]> Press Releases--Closed-End Funds, Universal Trust Dividend Decemeber 2002

Franklin Universal Trust Monthly Dividend

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

San Mateo, CA, December 13, 2002—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 January 31, 2003 to shareholders of record on January 15, 2003.

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 $261 billion in assets under management as of November 30, 2002. For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.