Net AssetValue(s)-Replacement

Templeton Emerging Markets IT PLC
22 October 2002

Templeton Emerging Markets Investment Trust PLC ("TEMIT")

THE NET ASSET VALUE ANNOUNCEMENT RELEASED TODAY AT 11:12 UNDER RNS NUMBER 7880C
CONTAINED A NUMBER OF TYPOGRAPHICAL CHANGES THAT HAVE BEEN IDENTIFIED WITH AN
ASTERISK (*) THE FULL AMENDED TEXT IS SHOWN BELOW

On behalf of TEMIT, Franklin Templeton Investment Management Limited reports the
unaudited net asset value ("NAV") of TEMIT as at 18 October 2002 as follows:-


Undiluted NAV (Warrants Unexercised)                  113.47* (Cum-Income)
Fully Diluted NAV (Warrants Exercised)                116.77* (Cum-Income)

Undiluted NAV (Warrants Unexercised)                  112.50* (Ex-Income)
Fully Diluted NAV (Warrants Exercised)                115.97* (Ex-Income)


For information please contact Barbara McFarlane at Franklin Templeton
Investment Management Limited (0131 242 4000).


End of Announcement.


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