]> Press Release - Closed-End Funds - FT Refinances Senior Fixed Rate Notes

Franklin Universal Trust Refinances Senior Fixed Rate Notes

From: Franklin Advisers, Inc.
Contact: Franklin Templeton Fund Information
Telephone:(800) 342-5236

San Mateo, CA, August 22, 2008 -- Franklin Universal Trust [NYSE:FT], a closed-end investment company managed by Franklin Advisers, Inc., today announced that the Trust has entered into an agreement to refinance its 4.14% senior fixed rate notes due August 29, 2008, which have an outstanding principal balance of $55 million.  If all the closing conditions for the new agreement are met, on August 29, 2008, the Trust will issue new 5.87% senior fixed rate notes due August 28, 2013, in the principal amount of $65 million, in a private placement.  The proceeds of these new notes will be used to retire the 4.14% senior fixed rate notes and for general fund purposes.  As a result of the refinancing, the Trust will have $65 million in notes outstanding beginning on August 29, 2008.  The Trust’s total net assets were $177.3 million as of July 31, 2008.   

Franklin Advisers, Inc. is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments.  Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust, Darby and Bissett investment teams.  The San Mateo, CA-based company has more than 60 years of investment experience and over $570 billion in assets under management as of July 31, 2008.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.