(MAS) stance, which is likely to accommodative stay time. for some tighteningpolicy of ’s Authority is aligned with the Monetary amongand major uncertainty geopolitical economies. risk The of premature to higher leverage and slow recovery, growth premature tightening policy highlighted including risks, growth potential financial marketstresses due (2.4% of core CPI) by 9.3%. 3Q20 In its the government report, growth also 0.16%; August: 0.15%) despite the jump in 4Q20 tariffs regulated electricity a sequentialOn basis, core CPI higher edged by just 0.02% (September: time first since -0.2% 20 January at YoY (consensus:-0.1%).September: 0%, coreOctober’s Consumer Price (CPI) Index for the fell below expectations of to 4.0% 6.0%. to -5.0%. For 2021, the government in the GDP range growth forecasts the offrom range -7.0% to to forecast growth the of -6.0% range -6.5% government The now at stands GDP growth also -6.5%. narrowed 2020 its September. a result As of this upward revision in 3Q20 GDP, 9-month-2020 print of -7.0% YoY (+7.9% in dueQoQsa) to activity manufacturing strong to -5.8% YoY (+9.2% quarter-over-quarter (QoQ) sa) the from advance Singapore’salso played apart. final 3Q20was GDP revised growth higher While thisproduction. translated into aYoY fall of 0.6%, last year’s high base seasonally adjusted (sa), largely due to a 11.4% decline in semi-conductor 113.5% YoY surge in September. fell 9.6% production Electronics MoM in volatile pharmaceutical which growth, output fell to 14.6% YoY a after tions (consensus: 7.3%). negative The surprise was driven by asharp decline in October, surging after 25.6% in September, well below market expecta Industrial (IP) production fell growth sharply to year-over-year -0.9% (YoY) outperforming. curve the month. USTs saw yields flatterwith the long end of the yield UST US Treasuries SGS underperformed 3 bps. (USTs) during onthe whole (bps)points even as the front end finished monththe higher by up to a bear-flattening,yieldswith in the long end higher by up basisto 8 SIBORthree-month rate was unchanged at 0.41%. saw SGS curve The in November,of 0.40% bringing year-to-date gains to 7.78%. The In Singapore, the Singapore Government Market Bond saw losses Review Market issuers and refinancing for risks weaker credits. given the challengingthe portfolio liquidity concerns over smaller bond to in terms performance of carry, withthe high bias quality benefitting contributedselection positively. continued Credit selection to contribute Issue overweight. our given SGS curve, positioning detractor curve a was inthe the underperformance long end of the of light In performance. ment (SGS) securities allocation contributed Sector curve. positively to portfolio returns given the bear-steepening of the Singapore govern underweight Our in durationNovember. was positivein for benchmarks was mixed against their of Singapore performance The portfolios bond Review Performance NOV 2020 Singapore Investment Highlights Investment - - close coordination with the an would Fed alignment see of monetary, fiscal well-regarded centrist-to-moderately-liberal economic programme. The clear that message President-Elect Biden is aiming for abroadly appealing, course. Janet Yellen’s nomination of the Treasury to Secretary be sends a ship’s to maintain need arising power narrative. This is unlikely to reverse access to China’s markets, while China’s is assertiveness driven leader by its underlying driver in is the US frustration business community of limited haveDemocrats displayed enthusiasm little for relaxing The rules. trade economic plans include prominent American” “buy provisions and House However, Biden is not going to all go to out embrace globalization; Biden’s international norms for dispute resolution instead of unilateral US sanctions. thatwith foreign emphasizes policy multilateralism and an acceptance of US-Asia, EU ties is not going to areversal be more but of arecalibration, in view of the mid-termspolitical grip in 2022. over the party Areset of in 2024 hisstaging plans either for re-election orfor him to maintain his Trump escalating tensions with China to create acontrasting tone while focus will to though, be risk, manage is that primary the pandemic. The of also skewing near-term to risks the downside. growth Biden’s immediate that scale. top On of that, COVID-19 are cases surging across the US and stimulus this year, which is unlikely to materialize either orat speedily spending. officials Fed Most have probably assumedtrillion+ $1 infiscal and against regulatorytrust actions Big Tech, in and defense nocut-backs government, there is likely to minimal be health care reform, fewer anti- take in back the House the 2022 mid-terms. apotentially With divided camps Republicans will soon. have posturing are also to to poised start president to aone-term be and 2024expected candidates both from in January. Biden faces politicking almost immediately given that heis Control be heldGeorgia to in elections of the US run-off senate ontwo rests momentumstimulus. of fiscal and the importance he noted recent concerning developments, moderating US growth Powell did notto appear pass to the baton try to policy,fiscal even as purchase the recovery. role program and in its supporting Importantly, Powell needed. if discussion confirmedexpanded expand an on the asset tools, the recoverycommitted and to has which powerful support itcan (Fed) ChairFederal Reserve Jerome Powell reiterated that the remains Fed outcome was slightly dovish, In particular, in line with expectations. 