]> Press Release - Closed-End Fund category - Templeton Dragon Fund, Inc.

Templeton Dragon Fund, Inc. ("TDF") To Withdraw Osaka Securities Exchange Listing; Retains New York Stock Exchange Listing

From: Franklin Resources, Inc.
Contact: Franklin Templeton Investments
Telephone:(800) 342-5236

Fort Lauderdale, Florida, May 20, 2009. Templeton Dragon Fund, Inc. (the "Fund") (NYSE: TDF), a closed-end management investment company, today announced that it intends to withdraw its shares of common stock from listing on the Osaka Securities Exchange Co., Ltd. ("OSE") in Japan. The Fund's Board of Directors has approved the filing of an application for delisting with the OSE. The Fund’s shares of common stock will continue to be listed on the New York Stock Exchange. The Fund is withdrawing its OSE listing in order to reduce administrative burdens and cost. An application for delisting will be filed with the OSE promptly. The Fund's shares of common stock will be delisted from the OSE upon the expiration of one month after the OSE determines the delisting. The Fund will be notified by the OSE of the effective time of the delisting once it is approved in accordance with the OSE's listing rules.

The Fund's investment manager is an indirect, wholly owned 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 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 $421 billion in assets under management as of April 30, 2009. For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.