[May 16, 2023]

Templeton Dragon Fund, Inc. Announces Upcoming Portfolio Management Change

TEMPLETON DRAGON FUND, INC. (NYSE: TDF) (the "Fund") today announced that Nicholas Chui, Senior Vice President, Portfolio Manager within Franklin Templeton Emerging Markets Equity's China investment team, will be added to the Fund's portfolio management team. Chui will be succeeding Michael Lai, who will be stepping down as the Fund's lead portfolio manager effective May 31, 2023, and retiring from Franklin Templeton thereafter. Erik Mok, portfolio manager of the Fund since 2020, remains a member of the portfolio management team.

Based in Hong Kong, Chui reports to Sukumar Rajah, Senior Managing Director, Director of Portfolio Management for Franklin Templeton Emerging Markets Equity. Chui is a seasoned investor with 14 years of investment experience in China and Asia equities. He joined Franklin Templeton in April 2023 from BlackRock, where he was a portfolio manager of its China equity strategy since 2020. Prior to that, he spent 10 years at abrdn, most recently serving as Deputy Head of its Hong Kong/China Equity team and lead manager of its China A Shares Equity strategy. Chui holds a Bachelor of Accountancy from Singapore Management University and is a Chartered Financial Analyst (CFA) and Chartered Accountant of ingapore charter holder.

Commenting on Chui's appointment, Manraj Sekhon, Chief Investment Officer, Templeton Global Equity Investments, said: "We are delighted to welcome such a high-caliber China equity portfolio manager to Franklin Templeton Emerging Markets Equity. We have continued to invest in and strengthen our China investment team over recent years, and Nicholas' appointment demonstrates our ongoing commitment to ensuring we have deep capabilities and can deliver investment excellence for our clients in China equity, both offshore and onshore. China remains a key area of business and investment focus for our firm, and we are confident that Nicholas will be a valuable addition to the team as we continue to focus on providing investors with compelling investment opportunities and delivering consistent investment returns over the long term.

"I would also like to thank Michael Lai for his contribution to our China strategy over the past four years. Michael has had a highly distinguished investment career spanning over three decades and played an important role in developing our China capabilities since he joined FT. We wish him the very best for his upcoming retirement."

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 April 30, 2023. For more information, please visit franklintempleton.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230516005257/en/

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