Templeton Russia and East European Fund, Inc. (“TRF”) Releases Portfolio Allocation Update and Announces Approval of Proposed Plan of Liquidation

Fort Lauderdale, Florida, July 17, 2015. The Templeton Russia and East European Fund, Inc. (NYSE: TRF), which trades on the New York Stock Exchange, today released a portfolio allocation update containing the following information as of June 30, 2015:

• Asset Allocation
• Ten Largest Positions
• International Allocation
• Industry Allocation

To obtain a copy of the update, please contact Fund Information at 1-800-342-5236.

The Fund also announced today that its Board of Directors has unanimously approved the liquidation and dissolution of the Fund, subject to shareholder approval. Based on the recommendation of the investment adviser and on other factors, including small size and declining shareholder interest in the Fund, the Board of Directors of the Fund believes that liquidation of the Fund is in the best interests of the Fund and its shareholders.

It is anticipated that the Plan of Liquidation and Dissolution will be submitted to shareholders for approval at the Fund’s Annual Shareholders’ Meeting to be held on September 24, 2015. If approved by shareholders, the liquidation and dissolution is expected to occur before the end of the year.

The Fund’s investment manager, Templeton Asset Management Ltd., is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 150 countries. Through specialized teams, the company has expertise across all asset classes — including equity, fixed income, alternative and custom solutions.  The company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in 35 countries, the California-based company has more than 65 years of investment experience and over $866 billion in assets under management as of June 30, 2015. For more information, please visit franklintempleton.com.

This press release contains statistical data regarding the Funds’ portfolios. The Funds’ complete portfolio holdings are publicly available on a quarterly basis on Form N-Q, as well as in the Funds’ Annual and Semi-Annual Reports to Shareholders filed with the U.S. Securities and Exchange Commission. These documents may be found at sec.gov. For portfolio management discussions, including information regarding the Funds’ investment strategies, please view the most recent Annual or Semi-Annual Report to Shareholders which can be found at franklintempleton.com or sec.gov.