Legg Mason Diversified Global Credit Fixed Maturity Bond Fund

Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 and selected funds from Legg Mason Global Asset Management are available for direct offshore distribution at Citibank Thailand and are exclusively for Citigold clients. For More information, please contact Citigold Hotline Service at 02-081-0999.

Legg Mason Diversified Global Credit Exclusivity: Fixed Maturity Bond Fund 2023 Only available to Citibank IOP: 29 May to 27 June 2019 GO GLOBAL, GROW YOUR INCOME

KEY FUND FEATURES

REGULAR KNOWN DIVERSIFICATION CASH FLOWS MATURITY DATE Invest into diversified portfolio of global fixed income Quarterly dividend payouts debt securities 1 • Developed and emerging Portfolio Yield : market countries 4 years investment • Minimise single issuer and horizon, ending in concentration risk 4.2% p.a. June 2023*

DIVIDEND PAYMENT DEFINED PORTFOLIO AIM2 CYCLE5 STRUCTURE6

Diversified across countries, Maturity Date: June 2023** ~54 companies & Securities sectors

Per Calendar Year Coupons

BBB January Investment Grade 3 Cashflow Credit Quality April

July Principal

DM :

Coupons Coupons Coupons 32% Globally EM : October 68% diversified across Year 1 Year 2 Year 3 Year 4

EM and DM region Principal

100% No Currency Risk 4 USD Denominated InitialInvestment Year 0

Source: Legg Mason, Brandywine, as of 21 May 2019. IOP: Initial offer period. *The Fund may invest up to 20% of its assets in debt securities maturing beyond the Maturity Date, subject to no individual debt security having a maturity falling after 12 months from the Maturity Date. The Maturity Date will be on or around 28 June 2023 or such other later date as the Directors shall notify to Shareholders. On the Maturity Date, the Fund will be liquidated and Shares in the Fund will be compulsorily redeemed at the prevailing Net Asset Value per Share. In the event that any of the Fund’s investments become less liquid on the Maturity Date, an investor will receive the available proceeds of the prevailing Net Asset Value per Share in respect of the liquidation of the Fund on or around the Maturity Date. The portion of the proceeds related to any such less liquid investments will be paid to investors in one payment at a later date upon realisation of the sale or maturity of such investments. 1. Portfolio Yield is calculated based on Gross Yield to Worst (YTW) less Total Expense Ratio of 0.6% p.a. for Class A. Gross YTW and Portfolio Yield shown in this illustration are based on the model portfolio as of 21 May 2019 and are not indicative of the actual dividend payout. Gross YTW is based on the underlying portfolio and not on the dividends paid by the fund, which may differ. Gross YTW and Portfolio Yields are not guaranteed and are subject to change. Total Expense Ratio (TER) in this illustration is assumed to be capped at 0.6% p.a.. Note that TER of Share Class A will only be capped at a rate of 0.60% p.a., for each month whereby the AUM of the Fund on the last business day of the prior month is at least USD100mm and above. The cap will be place on the first business day of the month until reassessed. 2. The assumptions made are based upon proprietary data and risk analytics. Results do not reflect the deduction of advisory fees or other expenses and do not reflect the impact that material economic and market factors might have on adviser’s decision-making if the adviser were actually managing client assets. Results illustrated should not be considered an indicator or guarantee of future results and should not constitute the sole basis for an investment decision. These are targets and subject to change. 3. Weighted Average. Credit Quality: Nationally Recognised Statistical Rating Organisation’s (NRSRO’s) assess the likelihood of bond issuers defaulting on a bond’s coupon and principal payments. The credit quality allocation by Brandywine Global Investment Management assigns each security the middle rating from three NRSRO’s (Standard & Poor’s,Moody’s Investor Services and Fitch Ratings, Ltd.). If only one NRSRO assigns a rating, that rating will be used. Securities that are not rated by all three NRSRO’s are reflected as such. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB, ...D. 4. Base Currency of the fund is USD. 5. For Illustration purposes only. Actual dividend payout date is based on the date that is announced by fund administrator, BNY Mellon. Note that Dividend payouts in quarterly distributing share classes are typically made only when there is at least one full quarter of Income Accrual 6. For Illustration purposes only, based on a typical fixed maturity product.

