Interim Management Statement

Templeton Emerging Markets IT PLC
10 September 2007





        Templeton Emerging Markets Investment Trust PLC ("the Company")


                          Interim Management Statement


                    For the three months ended 31 July 2007


This interim management statement relates to the period 1 May 2007 to 31 July
2007 and constitutes the Company's first interim management statement for the
financial year ending 30 April 2008, as required by the UK Listing Authority's
Disclosure and Transparency Rule 4.3.



OBJECTIVE


The Company's investment objective is to provide long term capital appreciation
for its investors through investment in companies operating in emerging markets
or whose stocks are listed on the stock markets of such countries.



FINANCIAL POSITION


As at 31 July 2007 As at 30 April 2007

Total assets £2,167m £1,925

Net asset value 439.30p 359.24p

Share price 395.50p 327.25p

Discount 9.97% 8.90%


The Company has not geared its portfolio.

As at 31 August 2007, the Company's NAV per share was 430.38 pence and the share
price was 381.50 pence.

Share price is the UK market closing mid.

Net asset value is at closing bid - assets prices are at local close or adjusted
for fair value at US close.

Further information can be found at www.temit.co.uk.


FINANCIAL PERFORMANCE - Cumulative Total Return*

Share price                  1 month   3 months   1 Year    3 Years    5 Years
Net asset value                7.18%     20.86%    52.68%    201.81%    326.77%
MSCI Emerging market index     5.66%     21.91%    42.06%    161.76%    272.25%
S&P/IFCI composite index       3.98%     13.95%    38.68%    155.85%    233.69%
                               3.73%     13.87%    40.25%    165.15%    248.06%


*total return with net dividends reinvested

Source: Franklin Templeton /Morningstar Inc


MATERIAL EVENTS


EXTRAORDINARY GENERAL MEETING

A majority of Shareholders who voted at the EGM on 27 July 2007 voted in favour
of the Proposals regarding the capital reorganisation. However, with
approximately 63.5 per cent voting in favour, the Company failed to achieve the
75 per cent vote required for the Proposals to be approved. Therefore, the
Proposals set out in the Circular to Shareholders dated 3 July 2007 will not be
implemented.


Shareholders did vote in favour of granting authority to the Company to purchase
up to 14.99% of the ordinary shares in issue on 26 July 2007, with the authority
to expire no later than the Annual General Meeting in 2008.


DISCOUNT CONTROL AND SHARE BUY BACKS

The Board adopted a more active share buy-back programme following consultation
with Shareholders on discount control measures. During the period, the Company
bought back and cancelled 42,653,014 shares (7.96% of the issued share capital)
for a total consideration of £158.5 million.



ANNUAL GENERAL MEETING

The Board encourages Shareholders to attend the forthcoming Annual General
Meeting on 27 September 2007 in London at the RAC club at 12 noon.



MATERIAL TRANSACTIONS


PORTFOLIO CHANGES


The Manager reports the following principal changes in the portfolio:

Top Purchases


Akbank

Akbank is one of the best-capitalised banks in Turkey. In the last few years,
the bank has increased its market share in all aspects of commercial banking.
Today the bank is among the largest in Turkey. Improving political and
macroeconomic conditions should continue to support the bank's prospects.
Furthermore, it is trading at attractive valuations and the Company's holding
has been increased.


Bank Central Asia

An efficiently-operated major Indonesian bank that is benefiting from the
favourable business environment. This is a new holding for the Company.


Denway Motors

The company has a joint venture with Honda Motor Co for the production and
selling of Honda Accord sedans, and Fit and Odyssey MPV's. Denway also
manufactures automobile audio equipment and trades motor vehicles. The valuation
looks attractive versus most peers in China's automobile sector. The pending
group restructuring could be favourable and the Company's holding has been
increased.


National Aluminum

The company is India's largest alumina manufacturer. It is one of the lowest
cost producers of alumina and aluminium in the world. This major producer of
alumina and primary aluminium should be supported by rapid demand growth and
thus firm product prices. Its large bauxite reserves are also enviable and the
Company's holding has been increased.


PTT Public Co

A market leader with vertically integrated oil & gas operations that should
continue to benefit from Thailand's economic recovery and the Company's holding
has been increased.






Top Sales


China Mobile

The stock looks fully valued after the recent share price rally


Maxis Communications

One of Malaysia's leading telecommunication services providers, offering mobile,
fixed-line and international network services. A market leader in the mobile
services sector. The fund participated in a tender offer at a large premium.


