Business Wire | Oct 14, 2021 04:10PM EDT

Franklin Universal Trust ("FT" or the "Fund") Announces Notification of Sources of Distributions

Oct. 14, 2021

SAN MATEO, Calif.--(BUSINESS WIRE)--Oct. 14, 2021--Franklin Universal Trust (NYSE: FT):

Notification Of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

The Fund's estimated sources of the distribution to be paid on October 15, 2021 and for the 2021 year-to-date are as follows:

Estimated Allocations for Monthly Distribution as of September 30, 2021:

Distribution Net Net Realized Net Realized Return ofPer Share Investment Short-Term Capital Long-Term Capital Capital Income Gains Gains

$0.0425 $0.0425 $0.0000 (0%) $0.0000 (0%) $0.0000 (100%) (0%)

Cumulative Estimated Allocations for 2021 through August 31, 2021:

Distribution Net Net Realized Net Realized Return ofPer Share Investment Short-Term Capital Long-Term Capital Capital Income Gains Gains

$0.4262 $0.4229 $0.0031 (1%) $0.0000 (0%) $0.0000 (99%) (0%)

Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.

Average Annual Total Annualized Cumulative Total Cumulative FiscalReturn (in relation Distribution Rate Return (in Year-To-Dateto net asset value (as a percentage of relation to NAV Distribution Rate(NAV) for the 5-year NAV for the current for the fiscal (as a percentageperiod ended on 8/31/ fiscal period period through 8/ of NAV as of 8/31/2021)^1 through 8/31/2021)^2 31/2021)^3 2021)^4

8.11% 5.88% 7.89% 4.91%

Fund Performance and Distribution Rate Information:

Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year1 period ended through August 31, 2021. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.

The Annualized Distribution Rate is the current fiscal period's2 distribution rate annualized as a percentage of the Fund's NAV through August 31, 2021.

Cumulative Total Return is the percentage change in the Fund's NAV from3 August 31, 2020 through August 31, 2021, assuming reinvestment of distributions paid.

The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of4 distributions for the fiscal period (August 31, 2020 through August 31, 2021), as a percentage of the Fund's NAV as of August 31, 2021.

The Fund's primary investment objective is to provide high, current income consistent with preservation of capital. Its secondary objective is growth of income through dividend increases and capital appreciation. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

For further information on Franklin Universal Trust, please visit our web site at: www.franklintempleton.com

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and over $1.5 trillion in assets under management as of September 30, 2021. For more information, please visit franklintempleton.com.

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CONTACT: Franklin Templeton 1-800-342-5236