Accommodative Emerging Central Banks and Markets (EM) Credit Markets Policy Makers poised to benefit ▪ US Fed reduced ▪ EM Growth Engine – ▪ Corporate fundamentals monetary tightening, China – Is Up And generally strong pausing its hiking cycle Running ▪ Default rates continue to ▪ Global fiscal policy to be ▪ EM Valuations Look be low in the US, Europe somewhat more Relatively Compelling and emerging markets stimulative to support growth

INDICATIVE PORTFOLIO1 Average weighted duration 3.22 years

Average weighted years to maturity 3.65 years

Country Allocation China 15% DM United States 20% Russia 10% 32% Australia 3% Saudi Arabia 10% Canada 2% Mexico 8% EM Guernsey 2% Chile 7% 68% Supranational 2% Indonesia 5% Others 3% South Africa 5% Brazil 3% Colombia 3% Others 2%

Sector Allocation

Sovereign 26% Financial 16% Sovereigns Quasi-Sovereign 16% Real Estate 11% 42% Energy 10% Consumer, 8% Non-cyclical Corporates Consumer, Cyclical 4% 58% Basic Materials 3% Communications 2% Industrials 2% Technology 1% Utilities 1%

Source: Brandywine Global, as of 21 May 2019. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. DM: Developed Markets; EM: Emerging Markets. 1. The assumptions made are based upon proprietary data and risk analytics. Results do not reflect the deduction of advisory fees or other expenses and do not reflect the impact that material economic and market factors might have on adviser’s decision-making if the adviser were actually managing client assets. Results illustrated should not be considered an indicator or guarantee of future results and should not constitute the sole basis for an investment decision. These are targets and subject to change. For illustration purpose only.

FOR CITIBANK N.A BANGKOK BRANCH ONLY AND MAY ONLY BE PROVIDED TO CITIBANK’S CLIENTS IN THAILAND IN ACCORDANCE WITH THE APPLICABLE LAWS OR REGULATIONS IN THAILAND. PLEASE REFER TO IMPORTANT NOTE ON FINAL PAGE Designed around nine independent Brandywine Global is a value-focused global fixed income investment managers, Legg Mason bring and equity specialist providing a range of solutions for our investors expertise across equities, institutional and retail clients worldwide. Wholly owned fixed income and alternatives. subsidiary of Legg Mason, Inc. since 1998.

AUM Global bond specialist USD 758 billion

years of experience in Global Fixed Income Partnership of 28 9 AFFILATES Managed 259 institutional portfolios

Zero defaults in global credit portfolios

Fund Details Fund Name Legg Mason Global Solutions (LMGS) - Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 Domicile/ Structure Dublin, Ireland / UCITS Fund Manager/Investment Legg Mason Investments (Ireland) Limited/ Brandywine Global Investment Management LLC. Manager The Fund’s investment objective is to generate income. The Fund will invest in a diversified portfolio of developed Investment Objective and Emerging Market Country fixed income debt securities, issued by sovereign, quasi-sovereign, supranational and corporate issuers. The strategy seeks to generate income over a defined period whilst minimizing single credit issuer risk by building a well-diversified portfolio. Initial Offer Period (IOP) 29 May to 27 June 2019 Tenor 4 years1 Expected Maturity Date On or around 28 June 2023 or such other later date as the Directors shall notify to Shareholders1 Base currency USD NAV frequency Daily Dealing Frequency Daily dealing, only open for redemptions after IOP period Subscriptions Amount USD1,000 / EUR 1,000 / SGD 1,500 / HKD 8,000 Launch Price USD 100 / EUR 100 / SGD 1.00 / HKD 100 Dividend Distribution Quarterly Management Fee 0.55% p.a. for Class A Initial Charge Up to 3% for Class A Capped at a rate of 0.60% p.a., for each month whereby the AUM of the Fund on the last business day of the prior Total Expense Ratio month is at least USD 100mm. The cap will be placed on the first business day of the month until reassessed. Class A US$ Distributing Class A Euro Distributing Class A SGD Distributing Class A HKD Distributing ISINs (Q) (Q)(Hedged) (Q)(Hedged) (Q) IE00BK6S5T15 IE00BK6S5P76 IE00BK6S5R90 IE00BK6S5Q83 Estimated Cost of Carry for Not Applicable 2.9% p.a. 0.55% p.a. Not Applicable Hedged share classes2 Other than the general UCITS investment parameters: ▪ Diversified portfolio of developed and emerging market countries fixed income debt securities ▪ Up to 70% of its Net Asset Value in debt securities issued by Emerging Market Countries. ▪ Up to 30% of its Net Asset Value in debt securities rated below investment grade. ▪ Max Single EM country limit of 10%, with the exception of - China, capped at 15%; Asset Allocation - 0% to Argentina, Venezuela, Turkey ▪ Max Single Sovereign Issuer (Investment Grade) Limit: 5%3 ▪ Max Single Sovereign Issuer (Below Investment Grade) Limit: 3%3 ▪ Max Single Corporate Issuer (Investment Grade) Limit: 2%3 ▪ Max Single Corporate Issuer (Below Investment Grade) Limit: 1%3 ▪ Up to 20% of its assets in debt securities maturing beyond the Maturity Date, subject to no individual debt security having a maturity falling after 12 months from the Maturity Date1 Redemption Fee Not Applicable The dilution adjustment for any Dealing Day shall not exceed 2% of the Net Asset Value per Share of the Share Dilution Adjustment Classes of the Fund. Any adjustment above 2% shall be borne by the Fund.

