Templeton Dragon Fund, Inc. Announces Management Fee Decrease

TEMPLETON DRAGON FUND, INC. (NYSE: TDF) (“TDF” or the “Fund”) today announced a management fee reduction, which will become effective on May 1, 2023. The Fund’s investment management fee reduction, as described below, was approved by the board of trustees on March 27, 2023. Management believes that the reduced management fee will benefit shareholders.

New Management Fees (effective May 1, 2023):

Annualized Fee Rate

Net Assets

1.10%

Up to and including $1 billion

1.05%

Over $1 billion, up to and including $2 billion

1.00%

Over $2 billion

Current Management Fees:

Annualized Fee Rate

Net Assets

1.25%

Up to and including $1 billion

1.20%

Over $1 billion, up to and including $5 billion

1.15%

Over $5 billion, up to and including $10 billion

1.10%

Over $10 billion, up to and including $15 billion

1.05%

Over $15 billion, up to and including $20 billion

1.00%

Over $20 billion

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of February 28, 2023. For more information, please visit franklintempleton.com.

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Franklin Templeton, 1-800-342-5236