:	0	
 	 	 	 	
 	 Fiduciary Trust Company International:	7,200	
 	 	 	 	
 	 Franklin Advisers, Inc.:	582,870	
 	 	 	 	
 	(ii)	Shared power to vote or to direct the vote	0	
 	 	 	 	
 	(iii)	Sole power to dispose or to direct the disposition of	
 	 	 	 	
 	 Franklin Resources, Inc.:	0	
 	 	 	 	
 	 Charles B. Johnson:	0	
 	 	 	 	
 	 Rupert H. Johnson, Jr.:	0	
 	 	 	 	
 	 	Franklin Advisers, Inc.:	582,870	
 	 	 	 	
 	 	Franklin Templeton Institutional, LLC:	29,900	
 	 	 	 	
 	 	Franklin Templeton Portfolio Advisors, Inc.:	19,170	
 	 	 	 	
 	 	Fiduciary Trust Company International:	7,200	

   

     CUSIP NO. 100557107                           13G                            Page 9 of 14

(iv)	Shared power to dispose or to direct the disposition of	0	
 
         Item 5.  Ownership of Five Percent or Less of a Class
 
                           If this statement is being filed to report the fact that as of the date
                           hereof the reporting person has ceased to be the beneficial owner of more
                           than five percent of the class of securities, check the following [ ].
 
         Item 6.  Ownership of More than Five Percent on Behalf of Another Person
 
                           The clients of the Investment Management Subsidiaries, including investment
                           companies registered under the Investment Company Act of 1940 and other
                           managed accounts, have the right to receive or power to direct the receipt of
                           dividends from, and the proceeds from the sale of, the Securities. 

         Item 7.  Identification and Classification of the Subsidiary Which Acquired the
                           Security Being Reported on By the Parent Holding Company
 
                           See Attached Exhibit C
 
         Item 8.  Identification and Classification of Members of the Group
 
                           Not Applicable
 
         Item 9.  Notice of Dissolution of Group
 
                           Not Applicable

   

     CUSIP NO. 100557107                           13G                            Page 10 of 14
 
         Item 10. Certification
 
         By signing below I certify that, to the best of my knowledge and belief, the
         securities referred to above were acquired and are held in the ordinary course of
         business and were not acquired and are not held for the purpose of or with the effect
         of changing or influencing the control of the issuer of the securities and were not
         acquired and are not held in connection with or as a participant in any transaction
         having that purpose or effect.

 
         This report shall not be construed as an admission by the persons filing the report
         that they are the beneficial owner of any securities covered by this report.
 
         Exhibits. 
                           Exhibit A Joint Filing Agreement
                           Exhibit B Limited Powers of Attorney for Section 13 Reporting Obligations
                           Exhibit C Item 7 Identification and Classification of Subsidiaries
 
                                                                                 SIGNATURE 
 
         After reasonable inquiry and to the best of my knowledge and belief, I certify that
         the information set forth in this statement is true, complete and correct.
 
         Dated:  February  , 2012
 
         Franklin Resources, Inc.
 
         Charles B. Johnson
 
         Rupert H. Johnson, Jr.
 
          Franklin Advisers, Inc.
 
          By:    /s/MARIA GRAY
                         ‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑ 
                        Maria Gray
                        Vice President and Secretary of Franklin Resources, Inc.
 
                        Attorney‑in‑Fact for Charles B. Johnson pursuant to Power of Attorney
                        attached to this Schedule 13G
 
                        Attorney‑in‑Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
                        attached to this Schedule 13G
 
            Secretary of Franklin Advisers, Inc.

 

 

   

     CUSIP NO. 100557107                           13G                            Page 11 of 14
 
         EXHIBIT A
 
         JOINT FILING AGREEMENT
 
         In accordance with Rule 13d‑1(k) under the Securities Exchange Act of 1934, as
         amended, the undersigned hereby agree to the joint filing with each other of the
         attached statement on Schedule 13G and to all amendments to such statement and that
         such statement and all amendments to such statement are made on behalf of each of
         them. 
         IN WITNESS WHEREOF, the undersigned have executed this agreement on
         February  , 2012.
 
