Top Ten Holdings

Templeton Emerging Markets IT PLC
05 January 2004


           Templeton Emerging Markets Investment Trust PLC ("TEMIT")


On behalf of TEMIT, Franklin Templeton Investment Management Limited reports the
Top Ten Holdings in TEMIT as at 31st December 2003 as follows: -

Country    Security                         Industry             % Of total net
                                                                         assets

China      China Petroleum & Chemical       Integrated Oil &              6.59
           Corp., H                         Gas

Turkey     Akbank                           Diversified Banks             3.76

Hungary    Gedeon Richter Ltd.              Pharmaceuticals               3.49

Thailand   Siam Commercial Bank, 5.25%,     Diversified Banks             3.38
           cvt. pfd., fgn.

Brazil     Unibanco Uniao de Bancos         Diversified Banks             3.28
           Brasileiros SA, GDR

Brazil     Centrais Eletricas Brasileiras   Electric Utilities            3.05
           SA

Austria    OMV AG                           Oil & Gas Refining &          2.83
                                            Marketing

Brazil     Banco Bradesco SA, ADR, pfd.     Diversified Banks             2.63

Brazil     Companhia Paranaense de          Electric Utilities            2.50
           Energia-Copel, ADR, pfd.

Thailand   Siam Cement Public Co. Ltd.,     Construction                  2.47
           fgn.                             Materials



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.


Date: 5th January 2004

End of Announcement.


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