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2Q 2021 Separately Managed Accounts LEGG MASON APPRECIATION BALANCED

PORTFOLIOS

Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Franklin Templeton affiliated subadvisors: ClearBridge Investments, LLC, and Western Asset Management Company, LLC. Management is implemented by LMPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee. These materials are being provided for illustrative and informational purposes only. The information contained herein is obtained from multiple sources that are believed to be reliable. However, such information has not been verified, and may be different from the information included in documents and materials created by the sponsor firm in whose investment program a client participates. Some sponsor firms may require that these materials be preceded or accompanied by investment profiles or other documents or materials prepared by such sponsor firms, which will be provided upon a client’s request. For additional information, documents and/or materials, please speak to your financial professional or contact your sponsor firm.

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Introduction | Franklin Templeton

Franklin Templeton

We aim to offer the best of both worlds: global strength and boutique specialization. Providing real customization backed by the scale and resources of a large company. All driven by our single focus on delivering better client outcomes.

Unparalleled in our Guided by long-term Nimble where it matters ability to customize value creation

• Autonomous investment teams • Strategy- and vehicle-agnostic • Closely-held public firm where entrepreneurial, independent approach to solving client needs with a strong balance sheet, professionals practice true allowing us to invest with a • Tailored support through a specialization global distribution platform, long-term horizon • ~1300 research and investment technological tools and value- • Track record of product professionals, giving us added services, provides more and technological innovations differentiated insights and an than just investment returns fueled by our Silicon Valley roots “ear to the ground” in 20+ countries • Multi-asset capabilities that • Values-based culture, we do • At-scale capabilities in analytics, advance portfolio construction the right thing for our clients data and servicing combined with and provide true solutions and our people empowered teams makes us uniquely agile

As of December 31, 2020. Introduction | Franklin Templeton

We offer a full range of investment strategies across asset classes and geographies

Our investment capabilities Our investment brands

Equity Fixed Income Franklin Templeton (1947)

Value Government Western Asset (1971) Deep Value Municipals ClearBridge Investments (2005) Core Value Corporate Credit Blend Bank Loans Brandywine Global (1986) GARP Securitized Growth Multi-Sector Clarion Partners (1982) Convertibles Currencies Sector Sukuk Benefit Street Partners (2008) Shariah Martin Currie (1881) Smart Beta Thematic QS Investors (1999) K2 Advisors (1994) Multi-Asset Solutions Alternatives Royce (1972) Income Private Debt Real Return Hedge Funds Balanced/Hybrid Private Equity Total Return Real Estate Target Date/Risk Infrastructure + Absolute Return 1,300 Tactical Asset Allocation investment professionals in over 20 countries1 Managed Volatility

1 As of 6/30/20. Investment professionals include portfolio managers, research analysts, research associates, investment support and executives of Franklin Templeton, Legg Mason and subsidiary investment management groups.

2 Your investment portfolio | Appreciation Balanced

Legg Mason Appreciation Balanced Portfolios

Overview Objectives Legg Mason Appreciation Balanced Portfolios seeks long-term The strategy seeks to: capital appreciation by emphasizing blue-chip growth and value • achieve long term capital appreciation stocks, and utilizing high-quality bonds to limit portfolio volatility and • utilize fixed income as an anchor to limit volatility in the overall provide income and total return.§ portfolio, as well as to provide income and total return

Philosophy We believe that: • consistent and competitive risk-adjusted returns may be achieved by investing in a diversified portfolio of growth and value stocks— consisting primarily of large capitalization, blue-chip companies— combined with the potential stability of bonds. The lead equity managers may also invest in select mid- and small-capitalization companies • balance upside participation in good markets, while trying to limit downside risk during difficult markets

Risks: All investments involve risk, including loss of principal and there is no guarantee that investment objectives will be met. Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. The managers may sometimes hold significant portions of portfolio assets in cash equivalents while waiting for buying opportunities. While most investments are in U.S. companies, investments may also be made in ADRs and other securities of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets. U.S. Treasuries are direct debt obligations issued and backed by the “full faith and credit” of the U.S. government. The U.S. government guarantees the principal and interest payments on U.S. Treasuries when the securities are held to maturity. Unlike U.S. Treasury securities, debt securities issued by the federal agencies and instrumentalities and related investments may or may not be backed by the full faith and credit of the U.S. government. Even when the U.S. government guarantees principal and interest payments on securities, this guarantee does not apply to losses resulting from declines in the market value of these securities. Fixed income securities are subject to interest rate and credit risk, which is a possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. As interest rates rise, the price of fixed income securities falls. Fixed income securities are subject to illiquidity risk, which is the risk that securities may be difficult to sell at certain prices when no market participants are willing to purchase the securities at such prices. Diversification does not assure a profit or protect against market loss. Your investment portfolio | Appreciation Balanced

Legg Mason Appreciation Balanced Portfolios investment process

Portfolio implementation

Fixed Income Equity

Portfolio Implementation Appreciation Balanced Portfolios • Two strategies are managed independently by the Appreciation Team and the Taxable Fixed Income Team • Allocation to fixed income will vary depending upon portfolio managers’ discretion and market conditions • Equity portfolio managers sometime hold cash while waiting for buying opportunities

