Franklin Resources Inc

Franklin Resources, Inc. (Franklin Templeton Investments) (NYSE: BEN) today
reported preliminary month-end assets under management by the company's
subsidiaries of $336.7 billion for the month ended December 31, 2003, compared
to $322.0 billion in the preceding month and $257.7 billion in the same month a
year ago.

ASSETS UNDER MANAGEMENT
                              Preliminary
(In billions)                      Dec-03  Nov-03 Sep-03 Jun-03 Dec-02
----------------------------------------------------------------------
Franklin Templeton Investments:
  Equity:
    Global/international          $118.5  $109.7 $ 99.8 $ 91.6 $ 81.4
    Domestic                        63.6    61.3   55.4   50.7   43.5
                                   ------  ------ ------ ------ ------
    Total Equity                   182.1   171.0  155.2  142.3  124.9
                                   ------  ------ ------ ------ ------

  Hybrid/Balanced                   51.1    48.5   45.8   42.8   38.3

  Fixed-Income:
    Tax-free                        52.4    52.2   52.2   53.6   52.1
    Taxable:
      Domestic                      32.2    31.8   31.1   31.4   27.3
      Global/international          13.1    12.9   11.8   10.9    9.1
                                   ------  ------ ------ ------ ------
    Total Fixed-Income              97.7    96.9   95.1   95.9   88.5
                                   ------  ------ ------ ------ ------

  Money Market                       5.8     5.6    5.8    6.0    6.0

                                  ------- ----------------------------
Total                             $336.7  $322.0 $301.9 $287.0 $257.7
                                   ======  ====== ====== ====== ======

Franklin Templeton Investments provides global and domestic investment
management services to its Franklin, Templeton, Mutual Series, Fiduciary, and
other sponsored investment products. Additional information about the company's
Canadian open-end mutual fund assets and net inflows and outflows will be
available on the Investment Funds Institute of Canada web site (ific.ca) on
approximately the 15th of each month as part of a Canadian industry-wide release
of monthly statistics. The San Mateo, CA-based company has over 50 years of
investment experience. For more information, please visit franklintempleton.com
or call 1-800/DIAL BEN(R).

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,
2003.

    --  Volatility in the equity markets may cause the levels of our assets
        under management, which in turn impacts revenues, 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.

    --  Governmental investigations and regulatory or legislative actions and
        reforms, particularly those specifically focused on the mutual fund
        industry, could adversely impact our assets under management and
        revenues, increase costs or otherwise negatively impact the
        profitability of the company and future financial results.

    CONTACT: Franklin Resources, Inc.
             Holly Gibson Brady, 650-312-4701 (Corp. Communications)
             Alan Weinfeld, 650-525-8900 (Investor Relations)
             franklintempleton.com