Franklin Templeton Investments Names Jim Baio as Chief Financial Officer and Jennifer Bolt as Chief Information Officer.

Business Editors

SAN MATEO, Calif.--(BUSINESS WIRE)--May 7, 2003

Franklin Templeton Investments is pleased to announce the appointment of Jim Baio, CPA, as chief financial officer and Jennifer Bolt as chief information officer of Franklin Resources, Inc., effective May 15, 2003. Both have also been named senior vice presidents of the firm.

"Jim Baio and Jenny Bolt have made significant contributions to the organization over the past decade," said Charles B. Johnson, chairman and chief executive officer of Franklin Resources, Inc. "Jim is especially strong in strategic business planning, and Jenny is a proven innovator in the technology area. Positioning these experienced leaders in their new roles is part of our strategy for maintaining the company's competitive position."

As CFO, Baio will be responsible for the firm's finance functions including corporate treasury, corporate accounting, financial operations, fund taxation and corporate taxation and will report to Martin Flanagan, co-president of Franklin Resources, Inc. As CIO, Bolt will have global responsibilities for software development and implementation, infrastructure/systems support and telecommunications. She will also report to Martin Flanagan.

Baio most recently served as chief administrative officer to Flanagan. He supported Flanagan in the coordination and administration of the investment management, finance, technology, risk management and legal, as well as various administrative functions. Baio was also directly responsible for the company's corporate development and planning group.

Baio joined Franklin Templeton Investments in 1989 as the risk manager of the Templeton organization, in which capacity he initiated an internal audit function and a corporate and fund taxation group and oversaw compliance efforts. In 1993, he became the treasurer of the Templeton funds and in 1996 was named treasurer of the Mutual Series funds. Prior to joining Franklin Templeton, he worked for Ernst & Young for 12 years as a senior manager and CPA for audit and tax functions.

Bolt most recently served as managing director of Franklin Templeton Technologies. Prior to that, she was Franklin Templeton's chief Web officer. In this role, Bolt oversaw the successful redesign of franklintempleton.com, one of the company's most significant technology projects to date. She was also instrumental in the creation of AdvisorCentral.com, a groundbreaking industry-wide portal that provides a single-site solution for investment professionals. In addition, Bolt was named "E-commerce Executive of the Year" in 2002 by Fund Action. In making the selection, Fund Action noted that Bolt reengineered the company's online presence, pushing its efforts to the forefront of e-commerce trends. Bolt joined Franklin in 1988 and worked in various roles within the company's banking subsidiaries. She continues to serve as chairman of Franklin Capital Corporation and Franklin Templeton Bank & Trust.

Franklin Resources, Inc. (NYSE:BEN), is a global investment organization operating as Franklin Templeton Investments. Franklin Templeton 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 $252 billion in assets under management as of March 31, 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 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 risks, uncertainties and other important factors are described in more detail in the "Risk Factors" section 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.

-- Continuing volatility in the equity markets have caused the

levels of our assets under management to fluctuate

significantly.

-- Continued 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.

-- The September 11, 2001 World Trade Center tragedy may

adversely affect our ability to achieve the benefits we expect

from the acquisition of Fiduciary Trust Company International.

-- We face risks associated with conducting operations in

numerous foreign countries.

-- Our emerging market portfolios and related revenues are

vulnerable to market-specific political and 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.