Euro Aggregate

Investment Highlights

2Q 2021 Euro Aggregate

Performance Review Global Bond and Currency Returns Euro Aggregate portfolios outperformed their benchmarks Country 9 7.1 in 2Q21: 6 3.1 Overweight exposures to corporate bonds and hard 3 2.2 2.5 0.4 1.1 1.3 currency EM bonds were positive. 0 -0.6 -0.6 -0.4 -0.4 -0.3 -0.2 Total Returns (%) Total -3

An opportunistic allocation to US and Australian Govt Year Bond 7–10 France Italy Germany Spain Mexico Poland Japan UK China* Australia US Indonesia*S. Africa* duration added to returns. Sector A flattening of global yield curves was beneficial. 3.0 EU UK US EM Tactical positioning in inflation-linked bonds added 1.7 1.9 1.7 2.0 1.5 1.2 0.9 1.1 1.0 to returns. 1.0 0.6 Currency positioning was a positive, driven by an 0.0

overweight position in the Hungarian forint. Excess Returns (%) -0.3 -1.0 Euro Euro UK UK US US US US USD EM EM Corp HY Corp HY Corp MBS HY TIPS Sovereign Corp Portfolio Activity Currency 6 Reduced eurozone duration by cutting exposure 3.4 4.1 4 2.5 2.6 to longer-dated French government bonds early 2 0.5 0.9 1.4 in the quarter. 0 -2 -0.8 -0.8 -0.3 Reduced US and UK duration during the quarter -1.8 -1.3 -1.2 -4 -2.4 NOKAUD JPY INR GBP USD KRW CAD SEK CNY PLN MXN ZAR RUB as yields declined. ReturnsTotal vs (%) EUR

Closed short position in Czech interest rate swaps. Source: Bloomberg, Bloomberg Barclays, ICE BofA Merrill Lynch, J.P. Morgan. As of 30 Jun 21. Reduced exposure to inflation-linked bonds. * Country returns for China, Indonesia and South Africa are of the all maturity country index. Increased exposure to reopening industries within corporate bonds. number of countries, delaying the lifting of some restrictions, threatening Added exposure to the Norwegian krone and Polish zloty versus reopening plans elsewhere and tempering some of the optimism around the euro. the global economic recovery. Emerging market (EM) central banks continued to tighten monetary policy, with Brazil and Russia among Market Review those to hike interest rates in an attempt to curb upward inflationary Risk sentiment remained positive and credit spreads narrowed as COVID-19 pressures. Mexico also surprised markets with a rate hike, causing local vaccine programs accelerated and markets looked forward to econo- bond yields to increase. mies reopening. Eurozone government yields rose sharply at the start of the quarter but retraced somewhat as the European Central Bank Investment Outlook (ECB) pledged to keep asset purchases under its Pandemic Emergency Western Asset expects the eurozone growth rebound to kick into high Purchase Programme (PEPP) at a significantly higher pace. US economic gear in the second half of the year as the vaccination drives across the data showed some divergence, with employment data weaker than ex- continent approach herd immunity toward the end of the third quarter pected while inflation surprised to the upside. Influenced by the recent and workers currently in furlough and related schemes rejoin the labor higher than expected realized inflation, Federal Open Market Committee market. The main risk to our outlook is a further delay due to Covid variants. (FOMC) officials brought forward their interest rate hike projections such We believe the growth momentum can continue into 2022 given that that the median member now expects two hikes in 2023, having previ- EU fiscal rules will remain suspended. The Next Generation EU recovery ously predicted that the first hike would come only in 2024. This shift had fund has started to issue marketable securities and first disbursements the effect of lowering longer-term market-based inflation expectations, to member states will begin in the third quarter. These flows will play a which had built steadily since the start of the year, as market participants much larger role in 2022 outcomes and may be quite sizeable in certain anticipate a more reactive FOMC should inflation prove to be less transient. economies. Eurozone inflation is on a rising trend but is expected to As a result, long-dated US Treasuries (USTs) rallied strongly and the yield peak in 4Q21 and fall back soon thereafter due to significant base and curve flattened. Developed market (DM) government bonds were also special effects. Beyond that, however, inflation in the eurozone is likely supported towards quarter-end as the COVID-19 delta variant spread in a to remain muted over the medium term as there is still little sign of wage Euro Aggregate

pressures, significant credit expansion or rising longer-term inflation expectations. That said, we do expect markets to become more concerned about inflation in the second half of this year as inflation data in selected jurisdictions might be close to 4%. We expect the ECB to start tapering in September by reducing the amount it purchases under the PEPP facility as long as sovereign yields rise gradually and in line with the improving economic outlook. We have moved Euro Aggregate portfolios to a mild underweight overall duration stance. The Firm’s bias is to remain modestly overweight corporate bonds (especially in financials) and in select reopening industries where valuations have yet to fully recover and rising-star candidates where allowed.

