Templeton Dragon Fund, Inc. (“TDF”) Announces Upcoming Portfolio Management Change

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Fort Lauderdale, Florida, July 30, 2019. Templeton Dragon Fund, Inc. [NYSE: TDF] (the “Fund”) today announced that Michael Lai will join Franklin Templeton on August 5, 2019 as Senior Vice President and Portfolio Manager, China Equities within Franklin Templeton Emerging Markets Equity’s (FTEME) China investment team and become lead portfolio manager for the Fund. Lai will replace Eddie Chow effective August 5, 2019. Chow will retire from Franklin Templeton effective September 1, 2019, after 25 years of service to the firm.

Lai will be based in Hong Kong and will serve as a portfolio manager focusing on FTEME’s China equity strategies. He brings over three decades of investment experience and joins the firm from GAM Investments (GAM), where he was lead portfolio manager of GAM’s China equity strategy since its inception in 2007. He also headed GAM’s Asian equity team in Hong Kong and was lead portfolio manager of GAM’s Asian strategy and co-manager for additional strategies. Previously, Lai held similar roles managing Asian equity strategies for Trust Company of the West (Asia) and BZW, having begun his investment career at Lehman Global Asset Management in 1989. Lai holds an MSc in Econometrics from the London School of Economics and is a CFA® charterholder.

In addition to Lai, Yu-Jen Shih will be added as a portfolio manager on the Fund, effective August 5, 2019. Shih joined FTEME in 2018 as portfolio manager with a focus on Asia. Based in Singapore, he brings over two decades of global and Asia investment experience.

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With employees in over 30 countries, the California-based company has more than 70 years of investment experience and over $715 billion in assets under management as of June 30, 2019. For more information, please visit franklintempleton.com.

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