]> Press Releases--Closed-End Funds, Templeton Emerging Markets Fund, Inc. Announces Results

Templeton Emerging Markets Fund, Inc. Announces Final Results of Voting

From: Templeton Asset Management Ltd.
Contact: Broward Financial Centre
Telephone:(954) 527-7500

Fort Lauderdale, Florida, August 26, 2002 -- Templeton Emerging Markets Fund, Inc. (NYSE: EMF) (the “Fund”), a closed-end management investment company, announced the final results of voting at the Annual Meeting of Shareholders held today. Shareholders approved the election of Directors (Proposal One) and an Agreement and Plan of Reorganization that provides for the reorganization of the Fund from a Maryland corporation to a Delaware business trust (Proposal 2). Shareholders also approved amendments to certain of the Fund's fundamental investment restrictions (Proposals 3(a)-3(e)) and the elimination of certain of the Fund's fundamental investment restrictions (Proposal 4), in order to provide the Fund with greater investment flexibility to meet its investment objective and to modernize its investment restrictions.

Templeton Asset Management Ltd., the Fund's investment adviser, is an indirect wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments 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 more than $257 billion in assets under management as of July 31, 2002. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).  Members of the media should contact Lisa Gallegos at Franklin Templeton Corporate Communications at 650-312-3395.