Exhibit

We consent to the incorporation by reference in the Registration Statement (No. 333-128691) on Form S-8 of Franklin Resources, Inc. of our report dated June 5, 2017, with respect to the statements of net assets available for benefits of the Franklin Templeton 401(k) Retirement Plan as of December 31, 2016 and September 30, 2016, the statement of changes in net assets available for benefits for the period from October 1, 2016 through December 31, 2016, and the related supplemental information as of December 31, 2016, appearing in this Transition Report (Form 11-K) of the Franklin Templeton 401(k) Retirement Plan.