Franklin Resources Inc
Investor Relations: Alan Weinfeld, 650-525-8900
Corporate Communications: Lisa Gallegos, 650-312-3395
franklintempleton.com

Franklin Resources, Inc. (operating as Franklin Templeton Investments)
("Franklin Templeton") (NYSE: BEN) today announced the appointment of Martin L.
Flanagan and Gregory E. Johnson as co-chief executive officers effective January
1, 2004. Current CEO, Charles B. Johnson, will continue in his role as chairman.

The selection of the new co-CEOs was determined by the company's independent
directors who made a unanimous recommendation to the full Board of Directors.
The change reflects the Board's confidence in the continued leadership of
Flanagan and Johnson, who have served as presidents of the company since 1999.

"These appointments are a natural evolution for Greg Johnson and Marty Flanagan
and a recognition of a co-presidency that has worked extremely well," said
Charlie Johnson, who has served as CEO since 1957. "As co-CEOs, Greg and Marty
will share overall responsibility for leading the organization and continue to
lead day-to-day business operations. As chairman, I will continue to provide
oversight and guidance to the organization."

Charlie Johnson continued, "As co-presidents, Marty and Greg have proven their
ability to work well as a team and leverage one another's strengths and
backgrounds. Over the past two decades, both have had experience in managing all
major aspects of the business. A co-CEO structure reflects Franklin Templeton's
commitment to a team-based leadership model, which we believe best positions the
company for continued growth. Marty and Greg have been instrumental in
developing the company's overall strategic direction and furthered our goal of
becoming a premier global asset management company."

Flanagan commented, "Greg and I have had the opportunity to work with an
extremely talented group of individuals throughout the organization who share
our passion for this business. We look forward to continuing the company's
tradition of innovation and leading this organization forward together."

Greg Johnson said, "I have really enjoyed working with Marty over the past 10
years and I am excited about continuing our partnership as co-CEOs. Marty and I
will continue to focus on our mission of offering high-quality investment
solutions and providing outstanding service to our customers globally. We are
excited by the possibilities in this industry, both in U.S. and internationally,
and we believe we are well positioned to take advantage of the right
opportunities to grow our business."

Flanagan currently serves as a co-president of Franklin Resources, Inc. He is a
member of the Investment Company Institute's Board of Governors and is a board
member of various Franklin Templeton mutual funds and subsidiaries. Prior to the
acquisition by Franklin, he served as director, executive vice president and
chief operating officer of Templeton, Galbraith & Hansberger Ltd. Before joining
Templeton in 1983, Flanagan worked with Arthur Andersen & Co. He received a
bachelor of business administration and a bachelor of arts degree from Southern
Methodist University (SMU) in Dallas, Texas, and is a Certified Public
Accountant (CPA) and a Chartered Financial Analyst (CFA).

Greg Johnson currently serves as a co-president of Franklin Resources, Inc. He
is also chairman of Franklin Templeton Distributors, Inc., president of Franklin
Templeton Investment Services and vice president of Franklin Advisers, Inc. In
addition, he serves on Fiduciary Trust Company International's Board of
Directors and is also a member of a number of Franklin Templeton's international
fund boards. Before joining Franklin in 1986, he was a senior accountant for
Coopers & Lybrand. He received a bachelor's degree in business administration
from Washington and Lee University and is a Certified Public Accountant (CPA).

Flanagan and Greg Johnson will lead a live conference call on Thursday, October
23, 2003, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the
company's fourth fiscal quarter 2003 financial results and answer analysts'
questions. Access to the teleconference will be available via
franklintempleton.com 10 minutes before the start of the call or by dialing
(877) 574-4065 in the U.S. or (706) 679-3804 internationally. A replay of the
call will be archived on franklintempleton.com through November 6, 2003. The
replay can also be accessed by calling (800) 642-1687 in the U.S. or (706)
645-9291 internationally using access code #2775729, after 7:30 p.m. Eastern
Time on October 23, 2003, through 11:59 p.m. Eastern Time on November 6, 2003.

Franklin Resources, Inc. [NYSE:BEN], is a global investment organization
operating as Franklin Templeton Investments. Franklin Templeton Investments
provides global and domestic investment management services through its
Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San
Mateo, CA-based Company has over 50 years of investment experience and more than
$301 billion in assets under management as of September 30, 2003. For more
information, please call 1-800/DIAL BEN(R)or visit franklintempleton.com.

Forward-Looking Statements:

Statements in this press release regarding Franklin Resources, Inc.'s business,
which are not historical facts, are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve a number of risks, uncertainties and other
important factors, some of which are listed below, that could cause the actual
results and outcomes to differ materially from any future results or outcomes
expressed or implied by such forward-looking statements. 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, the "Risk Factors" section of the 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,
2002, and Franklin's most recent Form 10-Q.

--  Volatility in the equity markets may cause the levels of our assets under
    management to fluctuate significantly.

--  Weak market conditions may lower our assets under management and reduce our
    revenues and income.

--  We face strong competition from numerous and sometimes larger companies.

--  Changes in the distribution channels on which we depend could reduce our
    revenues or hinder our growth.

--  We face risks associated with conducting operations in numerous foreign
    countries.

--  Certain of the portfolios we manage, including our emerging market
    portfolios and related revenues, are vulnerable to market-specific political
    or economic risks.

--  Our ability to meet cash needs depends upon certain factors, including our
    asset value, credit worthiness and the market value of our stock.

--  Technology and operating risk and limitations could constrain our
    operations.

--  Regulatory and legislative actions and reforms, including those directed at
    the mutual fund industry, could impact the Company.