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Templeton Releases Closed-End Funds’ Portfolio Allocation Updates

July 18, 2008

The Templeton closed-end Funds referenced below, which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of June 30, 2008:

— Asset Allocation

— Ten Largest Positions/Portfolio Characteristics

— International Allocation/Net Currency Distribution

— Industry Allocation/Country Distribution

To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.

 Templeton closed-end Funds:  Templeton Dragon Fund, Inc. (NYSE:TDF) Templeton Global Income Fund (NYSE:GIM) Templeton Russia and East European Fund, Inc. (NYSE:TRF) 

The Funds’ investment managers are subsidiaries 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 over $580 billion in assets under management as of June 30, 2008. For more information, please call 1-800/DIAL BEN(R) or visit franklintempleton.com.

 TEMPLETON DRAGON FUND, INC. AS OF JUNE 30, 2008 TOTAL NET ASSETS: $1,088,807,586 NET ASSET VALUE PER SHARE: $28.75  PERCENT OF                                 PERCENT OF TOTAL NET                                  TOTAL NET ASSET ALLOCATION  ASSETS    TEN LARGEST POSITIONS             ASSETS --------------------------  ------------------------------------------ CASH & OTHER                DAIRY FARM INTERNATIONAL 2.3%   HOLDINGS LTD                        14.7% EQUITY(a)            97.7%  CHINA MOBILE LTD                     10.3% CHINA PETROLEUM & CHEMICAL CORP 100.0%   (SINOPEC)                            8.4% PETROCHINA CO LTD                     6.9% CNOOC LTD                             6.0% CHINA CONSTRUCTION BANK               4.8% CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD                         4.3% ASUSTEK COMPUTER INC                  3.3% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD                 3.2% BANK OF CHINA LTD                     2.3% 64.2% 

 PERCENT OF                        PERCENT OF TOTAL NET                         TOTAL NET INTERNATIONAL ALLOCATION   ASSETS   INDUSTRY ALLOCATION       ASSETS ------------------------ ---------- ---------------------- ----------- ASIA                         100.0% CONSUMER DISCRETIONARY        6.3% CAMBODIA                            AUTOMOBILES & 0.4%    COMPONENTS                 3.1% CHINA                               CONSUMER DURABLES & 57.0%    APPAREL                    0.6% HONG KONG                   28.6%   CONSUMER SERVICES           0.4% SINGAPORE                    0.2%   MEDIA                       0.2% TAIWAN                      13.7%   RETAILING                   2.0% TOTAL NET ASSETS             100.0% CONSUMER STAPLES             16.1% FOOD & STAPLES RETAILING                 15.1% FOOD BEVERAGE & TOBACCO                    1.0% ENERGY                       25.6% FINANCIALS                   13.2% BANKS                       9.2% INSURANCE                   0.2% REAL ESTATE                 3.8% HEALTH CARE                   0.1% PHARMACEUTICALS BIOTECHNOLOGY & LIFE SCIENCES                 0.1% INDUSTRIALS                   7.0% CAPITAL GOODS               6.1% TRANSPORTATION              0.9% INFORMATION TECHNOLOGY       11.8% SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT                  4.9% SOFTWARE & SERVICES         0.3% TECHNOLOGY HARDWARE & EQUIPMENT                6.5% MATERIALS                     0.2% TELECOMMUNICATION SERVICES                    12.9% UTILITIES                     6.8% TOTAL NET ASSETS            100.0% 

You may request a copy of the Fund’s current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN(R) (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI’s industry definitions for the convenience of comparison. The information provided is as of the date shown and comes from sources considered reliable, but the Fund makes no representation or warranty as to its completeness or accuracy. The Fund’s portfolio is actively managed and investment allocations can be expected to change.

(a) Equity includes convertible and preferred securities.

 TEMPLETON GLOBAL INCOME FUND AS OF JUNE 30, 2008 TOTAL NET ASSETS: $1,146,189,931 NET ASSET VALUE PER SHARE: $8.75  PERCENT OF TOTAL NET ASSET ALLOCATION   ASSETS   PORTFOLIO CHARACTERISTICS --------------------------- ------------------------------------------ CASH & OTHER          16.5% WEIGHTED AVG. CREDIT QUALITY            A+ FIXED INCOME          83.5% WEIGHTED AVG. MATURITY           6.11 yrs. 100.0% WEIGHTED AVG. DURATION           3.78 yrs. WEIGHTED AVG. COUPON                5.403% 

