Australia Core

increasing and the flooding production marketexcesswith oil,exacerbating A disagreement over Saudi Arabia and oil Russia between to led the Saudis grounds. hardship of residents by landlords and limited access to superannuation onfinancial to business,for retainmoratorium employees, a asset write-offs on evictions that included, among many other measures, subsidies wage for employers of job large-scale losses with ahuge fiscal emergency the impact response Domestically,services. the Commonwealth government to tried ameliorate were shutsectors down ordrastically pared back to only include essential movementrestricted of populations within both and across Service borders. economic on the global as a outlook growing effect number of countries distancing measures in abid to rates. curb This infection had an enormous many governments were forced to implement increasingly dramatic social healthWith the facing systems threat of an overwhelming tide of pressure, as of the the scale spread of the disease increasingly became apparent. of Zealand New (RBNZ), followed by variations of quantitative easing (QE) at 0.10%), Bank of Australia the Fed, the Reserve (RBA) Bank and the Reserve down tocuts 0.25% target rates for Bank of Canada, Bank of England (ended central response. bank central policy Indeed, responded strongly with banks the seriousness of the COVID-19 threat when heforeshadowed acoordinated At the end of February, (Fed) Chair Federal Reserve Jerome Powell signalled Review Market position as yields long rose end of the at yield curve. the very overweight duration position. Thisby a curve-flattening was offset partially Interest rate strategies were mildly positive over the month withasmall overweights. large sharply, especially hold widened for corporate where bonds portfolios sovereign (SSA) and agency as spreads spread detracted sectors (bps). across Overweights corporate, semi-government and supranational, basis points in of 40-60 the range generally underperformed portfolios held to sway and led asmall negative return for the month. Australia core over yields ultimately the month theyields rise in but see-sawed long-end Bloomberg AusbondThe Composite returned -0.21% Index in March as Review Performance COVID-19 rout of economics and markets. outdated for investment consumption, such of the was the speed M issuance.bond of massiveexpectations yieldsthe cash reflected rate long-end but T R prompting responses large-scale governments. from C 0.25%, then commenced version its of QE. he yield curve steepened markedly as short-end yields markedly followed as steepened short-end curve yield he BA cut the cash rate to twice finish March at an astonishing low of OVID-19 way made to its countries most around the world in March, MAR 2020 uch of the economic data released in March was already and aged Australia Core Investment Highlights Investment discretionary retail. retail. discretionary and as proximity is for the hospitality, case and other services personal toset also suffer substantiallypopulation on frommovement restrictions Domestic-sourced net exports. to tourism, and impact leisure sport are suffer through this Among them,period. tourismeducation and are likely to the economy as with the foresight awhole that many industries will to facilitate the maintenance of supply chains and minimise the impact and federal shelves. stateemptying governments Indeed sought actively of many to daily restock was continually necessary household goods and hoarding to the point where increased and distribution production of Marchthe early weeks were characterised by of panic adegree buying brought asubstantial forward expenditure as amount of non-discretionary the summerOddly, in. firesfactored was floods and pandemic the has claim of a gentle turning point, when particularly the negative from impact pre-March data through feeding the RBA appeared governor’s to support somewhatThough in moot light of developments through March, the Investment Outlook global economic slowdown orcontraction. as the small economy open of Australia to to was seen highly a be exposed versus the euro and yen, and depreciated 4% trade-weighted index, onits was still 5.7% asimilar lost currency lower The than amount where itstarted. a 17-year low of US$0.551 on19 March before finishing at US$0.615,which AustralianThe dollar in a10.7 traded cent versus range the US dollar, hitting spreadsbond 21 were out bps. bybonds 35covered bps, bps, SSAs by70 30 bps and semi-government of the inevitable downturn. average On corporate spreads by widened migration due to the many unknowns withregard to length and depth did lower-rated corporate bonds that possible faced negative ratings brought as worse fared of calm degree some to the market. Non-banks the month around 120stimulus and fiscal measures monetary bps after market, ~80 from domestic bps to ballooned ~175 bps before finishing 5-year major liquid bank among bonds, the most corporate in bonds the than to widened 1bp 10 bps ormore tenors. for some Swap spreads on wealth Government have Bonds, which typically a bid/offer spread of less nottook wanting along step back, to any add Australian risk. Common liquidthe most issuers. Bid/offer spreads as ballooned market makers bearishCredit up markets very as onall dried also liquidity but became program. whenbonds detailing bank’s bond-buying the reserve RBAThe governor announced did not fiscalinclude long-end support. of massive government issuance bond to that the fund would needed be to began long end climb of the curve as the market the digested spectre tion of rate and the RBA’s cuts foray first intoHowever, QE. yields at the 21% lost ASX200 in March. Government initially bonds rallied onexpecta markets already in turmoil hard withequities hit particularly as the S&P/ - - Australia Core

