Legg Mason Martin Currie Global Real Income Fund Product Disclosure Statement

Issued by Legg Mason Asset Management Australia Limited (“Legg Mason Australia”) ABN 76 004 835 849 AFSL No. 240 827, part of Franklin Resources, Inc., operating as Franklin Templeton

Legg Mason Martin Currie Global Real Income Fund (“Fund”)

ARSN 641 334 803 APIR SSB5847AU

Contents About this Product Disclosure Statement (“PDS”) 1. About Legg Mason Australia and Franklin Templeton This PDS is a summary of significant information and contains a number of references to important information (each of which forms part of the PDS). You should consider this information 2. How the Fund works before making a decision about the Fund. The information provided in the PDS is general information only, is not a 3. Benefits of investing in the Fund recommendation to invest in the Fund and does not take into account your personal financial situation or needs. You should 4. Risks of managed investment schemes obtain financial advice tailored to your personal circumstances. The offer to which this PDS relates is available only to persons 5. How we invest your money receiving the PDS (electronically or otherwise) in Australia. Investments are subject to risks, some of which are outlined in 6. Fees and costs this PDS. Legg Mason Australia (“Responsible Entity”, “we”, “our” or “us”) does not guarantee any payment of income or 7. How managed investment schemes are taxed repayment of capital or the performance of your investment in the Fund. It is important that you understand and accept the risks before you invest in the Fund. 8. How to apply The Responsible Entity is solely responsible for the management of the Fund, which includes day-to-day 9. Other information administration and making investment decisions.

All terms in “bold” are defined terms under Interpretations and definitions in Section 9 of this PDS. Updated information The information in this PDS is up to date at the time of preparation. However, information relating to the Fund that is not materially adverse information is subject to change from time to time. We may update this information. Contact us Where the change is not considered materially adverse to investors, the information may be updated on our website Level 47, 120 Collins Street, (www.leggmason.com.au). For updated information about the Address Fund please contact us or consult your financial adviser. Melbourne VIC 3000 We will provide you with a paper copy of any updated information without charge upon request. If there is a change Client Service 1800 679 541 in information which we consider is materially adverse we will generally issue a new PDS. Website www.leggmason.com.au

Email [email protected]

