Templeton Dragon Fund, Inc. (“TDF”) Commences Self-Tender Offer for up to 25% of Its Common Shares

Templeton Dragon Fund (NYSE: TDF) (the “Fund”), today announced that it has commenced an issuer tender offer to purchase for cash up to 8,451,035 of its common shares, representing 25% of its issued and outstanding common shares. Unless extended, the tender offer will expire at 5:00 p.m., New York City time, on Wednesday, December 20, 2023 (the “Expiration Date”). Subject to various terms and conditions described in offering materials distributed to shareholders: (1) purchases will be made at a price per share equal to 98% of the Fund’s net asset value (NAV) per share as of the close of trading on the first business day after the expiration of the offer; and (2) if more shares are tendered than the amount the Board has authorized to purchase, the Fund will purchase the number of shares equal to the offer amount on a prorated basis. Shareholders who choose to participate in the offer can expect payments for shares tendered and accepted to be mailed within approximately five business days after the Expiration Date.

The Fund will sell portfolio instruments during the tender offer to raise cash for the purchase of common shares. Thus, during the pendency of the tender offer, the Fund will likely hold a greater than normal percentage of its net assets in cash and cash equivalents and may not be able to meet its investment goals nor invest consistent with its investment strategy. Upon conclusion of the tender offer, the Fund is expected to have sufficient assets to continue to meet its investment goals and invest consistent with its investment strategy.

The Fund’s common shares have recently traded at a discount to their net asset value per share. During the pendency of the tender offer, the current net asset value per share will be available by telephone at 1-800/DIAL BEN (1-800-342-5236) or on the Fund’s website at: https://www.franklintempleton.com/investments/options/closed-end-funds ....

Shareholders are advised to read the offer to purchase, as it contains important information.

The offer to purchase and other documents filed by the Fund with the U.S. Securities and Exchange Commission (the “SEC”), including the Fund's annual report for the fiscal year ended December 31, 2022, are or will be available without cost at the SEC’s website (sec.gov) or by calling the Fund’s Information Agent at [phone].