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Templeton Releases Closed-End Funds Portfolio Allocation Updates

From: Franklin Templeton Investments
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, June 19, 2003.  The Templeton closed-end Funds referenced below, which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of May 31, 2003:

  • Asset Allocation
  • Ten Largest Positions/Portfolio Characteristics
  • International Allocation/Net Currency Distribution
  • Industry Allocation/Country Distribution

To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.

Templeton closed-end Funds:
Templeton China World Fund, Inc. (NYSE: TCH)
Templeton Emerging Markets Fund (NYSE: EMF)
Templeton Emerging Markets Income Fund, Inc. (NYSE: TEI)
Templeton Global Income Fund, Inc. (NYSE: GIM)

The Funds’ investment advisers are subsidiaries 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 $281 billion in assets under management as of May 31, 2003. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).

TEMPLETON CHINA WORLD FUND, INC.
AS OF MAY 31, 2003
TOTAL NET ASSETS: $205,390,356
NET ASSET VALUE PER SHARE: $12.62

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGEST POSITIONS PERCENT OF TOTAL
CASH & OTHER 24.2% DAIRY FARM INTERNATIONAL HOLDINGS LTD 10.0%
FIXED INCOME 3.0% CHINA PETROLEUM & CHEMICAL CORP 9.4%
EQUITY* 72.8%
=========
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.3%
100.0% PETROCHINA CO LTD 4.1%
COSCO PACIFIC LTD 3.7%
BEIJING DATANG POWER GENERATION CO LTD 3.4%
CHINA MERCHANTS HOLDINGS INTL CO LTD 3.3%
JIANGSU EXPRESSWAY COMPANY LTD 2.6%
CHINA MOBILE (HONG KONG) LTD 2.5%
GUANGSHEN RAILWAY COMPANY LIMITED 2.4%

========

45.7%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 72.8% CONSUMER DISCRETIONARY 3.5%
CHINA 32.9% AUTOMOBILES & COMPONENTS 1.2%
HONG KONG 30.6% HOTELS RESTAURANTS & LEISURE 2.3%
TAIWAN 9.3% CONSUMER STAPLES 11.4%
========
TOTAL EQUITY 72.8% FOOD BEVERAGE & TOBACCO 1.4%
FOOD & STAPLES RETAILING 10.0%
ENERGY 13.4%
ENERGY 13.4%
FINANCIALS 7.6%
BANKS 2.4%
DIVERSIFIED FINANCIALS 0.2%
REAL ESTATE 5.0%
INDUSTRIALS 15.8%
CAPITAL GOODS 5.4%
TRANSPORTATION 10.4%
INFORMATION TECHNOLOGY 5.3%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.2%
TECHNOLOGY HARDWARE & EQUIPMENT 5.1%
MATERIALS 7.1%
MATERIALS 7.1%
TELECOMMUNICATION SERVICES 3.5%
TELECOMMUNICATION SERVICES 3.5%
UTILITIES 5.2%
UTILITIES 5.2%
========
TOTAL EQUITY* 72.8%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800/DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.



TEMPLETON EMERGING MARKETS FUND
AS OF MAY 31, 2003
TOTAL NET ASSETS: $165,537,558
NET ASSET VALUE PER SHARE: $9.63

ASSET
ALLOCATION
PERCENT OF TOTAL TEN LARGETS POSITIONS
SHORT TERM & OTHER 2.7% ANGLO AMERICAN PLC 3.6%
EQUITY* 97.3%
========
PT TELEKOMUNIKASI INDONESIA TBK 2.7%
100.0% SABMILLER PLC 2.6%
KIMBERLY-CLARK DE MEXICO SA DE CV 2.4%
AKBANK 2.1%
LUKOIL HOLDINGS 2.0%
PETROLEO BRASILEIRO SA (PETROBRAS) 1.9%
HYUNDAI MOTOR CO LTD 1.9%
TELEFONOS DE MEXICO SA (TELMEX) 1.8%
TUPRAS-TURKEY PETROL RAFINELERI AS 1.8%
22.8%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL INDUSTRY ALLOCATION PERCENT OF TOTAL
ASIA 54.3% CONSUMER DISCRETIONARY 7.6%
CHINA 3.9% AUTOMOBILES & COMPONENTS 2.5%
HONG KONG 6.8% CONSUMER DURABLES & APPAREL 1.5%
INDIA 4.5% HOTELS RESTAURANTS & LEISURE 1.8%
INDONESIA 4.4% MEDIA 0.5%
MALAYSIA 0.5% RETAILING 1.3%
PHILIPPINES 1.2% CONSUMER STAPLES 15.3%
SINGAPORE 5.5% FOOD BEVERAGE & TOBACCO 11.2%
SOUTH KOREA 13.9% FOOD & STAPLES RETAILING 1.1%
TAIWAN 5.0% HOUSEHOLD & PERSONAL PRODUCTS 3.0%
THAILAND 2.9% ENERGY 16.4%
TURKEY 5.9% ENERGY 16.4%
AUSTRALIA/NEW ZEALAND 0.4% 10.9%
AUSTRALIA 0.4% BANKS 7.1%
EUROPE 13.4% DIVERSIFIED FINANCIALS 0.6%
AUSTRIA 2.5% INSURANCE 1.2%
CROATIA 0.9% REAL ESTATE 2.0%
CZECH REPUBLIC 0.5% HEALTH CARE 2.6%
DENMARK 0.1% PHARMACEUTICALS & BIOTECHNOLOGY 2.6%
GREECE 1.0% INDUSTRIALS 16.2%
HUNGARY 3.1% CAPITAL GOODS 13.1%
LUXEMBOURG 0.7% TRANSPORTATION 3.1%
POLAND 2.0% INFORMATION TECHNOLOGY 3.9%
PORTUGAL 0.1% SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.8%
RUSSIA 2.4%
LATIN AMERICA 15.5% SOFTWARE & SERVICES 0.8%
ARGENTINA 0.7% TECHNOLOGY HARDWARE & EQUIPMENT 2.3%
BRAZIL 7.8% MATERIALS 9.5%
MEXICO 7.0% MATERIALS 9.5%
MID-EAST/AFRICA 13.6% TELECOMMUNICATION SERVICES 10.9%
EGYPT 0.3% TELECOMMUNICATION SERVICES 10.9%
ISRAEL 0.3% UTILITIES 4.1%
SOUTH AFRICA 13.1%
========
UTILITIES 4.1%
========
TOTAL EQUITY* 97.3% TOTAL EQUITY* 97.3%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800/DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON EMERGING MARKETS INCOME FUND, INC.
AS OF MAY 31, 2003
TOTAL NET ASSETS: $616,433,210
NET ASSET VALUE PER SHARE: $13.07

