]> Press Releases--Closed-End Funds, Universal Trust Dividend, January 2003

Franklin Universal Trust Declares Monthly Dividend

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

San Mateo, CA, January 15, 2003—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 February 28, 2003 to shareholders of record on February 14, 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 $257 billion in assets under management as of December 31, 2002. For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.