For more information on Western Asset, visit westernasset.com.

Western Asset 2 Second Quarter 2021 Euro Aggregate Performance and Risk Disclosures June 30, 2021

Rolling 1-Year Performance Returns Period Ending: 30 Jun 21 30 Jun 20 30 Jun 19 30 Jun 18 30 Jun 17

EURO Core Full Discretion Broad Investment Grade Composite (gross of fees) 3.16% 3.07% 5.14% 1.26% -1.07% EURO Core Full Discretion Broad Investment Grade Composite (net of fees) 2.85% 2.76% 4.83% 0.96% -1.37% FTSE EuroBIG Index XEU Unhedged Index 0.46% 1.82% 5.57% 1.49% -2.22% Base Currency: EUR

Past investment results are not indicative of future investment results. Source for performance figures is Western Asset. Please refer to the Performance Disclosure for more information. Currency exchange rate fluctuations will impact the value of your investment. 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. Investment Risks: The strategy does not offer any capital guarantee or protection and you may not get back the amount invested. The strategy is subject to the following risks which are materially relevant but may not be adequately captured by the indicator: Asset-Backed Securities: The timing and size of the cash-flow from asset-backed securities is not fully assured and could result in loss for the strategy. These types of investments may also be difficult for the strategy to sell quickly. Bonds: There is a risk that issuers of bonds held by the strategy may not be able to repay the investment or pay the interest due on it, leading to losses for the strategy. Bond values are affected by the market’s view of the above risk, and by changes in interest rates and inflation. Concentrated: The strategy's investment approach may result in the strategy being focused in one, or a small number of, countries, sectors or asset classes compared to other investment strategies. This means that the strategy may be more sensitive to economic, market, political or regulatory events than other strategies that invests across a broader range of countries, sectors and asset classes. Counterparties: The strategy may suffer losses if the parties that it trades with cannot meet their financial obligations. Currency: Changes in exchange rates between the currencies of investments held by the strategy and the strategy's base currency may negatively affect the value of an investment and any income received from it. Derivatives: The strategy makes significant use of derivatives. The use of derivatives can result in greater fluctuations of the portfolio's value. Emerging Markets: The strategy may invest in the markets of countries which are smaller, less developed and regulated, and more volatile than the markets of more developed countries. Interest Rates: Changes in interest rates may negatively affect the value of the strategy. Typically as interest rates rise, bond values fall. Low-rated Bonds: The strategy may invest in lower rated or unrated bonds of similar quality, which carry a higher degree of risk than higher rated bonds. This strategy is managed by Western Asset. 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.

