Statement re Ex. of Warrants

Templeton Emerging Markets IT PLC
14 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, 37,686 new ordinary
shares of £0.25 each were allotted on 14 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 37,686 ordinary shares to be admitted to the
Official List in due course and dealings on the London Stock Exchange are
expected to commence on 15 October 2003. Subsequent to this allotment there will
be 455,221,943 shares in issue and 92,572,413 warrants.

Enquiries


Will Rogers/Nicholas Rucker                    + 207 567 8000
UBS Ltd


Sara MacIntosh
Franklin Templeton Investment Management Limited     + 131 242 4000


END


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