Legg Mason ClearBridge US Appreciation Fund

May 2020

The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested.

This information is only for use by professional clients, eligible counterparties or qualified investors. It is not aimed at, or for use by, retail clients.

Firm Overview

ClearBridge Investments

Source: ClearBridge, as at 31 March 2020.

A Long-Term Focus Drives a Distinguished History

3

$121 billion in assets under management

Headquartered in New York; offices in Baltimore, London, San Francisco, Sydney and Wilmington

Operate with investment independence, wholly-owned subsidiary of Legg Mason

PRI Signatory since 2008

Committed to authentic active management

▪ Performance distinct from market benchmarks

and factor-based strategies

▪ Long-term investment horizon

▪ Robust risk management

▪ Active ownership

Culture of longevity, consistency and risk

awareness

▪ Highly experienced and tenured investment

professionals

▪ Deliberate succession planning

▪ Risk considerations examined in all decisions

Robust fundamental research platform

▪ Bottom-up, quality focus

▪ Proprietary research and ESG ratings

▪ 30 year history of ESG investing with a fully-

integrated approach

Client focus

▪ Alignment of interests with clients

▪ Innovative compensation plan

Global investment manager with a 50+ year legacy as a leader in active management

Innovating to meet investor needs and evolving markets

Source: ClearBridge. For illustrative purposes only.

ClearBridge milestones

Appreciation

Strategy launched,

introducing

Low Volatility

approach

Aggressive Growth

Strategy

launched,

introducing

High Active

Share approach

Dividend Strategy launched, introducing

Income Solutions approach

2003

ClearBridge name established

ClearBridge Institutional Sector

Research Platform introduced

2005

Energy MLP

Strategies

launched

2010

TDI expands

equity income

offerings

2012

International Value

Strategy launched,

introducing

International

capabilities

1994

Introduced

Active ETFs

2017

ClearBridge signs UNPRI

2008

Proprietary

ESG

Company

Ratings

introduced

2014

Introduced

Dynamic MDAs

2015

19701983

Responsible Investing Program launched,

introducing ESG capabilities

1987

Boutique Asset Managers

Individual, specialized asset management firms

Smith Barney Asset Management

Loeb Rhoades Asset Management

Davis Skaggs Asset Management

Shearson Asset Management

Salomon Bros. Asset Management

Benefits of scale

Citigroup forms a

Combined Asset

Manager Citigroup

Asset Management

A singular focus on Investment Management

ClearBridge Investments

4

Independent Risk ManagementIdentify and address investment and business risk

5

Dedicated team of seven risk management and portfolio analytics professionals distinguished by:

▪ Independence – Direct reporting line to Chief Executive Officer and General Counsel

▪ Flexibility – Preventive risk program focusing on business needs

▪ Clarity – Promote risk aware culture with defined responsibilities

Investment Risk

Analyses

Investment Policy Risk tolerance, instrument/transaction analysis (derivatives, short selling, etc.)

Performance Ex-post portfolio analysis, attribution, variance, tracking error, beta

Risk Adjusted Ex-ante portfolio analysis, risk modeling, market risk exposure

Product/Style Investment objective suitability reviews, positioning, peer group comparison

OtherEconomic factors impact, market changes, industry standards and best practices,

product development

Trading Review of trade blotter, short positions and associated market factors

Legg Mason ClearBridge US Appreciation FundExperienced investment team

Source: Legg Mason, 31 March 2020.

Scott Glasser

▪ Managing Director, Co-CIO, Portfolio Manager

▪ 29 years of investment industry experience

▪ Joined predecessor in 1993

Michael Kagan

▪ Managing Director, Portfolio Manager

▪ 35 years of investment industry experience

▪ Joined predecessor in 1994

Stephen Rigo, CFA

▪ Director, Senior Portfolio Analyst

▪ 20 years of investment

industry experience

▪ Joined ClearBridge in 2016

6

Research

Name Sector(s) Covered Experience

Chuck Harris, Director of

Research

Industrials/Basic

Materials36 years

Neal Austria Consumer Discretionary 18 years

Robert Buesing, Jr.Consumer

Staples/Durables9 years

Dimitry Dayen, CFA Energy/Utilities 15 years

Tatiana Eades Energy/Utilities 21 years

Hilary Frisch, CFA IT & Communications 27 years

Erica Furfaro Internet/Media 15 Years

Miguel del Gallego, CFA Financials 20 years

Marshall Gordon Health Care 20 years

David Hochstim, CFA Financials 34 years

Deepon Nag Technology-Hardware 11 years

Humphrey Oleng Basic Materials 11 years

Hannah Whang Industrials 14 Years

Nick Wu, PhD Health Care 18 years

Average: 19 years

Legg Mason ClearBridge US Appreciation FundAbout the Fund

*Additional information is listed in Schedule III of the Prospectus.

