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

From: Franklin Templeton Investments
Contact: Franklin Templeton Investments
Telephone:(800) 342-5236

Fort Lauderdale, Florida, December 14, 2006.  Templeton Russia and East European Fund, Inc. (NYSE: TRF) today announced a year-end distribution comprised of net investment income of $0.9445 per share, long-term capital gains distribution of $7.5995 per share and short-term capital gains distribution of $0.3049, payable on January 16, 2007 to shareholders of record on December 29, 2006 (Ex-Dividend Date: December 27, 2006).

The Fund's investment manager, 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 $541 billion in assets under management as of November 30, 2006. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.