Document:

Form of Restricted Stock Unit Incentive Agreement

 Exhibit 10.2 
 PARKER DRILLING COMPANY 
 RESTRICTED STOCK UNIT INCENTIVE AGREEMENT

 THIS RESTRICTED STOCK UNIT INCENTIVE AGREEMENT (this “Agreement”) is made and entered into by and
between Parker Drilling Company, a Delaware corporation (the “Company”), and Gary Rich, an individual and future employee of the Company (“Grantee”), as of the 1st day of October, 2012 (the “Grant
Date”). The Restricted Stock Units granted to Grantee pursuant to this Agreement shall not be granted under the Parker Drilling Company 2010 Long-Term Incentive Plan, as it may be amended from time to time thereafter (the
“Plan”), but are subject to the terms and conditions of the Plan, except for Section 7.1 of the Plan. The Plan is hereby incorporated herein in its entirety by this reference and shall apply to this grant of Restricted Stock
Units as if such grant was granted pursuant to the terms of the Plan, except to the extent that this Agreement expressly provides to the contrary. Capitalized terms not otherwise defined in this Agreement shall have the meaning given to such terms
in the Plan. 
 WHEREAS, Grantee is being hired as President and Chief Executive Officer of the Company, and in
connection therewith, the Company desires to grant Restricted Stock Units to Grantee, subject to the terms and conditions of this Agreement and the Plan, with a view to increasing Grantee’s interest in the Company’s success and growth; and

 WHEREAS, the effectiveness of this grant of Restricted Stock Units is conditioned upon Grantee beginning employment
with the Company on or prior to October 1, 2012; and 
 WHEREAS, Grantee desires to be the holder of Restricted
Stock Units subject to the terms and conditions of this Agreement and the Plan; 
 NOW, THEREFORE, in consideration of
the premises, mutual covenants and agreements contained herein, and such other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 1. Grant of Restricted Stock Units. Subject to the terms and conditions of this Agreement and the Plan, the Company
hereby grants to Grantee a number of Restricted Stock Units equal to (i) $1,500,000 divided by (ii) the Fair Market Value of one share of the Company’s Common Stock on the Grant Date (the “Units”). Subject to
Section 3 hereof, each Unit shall initially represent one share of the Company’s Common Stock (“Share”). Each Unit represents an unsecured promise of the Company to deliver one Share to the Grantee pursuant to the
terms and conditions of the Plan and this Agreement. As a holder of Units, the Grantee has the rights of a general unsecured creditor of the Company until the Units are converted to Shares upon vesting and transferred to Grantee, as set forth
herein. 
 2. Transfer Restrictions. Grantee shall not sell, assign, transfer, exchange, pledge, encumber, gift, devise,
hypothecate or otherwise dispose of (collectively, “Transfer”) any Units granted hereunder. Any purported Transfer of Units in breach of this Agreement shall be void and ineffective, and shall not operate to Transfer any interest or
title in the purported transferee. 

 3. Vesting of Units and Delivery of Shares. 

(a) Vesting Dates. Grantee shall vest in the Units granted hereunder in accordance with the following schedule: (i) 50%
of the Units shall vest on April 30, 2013, (ii) 30% of the Units shall vest on April 30, 2014 and (iii) 20% of the Units shall vest on April 30, 2015 (each, a “Vesting Date”), provided that the Grantee is
still an Employee and has continuously been an Employee from the Grant Date through each Vesting Date, except as provided in Section 4 hereof. 
 (b) Settlement of Shares. Within sixty (60) days after any Units become vested, the Company shall deliver to Grantee the number of Shares for the vested Units and such Units shall
expire when exchanged for such Shares. The form of such delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company. In all cases, the delivery of shares under this Award is intended to
comply with Treasury Regulation 1.409A-1(b)(4) and shall be construed and administered in such a manner. All Shares delivered to or on behalf of Grantee in exchange for vested Units shall be subject to any further transfer or other restrictions as
may be required by securities law or other applicable law as determined by the Company. 
 (c) Dividends and
Splits. If the Company (i) declares a stock dividend or makes a distribution on its Shares, (ii) subdivides or reclassifies outstanding Shares into a greater number of Shares, or (iii) combines or reclassifies outstanding
Shares into a smaller number of Shares, then the number of Units granted under this Agreement shall be proportionately increased or reduced, as applicable, so as to prevent the enlargement or dilution of Grantee’s rights and duties hereunder.
The determination of the Committee regarding such adjustments shall be binding. 
 4. Termination of Employment. If
Grantee’s Employment is voluntarily or involuntarily terminated by the Company or Grantee, then Grantee shall immediately forfeit the outstanding Units that are not already vested as of such date, except as provided below in this
Section 4. Upon the forfeiture of any Units hereunder, the Grantee shall cease to have any rights in connection with such Units as of the date of forfeiture. 
 (a) Termination of Employment. Except as provided in Section 4(d), if the Grantee’s Employment is terminated for any reason other than due to death, disability, or
Involuntary Termination Without Cause (as defined below), any non-vested Units at the time of such termination shall automatically expire and terminate and no vesting shall occur after the termination of Employment date. In such event, the Grantee
will receive no payment for unvested Units. For purposes of this Agreement, “Involuntary Termination Without Cause” means the Employment of Grantee is involuntarily terminated by the Company (or by any successor to the Company) for
any reason including, without limitation, as the result of a Change in Control, except due to death, disability or Cause. In the event of a dispute regarding whether Employment was terminated voluntarily or involuntarily, or with or without Cause,
such dispute will be resolved by the Committee, in good faith, in the exercise of its discretion. 

  
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 (b) Involuntary Termination Without Cause. Except as provided in
Section 4(d), in the event of the Grantee’s Involuntary Termination Without Cause, all of the restrictions and any other conditions for all Units scheduled to vest on the next Vesting Date shall be fully satisfied on a pro rata
basis, determined by multiplying the number of Units that would vest on the next Vesting Date by a fraction, the numerator of which is the number of months including any partial months that have elapsed since (i) the previous Vesting Date or,
(ii) if no Vesting Date has occurred, the Grant Date and the denominator of which is (i) 12 or, (ii) if no Vesting Date has occurred, 7. Any remaining unvested Units shall be forfeited. 