         Franklin Resources, Inc.
 
         Charles B. Johnson
 
         Rupert H. Johnson, Jr.
 
          Franklin Advisers, Inc.
 
          By:    /s/MARIA GRAY
                         ‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑‑ 
                        Maria Gray
                        Vice President and Secretary of Franklin Resources, Inc.
 
                        Attorney‑in‑Fact for Charles B. Johnson pursuant to Power of Attorney
                        attached to this Schedule 13G
 
                        Attorney‑in‑Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
                        attached to this Schedule 13G
 
            Secretary of Franklin Advisers, Inc.

   

     CUSIP NO. 100557107                           13G                            Page 12 of 14

         EXHIBIT B
 
                                                                     LIMITED POWER OF ATTORNEY
                                                                                           FOR 
                                                              SECTION 13 REPORTING OBLIGATIONS
 
                   Know all by these presents, that the undersigned hereby makes, constitutes
         and appoints each of Robert Rosselot and Maria Gray, each acting individually, as the
         undersigned’s true and lawful attorney‑in‑fact, with full power and authority as
         hereinafter described on behalf of and in the name, place and stead of the
         undersigned to:
 
         (1)     prepare, execute, acknowledge, deliver and file Schedules 13D and 13G
         (including any amendments thereto or any related documentation) with the United
         States Securities and Exchange Commission, any national securities exchanges and
         Franklin Resources, Inc., a Delaware corporation (the “Reporting Entity”), as
         considered necessary or advisable under Section 13 of the Securities Exchange Act of
         1934 and the rules and regulations promulgated thereunder, as amended from time to
         time (the “Exchange Act”); and
 
         (2)     perform any and all other acts which in the discretion of such
         attorney‑in‑fact are necessary or desirable for and on behalf of the undersigned in
         connection with the foregoing.
 
                   The undersigned acknowledges that:
 
         (1)   this Limited Power of Attorney authorizes, but does not require, each such
         attorney‑in‑fact to act in their discretion on information provided to such
         attorney‑in‑fact without independent verification of such information;
         (2)   any documents prepared and/or executed by either such attorney‑in‑fact on
         behalf of the undersigned pursuant to this Limited Power of Attorney will be in such
         form and will contain such information and disclosure as such attorney‑in‑fact, in
         his or her discretion, deems necessary or desirable;
         (3)   neither the Reporting Entity nor either of such attorneys‑in‑fact assumes (i)
         any liability for the undersigned’s responsibility to comply with the requirements of
         the Exchange Act or (ii) any liability of the undersigned for any failure to comply
         with such requirements; and
         (4)   this Limited Power of Attorney does not relieve the undersigned from
         responsibility for compliance with the undersigned’s obligations under the Exchange
         Act, including without limitation the reporting requirements under Section 13 of the
         Exchange Act.
               The undersigned hereby gives and grants each of the foregoing attorneys‑in‑fact
         full power and authority to do and perform all and every act and thing whatsoever
         requisite, necessary or appropriate to be done in and about the foregoing matters as
         fully to all intents and purposes as the undersigned might or could do if present,
         hereby ratifying all that each such attorney‑in‑fact of, for and on behalf of the
         undersigned, shall lawfully do or cause to be done by virtue of this Limited Power of
         Attorney. 
 
               This Limited Power of Attorney shall remain in full force and effect until revoked
         by the undersigned in a signed writing delivered to each such attorney‑in‑fact.
 
         IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney to be
         executed as of this     30th     day of         April       , 2007
 
                                                                                                                             /s/Charles B. Johnson
                                                                                                                             Signature 
 
                                                                                                                             Charles B. Johnson
                                                                                                                             Print Name

   

     CUSIP NO. 100557107                           13G                            Page 13 of 14

                                                                     LIMITED POWER OF ATTORNEY
                                                                                           FOR 
                                                              SECTION 13 REPORTING OBLIGATIONS
 
                   Know all by these presents, that the undersigned hereby makes, constitutes
         and appoints each of Robert Rosselot and Maria Gray, each acting individually, as the
         undersigned’s true and lawful attorney‑in‑fact, with full power and authority as
         hereinafter described on behalf of and in the name, place and stead of the
         undersigned to:
 
         (1)     prepare, execute, acknowledge, deliver and file Schedules 13D and 13G
         (including any amendments thereto or any related documentation) with the United
         States Securities and Exchange Commission, any national securities exchanges and
         Franklin Resources, Inc., a Delaware corporation (the “Reporting Entity”), as
         considered necessary or advisable under Section 13 of the Securities Exchange Act of
         1934 and the rules and regulations promulgated thereunder, as amended from time to
         time (the “Exchange Act”); and
 
         (2)     perform any and all other acts which in the discretion of such
         attorney‑in‑fact are necessary or desirable for and on behalf of the undersigned in
         connection with the foregoing.
 
                   The undersigned acknowledges that:
 
         (1)   this Limited Power of Attorney authorizes, but does not require, each such
         attorney‑in‑fact to act in their discretion on information provided to such
         attorney‑in‑fact without independent verification of such information;
         (2)   any documents prepared and/or executed by either such attorney‑in‑fact on
         behalf of the undersigned pursuant to this Limited Power of Attorney will be in such
         form and will contain such information and disclosure as such attorney‑in‑fact, in
         his or her discretion, deems necessary or desirable;
         (3)   neither the Reporting Entity nor either of such attorneys‑in‑fact assumes (i)
         any liability for the undersigned’s responsibility to comply with the requirements of
         the Exchange Act or (ii) any liability of the undersigned for any failure to comply
         with such requirements; and
         (4)   this Limited Power of Attorney does not relieve the undersigned from
         responsibility for compliance with the undersigned’s obligations under the Exchange
         Act, including without limitation the reporting requirements under Section 13 of the
         Exchange Act.
 
               The undersigned hereby gives and grants each of the foregoing attorneys‑in‑fact
         full power and authority to do and perform all and every act and thing whatsoever
         requisite, necessary or appropriate to be done in and about the foregoing matters as
         fully to all intents and purposes as the undersigned might or could do if present,
         hereby ratifying all that each such attorney‑in‑fact of, for and on behalf of the
         undersigned, shall lawfully do or cause to be done by virtue of this Limited Power of
         Attorney. 
 
               This Limited Power of Attorney shall remain in full force and effect until revoked
         by the undersigned in a signed writing delivered to each such attorney‑in‑fact.
 
         IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney to be
         executed as of this         25th        day of     April        , 2007
 
                                                                                                                       /s/ Rupert H. Johnson, Jr.
                                                                                                                       Signature 
 
                                                                                                                       Rupert H. Johnson, Jr.
                                                                                                                       Print Name

   

     CUSIP NO. 100557107                           13G                            Page 14 of 14
 
         EXHIBIT C
 
         Franklin Advisers, Inc.                                     Item 3 Classification: 3(e)
 
         Franklin Templeton Institutional, LLC                       Item 3 Classification: 3(e)
 
         Franklin Templeton Portfolio Advisors, Inc.                 Item 3 Classification: 3(e)
 
     Fiduciary Trust Company International                       Item 3 Classification: 3(b)

 

 

 

 

 

 

 

 

 

 

 

 

Footnote to Schedule 13G

[1]     Franklin Templeton Portfolio Advisors, Inc. (“FTPA”) may beneficially own these
       securities pursuant to various separately managed account investment management
       arrangements.  Under these arrangements, underlying clients may, from time to time,
       delegate to FTPA the power to vote such securities, in which case FTPA has sole voting
       power.  To the extent that the underlying client retains voting power over any
       securities, FTPA disclaims any power to vote or direct the vote of such securities.