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 2.6% WEIGHTED AVG. CREDIT QUALITY B+
FIXED INCOME 97.2% WEIGHTED AVG. MATURITY 13 yrs.
EQUITY* 0.2%
=========
WEIGHTED AVG. DURATION 5.90 yrs.
100.0% WEIGHTED AVG. COUPON 8.566%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
NORTH AMERICA 88.8% EUROPE 36.6%
US DOLLAR 88.8% BULGARIA 4.7%
ASIA 3.0% HUNGARY 0.9%
INDO RUPIAH 0.2% NETHERLANDS 0.9%
SOUTH KOREA WON 1.1% RUSSIA 23.3%
THAILAND BAHT 1.7% UKRAINE 6.8%
EUROPE 8.2% ASIA 10.2%
EURO MON UNIT 7.3% INDONESIA 1.4%
HUNGARY FORINT 0.9%
========
MALAYSIA 1.2%
TOTAL 100.0% PHILIPPINES 4.9%
SOUTH KOREA 1.1%
THAILAND 1.2%
VIETNAM 0.4%
LATIN AMERICA 46.9%
BRAZIL 10.3%
COLOMBIA 7.9%
MEXICO 14.5%
PANAMA 1.4%
PERU 3.9%
VENEZUELA 8.9%
MID-EAST/AFRICA 3.5%
SOUTH AFRICA 3.5%
========
TOTAL EQUITY* 97.2%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800/DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.



TEMPLETON GLOBAL INCOME FUND, INC.
AS OF MAY 31, 2003
TOTAL NET ASSETS: $1,133,298,743
NET ASSET VALUE PER SHARE: $8.75

ASSET
ALLOCATION
PERCENT OF TOTAL PORTFOLIO CHARACTERISTICS
CASH & OTHER 1.9% WEIGHTED AVG. CREDIT QUALITY AA-
FIXED INCOME 98.1% WEIGHTED AVG. MATURITY 7 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 5.25 yrs.
100.0% WEIGHTED AVG. COUPON 7.160%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL COUNTRY DISTRIBUTION PERCENT OF TOTAL
ASIA 2.7% ASIA 7.5%
SOUTH KOREA WON 1.1% PHILIPPINES 5.3%
THAILAND BAHT 1.7% SOUTH KOREA 1.1%
AUSTRALIA/NEW ZELAND 11.9% THAILAND 1.2%
AUSTRALIAN DLR 4.9% AUSTRALIA/NEW ZELAND 11.7%
N ZEAL DOLLAR 7.0% AUSTRALIA 4.9%
EUROPE 57.5% NEW ZEALAND 6.8%
BRITISH POUND 2.4% EUROPE 64.1%
DANISH KRONE 3.5% AUSTRIA 3.7%
EURO MON UNIT 40.0% BELGIUM 3.5%
HUNGARY FORINT 1.0% BULGARIA 2.4%
NORWEGIAN KRONE 2.9% DENMARK 3.5%
SWEDISH KRONA 7.7% FINLAND 2.7%
NORTH AMERICA 27.9% FRANCE 11.4%
CANADIAN DOLLAR 2.4% GERMANY 4.1%
US DOLLAR 25.4%
========
GREECE 0.5%
TOTAL 100.0% HUNGARY 1.0%
IRISH REPUBLIC 1.3%
ITALY 3.4%
NETHERLANDS 3.9%
NORWAY 2.9%
RUSSIA 4.5%
SPAIN 4.5%
SWEDEN 7.7%
UKRAINE 1.0%
UNITED KINGDOM 2.4%
LATIN AMERICA 11.9%
COLOMBIA 1.0%
MEXICO 4.8%
PANAMA 0.7%
PERU 0.9%
VENEZUELA 4.4%
MID-EAST/AFRICA 0.4%
SOUTH AFRICA 0.4%
NORTH AMERICA 2.4%
CANADA 2.4%
========
TOTAL 98.1%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800/DIAL BEN®(1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.