Templeton Russia and East European Fund, Inc. (TRF) Announces Withdrawal of Secondary Offering and Reinstatement of Open-Market Share Repurchase Program

Templeton Russia and East European Fund, Inc. (NYSE:TRF), a closed-end investment company, today announced that the Fund's Board of Directors has authorized management to withdraw the Funds proposed secondary offering of the Fund's shares of common stock. The Fund intends to withdraw the amendment to the Funds Registration Statement on Form N-2 previously filed with the U.S. Securities and Exchange Commission in connection with the proposed offering.

The Fund further announced that the Board of Directors has authorized management to reinstate the Funds open-market share repurchase program, which was suspended in connection with the Fund's proposed secondary offering. Pursuant to the open-market share repurchase program, the Fund may purchase, from time to time, shares of the Fund's common stock in open-market transactions, at the discretion of management. The Boards recent action gives management flexibility to engage in a share repurchase program in the future in the event that the Funds shares are trading at a discount to net asset value. Management believes that the ability to repurchase Fund shares may be an important tool in addressing a potential discount. The amount and timing of the repurchases will be in the discretion of the Funds management and will take into account various factors, including market conditions, cash on hand and the availability of other attractive investments. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under Federal securities laws.

The Funds 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 $669 billion in assets under management as of October 31, 2007. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.

Contacts:

Franklin Templeton Investments, 1-800-342-5236
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