An account’s actual allocations to its equity and fixed income segments will vary over time as markets change. An account will be rebalanced to its target allocation in the event that the account’s allocations to its equity and fixed income segments drift 10% or more from their target allocations. An account generally will not be rebalanced unless such 10% drift threshold is reached. However, cash flows into and out of an account will be applied towards the account’s more underweight segment in order to bring such account’s allocations back towards their target allocations. For Illustrative Purposes Only. Asset allocations are approximate and subject to change. The investment process may change over time. The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved. Your investment portfolio | Appreciation Balanced

Legg Mason Appreciation Balanced Portfolios Equity investment process

Define the investment Evaluate stocks using Select securities and Review holdings universe proprietary discipline construct portfolio continuously Emphasize domestic Screen for high-quality Conduct fundamental Re-examine a current large-capitalization stocks, companies with research to identify holding when valuation is but also consider mid- dominant market companies with attractive realized, fundamentals and small-capitalization positions, proven growth characteristics deteriorate, insiders are companies and ADRs of management teams and relative to their valuation selling and/or cyclical non-U.S. companies superior balance sheets levels, with a range of shifts alter industry’s opportunistically across all market sectors 80-100 stocks attractiveness The managers may sometimes hold significant cash reserves as a portion of the portfolio while waiting for buying opportunities

The investment process may change over time. The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved. Your investment portfolio | Appreciation Balanced

Legg Mason Appreciation Balanced Portfolios Fixed Income investment process

Interest Rate Exposure/ Term Structure Sector Allocation Duration Weighting Weighting Western Asset seeks to Western Asset’s The Firm carefully add value to a portfolio by investment team employs strategies in an actively rotating between comprehensively attempt to take the Treasury and Agency analyzes a variety of advantage of changes in sectors. domestic and the yield curve’s shape international and shifts in the macroeconomic factors relationship between to establish a duration short-, intermediate-, and target long-maturity securities.

Equity Portfolio characteristics as of June 30, 2021

Market capitalization (%) Characteristics (%)

Portfolio BM Portfolio BM 120 Number of Holdings 47 505 Dividend Yield 1.44 1.35 100 92.18 Forecasted P/E Ratio -1 Year 23.52 22.28 80 77.97 Price/Book Ratio 8.57 8.56 60 Long-Term EPS Growth 19.68 17.27

40 Weighted Median Market Capitalization 261.41 187.55 Weighted Average Market Capitalization 550.39 519.73 20 13.42 7.33 7.97 0.00 0.50 0.65 0.00 0.00 0 Above $50B $25 - $50B $10 - $25B $3 - $10B 0 - $3B

Source: FactSet. Portfolio characteristics are currently inaccessible at the representative account level for the Appreciation Bal portfolio. In lieu of this, the following pages show portfolio characteristics for a representative account of Appreciation Portfolio for the equity portion and for a model portfolio of GSM 5-Year for the fixed income portion. Portfolio characteristics are subject to change at any time. Portfolio characteristics of individual client portfolios in the program may differ, sometimes significantly, from those shown above. Please see Endnotes for additional information. Please see appendix for term definitions. P/E ratio Year 1 and Long-term EPS growth are provided by I/B/E/S, are inherently limited and should not be used as an indication of future performance. Yields and dividends represent past performance and there is no guarantee they will continue to be paid. Strategy characteristics & performance | Characteristics

Equity Portfolio characteristics as of June 30, 2021

Sector weightings (%) Top equity holdings (%) Microsoft Corp 7.54 Portfolio BM Alphabet Inc 5.59 Information Technology 20.92 27.42 Amazon.com Inc 4.86 Industrials 13.23 8.54 JPMorgan Chase & Co 3.48 Financials 11.86 11.28 Berkshire Hathaway Inc 3.39 Communication Services 11.39 11.14 Raytheon Technologies Corp 3.35 Health Care 9.32 12.99 United Parcel Service Inc 3.12 Consumer Discretionary 8.10 12.28 TJX Cos Inc/The 2.78 Consumer Staples 7.99 5.86 Visa Inc 2.76 Materials 4.74 2.60 Waste Management Inc 2.74 Energy 2.32 2.85 Total 39.61 Real Estate 1.62 2.58 Utilities 1.38 2.45 Cash 7.12 0.00

Source: FactSet. Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors. Strategy characteristics & performance | Characteristics

Fixed income portfolio characteristics as of June 30, 2021

Sector weightings (%) Characteristics (%) Average Maturity (Years) 3.98 Treasury 79.4 Treasury 79.4 Agency 20.6 Average Coupon Rate (%) 1.34 Agency 20.6 Asset-Backed Securities 0.0 Effective Duration (Years) 3.83 Corporate 0.0 Asset-Backed Securities 0.0 Mortgage-Backed 0.0 Yield to Worst (%) 0.65 Securities Corporate 0.0 Other 0.0 Cash 0.0 Mortgage-Backed 0.0 Securities Other 0.0 Cash 0.0