We believe the scale of the federal government’s response, while enormous, Monetary conditions globally moved to extraordinarily accommodative was commensurate with the scale of the problem at hand. The response settings amid unprecedented central bank coordination as authorities includes a range of income supplements for individuals and substantial around the world sought to reduce downside economic risks from COVID-19. support for small and medium-sized businesses (SMEs). These include Although volatility may be elevated in the near term, we believe such temporary tax holidays, wage subsidies, instant asset write-offs, accelerated accommodative conditions will favour spread sectors, particularly with the depreciation for business investment and partial government guarantees Fed expanding its asset purchase program to include corporate bonds, of new business loans to SMEs from banks. Banks, in turn, will have access which may have flow on effects to the domestic market via relative value to enhanced liquidity from the RBA for loans made to SMEs as well as assessments. In our opinion, these sectors should be the best-performing temporary adjustment of their regulatory capital ratios for those loans fixed-income assets. We maintain an overweight to corporate bonds advanced. Obviously this has blown apart the prospect of the government’s with a concentration in large financials, property trusts and utilities, with first budget surplus in more than a decade but appears to be enough to a focus on shorter maturities to manage spread risk. In times of market give citizens and markets hope for when we emerge on the other side. turmoil, strong fundamental credit research provides valuable insight in a fast-changing economic landscape. Where possible we would seek to Consumer sentiment dipped and is likely to slide further until there is very selectively take advantage in this volatile market where opportunities firm evidence that the worst is behind us. Although the housing market stand out on a risk/return basis. has been the bright spot over the past nine months, social distancing has brought about the cessation of open house inspections and auctions. Like The Australian dollar depreciated to a 17-year low by mid-March and many industries trying to survive, the real estate industry has had to move although it pared some of that fall by month-end, it remained at the online to conduct its business but it is unlikely to prevent a slowdown in lower end of our expected range. Short-term volatility may continue to this market. challenge this low level but we think the Australian economy, with the support of the low currency and strong government stimulus, will hold The RBA kicked off its bond-purchase program with A$27 billion of bonds, the Australian dollar for the most part in the mid-US$0.60 range over the including A$5 billion semi-government bonds. While this has been long first half of the year. discussed over the past nine months, it came much sooner than expected. In anticipation of this development we lengthened duration in portfolios, For more information on Western Asset, visit westernasset.com. which had been slightly underweight, to a mild overweight duration position relative to the index with a flattening bias. We retained a flattening position in the 30-year versus the 10-year tenor as a ballast to our overweight credit position.

Western Asset 2 March 2020 Australia Core Performance and Risk Disclosures March 31, 2020 Current month’s performance returns are preliminary.

Rolling 1-Year Performance Returns Period Ending: 31 Mar 20 31 Mar 19 31 Mar 18 31 Mar 17 31 Mar 16

Australia Core Composite (gross of fees) 6.82% 7.30% 3.93% 2.89% 2.31% Australia Core Composite (net of fees) 6.61% 7.08% 3.72% 2.68% 2.10% Bloomberg AusBond Composite 0+ Yr AUD Unhedged Index 6.80% 7.20% 3.28% 2.09% 1.97% Base Currency: AUD

Past investment results are not indicative of future investment results. Source for performance figures is Western Asset. Please refer to the Performance Disclosure for more information. Currency exchange rate fluctuations will impact the value of your investment. The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested. Investment Risks: The strategy does not offer any capital guarantee or protection and you may not get back the amount invested. The strategy is subject to the following risks which are materially relevant but may not be adequately captured by the indicator: Bonds: There is a risk that issuers of bonds held by the strategy may not be able to repay the investment or pay the interest due on it, leading to losses for the strategy. Bond values are affected by the market’s view of the above risk, and by changes in interest rates and inflation. Credit: The risk that a issuer will be unable to pay principal and interest when due. Interest Rates: Changes in interest rates may negatively affect the value of the strategy. Typically as interest rates rise, bond values fall. This strategy is managed by Western Asset. This information is only for use by professional clients, eligible counterparties or qualified investors. It is not aimed at, or for use by, retail clients.