1980s. November The Market Federal Open Committee (FOMC) meeting risingshare to 11%, as adestination of exports the highest level since the below capacity. China’s leadership in the recovery is also clear, China’s with inof 4Q19 output even as global industrial utilization remains up to 10% China’s industrial levels output have levels now surpassed pre-pandemic high torebounded of 59.3 atwo-year in October, 55.4 from in September. US The in the Institute west. for Supply Management for manufacturing economies by industrial led recovery despite aresurgence of infections highcycle of 54.2, up 52.9 from in September with expansion in most seen Purchasing manufacturing Global Managers’ Indexes (PMIs) reached a new Investment Outlook - Singapore and administrative policies in spite of a potentially Republican Congress. peak of 15%, last seen in 2016. Most of Asia continues to outperform At the same time, inflation expectations have drifted lower since the Fed’s on COVID-19 containment measures. This should support broad-based annual Jackson Hole meeting, which means that the markets are just not recovery of business and consumer sentiment, which is key to anchoring buying into the Fed’s new average inflation targeting framework. The growth. The IMF projects Asia’s GDP to shrink 2.2% in 2020 and rebound implication is that normalisation of Fed policy will get pushed further out. by 6.9% in 2021 led by China, Korea and , even as Asia continues to have either monetary or fiscal policy space (and in some richer economies, More lockdowns in Europe and a rise in COVID-19 cases in the US will both if necessary) to support growth. Inflation is not a key concern given hamper consumption and resumption of broad-based economic activity. still significant excess capacity and low wage growth pressures—though However, the impact on financial market sentiment will be more muted, an uptick in oil prices will have a subdued impact on headline inflation. with the central banks backstop in place, more knowledge of the virus and While we do not expect aggressive easing of monetary policy, there is its risks and fiscal expansion likely to continue. Rising debt levels and its room for limited easing in , , Thailand and Malaysia. attendant risks are being capped by central banks’ commitment to keep borrowing costs low. The worst aspect of the pandemic is likely behind us Singapore’s near-term growth outlook remains challenged alongside other both medically, and in terms of the fear of the unknown and broad-based, open economies as the impact from a lockdown of borders continues to large scale shutdowns. Even as subsequent waves of infection continue weigh on tourism, business travel and auxiliary demand from services to to plague Europe and the US, it has been proven in Asia that preventive commercial property. The structural shifts as a result of trade tensions, measures, socially responsible behavior at the individual level as well as however, will create opportunities as firms see Singapore as a relatively effective testing, tracing and containment at the government level are solid base of political and social stability as a regional outpost. For as key to managing the pandemic. As news of various vaccines spur bouts long as policymakers are able to manage domestic sociopolitical chal- of optimism, significant hurdles remain regarding broad-based immunity. lenges arising from the economy’s openness and continue to be an ideal Logistical, last-mile challenges, on top of administrative and tracking regional hub in various sectors, structural growth opportunity will persist. requirements, will be challenging for even most developed economies. A strong reserves position, political stability and fiscal space will allow for Further, even with successful vaccination, the need for rapid effective policy response should headwinds arise from either increasing geopolitical testing will still be necessary before unconstrained travel can resume. tensions or a resurgence of COVID-19 even as the government seeks to pave Trust, either of individuals in the vaccination or in immunity, as well as trust a path back to normalcy. Besides offering the highest nominal yield (along among governments and institutions, will be a key challenge to overcome. with Australia) among AAA rated countries, the 10-year SGS compares favourably in terms of real-yield expectations among higher-rated Asian The longer-term impact of structural shifts accelerated by the pandemic, local currency bonds. Singapore’s insurance industry assets have been however, will persist. Automation and virtualization, are trends that have growing at approximately 10% annually, with more than 50% held in already been afoot but which have accelerated significantly and will debt securities (versus approximately 35% in equities). This is likely to have repercussions on employment, real estate demand, business travel support SGS duration demand in an environment of external growth demand amongst others. Corporate travel drives up to 75% of airline profits. headwinds. In terms of strategy, we continue to adopt a tactical approach Employment remains sluggish, with manufacturers in most economies still to positioning across the SGS curve in view of global growth headwinds. shedding jobs. A notable exception is the official China gauge, showing job We will seek to bolster carry-through exposure in high quality corporate growth for a second month. However, Asia as a region continues to exert and bank credits. its dominance in global supply chains, with Asia’s share of global exports close to all-time highs of 17%—this as China climbed back to its historical For more information on Western Asset, visit westernasset.com.

