2Q 2021 Separately Managed Accounts CLEARBRIDGE INTERNATIONAL VALUE ADR

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. 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. 2 . 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. 3 2 . Introduction | ClearBridge

ClearBridge Investments

A Long-Term Focus Drives a Distinguished History

Global investment manager with a 50+ year legacy as a leader in active management

Committed to authentic active management Culture of longevity, consistency and risk awareness • Performance distinct from market benchmarks and factor- • Highly experienced and tenured investment professionals based strategies • Deliberate succession planning • Long-term investment horizon • Risk considerations examined in all decisions • Robust risk management • Active ownership

Client focus Robust fundamental research platform • Alignment of interests with clients • Bottom-up, quality focus • Innovative compensation plan • Proprietary research and ESG ratings • 30 year history of ESG investing with a fully-integrated approach

$184.0 billion in assets under management§ Headquartered in New York; offices in , , , and Wilmington§ Operate with investment independence, wholly-owned subsidiary of Franklin Resources§ PRI Signatory since 2008

Data as of March 31, 2021. 4 . Introduction | ClearBridge

Firm Values

Embedded in Organization from the Bottom Up

Cultivate consistency in all we do We approach every opportunity with patience and diligence to better assess, and act

with knowledge of, the full picture. Together, we use our diverse talents and expertise to create success and stability for our clients.

Go above and beyond We seek to exceed expectations in every aspect of our business, from engaging

with the companies we own, to supporting our employees and delivering superior customer service.

Ensure responsiveness and accountability We succeed when clients succeed. Our culture of collaboration creates a strong

sense of loyalty and accountability, encourages diverse contributions and enables responsiveness.

Promote a long-term perspective We are committed to long-term strategies and authentic active management to

move our clients forward. We approach portfolio companies as business owners and hold stocks for an average of seven years.

Advocate for sustainability Integrating ESG considerations into our fundamental research process, promoting

sustainability in company engagements and following such practices across the firm can offer clients a return on their investments while making a positive impact.

Act with conviction Differentiated thinking is the basis of our approach, giving us the confidence to

invest where our research identifies opportunity that the consensus may overlook and to develop new solutions that benefit our clients.

5 . Your investment portfolio | International Value ADR

ClearBridge International Value ADR Portfolios

Overview Key differentiators Portfolio positioning • ClearBridge International Value ADR Portfolios seek • Find quality companies trading at low prices relative • Designed for investors seeking international to provide a value-based, international equity to dynamic intrinsic values diversification in developed and emerging markets strategy that will outperform the MSCI EAFE (Net)  Eliminate businesses with undesirable across all market sectors and capitalizations. over 3-5 years, with risk similar to this index. characteristics Philosophy

Investments are made from the universe of non-  • Focusing on a small number of companies trading at Focus on limited number of companies with the U.S. companies, including emerging markets with low prices relative to their dynamic intrinsic values greatest chance for success publicly traded ADR securities listed on the major leads to enhanced stock selection over time U.S. exchanges and that have market capitalizations • Opportunistic approach to security selection Objectives of greater than $100 million. enhanced by major dislocation in the markets The strategy seeks to: • Defined risk management at security and portfolio • outperform the MSCI EAFE (Net) Index USD over a level full market cycle of 3-5 years, investing  De-risk stock selection via deep understanding of a internationally through ADRs. select list of mispriced businesses  Rigorous ongoing review of existing holdings to ensure investment case remains intact  Diversification of business models and customer bases throughout portfolio  Explicit limits at portfolio, sector, and country/ region level

The Morgan Stanley Capital International (MSCI) EAFE Index is an unmanaged index of equity securities from developed countries in Europe, and the Far East. MSCI EAFE® measures total market performance, including price appreciation and income from net-dividend payments. The “Net” Index series assumes that dividends are reinvested after the deduction of withholding tax. The index uses withholding tax rates applicable to Luxembourg holding companies. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. An investor cannot invest directly in an index. The index is not managed and not subject to management or brokerage commission. Dividends are subject to reinvestment. Diversification does not assure a profit or protect against market loss. Risks: All investments involve risk, including loss of principal and there is no guarantee that investment objectives will be met. The managers invest the portfolios primarily in ADRs, but may also make limited investments in U.S.-traded stocks of non-U.S. and U.S. companies engaged in significant non-U.S. business. These limited investments may include U.S.-traded stocks that result from the conversion of ADRs, as well as other U.S.-traded stocks. The portfolios’ investments in non-U.S. companies may include companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in U.S.-traded stocks, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in audition and other financial standards. These risks are magnified in emerging markets. 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. 6 . Your investment portfolio | International Value ADR

