Announcement of Open Market Share Repurchases

From Franklin Resources, Inc.
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Templeton Dragon Fund, Inc. (NYSE: TDF)
Templeton Emerging Markets Fund (NYSE: EMF)
Templeton Russia and East European Fund, Inc. (NYSE: TRF)

Fort Lauderdale, Florida, December 21, 2012. The Templeton closed-end Funds referenced above, which trade on the New York Stock Exchange, today announced the implementation of open market share repurchases pursuant to each Fund’s previously authorized open-market share repurchase program. Share repurchases commenced on November 7, 2012.

The open-market share repurchase programs are intended to benefit shareholders by enabling a Fund to acquire its own shares at a discount to net asset value, thereby increasing the proportionate interest of remaining shareholders. It is also hoped that the implementation of the open-market share repurchase programs will help bring the market price of the Funds’ shares closer to their true net asset value, however, the success of the programs cannot be guaranteed. There can be no certainty regarding the impact of share repurchases on the sustainability or size of a discount.

In exercising its discretion to repurchase shares pursuant to the programs, the Investment Manager considers any discount in light of a Fund’s performance, portfolio holdings, dividend history and investment objectives and policies. The Investment Manager also considers prevailing market conditions and whether raising and maintaining cash for repurchases would impact a Fund’s ability to take advantage of new investment opportunities, or 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. Management has considered these and other factors and determined it is appropriate to implement Fund repurchases at this time.

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, Fiduciary Trust, Darby and Bissett investment teams. The San Mateo, CA–based company has more than 60 years of investment experience and over $768 billion in assets under management as of November 30, 2012. For more information, please call 1-800/DIAL BEN® or visit