Transaction in Own Shares

Templeton Emerging Markets IT PLC
21 September 2004


Templeton Emerging Markets Investment Trust PLC

Templeton Emerging Markets Investment Trust PLC announces that, on 20th
September 2004, it bought for cancellation 1,000,000 ordinary shares in the
market at a price of 147p per ordinary share. There remain 451,973,826 shares in
issue.

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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