© Western Asset Management Company, LLC 2020. This publication is the property of Western Asset and is intended for the sole use of its clients, consultants, and other intended recipients. It should not be forwarded to any other person. Contents herein should be treated as confidential and proprietary information. This material may not be reproduced or used in any form or medium without express written permission. Past results are not indicative of future investment results. This publication is for informational purposes only and reflects the current opinions of Western Asset. Information contained herein is believed to be accurate, but cannot be guaranteed. Opinions represented are not intended as an offer or solicitation with respect to the purchase or sale of any security and are subject to change without notice. Statements in this material should not be considered investment advice. Employees and/or clients of Western Asset may have a position in the securities mentioned. This publication has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation or needs. It is your responsibility to be aware of and observe the applicable laws and regulations of your country of residence. Western Asset Management Company Distribuidora de Títulos e Valores Mobiliários Limitada is authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brasil. Western Asset Management Company Pty Ltd ABN 41 117 767 923 is the holder of the Australian Financial Services Licence 303160. Western Asset Management Company Pte. Ltd. Co. Reg. No. 200007692R is a holder of a Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore. Western Asset Management Company Ltd is a registered Financial Instruments Business Operator and regulated by the Financial Services Agency of Japan. Western Asset Management Company Limited is authorised and regulated by the Financial Conduct Authority (“FCA”). This communication is intended for distribution to Professional Clients only if deemed to be a financial promotion in the UK and EEA countries as defined by the FCA or MiFID II rules. Western Asset March 2020 Western Asset 3 March 2020 Performance Disclosure December 31, 2019 Australia Core Performance Disclosure Australia Core Composite December 31, 2019 © Western Asset Management Company, LLC 2018. This publicationComposite is the Inception property ofDate: Western 12/01/1994 Asset and is |intended Composite for the sole Creation use of its Date: clients, 12/01/1994 consultants, and other intended recipients. It should not be forwarded to any other person.No. of Contents Gross herein Total should be Net treated Total as confidentialBenchmark and proprietary Gross information.Australia Total BenchmarkCore This Composite material Total may not beInternal reproduced or usedMkt. in Value any form or mediumPercentage without ofexpress writtenFirm Assetspermission. Accts Return Return Total Return 3-Yr St Dev 3-Yr St Dev Dispersion AUD Mil Firm Assets AUD Mil Past2010 results are not6 indicative 7.34%of future investment 7.13% results.Composite This publication 6.04% Inception is for Date: informational 3.18% 12/01/1994 purposes | 3.42% Compositeonly and reflects Creation the 0.37% currentDate: 12/01/1994 opinions 4,321 of Western Asset. Information 0.98% contained herein 442,817 is believed to2011 be accurate,No. but6 of cannot Gross be 10.62% guaranteed. Total Opinions Net 10.40% Total represented Benchmark 11.37% are not intended Gross as 2.61%an Totaloffer or Benchmark solicitation 2.91% Totalwith respect Internalto 0.12%the purchase orMkt. sale 6,559 Value of any security andPercentage are 1.52% subject of to changeFirm 432,247without Assets notice. Statements2012 inAccts this7 material shouldReturn 9.02% not be consideredReturn 8.81% investmentTotal 7.70%advice. Return Employees 3-Yr and/or2.42% St Dev clients of3-Yr Western 2.90% St Dev Asset mayDispersion have 0.40% a position in theAUD 7,219 securities Mil mentioned.Firm This 1.62% Assets publication has AUDbeen 444,896 preparedMil without20132010 taking into86 account your 2.97%7.34% objectives, financial 2.76%7.13% situation 1.99%6.04%or needs. Before acting 2.39%3.18% on this information, 2.80%3.42% you should consider 0.15%0.37% its appropriateness 6,3654,321 having regard to 1.26%0.98% your objectives, financial 504,814442,817 situation or20142011 needs. It is your86 responsibility 10.02%10.62% to be aware of 10.40% 9.81% and observe the 11.37% applicable9.81% laws and 2.39%2.61% regulations of your 2.65%2.91% country of residence. 0.10%0.12% 7,6926,559 1.35%1.52% 569,482432,247 20152012 97 2.78%9.02% 2.58%8.81% 2.59%7.70% 2.41%2.42% 2.55%2.90% 0.07%0.40% 7,5097,219 1.26%1.62% 596,175444,896 Western20162013 Asset Management108 Company 3.49%2.97% Distribuidora 3.29%2.76% de Títulos e Valores2.92%1.99% Mobiliários Limitada2.70%2.39% is authorised 2.83%2.80% and regulated by 0.07%0.15% Comissão de Valores 6,8336,365 Mobiliários and Banco 1.18%1.26% Central do Brasil. Western578,935504,814 Asset Management20172014 Company138 Pty 10.02%Ltd 4.54% ABN 41 117 767 4.33%9.81% 923 is the holder 3.66%9.81%of the Australian Financial 2.63%2.39% Services Licence 2.73%2.65% 303160. Western 0.08%0.10% Asset Management 8,2277,692 Company Pte. Ltd. Co. 1.47%1.35% Reg. No. 200007692R 557,833569,482 is a holder of20182015 a Capital Markets139 Services 4.64%2.78%Licence for fund 4.43%2.58%management and 4.54%2.59% regulated by the Monetary2.37%2.41% Authority 2.45%2.55% of Singapore. Western 0.09%0.07% Asset Management 8,0717,509 Company Ltd is 1.34%1.26%a registered Financial 602,466596,175 Instruments 2019 14 7.76% 7.55% 7.26% 2.55% 2.59% 0.06% 8,851 1.37% 647,665 Business2016 Operator10 and regulated 3.49% by the Financial 3.29% Services Agency 2.92% of Japan. Western 2.70% Asset Management 2.83% Company Limited 0.07% is authorised and 6,833 regulated by the Financial 1.18% Conduct Authority 578,935 (“FCA”). This 2017 13 4.54% 4.33% 3.66% 2.63% 2.73% 0.08% 8,227 1.47% 557,833 communicationDescription: The is intended Western for Asset distribution Australia to ProfessionalCore strategy Clients is a only broad-market if deemed to strategy be a financial that aims promotion to maximize in the UKtotal and return EEA countries and add as value defined through by the duration FCA or MiFIDand IIcurve rules. positioning, sector 2018 13 4.64% 4.43% 4.54% 2.37% 2.45% 0.09% 8,071 1.34% 602,466 allocation2019 and 14security selection, 7.76% while approximating 7.55% benchmark 7.26% risk. The strategy 2.55% invests in a 2.59% diversified portfolio 0.06% using all major 8,851 Australian investment-grade 1.37% fixed-income 647,665sectors with a bias toward non-Treasuries. BenchmarkDescription : DescriptionThe Western: TheAsset current Australia benchmark Core strategy is the is Bloomberg a broad-market AusBond strategy Composite that aims 0+ to Yr maximize Index. The total index return is engineeredand add value to measurethrough duration the Australian and curve debt positioning, market and sector is a compositeallocation and of Treasury, security selection,Semi-Government, while approximating Supra/Sovereign, benchmark and Crrisk.edit The indices. strategy This invests index inis a subsetdiversified of the portfolio Bloomberg using AusBond all major MasterAustralian Index. investment-grade fixed-income sectors with a bias toward non-Treasuries. Base Currency: AUD | Composite Minimum: No minimum asset size requirement Benchmark Description: The current benchmark is the Bloomberg AusBond Composite 0+ Yr Index. The index is engineered to measure the Australian debt market and is a Currentcomposite Fee of Schedule:Treasury, Semi-Government, .20 of 1% on the first Supra/Sovereign, AU$100 million, and .125 Cr ofedit 1% indices. on amounts This indexover AU$100 is a subset million. of the Bloomberg AusBond Master Index. Base Currency: AUD | Composite Minimum: No minimum asset size requirement Western Asset claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards.Current Fee Western Schedule: Asset .20 hasof 1% been on the independently first AU$100 verifiedmillion, .125 for thofe 1% periods on amounts from January over AU$100 1, 1993 million. to December 31, 2018.

