]> Press Releases--Closed-End Funds, Templeton Emerging Markets Fund ("EMF") Announces Dividend

Templeton Emerging Markets Fund ("EMF") Announces Dividend

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

Fort Lauderdale, Florida, October 23, 2003--Templeton Emerging Markets Fund (NYSE: EMF) today announced a year-end dividend from net investment income of $0.2119 per share, payable on November 21, 2003 to shareholders of record on November 6, 2003 (Ex-Dividend Date: November 4, 2003).

Under the enacted "Jobs and Growth Tax Relief Reconciliation Act of 2003" a portion of the ordinary income distribution may qualify for a new, lower 15% tax rate (5% for those in the lowest income tax bracket). We currently estimate that approximately 70% - 90% of the ordinary income distribution may qualify for this reduced rate.  The actual percentage of the ordinary income distribution that qualifies for a reduced rate may differ from this estimate.  In January 2004, shareholders will receive Form 1099-DIV which will report the amount and character of the Fund's distribution and the actual amount of qualifying dividends distributed during the calendar year 2003. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

The Fund’s investment adviser, Templeton Asset Management Ltd., 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 $301 billion in assets under management as of September 30, 2003. For more information, please call 1-800-DIAL BEN® (1-800-342-5236).