(c) Disability or Death. Upon termination of Grantee’s Employment as the result of Grantee’s disability or death,
then all of the outstanding Units shall become 100% vested and free of all restrictions on such date. 
 (d) Change in
Control. If there is a Change in Control, then in the event of the Grantee’s Involuntary Termination Without Cause within two (2) years following the effective date of the Change in Control, all the outstanding Units shall
automatically become 100% vested and free of all restrictions on the Grantee’s termination of Employment date. 
 5.
Detrimental Conduct. Notwithstanding any provision herein to the contrary, if the Grantee engaged in Detrimental Conduct (as defined below), with such Detrimental Conduct occurring either during Employment or within two (2) years after
Employment terminates for any reason, then, in such event, the following rules shall apply under this Agreement with respect to such Detrimental Conduct. In the event that the Committee should determine, in its sole and absolute discretion, that,
during Employment or within two (2) years following Employment termination, the Grantee engaged in Detrimental Conduct, the Committee may, in its sole and absolute discretion, if Shares have previously been transferred to the Grantee under this
Agreement, direct the Company to send a notice of recapture (a “Recapture Notice”) to such Grantee. Within ten (10) days after receiving a Recapture Notice from the Company, the Grantee will deliver to the Company either
(i) the actual number of Shares that were transferred to the Grantee upon vesting of Units or (ii) a cash equivalent payment in an amount equal to the Fair Market Value of such Shares at the time when transferred to the Grantee, unless the
Recapture Notice demands repayment of a lesser sum. All repayments hereunder shall be net of the taxes that were withheld by the Company when the Shares were originally transferred to Grantee following vesting of the Incentive Award. For purpose of
this Agreement, “Detrimental Conduct” shall mean Grantee (a) violated a confidentiality, non-solicitation, non-competition or similar restrictive covenant between the Company or one of its Affiliates and Grantee, including
violation of a Company policy relating to such matters, or (b) engaged in willful fraud that causes harm to the Company or one of its Affiliates, including, without limitation, any material breach of fiduciary duty, embezzlement or similar
conduct that results in a restatement of the Company’s financial statements. 
 6. Grantee’s Representations.
Notwithstanding any provision hereof to the contrary, the Grantee hereby agrees and represents that Grantee will not acquire any Shares, and that the Company will not be obligated to issue any Shares to the Grantee hereunder, if the issuance of such
Shares constitutes a violation by the Grantee or the Company of any law or regulation of any governmental authority. Any determination in this regard that is made by the Committee, in good faith, shall be final and binding. The rights and
obligations of the Company and the Grantee are subject to all applicable laws and regulations. 

  
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 7. Tax Withholding. To the extent that the receipt of Shares hereunder results in
compensation income to Grantee for federal, state or local income tax purposes, Grantee shall deliver to Company at such time the sum that the Company requires to meet its tax withholding obligations under applicable law or regulation, and, if
Grantee fails to do so, Company is authorized to (a) withhold from any cash or other remuneration (including any Shares), then or thereafter payable to Grantee, any tax required to be withheld; or (b) sell such number of Shares as is
appropriate to satisfy such tax withholding requirements before transferring the resulting net number of Shares to Grantee in satisfaction of its obligations under this Agreement. 

8. Independent Legal and Tax Advice. The Grantee acknowledges that (a) the Company is not providing any legal or tax advice
to Grantee and (b) the Company has advised the Grantee to obtain independent legal and tax advice regarding this Agreement and any payment hereunder. 
 9. No Rights in Shares. The Grantee shall have no rights as a stockholder in respect of any Shares, unless and until the Grantee becomes the record holder of such Shares on the Company’s
records. 
 10. Conflicts with Plan, Correction of Errors, and Grantee’s Consent. In the event that any provision of
this Agreement conflicts in any way with a provision of the Plan, such provisions shall be reconciled, or such discrepancy shall be resolved, by the Committee in the exercise of its discretion. In the event that, due to administrative error, this
Agreement does not accurately reflect the Units properly granted to the Grantee, the Committee reserves the right to cancel any erroneous document and, if appropriate, to replace the cancelled document with a corrected document. All determinations
and computations under this Agreement shall be made by the Committee (or its authorized delegate) in its discretion as exercised in good faith. 
 The award of Units is intended to comply with or be exempt from Section 409A of the Internal Revenue Code and any ambiguous provisions hereof shall be interpreted accordingly. Accordingly, Grantee
consents to such amendment of this Agreement as the Committee may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make available, to Grantee a copy of any such amendment. 

11. Miscellaneous. 
 (a) No Fractional Shares. All provisions of this Agreement concern whole Shares. If the application of any provision hereunder would yield a fractional Share, such fractional Share shall be
rounded down to the next whole Share if it is less than 0.5 and rounded up to the next whole Share if it is 0.5 or more. 
 (b)
Transferability of Units. The Units are transferable only to the extent permitted in accordance with the Plan at the time of transfer (i) by will or by the laws of descent and distribution, or (ii) by a domestic relations
order in such form as is acceptable to the Company. No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities, obligations or torts of the Grantee or any permitted transferee thereof. 

  
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 (c) Not an Employment Agreement. This Agreement is not an employment
agreement, and no provision of this Agreement shall be construed or interpreted to create any Employment relationship between Grantee and the Company for any time period. The Employment of Grantee with the Company shall be subject to termination to
the same extent as if this Agreement did not exist. 
 (d) Notices. Any notice, instruction, authorization, request
or demand required hereunder shall be in writing, and shall be delivered either by personal in-hand delivery, by telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service,
addressed to the Company at its then current main corporate address, and to Grantee at the address indicated on the Company’s records, or at such other address and number as a party has last previously designated by written notice given to the
other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile
means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by courier or delivery service, or sent by certified or registered mail, return receipt requested. 

