]> Press Releases--Closed-End Funds, TGG and GIM Announce Completion of Acquisition
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Templeton Global Income Fund, Inc. Acquires Templeton Global Governments Income Trust

From: Franklin Resources, Inc.
Contact: Stacey Johnston
Telephone:(650) 525-7458

Fort Lauderdale, Florida, September 3, 2002 -- Templeton Global Governments Income Trust (NYSE: TGG) (the "Trust") and Templeton Global Income Fund, Inc. (NYSE: GIM and PCX: XGIMX) (the "Fund"), each a closed-end management investment company, today announced the completion of their reorganization. According to the Agreement and Plan of Acquisition between the Trust and the Fund, the Fund acquired substantially all of the assets of the Trust in exchange for shares of the Fund to be distributed to the Trust's shareholders.

The transaction, which is a tax-free reorganization, was effective as of the close of business on August 30, 2002. Trading of the Trust's shares on the NYSE was suspended on September 2, 2002. Trust shareholders are entitled to receive .9286 of one share of common stock of the Fund for each full share of the Trust held as of August 30, 2002. The exchange of shares was based on each fund's relative net asset value per share as of the close of business on August 30, 2002. Only full shares of the Fund will be issued in connection with the transaction. Fractional shares will be aggregated and sold in the open market and shareholders of the Trust will receive payment for the fractional shares. Questions regarding the exchange of shares should be directed to Mellon Investor Services, LLC, the Fund's Exchange Agent, toll-free at 1-800-891-2980.

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 $257 billion in assets under management as of July 31, 2002. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).