]> Press Releases--Close-End Funds, TRF Annouces Distribution

Templeton Russia and East European Fund, Inc. ("TRF") Announces Distribution

From: Franklin Templeton Investments
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, May 19, 2004--Templeton Russia and East European Fund, Inc. (NYSE: TRF) today announced a distribution from long-term capital gains* of $0.8391 per share, payable on June 17, 2004 to shareholders of record on June 3, 2004 (Ex-Dividend Date: June 1, 2004).

The Fund's investment adviser, Templeton Asset Management Ltd., is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment organization operating as Franklin Templeton Investments.  Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $343 billion in assets under management as of April 30, 2004. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.


* The Fund designates the distribution of long-term capital gains as a capital gain dividend under IRS Code Section 852(b)(3).