BEN
$40.48
Franklin Resources
($.07)
(.17%)
Earnings Details
4th Quarter September 2017
Thursday, October 26, 2017 8:33:32 AM
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Summary

Franklin Resources (BEN) Recent Earnings

Franklin Resources (BEN) reported 4th Quarter September 2017 earnings of $0.76 per share on revenue of $1.6 billion. The consensus earnings estimate was $0.72 per share on revenue of $1.6 billion. Revenue grew 0.3% on a year-over-year basis.

Franklin Resources Inc is an investment management company. The Company' services include fund administration, sales, distribution, marketing, shareholder servicing, trustee, custody and other fiduciary services.

Results
Reported Earnings
$0.76
Earnings Whisper
-
Consensus Estimate
$0.72
Reported Revenue
$1.62 Bil
Revenue Estimate
$1.63 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Franklin Resources, Inc. Announces Preliminary Fourth Quarter and Fiscal Year Results

Franklin Resources, Inc. (the "Company") (BEN) today announced preliminary net income of $425.2 million or $0.76 per diluted share for the quarter ended September 30, 2017, as compared to $410.6 million or $0.73 per diluted share for the previous quarter and $472.1 million or $0.82 per diluted share for the quarter ended September 30, 2016. Preliminary net income for the year ended September 30, 2017 was $1,696.7 million or $3.01 per diluted share, as compared to $1,726.7 million or $2.94 per diluted share for the previous year.

"Fiscal year 2017 saw a number of positive developments," said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. "Financial results were strong, with operating income of $2.3 billion, aided by effective cost management, while we also made a number of strategic investments in the business. Strengthening investment performance of our flagship strategies has led to improving sales flows, particularly offshore where retail net flows have been positive for three consecutive quarters."

Quarter Ended
%
Quarter
%
Fiscal Year Ended
%
Change
Ended
Change
September 30,
Change
30-Sep-17
30-Jun-17
Qtr. vs.
30-Sep-16
Year vs.
2017
2016
Qtr.
Year
Financial Results
(in millions, except per share data)
Operating revenues
$
1,616.9
$
1,613.9
0
%
$
1,611.8
0
%
$
6,392.2
$
6,618.0
(3 %)
Operating income
557.7
564.2
(1
%)
579.4
(4
%)
2,264.3
2,365.7
(4 %)
Operating margin
34.5
%
35.0
%
35.9
%
35.4
%
35.7
%
Net income
$
425.2
$
410.6
4
%
$
472.1
(10
%)
$
1,696.7
$
1,726.7
(2 %)
Diluted earnings per share
0.76
0.73
4
%
0.82
(7
%)
3.01
2.94
2
%
Assets Under Management
(in billions)
Ending
$
753.2
$
742.8
1
%
$
733.3
3
%
$
753.2
$
733.3
3
%
Average
749.0
742.1
1
%
736.4
2
%
736.9
749.3
(2 %)
Net flows
(5.9
)
(7.3
)
(17.7
)
(38.6
)
(62.4
)

Total assets under management ("AUM") were $753.2 billion at September 30, 2017, up $10.4 billion or 1% during the quarter due to $16.3 billion of net market change and other, partially offset by $5.9 billion of net outflows. AUM increased $19.9 billion or 3% during the fiscal year due to $58.5 billion of net market change and other, partially offset by $38.6 billion of net outflows.

Cash and cash equivalents and investments were $9.9 billion at September 30, 2017, as compared to $10.7 billion at September 30, 2016. Total stockholders’ equity was $12.9 billion at September 30, 2017, as compared to $12.5 billion at September 30, 2016. The Company had 554.9 million shares of common stock outstanding at September 30, 2017, as compared to 570.3 million shares outstanding at September 30, 2016. The Company repurchased 3.9 million shares of its common stock for a total cost of $168.4 million during the quarter ended September 30, 2017, and 19.1 million shares for a total cost of $771.5 million during the fiscal year.

