Interim Management Statement

Templeton Emerging Markets IT PLC
06 March 2008


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


                          Interim Management Statement

                   for the three months ended 31 January 2008


This interim management statement relates to the period 1 November 2007 to 31
January 2008 and constitutes the Company's second interim management statement
for the financial year ending 30 April 2008, as required by the UK Listing
Authority's Disclosure and Transparency Rule 4.3.


OBJECTIVE


The Company's investment objective is to provide long term capital appreciation
for its investors through investment in companies operating in emerging markets
or whose stocks are listed on the stock markets of such countries.


FINANCIAL POSITION

                           As at 31 January 2008         As at 31 October 2007
Total assets                             £2,120m                       £2,645m
Net asset value                          446.79p                       548.20p
Share price                              403.75p                       479.75p
Discount                                   9.63%                        12.49%


Share price is the UK market closing mid.

Net asset value is unaudited and at closing bid prices. Assets are priced at
local close or adjusted for fair value at US close.

Further information can be found at www.temit.co.uk.


FINANCIAL PERFORMANCE
                              1 Month  3 Months   1 Year    3 Years    5 Years
Share price                   -12.61%   -15.84%   +32.76%   +141.59%   +329.44%
Net asset value               -15.85%   -18.50%   +34.36%   +133.09%   +294.64%
MSCI Emerging Market Index    -12.34%   -14.69%   +21.75%   +106.46%   +256.82%
S&P/IFCI Composite Index      -12.74%   -14.68%   +21.77%   +111.36%   +271.43%
                              


All figures are calculated in sterling on a total return basis i.e. with net
dividends reinvested

Source: Franklin Templeton / Copyright - (c) 2008 Morningstar, Inc. All rights
reserved.


MARKET VOLATILITY


Despite the overall robust market performances seen in 2007, the latter half of
the year and the start of 2008 saw increased volatility. Investors remained
nervous due to widespread concerns over the impact on the global economy of the
credit crisis in the US. This uncertainty may continue in the near term. The
sub-prime issue in the U.S. seems to have a limited direct impact on emerging
markets, but the Investment Manager will continue to closely monitor the
situation.


The Investment Manager considers that the long-term outlook for emerging markets
remains favourable. In the short-term, however, more volatility is expected,
particularly with the continued unwinding of the sub-prime situation in the
U.S. Corrections could be seen in equity markets, including emerging markets, if
global economic growth slows.


BOARD CHANGES


On 30th November 2007 Peter Harrison was appointed as a Director of the Company
and a member of the Audit Committee.


On 12th December 2007 the following changes occurred:

• Sir Ronald Hampel retired as Chairman and Director of the Company;

• Charles Johnson retired as a Director of the Company;

• Peter Smith was appointed as the Company's new Chairman, and also resigned his
positions as Chairman of the Audit Committee and Senior Independent Director;

• Peter Harrison was appointed Chairman of the Audit Committee;

• Sir Peter Burt was appointed as the Senior Independent Director;

• Christopher Brady and Greg Johnson were both appointed Directors of the
Company.


On 25th February 2008 Andrew Knight retired as a Director of the Company.



SHARE BUY BACKS


During the period, the Company bought back and cancelled 7,890,812 shares (1.60%
of the issued share capital) for a total consideration of £35.6 million which
increased the Net Asset Value by 0.19%.


HALF YEARLY REPORT


The half yearly report to 31 October 2007 was approved by the Board on 12
December 2007 and released to the market on that date.



NET ASSET VALUE PRICE RELEASE


The Net Asset Value ("NAV") has, for a long period of time, been calculated on a
fair value basis, where deemed appropriate. In order to provide greater clarity
to the market regarding the basis of NAV calculation, the Company took the
decision, with effect from 12 December 2007, to show both the unadjusted NAV and
the adjusted fair valued NAV in Stock Exchange Announcements whenever the fair
value basis is applied.


PORTFOLIO CHANGES


The Manager reports the following principal changes in the portfolio:

Top Purchases*


Denway Motor

This company has a joint venture with Honda Motor for the production and selling
of Honda Accord sedans, Fit and Odyssey MPVs. Denway also manufactures
automobile audio equipment and trades motor vehicles. The valuation looks
attractive versus most of its peers in China's automobile sector. The pending
group restructuring could be favourable.


Taiwan Mobile

A major provider of wireless telecommunications services in Taiwan. The
valuation looks cheap, especially taking into account the industry consolidation
in recent years.


Brilliance China

A major automobile manufacturer in China, which has a joint venture with BMW for
the production and selling of BMW 3-series and 5-series cars in that country.
BMW has been gaining market share in the region and the joint venture may result
in transfers of technology and management skills.


*There were only three purchases in this period


Top Sales


GAIL India

GAIL is the largest gas transportation and distribution company in India. The
company made some acquisitions recently, but the share price increases seem to
have reflected the fundamental changes.


