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    Credit Ratings

    Type Standard & Poor's Moody's
    Current Outlook Stable Stable
    Issuer Rating A A2
    Issued by Franklin Resources, Inc. (FRI)
    $300 million 2.800% Notes due 2022 A A2
    $400 million 2.850% Notes due 2025 A A2
    $850 million 1.600% Notes due 2030 A A2
    $350 million 2.950% Notes due 2051 A A2
    Issued by Legg Mason Inc., an FRI subsidiary
    $250 million 3.950% Senior Notes due 2024 A A2
    $450 million 4.750% Senior Notes due 2026 A A2
    $550 million 5.625% Senior Notes due 2044 A A2

    The Nationally Recognized Statistical Rating Organizations named above are known by Franklin Resources, Inc. to have assigned the indicated ratings on our debt. We caution investors that a security rating is not a recommendation to buy, sell or hold securities, that it may be subject to revision or withdrawal at any time by the assigning rating organization, that the rating organizations may also revise or replace entirely the methodology applied to derive the ratings and that each rating should be evaluated independently of any other rating. Please note that any statements, comments and opinions concerning Franklin Resources expressed in the reports of the credit rating agencies are theirs alone and not that of Franklin Resources or its management. Franklin Resources does not by its reference above imply its endorsement of or approval or concurrence with any such statements, comments and opinions.

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