© Western Asset Management Company, LLC 2020. 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 . Western Asset Management Company Limited is authorised and regulated by the Financial Conduct Authority (“FCA”). This communication is intended for distribution to Professional Clients only if deemed to be a financial promotion in the UK and EEA countries as defined by the FCA or MiFID II rules.

Western Asset 2 November 2020 Performance and Risk Disclosures November 30, 2020 Current month’s performance returns are preliminary.

Rolling 1-Year Performance Returns Period Ending: 30 Nov 20 30 Nov 19 30 Nov 18 30 Nov 17 30 Nov 16

Singapore Core Composite (gross of fees) 5.34% 5.53% 0.56% 5.18% 4.76% Singapore Core Composite (net of fees) 5.08% 5.27% 0.30% 4.91% 4.50% J.P. Morgan GBI Singapore SGD Unhedged Index 8.22% 6.71% 0.83% 2.85% 3.49% Base Currency: SGD

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: 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. Credit: The risk that a issuer will be unable to pay principal and interest when due. 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. Hedging: The strategy may use derivatives to reduce the risk of movements in exchange rates between the currency of the investments held by the strategy and base currency of the portfolio itself (hedging). However, hedging transactions can also expose the portfolio to additional risks, such as the risk that the counterparty to the transaction may not be able to make its payments, which may result in loss to the strategy. Inflation: The value of bonds held by the strategy that are intended to protect against inflation may be negatively affected by changes in interest rates. Interest Rates: Changes in interest rates may negatively affect the value of the strategy. Typically as interest rates rise, bond values fall. 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 November 2020 Performance Disclosure December 31, 2019 Singapore Performance Disclosure Singapore Core Composite December 31, 2019 © Western Asset Management Company, LLC 2020. This publicationComposite is the Inception property Date: of Western 07/01/1999 Asset and is | intended Composite for the soleCreation use of itsDate: clients, 01/01/2005 consultants, and other intended recipients. It should not be forwarded to any other person.No. of ContentsGross herein Total should be Net treated Total as confidentialBenchmark and proprietary Gross Singaporeinformation. Total Benchmark Core This Composite material Total may not Internalbe reproduced or Mkt.used inValue any form or mediumPercentage without of express writtenFirm Assetspermission. Accts Return Return Total Return 3-Yr St Dev 3-Yr St Dev Dispersion SGD Mil Firm Assets SGD Mil Past2010 results are not4 indicative 3.38% of future investment 3.12% results.Composite This publication 2.62% Inception is for Date: informational 4.06% 07/01/1999 purposes | 4.24% Composite only and reflects Creation the-na- Date:current 01/01/2005 opinions 754 of Western Asset. Information 0.13% contained herein 581,480 is believed to2011 be accurate,No. but3 of cannot Gross be 6.95% guaranteed. Total Opinions Net 6.69% Total represented Benchmark 6.78%are not intended Gross as 2.72% an Totaloffer or Benchmark solicitation 2.78% Totalwith respect Internalto the-na- purchase orMkt. sale 475 Value of any security andPercentage are 0.08% subject of to changeFirm 574,597without Assets notice. Statements2012 inAccts this3 material should Return4.97% not be considered Return4.71% investmentTotal 3.86% advice. Return Employees 3-Yr 2.54%and/or St Dev clients of3-Yr Western 2.66% St Dev Asset mayDispersion have-na- a position in SGDthe 283 securities Mil mentioned.Firm This0.05% Assets publication has SGDbeen 564,200 preparedMil without20132010 taking into34 account-1.76% your 3.38% objectives, financial-2.01% 3.12% situation -3.44% 2.62%or needs. Before acting 3.07%4.06% on this information, 3.23%4.24% you should consider-na--na- its appropriateness 287754 having regard to 0.05%0.13% your objectives, financial 570,230581,480 situation or20142011 needs. It is your23 responsibility 5.32%6.95% to be aware of 5.06%6.69% and observe the 3.62%applicable6.78% laws and 2.88%2.72% regulations of your 3.18%2.78% country of residence.