]> Press Release--Closed-End Funds, Universal Trust Div.

Franklin Universal Trust Declares Monthly Dividend

From: Franklin Resources, Inc.
Contact: Matt Walsh
Telephone:(650) 312-2445

San Mateo, CA, November 13, 2002—Franklin Universal Trust [NYSE:FT], a closed-end investment company managed by Franklin Advisers, Inc., announced today a dividend of 4.6 cents per share, payable December 31, 2002 to shareholders of record on December 13, 2002.

Franklin Advisers, Inc. is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], 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 over $252 billion in assets under management as of October 31, 2002. For more information, please call 1-800-DIAL BEN® or visit franklintempleton.com.