Investment objective: The Fund’s investment objective is to generate long-term capital appreciation.

▪ The Fund will invest at least 70% of its Net Asset Value in equity securities of US Companies, which are listed

or traded on Regulated Markets in the United States*.

▪ Investments should consist of a strong core of growth and value stocks, consisting mainly of blue-chip

companies dominant in their industries

7

Investment Philosophy

Source: Legg Mason, 31 March 2020. There is no guarantee these objectives will be met.

Investment Objective

• Seeks long-term appreciation of capital

Investment Philosophy

▪ The managers seek to provide consistent and competitive risk-adjusted returns through a market cycle by

balancing upside participation in good markets, while trying to limit downside risk during difficult markets

▪ The managers invest in both growth and value stocks, consisting primarily of large-cap, blue chip companies,

that tend to have dominant market positions

▪ Generally, companies in the portfolio fall into one of the following categories:

− Companies that have assets or earning power that are undervalued or unrecognized by the market, or

companies whose stock price has been driven down by cyclical factors

− Companies with superior demonstrated and expected growth characteristics, whose stocks are available at

reasonable prices due to temporary market or stock specific reasons

− Companies the managers believe are well positioned to sustain or increase growth at a faster rate than

market expectations

▪ The managers use a disciplined valuation process that attempts to measure upside potential and downside

exposure

LIFTED FROM CLEARBRIDGE BRIDGE SEISMIC US APPRECIATION BOOK

8

Investment process

Opinions expressed are subject to change without notice.

Define theinvestment universe

In-HouseFundamental

Analysis

200–300 Stocks

Portfolio Construction Review

Holdings

▪ Emphasise domestic

large-cap stocks

▪ Also consider mid- and

small-cap companies

▪ Opportunistically look at

ADRs of non-US

companies

▪ Look for high-quality

companies with:

− Dominant market

positions

− Proven management

teams

− Superior balance

sheets across all

market sectors

− Attractive valuations

▪ Equity position sizes

generally range from

1–5% at cost

▪ Re-examine a holding

when:

− Valuation realised

− Fundamentals

deteriorate

− Cyclical shifts

alter industry’s

attractiveness

9

Portfolio positioning and performance

Fund Index Underweight Overweight

Materials 6.59% 2.49%

Communication Services 14.06% 10.84%

Energy 3.53% 3.05%

Information Technology 26.14% 25.71%

Financials 10.48% 10.60%

Consumer Staples 7.03% 7.37%

Health Care 14.98% 15.36%

Real Estate 2.07% 2.92%

Industrials 5.49% 7.93%

Utilities 0.53% 3.26%

Consumer Discretionary 7.30% 10.47%

Cash & Cash Equivalents 1.79% 0.00% 1.79

-3.17

-2.73

-2.44

-0.84

-0.37

-0.34

-0.13

0.43

0.49

3.21

4.10

-4 -2 0 2 4 6

Sector exposure relative to S&P 500 Index30 April 2020

Source: Legg Mason, 30 April 2020.

Portfolio characteristics may change without notice.

11

S&P 500

Top 10 fund holdings30 April 2020

Source: Legg Mason, 31 March 2020.

Individual securities mentioned are not to be taken as advice nor are they intended as a recommendation to buy or sell any investment or interest.

12

Security % of Total Fund

Microsoft Corp 7.63

Apple Inc 4.85

Amazon.com Inc 3.38

Visa Inc 3.28

Berkshire Hathaway Inc 3.26

Alphabet Inc 3.00

Comcast Corp 2.96

JPMorgan Chase & Co 2.91

Facebook Inc 2.66

Adobe Inc 2.65

Total 36.57

Total Number of Holdings 64

Portfolio holdings30 April 2020

Source: Legg Mason, 30 April 2020.

