]> 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, December 16, 2004--Templeton Emerging Markets Fund (NYSE: EMF) today announced a year-end dividend from net investment income of $0.0606 per share, payable on January 14, 2005 to shareholders of record on December 31, 2004 (Ex-Dividend Date: December 29, 2004).

The Fund's investment manager, 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 $388 billion in assets under management as of November 30, 2004. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.