(e) Amendment, Termination and Waiver. This Agreement may be amended, modified, terminated or superseded only by written
instrument executed by or on behalf of the Grantee and the Company (by action of the Committee or its delegate). Any waiver of the terms or conditions hereof shall be made only by a written instrument executed and delivered by the party waiving
compliance. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than Grantee. The failure of any party at any time or times to require performance of any
provisions hereof shall in no manner affect the right to enforce the same. No waiver by any party of any term or condition herein, or the breach thereof, in one or more instances shall be deemed to be, or construed as, a further or continuing waiver
of any such condition or breach or a waiver of any other condition or the breach of any other term or condition. 
 (f) No
Guarantee of Tax or Other Consequences. The Company makes no commitment or guarantee that any tax treatment will apply or be available to the Grantee or any other person. The Grantee has been advised, and provided with ample opportunity, to
obtain independent legal and tax advice regarding this Agreement. 
 (g) Governing Law and Severability. This
Agreement shall be governed by the laws of the State of Texas without regard to its conflicts of law provisions, except as preempted by controlling federal law. The invalidity of any provision of this Agreement shall not affect any other provision
hereof or of the Plan, which shall remain in full force and effect. 
 (h) Successors and Assigns. This Agreement
shall bind, be enforceable by, and inure to the benefit of, the Company and Grantee. 
 [Signature page follows.]

  
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 IN WITNESS WHEREOF, this Agreement is hereby approved and executed as of
the date first written above. 
  

	
	Parker Drilling Company
	
	
By:                       
                                         
                              

	
	
Name:                       
                                         
                         

	
	
Title:                       
                                         
                           

	
	Grantee
	
	  
 Signature

	
	 Gary Rich

	
	 Grantee’s Address for Notices:

	
	 
	
	 
	
	 

  
 6Third Supplemental Indenture

 Exhibit 4.1 
 EXECUTION COPY 
 THIRD SUPPLEMENTAL INDENTURE 

THIS THIRD SUPPLEMENTAL INDENTURE, dated as of September 24, 2012 (the “Third Supplemental Indenture”), by and
between FRANKLIN RESOURCES, INC., a Delaware corporation having its principal executive offices located at One Franklin Parkway, San Mateo, California 94403 (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a
national banking association having its main office located at 400 South Hope Street, Suite 400, Los Angeles, California 90071, as successor trustee (the “Trustee”), is to that certain Indenture, dated as of May 19, 1994,
between the Company and the Trustee as amended and supplemented by a First Supplemental Indenture, dated as of October 9, 1996 (collectively, and as further supplemented hereby, the “Indenture”). Capitalized terms used and not
otherwise defined in this Third Supplemental Indenture shall have the meanings ascribed thereto in the Indenture. 
 RECITALS

 WHEREAS, Sections 201, 301 and 901 of the Indenture provide, among other things, that the Company and the Trustee may enter
into indentures supplemental to the Indenture, without notice to or consent of any Holders of Securities, to establish the form or specific terms applicable to any series of Securities; 

WHEREAS, the Company desires and has requested the Trustee to join with it in the execution and delivery of this Third Supplemental
Indenture providing for the creation and issuance of two series of Securities under the Indenture, the titles of which shall be the “1.375% Notes due 2017” (the “2017 Notes”) and the “2.800% Notes due 2022” (the
“2022 Notes” and, together with the 2017 Notes, the “Notes”); 
 WHEREAS, this Third
Supplemental Indenture has been duly authorized by all necessary corporate action on the part of the Company; and 
 WHEREAS,
pursuant to this Third Supplemental Indenture, the Company shall issue and deliver, and the Trustee shall authenticate, the 2017 Notes and the 2022 Notes pursuant to the terms of this Third Supplemental Indenture and substantially in the Form of
Global Note for the 2017 Notes as set forth as Annex A-1 hereto (the “2017 Global Note”) and for the 2022 Notes as set forth as Annex A-2 hereto (the “2022 Global Note” and, together with the 2017 Global Note, the
“Global Note”); 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

ARTICLE I 

Terms of the Notes 
 Section 1.1 Amount and Denominations. There is hereby established pursuant to and under the Indenture (i) a series of Securities titled the “1.375% Notes due 2017” and
(ii) a series of Securities titled the “2.800% Notes due 2022.” The aggregate principal amount in which the Notes may be initially authenticated and delivered under this Third Supplemental Indenture is limited to:
(i) $300,000,000 aggregate principal amount of 2017 Notes and (ii) $300,000,000 aggregate principal amount of 2022 Notes; provided, however, that the Company and the Trustee may authenticate and

 
deliver, and the Company may issue, additional Notes from time to time in an unlimited amount, subject to compliance with the terms and conditions of the Indenture. The Notes shall be denominated
in United States dollars in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes will be issued in global form. 
 Section 1.2 Maturity. The 2017 Notes shall mature on September 15, 2017, and the 2022 Notes shall mature on September 15, 2022 (each, a “Stated Maturity”).

 Section 1.3 Interest and Interest Rate. Each 2017 Note shall bear interest from September 24, 2012, at the
annual rate of 1.375%. Each 2022 Note shall bear interest from September 24, 2012, at the annual rate of 2.800%. Interest on the Notes shall be payable semi-annually in arrears on March 15 and September 15 of each year (each, an
“Interest Payment Date”), commencing March 15, 2013, to the Persons in whose names the Notes are registered at the close of business on the immediately preceding March 1 and September 1, respectively, subject to
certain exceptions set forth in the 2017 Global Note and the 2022 Global Note, attached hereto as Annex A-1 and A-2, respectively. The amount of interest payable on the Notes shall be computed on the basis of a 360-day year consisting of twelve
30-day months. If any Interest Payment Date or the Maturity Date of the Notes is not a Business Day, then the related payment of interest and/or principal on such date will be paid on the next succeeding Business Day with the same force and effect
as if made on such Interest Payment Date or Maturity Date and no further interest will accrue in respect of the delay. 

