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

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

Fort Lauderdale, Florida, October 22, 2004--Templeton Emerging Markets Fund (NYSE: EMF) today announced a year-end dividend from net investment income of $0.1846 per share, payable on November 19, 2004 to shareholders of record on November 5, 2004 (Ex-Dividend Date: November 3, 2004).

Under the enacted "Jobs and Growth Tax Relief Reconciliation Act of 2003" a portion of the ordinary income distribution may qualify for a lower 15% tax rate (5% for those in the lowest income tax bracket). We currently estimate that approximately 80% - 100% of this ordinary income distribution may qualify for the reduced rate.  Please note that this estimate is based on the Fund's current portfolio of investments.  As the Fund's investment portfolio changes, the actual percentage of the Fund's ordinary income distributions qualifying for the reduced rate may also change and therefore differ from this current estimate.  In January 2005, 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 2004. 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 solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $361 billion in assets under management as of September 30, 2004. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.