4 1 fortuanto0902.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. 1. Name and Address of Reporting Person(s) Fortunato, S. Joseph One Franklin Parkway San Mateo, CA 94403 2. Issuer Name and Ticker or Trading Symbol Templeton Emerging Markets Appreciation Fund, Inc. (TEA) 3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary) 4. Statement for Month/Year 09/02 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [X] Director [ ] 10% Owner [ ] Officer (give title below) [ ] Other (specify below) Independent Trustee 7. Individual or Joint/Group Filing (Check Applicable Line) [X] Form filed by One Reporting Person [ ] Form filed by More than One Reporting Person

SIGNATURE OF REPORTING PERSON /S/ Fortunato, S. Joseph DATE 09/30/02

FORTUNATO S JOSEPH 4