]> Press Releases--Closed-End Funds, TRF Announces Dividend

Templeton Russia Fund, Inc. Announces Dividend ("TRF")

From: Templeton
Contact: Stacey Johnston
Telephone:(650) 525-7458

For more information, please contact Franklin Templeton Fund Information at 1/800-342-5236. Members of the media should contact Franklin Templeton Public Relations at 650-312-4701.

Ft. Lauderdale, Florida, December 15, 1999. Templeton Russia Fund, Inc. (NYSE: TRF), today announced a year-end dividend from net investment income of $0.1218 per share, payable on January 13, 2000 to shareholders of record on December 30, 1999 (Ex-Dividend Date: December 28, 1999).

The Fund's investment adviser is Templeton Asset Management Ltd., a subsidiary of Franklin Resources, Inc. (NYSE: BEN). Franklin's main business is the Franklin Templeton Group with approximately $224 billion in assets under management as of November 30, 1999. Franklin's headquarters are located at 777 Mariners Island Blvd., San Mateo, California 94404.