]> Press Releases--Closed-End Funds, TEI Announces Dividend

Templeton Emerging Markets Income Fund, Inc. (“TEI”) Announces Dividend

From: Franklin Resources, Inc.
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, December 16, 2002. Templeton Emerging Markets Income Fund, Inc. (NYSE: TEI) today announced its regular quarterly dividend from net investment income of $0.31 per share, payable on January 15, 2003 to shareholders of record on December 31, 2002 (Ex-Dividend Date: December 27, 2002).

The Fund's investment manager is a 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 $261 billion in assets under management as of November 30, 2002. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).