1 February 2021

About Legg Mason Australia and OneVue Fund Services Pty Ltd (ACN 107 333 308) has been 1 Franklin Templeton appointed as the registrar in relation to the Fund. The custodian and registrar may be changed from time to time. About Legg Mason Australia Legg Mason Australia is the Responsible Entity for this fund. A Unit holder’s interest in the Fund is represented by “Units”. A Legg Mason Australia is part of the Franklin Resources, Inc. Unit holder has an interest in the assets of the Fund as a whole, group operating as Franklin Templeton. The Responsible Entity subject to the liabilities of the Fund. A Unit holder does not have is solely responsible for the management of the Fund, which an interest in any particular asset of the Fund. includes day-to-day administration and making investment decisions. Investors can acquire interests in the Fund by applying for Units and can redeem from the Fund by making a withdrawal request About Franklin Resources, Inc in relation to the Units they hold. The price at which Units are Franklin Resources, Inc. is a global investment management acquired (“Application Price”) or redeemed (“Redemption organisation operating, together with its subsidiaries, as Price”) is determined in accordance with the Constitution. The Franklin Templeton listed on the New York Stock Exchange Application Price and the Redemption Price on a “Business (NYS:BEN). Franklin Templeton’s goal is to deliver better Day” are, in general terms, equal to the product of the Net outcomes by providing global and domestic investment Asset Value (“NAV”) of the Fund divided by the number of Units management to clients in over 160 countries. With employees on issue and: in over 34 countries, Franklin Templeton is headquartered in California and has over US$1.4 trillion in assets under • for the Application Price, adjusted up for transaction management as at 30 September 2020. Through specialised costs (called the “buy spread”); and teams, Franklin Templeton has deep expertise across all asset classes, including equity, fixed income, alternatives and multi- • for the Redemption Price, adjusted down for asset solutions. This includes a group of world-renowned transaction costs (called the “sell spread”). specialist investment managers such as Martin Currie, Western The Application Price and the Redemption Price are generally Asset and Brandywine Global. determined each Business Day. Investment manager The Application Price and the Redemption Price will increase as the market value of the Fund’s assets increases and will Martin Currie Australia (a division of Legg Mason Australia) is decrease as the market value of the Fund’s assets decreases. investment manager of the Fund. Martin Currie Australia benefits from the resources, oversight and support of Martin How we process your money Currie Investment Management, an active specialist equity investment manager headquartered in Edinburgh, Scotland. An investor can acquire Units by making an application for Founded in 1881, the investment manager has had a Units. An application for Units is made by lodging either an significant presence in Australia through Martin Currie “Application Form for New Investors” or an “Application Form Australia, dating back to 1954. for Existing Investors” (application forms). Martin Currie’s investment strategies are underpinned by the Application forms need to be received by the registrar and quality of its in-depth fundamental research and skilled portfolio appropriate funding provided to the Fund’s nominated bank construction, undertaken by its deeply resourced and highly account by 11.00am on a Business Day to receive that day’s experienced team of investment professionals. Martin Currie’s Application Price. Refer to Section 8 “How to apply” for more approach to active ownership is at the heart of its active information. management proposition, and its highly differentiated approach Classes of Units to the analysis of Environmental, Social and Governance (ESG) factors, is embedded in every part of the investment The Responsible Entity may offer or withdraw classes of Units. process to ensure they make better long-term decisions. Currently under this PDS one class of Units is offered: “Class A”. The Responsible Entity has the ability to issue further classes of Units under separate PDSs or other offer documents Please note: You should read the important information from time to time. about Legg Mason Australia and Franklin Templeton before making a decision. Go to the “About Legg Mason and Access to your money Franklin Templeton” section of the Additional Information A Unit holder can dispose of Units by making a redemption from Booklet which is available at www.leggmason.com.au. the Fund. A redemption is made by lodging a redemption request. The material relating to Legg Mason Australia and Franklin Templeton may change between the time when you read the Redemption requests need to be received by the registrar by PDS and the day when you acquire the Fund. 11.00am on a Business Day to receive that day’s Redemption Price. 2 How the Fund works Redemptions are typically paid within five Business Days although the Constitution allows us up to 21 Business Days or About the Fund and structure longer in certain circumstances. Redemption proceeds will be paid to an investor’s nominated bank account. The Fund is a registered managed investment scheme that is an unlisted Australian unit trust. The Fund comprises assets In some circumstances, Unit holders may not be able to which are acquired by the Responsible Entity in accordance redeem their Units within the usual period upon request. If the with the investment strategy for the Fund. The Fund is Fund becomes illiquid, for the purposes of the “Corporations governed by a “Constitution”. The terms and conditions of the Act”, then you may only redeem from the Fund in accordance Constitution are binding on each Unit holder (and all persons with the terms of a redemption offer (if any) made by the claiming through them). Responsible Entity in accordance with the Corporations Act. The Responsible Entity has appointed JPMorgan Chase Bank, There is no obligation on the Responsible Entity to make a N.A. (Sydney branch) (ABN 43 074 112 011) (JPMorgan) to redemption offer. The Responsible Entity anticipates that the provide custody and fund administration services. JPMorgan Fund will generally be liquid. has not been involved in the preparation of this document or caused or otherwise authorised the issue of this document.

