Conversion of Securities

Templeton Emerging Markets IT PLC
04 October 2004


Templeton Emerging Markets Investment Trust PLC

Templeton Emerging Markets Investment Trust PLC announces that following the
expiry of the warrants on 30 September 2004 that 81,778,805 warrants have been
exercised by warrant holders leaving 10,791,725 warrants unexercised. The
exercise price of the warrants was 133p.

In accordance with the terms of warrants, the Law Debenture Trust Corporation
has been appointed to act as the trustee for those warrant holders who have not
exercised their warrants. The shares arising from the exercise of these warrants
will be sold by UBS.

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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