Karen Matsushima King's Deferred Director's Fees Transaction

Karen Matsushima King, a director at Franklin Resources Inc., reported a transaction involving deferred director's fees. The transaction, dated October 25, 2025, involved 109.4571 shares at a price of $22.84 per share. This transaction increased her total holdings to 58,982.4162 shares. The deferred fees are part of the 2006 Directors Deferred Compensation Plan, which allows for hypothetical investment accounts based on the performance of Franklin Resources Inc.'s stock. The fees are payable in cash in quarterly installments over ten years following her separation from service. The expiration date for this transaction is January 20, 2058.