Individual securities mentioned are not to be taken as advice nor are they intended as a recommendation to buy or sell any investment or interest.

13

Cash 1.79% Visa Inc 3.28%

Financials 10.48% Adobe Systems Incorporated 2.65%

Communication Services 14.06% Berkshire Hathaway I 3.26% Automatic Data Processing, Inc. 1.79%

Comcast Corp Class A 2.96% JPMorgan Chase & Co. 2.91% Salesforce.com 1.10%

Facebook Inc 2.66% Travelers Cos Inc/The Npv 1.42% Intl Business Machines Corp Co 1.10%

The Walt Disney Company 1.63% Bank Of America Corp 1.33% ASML Holding NV NY Registered Shs 0.81%

Alphabet Inc. 1.58% CME Group Inc. Class A 0.88% FIDELITY NATIONAL INFO SERV 0.64%

Verizon Communications Inc. 1.49% US Bancorp 0.68% Arista Networks Inc. 0.56%

Alphabet Inc. 1.42% Texas Instruments Incorporated 0.54%

AT&T Inc. 1.17% Health Care 14.98% Cognizant Technology Solutions 0.51%

T-MOBILE US INC USD0.0001 0.71% Johnson & Johnson 2.61% Cisco Systems, Inc. 0.39%

PINTEREST INC- CLASS NPV 0.45% Merck & Co. Inc. 2.44% Oracle Corporation 0.28%

Unitedhealth Group Inc 2.28%

Consumer Discretionary 7.30% Thermo Fisher Scientific Inc. 2.22% Materials 6.59%

Amazon.Com, Inc. 3.38% Pfizer Inc 1.72% PPG Industries Inc 1.65%

The Home Depot, Inc. 2.55% Medtronic PLC 1.62% Air Products and Chemicals, Inc. 1.63%

Tjx Companies Inc 1.37% Becton Dickinson & Co. 1.08% Ecolab Inc. 1.34%

Amgen Inc. 0.56% SHERWIN-WILLIAMS CO/THE 0.79%

Consumer Staples 7.03% CVS Health 0.44% VULCAN MATERIALS CO 0.68%

Wal Mart Stores Inc 2.31% Ball Corp. 0.51%

Procter & Gamble Co/T Npv 1.58% Industrials 5.49%

Pepsico Inc 1.29% Honeywell International Inc Co 2.07% Real Estate 2.07%

Mondelez International, Inc. Class A 0.94% Waste Management Inc 1.24% American Tower Corp 2.07%

The Coca-Cola Company 0.90% United Parcel Service 1.12%

3M Co 0.77% Utilities 0.53%

Energy 3.53% Canadian Pacific Railway Ltd. 0.29% NextEra Energy, Inc. 0.29%

Chevron Corp 1.39% Sempra Energy 0.25%

Exxon Mobil Corp 0.92% Information Technology 26.14%

Kinder Morgan, Inc. Class P 0.75% Microsoft Corp 7.63% Total 100.00%

Pioneer Natural Resources Company 0.47% Apple Inc. 4.85% Number of Holdings 64

Fund compositionMarket capitalisation30 April 2020

Source: Legg Mason, 30 April 2020.

14

76.63

11.97

7.003.94

0.46

58.00

14.3311.99 12.48

2.67

0

10

20

30

40

50

60

70

80

90

More than 100,000 mil 50,000 - 100,000 mil 25,000 - 50,000 mil 10,000 - 25,000 mil 5,000 - 10,000 mil

% o

f F

un

d

$ Millions

Legg Mason ClearBridge US Appreciation Fund S&P 500 Index

Portfolio Characteristics Fund Index

Value FactorsHarmonic P/E Ratio (Forecasted 12 Months) 22.15 20.98

Current Dividend Yield 1.91% 2.04%

Price/Book 7.65 5.78

Price/Sales 4.79 4.40

Growth FactorsEPS Growth Next 3-5 Years 10.60% 9.78%

Quality FactorsReturn on Equity 26.37% 23.30%

Risk Factors over 3 YearsStandard Deviation 3 Years 15.10% 16.79%

Tracking Error 3 Years 2.85% 0.00%

Beta 3 Years 0.89 1.00

Market CapWeighted Median Market Cap ($bn) 197.74 133.45

Weighted Average Cap ($bn) 374.29 322.80

Portfolio characteristics30 April 2020

Portfolio characteristics may change without notice.Source: Factset, 30 April 2020.

