Templeton Releases Closed-End Funds' Portfolio Allocation Updates

Business Wire,  June 27, 2005  

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FORT LAUDERDALE, Fla. -- The Templeton closed-end Funds referenced below, which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of May 31, 2005:

--Asset Allocation

--Ten Largest Positions/Portfolio Characteristics

--International Allocation/Net Currency Distribution

--Industry Allocation/Country Distribution

To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.

Templeton closed-end Funds:

    Templeton Emerging Markets Fund (NYSE:EMF)
    Templeton Emerging Markets Income Fund (NYSE:TEI)
    Templeton Global Income Fund (NYSE:GIM)

The Fund's investment advisers are subsidiaries of Franklin Resources, Inc. (NYSE:BEN), a global investment management 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 $417 billion in assets under management as of May 31, 2005. For more information, please call 1-800/DIAL BEN(R) (1-800-342-5236) or visit franklintempleton.com.

TEMPLETON EMERGING MARKETS FUND
                          AS OF MAY 31, 2005
                    TOTAL NET ASSETS: $292,913,745
                   NET ASSET VALUE PER SHARE: $16.55


                 PERCENT OF                                 PERCENT OF
                  TOTAL NET                                  TOTAL NET
ASSET ALLOCATION   ASSETS     TEN LARGEST POSITIONS           ASSETS
----------------------------  ----------------------------- ----------
CASH & OTHER            9.0%  SAMSUNG ELECTRONICS CO LTD          3.3%
EQUITY(a)              91.0%  CHINA MOBILE (HONG KONG) LTD        2.9%
                      100.0%  ANGLO AMERICAN PLC                  2.7%
                              KEPPEL CORPORATION LTD              2.1%
                              REMGRO LTD                          2.0%
                              DAEWOO SHIPBUILDING & MARINE
                               ENGINEERING CO LTD                 2.0%
                              KIMBERLY-CLARK DE MEXICO SA DE CV   1.9%
                              BANK AUSTRIA CREDITANSTALT          1.9%
                              BANCO BRADESCO SA                   1.7%
                              TAIWAN MOBILE CO LTD                1.6%
                                                            ----------
                                                                 22.2%
PERCENT OF                                PERCENT OF
INTERNATIONAL     PORTFOLIO                                 PORTFOLIO
 ALLOCATION       NET ASSETS  INDUSTRY ALLOCATION           NET ASSETS
----------------------------  ----------------------------------------
ASIA                   65.0%  CONSUMER DISCRETIONARY              6.8%
 CHINA                  9.6%   AUTOMOBILES & COMPONENTS           0.6%
 HONG KONG              3.1%   CONSUMER DURABLES & APPAREL        2.0%
 INDIA                  3.8%   CONSUMER SERVICES                  2.6%
 INDONESIA              0.1%   MEDIA                              0.6%
 MALAYSIA               1.7%   RETAILING                          1.0%
 PHILIPPINES            1.2%  CONSUMER STAPLES                   15.9%
 SINGAPORE              6.5%   FOOD & STAPLES RETAILING           2.0%
 SOUTH KOREA           18.9%   FOOD BEVERAGE & TOBACCO            9.5%
 TAIWAN                14.8%   HOUSEHOLD & PERSONAL PRODUCTS      4.4%
 THAILAND               1.9%  ENERGY                              8.7%
 TURKEY                 3.3%  FINANCIALS                         17.6%
EUROPE                 13.8%   BANKS                             10.8%
 AUSTRIA                2.1%   DIVERSIFIED FINANCIALS             3.7%
 BELGIUM                0.6%   INSURANCE                          1.3%
 CROATIA                0.8%   REAL ESTATE                        1.8%
 GREECE                 0.4%  HEALTH CARE                         1.4%
 HUNGARY                2.0%   PHARMACEUTICALS & BIOTECHNOLOGY    1.4%
 POLAND                 2.5%  INDUSTRIALS                        14.2%
 RUSSIA                 3.0%   CAPITAL GOODS                     12.9%
 SWEDEN                 0.7%   TRANSPORTATION                     1.3%
 UNITED KINGDOM         1.7%  INFORMATION TECHNOLOGY             12.0%
LATIN AMERICA          12.6%   SEMICONDUCTORS & SEMICONDUCTOR
 BRAZIL                 8.1%    EQUIPMENT                         8.0%
 MEXICO                 4.1%   SOFTWARE & SERVICES                0.4%
 PANAMA                 0.3%   TECHNOLOGY HARDWARE & EQUIPMENT    3.7%
MID-EAST/AFRICA         8.6%  MATERIALS                           8.8%
 SOUTH AFRICA           8.6%  TELECOMMUNICATION SERVICES         11.5%
TOTAL EQUITY(a)       100.0%  UTILITIES                           3.0%
                              TOTAL EQUITY(a)                   100.0%