Conference Call Information

A commentary on the results by Chairman and CEO Greg Johnson and CFO and Executive Vice President Ken Lewis will be available today at approximately 8:30 a.m. Eastern Time. Access to the commentary will be available via investors.franklinresources.com.

Johnson and Lewis will also lead a live teleconference today at 11:00 a.m. Eastern Time to answer questions of a material nature. Access to the teleconference will be available via investors.franklinresources.com or by dialing (877) 407-8293 in the U.S. and Canada or (201) 689-8349 internationally. A replay of the teleconference can also be accessed by calling (877) 660-6853 in the U.S. and Canada or (201) 612-7415 internationally using access code 13671688, after 2:00 p.m. Eastern Time on October 26, 2017 through November 26, 2017.

Analysts and investors are encouraged to review the Company’s recent filings with the U.S. Securities and Exchange Commission and to contact Investor Relations at (650) 312-4091 before the live teleconference for any clarifications or questions related to the earnings release or commentary.

Performance Rankings of Franklin Templeton’s U.S.-Registered and Cross-Border Long-Term Mutual Funds:

Percentage of Assets in Top Two Peer Group Quartiles
Period ended September 30, 2017
1-Year
3-Year
5-Year
10-Year
Equity and Multi-Asset/Balanced (AUM: $292 billion)
57
%
37
%
43
%
75
%
Fixed Income (AUM: $204 billion)
59
%
49
%
59
%
82
%
Total (AUM: $496 billion)
58
%
42
%
50
%
78
%

Performance quoted above represents past performance, which cannot predict or guarantee future results. All investments involve risks, including loss of principal.

