]> Press Releases--Closed-End Funds, Franklin Universal Trust Dividend, Dec 1999
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Franklin Univeral Trust Declares Monthly Dividend

From: Franklin Advisers, Inc.
Contact: Matt Walsh
Telephone:(650) 312-2245

San Mateo, CA, December 6, 1999 -- Franklin Universal Trust [NYSE:FT], a closed-end investment company managed by Franklin Advisers, Inc., announced today a dividend of 12.43 cents per share, comprised of the regular net investment income dividend of 6.70 cents and a short-term capital gain distribution of 5.73 cents, payable December 31, 1999 to shareholders of record on December 15, 1999.

Franklin Advisers, Inc. is a wholly-owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment organization. Through its subsidiaries, Franklin Resources provides global and domestic investment, shareholder and distribution services to the Franklin, Templeton and Mutual Series funds and institutional accounts. The San Mateo, CA-based company has more than $218 billion in assets under management as of October 31, 1999 and over 50 years of investment experience. Information can be obtained by visiting www.franklintempleton.com or calling 1-800/DIAL BENĀ®.