]> Press Release--Closed-End Funds, Templeton Dragon Fund, Inc. ("TDF") Announces Dividend

Templeton Dragon Fund, Inc. ("TDF") Announces Dividend

From: Franklin® Templeton® Investments
Contact: Lisa Gallegos
Telephone:(650) 312-3395

Fort Lauderdale, Florida, March 10, 2003. Templeton Dragon Fund, Inc. (NYSE: TDF) today announced a dividend from net investment income of $0.015 per share, payable on April 7, 2003 to shareholders of record on March 24, 2003 (Ex-Dividend Date: March 20, 2003).

The Fund’s investment manager, 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 services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $256 billion in assets under management as of January 31, 2003. For more information, please call 1-800/DIAL BEN® (1-800-342-5236).