 PERCENT OF                       PERCENT OF TOTAL NET                        TOTAL NET NET CURRENCY DISTRIBUTION    ASSETS   COUNTRY DISTRIBUTION    ASSETS -------------------------- ---------- --------------------- ---------- ASIA                            70.5% ASIA                       63.2% INDIAN RUPEE                    3.7%  INDIA                      3.7% INDO RUPIAH                     5.8%  INDONESIA                  5.8% JAPANESE YEN                   38.5%  JAPAN                     31.1% MALAYSI RINGGIT                14.1%  MALAYSIA                  14.1% SOUTH KOREA WON                -0.2%  PHILIPPINES                0.1% SINGAPORE DOLLAR                8.6%  SINGAPORE                  8.6% AUSTRALIA/NEW ZEALAND            3.2%  SOUTH KOREA               -0.2% AUSTRALIAN DOLLAR               3.5% AUSTRALIA/NEW ZEALAND       1.4% N ZEAL DOLLAR                  -0.3%  AUSTRALIA                  3.5% EUROPE                         -19.4%  NEW ZEALAND               -2.1% BRITISH POUND                  -2.6% EUROPE                    -21.2% CZECH KORUNA                    1.6%  AUSTRIA                    5.0% EURO                          -62.9%  CZECH REPUBLIC             1.6% KAZAKHSTAN TENGE                4.7%  EURO COMMUNITY           -66.1% NORWEGIAN KRONE                 3.4%  FRANCE                     3.1% POLAND ZLOTY                    8.5%  GERMANY                    5.2% ROMANIA LEU-NEW                -4.7%  KAZAKHSTAN                 4.7% RUSSIAN RUBLE                   3.9%  NORWAY                     1.5% SWEDISH KRONA                  13.6%  POLAND                     3.4% SWISS FRANC                    15.1%  ROMANIA                   -4.7% LATIN AMERICA                   12.3%  RUSSIA                     3.9% BRAZILIAN REAL                  7.6%  SWEDEN                    13.6% CHILEAN PESO                    1.9%  SWITZERLAND               10.1% MEXICAN PESO                   -0.5%  UNITED KINGDOM            -2.6% PERU NUEVO SOL                  3.3% LATIN AMERICA              13.3% MID-EAST/AFRICA                  5.4%  ARGENTINA                  2.3% EGYPTIAN POUND                  5.4%  BRAZIL                     7.6% NORTH AMERICA                   28.0%  CHILE                      1.9% US DOLLAR                      28.0%  MEXICO                    -1.8% TOTAL                          100.0%  PERU                       3.3% MID-EAST/AFRICA             5.4% EGYPT                      5.4% NORTH AMERICA              27.1% CANADA                     1.5% UNITED STATES             25.6% OTHER                      10.7% SUPRANATIONAL             10.7% TOTAL                     100.0% 

You may request a copy of the Fund’s current Report to Shareholders by contacting Fund Information at 1-800/DIAL BEN(R) (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The information provided is as of the date shown and comes from sources considered reliable, but the Fund makes no representation or warranty as to its completeness or accuracy. The Fund’s portfolio is actively managed and investment allocations can be expected to change.

 TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC. AS OF JUNE 30, 2008 TOTAL NET ASSETS: $341,971,870 NET ASSET VALUE PER SHARE: $62.21  PERCENT PERCENT OF                                   OF TOTAL NET                                TOTAL NET ASSET ALLOCATION     ASSETS    TEN LARGEST POSITIONS          ASSETS ----------------- ------------ ---------------------------- ---------- CASH & OTHER             14.8% SBERBANK RF                       13.2% EQUITY(a)                85.2% LUKOIL HOLDINGS                   12.2% MINING AND METALLURGICAL CO 100.0%  NORILSK NICKEL                   11.7% CHEREPOVETS MK SEVERSTAL           9.9% VOLGATELECOM                       6.2% GAZPROM OAO                        5.8% EGIS NYRT                          3.9% SIBIRTELECOM                       3.9% OAO TMK                            3.4% SOUTHERN TELECOMMUNCATIONS COMPANY                           2.8% 73.0% 

 PERCENT OF                       PERCENT OF TOTAL NET                        TOTAL NET INTERNATIONAL ALLOCATION     ASSETS    INDUSTRY ALLOCATION    ASSETS ------------------------- ------------ -------------------  ---------- EUROPE                          100.0% CONSUMER STAPLES           3.3% AUSTRIA                                FOOD BEVERAGE & 2.6%    TOBACCO                 3.3% HUNGARY                         4.6% ENERGY                    28.7% KAZAKHSTAN                      0.3% FINANCIALS                16.6% LUXEMBOURG                      2.1%   BANKS                   15.4% NETHERLANDS                            DIVERSIFIED 0.9%    FINANCIALS              0.3% RUSSIA                         88.6%   REAL ESTATE              0.9% UKRAINE                         0.9% HEALTH CARE                5.7% TOTAL EQUITY(a)                          PHARMACEUTICALS BIOTECHNOLOGY & 100.0% LIFE SCIENCES              5.7% MATERIALS                 27.1% TELECOMMUNICATION SERVICES                 18.4% UTILITIES                  0.1% TOTAL EQUITY(a)          100.0% 

You may request a copy of the Fund’s current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN(R) (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI’s industry definitions for the convenience of comparison. The information provided is as of the date shown and comes from sources considered reliable, but the Fund makes no representation or warranty as to its completeness or accuracy. The Fund’s portfolio is actively managed and investment allocations can be expected to change.

(a) Equity includes convertible and preferred securities.




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