The current dividend yield is the gross annual income (interest or dividends) paid out by the underlying investments within the fund divided by their current price. Past performance is not a reliable indicator of

future results.

15

S&P500

Annualised performanceClass P USD Distributing (A) (USD)30 April 2020

Past performance is not a reliable indicator of future results.Currency exchange rate fluctuations may impact the value of your investment.Source: Legg Mason 30 April 2020for Class P USD Distributing (A) USD. Performance is calculated on a NAV to NAV basis, with gross income reinvested and after deduction of annual fund expenses. Performance

for periods less than one year is not annualised. From 25 March 2019, the pricing of securities held in Legg Mason Global Funds Plc(“LMGF”) and Legg Mason Qualified Investor Funds (II) Plc (collectively the

“Funds”), will use the mean (or mid) value of the bid and ask prices, to calculate the Funds’ Net Asset Values (“NAV”). The Funds previously used a bid price methodology for fixed income securities, and last traded

price for equity securities. The NAV pricing methodology of the LMGF Legg Mason Western Asset US Government Liquidity Fund is unchanged.

-9.72 -10.39

-0.80

7.94 7.80

11.80

-9.26 -9.29

0.86

9.04 9.12

14.04

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

3 months Year-to-date 1 year 3 years (p.a.) 5 years (p.a.) Since inception (p.a.)9 April 2009

Legg Mason ClearBridge US Appreciation Fund – Class P USD Distributing (A) S&P 500 Index

16

Calendar year performanceClass P USD Distributing (A) (USD)31 December 2019

Past performance is not a reliable indicator of future resultsCurrency exchange rate fluctuations may impact the value of your investment.Source: Legg Mason as at 31 December 2019 for Class P USD Distributing (A) USD incepted in May of 2010. Performance is calculated on a NAV to NAV basis, with gross income reinvested and after deduction of

annual fund expenses. Performance for periods less than one year is not annualised. Past performance is no guide to future returns and may not be repeated. Please refer to the section entitled ‘Important

Information’ for additional details. From 25 March 2019, the pricing of securities held in Legg Mason Global Funds Plc (“LMGF”) and Legg Mason Qualified Investor Funds (II) Plc (collectively the “Funds”), will use

the mean (or mid) value of the bid and ask prices, to calculate the Funds’ Net Asset Values (“NAV”). The Funds previously used a bid price methodology for fixed income securities, and last traded price for equity

securities. The NAV pricing methodology of the LMGF Legg Mason Western Asset US Government Liquidity Fund is unchanged.

11.75

2.06

15.01

28.55

10.58

1.00

8.93

19.17

-2.47

28.87

15.06

2.11

16.00

32.39

13.69

1.38

11.96

21.83

-4.38

31.49

-10%

0%

10%

20%

30%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Legg Mason ClearBridge US Appreciation Fund - Class P US$ Distributing (A) S&P 500 Index

17

Standardised past performanceRolling period returns30 April 2020

Past performance is not a reliable indicator of future results.Currency exchange rate fluctuations may impact the value of your investment.Source: Legg Mason, performance 30 April 2020. Performance is calculated on a NAV to NAV basis, with gross income reinvested and after deduction of annual fund expenses. From 25 March 2019, the pricing of

securities held in Legg Mason Global Funds Plc (“LMGF”) and Legg Mason Qualified Investor Funds (II) Plc (collectively the “Funds”), will use the mean (or mid) value of the bid and ask prices, to calculate the

Funds’ Net Asset Values (“NAV”). The Funds previously used a bid price methodology for fixed income securities, and last traded price for equity securities.

The NAV pricing methodology of the LMGF Legg Mason Western Asset US Government Liquidity Fund is unchanged.

