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

Templeton Emerging Markets Income Fund, Inc. ("TEI") Announces Dividends

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

Fort Lauderdale, Florida, March 17, 2003.Templeton Emerging Markets Income Fund, Inc. (NYSE: TEI) today announced its quarterly dividend from net investment income of $0.25 per share, payable on April 14, 2003 to shareholders of record on March 31, 2003 (Ex-Dividend Date: March 27, 2003).

Weak global economic growth and benign inflation have driven interest rates to historically low levels. Templeton Emerging Markets Income Fund has been able to earn incremental income above U.S. government bond rates through its international bond investments. While generally emerging market government bonds provide a higher current income stream than U.S. government bonds, emerging market yields have also generally experienced a downward trend. Thus, reinvestment rates have generally fallen for Templeton Emerging Markets Income Fund. Falling yields and the Fund’s more defensive position in its allocation to certain higher volatility emerging market debt has lowered the overall income stream available for dividend payments. As a result, the Fund has lowered its dividend rate.

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 $254 billion in assets under management as of February 28, 2003. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).