Section 1.4 Ranking. The Notes will be unsecured and unsubordinated obligations of the Company and will rank equal in right
of payment with respect to each other and to all the other existing and future unsubordinated Indebtedness of the Company. 

Section 1.5 Optional Redemption. The Notes of each series shall be redeemable as a whole or in part, at the Company’s
option, at any time at a redemption price (as calculated by the Company) equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 12.5 basis points, in the case of the 2017 Notes and 20 basis points, in the case of the 2022 Notes, plus in each case accrued and unpaid interest thereon to, but not including, the date of redemption. 

For purposes of this Section 1.5: 
 “Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the
remaining term of the Notes of the applicable series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to
the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date,
(A) the average of the four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Company. 

  
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 “Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Morgan Stanley & Co. LLC, or their respective affiliates which are primary U.S. government securities dealers, and two other primary U.S. government securities dealers selected by the Company, and each of their
respective successors that are primary U.S. government securities dealers; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in The City of New York (a
“Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to
maturity or interpolated yield to maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date. 
 Notice of any redemption shall be given by the Company or by the Trustee in the Company’s name, at
the written request and expense of the Company, at least 30 days but not more than 60 days before the redemption date to each Holder of the Notes. In connection with any redemption, the Company shall deliver to the Trustee an Officers’
Certificate setting forth the calculation of the redemption price no later than two (2) Business Days prior to the redemption date. On or before a redemption date, the Company shall deposit with a paying agent (or the Trustee) money sufficient
to pay the redemption price of and accrued and unpaid interest on the Notes to be redeemed on that date. If less than all of the Notes of a series are to be redeemed, the Notes of such series to be redeemed shall be selected pro rata or by
lot and in accordance with the applicable depositary procedures. 
 Unless there occurs a default in payment of the redemption
price, on and after the redemption date, interest shall cease to accrue on the Notes or portions thereof called for redemption. 

Section 1.6 Sinking Fund. The Notes shall not be subject to the operation of any sinking fund or an analogous provision.

 Section 1.7 Covenants. In addition to the covenants set forth in Article Ten of the Indenture, the following
covenant shall apply to the Notes: 
 Limitation on Liens. The Company shall not, and shall not cause or permit any
Included Subsidiary to, create, assume, incur or guarantee any Indebtedness for money borrowed that is secured by a pledge, mortgage or other lien on any Voting Stock or profit participating equity interests of the Included Subsidiaries or any
entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of the Included Subsidiaries and becomes an Included Subsidiary, without providing that the Notes (together with, if
the Company shall so determine, any other Indebtedness of, or guarantee by, the Company ranking equally with the Notes and existing as of the date hereof or thereafter created) shall be secured equally and ratably with or prior to all other
Indebtedness secured by such pledge, mortgage or other lien on the Voting Stock or profit participating equity interests of the Included Subsidiaries. This covenant shall not limit the ability of the Company or the ability of its Subsidiaries to
incur Indebtedness or other obligations secured by liens on assets other than the Voting Stock or profit participating equity interests of the Included Subsidiaries, nor shall this covenant apply to Permitted Liens. 

  
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 For purposes of this Section 1.7: 

“Banking Subsidiary” means, at any time, Fiduciary Trust Company International, Franklin Templeton Bank and Trust Company,
F.S.B. or any other Subsidiary of the Company licensed to engage, and principally engaged, at such time in the banking or trust business or any Subsidiary of any such Subsidiary. 

“Consolidated Net Worth” means, at a particular date, all amounts which would be included, under stockholders’ equity, on
a consolidated balance sheet of the Company and its Included Subsidiaries determined on a consolidated basis in accordance with GAAP as at such date. 
 “Finance Subsidiary” means Franklin Capital Corporation or any other Subsidiary of the Company created for the sole purpose of acting as a finance or securitization subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 

“Included Subsidiary” means any Subsidiary of the Company other than any Banking Subsidiary, Finance Subsidiary, Insurance
Subsidiary or Real Estate Subsidiary. 
 “Insurance Subsidiary” means, at any time, any Subsidiary of the Company
licensed to engage, and principally engaged, at such time in the insurance business or any Subsidiary of such Subsidiary. 

“Permitted Liens” means 
 (i) liens existing at the time an entity becomes a Subsidiary of the Company or is merged into the Company or a Subsidiary of the Company, 

(ii) statutory liens, liens granted to comply with regulatory requirements, liens for taxes or assessments or governmental charges or
levies not yet due or delinquent or which can be paid without penalty or are being contested in good faith, 
 (iii) liens on
any Voting Stock or profit participating equity interests of any Subsidiary of the Company that is acquired after the date hereof to secure or provide for the payment of the purchase price or acquisition cost thereof, 

(iv) liens in favor of the Company or any Subsidiary, 
 (v) liens in existence on the date hereof, 
 (vi) liens (not otherwise permitted
under this Section 1.7) which secure obligations in an aggregate amount at any one time outstanding not exceeding 10% of the Consolidated Net Worth, measured at the time of the creation, incurrence or assumption of any such lien and based upon
the Consolidated Net Worth as at the end of the most recently completed fiscal quarter of the Company for which financial statements are publicly available, and 
 (vii) any extension, renewal, substitution, refinancing or replacement (or successive extensions, renewals, substitutions or replacements), in whole or in part, of any lien referred to in the foregoing
clauses (i), (iii) and (v) that is secured by the same collateral that originally secured the lien. 