Rolling 12-month performance

(%)

01 May 2019 -

30 Apr 2020

01 May 2018 -

30 Apr 2019

01 May 2017 -

30 Apr 2018

01 May 2016 -

30 Apr 2017

01 May 2015 -

30 Apr 2016

Legg Mason ClearBridge US Appreciation Fund

Class P Dist. (A) USD-0.80 15.45 9.81 14.07 1.47

S&P 500 0.86 13.49 13.27 17.92 1.21

18

Fund risksLegg Mason ClearBridge US Appreciation Fund

Investment in company shares: The fund invests in shares of companies, and the value of these shares can be negatively affected by changes in the

company, its industry or the economy in which it operates.

Geographical focus: This fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory

events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions.

Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such

as those responsible for the custody of its asset

19

Attribution analysis One year (%)30 April 2020

Past performance is not a reliable indicator of future results. Source: Legg Mason, 30 April 2020.

The attribution figures above are based on the Fund’s holdings and do not reflect fees or expenses of the Fund. BM = benchmark – S&P 500 Index. – S&P 500 Index.

20

Average Weight Total Return Attribution Effects

Port BM (+/-) Port BM Sector Stock Total

Communication Services 13.34 10.47 2.87 -2.12 3.30 0.06 -0.69 -0.63

Consumer Discretionary 6.21 10.01 -3.81 13.35 1.75 0.01 0.71 0.72

Consumer Staples 6.48 7.42 -0.94 9.81 3.62 -0.05 0.40 0.35

Energy 5.02 4.23 0.79 -31.44 -38.29 -0.44 0.51 0.07

Financials 14.66 12.64 2.03 -21.29 -16.71 -0.40 -0.72 -1.12

Health Care 13.70 14.18 -0.48 12.12 14.52 -0.08 -0.25 -0.33

Industrials 7.11 9.06 -1.95 -10.35 -15.90 0.46 0.39 0.84

Information Technology 22.71 22.88 -0.18 18.98 18.07 0.01 0.12 0.13

Materials 6.40 2.63 3.77 -6.03 -7.15 -0.32 0.08 -0.24

Real Estate 1.88 3.07 -1.19 23.99 -2.46 0.01 0.46 0.47

Utilities 0.65 3.41 -2.77 10.54 0.83 0.02 0.06 0.08

Cash and Equivalents 1.84 0.00 1.84 2.07 0.00 -0.51 0.00 -0.51

Total Fund 100.00 100.00 0.00 0.70 0.86 -1.24 1.07 -0.17

Sector Allocation for 1 Year

Performance contribution One year (%)30 April 2020

Past performance is not a reliable indicator of future results. Source: Legg Mason, 30 April 2020. The attribution figures above are based on the Fund’s holdings and do not reflect fees or expenses of the Fund. Individual securities mentioned are not to be taken as advice nor

are they intended as a recommendation to buy or sell any investment or interest. BM = benchmark – S&P 500 Index.

21

Average Weight Average Weight

Name Sector Port BM (+/-) Return Contrib Name Sector Port BM (+/-) Return Contrib

MICROSOFT CORPInformation

Technology6.89 4.56 2.33 39.04 2.43 EXXON MOBIL CORP Energy 1.35 1.11 0.24 -39.13 -0.67

APPLE INCInformation

Technology3.57 4.21 -0.64 48.34 1.49 JPMORGAN CHASE & CO Financials 3.48 1.50 1.97 -14.78 -0.57

AMAZON.COM INCConsumer

Discretionary1.52 3.17 -1.64 28.42 0.75 WELLS FARGO & CO Financials 1.15 0.73 0.41 -42.09 -0.55

UNITEDHEALTH GROUP INC Health Care 2.41 0.99 1.42 27.61 0.52 TRAVELERS COS INC/THE Financials 1.63 0.14 1.48 -27.88 -0.52

ADOBE INCInformation

Technology2.26 0.60 1.66 22.26 0.49

BERKSHIRE HATHAWAY INC-CL

AFinancials 3.31 0.00 3.31 -13.34 -0.48

AMERICAN TOWER CORP Real Estate 1.88 0.40 1.49 23.99 0.40 WALT DISNEY CO/THECommunication

Services2.18 0.95 1.23 -20.08 -0.48

THERMO FISHER SCIENTIFIC

INCHealth Care 1.79 0.48 1.30 20.94 0.37 CISCO SYSTEMS INC

Information

Technology1.33 0.83 0.50 -21.96 -0.45

WALMART INCConsumer

Staples1.97 0.66 1.31 20.48 0.36 PPG INDUSTRIES INC Materials 1.86 0.11 1.75 -21.38 -0.43