ClearBridge International Value ADR Portfolios investment process 6 Universe of Quantitative Company Fundamental Client Portfolio Sell Discipline Securities Modeling Elimination Analysis • Construct the A security is typically reviewed • Identify publicly • Seek stocks selling • Seek to eliminate • Use a portfolio consisting for sale if: traded ADR below their normal stocks with comprehensive of 60-85 holdings. • It appreciates to our securities across valuation levels by negative fundamental Positions are predetermined target price; 11 macro sectors employing a characteristics and research process weighted based • A change in company in both developed quantitative model barriers to success. to understand the upon upside fundamentals results in a failure and emerging that compares These factors business of each potential, to meet one of the four criteria markets, each with current valuations could include a company and downside risk, our of our Focus List elimination a market (as measured by declining quality of focus on long-term fundamental process; or capitalization price-to-earnings, financial value, rather than conviction, and the • greater than $100 price-to-book and characteristics, short-term price or impact on Value Trap screen triggers a million and price-to-cash flow deteriorating earnings forecasts diversification. comprehensive reassessment sufficient liquidity ratios) to historical industry conditions valuations or competitive position, or a lack of confidence in company management

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. 7 . Strategy characteristics & performance | Equity Portfolio characteristics

Equity Portfolio characteristics as of June 30, 2021

Sector weightings (%) Market capitalization (%)

Portfolio BM Portfolio BM Above $50B 48.34 47.60 Industrials 21.62 15.50 $25 - $50B 17.99 22.80 Financials 21.24 16.93 $10 - $25B 20.09 21.09 Consumer Discretionary 16.98 13.03 $3 - $10B 11.21 8.51 Materials 13.80 7.91 0 - $3B 2.38 0.00 Energy 6.77 3.22 Health Care 6.45 12.42 Characteristics (%) Information Technology 6.09 9.14 Portfolio BM Consumer Staples 2.04 10.48 Number of Holdings 58 845 Communication Services 1.49 4.95 Dividend Yield 1.83 2.30 Real Estate 0.44 3.03 Forecasted P/E Ratio -1 Year 11.87 16.49 Utilities 0.00 3.40 Price/Book Ratio 2.52 3.76 Cash 3.08 0.00 Long-Term EPS Growth 17.37 15.84 Weighted Median Market Capitalization 41.51 46.39 Weighted Average Market Capitalization 51.98 79.42

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. 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. 8 . Strategy characteristics & performance | Equity Portfolio characteristics

Equity Portfolio characteristics as of June 30, 2021

Top country weightings (%) Top equity holdings (%) Glencore PLC 4.37 Portfolio BM AP Moller - Maersk A/S 3.38 Germany 14.50 9.30 BNP Paribas SA 3.08 Switzerland 14.46 10.24 TotalEnergies SE 2.86 United Kingdom 12.29 13.26 Banco Santander SA 2.78 France 11.31 10.71 Volkswagen AG 2.69 Japan 8.89 23.19 Compass Group PLC 2.55 Spain 6.85 2.45 Infineon Technologies AG 2.44 United States 4.99 0.00 Nutrien Ltd 2.23 Denmark 3.38 2.43 Intesa Sanpaolo SpA 2.19 South Korea 2.82 0.00 Total 28.57 Netherlands 2.53 6.04 Total 82.02 77.62

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. 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. 9 . 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

Intl Value ADR (pure gross) 1.11 16.19 -20.79 24.95 5.72 1.25 -7.87 29.93 20.87 -12.45

Intl Value ADR (net) -1.85 12.83 -23.15 21.37 2.64 -1.70 -10.58 26.22 17.39 -15.04

MSCI EAFE Index (Net) 7.82 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14

MSCI World ex. US 8.09 23.16 -13.64 24.81 3.29 -2.60 -3.88 21.57 17.02 -11.78

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 20-year 25-year

Intl Value ADR (pure gross) -2.62 5.18 15.19 46.17 4.99 8.46 3.70 5.77 4.43 5.99 6.28