© Western Asset Management Company, LLC 2021. This publication is the property of Western Asset and is intended for the sole use of its clients, consultants, and other intended recipients. It should not be forwarded to any other person. Contents herein should be treated as confidential and proprietary information. This material may not be reproduced or used in any form or medium without express written permission. Past results are not indicative of future investment results. This publication is for informational purposes only and reflects the current opinions of Western Asset. Information contained herein is believed to be accurate, but cannot be guaranteed. Opinions represented are not intended as an offer or solicitation with respect to the purchase or sale of any security and are subject to change without notice. Statements in this material should not be considered investment advice. Employees and/or clients of Western Asset may have a position in the securities mentioned. This publication has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation or needs. It is your responsibility to be aware of and observe the applicable laws and regulations of your country of residence. Western Asset Management Company Distribuidora de Títulos e Valores Mobiliários Limitada is authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brasil. Western Asset Management Company Pty Ltd ABN 41 117 767 923 is the holder of the Australian Financial Services Licence 303160. Western Asset Management Company Pte. Ltd. Co. Reg. No. 200007692R is a holder of a Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore. Western Asset Management Company Ltd is a registered Financial Instruments Business Operator and regulated by the Financial Services Agency of Japan. Western Asset Management Company Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) (FRN 145930). This communication is intended for distribution to Professional Clients only if deemed to be a financial promotion in the UK as defined by the FCA. This communication may also be intended for certain EEA countries where Western Asset has been granted permission to do so. For the current list of the approved EEA countries please contact Western Asset at +44 (0)20 7422 3000. Western Asset June 2021 Western Asset 3 Second Quarter 2021 Performance Disclosure December 31, 2020 Euro Aggregate Performance Disclosure Euro Core Full Discretion Broad Investment Grade Composite December 31, 2020 © Western Asset Management Company, LLC 2020. This publicationComposite is the Inception property Date:of Western 03/01/2002 Asset and is | intended Composite for the soleCreation use of itsDate: clients, 03/01/2002 consultants, and other intended recipients. It should not be forwarded to any other person.No. of Contents Gross herein Total should be Net treated Total as confidentialBenchmarkEuro and Core proprietary Full Gross Discretion information. Total Broad Benchmark This Investment material Total may Gradenot beInternal reproducedComposite or Mkt.used in Value any form or mediumPercentage without of express writtenFirm Assetspermission. Accts Return Return Total Return 3-Yr St Dev 3-Yr St Dev Dispersion EUR Mil Firm Assets EUR Mil Past2011 results are not4 indicative 3.03%of future investment 2.72% results.Composite This publication 3.54% Inception is for Date: informational 5.85% 03/01/2002 purposes | 3.75%Composite only and reflects Creation the-na- Date:current 03/01/2002 opinions 331of Western Asset. Information 0.10% contained herein 341,363 is believed to2012 be accurate,No. but3 of cannot Gross be 11.11% guaranteed. Total Opinions Net 10.78% Total represented Benchmark 10.74% are not intended Gross as 3.82%an Totaloffer or Benchmark solicitation 3.83% Totalwith respect Internalto the-na- purchase orMkt. sale 303 Value of any security andPercentage are 0.09% subject of to changeFirm 350,342without Assets notice. Statements2013 inAccts this3 material shouldReturn 1.55% not be consideredReturn 1.24% investmentTotal 2.12% advice. Return Employees 3-Yr and/or3.76% St Dev clients of3-Yr Western 3.69% St Dev Asset