Templeton Releases Closed-End Funds' Portfolio Allocation Updates and Announces Modification to Open-Market Share Repurchase Program

Fort Lauderdale, Florida, April 22, 2015. The Templeton Dragon Fund, Inc. (NYSE: TDF) and Templeton Russia and East European Fund, Inc. (NYSE: TRF), which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of March 31, 2015:

• Asset Allocation
• Ten Largest Positions
• International Allocation
• Industry Allocation

To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.

The Funds also announced today that each Fund’s Board has approved a modification to its existing open-market share repurchase programs to authorize the Fund to repurchase an additional 10% of its outstanding shares in open-market transactions, at the discretion of management.

The Boards’ recent action provides greater flexibility by enabling each Fund to continue to engage in open-market repurchases under a continuing authorization for up to an additional 10% of a Fund’s outstanding shares, at the discretion of Fund management. The timing and amount of repurchases would continue to be at the discretion of the investment manager taking into account various factors, including, but not limited to, the level of the discount, a Fund’s performance, portfolio holdings, dividend history, market conditions, cash on hand, the availability of other attractive investments and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject a Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, Federal securities laws and rules that restrict repurchases, and the terms of any outstanding leverage or borrowing of the Fund. If and when a Fund’s new 10% threshold is reached, no further repurchases could be completed until authorized by the Board. Until the 10% threshold is reached, Fund management will have the flexibility to commence share repurchases if and when it is determined to be appropriate in light of prevailing circumstances. The share repurchase programs are intended to benefit shareholders by enabling a Fund to repurchase shares at a discount to net asset value, thereby increasing the proportionate interest of each remaining shareholder in the Fund.

The Funds’ investment manager is a subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 150 countries. Through specialized teams, the company has expertise across all asset classes — including equity, fixed income, alternative and custom 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 offices in 35 countries, the California-based company has more than 65 years of investment experience and over $880 billion in assets under management as of March 31, 2015. For more information, please visit franklintempleton.com.

This press release contains statistical data regarding the Funds’ portfolios. The Funds’ complete portfolio holdings are publicly available on a quarterly basis on Form N-Q, as well as in the Funds’ Annual and Semi-Annual Reports to Shareholders filed with the U.S. Securities and Exchange Commission. These documents may be found at sec.gov. For portfolio management discussions, including information regarding the Funds’ investment strategies, please view the most recent Annual or Semi-Annual Report to Shareholders which can be found at franklintempleton.com or sec.gov.

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