Transaction in Own Shares

Templeton Emerging Markets IT PLC
27 September 2004


Templeton Emerging Markets Investment Trust PLC

Templeton Emerging Markets Investment Trust PLC announces that, on 27th
September 2004, it bought for cancellation 1,940,092 ordinary shares in the
market at a price of 145.565p per ordinary share. There remain 443,773,734
shares in issue.

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.

END OF ANNOUNCEMENT




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