mayDispersion have-na- a position in EURthe 232 securities Mil mentioned.Firm This0.07% Assets publication has EURbeen 327,756 preparedMil without20142011 taking into34 account 12.21% your3.03% objectives, financial 11.87% 2.72% situation 11.16% 3.54%or needs. Before acting 3.40%5.85% on this information, 2.78%3.75% you should consider-na- its appropriateness 244331 having regard to 0.06%0.10% your objectives, financial 385,138341,363 situation or20152012 needs. It is your3 responsibility 11.11% 1.28% to be aware of10.78% 0.97% and observe the 10.74% applicable1.06% laws and 4.36%3.82% regulations of your 3.45%3.83% country of residence.-na- 307303 0.08%0.09% 399,288350,342 20162013 3 4.41%1.55% 4.10%1.24% 3.26%2.12% 4.32%3.76% 3.51%3.69% -na- 302232 0.08%0.07% 397,447327,756 Western20172014 Asset Management3 12.21% Company1.49% Distribuidora 11.87% 1.19% de Títulos e11.16% 0.53%Valores Mobiliários 4.35%3.40%Limitada is authorised 3.52%2.78% and regulated by-na- Comissão de Valores 244359 Mobiliários and Banco 0.10%0.06% Central do Brasil. Western385,138363,349 Asset Management20152018 Company3 Pty Ltd-0.58% 1.28% ABN 41 117 767-0.88% 0.97% 923 is the holder 0.45%1.06% of the Australian Financial 4.36%3.19% Services Licence 3.45%2.77% 303160. Western-na- Asset Management 307344 Company Pte. Ltd. Co.0.08%0.09% Reg. No. 200007692R 399,288371,024 is a holder 2019 2 7.50% 7.18% 5.99% 3.03% 2.86% -na- 189 0.05% 405,591 of2016 a Capital Markets3 Services 4.41% Licence for fund 4.10%management and 3.26% regulated by the Monetary4.32% Authority 3.51% of Singapore. Western-na- Asset Management 302 Company Ltd is 0.08%a registered Financial 397,447 Instruments 2020 2 6.10% 5.79% 4.09% 4.61% 3.61% -na- 176 0.04% 392,146 Business2017 Operator3 and regulated 1.49% by the Financial 1.19% Services Agency 0.53% of Japan. Western 4.35% Asset Management 3.52% Company Limited -na-is authorised and 359regulated by the Financial 0.10% Conduct Authority 363,349 (“FCA”). This Description2018 : The3 Western-0.58% Asset Euro Core-0.88% Full Discretion Broad0.45% Investment 3.19%Grade strategy aims 2.77% to maximize total-na- return and add 344 value through duration 0.09% and curve positioning, 371,024 sector, communication2019 2 is intended for 7.50% distribution to 7.18%Professional Clients 5.99% only if deemed to 3.03% be a financial promotion 2.86% in the UK and-na- EEA countries as 189 defined by the FCA or 0.05% MiFID II rules. 405,591 country2020 and currency2 allocation, 6.10% and security 5.79% selection, while 4.09% approximating benchmark 4.61% risk. The 3.61% strategy invests in-na- a diversified portfolio 176 using all major 0.04%fixed-income sectors 392,146 with a bias toward euro-denominated securities. The strategy allows for opportunistic investments in high-yield and non-euro securities provided the currency exposure is primarily hedged to euros. BenchmarkDescription :Description The Western: The Asset current Euro benchmarkCore Full Discretion is the FTSE Broad Euro Investment Broad Investment Grade strategy Grade Indexaims toXEU maximize Unhedged. total return and add value through duration and curve positioning, sector, country and currency allocation, and security selection, while approximating benchmark risk. The strategy invests in a diversified portfolio using all major fixed-income sectors with a bias towardBase Currency: euro-denominated EUR | Compositesecurities. The Minimum: strategy €25allows million for opportunistic investments in high-yield and non-euro securities provided the currency exposure is primarily hedged to euros. BenchmarkCurrent Fee DescriptionSchedule: .30: The of 1%current on the benchmark first €75 million,is the FTSE .15 of Euro 1% onBroad amounts Investment over € Grade75 million. Index XEU Unhedged. Base Currency: EUR | Composite Minimum: €25 million Western Asset claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards.Current Fee Western Schedule: Asset .30 hasof 1% been on the independently first €75 million, verified .15 of for 1% th one periodsamounts from over January€75 million. 1, 1993 to December 31, 2020.