-na--na- 225475 0.04%0.08% 617,544574,597 20152012 23 1.86%4.97% 1.61%4.71% 0.95%3.86% 3.20%2.54% 3.78%2.66% -na--na- 303283 0.05%0.05% 615,335564,200 Western20162013 Asset Management13 -1.76%Company5.25% Distribuidora -2.01%4.99% de Títulos e -3.44%3.05%Valores Mobiliários 2.99%Limitada3.07% is authorised 3.99%3.23% and regulated by-na--na- Comissão de Valores 287 98 Mobiliários and Banco 0.02%0.05% Central do Brasil. 605,628Western570,230 Asset Management20172014 Company22 Pty Ltd 5.45%5.32% ABN 41 117 767 5.19%5.06% 923 is the holder 4.14%3.62% of the Australian Financial 2.89%2.88% Services Licence 3.83%3.18% 303160. Western-na--na- Asset Management 154225 Company Pte. Ltd. Co.0.03%0.04% Reg. No. 200007692R 583,083617,544 is a holder of20182015 a Capital Markets22 Services 1.55% 1.86%Licence for fund 1.30%1.61%management and 2.43%0.95% regulated by the Monetary2.57%3.20% Authority 3.59%3.78% of Singapore. Western-na--na- Asset Management 303 78 Company Ltd is 0.01%0.05%a registered Financial 578,098615,335 Instruments 2019 2 4.46% 4.20% 4.59% 1.52% 2.52% -na- 81 0.01% 612,187 Business2016 Operator1 and regulated 5.25% by the Financial 4.99% Services Agency 3.05% of Japan. Western 2.99% Asset Management 3.99% Company Limited -na-is authorised and regulated 98 by the Financial 0.02% Conduct Authority 605,628 (“FCA”). This Description2017 : The2 Western Asset5.45% Singapore 5.19% Core strategy aims 4.14% to maximize total2.89% return and add 3.83% value through duration-na- and curve 154 positioning, sector allocation 0.03% and security 583,083 selection, communication2018 2 is intended for 1.55% distribution to 1.30%Professional Clients 2.43% only if deemed to 2.57% be a financial promotion 3.59% in the UK and-na- EEA countries as 78defined by the FCA or 0.01% MiFID II rules. 578,098 while2019 approximating2 benchmark 4.46% risk. The 4.20% strategy invests 4.59% primarily in local-currency-denominated 1.52% 2.52% sovereign and-na- corporate credit 81 issuers domiciled 0.01% in Singapore with 612,187 a controlled exposure to non-Singapore markets. BenchmarkDescription :Description The Western: The Asset current Singapore benchmark Core isstrategy the JP aimsMorgan to maximize Singapore total Government return and Bond add Indexvalue (SGD).through The duration index and covers curve Singapore positioning, government sector allocation and non-government and security selection,bonds of allwhile maturities. approximating Prior to benchmark4/3/2017, the risk. benchmark The strategy was the invests Singap primarilyore Government in local-currency-denominated Bond Index All UOB. sovereign and corporate credit issuers domiciled in Singapore with a controlled exposure to non-Singapore markets. Base Currency: SGD | Composite Minimum: SG$25 million Benchmark Description: The current benchmark is the JP Morgan Singapore Government Bond Index (SGD). The index covers Singapore government and non-government bonds of Currentall maturities. Fee Schedule: Prior to 4/3/2017, .25 of 1% the on benchmark the first SG$50 was the million, Singap .20ore of Government1% on next SG$50Bond Index million, All .15UOB. of 1% on amounts over SG$100 million. Base Currency: SGD | Composite Minimum: SG$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 .25 hasof 1% been on theindependently first SG$50 million, verified .20 for of th 1%e periods on next fromSG$50 January million, 1,.15 1993 of 1% to onDecember amounts 31,over 201 SG$1009. million.

