FRANKLIN RESOURCES INC

Franklin Resources, Inc. is a holding company with subsidiaries operating under the Franklin Templeton and various other brand names. The company is a global investment management organization with approximately $1.4 trillion in assets under management (AUM) and a mission to help clients achieve better investment outcomes. Franklin's business is conducted through its subsidiaries, including specialist investment managers registered as advisers in the U.S. and other jurisdictions. The company offers investment management and related services across various asset classes, including fixed income, equity, alternative, multi-asset, and cash management. Its investment products include mutual funds, closed-end funds, private funds, institutional separate accounts, retail separately managed accounts, and other products. The company's fees for providing investment management services are generally based on a percentage of AUM. Franklin's business is subject to extensive regulation, including U.S. federal and state securities laws, compliance, corporate governance, disclosure, privacy, anti-bribery and anti-corruption, anti-money laundering, anti-terrorist financing, economic, trade and sanctions laws and regulations, and various cross-border rules and regulations. The company's subsidiaries are registered with or licensed by various U.S. and non-U.S. regulators, and its funds are subject to various U.S. and non-U.S. laws. Franklin's website is www.franklintempleton.com, and its common stock is traded on the New York Stock Exchange under the ticker symbol "BEN." The company is committed to delivering strong investment performance for its clients and offering a broad range of strategies and drawing on diverse experiences and perspectives gained through its long history in the investment management business. Franklin's business segments include U.S. Funds, Non-U.S. Funds, Institutional Separate Accounts, Retail Separately Managed Accounts, and Other. As of September 30, 2023, the company had $468.1 billion in total AUM, with $134.5 billion in fixed income, $207.4 billion in equity, $5.3 billion in alternative, $86.4 billion in multi-asset, and $34.5 billion in cash management assets. The company's investment management fees depend on the level and relative mix of its AUM and the types of services provided. Franklin's investment management services include fundamental investment research and valuation analyses, original economic, political, industry, and company research, and analyses of suppliers, customers, and competitors. The company's investment management fees vary with the types of services provided and may be waived or voluntarily reduced by the parties. The company's investment products are offered globally to retail, institutional, and high-net-worth clients. Its specialist investment managers provide investment management and related services to high-net-worth individuals and families, family offices, foundations, and institutional clients. The company's sales and distribution capabilities are critical components of its business and may be impacted by global distribution trends and changes within the financial services industry. Franklin's global distribution framework is organized into two groups: global advisory services and global alliances and new business strategies. The company's sales and distribution fees are primarily earned by distributing its mutual funds through distribution agreements and paid to financial advisers and other intermediaries. The company pays sales and distribution fees to financial intermediaries for their assistance in explaining the operations of the funds and for reporting and various other distribution services. The financial services industry is a highly competitive global industry, and Franklin faces strong competition from various investment management companies, securities brokerage and investment banking firms, insurance companies, banks, and other financial institutions. The company primarily derives its fund sales through third-party broker-dealers, banks, investment advisers, and other financial intermediaries, and it offers a broad product mix that meets a variety of investment goals and needs for different investors. The company's website is www.franklintempleton.com, and its common stock is traded on the New York Stock Exchange under the ticker symbol "BEN."