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Minimum investment The material relating to the acquisition and disposal of Unless otherwise determined by us, the minimum initial interest in the Fund may change between the time when you investment is $30,000. Additional investments can be made at read the PDS and the day when you acquire the Fund. any time. The minimum additional investment amount is $5,000. 3 Benefits of investing in the Fund Valuation of Fund assets and unit pricing Significant features The Fund’s assets are typically valued each Business Day. Unit prices are usually calculated each Business Day. We may The Fund seeks to provide a growing income stream by declare Unit prices more or less frequently or delay calculation investing in a diversified portfolio of listed real asset securities in certain circumstances. (such as REITs, utility and infrastructure securities), where growth is driven more by demographic themes rather than a A formal written policy has been established by us in relation to reliance on the business or economic cycle. the guidelines and any relevant factors that are taken into account when exercising any discretion in calculating Unit The investment manager’s approach is premised on the prices (including determining the value of assets and the philosophy that the performance of real assets is driven by their amount of liabilities). A copy of our policy is available to leverage to the key demographic themes of population, investors on request free of charge. urbanisation and middle-class growth. As a result, in the investment manager’s view quality listed real asset securities Distributions and payment methods can sustain dividends, grow distributions to match a rising cost of living, and are likely to be less volatile than the wider equity The Fund may distribute income at 30 September, 31 market. December, 31 March and can determine to make an additional distribution from time to time. At present, the Fund intends to The investment manager combines extensive fundamental distribute all undistributed income at 30 June each year, but the research into long-term normalised earnings power, Constitution for the Fund does allow us to accumulate income quantitative research and disciplined portfolio construction to where the Fund is an Attribution Managed Investment Trust identify the most attractive income opportunities. (“AMIT”) for the relevant year. A Unit holder’s entitlement to distributions of income is determined based on the number of Significant benefits Units held at the end of the relevant distribution period. The Fund offers a number of significant benefits: Distributions will be paid within 60 days of the end of the relevant distribution period. Unit holders who redeem Units • aims to provide long-term growth in its income stream; during a distribution period will not receive a distribution of income in respect of those Units for that distribution period. The Constitution for the Fund does provide us with the power to, • the opportunity to receive regular income distributions where Units are redeemed during a year for which the Fund is from dividends and net gains on the disposal of assets; an AMIT, attribute tax components to a redeeming Unit holder in certain circumstances where the redemption constitutes a • professional management of your investment with an “Significant Redemption”. Income attributable to each Class experienced investment manager; may be impacted by the total level of fees charged to the Fund. You may use the “Application Form for New Investors” to elect • diversification benefits that would be difficult to achieve a distribution preference. If you are an existing investor, you through direct investment; can change your distribution preference through the “Change of Details Form”. Reinvested distributions will be taken to be • disciplined portfolio construction; and issued on the next day after the end of the relevant distribution period. The Application Price for Units issued on the • web-based reporting that includes performance, market reinvestment of distributions will be based on the NAV of the commentary and portfolio strategy. Fund used to calculate the last Application Price for the relevant distribution period adjusted for certain income amounts. Risks of managed investment schemes Distributions, except for capital gains, will be paid in cash 4 unless otherwise directed by you. You should note: Reinvestment of capital gains • all investments carry risk; A key consideration for investors that want to generate income is the need to maintain invested capital. In order to facilitate • different funds may carry different levels of risk depending this, an estimate of the capital component of the distribution as on the assets that make up the fund; at 30 June each year will automatically be reinvested into additional Units in the Fund. Accordingly, Unit holders will see the number of Units they hold in the Fund increase as a result • assets with the highest potential long-term returns may of any reinvested component of the distribution. The additional also carry the highest level of short-term risk; Units in the Fund will be processed at a Unit price not adjusted up with any buy spread. Unit holders can separately apply to • the value of investments will vary; redeem Units in the Fund. Reinvested distributions will be taken to be issued on the next day after the distribution • the level of returns will vary and future returns may differ calculation date. from past returns; and

Please note: You should read the important information • returns are not guaranteed and you may lose some of about how the Fund works before making a decision. Go to your money. the “About the Funds” section of the Additional Information Booklet which is available at www.leggmason.com.au. The laws affecting registered managed investment schemes may change in the future. Your personal risk level will vary depending on a range of factors, including, age, investment time frames, where other parts of your wealth are invested and your risk tolerance.

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The significant risks of investing in the Fund include: • exposure to individual securities is no more than 8% of the portfolio; and • market risks, including declines in asset prices, unfavourable economic conditions, changes in • a maximum of 40% of the portfolio comprised of individual government regulation, inflation and lack of liquidity (in security positions greater than 5%. this context, “lack of liquidity” means investments may not be readily disposed of); • a maximum country weight of 40%

• manager risks, including human error, system failures, • approximately 40 securities are held. poor procedures, lack of management controls, termination of the Fund, counterparty risk, changes in • Securities generally characterised by a greater than US$2 fees, replacement of the Responsible Entity and billion market capitalisation at the time of purchase replacement of the investment manager; While the maximum holding of cash or cash equivalents is 10%, • country and currency risks, including adverse political, the Fund is intended to be fully invested in securities at all times economic and social developments, different levels of with cash being held for liquidity purposes only. regulatory oversight and adverse currency movements; The Fund will not invest in securities issued by companies • counterparty risks, including when a counterparty either involved in: cannot or will not meet its obligations; and • the production or distribution of cluster munitions • investment risks, including benchmark performance that • the manufacture of tobacco products. is below Unit holder expectations and/or the Fund not meeting its investment objective. The Fund does not intend to use derivatives. Techniques used to manage risks include: The Fund does not intend to borrow. • extensive research; The Fund is unhedged. • active portfolio management; What is the suggested investor profile and minimum time frame for investment? • risk management systems; A minimum time frame for investment of three years is • compliance monitoring; suggested. The Fund should be suitable mainly for investors seeking an investment in global real assets with long-term • monitoring economic factors; financial goals.

