TRF Templeton Russia And East European Fund, Inc. (delisted)

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IMPORTANT NOTICE REGARDING YOUR INVESTMENT IN

Templeton Russia and East European Fund, Inc.

September 9, 2008

Dear Valued Shareholder:

Recently, we distributed proxy materials regarding the Shareholder Meeting of Templeton Russia and East European Fund, Inc. The original scheduled meeting of August 22, 2008 has been adjourned to September 26, 2008, due to a lack of voting by shareholders. Shareholders who have voted have voted 90% in favor of the Proposal being voted on, the approval of an Agreement and Plan of Reorganization that provides for the reorganization of the Fund from a Maryland corporation to a Delaware statutory trust (Proposal 2).

Your Directors unanimously recommend approval of the Agreement and Plan of Reorganization and are asking shareholders to approve the Proposal. Passage of the Proposal will simplify your Fund’s operations and reduce administrative burdens. Please note that if this Proposal is approved, it will NOT change or alter your Fund’s current investment goals, policies and investment restrictions.

To date, our records indicate that we have not yet received your voting instructions. Your vote is important no matter how many shares you own. We urge you to act promptly so that we can obtain a sufficient number of votes in time for the adjourned meeting on September 26, 2008 and avoid the costs of additional solicitation.

IF YOU ARE NOT PLANNING TO ATTEND THE MEETING, PLEASE TAKE A MOMENT NOW TO CAST YOUR VOTE SO THAT YOUR SHARES MAY BE REPRESENTED AT THE MEETING.

For your convenience another copy of your proxy voting card is enclosed. Should you have any questions regarding the proposal, please call 1-866-751-6312 and ask for Jennifer Kennedy .

To vote your shares, the following voting options have been set up for your convenience.

Again, please do not hesitate to call toll-free 1-866-751-6312 ask for Jennifer Kennedy if you have any questions regarding this Shareholder Meeting.

No matter how many shares you own, your vote is important. Thank you for your assistance with this important matter.

DON’T HESITATE, PLEASE VOTE TODAY.