Franklin Resources, Inc. Announces Pricing of Notes Offering

Franklin Resources, Inc. (the “Company”) (NYSE: BEN) today announced the pricing of its public offering of $750 million aggregate principal amount of its 1.600% Notes due 2030 (the “Notes”) at an issue price of 99.778% of principal amount. The offering is expected to close on October 19, 2020, subject to customary closing conditions. BofA Securities, Inc. and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective registration statement filed by Franklin Resources, Inc. with the Securities and Exchange Commission on October 6, 2020.

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, redeeming, satisfying and discharging, defeasing or otherwise repaying or retiring any long-term debt of the Company or its subsidiaries, including all or a portion of the $250 million aggregate principal amount of Legg Mason, Inc.’s (“Legg Mason”) 6.375% Junior Subordinated Notes due 2056 and/or the $500 million aggregate principal amount of Legg Mason’s 5.45% Junior Subordinated Notes due 2056. The foregoing does not constitute a notice of redemption for or an obligation to issue a notice of redemption for any outstanding notes.

The offering of the Notes may be made only by means of a prospectus supplement and accompanying base prospectus related to the offering, copies of which may be obtained by calling BofA Securities, Inc. at 1-800-294-1322 or Citigroup Global Markets Inc. at 1-800-831-9146. Electronic copies of these documents may be obtained free of charge on the website of the Securities and Exchange Commission at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Franklin Templeton

Franklin Resources, Inc. (NYSE: BEN) is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the Company brings extensive capabilities in equity, fixed income, alternatives and custom multi-asset solutions. With offices in over 30 countries and 1,300 investment professionals, the California-based company has more than 70 years of investment experience and approximately $1.4 trillion in assets under management as of September 30, 2020. 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.