Templeton Emerging Markets Investment Trust PLC (“TEMIT”)

3 May 2019
Stock Exchange Announcement
Templeton Emerging Markets Investment Trust plc
Legal Entity Identifier 5493002NMTB70RZBXO96
Conditional Tender Offer

The Board of Templeton Emerging Markets Investment Trust plc (the “Company”) has undertaken a
shareholder consultation in advance of its continuation vote to be put to the Company’s Annual
General Meeting in July 2019 (“Continuation Resolution”).

In response to the shareholder feedback received during this consultation, the Company today
announces that, subject to the passing of the Continuation Resolution, the Board will introduce a five-
year performance-related conditional tender offer (the “Conditional Tender Offer”). There will be no
tender offer in the event that the Company’s net asset value total return continues to exceed the
Company’s benchmark total return (MSCI Emerging Markets Index TR). However, if over the five-year
period to 31 March 2024 the Company’s net asset value total return fails to exceed the benchmark
total return the Board will, pursuant to the Conditional Tender Offer, put forward proposals to
shareholders to undertake a tender offer for up to 25 per cent of the issued share capital of the
Company at the discretion of the Board. Any such tender offer will be at a price equal to the then
prevailing net asset value less two per cent (less the costs of the tender offer). Any tender offer will
also be conditional on shareholders approving the continuation vote in 2024 and would take place
following the Company’s 2024 annual general meeting.
The introduction of the Conditional Tender Offer will not affect the Board’s current approach to
discount management. The Board will continue to exercise its right to buy back shares when it believes
this to be in shareholders’ interests and with the aim of controlling volatility in the discount.
The Board believes that the long-term outlook for Emerging Markets remains favourable and that
current valuations provide an attractive investment opportunity. Accordingly, the Board will
recommend that shareholders vote in favour of the Continuation Resolution. The Company's largest
shareholder, City of London Investment Management, representing 14 per cent of the Company's
issued share capital, has provided an irrevocable undertaking to vote in favour of the Continuation
Resolution.

Further details will be included in the Company's Annual Report due to be published in June 2019.

This announcement contains information that is inside information for the purposes of the Market
Abuse Regulation (EU) No. 596/2014.


For further information please contact:


Winterflood Investment Trusts
Joe Winkley
Neil Langford


020 3100 0000

END OF ANNOUNCEMENT