Templeton Russia and East European Fund, Inc. (TRF) Announces Secondary Offering

Templeton Russia and East European Fund, Inc. (NYSE:TRF), a closed-end investment company, today announced that the Fund's Board of Directors has approved a secondary offering of the Fund's shares of Common Stock with a value of up to $56 million, plus any additional amount to cover underwriters overallotments. The Fund intends to file a Registration Statement on Form N-2 with the U.S. Securities and Exchange Commission ("SEC") in connection with the offering. Filing a Registration Statement does not guarantee that the offering will be completed. The timing and the size of the offering will depend upon market conditions and other factors. In connection with the Fund's secondary offering, management has suspended the Fund's open-market share repurchase program.

These securities may not be offered or sold, nor may offers to buy be accepted, prior to the time the Fund's Registration Statement on file with the SEC becomes effective. The secondary offering will be made only by means of a prospectus and this press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The Funds 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 $526 billion in assets under management as of October 31, 2006. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.

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