Exercise of Warrants

Templeton Emerging Markets IT PLC
21 October 2003


TEMPLETON EMERGING MARKETS INVESTMENT TRUST PLC

Exercise of Warrants

Templeton Emerging Markets Investment Trust PLC ('the Company') announces that,
following the warrant exercise date on 30 September 2003, 1,883 new ordinary
shares of £0.25 each were allotted on 21 October 2003 as a result of the
exercise of warrants to subscribe for ordinary shares at 133p per share. These
shares are fully paid and rank pari passu with the existing ordinary shares in
issue.

Application has been made for 1,883 ordinary shares to be admitted to the
Official List in due course and dealings on the London Stock Exchange are
expected to commence on 22 October 2003. Subsequent to this allotment there will
be 455,223,826 shares in issue and 92,570,530 warrants.

Enquiries

Will Rogers/Nicholas Rucker                                      0207 567 8000
UBS Limited

For information please contact David Bliss/Will Rogers at UBS Limited (0207 567
8000). No representation or warranty is made by UBS Limited as to the accuracy
or completeness of the information contained in this announcement and no
liability will be accepted for any loss arising from its use. These figures have
been prepared by Franklin Templeton Investments and are their sole
responsibility.

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