AWestern firm that Asset claims claims compliance compliance with the with GIPS the standards Global Investment must establish Performance policies and Standards procedures (GIPS®) for complying and has with prepared all the applicableand presented requirements this report of the in GIPScompliance standards. with the Verification GIPS standards.provides assurance Western onAsset whether has been the firm's independently policies and verified procedures for th e related periods to from composite January and 1, pooled1993 to fund December maintenance, 31, 202 0 as. well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Euro Core Full Discretion Broad Investment Grade CompositeA firm that hasclaims been compliance examined withfor the the period GIPS fromstandards March must1, 2002 establish to December policies 31, and 20 20procedures. The verification for complying and performance with all the examination applicable requirementsreports are ava ofilable the GIPSupon request.standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance,For GIPS® purposes, have been the designed Firm is in defined compliance as Western with the Asset,GIPS standards a primarily and fixed-income have been investmentimplemented manager on a firm-wide comprised basis. of The Western Euro AssetCore Full Management Discretion Company,Broad Investment LLC; Western Grade CompositeAsset Management has been Companyexamined Distribuidorafor the period de from Títulos March e 1,Valores 2002 t oMobiliários December Limitada31, 2020 .is Theauthori verificationsed and and regulated performance by Comissão examination de Valores reports Mobiliáriosare available and upon Banco request. Central do Brazil; Western Asset Management Company Pty Ltd ABN 41 117 767 923 is the holder of the Australian Financial Services Licence 303160; Western Asset Management Company Pte. Ltd. Co.For Reg. GIPS® No. purposes, 200007692R the is Firm a holder is defined of a Capital as Western Markets Asset, Services a primarily Licence fixed-incomefor fund management investment and manager regulated comprised by the Monetary of Western Authority Asset of Singapore; Management Western Company, Asset LLC; Management Western CompanyAsset Management Ltd, a registered Company Financial Distribuidora Instruments de Títulos Business e Valores Operator Mobiliários and regulated Limitada by isthe authori Financialsed andServices regulated Agency by ofComissão Japan; andde ValoresWestern Mobiliários Asset Management and Banco Company Central Limiteddo Brazil; is authorisedWestern Asset and Managementregulated by theCompany Financial Pty Conduct Ltd ABN Authority 41 117 767("FCA") 923 (FRNis the 145930), holder of with the officesAustralian in Pasadena, Financial ServicesNew York, Licence London, 303160; Singapore, Western Tokyo, Asset Melbourne, Management São Paulo,Company Hong Pte. Kong, Ltd. andCo. Reg.Zürich. No. Each 200007692R Western Asset is a holder company of a is Capital a wholly Markets owned Services subsidiary Licence of Franklin for fund Resources, management Inc. but and operates regulated autonomously, by the Monetary and WesternAuthority Asset, of Singapore; as a Firm, Western is held Assetout to Managementthe public as aCompany separate Ltd, entity. a registered Western AssetFinancial Management Instruments Company Business was Operator founded and in 1971.regulated Specialist by the InvestmentFinancial Services Manager Agency of Franklin of Japan; Resources, and Western Inc. since Asset July Management 31, 2020. This Company communication Limited is intendedauthorised for and distribution regulated to by Professional the Financial Clients Conduct only Authority if deemed ("FCA") to be (FRNa financial 145930), promotion with offices in the in UK Pasadena, as defined New by York,the FCA. London, This Singapore,communication Tokyo, may Melbourne, also be intended São Paulo, for certainHong Kong, EEA countriesand Zürich. where Each Western Western Asset Asset has company been granted is a wholly permission owned subsidiaryto do so. For of Franklinthe current Resources, list of the Inc.approved but operates EEA countries autonomously, please contactand Western Western Asset, Asset as ata Firm,+44 (0)20 is held 7422 out 3000. to the public as a separate entity. Western Asset Management Company was founded in 1971. Specialist Investment Manager of Franklin Resources, Inc. since July 31, 2020. This communication is Gross-of-feesintended for distribution returns are to presented Professional before Clients management only if deemed fees, butto beafter a financialall trading promotion expenses. in Netthe- ofUK-fees as defined results by are the calculated FCA. This using communication a model approach may also whereby be intended the for current certain highest EEA countriestier of the where appropriate Western strategy's Asset has fee been schedule granted is permissionused. Effective to do Januaryso. For the 1, 2020,current for list annual of the approvedperiods where EEA thecountries actual please account contact weighted Western fees areAsset higher at +44 than (0)20 the 7422composite 3000. model fee, the actual account weighted fees will be used for the net-of-fee composite return calculations. Net-of-fee composite return calculations using actual account weighted fees may include Gross-of-feesfund returns thatreturns incur are higher presented fees before than thosemanagement applied fees, to separately but after all managed trading expenses. accounts. NetThe- ofportfolios-fees results in the areComposite calculated are usingall actual, a model fee-paying approach and wherebyperformance the fee-paying, current highest fully tierdiscretionary of the appropriate accounts strategy's managed fee by schedule the Firm isfor used. at least Effective one full January month. 