Source: BondEdge. Portfolio sector weightings and characteristics are for a model portfolio, are for illustrative purposes only and are subject to change. The Model Portfolio represents the Investment Manager’s general advice at the date stated above to GSM 7-Year clients without restrictions on their accounts. For actual GSM 7-Year client accounts, composition and other data shown varied from those shown for Model Portfolio because of factors such as client-imposed restrictions and the timing of actions and withdrawals of funds to and from individual client accounts. Sector weightings and characteristics of individual client portfolios may differ, sometimes significantly, from the weightings shown above. Yields will fluctuate and are not guaranteed. Please see appendix for term definitions. Strategy characteristics & performance | Performance

Performance

Calendar-year total returns – pure gross and net of fees (%) ending December 31

2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Appreciation Bal (70/30) (pure gross) 9.20 20.43 -1.07 13.12 9.22 0.27 10.25 22.53 12.17 5.24

Appreciation Bal (70/30) (net) 6.03 16.96 -3.96 9.85 6.05 -2.65 7.05 19.01 8.93 2.18

Index Mix (70/30) 15.33 23.28 -2.41 15.27 8.73 1.54 10.31 21.37 11.68 3.72

S&P 500 Index (USD) 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11

Annualized rates of return – pure gross and net of fees (%) as of June 30, 2021 – PRELIMINARY

Jun ‘21 Q2 ‘21 YTD 1-year 3-year 5-year 7-year 10-year 15-year

Appreciation Bal (70/30) (pure gross) 0.53 6.06 9.04 24.52 12.81 10.50 9.22 10.32 8.96

Appreciation Bal (70/30) (net) 0.28 5.29 7.46 20.95 9.55 7.30 6.05 7.13 5.80

Index Mix (70/30) 1.61 6.14 10.14 26.98 14.54 13.02 10.67 11.14 8.79

S&P 500 Index (USD) 2.33 8.55 15.25 40.79 18.67 17.65 14.10 14.84 10.73

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. 70/30 Index Mix consists of the following: 70% S&P 500 Index and 30% Bloomberg Barclays Intermediate Treasury Bond Index. Past performance is no guarantee of future results. Returns for periods less than one year are not annualized. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net performance includes the deduction of a 3.0% annual wrap fee, which is the maximum anticipated wrap fee for equity and balanced portfolios. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. ClearBridge Investments, LLC and Western Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Please see appendix for the GIPS® Report. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Strategy characteristics & performance | Performance

Risk/return profile (%)

Pure gross of fees (based on 10-year period ended June 30, 2021) Modern portfolio statistics as of June 30, 2021

Appreciation Appreciation Bal (70/30) Index Mix (70/30) S&P 500 Index (USD) Balanced Taxable Index Mix S&P 500 15 (70/30) (70/30) Index

Annualized return (%) 10.32 11.14 14.84 Annualized standard deviation (%) 8.73 9.26 13.59 10 Sharpe ratio 1.10 1.13 1.05 Beta 0.92 N/A N/A Alpha 0.07 N/A N/A 5 R-squared 0.95 N/A N/A Annualized rate of return (%)

0 0 5 10 15 20 Risk (% annualized standard deviation)

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. 70/30 Index Mix consists of the following: 70% S&P 500 Index and 30% Bloomberg Barclays Intermediate Treasury Bond Index. Past performance is no guarantee of future results. Investments involve risk of loss. Alpha, Beta, and R-squared are shown versus the Index Mix. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Please see appendix for term definitions. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Strategy characteristics & performance | Performance

Up/Down market capture ratios (%)

Pure gross of fees (based on 10-year period ended June 30, 2021)

Appreciation Bal (70/30) Index Mix (70/30) 2

1.00 1 0.93

1 0.95 1.00

2 Up Down 87 positive months 33 negative months

Growth of $100,000

Pure gross of fees (based on 10-year period ended June 30, 2021)

Appreciation Bal (70/30) Index Mix (70/30) $287,531 $267,114 $300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0 2011 2013 2015 2017 2019 2021

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. 70/30 Index Mix consists of the following: 70% S&P 500 Index and 30% Bloomberg Barclays Intermediate Treasury Bond Index. For illustrative purposes only. Assumes no withdrawals or contributions. These statistics are based on pure gross-of-fees quarterly composite returns, were calculated assuming reinvestment of dividends and income, and take into account both realized and unrealized capital gains and losses. Past performance is no guarantee of future results. All investments involve risk, including the loss of principal. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Strategy characteristics & performance | Performance

Performance

Calendar-year total returns – pure gross and net of fees (%) ending December 31

2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Appreciation Bal (60/40) (pure gross) 8.67 18.43 -0.74 11.38 7.92 0.38 9.04 19.04 10.76 5.37

Appreciation Bal (60/40) (net) 5.52 15.02 -3.64 8.15 4.79 -2.55 5.88 15.61 7.55 2.31

Index Mix (60/40) 14.16 20.60 -1.80 13.15 7.64 1.55 9.19 17.88 10.24 4.20

S&P 500 Index (USD) 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11

Annualized rates of return – pure gross and net of fees (%) as of June 30, 2021 – PRELIMINARY

Jun ‘21 Q2 ‘21 YTD 1-year 3-year 5-year 7-year 10-year 15-year

Appreciation Bal (60/40) (pure gross) 0.47 5.32 7.67 20.86 11.63 9.29 8.22 9.18 8.13