• maintaining disciplined management controls; and Risk level The Responsible Entity considers the risk level of the Fund to • auditing operational procedures. be high. The investment manager has risk control methodologies in place which aim to mitigate the overall level of risk. Please note: You should read the important information about investment risks before making a decision. Go to Performance the “Risks” section of the Additional Information Booklet which is available at www.leggmason.com.au. Investment performance of the Fund is published on our website at www.leggmason.com.au. Past performance is not The material relating to investment risks may change necessarily a guide to future performance. between the time when you read the PDS and the day when you acquire the Fund. Changing the investment objective How we invest your money The Responsible Entity is permitted to change how it invests 5 the assets of the Fund at any time. If the Responsible Entity Warning: you should consider the likely investment return, the changes the investment objective of the Fund the Responsible risk, and your investment timeframe when choosing whether to Entity will advise Unit holders of the change. invest in the Fund. Labour standards and environmental, social and ethical What is the Fund’s investment objective? considerations The Fund aims to provide a pre-tax income yield above the Environmental, social and governance considerations MSCI All Country World Index yield. (including labour standards and ethical considerations) are taken into account in determining the value of a company. The What does the Fund invest in? value of a company is then considered by the investment manager in the selection, retention and realisation of The Fund predominately invests in real asset securities (such investments. as REITs, utility and infrastructure securities (as defined by Martin Currie Australia)) listed on developed and emerging country stock exchanges for countries within the MSCI All Investment options Country World Index and may also hold cash. The Fund also There are no other investment options for the Fund. has the ability to use American and Global Depositary Receipts to provide better access to certain markets. The Fund aims to Switching hold investments so that at the time of purchasing securities: Switching is not available for the Fund.

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Please note: The material relating to how we invest your Amounts deduced from money may change between the time when you read the your investment in relation PDS and the day when you acquire the Fund. to the performance of the product

Transaction costs3 0.16% Transaction Fees and costs The costs incurred by the costs incurred 6 by the Fund are scheme when buying or Did you know? selling assets variable and Small differences in both investment performance and fees deducted from and costs can have a substantial impact on your long term the Fund as returns. they are incurred and For example, total annual fees and costs of 2% of your reflected in the account balance rather than 1% could reduce your final return unit price. They by up to 20% over a 30 year period (for example, reduce it are disclosed from $100,000 to $80,000). net of amounts You should consider whether features such as superior recovered by investment performance or the provision of better member the buy-sell services justify higher fees and costs. spread. You may be able to negotiate to pay lower fees. Ask the fund or your financial adviser. Member activity related fees and costs (fees for services or when your money moves in or out of the Fund) To find out more Establishment fee Nil Not applicable If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities The fee to open your and Investment Commission (ASIC) website investment (www.moneysmart.gov.au) has a managed funds fee calculator to help you check out different fee options. Contribution fee Nil Not applicable The fee on each amount The information in the following Fees and Costs Summary can contributed to your be used to compare costs between different managed investment investment schemes. Fees and costs can be paid directly from an investor’s account or deducted from investment returns. For Buy-sell spread 0.25% upon The Buy Spread information on tax please see section 7 of this PDS. An amount deducted from entry and is added to the 0.25% upon NAV and is paid Fees and Costs Summary your investment exit. These into the Fund as Legg Mason Martin Currie Global Real Income Fund representing costs incurred in transactions by the figures are part of an accurate as at application and Type of fee or cost Amount How and when scheme the date of the the Sell Spread paid PDS. is deducted from the NAV Ongoing annual fees and costs and is left in the Management fees and 0.95% p.a. of The Fund as part of costs1,2 the net asset management a redemption. value (NAV) of fees component The fees and costs for Withdrawal fee Nil Not applicable managing your investment. the Fund of management fees and costs The fee on each amount is calculated in you take out of your relation to the investment NAV of the

