Response to Templeton

City of London Investment Group PLC
21 May 2007





For immediate release 21 May 2007


              CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED

                 Templeton Emerging Markets Investment Trust PLC


In an open letter to the Chairman of Templeton Emerging Markets Investment Trust
PLC ('the Company') dated 30th November 2006, City of London Investment
Management Company Limited ('City of London') expressed concern regarding both
the level of discount at which the Company's shares were trading (approximately
12.5 per cent) and also the probability of the discount widening further when
the emerging markets bull market comes to an end.


Having reviewed today's Press Release from the Company, it is City of London's
opinion that the Proposals put forward to shareholders, if implemented fully,
that is both the capital reorganization and the buy back, will significantly
address the points made in our letter.


As a result, City of London have irrevocably agreed to vote in favour of the
proposals to be placed before shareholders.


For further information contact:

Clayton Gillece, Director                 Simon Hudson / Clemmie Carr
City of London Investment Management      Tavistock Communications
Company
Tel: [phone]                        Tel: [phone]





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