Remgro

This South African group has interests in tobacco, liquor, mining, financial,
packaging, food and other industrial interests. It also has a stake in BAT, the
second largest tobacco group in the world. Valuation is becoming expensive after
share price increases.


Telefonos de Mexico

Telmex owns and operates the largest telecommunications systems in Mexico. The
valuation is not particularly cheap and over the medium term the company may
face unfavourable regulatory changes.


Gedeon Richter

Richter is a major pharmaceutical producer in Eastern Europe. The valuation does
not look cheap. Going forward, there continues to be uncertainty on local price
regulations.


Lite-On Technology

A major Taiwanese LCD monitor and television manufacturer. Despite volume
growth, the average selling prices remain weak. There may be downside surprises
on earnings.





Country Allocation

                                         % of net assets as at 31 Janaury 2008
LATIN AMERICA
Brazil (including US listings)                                           25.79
Mexico (including US listings)                                            0.37

ASIA
China                                                                    15.58
South Korea                                                              12.66
Thailand                                                                  8.78
India                                                                     4.39
Pakistan                                                                  1.89
Indonesia                                                                 1.72
Taiwan                                                                    0.59

EUROPE
Russia (including US listings)                                            9.62
Turkey                                                                    8.86
Hungary                                                                   4.34
Poland                                                                    2.47
Austria                                                                   1.71
Sweden                                                                    0.22

AFRICA (SUB-SAHARA)
South Africa                                                              1.16

The Company's current total of liquid
investments, cash and other
liabilities was:                                                         (0.15)
                                                                        --------

                                                                        100.00
                                                                        --------






Sector Analysis

                                         % of net assets as at 31 Janaury 2008

Integrated Oil & Gas                                                    22.91
Diversified Banks                                                       20.59
Diversified Metals & Mining                                             11.01
Oil & Gas Refining & Marketing                                           7.75
Construction & Engineering                                               6.14
Aluminium                                                                4.28
Wireless Telecommunication Services                                      4.08
Automobile Manufacturers                                                 3.52
Oil & Gas Exploration & Production                                       3.07
Pharmaceuticals                                                          2.17
Casinos & Gaming                                                         1.97
Food Retail                                                              1.78
Electric Utilities                                                       1.64
Independent Power Producers & Energy                                     1.44
Industrial Conglomerates                                                 1.43
Coal & Consumable Fuels                                                  1.12
Construction Materials                                                   1.02
Tobacco                                                                  0.97
Homebuilding                                                             0.54
Consumer Finance                                                         0.45
Household Products                                                       0.37
Integrated Telecommunication Services                                    0.36
Steel                                                                    0.32
Oil & Gas Equipment & Services                                           0.26
Personal Products                                                        0.22
Apparel Accessories & Luxury Goods                                       0.17
Marine Ports & Services                                                  0.17
Industrial Machinery                                                     0.15
Packaged Foods & Meats                                                   0.13
Household Appliances                                                     0.12

The Company's current total of liquid
investments, cash and other                                             (0.15)
liabilities was:                                                       --------
                                                                            
                                                                       100.00
                                                                       --------







Top Ten Holdings

  Country    Security                                        Industry                      % of
                                                                                            net
                                                                                          assets
                                                                                           as at
                                                                                            31
                                                                                          Janaury
                                                                                           2008
Brazil       Companhia Vale do Rio Doce                      Diversified Metals & Mining   6.29
South Korea  Hyundai Development Co.                         Construction                  6.11
Brazil       Unibanco - Uniao de Bancos Brasileiros SA, GDR  Diversified Banks             5.85
Brazil       Petroleo Brasileiro SA, ADR                     Integrated Oil & Gas          5.21
Brazil       Banco Bradesco SA, ADR                          Diversified Banks             4.30
Turkey       Akbank TAS                                      Diversified Banks             4.20
China        China Petroleum and Chemical Corp               Integrated Oil & Gas          3.79
China        PetroChina Co Ltd                               Integrated Oil & Gas          3.44
Russia       Gazprom                                         Integrated Oil & Gas          2.92
South Korea  SK Energy Co Ltd                                Integrated Oil & Gas          2.83


The securities used to calculate the percentage of total assets figures in the
above Country, Sector and Top Ten tables have all been valued on a bid basis.


This Interim Management Statement has been produced solely to provide additional
information to Shareholders of the Company as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. It
should not be relied upon by any other party or for any other purposes. In
addition, the views, information and data in this publication should not be
deemed as a financial promotion or recommendation.


Other than described above, the Board is not aware of any events during the
period from 1 November 2007 to the date of this statement, which would have
had a material impact on the financial position of the Company.

Issued on behalf of the Board
Sara A MacIntosh
for and behalf of Franklin Templeton Investment Management Limited
Secretary
Date: 6 March 2008


End of interim management statement





For further information please contact Client Dealer Services at Franklin
Templeton Investment Management Limited on freephone 0800 305 306 or Joe Winkley
at UBS Limited 0207 567 8000.








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