  
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 “Real Estate Subsidiary” means, at any time, any Subsidiary of the Company
principally engaged at such time in the real estate investment and property management business or any Subsidiary of any such Subsidiary. 
 “Subsidiary” means, as to any Person at any time of determination, a corporation, partnership or other entity (other than any Fund or any other investment company or similar investment entity
existing under foreign law substantially equivalent to an investment company) of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly
through one or more intermediaries or Subsidiaries, or both, by such Person. “Funds” means the collective reference to all investment companies advised by the Company or any of its Subsidiaries. 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 
 Section 1.8 Events of Default. Clauses (1), (2), (3) and (4) of Section 501 of the Indenture shall apply to the Notes. Clauses (5), (6) and (7) of Section 501 of
the Indenture shall not apply to the Notes, but shall instead be replaced by the following: 
 (5) if any event of default as
defined in any mortgage, indenture or instrument under which there may be issued, or by which there may be secured or evidenced, any Indebtedness of the Company or any Significant Subsidiary, whether such Indebtedness now exists or shall hereafter
be created, shall happen and shall result in such Indebtedness in principal amount in excess of $75,000,000 becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, and such acceleration shall
not be rescinded or annulled, or such Indebtedness shall not have been discharged, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such event of default and requiring the Company to cause such acceleration to be rescinded or annulled or to cause such Indebtedness to be discharged
and stating that such notice is a “Notice of Default” hereunder; or 
 (6) the entry by a court having competent
jurisdiction of: 
 (a) a decree or order for relief in respect of the Company or any Significant Subsidiary in
an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(b) a decree or order adjudging the Company or any Significant Subsidiary to be insolvent, or approving a petition seeking
reorganization, arrangement, adjustment or composition of the Company or any Significant Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(c) a final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee or other similar
official of the Company or any Significant Subsidiary or of any substantial part of the property of the Company or any Significant Subsidiary, as the case may be, or ordering the winding up or liquidation of the affairs of the Company or any
Significant Subsidiary; or 

  
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 (7) the commencement by the Company or any Significant Subsidiary of a voluntary proceeding
under any applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company or any Significant Subsidiary to the entry of a decree or order for
relief in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company or any Significant Subsidiary of a
petition or answer or consent seeking reorganization or relief under any applicable law, or the consent by the Company or any Significant Subsidiary to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee or similar official of the Company or any Significant Subsidiary or any substantial part of the property of the Company or any Significant Subsidiary or the making by the Company or any Significant Subsidiary
of an assignment for the benefit of creditors, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any such action. 
 For purposes of this Section 1.8: 
 “Significant Subsidiary” means
any subsidiary that would be a “significant subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X under the Securities Act of 1933, as amended, promulgated by the Commission. 

Section 1.9 Legal Defeasance and Covenant Defeasance. Section 402 of Article Four of the Indenture shall not apply to
the Notes. Instead, the following provisions shall apply to the Notes: 
 (a) Company’s Option to Effect Defeasance or
Covenant Defeasance. The Company may, at its option, effect defeasance of any series of Notes under Section 1.9(b), or covenant defeasance of any series of Notes under Section 1.9(c), in accordance with this section. 

(b) Defeasance and Discharge. Upon the Company’s exercise of the above option applicable to this Section 1.9(b) with
respect to any Notes of such series, the Company shall be deemed to have been discharged from its obligations with respect to all Outstanding Notes (excluding those obligations which survive payment) of such series on the date the conditions set
forth in Section 1.9(d) are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by such Outstanding Notes of
such series, which shall thereafter be deemed to be “Outstanding” only for the purposes of the other Sections of the Indenture referred to in (A) and (B) below, and to have satisfied all its other obligations under such Notes of
such series and this Indenture insofar as such Notes of such series are concerned (and the Trustee, at the written request and expense of the Company, shall execute proper instruments, prepared by the Company, acknowledging the same in accordance
with the Indenture), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Notes of such series to receive, solely from the trust fund described in
Section 1.9(d) and as more fully set forth in such section, payments in respect of the principal, premium, if any, and interest, if any, on such Notes of such series when such payments are due, (B) the Company’s obligations with
respect to such Notes of such series under Sections 304, 305, 306, 1002 and 1003 of the Indenture, (C) the rights, powers, trusts, duties, indemnity and immunities of the Trustee under the Indenture and hereunder, (D) Article Four of the
Indenture, and (E) this Section 1.9. Subject to compliance with this Section 1.9, the Company may exercise its option under this section notwithstanding the prior exercise of its option under Section 1.9(c) with respect to such
Notes of such series. 
 (c) Covenant Defeasance. Upon the Company’s exercise of the above option applicable to this
section with respect to any Notes of such series, the Company shall be released from its obligations 

  
 6 

 
under Sections 801 and 802 of the Indenture and its obligations under each and every covenant (other than Section 1001 of the Indenture but including Section 1.7 hereof) with respect to
such Outstanding Notes of such series on and after the date the conditions set forth in Section 1.9(d) are satisfied (hereinafter, “covenant defeasance”), and such Notes of such series shall thereafter be deemed not to be
“Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all
other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Notes of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such covenant or provision, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or provision or by reason of reference in any such covenant or provision to any other provision herein or
in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 501 of the Indenture or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and
such Notes of such series shall be unaffected thereby. In addition, upon the Company’s exercise under Section 1.9(a) hereof of the option applicable to this Section 1.9(c), subject to the satisfaction of the conditions set forth in
Section 1.9(d) hereof, Section 501(4) of the Indenture (solely with respect to the covenants that are released upon a covenant defeasance), clause (5) of Section 1.8 hereof, and clauses (6) and (7) of Section 1.8
hereof (solely with respect to Significant Subsidiaries) shall not constitute Events of Default under the Indenture. 
 (d)
Conditions to Defeasance or Covenant Defeasance. The following shall be the conditions to application of either Section 1.9(b) or Section 1.9(c) to any Outstanding Notes of such series: 