VISA INC-CLASS A SHARESInformation

Technology2.98 1.24 1.74 9.35 0.25

HONEYWELL INTERNATIONAL

INCIndustrials 2.18 0.48 1.69 -16.58 -0.41

JOHNSON & JOHNSON Health Care 2.18 1.47 0.71 9.24 0.22 COMCAST CORP-CLASS ACommunication

Services3.21 0.79 2.42 -11.73 -0.40

Top Ten Contributors (%) for 1 Year ending 30 April 2020 Bottom Ten Contributors (%) for 1 Year ending 30 April 2020

Attribution analysis Three years (%)30 April 2020

Past performance is not a reliable indicator of future results.Source: Legg Mason, 30 April 2020.

The attribution figures above are based on the Fund's holdings and do not reflect fees or expenses of the Fund. BM = benchmark – S&P 500 Index.

22

Average Weight Total Return Attribution Effects

Port BM (+/-) Port BM Sector Stock Total

Communication Services 8.18 6.62 1.56 8.56 11.22 0.12 -0.27 -0.15

Consumer Discretionary 8.12 11.10 -2.97 35.92 38.72 -0.26 -1.01 -1.27

Consumer Staples 6.71 7.59 -0.88 31.05 15.06 0.06 1.12 1.18

Energy 5.75 5.31 0.44 -27.28 -35.68 -0.61 0.86 0.25

Financials 14.92 13.61 1.30 -1.73 3.02 -0.65 -0.78 -1.43

Health Care 14.88 14.33 0.55 41.39 40.47 -0.05 0.15 0.10

Industrials 8.41 9.60 -1.20 8.18 1.22 0.66 0.51 1.17

Information Technology 22.89 23.02 -0.13 92.68 82.33 -0.02 1.69 1.67

Materials 5.37 2.72 2.64 11.92 4.45 -0.81 0.50 -0.31

Real Estate 1.58 2.93 -1.35 100.32 19.32 0.19 1.11 1.29

Utilities 0.78 3.17 -2.38 53.89 22.78 0.34 0.22 0.56

Cash and Equivalents 2.40 0.00 2.40 6.08 0.00 -1.37 0.00 -1.37

Other 0.00 0.00 0.00 0.00 1.48 0.00 0.00 0.00

Total Fund 100.00 100.00 0.00 31.34 29.66 -2.42 4.09 1.68

Sector Allocation for 3 Years

Performance contribution Three years (%)30 April 2020

Past performance is not a reliable indicator of future results.Source: Legg Mason, 30 April 2020. The attribution figures above are based on the Fund's holdings and do not reflect fees or expenses of the Fund. Individual securities mentioned are not to be taken as advice nor

are they intended as a recommendation to buy or sell any investment or interest. BM = benchmark – S&P 500 Index.

23

Average Weight Average Weight

Name Sector Port BM (+/-) Return Contrib Name Sector Port BM (+/-) Return Contrib

MICROSOFT CORPInformation

Technology5.84 3.65 2.19 175.37 7.43 WELLS FARGO & CO Financials 1.23 0.94 0.29 -44.77 -0.80

APPLE INCInformation

Technology3.46 3.96 -0.50 113.72 3.29 EXXON MOBIL CORP Energy 1.73 1.37 0.37 -35.17 -0.73

ADOBE INCInformation

Technology1.96 0.50 1.46 164.42 2.15 SCHLUMBERGER LTD Energy 0.52 0.31 0.21 -74.75 -0.61

VISA INC-CLASS A SHARESInformation

Technology2.47 1.07 1.40 99.78 1.84

PIONEER NATURAL

RESOURCES COEnergy 0.67 0.11 0.56 -47.39 -0.50

UNITEDHEALTH GROUP INC Health Care 2.91 0.98 1.93 74.97 1.60AMERICAN INTERNATIONAL

GROUPFinancials 0.20 0.20 0.00 -56.33 -0.43

HOME DEPOT INCConsumer

Discretionary2.98 0.93 2.05 51.43 1.39 PPG INDUSTRIES INC Materials 1.98 0.12 1.87 -13.07 -0.37

