The Board of Directors of Templeton Emerging Markets Fund, Inc. authorized a share repurchase program on November 7, 2012. Under the program, the company will repurchase up to 10% of its outstanding own shares. The open-market share repurchase programs are intended to benefit shareholders by enabling a Fund to acquire its own shares at a discount to net asset value, thereby increasing the proportionate interest of remaining shareholders.

No specific amount of the funds' outstanding shares was authorized for repurchase. Subject to the 10% limitation, the timing and amount of repurchases would continue to be in the discretion of the investment manager. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, Federal securities laws and rules that restrict repurchases, and the terms of any outstanding leverage or borrowing of the Fund.