VerificationWestern Asset assesses claims whether compliance (1) the withFirm thehas Globalcomplied Investment with all the Performance composite construction Standards requirements(GIPS®) and of has the prepared GIPS standards and presented on a firm-wide this report basis andin compliance (2) the Firm's with the policies GIPS and proceduresstandards. areWestern designed Asset to calculatehas been and independently present performance verified infor compliance the periods with from the JanuaryGIPS standards. 1, 1993 toThe December Singapore 31, Core 201 Composite9. has been examined for the period from January 1, 2006 to December 31, 2019. The verification and performance examination reports are available upon request. Verification assesses whether (1) the Firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the Firm's policies and Forprocedures GIPS® purposes,are designed the to Firm calculate is defined and presentas Western performance Asset, a in primarily compliance fixed-income with the GIPS investment standards. manager The Singapore comprised Core of Western Composite Asset has Management been examined Company, for the period LLC; fromWestern January Asset 1, Management2006 to December Company 31, 201 Limited,9. The authorised verification and and regulatedperformance by examination the Financial reports Conduct are Authorityavailable ("FCA");upon request. Western Asset Management Company Pte. Ltd. Co. Reg. No. 200007692R, holder of the Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore; Western Asset Management Company Ltd, a registered FinancialFor GIPS® Instruments purposes, Businessthe Firm operatoris defined and as regulatedWestern Asset,by the aFinancial primarily Services fixed-income Agency investment of Japan; manager Western comprisedAsset Management of Western Company Asset Management Pty Ltd ABN Company, 41 117 767 LLC; 923, Western holder ofAsset the AustralianManagement Financial Company Services Limited, Licence authorised 303160; and and regulated Western byAsset the Management Financial Conduct Company Authority Distribuidora ("FCA"); de Western Títulos Assete Valores Management Mobiliários Company (DTVM) Limitada, Pte. Ltd. authorised Co. Reg. No.and 200007692R,regulated by Comissãoholder of thede ValoresCapital MarketsMobiliários Services and Banco Licence Central for fund do Brazil,management with offices and regulatedin Pasadena, by the New Monetary York, London, Authority Singapore, of Singapore; Tokyo, Western Melbourne, Asset São Management Paulo, Hong Company Kong, and Ltd, Zürich. a registered Each WesternFinancial Asset Instruments company Business is a wholly operator owned and subsidiary regulated ofby Franklin the Financial Resources, Services Inc. Agency but operates of Japan; autonomously, Western Asset and ManagementWestern Asset, Company as a Firm, Pty isLtd held ABN out 41 to 117 the 767 public 923, as holder a separate of the entity.Australian Western Financial Asset Services Management Licence Company 303160; was and founded Western in Asset1971. Management Company Distribuidora de Títulos e Valores Mobiliários (DTVM) Limitada, authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brazil, with offices in Pasadena, New York, London, Singapore, Tokyo, Melbourne, São Paulo, , and Zürich. Each TheWestern Firm Assetis comprised company of severalis a wholly entities owned as asubsidiary result of various of Franklin historical Resources, acquisitions Inc. but made operates by Western autonomously, Asset, and and their Western respective Asset, performance as a Firm, has is heldbeen out integrated to the public into the as Firma separate in line withentity. the Western portability Asset requirements Management set Companyforth by GIPS. was founded in 1971.

