SCHEDULE 14A
             (RULE 14A-101) INFORMATION REQUIRED IN PROXY STATEMENT
                            SCHEDULE 14A INFORMATION

                PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

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                           TEMPLETON DRAGON FUND, INC.
                ------------------------------------------------
                (Name of Registrant as Specified in its Charter)


       --------------------------------------------------------------------
       Name of Person(s) Filing Proxy Statement, other than the Registrant)


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                                                TEMPLETON DRAGON FUND, INC.

                                                Broward Financial Centre
                                                500 E. Broward Blvd./Suite 1200
                                                Ft. Lauderdale, FL 33394-3091
 FRANKLIN(R)TEMPLETON(R)INVESTMENTS             Tel  954-527-7500
- -------------------------------------------------------------------------------

FOR IMMEDIATE RELEASE:

For  more  information,   please  contact  Franklin  Templeton   Investments  at
1-800-342-5236.  Members of the media should  contact Lisa  Gallegos at Franklin
Templeton Corporate Communications at 650-312-3395.

                           TEMPLETON DRAGON FUND, INC.
               ANNOUNCES RESULTS OF ANNUAL MEETING OF SHAREHOLDERS

Ft. Lauderdale,  Florida,  May 3, 2002. TEMPLETON DRAGON FUND, INC. (THE "FUND")
(NYSE:  TDF),  a  closed-end  management  investment  company,   announced  that
shareholders  approved the election of  Directors  (Proposal  One) at the Fund's
Annual  Meeting of  Shareholders  held today.  The Fund also  announced that the
Annual  Meeting was  adjourned  with  respect to  Proposals  2, 3  (including  3
Sub-Proposals) and 4 to permit further solicitation of proxies.

Shareholders are being asked to approve an Agreement and Plan of  Reorganization
that provides for the reorganization of the Fund from a Maryland  corporation to
a Delaware  business trust  (Proposal 2).  Shareholders  are also being asked to
approve amendments to certain of the Fund's fundamental investment  restrictions
(Proposals  3(a)-3(c)) and the elimination of certain of the Fund's  fundamental
investment  restrictions (Proposal 4), in order to provide the Fund with greater
investment  flexibility  to meet its  investment  objective and to modernize its
investment restrictions.

The adjournment  will give  shareholders  an additional  opportunity to consider
Proposals 2 through 4 and to exercise  their voting  rights.  The Annual Meeting
will be reconvened with respect to these Proposals on Wednesday, May 29, 2002 at
3:00 p.m. Eastern time at 500 East Broward Boulevard, Fort Lauderdale, Florida.

Templeton Asset Management Ltd., the Fund's investment  adviser,  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
services  through its Franklin,  Templeton,  Mutual  Series and Fiduciary  Trust
subsidiaries.  The San Mateo,  CA-based  company has over 50 years of investment
experience and approximately $274 billion in assets under management as of March
31, 2002. For more information, please call 1-800/DIAL BEN(R) (1-800-342-5236).

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