SCHEDULE 14A INFORMATION
                PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                         (Amendment No. ______________)


Filed by the Registrant    /X/
Filed by a party other than the Registrant   / /

Check the appropriate box:
/ /  Preliminary proxy statement
/ /  Confidential, for use of the Commission only (as permitted by
     Rule 14a-6(e)(2))
/ /  Definitive proxy statement
/ /  Definitive additional materials
/X/  Soliciting material pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12


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


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


Payment of filing fee (Check the appropriate box):

/X/  No fee required.

/ /  Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

(1)  Title of each class of securities to which transactions applies:

(2)  Aggregate number of securities to which transactions applies:

(3)  Per unit price or other underlying value of transaction computed
     pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
     filing fee is calculated and state how it was determined):

(4)  Proposed maximum aggregate value of transaction:

(5)  Total fee paid:

/ /  Fee paid previously with preliminary materials.
/ /  Check box if any part of the fee is offset as provided by Exchange Act
     Rule 0-11(a)(2) and identify the filing for which the offsetting fee
     was paid previously.  Identify the previous filing by registration
     statement number, or the Form or Schedule and the date of its filing.

(1)  Amount previously paid:

(2)  Form, Schedule or Registration Statement No.:

(3)  Filing party:

(4)  Date filed:




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FRANKLIN TEMPLETON INVESTMENTS
[GRAPHIC OMITTED]                                      One Franklin Parkway
                                                       San Mateo, CA 94403-1906
                                                       tel 650/312.2000
                                                       franklintempleton.com
- -------------------------------------------------------------------------------

From: Franklin Templeton Investments
      Contact:  Lisa Gallegos
      Tel:  (650) 312-3395
      franklintempleton.com

- -------------------------------------------------------------------------------
                                                        FOR IMMEDIATE RELEASE


         TEMPLETON CHINA WORLD FUND, INC., TEMPLETON DRAGON FUND, INC.
                       AND TEMPLETON ASSET MANAGEMENT LTD.
           FILE LAWSUIT AGAINST THE PRESIDENT AND FELLOWS OF HARVARD
           COLLEGE FOR REPEATED VIOLATIONS OF FEDERAL SECURITIES LAWS

Fort Lauderdale, Florida, January 30, 2003 - TEMPLETON CHINA WORLD FUND, INC.
(NYSE: TCH),  a closed-end  management  investment  company  ("China World"),
TEMPLETON  DRAGON FUND, INC.  (NYSE:  TDF), a closed-end  management investment
company ("Dragon") and TEMPLETON ASSET MANAGEMENT LTD., the investment  adviser
to each of the Funds,  announced  that they filed a complaint  yesterday  in the
United States District Court for the District of Maryland,  Northern  Division,
naming as defendants the President  and Fellows of Harvard  College,  Harvard
Management Company, Inc., which is an investment advisor to Harvard College, and
Steven Alperin, an officer of Harvard Management, Case No. JFM 03-CV-275.

The complaint alleges that Harvard repeatedly violated several provisions of the
Federal securities laws and the rules of the Securities and Exchange Commission,
including:

o  Section  13(d) of the Securities Exchange  Act of 1934, for failing to make
   timely and  required  disclosures  in SEC filings  with  respect to Harvard
   College's acquisitions and holdings of shares of each of the Funds, and for
   acquiring certain shares of the Funds at a time when Harvard was prohibited
   from purchasing Fund shares;

o  Section 14(a) of the Exchange Act, for making false or misleading statements
   in connection with Harvard's  solicitation of proxies from the shareholders
   of China World for the 2003 annual meeting; and

o  Section 16(b) of the Exchange Act, for illegally profiting, in the hundreds
   of thousands  of dollars,  from  short-swing  trading in the shares of the
   Funds.

In the  complaint,  the Funds and  Templeton  request the court to grant several
forms of relief, including:

o  prohibiting Harvard from soliciting proxies from shareholders of China World
   for the 2003 annual meeting until Harvard has corrected its false and
   misleading statements, and voiding previously obtained proxies;

o  prohibiting Harvard from acquiring additional shares of China World or
   Dragon until a reasonable period of time has passed after Harvard has
   corrected its prior disclosures;

o  prohibiting Harvard from voting illegally acquired shares of China World and
   Dragon;

o  ordering Harvard to divest itself (and disgorge any related profits) of all
   illegally acquired shares of China World and Dragon;

o  requiring Harvard to pay over to the Funds the profits it had obtained from
   illegal short-swing trading in the shares of the respective Fund; and

o  requiring Harvard to pay attorney's fees and interest.


The Funds' investment advisor,  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
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 more than $257 billion in assets under  management as of December
31, 2002.

                                  ------------

In connection with their 2003 annual meetings of  shareholders,  China World and
Dragon intend to file relevant  materials with the U.S.  Securities and Exchange
Commission ("SEC"),  including their respective proxy statements.  Because those
documents contain important information,  shareholders of China World and Dragon
are urged to read them when they become available. When filed with the SEC, they
will be available for free at the SEC's website,  www.sec.gov.  Shareholders can
also obtain copies of these documents, when available, for free by calling China
World or Dragon at 1-800-342-5236.

China World, its directors and executive officers and certain other persons, may
be deemed to be participants  in China World's  solicitation of proxies from its
shareholders in connection with its 2003 annual meeting of shareholders. Dragon,
its directors and executive officers and certain other persons, may be deemed to
be  participants in Dragon's  solicitation  of proxies from its  shareholders in
connection with its 2003 annual meeting of shareholders. Information about their
respective  directors is set forth in the proxy statement for China World's 2002
annual  meeting  of  shareholders  and  for  Dragon's  2002  annual  meeting  of
shareholders,   respectively.   Participants   in  China  World's  and  Dragon's
respective  solicitations may also be deemed to include the following  executive
officers or other  persons  whose  interests in China World or Dragon may not be
described in their  respective  proxy  statements for China World's and Dragon's
2002  annual   meetings:   Mark  Mobius   (President  and  C.E.O.  -  Investment
Management);  Jimmy D. Gambill  (Senior Vice  President and C.E.O. - Finance and
Administration);  Charles B. Johnson (Vice  President);  Rupert H. Johnson,  Jr.
(Vice  President);  Harmon E. Burns (Vice  President);  Martin L. Flanagan (Vice
President); Jeffrey A. Everett (Vice President); Gregory E. Johnson (President -
Office  of  the  President,   Franklin  Resources,  Inc.);  John  R.  Kay  (Vice
President);  Murray L. Simpson (Vice  President and Asst.  Secretary);  David P.
Goss (Vice President and Asst. Secretary);  Barbara J. Green (Vice President and
Secretary);  Michael O.  Magdol  (Vice  President  - AML  Compliance);  Bruce S.
Rosenberg  (Treasurer  and Chief  Financial  Officer);  and Holly  Gibson  Brady
(Director of Corporate Communications - Franklin Resources, Inc.).

As of the  date  of  this  communication,  none  of the  foregoing  participants
individually,  or as a group, beneficially owns in excess of 1% of China World's
common stock or 1% of Dragon's common stock.  Except as disclosed  above, to the
knowledge  of China  World and Dragon,  none of their  respective  directors  or
executive officers has any interest, direct or indirect, by security holdings or
otherwise, in China World or Dragon.

Shareholders may obtain  additional  information  regarding the interests of the
participants by reading the proxy statements of China World and Dragon when they
become available.

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