Intl Value ADR (net) -2.87 4.42 13.53 42.02 1.93 5.31 0.68 2.69 1.39 2.91 3.19

MSCI EAFE Index (Net) -1.13 5.17 8.83 32.35 8.27 10.28 4.96 5.89 4.40 5.78 5.19

MSCI World ex. US -0.98 5.86 10.27 34.22 9.10 10.91 5.42 6.22 4.97 6.41 5.83

S&P 500 Index (USD) 2.33 8.55 15.25 40.79 18.67 17.65 14.10 14.84 10.73 8.61 9.76

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. 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 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. 10 . 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

International MSCI EAFE MSCI World Intl Value ADR MSCI EAFE Index (Net) MSCI World ex. US Value ADR Index (Net) ex. US

20 Annualized return (%) 5.77 5.89 6.22 Annualized standard deviation (%) 17.30 15.00 14.97

15 Sharpe ratio 0.38 0.42 0.44 Beta 1.10 N/A N/A

10 Alpha -0.39 N/A N/A R-squared 0.91 N/A N/A

5 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. Past performance is no guarantee of future results. Investments involve risk of loss. Alpha, Beta, and R-squared are shown versus the MSCI EAFE (net) Index. 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. 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. 11 . Strategy characteristics & performance | Performance

Up/Down market capture ratios (%)

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

Intl Value ADR MSCI EAFE Index (Net) 2

1.11 1.00 1

0

1 1.00 1.10

2 Up Down 68 positive months 52 negative months

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. 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. Past performance is no guarantee of future results. Please see appendix for term definitions. 12 . Strategy characteristics & performance | Performance

Growth of $100,000

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

Intl Value ADR MSCI EAFE Index (Net) $177,236 $175,272 $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. 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. 13 . Appendix | Investment Management Team

Investment management team

Paul D. Ehrlichman,§ Safa R. Muhtaseb§ Grace Su§ Managing Director, Portfolio Manager CFA, Managing Director, Portfolio Manager Managing Director, Portfolio Manager • Industry since 1983 • Industry since 1988 • Industry since 2001 • Firm since 2008 • Firm since 2008 • Firm since 2008 • Head of Global Value • University of Tennessee at Knoxville — MBA in Finance • MBA in Finance from the Wharton School at the University of • LaSalle University — BS in Finance & Quantitative Analysis cum • Old Dominion University — BS cum laude in Business Pennsylvania laude Administration • BS in Business Administration from the Haas School of Business, • Provident Capital Management, Inc. as Assistant Vice President • Goldman Sachs Asset Management - Portfolio Manager University of California, Berkeley and Portfolio (2001-2004) • Brandywine Global - Research Analyst • Manager - (1984-1988) • Virginia Retirement System’s Investment - Oversaw the • & Co. - Equity Research Assistant • First Pennsylvania Bank as a Securities Analyst (1983-1984)§ investment in international • Mitchell Madison Group - Business Analyst § • equities and managed its U.S. Mid Cap Growth Portfolio Sean M. Bogda§ (1999-2001) CFA, Managing Director, Portfolio Manager • CalPERS - Portfolio Manager • Industry since 1993 • Firm since 2008 • University of Colorado — BS in Finance

14 . Appendix | Performance endnotes

GIPS Report

ClearBridge International Value ADR SMA Strategy Inception Date: October 1994. Composite Creation Date: January 2002. 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 -1.85 1.11 7.82 88 100 0.75 23.98 18.14 36.0 0.0 147,416.9 2019 12.83 16.19 22.01 95 100 0.51 14.22 10.96 58.4 0.0 128,740.4 2018 -23.15 -20.79 -13.79 149 100 0.55 12.89 11.40 98.2 0.1 106,083.4 2017 21.37 24.95 25.03 138 100 0.44 11.55 12.00 143.3 0.1 119,187.1 2016 2.64 5.72 1.00 159 100 0.41 12.25 12.64 103.3 0.1 100,936.9 2015 -1.70 1.25 -0.81 207 100 0.42 11.75 12.64 152.9 0.2 92,536.4 2014 -10.58 -7.87 -4.90 131 100 0.38 12.67 13.21 134.0 0.1 100,721.5 2013 26.22 29.93 22.78 125 100 0.30 15.57 16.48 143.7 0.2 85,024.7 2012 17.39 20.87 17.32 572 100 0.76 18.33 19.65 166.9 9.4 1,772.5 2011 -15.04 -12.45 -12.14 930 100 0.70 21.27 22.75 323.3 15.2 2,128.1