FRANKLIN RESOURCES, INC.
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(in millions, except per share data and AUM)
Three Months Ended
%
Twelve Months Ended
%
September 30,
Change
September 30,
Change
2017
2016
2017
2016
Operating Revenues
Investment management fees
$
1,109.8
$
1,096.3
1
%
$
4,359.2
$
4,471.7
(3
%)
Sales and distribution fees
421.8
440.8
(4
%)
1,705.6
1,806.4
(6
%)
Shareholder servicing fees
56.0
58.4
(4
%)
225.7
243.6
(7
%)
Other
29.3
16.3
80
%
101.7
96.3
6
%
Total operating revenues
1,616.9
1,611.8
0
%
6,392.2
6,618.0
(3
%)
Operating Expenses
Sales, distribution and marketing
534.9
536.2
0
%
2,130.9
2,209.9
(4
%)
Compensation and benefits
336.1
317.2
6
%
1,333.7
1,360.9
(2
%)
Information systems and technology
60.0
56.0
7
%
219.8
207.3
6
%
Occupancy
33.0
37.3
(12 %)
121.3
134.1
(10 %)
General, administrative and other
95.2
85.7
11
%
322.2
340.1
(5
%)
Total operating expenses
1,059.2
1,032.4
3
%
4,127.9
4,252.3
(3
%)
Operating Income
557.7
579.4
(4
%)
2,264.3
2,365.7
(4
%)
Other Income (Expenses)
Investment and other income, net
113.4
70.3
61
%
336.3
184.0
83
%
Interest expense
(12.7
)
(13.4
)
(5
%)
(51.5
)
(49.9
)
3
%
Other income, net
100.7
56.9
77
%
284.8
134.1
112 %
Income before taxes
658.4
636.3
3
%
2,549.1
2,499.8
2
%
Taxes on income
181.9
163.3
11
%
759.4
742.1
2
%
Net income
476.5
473.0
1
%
1,789.7
1,757.7
2
%
Less: net income (loss) attributable to
Nonredeemable noncontrolling interests
31.4
(0.3
)
NM
40.0
29.4
36
%
Redeemable noncontrolling interests
19.9
1.2
NM
53.0
1.6
NM
Net Income Attributable to Franklin
$
425.2
$
472.1
(10 %)
$
1,696.7
$
1,726.7
(2
%)
Resources, Inc.
Earnings per Share
Basic
$
0.76
$
0.82
(7
%)
$
3.01
$
2.94
2
%
Diluted
0.76
0.82
(7
%)
3.01
2.94
2
%
Dividends Declared per Share
$
0.20
$
0.18
11
%
$
0.80
$
0.72
11
%
Average Shares Outstanding
Basic
553.6
571.6
(3
%)
558.8
583.8
(4
%)
Diluted
554.1
571.6
(3
%)
559.1
583.8
(4
%)
Operating Margin
34.5
%
35.9
%
35.4
%
35.7
%
AUM (in billions)
Ending
$
753.2
$
733.3
3
%
$
753.2
$
733.3
3
%
Average
749.0
736.4
2
%
736.9
749.3
(2
%)
Net flows
(5.9
)
(17.7
)
(38.6
)
(62.4
)
FRANKLIN RESOURCES, INC.
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(in millions, except per share data and employees)
Three Months Ended
%
Three Months Ended
Change
30-Sep-17
30-Jun-17
31-Mar-17
31-Dec-16
30-Sep-16
Operating Revenues
Investment management fees
$
1,109.8
$
1,097.0
1
%
$
1,089.2
$
1,063.2
$
1,096.3
Sales and distribution fees
421.8
433.3
(3
%)
431.2
419.3
440.8
Shareholder servicing fees
56.0
56.7
(1
%)
56.4
56.6
58.4
Other
29.3
26.9
9
%
23.8
21.7
16.3
Total operating revenues
1,616.9
1,613.9
0
%
1,600.6
1,560.8
1,611.8
Operating Expenses
Sales, distribution and marketing
534.9
541.2
(1
%)
534.8
520.0
536.2
Compensation and benefits
336.1
342.7
(2
%)
343.4
311.5
317.2
Information systems and technology
60.0
54.1
11
%
54.0
51.7
56.0
Occupancy
33.0
30.2
9
%
29.0
29.1
37.3
General, administrative and other
95.2
81.5
17
%
83.9
61.6
85.7
Total operating expenses
1,059.2
1,049.7
1
%
1,045.1
973.9
1,032.4
Operating Income
557.7
564.2
(1
%)
555.5
586.9
579.4
Other Income (Expenses)
Investment and other income, net
113.4
92.2
23
%
84.6
46.1
70.3
Interest expense
(12.7
)
(12.9
)
(2
%)
(12.6
)
(13.3
)
(13.4
)
Other income, net
100.7
79.3
27
%
72.0
32.8
56.9
Income before taxes
658.4
643.5
2
%
627.5
619.7
636.3
Taxes on income
181.9
184.1
(1
%)
192.5
200.9
163.3
Net income
476.5
459.4
4
%
435.0
418.8
473.0
Less: net income (loss) attributable to
Nonredeemable noncontrolling interests
31.4
12.5
151 %
(6.0
)
2.1
(0.3
)
Redeemable noncontrolling interests
19.9
36.3
(45 %)
20.3
(23.5
)
1.2
Net Income Attributable to Franklin
$
425.2
$
410.6
4
%
$
420.7
$
440.2
$
472.1
Resources, Inc.
Earnings per Share
Basic
$
0.76
$
0.73
4
%
$
0.74
$
0.77
$
0.82
Diluted
0.76
0.73
4
%
0.74
0.77
0.82
Dividends Declared per Share
$
0.20
$
0.20
0
%
$
0.20
$
0.20
$
0.18
Average Shares Outstanding
Basic
553.6
556.2
0
%
560.3
565.1
571.6
Diluted
554.1
556.7
0
%
560.6
565.2
571.6
Operating Margin
34.5
%
35.0
%
34.7
%
37.6
%
35.9
%
Employees
9,386
9,402
0
%
9,167
9,098
9,059
Billable Shareholder Accounts
22.3
22.9
(3
%)
23.0
22.8
23.0