Fund on a daily Exit fee Nil Not applicable basis. The fee to close your The investment management fees are Switching fee Nil Not applicable deducted from The fee for changing the Fund’s investment options assets and are generally paid 1The fees shown above are inclusive of GST and net of RITCs. to us monthly in 2 The amount of this fee may be negotiated. See “Differential fee arrears. arrangements” Otherwise, the 3 fees and costs Calculated based on a reasonable estimate of relevant costs are variable and charged to the Fund to 30 June 2020. Past costs (inclusive of reflected in the GST and net of RITC) are not a reliable indicator of future costs. unit price of the Fund as they Additional Explanation of Fees and Costs are incurred. Management Fees and Costs

The Management Fees and Costs are composed of the Performance fees Nil Not applicable management fees, expenses and indirect costs in relation to the Fund. These include the management fees and Responsible Entity fees, totalling 0.95% p.a., payable to us.

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Out of this amount we will pay certain other costs the Constitution of the Fund otherwise gives us, as the PLUS Performance Nil And, you will be charged or Responsible Entity, the right to recover. These other costs fees have deducted from your include custodian fees, investment management fees, investment $0 in administration fees, audit fees, any indirect costs (currently performance fees each estimated at 0.00%) and other expenses and costs such as year. those connected with the compliance committee and the compliance plan. While we choose to pay these other costs out PLUS Transaction 0.16% And, you will be charged or of our fees, we reserve the right to recover some or all of the costs have deducted from your expenses from the Fund. The management fee component is investment $110 in calculated and accrued daily based on the NAV of the Fund. transaction costs. The accrued fees are paid in arrears from the Fund at the end of each month. The Management Fees and Costs reduce the Fund’s NAV and are reflected in the Unit price. EQUALS Cost of Fund If you had an investment of Transaction Costs $50,000 at the beginning of the year and you put in an The Management Fees and Costs do not include certain additional $5,000 during transaction costs. Transaction costs are variable and deducted that year, you would be from the Fund as they are incurred and reflected in the unit charged fees and costs of price. They are disclosed net of amounts recovered by the buy- $585*2. sell spread. Transaction costs are an additional cost to the investor where they are not recovered by the Buy/Sell Spread, What it costs you will and are generally incurred when the assets of the Fund are depend on the changed in connection with day-to day trading or when there investment option you are applications or withdrawals which cause net cash flow into choose and the fees you or out of the Fund. Actual transaction costs for future years may negotiate differ. Please refer to the Additional Information Booklet for further information. *Additional fees may apply Buy/sell spread estimate 1You should note that this example assumes a constant investment balance of $50,000 in Class A Units throughout the year. The buy/sell spread is an estimate of the transaction costs that Management Fees and Costs will also be charged in relation to any are incurred in buying and selling the underlying assets of the additional contributions you make during the year and the amount Fund as a result of applications and redemptions. The you pay will depend on the proportion of the year during which the additional contributions are invested. Application Price is adjusted up by a buy spread and the 2 Redemption Price is adjusted down by a sell spread. The dollar Assumes the additional $5,000 was invested at the end of the year. If it is assumed the additional $5,000 was invested at the value of these costs based on an application or a withdrawal of beginning of the year, the Management Fees and Costs would be $5,000 is $12.50 for each individual transaction. We can $522.5 ($55,000 x 0.95%). Please note this is an example only as change the buy/sell spread at any time without prior notice. the actual investment balance of your holding will vary on a daily Please refer to our website for the current buy/sell spreads at basis. www.leggmason.com.au. Note: This is an example. In practice, the actual investment balance of an investor will vary daily and the actual fees and expenses we charge are based on the value of the Fund. The Differential fee arrangements indirect costs and other expenses component of management fees and costs and transaction costs may also be based on estimates. We may enter into individual fee arrangements with As a result, the total fees and costs that you are charged may differ “wholesale clients” (as defined in the Corporations Act) in from the figures shown in the table. accordance with applicable ASIC class order relief. Warning: Additional fees may be paid to a financial adviser if Example of annual fees and costs for this investment an investor consulted a financial adviser. Where an investor option receives financial advice, they should refer to their Statement of Advice or their adviser’s Financial Services Guide for full This table gives an example of how the ongoing annual fees details of these fees. and costs in this investment option for this product can affect your investment over a 1 year period. You should use this table Change in fees to compare this product with other products offered by We may vary the fees specified at any time at our absolute managed investment schemes. discretion, without Unit holder consent, subject to the maximum fee amounts specified in the Constitution. If the variation is an Example – Legg Mason Martin Balance of $50,000 with a increase we will give you 30 days advance written notice. Currie Global Real Income Fund contribution of $5,000 – Class A Units during year At the date of this PDS we do not intend to charge a contribution fee, redemption fee or performance fee nor do we intend to increase the combined Responsible Entity fee and Contribution fees Nil For every additional $5,000 investment management fee we charge you (which is specified you put in, you will be in the Management Fees and Costs section of the fee table). charged $0. We can recover out of the assets of the Fund all expenses which are properly incurred in operating the Fund including, PLUS Management 0.95% And, for every $50,000 you without limitation, amounts payable in connection with custody, fees and costs have in the Fund you will be compliance, legal and tax consulting fees, banking, accounting charged or have deducted and audit. from your investment $475 Calculator each year.1 The Australian Securities and Investments Commission provides a fees calculator at www.moneysmart.gov.au. This calculator can be used to calculate the effects of fees and costs on your account balances.