(1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying
the requirements of Section 606 of the Indenture who shall agree to comply with the provisions of this Section 1.9 applicable to it) in trust for the purpose of making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Notes of such series, (A) money in an amount (in such Currency in which such Notes of such series are then specified as payable at Stated Maturity), or (B) U.S. Government Obligations
applicable to such Notes of such series (determined on the basis of the Currency in which such Notes of such series are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest, if any, in respect
thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal, premium, if any, and interest, if any, under such Notes of such series, money in an amount, or (C) a combination
thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal, premium, if
any, and interest, if any, on such Outstanding Notes of such series on the Stated Maturity (or Redemption Date, if applicable) of such principal, premium, if any, or installment or interest, if any, on the day on which such payments are due and
payable in accordance with the terms hereof; provided, however, that the Trustee shall have been irrevocably instructed by the Company, in writing, to apply such money or the proceeds of such U.S. Government Obligations to said payments with respect
to such Notes. 
 (2) Such defeasance or covenant defeasance shall not result in a breach or violation of, or
constitute a default under, the Indenture. 
 (3) The Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Holders of the Outstanding Notes of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject

  
 7 

 
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. In the case of legal defeasance, the
opinion must refer to and be based upon either (a) the Company’s receipt from, or the publication by, the U.S. Internal Revenue Service of a ruling, or (b) a change in the applicable U.S. federal income tax law since the date of the
Indenture. 
 (4) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to either the defeasance under Section 1.9(b) or the covenant defeasance under Section 1.9(c) (as the case may be) have been satisfied. 

For purposes of this Section 1.9, “U.S. Government Obligations” means direct obligations (or certificates representing an
ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or
redeemable at the option of the issuer or issuers thereof. 
 Section 1.10 Amendment.
Section 902 of the Indenture shall apply to the Notes, except that the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes shall be required to effect the amendments contemplated thereby
that otherwise would require the consent of Holders of not less than 66 2/3% in principal amount of the Outstanding Notes. 

ARTICLE II 

Miscellaneous 
 Section 2.1 Indenture Remains in Full Force and Effect. Except as supplemented hereby, all provisions in the Indenture shall remain in full force and effect. 

Section 2.2 Indenture and Third Supplemental Indenture Construed Together. This Third Supplemental Indenture is an indenture
supplemental to the Indenture, and the Indenture and this Third Supplemental Indenture shall be read and construed together for the purpose of the issuance of the Securities hereby. 

Section 2.3 Confirmation and Preservation of Indenture. The Indenture as supplemented by this Third Supplemental Indenture is
in all respects confirmed and preserved. 
 Section 2.4 Conflict with Trust Indenture Act. If any provision of this
Third Supplemental Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act that is required under the Trust Indenture Act to be part of and govern any provision of this Third Supplemental Indenture, the provision of
the Trust Indenture Act shall control. If any provision of this Third Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed
to apply to the Indenture as so modified or to be excluded by this Third Supplemental Indenture, as the case may be. 

Section 2.5 Severability. In case any provision in this Third Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions of the Indenture shall not in any way be affected or impaired thereby. 
 Section 2.6 Benefits of Third Supplemental Indenture. Nothing in this Third Supplemental Indenture or the Notes, express or implied, shall give to any Person, other than the parties

  
 8 

 
hereto and thereto and their successors hereunder and thereunder and the Holders of the Notes, any benefit of any legal or equitable right, remedy or claim under the Indenture, this Third
Supplemental Indenture or the Notes. 
 Section 2.7 Successors. All agreements of the Company in this Third
Supplemental Indenture with respect to the issuance of the Notes hereby shall bind its successors except as provided in the Indenture. All agreements of the Trustee in this Third Supplemental Indenture shall bind its successors. 

Section 2.8 Appointment of Trustee as Paying Agent and Security Registrar. The Company hereby initially appoints the Trustee
to act as, and the Trustee hereby accepts and agrees to perform the duties and responsibilities of, the Paying Agent and Security Registrar for the Notes. 
 Section 2.9 Certain Duties and Responsibilities of the Trustee. In entering into this Third Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the
Indenture and the Notes relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. The recitals contained herein are made by the Company and not by the Trustee, and the
Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Third Supplemental Indenture. All rights, protections, privileges, indemnities and benefits granted or
afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted by the Trustee and in its role as Paying Agent and Security Registrar under
this Third Supplemental Indenture. 
 Section 2.10. The Trustee. For purposes of the Notes, the following sections
shall be added to Article Six of the Indenture: 
 Section 611. Duties of Trustee. In no event shall the Trustee be
responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 Section 612. Incumbency Certificate. The Trustee may request that the Company
deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specific actions pursuant to the Indenture. 
 Section 613. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances. 
 Section 614. Notices to Trustee. The Trustee agrees to accept and
act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate
listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the
listing. If the Company elects to give the 

  
 9 

 
Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Section 615. Address for Notices to Trustee. 
 The Bank of New York
Mellon Trust Company, N.A 
 400 South Hope Street, Suite 400 

Los Angeles, CA 90071 
 Fax: (213) 630-6298 
 Section 2.11 Governing Law. This Third
Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state. EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 Section 2.12 Multiple Originals. The parties may sign any number of copies of this Third Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Third Supplemental Indenture. 
 Section 2.13 Headings. The Article and Section headings herein have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof. 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed as of the date first written above. 
  

					
	Company
		
		 	FRANKLIN RESOURCES, INC.
		
