Business Wire | Jan 13, 2022 11:35AM EST

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

Jan. 13, 2022

SAN MATEO, Calif.--(BUSINESS WIRE)--Jan. 13, 2022--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 January 14, 2022 and for the fiscal year 2022 year-to-date are as follows:

Estimated Allocations for Monthly Distribution as of December 31, 2021:

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

$0.0817 $0.0311 $0.0506 (62%) $0.00 (0%) $0.0000 (0%) (38%)

Cumulative Estimated Allocations fiscal year-to-date through November 30, 2021, for the fiscal year ending August 31, 2022:

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

$0.1275 $0.1226 $0.0049 (4%) $0.00 (0%) $0.0000 (0%) (96%)

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 to Distribution Rate Return (in Year-To-Datethe change in net (as a percentage of relation to the Distribution Rateasset value (NAV) for NAV for the current change in NAV for (as a percentagethe 5-year period fiscal period the fiscal period of NAV as of 11/ended on 11/30/2021)^1 through 11/30/2021) through 11/30/ 30/2021)^4 ^2 2021)^3

7.68% 11.44% -2.51% 1.49%

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-year period ended through November 30, 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's distribution rate annualized as a percentage of the Fund's NAV through November 30, 2021. * Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2021 through November 30, 2021, assuming reinvestment of distributions paid. * The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2021 through November 30, 2021, as a percentage of the Fund's NAV as of November 30, 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 December 31, 2021. For more information, please visit franklintempleton.com.

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CONTACT: Franklin Templeton at 1-800-342-5236