AUM AND FLOWS

(in billions)
Three Months Ended
%
Twelve Months Ended
%
September 30,
Change
September 30,
Change
2017
2016
2017
2016
Beginning AUM
$
742.8
$
732.1
1
%
$
733.3
$
770.9
(5
%)
Long-term sales
27.5
22.7
21
%
112.3
101.7
10
%
Long-term redemptions
(37.4
)
(44.6
)
(16
%)
(169.7
)
(186.9
)
(9
%)
Long-term net exchanges
--
(0.1
)
(100 %)
(0.1
)
(0.5
)
(80 %)
Long-term reinvested distributions
4.0
4.3
(7
%)
18.9
23.3
(19 %)
Net flows
(5.9
)
(17.7
)
(67
%)
(38.6
)
(62.4
)
(38 %)
Net market change and other
16.3
18.9
(14
%)
58.5
24.8
136 %
Ending AUM
$
753.2
$
733.3
3
%
$
753.2
$
733.3
3
%

AUM BY INVESTMENT OBJECTIVE

(in billions)
30-Sep-17
30-Jun-17
% Change
31-Mar-17
31-Dec-16
30-Sep-16
Equity
Global/international
$
209.8
$
206.8
1
%
$
204.9
$
196.7
$
200.4
United States
107.2
105.7
1
%
105.3
101.6
103.3
Total equity
317.0
312.5
1
%
310.2
298.3
303.7
Multi-Asset/Balanced
143.3
141.2
1
%
141.9
138.3
137.4
Fixed Income
Tax-free
71.0
71.2
0
%
71.5
71.7
76.5
Taxable
Global/international
165.0
159.8
3
%
157.6
153.6
156.2
United States
50.6
52.1
(3
%)
52.8
51.9
53.4
Total fixed income
286.6
283.1
1
%
281.9
277.2
286.1
Cash Management
6.3
6.0
5
%
6.0
6.2
6.1
Total AUM
$
753.2
$
742.8
1
%
$
740.0
$
720.0
$
733.3
Average AUM for the Three-Month Period $
749.0
$
742.1
1
%
$
731.7
$
722.7
$
736.4

AUM AND FLOWS - UNITED STATES AND INTERNATIONAL

As of and for the Three Months Ended
(in billions)
30-Sep-17
% of Total
30-Jun-17
% of Total
30-Sep-16
% of Total
Long-Term Sales
United States
$
11.8
43
%
$
14.8
50
%
$
12.6
56
%
International
15.7
57
%
15.0
50
%
10.1
44
%
Total long-term sales
$
27.5
100
%
$
29.8
100
%
$
22.7
100
%
Long-Term Redemptions
United States
$
(22.6 )
60
%
$
(23.4 )
57
%
$
(26.8 )
60
%
International
(14.8
)
40
%
(17.7
)
43
%
(17.8
)
40
%
Total long-term redemptions
$
(37.4 )
100
%
$
(41.1 )
100
%
$
(44.6 )
100
%
AUM
United States
$
501.0
67
%
$
498.7
67
%
$
499.2
68
%
International
252.2
33
%
244.1
33
%
234.1
32
%
Total AUM
$
753.2
100
%
$
742.8
100
%
$
733.3
100
%