	By:	 	 /s/ Kenneth A. Lewis

			
		 	Name:	 	Kenneth A. Lewis
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	Trustee
		
		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
		
	By:	 	 /s/ Teresa Petta

		 	Name:	 	Teresa Petta
		 	Title:	 	Vice President

 SIGNATURE PAGE TO THIRD SUPPLEMENTAL INDENTURE 

 ANNEX A-1 

 THIS NOTE IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND
NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  

					
	REGISTERED	 		 	$[            ]

  

					
	No. [    ]	 		 	CUSIP No. 354613AH4

 FRANKLIN RESOURCES, INC. 
 1.375% NOTES DUE 2017 
 Franklin Resources, Inc., a Delaware corporation (the
“Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on September 15, 2017 (the “Maturity Date”) and to pay interest thereon at the rate per
annum equal to 1.375% (the “Interest Rate”) until the principal hereof is fully paid or duly made available for payment. The Company will pay interest at the Interest Rate per annum specified above (computed on the basis of a 360-day year
consisting of twelve 30-day months) semi-annually in arrears on March 15 and September 15 of each year (each an “Interest Payment Date”) commencing March 15, 2013 and on the Maturity Date on said principal amount. Interest
on this Note will accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from September 24, 2012 until the principal hereof has been paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on the Interest Payment Dates, will, as provided in the Indenture referred to below, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be March 1 or September 1, whether or not a Business Day, as the case may be, immediately preceding such Interest Payment Date; provided,
however, that interest payable on the Maturity Date will be payable to the Person to whom the principal hereof shall be payable; and provided, further, however, that if such Interest Payment Date or the Maturity Date
would fall on a day that is not a Business Day, such Interest Payment Date or the Maturity Date shall be the next succeeding Business Day. Any such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

  
 A-1-1

 Payment of the principal of and interest on this Note shall be made at the office or agency
of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debt;
provided, however, that payment of interest on any Interest Payment Date (other than the Maturity Date) may be made at the option of the Company by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register, or by wire transfer of immediately available funds, if the registered Holder has so requested by a notice in writing delivered to the Trustee not less than 16 days prior to the Interest Payment Date on which such payment is
due, which notice shall provide appropriate instructions for such transfer. 
 The principal hereof and interest due at maturity
will be paid upon maturity in immediately available funds against presentation of this Note at the office or agency of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF. 
 This Note shall be governed by and construed in accordance
with the laws of the State of New York applicable to agreements made or instruments entered into and performed in said state. 

Unless the certificate of authentication hereon has been executed by The Bank of New York Mellon Trust Company, N.A. as the Trustee under
the Indenture, or its successor thereunder by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-1-2

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: September 24, 2012 
  

					
	FRANKLIN RESOURCES, INC.
		
	By:	 	  

		 	Name:	 	Kenneth A. Lewis
		 	Title:	 	Executive Vice President and Chief Financial Officer

 Attested: 
  

	
	  

	Maria Gray
	 Secretary

 This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.

  

					
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

 [2017 Global Note Signature Page] 

  
 A-1-3

 [Reverse of Note] 
 FRANKLIN RESOURCES INC. 
 1.375% NOTES DUE 2017 

This Note is one of a duly authorized issue of debentures, notes or other evidences of Indebtedness (hereinafter called the
“Securities”) of the Company of the series hereinafter specified, all such Securities issued and to be issued under the Indenture, dated as of May 19, 1994, as amended and supplemented by the First Supplemental Indenture, dated as of
October 9, 1996 and as further amended and supplemented by the Third Supplemental Indenture, dated as of September 24, 2012 (the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as
successor in interest to Chemical Bank, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures or officers’ certificates, as applicable,
supplemental thereto, reference is hereby made for a statement of the respective rights and limitations of rights thereunder of the Company, the Trustee and the Holders of the Securities, and the terms upon which the Securities are, and are to be,
authenticated and delivered. As provided in the Indenture, Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may be subject to different repayment provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and
Events of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated as 1.375% Notes due 2017 (the “Notes”). The Notes are unsecured and unsubordinated obligations of
the Company and rank equal in right of payment to all other unsubordinated Indebtedness of the Company. The Notes are not subject to the operation of any sinking fund or an analogous provision. 

The Notes are redeemable, as a whole or in part, at the Company’s option at any time at a redemption price (as calculated by the
Company) equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of
interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points, plus accrued and unpaid interest thereon
to, but not including, the date of redemption. Notice of any redemption will be given by the Company or the Trustee in the Company’s name at the written request and expense of the Company, at least 30 days but not more than 60 days before the
redemption date to each Holder of the Notes. In connection with any redemption, the Company shall deliver to the Trustee an Officers’ Certificate setting forth the calculation of the redemption price no later than two (2) Business Days
prior to the redemption date. On or before a redemption date, the Company shall deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued and unpaid interest on the Notes to be redeemed on that date. If
less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected pro rata or by lot and in accordance with the applicable depositary procedures. Unless there occurs a default in payment of the redemption price, on and after
the redemption date, interest shall cease to accrue on the Notes or portions thereof called for redemption. 

  
 A-1-4

 “Comparable Treasury Issue” means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (A) the average of the four Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan
Stanley & Co. LLC, or their respective affiliates which are primary U.S. government securities dealers, and two other primary U.S. government securities dealers selected by the Company, and each of their respective successors that are
primary U.S. government securities dealers; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”), the
Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated yield to maturity (on a day count basis) of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

If any Event of Default (as defined in the Indenture) with respect to the Notes shall occur and be continuing, the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Notes due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes Outstanding. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon future Holders of

  
 A-1-5

 
this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

 Holders of Notes may not enforce their rights pursuant to the Indenture or the Notes except as provided in the Indenture. No
reference herein to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place, and
rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and this Note duly executed by, the Holder hereof or by his attorney duly authorized in writing and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of different authorized denominations as requested by the Holder surrendering the same. 
 No service charge will be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to the due presentment of this Note for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice of the contrary. 
 All capitalized terms used in this Note and not otherwise defined herein shall have the meanings
assigned to them in the Indenture. 

  
 A-1-6

 ASSIGNMENT 
  

			
	 FOR VALUE RECEIVED, the undersigned

hereby sell(s), assign(s) and transfer(s) unto

	
	  

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	  

	
	  

	
	  

	
	  

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
	
	  

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	
	  

	
	  

                         
                                         
                                        
Attorney to transfer said Note on the books of the Company, with full power of substitution in the premises. 
  

