]> Templeton Emerging Markets Fund ("EMF") Announces Distribution and Withdrawal of NYSE Arca, Inc. Listing; Retains New York Stock Exchange Listing
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Templeton Emerging Markets Fund ("EMF") Announces Distribution and Withdrawal of NYSE Arca, Inc. Listing; Retains New York Stock Exchange Listing

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

Fort Lauderdale, Florida, October 20, 2006.  Templeton Emerging Markets Fund (NYSE: EMF) today announced a year-end distribution comprised of net investment income of $0.3955 per share, short-term capital gains distribution of $0.5007 per share and long-term capital gains distribution of $2.5886 per share, payable on November 17, 2006 to shareholders of record on November 3, 2006 (Ex-Dividend Date: November 1, 2006).

The Fund also announces that it intends to withdraw its shares of beneficial interest from listing on NYSE Arca, Inc. (formerly the Pacific Exchange, Inc.). The Fund's shares of beneficial interest continue to be listed on the New York Stock Exchange. The Fund is withdrawing its NYSE Arca listing in order to reduce duplicative administrative burdens and costs.

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 $511 billion in assets under management as of September 30, 2006. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.