Mediatek

Mediatek is one of the world's largest integrated circuit design companies. It
is the market leader in the global optical storage chipset market. After
significant share price appreciation, the valuation no longer looks as
attractive as before; there is relatively low earnings visibility due to rapid
technological changes.


Remgro Limited

The stock no longer looks cheap after the recent share price appreciation.







Country Allocation

                                                              % of total assets
LATIN AMERICA
Brazil (including US listings)                                           21.03
Mexico (including US listings)                                            0.78

ASIA
China - Hong Kong                                                        15.38
South Korea                                                              15.15
Thailand                                                                  8.75
India                                                                     3.68
Pakistan                                                                  1.98
China                                                                     1.71
Indonesia                                                                 1.36
Taiwan                                                                    0.71
Philippines                                                               0.11

EUROPE
Turkey                                                                    9.15
Russia (including US listings)                                            8.81
Hungary                                                                   4.51
Poland                                                                    2.85
Austria                                                                   1.46
Sweden                                                                    0.20
Greece                                                                    0.13

AFRICA (SUB-SAHARA)
South Africa                                                              1.82

                                                         ---

The Company's current total of liquid investments, cash
and other liabilities was:-                                               0.43

                                                                        100.00
                                                                        --------






Sector Analysis

                                                             % of total assets

Integrated Oil & Gas                                                     24.36
Diversified Banks                                                        20.03
Diversified Metals & Mining                                               9.43
Construction & Engineering                                                7.05
Oil & Gas Refining & Marketing                                            5.19
Aluminium                                                                 4.66
Wireless Telecommunication Services                                       3.41
Automobile Manufacturers                                                  2.68
Oil & Gas Exploration & Production                                        2.59
Pharmaceuticals                                                           2.05
Casinos & Gaming                                                          1.85
Industrial Conglomerates                                                  1.75
Food Retail                                                               1.71
Electric Utilities                                                        1.67
Independent Power Producers & Energy                                      1.56
Construction Materials                                                    1.37
Coal & Consumable Fuels                                                   1.28
Integrated Telecommunication Services                                     0.98
Marine Ports & Services                                                   0.93
Tobacco                                                                   0.79
Multi-Sector Holdings                                                     0.60
Homebuilding                                                              0.54
Consumer Finance                                                          0.46
Household Products                                                        0.42
Gas Utilities                                                             0.38
Household Appliances                                                      0.31
Oil & Gas Equipment & Services                                            0.28
Apparel Accessories & Luxury Goods                                        0.20
Computer Storage & Peripherals                                            0.20
Personal Products                                                         0.20
Industrial Machinery                                                      0.18
Steel                                                                     0.18
Packaged Foods & Meats                                                    0.17
Brewers                                                                   0.11

The Company's current total of liquid investments, cash
and other                                                                 0.43
liabilities was:-

                                                                        100.00
                                                                        --------
                                                                             ---




Top Ten Holdings

  Country    Security                         Industry              % of total
                                                                      assets

South Korea  Hyundai Development Co.          Construction                7.04
                                              & Engineering

Brazil       Unibanco - Uniao de Bancos       Diversified                 5.02
             Brasileiros SA, GDR, pfd.        Banks

Brazil       Companhia Vale do Rio            Steel                       4.93
             Doce, ADR, pfd

Turkey       Akbank TAS                       Diversified                 4.88
                                              Banks

Brazil       Banco Bradesco SA, ADR, pfd      Diversified                 3.99
                                              Banks

South Korea  SK Energy                        Oil &                       3.86
                                              Gas Refining

China        Aluminum Corp of China           Aluminum                    3.75

China        China Petroleum and              Integrated Oil              3.66
             Chemical Corp., H                & Gas

China        PetroChina Co. Ltd., H           Integrated Oil              3.61
                                              & Gas

Brazil       Petroleo Brasileiro SA, ADR,pfd  Integrated Oil              3.01
                                              & Gas


The securities used to calculate the above Sector, Geographic percentages and
percentage of total net assets have been valued on a bid basis.


This interim management statement has been produced solely to provide additional
information to shareholders of the Company as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. It
should not be relied upon by any other party or for any other purposes. In
addition, the views, information and data in this publication should not be
deemed as a financial promotion or recommendation.



Date: 10 September, 2007.


End of interim management statement.





For information please contact Client Dealer Services at Franklin Templeton
Investment Management Limited on freephone 0800 305 306 or Joe Winkley at UBS
Limited 0207 567 8000.








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