Appreciation Bal (60/40) (net) 0.22 4.56 6.10 17.38 8.40 6.12 5.08 6.01 5.00

Index Mix (60/40) 1.37 5.34 8.48 22.62 13.10 11.45 9.50 9.88 8.09

S&P 500 Index (USD) 2.33 8.55 15.25 40.79 18.67 17.65 14.10 14.84 10.73

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. 60/40 Index Mix consists of the following: 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Intermediate Treasury Bond Index. Past performance is no guarantee of future results. Returns for periods less than one year are not annualized. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net performance includes the deduction of a 3.0% annual wrap fee, which is the maximum anticipated wrap fee for equity and balanced portfolios. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. ClearBridge Investments, LLC and Western Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Please see appendix for the GIPS® Report. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Strategy characteristics & performance | Performance

Risk/return profile (%)

Pure gross of fees (based on 10-year period ended June 30, 2021) Modern portfolio statistics as of June 30, 2021

Appreciation Appreciation Bal (60/40) Index Mix (60/40) S&P 500 Index (USD) Balanced Taxable Index Mix S&P 500 15 (60/40) (60/40) Index

Annualized return (%) 9.18 9.88 14.84 Annualized standard deviation (%) 7.38 7.84 13.59 10 Sharpe ratio 1.15 1.17 1.05 Beta 0.92 N/A N/A Alpha 0.10 N/A N/A 5 R-squared 0.94 N/A N/A Annualized rate of return (%)

0 0 5 10 15 20 Risk (% annualized standard deviation)

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. 60/40 Index Mix consists of the following: 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Intermediate Treasury Bond Index. Past performance is no guarantee of future results. Investments involve risk of loss. Alpha, Beta, and R-squared are shown versus the Index Mix. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Please see appendix for term definitions. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Strategy characteristics & performance | Performance

Up/Down market capture ratios (%)

Pure gross of fees (based on 10-year period ended June 30, 2021)

Appreciation Bal (60/40) Index Mix (60/40) 2

1.00 1 0.94

1 0.96 1.00

2 Up Down 88 positive months 32 negative months

Growth of $100,000

Pure gross of fees (based on 10-year period ended June 30, 2021)

Appreciation Bal (60/40) Index Mix (60/40) $256,648 $240,650 $300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0 2011 2013 2015 2017 2019 2021

The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. 60/40 Index Mix consists of the following: 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Intermediate Treasury Bond Index. For illustrative purposes only. Assumes no withdrawals or contributions. These statistics are based on pure gross-of-fees quarterly composite returns, were calculated assuming reinvestment of dividends and income, and take into account both realized and unrealized capital gains and losses. Past performance is no guarantee of future results. All investments involve risk, including the loss of principal. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Appendix | Investment Management Team

Investment management team

Scott Glasser, § Michael Kagan, § Managing Director, Portfolio Manager Managing Director, Portfolio Manager • Chief Investment Officer • Industry since 1985 • Industry since 1991 • Firm since 1994 • Firm since 1993 • Harvard College — BA in Economics • Pennsylvania State University — MBA • Attended Massachusetts Institute of Technology • Middlebury College — BA • Sloan School of Management • Member of the ClearBridge Investments Management Committee • Member of the ClearBridge Investments Management Committee • Shearson Lehman Brothers — Portfolio Manager, Consumer Analyst • Member of the ClearBridge Investments Brokerage Committee • Bear Stearns & Co. — Credit Analyst • Zweig Advisors -- Research Analyst • CIS Marketing — Account Representative§ • Fidelity Investments -- Portfolio Manager of the Fidelity Select • Construction and Housing Fund Appendix | Investment Management Team

Investment management team

Western Asset, one of the world’s leading fixed income managers, was founded in 1971. With a focus on long-term fundamental value investing that employs a top-down, bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed income sectors. Western Asset has been recognized for its emphasis on team management and intensive proprietary research, supported by robust risk management. Appendix | Performance Endnotes

GIPS Report

Legg Mason Appreciation Balanced Taxable 70/30 Strategy Inception Date: November 2003. Composite Creation Date: January 2013. Reporting Currency: USD.

Total Composite Total Firm % of Bundled Assets at End of Assets at End of Total Return Total Return Benchmark Number of Fee Portfolios in Composite Composite 3 Yr. Benchmark 3 Yr. Period (USD Percentage of Period (USD Period (Net, %) (*Pure Gross, %) Return (%) portfolios the Composite Dispersion (%) St. Dev. (%) St. Dev. (%) million) Firm Assets million)

2020 6.03 9.20 15.33 730 100 0.68 11.79 12.81 229.5 0.3 69,403.0 2019 16.96 20.43 23.28 702 100 0.76 7.59 8.27 213.4 0.3 61,593.5 2018 -3.96 -1.07 -2.41 584 100 0.27 7.01 7.41 168.0 0.3 50,961.6 2017 9.85 13.12 15.27 569 100 0.57 6.91 6.78 174.4 0.3 53,956.9 2016 6.05 9.22 8.73 521 100 0.37 7.43 7.32 146.0 0.3 46,104.9 2015 -2.65 0.27 1.54 502 100 0.41 7.91 7.37 142.0 0.3 42,608.6 2014 7.05 10.25 10.31 538 100 0.41 n/a n/a 157.4 0.4 42,421.5 2013 19.01 22.53 21.37 551 100 0.87 n/a n/a 149.1 0.4 37,054.3

*Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs, and are presented as supplemental to the net of fee returns. Compliance Statement:§ Legg Mason Private Portfolio Group, LLC (“LMPPG”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Legg Mason Private Portfolio Group, LLC has been independently verified for the periods January 1, 2013 - December 31, 2018. The verification 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 procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Appendix | Performance Endnotes

GIPS Report

Legg Mason Appreciation Balanced Taxable 70/30 Strategy Inception Date: November 2003. Composite Creation Date: January 2013. Reporting Currency: USD.

Firm Information:§ Legg Mason Private Portfolio Group, LLC is a wholly-owned subsidiary of Legg Mason, Inc. LMPPG, together with its Subadvisers, ClearBridge Investments, LLC (“ClearBridge”), Martin Currie Inc. (“Martin Currie”), QS Investors, LLC (“QS”), RARE Infrastructure (North America) Pty Ltd (“RARE”), Royce & Associates, LP (“Royce”) and Western Asset Management Company (“Western Asset”), provides investment advisory services primarily in investment programs sponsored by Sponsor Firms. The investment advisory services LMPPG and the Subadvisers provide differ depending on the type of Sponsor Firm investment program in which a client participates. ClearBridge claims compliance with the Global Investment Performance Standards (GIPS®). ClearBridge has been independently verified for the periods January 1, 1997 - December 31, 2018. ClearBridge Investments, LLC (“ClearBridge”) is a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”). The investment advisory business now known as ClearBridge was registered in September 2005 to facilitate Legg Mason’s acquisition of substantially all the equity asset management businesses known as Citigroup Asset Management. These former businesses serve as the foundation of ClearBridge and its claim of GIPS compliance for institutional accounts through predecessor firms, effective as of January 1997. In June 2008, ClearBridge combined this business with its retail business to form a single GIPS firm. As of April 1, 2013 and January 1, 2016, ClearBridge’s affiliates, Global Currents Investment Management, LLC, and ClearBridge, LLC, respectively, have become part of the ClearBridge GIPS firm. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. Martin Currie claims compliance with the Global Investment Performance Standards (GIPS®). Martin Currie has been independently verified though December 31, 2018. Martin Currie, which encompasses Martin Currie Investment Management Ltd and Martin Currie Inc. Martin Currie is a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”) but operates autonomously, and Martin Currie, as a firm, is held out to the public as a separate entity. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. QS Investors claims compliance with the Global Investment Performance Standards (GIPS®). QS has been independently verified for the periods August 1, 2010 through December 31, 2018. QS Investors, LLC (“QS Investors” or “the Firm”), is a registered investment adviser with the Securities and Exchange Commission, providing investment and advisory services to a diverse array of institutional, retail and sub-advisory clients worldwide. Registration as an investment adviser does not imply any level of skill or training. The Firm is headquartered in New York City with an additional office in Boston, Massachusetts. The Firm provides discretionary and non-discretionary advice and investment management to domestic and international clients based on their investment objectives, guidelines, and risk tolerance, each of which may be customized to address specific client needs. QS Investors, LLC launched in August 2010 and became a wholly-owned, independently managed subsidiary of Legg Mason, Inc. on May 31, 2014. As part of this transaction, Legg Mason merged QS Batterymarch Financial Management, Inc. (“QS Batterymarch”) and QS Legg Mason Global Asset Allocation, LLC (“QS LMGAA”), two other subsidiaries, into QS Investors. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Keri Mclaughlin at [email protected]. RARE claims compliance with the Global Investment Performance Standards (GIPS®). RARE has been independently verified for the periods August 31 2006 through December 31, 2018. For purposes of compliance with the GIPS® the Firm is defined as RARE Infrastructure Limited (“RIL”) and its relevant subsidiaries, being Clearbridge RARE Infrastructure (North America) Pty Ltd and RARE Infrastructure International Pty Ltd (together “RARE”). RIL performs the role of investment manager and subadvisor for RARE in the delivery of services to both domestic and global institutional clients, funds and retail end users. RIL has global developed and developing listed equity infrastructure investment objectives based on its proprietary investment and research model. RIL is a majority owned, independently operated subsidiary of Legg Mason, Inc. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. Royce claims compliance with the Global Investment Performance Standards (GIPS®). Royce has been independently verified for the periods January 1, 2008 through December 31, 2018. For the purpose of complying with the GIPS standards, the Firm is defined as Royce & Associates, LP (“Royce”). Royce is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adv iser (SEC File No. 801-8268). To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Tara Francoeur at [email protected]. Western Asset claims compliance with the Global Investment Performance Standards (GIPS®). Western has been independently verified for the periods January 1, 1993 to December 31, 2018. For GIPS® purposes, the Firm is defined as Western Asset, a primarily fixed-income investment manager comprised of Western Asset Management Company, LLC; Western Asset Management Company Limited, authorised and regulated by the Financial Conduct Authority (“FCA”); 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 Financial Instruments Business operator and regulated by the Financial Services Agency of Japan; Western Asset Management Company Pty Ltd ABN 41 117 767 923, hol der of the Australian Financial Services Licence 303160; and Western Asset 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, Hong Kong, and Zürich. Each Western Asset company is a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”) but operates autonomously, and Western Asset, as a Firm, is held out to the public as a separate entity. Western Asset Management Company was founded in 1971. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Michael Van Raaphorst at 212-601-6211 or [email protected]. LMPPG has used Subadvisers for all periods presented. Composite Information:§ The Legg Mason Appreciation Balanced Taxable 70/30 composite consists of discretionary wrap accounts with an account minimum of US $25,000. The strategy seeks long-term capital appreciation by emphasizing blue-chip growth and value stocks, and utilizing high-quality bonds to limit portfolio volatility and provide income and total return. The main risks of this strategy are General Investment Risk, Small Cap Risk, Mid Cap Risk, Credit Risk, and Interest Rate Risk. Input and Calculation Data:§ The fee schedule currently in effect is 3.00% on all assets. Net of fee composite returns are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio. The “bundled” fee includes transaction costs, investment management, custodial, and other administrative fees. As of January 2014, the internal dispersion of annual returns is measured by the asset-weighted standard deviation of portfolio returns included in the composite for the entire year. For prior years, the equal-weighted standard deviation was used. Data prior to January 2013 is not displayed because that data is non GIPS compliant. The three-year annualized ex-post standard deviation is not available prior to 2015 because the composite did not have 36 months of GIPS compliant data. A list of composite descriptions is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Past performance is not necessarily indicative of future results. Benchmark Information:§ The composite uses the following blended benchmark 70% S&P 500® / 30% Bloomberg Barclays US Intermediate Treasury which is rebalanced monthly. Benchmark returns are not covered by the report of independent verifiers. The S&P 500® Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. The Bloomberg Barclays U.S Intermediate Treasury Bond Index is comprised of all public obligations of the U.S. Treasury. Appendix | Performance Endnotes