AMERICAN TOWER CORP Real Estate 1.58 0.32 1.26 100.32 1.36 DUPONT DE NEMOURS INC Materials 0.50 0.42 0.08 -55.84 -0.33

THERMO FISHER SCIENTIFIC

INCHealth Care 1.49 0.41 1.08 104.22 1.30 US BANCORP Financials 0.95 0.34 0.61 -22.53 -0.27

AMAZON.COM INCConsumer

Discretionary0.67 2.76 -2.09 63.11 1.26 TRAVELERS COS INC/THE Financials 1.83 0.15 1.67 -10.74 -0.22

WALMART INCConsumer

Staples1.72 0.61 1.12 72.73 1.10

INTL BUSINESS MACHINES

CORP

Information

Technology0.80 0.53 0.26 -10.61 -0.20

Top Ten Contributors (%) for 3 Years ending 30 April 2020 Bottom Ten Contributors (%) for 3 Years ending 30 April 2020

Important information

24

LMGFEUSGFLMGF EAA UK SWITZERLAND FRANCEGERMANY

This is a sub-fund of Legg Mason Global Funds

plc (‘LMGF plc’). LMGF is an open-ended

investment company with variable capital,

organised as an undertaking for collective

investment in transferable securities (‘UCITS’).

LMGF is authorised in Ireland by the Central

Bank of Ireland.

Information has been prepared from sources

believed reliable. It is not guaranteed in any way

by any Legg Mason, Inc. company or affiliate

(together ‘Legg Mason’).

Before investing you should read the application

form Prospectus and KIID. The fund documents

may be obtained free of charge in English,

French, German, Italian and Spanish from

LMGF plc’s registered office at Riverside Two,

Sir John Rogerson’s Quay, Grand Canal Dock,

Dublin 2, Ireland, from LMGF plc’s

administrator, BNY Mellon Fund Services

(Ireland) Limited, or from

www.leggmasonglobal.com.

Information provided herein is current to the

date of this communication and subject to

change.

Individual securities are examples only and are

not recommendations to buy or sell an

investment.

Opinions expressed are subject to change

without notice and do not consider the needs

of investors.

In Europe (excluding UK & Switzerland) this

financial promotion is issued by Legg Mason

Investments (Ireland) Limited, registered office

6th Floor, Building Three, Number One

Ballsbridge, 126 Pembroke Road, Ballsbridge,

Dublin 4, D04 EP27, Ireland. Registered in

Ireland, Company No. 271887. Authorised and

regulated by the Central Bank of Ireland.

In the UK this financial promotion is issued by

Legg Mason Investments (Europe) Limited,

registered office 201 Bishopsgate, London,

EC2M 3AB. Registered in England and Wales,

Company No. 1732037. Authorised and

regulated by the UK Financial Conduct

Authority.

In Switzerland, this financial promotion is issued

by Legg Mason Investments (Switzerland)

GmbH, authorised by the Swiss Financial

Market Supervisory Authority FINMA.

Investors in Switzerland: The representative in

Switzerland is FIRST INDEPENDENT FUND

SERVICES LTD., Klausstrasse 33, 8008 Zurich,

Switzerland and the paying agent in Switzerland

is NPB Neue Privat Bank AG, Limmatquai 1,

8024 Zurich, Switzerland. Copies of the Articles

of Association, the Prospectus, the Key Investor

Information Documents and the annual and

semi-annual reports of the Company may be

obtained free of charge from the representative

in Switzerland.

German investors: The prospectus, Key

Investor Information Document, annual report

and semi-annual report are available free of

charge from the German Information agent

[Legg Mason Investments (Europe) Limited,

Zweigniederlassung Frankfurt am Main,

MesseTurm, 21. Etage, Friedrich-Ebert-

Anlage 49, 60308 Frankfurt a.M., Germany] or

from www.leggmasonglobal.com.

The representative paying agent in France,

through which the KIIDs, Prospectus, semi-

annual and annual reports can be obtained free

of charge is CACEIS Bank, 1/3, Place

Valhubert, 75013 Paris, France.

This information is only for use by professional

clients. It is not aimed at retail clients. Not for

onward distribution.

May 2020