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Complaints handling Please note: You should read the important information about fees and costs of investing in the Fund before making We have established procedures for dealing with complaints. a decision. Go to the “Fees and other costs” section of the Additional Information Booklet available at If you have invested via a Master Trust or Wrap Service and www.leggmason.com.au. have a concern, you should first contact the Operator of the Master Trust or Wrap Service through which you invested in The material relating to the fees and costs of investing in the the Fund. The Operator will handle your complaint in Fund may change between the time when you read the PDS accordance with its complaint handling procedures and may, in and the day when you acquire the Fund. accordance with those procedures, refer the complaint to us. If you have an inquiry or complaint, you can either phone us on 1800 679 541 during business hours or write to: How managed investment schemes Attention: Complaints Officer 7 are taxed Legg Mason Australia Warning: Investing in a registered managed investment scheme is likely to have tax consequences. You are strongly GPO Box 24011 advised to seek professional tax advice. Melbourne VIC 3001 You should note that: Your written complaint will be acknowledged within five • the Responsible Entity and the Fund is not expected to pay business days and we will make every effort to resolve your tax on behalf of Australian resident Unit holders; issues within 30 days of being notified. • Unit Holders are assessed for tax on the taxable If any complaint remains unresolved after 30 days or the issue components of the funds that are generated by the Fund; has not been resolved to your satisfaction, you can lodge a and complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides a fair and independent financial • you will be provided with a statement (known as an “AMMA complaint resolution service that is free to consumers. statement” where the Fund is an AMIT, or as a “distribution statement” where the Fund is not) that sets out the taxable Website: www.afca.org.au components of the Fund on which you may be assessed. Email: [email protected] We recommend you seek advice from your financial or tax Telephone: 1800 931 678 (free call) adviser. In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001 Please note: You should read the important information Cooling off about how managed investment schemes are taxed before making a decision. Go to the “Taxation” section of the If you are a “Retail client”, after you invest in the Fund you Additional Information Booklet available at have a period of 14 days (the cooling off period) during which www.leggmason.com.au. you can cancel the investment and have your funds repaid to you. The entire value of your investment may not be repaid The material relating to how managed investment schemes depending on the impact of market movements, taxes, are taxed may change between the time when you read the management fees, transaction costs etc. during the time you PDS and the day when you acquire the Fund. are invested in the Fund.