*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:§ ClearBridge Investments, LLC claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. ClearBridge Investments, LLC has been independently verified for the periods January 1, 1997 - 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. Firm Information:§ ClearBridge Investments, LLC (“ClearBridge”) is a wholly owned indirect subsidiary of Franklin Resources, Inc. (“Franklin”). In July 2020 Legg Mason, Inc., its parent company, was purchased by Franklin. 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 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, January 1, 2016 and May 1, 2020, ClearBridge affiliates, Global Currents Investment Management, LLC, ClearBridge, LLC and ClearBridge Investments Limited (f/k/a RARE Infrastructure Limited) have become part of the ClearBridge GIPS firm. Composite Information:§ The ClearBridge International Value ADR SMA composite consists of discretionary wrap accounts with an account minimum of US $25,000. Accounts within the composite seek to provide a value-based, international equity strategy that will outperform the MSCI EAFE Index over 3-5 years with risk similar to the Index. Investments are primarily in ADRs, but may also make limited investments in U.S.-traded stocks of non-U.S. and U.S. companies engaged in significant non-U.S. business. The strategy is implemented by Legg Mason Private Portfolio Group, LLC (“LMPPG”). LMPPG claims compliance with the Global Investment Performance Standards (GIPS®). LMPPG has been independently verified for the periods January 1, 2013 - December 31, 2019. LMPPG is a wholly owned indirect subsidiary of Franklin Resources, Inc and together with its sub-advisers, including ClearBridge, provides investment services primarily in investment programs sponsored by Sponsor Firms. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. The main risks of this strategy are General Investment Risk, Small Cap Risk, Mid Cap Risk, and Non-U.S. Investment Risk. Prior to August 2015, there was no account minimum. 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. Effective January 1, 2013, the number of portfolios reflects a change from prior periods due to an aggregation of accounts as reported by one sponsor. 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. Total firm assets prior to 2013 represents Global Currents Investment Management, LLC. 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. Gross returns are used to calculate presented risk measures. 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 MSCI EAFE® Index is an equity index which captures large and mid cap representation across developed market countries around the world, excluding the US and Canada. The “Net” Index series assumes that dividends are reinvested after the deduction of withholding tax. The index uses withholding tax rates applicable to Luxembourg holding companies. 15 . 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, , 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. , 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.

16 . Appendix | Term definitions

Definitions

Term definitions The Price-to-Book ratio (P/B) is a stock’s price divided by the stock’s Standard Deviation is based on quarterly data. Standard deviation is Market Capitalization measures the number of outstanding per share book value. a measure of the variability of returns; the higher the standard deviation, the greater the range of performance (i.e., volatility). common shares of a given corporation multiplied by the latest price Earnings Per Share (EPS) is the portion of a company’s profit per share. allocated to each outstanding share of a common stock. The Capture Ratios measure a manager’s composite performance Weighted Median Market Capitalization represents the value at relative to the benchmark, considering only those quarters that are The Sharpe Ratio is a risk-adjusted measure, calculated using either positive (Up) or negative (Down) for the benchmark. which half the portfolio’s market capitalization weight falls above and standard deviation and excess return to determine reward per unit of half falls below. risk. The higher the Sharpe Ratio, the better the portfolio’s historical An Up Market Capture Ratio greater than 1.0 indicates a manager Weighted Average Market Capitalization represents the average adjusted performance. who has outperformed the benchmark in the benchmark’s positive quarters. value of the companies held in the portfolio. When that figure is Alpha is a measure of the difference between actual returns and weighted, the impact of each company’s capitalization on the overall expected performance, given the level of risk as measured by Beta, A Down Market Capture Ratio of less than 1.0 indicates a manager average is proportional to the total market value of its shares. where Beta measures sensitivity to benchmark movements. who has outperformed the relative benchmark in the benchmark’s negative quarters.§ Dividend Yield is determined by dividing a stock’s annual dividends R-Squared measures the strength of the linear relationship between per share by the current market price per share. Dividend yield is a the portfolio and its benchmark. R-squared at 1.0 implies perfect financial ratio that shows how much a company pays out in linear relationship and zero implies no relationship exists.§ dividends.

P/E (Year 1) is the previous day’s closing price of the stock divided by the consensus earnings per share (EPS) of fiscal year 1 (FY1) provided by I/B/E/S. Forecasts are inherently limited and should not be relied upon as indicators of future performance.§

17 1-800-822-5544 At Franklin Templeton, everything we do has a single focus: to deliver better client outcomes.

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