]> Press Release - Closed-End Funds - Distribution

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

From: Franklin Resources, Inc.
Contact: Franklin Templeton Investments
Telephone:(800) 342-5236

Fort Lauderdale, Florida, December 3, 2008. Templeton Russia and East European Fund, Inc. (NYSE: TRF) today announced a year-end distribution comprised of net investment income of $0.2594 per share, long-term capital gains distribution of $8.4306 per share and short-term capital gains distribution of $0.5194 per share, payable on December 31, 2008 to shareholders of record on December 16, 2008 (Ex-Dividend Date: December 12, 2008).

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, Fiduciary Trust, Darby and Bissett investment teams. The San Mateo, CA-based company has more than 60 years of investment experience and over $426 billion in assets under management as of October 31, 2008. For more information, please call 1-800/DIAL BENĀ® or visit franklintempleton.com.