AUM AND FLOWS BY INVESTMENT OBJECTIVE

(in billions)
Equity
Multi-
Fixed Income
Cash
Total
Asset/Balanced
Management
for the three months ended
Global/
United
Tax-Free
Taxable
Taxable
September 30, 2017
International
States
Global/
United
International
States
AUM at July 1, 2017
$
206.8
$
105.7
$
141.2
$
71.2
$
159.8
$
52.1
$
6.0
$
742.8
Long-term sales
5.4
3.1
4.0
1.6
11.9
1.5
--
27.5
Long-term redemptions
(11.0
)
(5.6
)
(6.2
)
(2.2
)
(9.0
)
(3.4
)
--
(37.4
)
Long-term reinvested distributions
0.6
0.7
1.1
0.5
0.9
0.2
--
4.0
Net flows
(5.0
)
(1.8
)
(1.1
)
(0.1
)
3.8
(1.7
)
--
(5.9
)
Net market change and other
8.0
3.3
3.2
(0.1
)
1.4
0.2
0.3
16.3
AUM at September 30, 2017
$
209.8
$
107.2
$
143.3
$
71.0
$
165.0
$
50.6
$
6.3
$
753.2
(in billions)
Equity
Multi-
Fixed Income
Cash
Total
Asset/Balanced
Management
for the three months ended
Global/
United
Tax-Free
Taxable
Taxable
June 30, 2017
International
States
Global/
United
International
States
AUM at April 1, 2017
$
204.9
$
105.3
$
141.9
$
71.5
$
157.6
$
52.8
$
6.0
$
740.0
Long-term sales
6.5
3.6
4.6
1.7
11.2
2.2
--
29.8
Long-term redemptions
(12.9
)
(5.9
)
(6.8
)
(2.9
)
(9.5
)
(3.1
)
--
(41.1
)
Long-term net exchanges
0.1
--
0.1
--
--
--
--
0.2
Long-term reinvested distributions
0.1
0.4
1.5
0.5
0.9
0.4
--
3.8
Net flows
(6.2
)
(1.9
)
(0.6
)
(0.7
)
2.6
(0.5
)
--
(7.3
)
Net market change and other
8.1
2.3
(0.1
)
0.4
(0.4
)
(0.2
)
--
10.1
AUM at June 30, 2017
$
206.8
$
105.7
$
141.2
$
71.2
$
159.8
$
52.1
$
6.0
$
742.8
(in billions)
Equity
Multi-
Fixed Income
Cash
Total
Asset/Balanced
Management
for the three months ended
Global/
United
Tax-Free
Taxable
Taxable
September 30, 2016
International
States
Global/
United
International
States
AUM at July 1, 2016
$
195.7
$
101.1
$
135.0
$
76.1
$
165.3
$
52.8
$
6.1
$
732.1
Long-term sales
4.9
3.5
2.8
2.6
6.3
2.6
--
22.7
Long-term redemptions
(13.2
)
(6.4
)
(5.0
)
(2.1
)
(14.5
)
(3.4
)
--
(44.6
)
Long-term net exchanges
(0.2
)
--
--
0.1
(0.2
)
0.2
--
(0.1
)
Long-term reinvested distributions
0.8
0.8
1.1
0.5
0.9
0.2
--
4.3
Net flows
(7.7
)
(2.1
)
(1.1
)
1.1
(7.5
)
(0.4
)
--
(17.7
)
Net market change and other
12.4
4.3
3.5
(0.7
)
(1.6
)
1.0
--
18.9
AUM at September 30, 2016
$
200.4
$
103.3
$
137.4
$
76.5
$
156.2
$
53.4
$
6.1
$
733.3

Notes

-- Net income represents net income attributable to Franklin Resources, Inc.

-- Average AUM represents simple monthly average AUM.

Nothing in this section shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

Franklin/Templeton Distributors, Inc., a wholly owned subsidiary of Franklin Resources, Inc., is the principal distributor of Franklin Templeton Investments’ U.S. registered funds, which are available only in jurisdictions where an offer or solicitation of such products is permitted under applicable legislation. Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other Franklin Templeton Investments affiliates and/or their distributors as local legislation permits.

The peer group rankings are sourced from either Lipper, a Thomson Reuters Company, or Morningstar, as the case may be, and are based on an absolute ranking of returns as of September 30, 2017. Lipper rankings for Franklin Templeton U.S.-registered long-term mutual funds are based on Class A shares and do not include sales charges. Franklin Templeton U.S.-registered long-term funds are compared against a universe of all share classes. Performance rankings for other share classes may differ. Morningstar rankings for Franklin Templeton cross-border long-term mutual funds are based on primary share classes and do not include sales charges. Performance rankings for other share classes may differ. Results may have been different if these or other factors had been considered. The figures in the table are based on data available from Lipper as of October 6, 2017 and Morningstar as of October 9, 2017 and are subject to revision. (C) 2017 Morningstar, Inc. All rights reserved. The information herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Net market change and other includes long-term distributions, appreciation (depreciation), foreign exchange revaluation, an acquisition and net cash management.