How to apply The right to cool off does not apply to you if you invest in the 8 Fund through a Master Trust or Wrap Service as you do not acquire the rights of a Unit holder in the Fund. How to invest in the Fund To invest in the Fund, read this PDS with the “Additional If you have any questions about cooling off rights please Information Booklet” and complete an application form. The contact your financial planner or us on 1800 679 541. Additional Information Booklet and application forms are available online at www.leggmason.com.au or by calling 1800 679 541. If you are not already an investor with Legg Mason Please note: You should read the important information Australia, you will be required to provide certain supporting about applying to invest in the Fund before making a documents detailed in Section 1 of the Application Form for decision. Go to the “How to apply” section of the Additional New Investors. Information Booklet available at www.leggmason.com.au. We authorise the use of this PDS by investors (“Indirect Investors”) who wish to access the Fund through an authorised The material relating to how to apply may change between master trust or wrap account, investor directed portfolio the time when you read the PDS and the day when you service, investor directed portfolio service-like scheme or acquire the Fund. nominee or custody service (collectively referred to as “Master Trust or Wrap Service”) located in Australia. The operator of a Master Trust or Wrap Service is referred to in this PDS as the Other information Operator and the disclosure document for a Master Trust or 9 Wrap Service is referred to as the Master Trust or Wrap Guide. Consents If you invest through a Master Trust or Wrap Service, your rights and liabilities will be governed by the terms and Martin Currie has not prepared, authorised or caused the issue conditions of the Master Trust or Wrap Guide. Indirect Investors of this PDS. Martin Currie has consented only to the inclusion should apply for Units by using the Master Trust or Wrap Guide in the PDS of the statements about them in the form and and applicable application form provided by the Operator of the context in which they are included and this consent has not Master Trust or Wrap Service. been withdrawn.

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Related party transactions All personal information collected by Legg Mason will be collected, used, disclosed and stored by us in accordance with Subject to the Corporations Act, we and our associates may our Privacy Policy, a copy of which will be made available on hold Units in the Fund. We are also permitted by the request. Constitution (subject to the Corporations Act), to deal with ourself (as Responsible Entity of the Fund or in another capacity), an associate or any Unit holder; have an interest in Please note: You should read the important information any contract or transaction with ourself (as Responsible Entity about privacy, the operation of the Fund and the retirement of the Fund or in another capacity), an associate or any Unit of the Responsible Entity before making a decision. Go to holder and retain for our own benefit any profits or benefits the ‘Additional important information’ section of the derived from such contract or transaction and act in the same Additional Information Booklet available at or similar capacity in relation to any other managed investment www.leggmason.com.au. schemes. The material relating to privacy, the operation of the Fund Unit holders’ rights and the Constitution and the retirement of the Responsible Entity may change between the time when you read the PDS and the day when Your rights as Unit holder in the Fund are governed by the you acquire the Fund. Fund’s Constitution and the Corporations Act. The Fund is governed by the Constitution which sets out how the Fund is to Interpretations and definitions: be operated. The terms of the Constitution are binding on the Responsible Entity and all Unit holders. In this PDS:

Reports “Business Day” means a day, other than a Saturday or Sunday on which banks are open for business in Melbourne, Victoria. We will provide you with the following reports and information about your investment in the Fund: “Constitution” is a legally enforceable document between the • Transaction confirmations and distribution statements. Responsible Entity and Unit holders that sets out some or all of the rights, duties and liabilities of the Responsible Entity in its • Fund annual financial report (and if applicable half yearly operation of the Fund. financial reports and continuous disclosure notices) via our website. “Corporations Act” means the Corporations Act 2001 (Cth).

• Annual Periodic and tax statements as required by the “Retail client” is an investor that does not satisfy one of the Corporations Act. requirements to be classified as a wholesale client. Disclosing Entity “RITCs” means reduced input tax credits. If at any time the Fund becomes and continues to be a disclosing entity under the Corporations Act, it will be subject “Significant Redemption” is defined in the “About the funds” to regular reporting and disclosure obligations. section of the Additional Information Booklet.

We comply with ASIC’s Good Practice Guidance on continuous “Wholesale clients” is defined in the “How to apply” section of disclosure. the Additional Information Booklet.

Please note: Go to the “Other information” section of the In this PDS, all fees and costs are expressed in Australian Additional Information Booklet which is available at dollars inclusive of GST less any RITC. References to “you” or www.leggmason.com.au. “your” refers to you as the reader of the PDS.

Need more information? Protecting your privacy Please contact Legg Mason Australia: Your right to privacy is important to us. Freecall: Our Privacy Policy contains important information in relation to 1800 679 541 our collection, storage, use and disclosure of your personal information. Website: www.leggmason.com.au As Responsible Entity, we may collect and use personal information to ensure compliance with various government and Email: regulatory bodies where permitted or required to do so. [email protected]

We may also disclose your personal information to:

• our service providers, related bodies corporate or other third parties for the purpose of account maintenance and administration and the production and mailing of statements, amongst other operational activities; and

• to improve customer service, and/or allow our associated organisations and selected third parties to promote their products and services to customers.

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