GIPS Report

Legg Mason Appreciation Balanced Taxable 60/40 Strategy Inception Date: November 2003. Composite Creation Date: January 2013. Reporting Currency: USD.

2020 5.52 8.67 14.16 472 100 0.80 10.07 10.84 144.5 0.2 69,403.0 2019 15.02 18.43 20.60 489 100 0.74 6.58 7.00 145.1 0.2 61,593.5 2018 -3.64 -0.74 -1.80 477 100 0.22 6.01 6.25 121.6 0.2 50,961.6 2017 8.15 11.38 13.15 487 100 0.44 5.58 5.70 131.9 0.2 53,956.9 2016 4.79 7.92 7.64 459 100 0.36 6.06 6.20 114.9 0.2 46,104.9 2015 -2.55 0.38 1.55 419 100 0.27 6.59 6.31 100.6 0.2 42,608.6 2014 5.88 9.04 9.19 439 100 0.49 n/a n/a 108.5 0.3 42,421.5 2013 15.61 19.04 17.88 430 100 0.61 n/a n/a 99.9 0.3 37,054.3

*Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs, and are presented as supplemental to the net of fee returns. Compliance Statement:§ Legg Mason Private Portfolio Group, LLC (“LMPPG”) claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Legg Mason Private Portfolio Group, LLC has been independently verified for the periods January 1, 2013 - December 31, 2019. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedure for complying with all the applicable requirements of the GIPS 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, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. Appendix | Performance Endnotes

GIPS Report

Legg Mason Appreciation Balanced Taxable 60/40 Strategy Inception Date: November 2003. Composite Creation Date: January 2013. Reporting Currency: USD.