			
	Dated:	 	  

		
	  
	 	 
	(Signature Guarantee)	 	

  
 A-1-7

 ANNEX A-2 

 THIS NOTE IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND
NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  

					
	REGISTERED	 		 	$[            ]

  

			
	No. [    ]	 	CUSIP No. 354613AJ0

 FRANKLIN RESOURCES, INC. 
 2.800% NOTES DUE 2022 
 Franklin Resources, Inc., a Delaware corporation (the
“Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount stated above on September 15, 2022 (the “Maturity Date”) and to pay interest thereon at the rate per
annum equal to 2.800% (the “Interest Rate”) until the principal hereof is fully paid or duly made available for payment. The Company will pay interest at the Interest Rate per annum specified above (computed on the basis of a 360-day year
consisting of twelve 30-day months) semi-annually in arrears on March 15 and September 15 of each year (each an “Interest Payment Date”) commencing March 15, 2013 and on the Maturity Date on said principal amount. Interest
on this Note will accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from September 24, 2012 until the principal hereof has been paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on the Interest Payment Dates, will, as provided in the Indenture referred to below, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be March 1 or September 1, whether or not a Business Day, as the case may be, immediately preceding such Interest Payment Date; provided,
however, that interest payable on the Maturity Date will be payable to the Person to whom the principal hereof shall be payable; and provided, further, however, that if such Interest Payment Date or the Maturity Date
would fall on a day that is not a Business Day, such Interest Payment Date or the Maturity Date shall be the next succeeding Business Day. Any such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

  
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 Payment of the principal of and interest on this Note shall be made at the office or agency
of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debt;
provided, however, that payment of interest on any Interest Payment Date (other than the Maturity Date) may be made at the option of the Company by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register, or by wire transfer of immediately available funds, if the registered Holder has so requested by a notice in writing delivered to the Trustee not less than 16 days prior to the Interest Payment Date on which such payment is
due, which notice shall provide appropriate instructions for such transfer. 
 The principal hereof and interest due at maturity
will be paid upon maturity in immediately available funds against presentation of this Note at the office or agency of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF. 
 This Note shall be governed by and construed in accordance
with the laws of the State of New York applicable to agreements made or instruments entered into and performed in said state. 

Unless the certificate of authentication hereon has been executed by The Bank of New York Mellon Trust Company, N.A. as the Trustee under
the Indenture, or its successor thereunder by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: September 24, 2012 
  

					
	FRANKLIN RESOURCES, INC.
		
	By:	 	  

		 	Name:	 	Kenneth A. Lewis
		 	Title:	 	Executive Vice President and Chief Financial Officer

  

	
	Attested:
	
	  

	 Maria Gray

	 Secretary

 This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.

  

					
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

 [2022 Global Note Signature Page] 

  
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 [Reverse of Note] 
 FRANKLIN RESOURCES INC. 
 2.800% NOTES DUE 2022 

This Note is one of a duly authorized issue of debentures, notes or other evidences of Indebtedness (hereinafter called the
“Securities”) of the Company of the series hereinafter specified, all such Securities issued and to be issued under the Indenture, dated as of May 19, 1994, as amended and supplemented by the First Supplemental Indenture, dated as of
October 9, 1996 and as further amended and supplemented by the Third Supplemental Indenture, dated as of September 24, 2012 (the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as
successor in interest to Chemical Bank, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures or officers’ certificates, as applicable,
supplemental thereto, reference is hereby made for a statement of the respective rights and limitations of rights thereunder of the Company, the Trustee and the Holders of the Securities, and the terms upon which the Securities are, and are to be,
authenticated and delivered. As provided in the Indenture, Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may be subject to different repayment provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and
Events of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated as 2.800% Notes due 2022 (the “Notes”). The Notes are unsecured and unsubordinated obligations of
the Company and rank equal in right of payment to all other unsubordinated Indebtedness of the Company. The Notes are not subject to the operation of any sinking fund or an analogous provision. 

The Notes are redeemable, as a whole or in part, at the Company’s option at any time at a redemption price (as calculated by the
Company) equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of
interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus accrued and unpaid interest thereon to,
but not including, the date of redemption. Notice of any redemption will be given by the Company or the Trustee in the Company’s name at the written request and expense of the Company, at least 30 days but not more than 60 days before the
redemption date to each Holder of the Notes. In connection with any redemption, the Company shall deliver to the Trustee an Officers’ Certificate setting forth the calculation of the redemption price no later than two (2) Business Days
prior to the redemption date. On or before a redemption date, the Company shall deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued and unpaid interest on the Notes to be redeemed on that date. If
less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected pro rata or by lot and in accordance with applicable depositary procedures. Unless there occurs a default in payment of the redemption price, on and after the
redemption date, interest shall cease to accrue on the Notes or portions thereof called for redemption. 

  
 A-2-4

 “Comparable Treasury Issue” means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (A) the average of the four Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan
Stanley & Co. LLC, or their respective affiliates which are primary U.S. government securities dealers, and two other primary U.S. government securities dealers selected by the Company, and each of their respective successors that are
primary U.S. government securities dealers; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”), the
Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated yield to maturity (on a day count basis) of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

If any Event of Default (as defined in the Indenture) with respect to the Notes shall occur and be continuing, the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Notes due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes Outstanding. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon future Holders of

  
 A-2-5

 
this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

 Holders of Notes may not enforce their rights pursuant to the Indenture or the Notes except as provided in the Indenture. No
reference herein to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place, and
rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and this Note duly executed by, the Holder hereof or by his attorney duly authorized in writing and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of different authorized denominations as requested by the Holder surrendering the same. 
 No service charge will be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to the due presentment of this Note for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice of the contrary. 
 All capitalized terms used in this Note and not otherwise defined herein shall have the meanings
assigned to them in the Indenture. 

  
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 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned 
 hereby sell(s), assign(s) and transfer(s) unto

  

	
	  

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	  

	
	  

	
	  

	
	  

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
	
	  

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	
	  

	
	  

                         
                                         
                                 Attorney to transfer said Note on the books of the
Company, with full power of substitution in the premises. 
  

			
	Dated:	 	  

		
	  
	 	 
	(Signature Guarantee)	 	

  
 A-2-7

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