Source: Legg Mason, Brandywine Global, as of 28 May 2019. 1. The Fund may invest up to 20% of its assets in debt securities maturing beyond the Maturity Date, subject to no individual debt security having a maturity falling after 12 months from the Maturity Date. The Maturity Date will be on or around 28 June 2023 or such other later date as the Directors shall notify to Shareholders. On the Maturity Date, the Fund will be liquidated and Shares in the Fund will be compulsorily redeemed at the prevailing Net Asset Value per Share. In the event that any of the Fund’s investments become less liquid on the Maturity Date, an investor will receive the available proceeds of the prevailing Net Asset Value per Share in respect of the liquidation of the Fund on or around the Maturity Date. The portion of the proceeds related to any such less liquid investments will be paid to investors in one payment at a later date upon realisation of the sale or maturity of such investments. 2. As of 28 May 19, estimates are based on 1 month rolling FX forward contracts. For illustrative purpose only. Actual impact of hedging will vary. 3. These are internal limits/ guidelines and are subject to change. FOR CITIBANK N.A BANGKOK BRANCH ONLY AND MAY ONLY BE PROVIDED TO CITIBANK’S CLIENTS IN THAILAND IN ACCORDANCE WITH THE APPLICABLE LAWS OR REGULATIONS IN THAILAND. PLEASE REFER TO IMPORTANT NOTE ON FINAL PAGE KEY FUND RISKS: Bonds: There is a risk that issuers of bonds held by the fund may not be able to repay the investment or pay the interest due on it, leading to losses for the fund. Bond values are affected by the market's view of the above risk, and by changes in interest rates and inflation.

Liquidity: In certain circumstances it may be difficult to sell the fund’s investments because there may not be enough demand for them in the markets, in which case the fund may not be able to minimise a loss on such investments. Should these circumstances occur on the fund maturity date, certain proceeds relating to these investments may be paid at a later date following the sale or maturity of those investments.

Low rated bonds: The fund may invest in lower rated bonds which carry a higher degree of risk than higher rated bonds.

Emerging markets investment: The fund may invest in the markets of countries which are smaller, less developed and regulated, and more volatile than the markets of more developed countries.

Interest rates: Changes in interest rates may negatively affect the value of the fund. Typically as interest rates rise, bond values fall.

Derivatives: The use of derivatives can result in greater fluctuations of the fund's value and may cause the fund to lose as much as or more than the amount invested.

Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations.

Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries.

For further explanation on the risks associated with an investment in the fund, please refer to the section entitled "Risk Factors" in the base prospectus and "Risk Profile and Key Risks" in the fund supplement.

IMPORTANT INFORMATION Source: Legg Mason and Brandywine Global. This document, provided by Legg Mason Asset Management Singapore Pte. Limited ("Legg Mason") (Registration Number (UEN): 200007942R), is prepared only for Citibank N.A Bangkok Branch (“Citibank”) and may only be provided to Citibank’s clients in Thailand in accordance with the applicable laws or regulations in Thailand or the terms and conditions set forth in such regulatory requirements or approvals received by Citibank from the Securities and Exchange Commission of Thailand (“SEC”). This document is for information only and does not constitute an offer or invitation to purchase any shares or units in any fund. The fund is not registered by the SEC for direct sale to the public in Thailand and this document has not been approved by the SEC which takes no responsibility for its content. The views expressed are opinions of the portfolio managers as of the date of this document and are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. The mention of any individual securities / funds should neither constitute nor be construed as a recommendation to purchase or sell securities, and the information provided regarding such individual securities / funds is not a sufficient basis upon which to make an investment decision. Portfolio allocations, holdings and characteristics are subject to change at any time. Although information has been obtained from sources that Legg Mason believes to be reliable, no guarantee can be given as to its accuracy and such information may be incomplete or condensed and may be subject to change at any time without notice. Legg Mason, its affiliates, officers or directors, may have an interest in the acquisition or disposal of the securities mentioned herein. Neither Legg Mason nor any officer or employee of Legg Mason accepts any liability whatsoever for any loss arising from any use of this document or its contents. The information in this document is confidential and proprietary and may not be used other than by the intended user. This document may not be reproduced, distributed or published without prior written permission from Legg Mason. Legg Mason is not licensed or registered with the SEC in Thailand. SG190551

FOR CITIBANK N.A BANGKOK BRANCH ONLY AND MAY ONLY BE PROVIDED TO CITIBANK’S CLIENTS IN THAILAND IN ACCORDANCE WITH THE APPLICABLE LAWS OR REGULATIONS IN THAILAND.