Directorate Change

Templeton Emerging Markets IT PLC
17 May 2004


           Templeton Emerging Markets Investment Trust PLC ("TEMIT")

On behalf of TEMIT, Franklin Templeton Investment Management Limited reports the
appointment of Mr Peter Smith to the Board of Directors with effect from 17th
May 2004.

Mr Smith will also be appointed as Chairman of the TEMIT Audit Committee.

For information please contact David Bliss/Will Rogers at UBS Limited (0207 567
8000) or David Smart at Franklin Templeton Investment Management Limited (0207
925 7171). 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.

End of Announcement

                            Biography of Peter Smith

Peter Smith, 57, is Chairman of RAC plc. He is also a non-executive director of
N M Rothschild & Sons Limited and Deputy Chairman of The Equitable Life
Assurance Society.

He was until June 2000 Senior Partner of PricewaterhouseCoopers (PwC) in the UK.
Prior to the formation of PwC, from the merger of Price Waterhouse and Coopers &
Lybrand, Peter was the chairman of Coopers & Lybrand, in the UK, a position he
held from May 1994.

For the two years to December 1996, he was Chairman of Coopers & Lybrand
International and from 1998 to 2000 was a member of PwC's global management
team.

From 2002 to 2004 he was a non-executive director of Safeway plc.

Peter is a member of the Finance and General Purposes Committee of the
Confederation of British Industry, a member of the Finance Committee of The
National Trust and sits on the Advisory Council, Global Corporate Governance
Initiative, at Harvard Business School. He was a member of the UK's Committee on
Corporate Governance from 1996 to 1998.

Educated at Mill Hill School and Southampton University, where he graduated in
Economics, he has attended the Advanced Management Program at the Wharton School
of the University of Pennsylvania.


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