Firm Information:§ Legg Mason Private Portfolio Group, LLC is a wholly owned indirect subsidiary of Franklin Resources, Inc. (“Franklin”). In July 2020 Legg Mason, Inc., its parent company, was purchased by Franklin. LMPPG, together with its Subadvisers, ClearBridge Investments, LLC (“ClearBridge”), ClearBridge RARE Infrastructure (North America) Pty Limited, Martin Currie Inc. (“Martin Currie”), QS Investors, LLC (“QS”), Royce Investment Partners (“Royce”) and Western Asset Management Company (“Western Asset”), provides investment advisory services primarily in investment programs sponsored by Sponsor Firms. The investment advisory services LMPPG and the Subadvisers provide differ depending on the type of Sponsor Firm investment program in which a client participates. ClearBridge claims compliance with the Global Investment Performance Standards (GIPS®). ClearBridge has been independently verified for the periods January 1, 1997 - December 31, 2019. ClearBridge is a wholly owned indirect subsidiary of Franklin Resources, Inc. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. Martin Currie claims compliance with the Global Investment Performance Standards (GIPS®). Martin Currie has been independently verified though December 31, 2019. Martin Currie, which encompasses Martin Currie Investment Management Ltd and Martin Currie Inc, is a wholly owned subsidiary of Franklin Resources, Inc but operates autonomously, and Martin Currie, as a firm, is held out to the public as a separate entity. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. QS claims compliance with the Global Investment Performance Standards (GIPS®). QS has been independently verified for the periods August 1, 2010 through December 31, 2019. QS, a wholly owned, independently managed subsidiary of Franklin Resources, Inc , is a registered investment adviser with the Securities and Exchange Commission, providing investment and advisory services to a diverse array of institutional, retail and sub-advisory clients worldwide. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Keri Mclaughlin at [email protected]. Royce claims compliance with the Global Investment Performance Standards (GIPS®). Royce has been independently verified for the periods January 1, 2008 through December 31, 2019. For the purpose of complying with the GIPS standards, the Firm is defined as Royce Investment Partners. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Tara Francoeur at [email protected]. Western Asset claims compliance with the Global Investment Performance Standards (GIPS®). Western Asset has been independently verified for the periods January 1, 1993 to December 31, 2019. Western Asset is a wholly owned subsidiary of Franklin Resources, Inc. but operates autonomously, and Western Asset, as a Firm, is held out to the public as a separate entity. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Please contact Michael Van Raaphorst at 212-601-6211 or [email protected]. LMPPG has used Subadvisers for all periods presented. Composite Information:§ The Legg Mason Appreciation Balanced Taxable 60/40 composite consists of discretionary wrap accounts with an account minimum of US $25,000. The strategy seeks long-term capital appreciation by emphasizing blue-chip growth and value stocks, and utilizing high-quality bonds to limit portfolio volatility and provide income and total return. The main risks of this strategy are General Investment Risk, Small Cap Risk, Mid Cap Risk, Credit Risk, and Interest Rate Risk. Input and Calculation Data:§ The fee schedule currently in effect is 3.00% on all assets. Net of fee composite returns are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio. The “bundled” fee includes transaction costs, investment management, custodial, and other administrative fees. As of January 2014, the internal dispersion of annual returns is measured by the asset-weighted standard deviation of portfolio returns included in the composite for the entire year. For prior years, the equal-weighted standard deviation was used. Data prior to January 2013 is not displayed because that data is non GIPS compliant. The three-year annualized ex-post standard deviation is not available prior to 2015 because the composite did not have 36 months of GIPS compliant data. Gross returns are used to calculate presented risk measures. A list of composite and limited distribution pooled fund descriptions and a list of broad distribution pooled funds is available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Past performance is not necessarily indicative of future results. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Benchmark Information:§ The composite uses a custom blended benchmark consisting of 60% S&P 500® / 40% Bloomberg Barclays US Intermediate Treasury which is calculated by weighting the respective index returns monthly. Appendix | Index definitions

Definitions

Index Definitions The Russell 1000 Growth Index measures the performance of The Russell MidCap Index consists of the 800 smallest companies The Bloomberg Barclays U.S. Government/Credit Bond Index those Russell 1000 Index companies with higher price-to-book ratios in the Russell 1000 Index as ranked by total market capitalization. and higher forecasted growth values. (A price-to-book ratio is the tracks the performance of the overall bond market and is a broad The Russell MidCap Growth Index measures the performance of measure of the performance of government and corporate fixed-rate price of a stock compared to the difference between a company’s assets and liabilities). those Russell MidCap companies with higher price-to-book ratios debt issues. and higher forecasted growth values. The Russell 1000 Value Index measures the performance of those The FTSE 3-Month U.S. Treasury Bill Index is an index based upon The Russell MidCap Value Index measures the performance of the average monthly yield of the 90-Day Treasury Bills. Treasury bills Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. those Russell MidCap companies with lower price-to-book ratios and are secured by the full faith and credit of the U.S. Government and lower forecasted growth values. The stock are also members of the offer a fixed rate of return. The Russell 2000 Index is comprised of the 2,000 smallest Russell 1000 Value Index. companies in the Russell 3000 Index. The MSCI EAFE Index (Europe, Australasia, Far East) is an The S&P 500 Index is a capitalization weighted, composite index of unmanaged index of common stocks of companies located in The Russell 2000 Growth Index measures the performance of 500 stocks designed to measure performance of the broad domestic Europe, Australasia and the Far East. those Russell 2000 Index companies with higher price-to-book ratios economy through changes in the aggregate market value of 500 The MSCI World Index is a free float-adjusted market capitalization and higher forecasted growth values. stocks representing all major industries. weighted index that is designed to measure the equity market The Russell 2000 Value Index measures the performance of those Investors cannot invest directly in an index and unmanaged index performance of developed markets. Russell 2000 Index companies with lower price-to-book ratios and returns do not reflect any fees, expenses or sales charges. The MSCI World ex. US Index consists of the following 22 lower forecasted growth values. developed market country indexes: Australia, Austria, Belgium, The Russell 3000 Index is comprised of the 3,000 largest U.S. Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, companies based on total market capitalization, and represents the Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, vast majority of the investable U.S. market. Singapore, Spain, Sweden, Switzerland, and, the United Kingdom. The Russell 3000 Growth Index measures the performance of The Russell 1000 Index consists of the 1000 largest securities in the those Russell 3000 Index companies with higher price-to-book ratios Russell 3000 Index, and this large cap (market-oriented) index is and higher forecasted growth values. highly correlated with the S&P 500 Index. Appendix | Term definitions