TheThe CompositeFirm is comprised is valued of severalmonthly. entities The Composite as a result returns of various are historicalthe asset-weighted acquisitions average made byof Westernthe performance Asset, and results their ofrespective all the accounts performance in the has Composite. been integrated Gross-of-fees into the returnsFirm in areline presentedwith the portability before managementrequirements fees,set forth but by after GIPS. all trading expenses. Net of fees results are calculated using a model approach whereby the current highest tier of the appropriate strategy's fee schedule is used. This model fee does not reflect the deduction of performance-based fees. The portfolios in the Composite are all actual, fee-paying and performance fee-paying,The Composite fully discretionaryis valued monthly. accounts The managed Composite by returnsthe Firm are for the at leastasset-weighted one full month. average Investment of the performanceresults shown results are for of taxable all the andaccounts tax-exempt in the accounts Composite. and Gross-of-fees include the reinvestment returns are ofpresented all earnings. before Any management possible tax fees,liabilities but afterincurred all tradingby the taxable expenses. accounts Net of have fees not results been are reflected calculated in the using net aperformance. model approach Composite whereby performance the current results highest are tier time-weighted of the appropriate net of tradingstrategy's commissions fee schedule and is used. other This transaction model fee costs does including not reflect non-recoverable the deduction withholdingof performance-based taxes. Policies fees. The for valuingportfolios portfolios, in the Composite calculating are performance, all actual, fee-paying and preparing and performance compliant presentationsfee-paying, fully are discretionary available upon accounts request. 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 all earnings. Any possible tax liabilities incurred by the taxable accounts have not been reflected in the net performance. Composite performance results are time-weighted net of Thetrading returns commissions for the accounts and other in the transaction Composite costs are including calculated non-recoverable using a time-weighted withholding rate of taxes. return Policies adjusted for for valuing weighted portfolios, cash flows. calculating The returns performance, for the commingled and preparing funds compliant in the Compositepresentations are are calculated available daily upon using request. net asset values (NAV), adding back the funds' total expense ratio or equivalent. Trade date accounting is used since inception and market values include interest income accrued on securities held within the accounts. The returns for the accounts in the Composite are calculated using a time-weighted rate of return adjusted for weighted cash flows. The returns for the commingled funds in the CompositeComposite returnsare calculated are measured daily using against net asseta benchmark, values (NAV), when addingapplicable. back The the benchmarkfunds' total isexpense unmanaged ratio orand equivalent. provided Tradeto represent date accounting the investment is used environment since inception in existence and market during values the timeinclude periods interest shown. income For accrued comparison on securities purposes, held its performancewithin the accounts. 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 Internaldeemed dispersion reliable but is notcalculated guaranteed using for the accuracy asset-weighted or completeness. standard deviationBenchmark of returnsannual grossand benchmark returns of three-yearthose portfolios annualized that were ex-post included standard in the deviation Composite are fornot the covered entire byyear. the For report each of annualindependent period, verifiers. accounts with less than 12 months of returns are not represented in the dispersion calculation. Periods with five or fewer 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. The three-yearInternal dispersion annualized is calculatedex-post standard using the deviation asset-weighted is not presented standard for deviation periods ofwhere annual 36 grossmonthly returns returns of thoseare not portfolios available that for werethe composite included inor the the Composite benchmark. for Any the gross entire total year. three-year For each annualizedannual period, ex-post accounts standard with deviation less than measures 12 months prior of returnsto 2011, are included not represented within the in"Examination the dispersion Period" calculation. identified Periods above, with are fivenot coveredor fewer byaccounts the report are of not independent statistically verifiers. 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. The Pastthree-year investment annualized results ex-post are not standard indicative deviation of future is investmentnot presented results. for periods Information where contained 36 monthly herein returns is believed are not availableto be accurate, for the butcomposite cannot orbe the guaranteed. benchmark. Employees Any gross and/or total three-year clients of Westernannualized Asset ex-post may standardhave a position deviation in themeasures securities prior mentioned. to 2011, included within the "Examination Period" identified above, are not covered by the report of independent verifiers. WesternPast investment Asset's resultslist of compositeare not indicative descriptions of future is available investment upon results. request. Information Please contactcontained Derek herein Fan is atbelieved 626-844-9465 to be accurate, or [email protected]. but cannot be guaranteed. All Employees returns for and/or strategies clients of withWestern inception Asset prior may to have January a position 1, 2010 in theare securitiesavailable uponmentioned. request. Western Asset's list of composite descriptions is available upon request. Please contact Derek Fan at 626-844-9465 or [email protected]. All returns for strategies with inception prior to January 1, 2010 are available upon request.

For more information on Western Asset visit our website at www.westernasset.com Western Asset 4 NovemberWestern Asset 2020 For more information on Western Asset visit our website at www.westernasset.com Western Asset