1, Investment 2020, for annual results periods shown where are forthe taxableactual account and tax-exempt weighted fees accounts are higher and than include the composite the reinvestment model fee, of allthe earnings. actual account Any possibleweighted tax fees liabilities will be used incurred for the by net-of-fee the taxable composite accounts return have calculations. not been reflected Net-of-fee in thecomposite net performance. return calculations Policies usingfor valuing actual investments, account weighted calculating fees performance, may include andfund preparing returns thatGIPS incur Reports higher are feesavailable than upon those request. applied to separately managed accounts. The portfolios in the Composite are all actual, fee-paying and performance fee-paying, fully discretionary accounts managed by the Firm for at least one full month. Investment results shown are for taxable and tax-exempt accounts and include the reinvestment of allComposite earnings. returns Any possibleare measured tax liabilities against incurreda benchmark, by the when taxable applicable. accounts The have benchmark not been is reflectedunmanaged in theand netprovided performance. to represent Policies the for investment valuing investments, environment calculating in existence performance, during the andtime preparingperiods shown. GIPS ReportsFor comparison are available purposes, upon itsrequest. performance has been linked in the same manner as the Composite. The benchmark presented was obtained from third party sources deemed reliable but not guaranteed for accuracy or completeness. Benchmark returns and benchmark three-year annualized ex-post standard deviation are not covered by the report of independentComposite returns verifiers. are measured against a benchmark, when applicable. The benchmark is unmanaged and provided to represent the investment environment in existence during the time periods shown. For comparison purposes, its performance has been linked in the same manner as the Composite. The benchmark presented was obtained from third party sources deemedInternal dispersionreliable but is not calculated guaranteed using for the accuracy asset-weighted or completeness. standard Benchmarkdeviation of returns annual andgross benchmark returns of three-year those portfolios annualized that wereex-post included standard in the deviation Composite are not for coveredthe entire by year. the report Periods of independentwith five or fewer verifiers. accounts are not statistically representative and are not presented. The three-year annualized ex-post standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Internal dispersion is calculated using the asset-weighted standard deviation of annual gross returns of those portfolios that were included in the Composite for the entire year. Periods withPast fiveinvestment or fewer results accounts are are not not indicative statistically of future representative investment and results. are not Information presented. contained The three-year herein annualizedis believed ex-postto be accurate, standard butdeviation cannot measures be guaranteed. the variability Employees of the and/or composite clients and ofthe Western benchmark Asset returns may haveover athe position preceding in the 36-month securities period. mentione d. WesternPast investment Asset's resultslist of composite are not indicative descriptions, of future limited investment distribution results. pooled Information fund descriptions, contained and herein broad is believeddistribution to bepooled accurate, funds butare cannotavailable be uponguaranteed. request. Employees Please contact and/or Derek clients Fan ©at Western626-844-9465 Asset Management or [email protected]. Company, LLC 2021. This publication All returns is thefor propertystrategies of Western with inception Asset and prior is intended to January for the 1, sole 2011 use ofare its available clients, consultants, upon request. and other intended recipients. It should not be forwarded toof anyWestern other person.Asset may Contents have herein a position should in be the treated securities as confidential mentione d.and proprietary information. This material may not be reproduced or used in any form or medium without express written permission. PastGIPS®Western results is Asset's aare registered not list indicative of compositetrademark of future descriptions,of investment CFA Institute. results. limited CFA This distribution Institutepublication doespooled is for not informationalfund endorse descriptions, or purposespromote and only thisbroad and organization, distribution reflects the norpooledcurrent does fundopinions it warrants are of available Westernthe accuracy Asset.upon Information request.or quality Please ofcontained the contactcontent herein Derek is believed Fan tocontainedat be626-844-9465 accurate, herein. but or cannot [email protected]. be guaranteed. Opinions represented All returns are for not strategies intended with as an inception offer or solicitationprior to January with respect 1, 2011 to arethe availablepurchase uponor sale request.of any security and are subject to change without notice. Statements in this material should not be considered investment advice. Employees and/or clients of Western Asset may have a position in the securities mentioned. This publication has been prepared withoutGIPS® takingis a registered into account trademark your objectives, of CFA financial Institute. situation CFA Institute or needs. does Before not actingendorse on thisor information,promote this you organization, should consider nor itsdoes appropriateness it warrant the having accuracy regard or to quality your objectives, of the content financial situation orcontained needs. It herein.is your responsibility to be aware of and observe the applicable laws and regulations of your country of residence. Western Asset Management Company Distribuidora de Títulos e Valores Mobiliários Limitada is authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brasil. Western Asset Management Company Pty Ltd ABN 41 117 767 923 is the holder of the Australian Financial Services Licence 303160. Western Asset Management Company Pte. Ltd. Co. Reg. No. 200007692R is a holder of a Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore. Western Asset Management Company Ltd is a registered Financial Instruments Business Operator and regulated by the Financial Services Agency of Japan. Western Asset Management Company Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) (FRN 145930). This communication is intended for distribution to Professional Clients only if deemed to be a financial promotion in the UK as defined by the FCA. This communication may also be intended for certain EEA countries where Western Asset has been granted permission to do so. For the current list of the approved EEA countries please contact Western Asset at +44 (0)20 7422 3000. For more information on Western Asset visit our website at www.westernasset.com Western Asset 4 Second WesternQuarter Asset2021 For more information on Western Asset visit our website at www.westernasset.com Western Asset