]> Press Releases--Closed-End Funds, EMF Announces Distribution

Templeton Emerging Markets Fund ("EMF") Announces Distribution

From: Franklin Templeton Investments
Contact: Franklin Templeton Investments
Telephone:(800) 342-5236

Fort Lauderdale, Florida, December 15, 2005. Templeton Emerging Markets Fund (NYSE: EMF) today announced a year-end distribution comprised of net investment income of $0.0204 per share and long-term capital gains distribution of $0.2333, payable on January 17, 2006 to shareholders of record on December 30, 2005 (Ex-Dividend Date: December 28, 2005).

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 $453 billion in assets under management as of November 30, 2005. For more information, please call 1-800/DIAL BENĀ® (1-800-342-5236) or visit franklintempleton.com.