Change in Investment Policy

Templeton Emerging Markets IT PLC
29 October 2003


   Templeton Emerging Markets Investment Trust PLC ("TEMIT") (the "Company")


On behalf of TEMIT, Franklin Templeton Investment Management Limited reports:-

Following a meeting of the Board of Directors of TEMIT on Thursday 23rd October
2003, the Board of TEMIT notes the publication of the Investment Entities
(Listing Rules and Conduct of Business) Instrument 2003 and announces that it is
the Company's policy:-

I.  to invest in 0% of its gross assets in other UK listed
    investment companies (including listed investment trusts) and;

II. to permit external borrowing including overdrafts of up to
    10% of its gross assets only in exceptional circumstances.


End of Announcement.


For information please contact 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. This announcement has been
prepared by Franklin Templeton Investments and is their sole responsibility.



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