Final Results

Templeton Emerging Markets IT PLC
17 July 2000



Preliminary Announcement 17 July 2000
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TEMPLETON EMERGING MARKETS INVESTMENT TRUST PLC ('the Company')
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Year to 30 April 2000

The Company today announced its annual results for the year to 30 April 2000:

CHAIRMAN'S STATEMENT

At 30 April 2000, your Company had total assets of  £749.9 million, compared
with £721.6 million at 30 April 1999. 

The year under review was an extraordinary one for investors both in the
emerging markets and elsewhere.  Valuations of a narrow range of stocks in the
technology, media and telecommunications sectors reached extreme levels.
However, the Manager took the strong view that the downside risk inherent in
these valuations were out of proportion to likely rewards. This has been
reflected in our relatively poor results.

The net asset value per share at year end was 159.3 pence, an increase of 3.9%
over the year. Over the same period the MSCI Emerging Markets Free Index, on a
total return basis, rose by 25.7% and the IFCI Investible Index increased by
24.0%. In the Investment Review (pages 9 to 13) the Manager compares the
composition of the Fund to the Index and discusses the relation of risk to
reward.

Templeton Emerging Markets Investment Trust PLC ('TEMIT') has always been
actively managed with an emphasis on finding stocks which are undervalued. 
The Manager aims to select stocks which are trading at a discount compared to 
their prospects over the coming years.  Long-term prospects remain the key
focus and the Manager uses short-term volatility to help make adjustments to
the Trust's portfolio.  This approach has proved itself over time and since
inception TEMIT's net asset value has risen by 290.8% in sterling terms
compared with a comparable rise of 187.2 % in the IFCI Investible Index and
226.2% in the MSCI Emerging Markets Free Index.

The Board of Directors has proposed a cash dividend of 1.1 pence per Ordinary
share. The dividend will be paid on 22 September 2000 to Shareholders on the
register at the close of business on 18 August 2000, subject to the approval
of Shareholders at the Annual General Meeting which will be held on 21
September 2000.  

At the year end 81.5% was invested in  equities with the remaining 18.5% being
held in fixed income securities and liquid assets. The general policy of the
Manager is to be fully invested.  This higher cash position at the year end
was largely due to disposals in Brazil, Mexico, South Africa and Argentina
during the last quarter.  As the search for value stocks continued, holdings
in Eastern Europe, Turkey, Croatia and Taiwan were added.  The Manager
anticipates that most emerging markets will continue to recover as indicated
by improving economic conditions and positive political developments.  In
addition, the recent increase in foreign direct investment is a positive
factor which reflects renewed investor confidence.

The discount to net asset value rose over the period.  At 30 April 2000 it was
25.3% compared to 14.3% at the previous year end.  The high level of the
discount is of concern to your Board.  The Board has obtained powers to buy
back shares in TEMIT.  Although no buy-backs have yet been made, renewal of
the buy-back authority will be sought.  At the date of this report, the net
asset value per share had increased to 164.7 pence per share from 159.3 pence
per share at the year end and the share price discount has narrowed to 20.2%.
 
The Honourable Nicholas F Brady
17 July 2000
                             

DISTRIBUTION OF PORTFOLIO

GEOGRAPHICAL ANALYSIS
(by country of incorporation)
As at 30 April 2000

Country                                   Cost             Market Value
                                          £'000            £'000

South Africa+                              75,141           74,826
Brazil*                                    61,597           70,890 
Turkey                                     33,258           60,676 
Mexico*                                    34,037           54,812 
Thailand@                                  48,182           50,685 
Hong Kong@                                 30,709           43,098 
Korea (South)                              34,646           40,516
Indonesia*                                 36,271           32,082 
Singapore                                  24,413           30,340 
Poland                                     25,017           23,771 
Argentina*                                 22,807           22,322 
Venezuela*                                 12,550           17,325 
Hungary                                    13,634           17,292 
Russia*                                     9,256           13,720 
Philippines*                               20,327           13,543 
Czech Republic                             13,949           11,834 
Pakistan                                    8,656            7,412 
India+                                      6,438            6,123 
Chile*                                      4,603            3,799 
Colombia                                   10,689            3,644
China*$                                     1,825            3,407 
Egypt                                       2,633            2,316 
Malaysia                                    2,279            2,306 
Israel*                                     2,630            1,952 
Estonia!+                                   1,759            1,647 
Slovak Republic<                            1,015              303 
Croatia+                                      281              241
Taiwan                                        130              113 
Peru*                                          83               76
                                          -------           -------
TOTAL EQUITY INVESTMENTS                  538,815           611,071

OTHER NET ASSETS                                            138,835
                                                            -------
TOTAL SHAREHOLDERS' FUNDS                                   749,906
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+Includes U.K. listed stocks
*Includes U.S. listed stocks
$Includes Hong Kong listed stocks
@Includes Singapore Listed Stocks
!Includes Turkish listed stocks