Definitions

Term definitions Standard Deviation is based on quarterly data. Standard deviation is Revenue bonds are municipal bonds supported by the revenue from Market Capitalization measures the number of outstanding a measure of the variability of returns; the higher the standard a specific project. deviation, the greater the range of performance (i.e., volatility). common shares of a given corporation multiplied by the latest price Pre-refunded bonds are municipal bonds that are generally backed per share. The Capture Ratios measure a manager’s composite performance or secured by U.S. Treasury bonds. Weighted Median Market Capitalization represents the value at relative to the benchmark, considering only those quarters that are either positive (Up) or negative (Down) for the benchmark. Effective Duration is a duration calculation for bonds with which half the portfolio’s market capitalization weight falls above and embedded options. Effective duration takes into account that half falls below. An Up Market Capture Ratio greater than 1.0 indicates a manager expected cash flows will fluctuate as interest rates change. Weighted Average Market Capitalization represents the average who has outperformed the benchmark in the benchmark’s positive quarters. Average Maturity is the average length of maturity for all fixed-rate value of the companies held in the portfolio. When that figure is debt instruments held in a portfolio. weighted, the impact of each company’s capitalization on the overall A Down Market Capture Ratio of less than 1.0 indicates a manager average is proportional to the total market value of its shares. who has outperformed the relative benchmark in the benchmark’s Average Coupon based on the portfolio’s underlying holdings, which may differ and are subject to change. Coupon rate is the negative quarters.§ Dividend Yield is determined by dividing a stock’s annual dividends annual coupon payments paid by the issuer relative to a bond’s face per share by the current market price per share. Dividend yield is a or par value. financial ratio that shows how much a company pays out in Maturity is the date at which a debt instrument is due and payable. dividends. A bond due to mature on January 1, 2010, will return the Yield to Maturity - The rate of return anticipated on a bond if it is bondholder’s principal and final interest payment when it reaches held until the maturity date. The calculation of YTM takes into P/E (Year 1) is the previous day’s closing price of the stock divided maturity on that date. Bond yields are frequently calculated on a account the current market price, par value, coupon interest rate and by the consensus earnings per share (EPS) of fiscal year 1 (FY1) yield-to-maturity basis. time to maturity. provided by I/B/E/S. Forecasts are inherently limited and should not be relied upon as indicators of future performance.§ Duration (Modified Duration) is the measure of the price sensitivity The Sharpe Ratio is a risk-adjusted measure that is calculated using of a fixed income security to an interest rate change of 100 basis standard deviation and excess return to determine reward per unit of The Price-to-Book ratio (P/B) is a stock’s price divided by the stock’s points. Calculation is based on the weighted average of the present risk. The higher the Sharpe Ratio, the better the portfolio’s historical per share book value. values for all cash flows. adjusted performance.§

Earnings Per Share (EPS) is the portion of a company’s profit Yield to Worst (YTW) is based on a portfolio’s current holdings on allocated to each outstanding share of a common stock. one specific day, is gross of all portfolio expenses, and is calculated based on assumptions that prepayment occurs if the bond has call or The Sharpe Ratio is a risk-adjusted measure, calculated using put provisions and the issuer can offer a lower coupon rate based on standard deviation and excess return to determine reward per unit of current market rates. If market rates are higher than the current yield risk. The higher the Sharpe Ratio, the better the portfolio’s historical of a bond, the YTW calculation will assume no prepayments are adjusted performance. made, and YTW will equal the yield to maturity. The YTW will be the lowest of yield to maturity or yield to call (if the bond has prepayment Alpha is a measure of the difference between actual returns and provisions). The YTW of a bond portfolio is the market-weighted expected performance, given the level of risk as measured by Beta, average of the YTWs of all the bonds in the portfolio. where Beta measures sensitivity to benchmark movements. Insured municipal bonds are ones where scheduled interest and R-Squared measures the strength of the linear relationship between principal payments are guaranteed by AAA-rated municipal bond the portfolio and its benchmark. R-squared at 1.0 implies perfect insurers. linear relationship and zero implies no relationship exists.§ General Obligation municipal bonds are backed by the credit and taxing power of the issuing jurisdiction rather than the revenue of a given project.§

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Investments for the program(s) discussed herein are traded primarily in U.S. markets and unless otherwise noted, equity and fixed income investments for such program(s) are primarily of U.S. issuers. In addition, unless otherwise noted, indexes referred to herein represent groups of securities that are issued primarily by U.S. issuers. IMPORTANT TAX INFORMATION: Franklin Templeton, its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Investments are not obligations of, and are not guaranteed by, LMPPG or any other Franklin Templeton affiliate or subsidiary; are not FDIC or government insured; and are subject to risks, including possible loss of the principal amount invested. Professional money management may not be suitable for all investors. Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. ©2021 Franklin Distributors, LLC. Member FINRA/SIPC. Franklin Distributors, LLC, ClearBridge Investments, LLC, and Western Asset Management Company, LLC are Franklin Templeton affiliated companies. FN1313481 SMA0044 PPG-Q221-V1