Announcement of Open Market Share Repurchases: Templeton Dragon

Announcement of Open Market Share Repurchases: Templeton Dragon Fund,
Inc. (NYSE: TDF), Templeton Emerging Markets Fund (NYSE: EMF),
Templeton Russia and East European Fund, Inc. (NYSE: TRF) 
FORT LAUDERDALE, FL -- (Marketwire) -- 12/21/12 --  The Templeton
closed-end Funds referenced above, which trade on the New York Stock
Exchange, today announced the implementation of open market share
repurchases pursuant to each Fund's previously authorized open-market
share repurchase program. Share repurchases commenced on November 7,
2012.  
The open-market share repurchase programs are intended to benefit
shareholders by enabling a Fund to acquire its own shares at a
discount to net asset value, thereby increasing the proportionate
interest of remaining shareholders. It is also hoped that the
implementation of the open-market share repurchase programs will help
bring the market price of the Funds' shares closer to their true net
asset value, however, the success of the programs cannot be
guaranteed. There can be no certainty regarding the impact of share
repurchases on the sustainability or size of a discount.  
In exercising its discretion to repurchase shares pursuant to the
programs, the Investment Manager considers any discount in light of a
Fund's performance, portfolio holdings, dividend history and
investment objectives and policies. The Investment Manager also
considers prevailing market conditions and whether raising and
maintaining cash for repurchases would impact a Fund's ability to
take advantage of new investment opportunities, or whether the sale
of certain portfolio securities would be undesirable because of
liquidity concerns or because the sale might subject a Fund to
adverse tax consequences. Management has considered these and other
factors and determined it is appropriate to implement Fund
repurchases at this time.  
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 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 over $768 billion in assets under management as of
November 30, 2012. For more information, please call 1-800/DIAL
BEN(R) or visit franklintempleton.com. 
Templeton Dragon Fund, Inc. (NYSE: TDF)
 Templeton Emerging Markets
Fund (NYSE: EMF)
 Templeton Russia and East European Fund, Inc.
(NYSE: TRF) 
For more information, please contact:
Franklin Templeton Investments 
1-800-342-5236