-- International includes North America-based advisors serving non-resident clients.

Franklin Resources, Inc. is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the Company has expertise across all asset classes - including equity, fixed income, alternative and custom solutions. The Company’s more than 650 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in over 30 countries, the California-based company has 70 years of investment experience and $753.2 billion in AUM as of September 30, 2017. The Company posts information that may be significant for investors in the Investor Relations and News Center sections of its website, and encourages investors to consult those sections regularly. For more information, please visit investors.franklinresources.com.

Forward-Looking Statements

The financial results in this press release are preliminary. Statements in this press release regarding Franklin Resources, Inc. ("Franklin") and its subsidiaries, which are not historical facts, are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate", "preliminary" or other similar words are forward-looking statements.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. While forward-looking statements are our best prediction at the time that they are made, you should not rely on them and are cautioned against doing so. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. They are neither statements of historical fact nor guarantees or assurances of future performance.

These and other risks, uncertainties and other important factors are described in more detail in Franklin’s recent filings with the U.S. Securities and Exchange Commission, including, without limitation, in Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Franklin’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016 and Franklin’s subsequent Quarterly Reports on Form 10-Q:

Volatility and disruption of the capital and credit markets, and adverse changes in the global economy, may significantly affect our results of operations and may put pressure on our financial results.

-- The amount and mix of our AUM are subject to significant fluctuations.

We are subject to extensive, complex, overlapping and frequently changing rules, regulations, policies and legal interpretations.

Global regulatory and legislative actions and reforms have made the regulatory environment in which we operate more costly and future actions and reforms could adversely impact our financial condition and results of operations.

Failure to comply with the laws, rules or regulations in any of the jurisdictions in which we operate could result in substantial harm to our reputation and results of operations.

Changes in tax laws or exposure to additional income tax liabilities could have a material impact on our financial condition, results of operations and liquidity.

Any significant limitation, failure or security breach of our information and cyber security infrastructure, software applications, technology or other systems that are critical to our operations could disrupt our business and harm our operations and reputation.

Our business operations are complex and a failure to properly perform operational tasks or the misrepresentation of our products and services, or the termination of investment management agreements representing a significant portion of our AUM, could have an adverse effect on our revenues and income.

We face risks, and corresponding potential costs and expenses, associated with conducting operations and growing our business in numerous countries.

We depend on key personnel and our financial performance could be negatively affected by the loss of their services.

Strong competition from numerous and sometimes larger companies with competing offerings and products could limit or reduce sales of our products, potentially resulting in a decline in our market share, revenues and income.

Changes in the third-party distribution and sales channels on which we depend could reduce our income and hinder our growth.

Our increasing focus on international markets as a source of investments and sales of investment products subjects us to increased exchange rate and market-specific political, economic or other risks that may adversely impact our revenues and income generated overseas.

Harm to our reputation or poor investment performance of our products could reduce the level of our AUM or affect our sales, and negatively impact our revenues and income.

Our future results are dependent upon maintaining an appropriate level of expenses, which is subject to fluctuation.

Our ability to successfully manage and grow our business can be impeded by systems and other technological limitations.

Our inability to successfully recover should we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm, or legal liability.

Regulatory and governmental examinations and/or investigations, litigation and the legal risks associated with our business, could adversely impact our AUM, increase costs and negatively impact our profitability and/or our future financial results.

Our ability to meet cash needs depends upon certain factors, including the market value of our assets, operating cash flows and our perceived creditworthiness.

-- We are dependent on the earnings of our subsidiaries.

Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact: Franklin Resources, Inc.
Investor Relations: Brian Sevilla (650) 312-4091
Media Relations: Matt Walsh (650) 312-2245
investors.franklinresources.com

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