VerificationWestern Asset assesses claims whether compliance (1) the withFirm thehas Global complied Investment with all the Performance composite construction Standards requirements(GIPS®) and ofhas the prepared GIPS standards and presented on a firm-wide this report basis inand compliance (2) the Firm's with the policies GIPS and proceduresstandards. Westernare designed Asset to hascalculate been andindependently present performance verified for in thcompliancee periods withfrom the January GIPS standards.1, 1993 to DecemberThe Australia 31, Core 2018. Composite has been examined for the period from January 1, 2006 to December 31, 2018. The verification and performance examination reports are available upon request. Verification assesses whether (1) the Firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the Firm's policies and Forprocedures GIPS® arepurposes, designed the to Firm calculate is defined and presentas Western performance Asset, a inprimarily compliance fixed-income with the GIPSinvestment standards. manager The comprisedAustralia Core of Western Composite Asset has Management been examined Company, for the LLC;period Western from January Asset Management1, 2006 to December Company 31, Limited,2018. The authorised verification and and regulated performance by the examination Financial Conductreports are Authority available ("FCA"); upon request. Western Asset Management Company Pte. Ltd. Co. Reg. No. 200007692R, holder of the Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore; Western Asset Management Company Ltd, a registered FinancialFor GIPS® Instruments purposes, Businessthe Firm isoperator defined and as regulatedWestern Asset,by the aFinancial primarily Services fixed-income Agency investment of Japan; manager Western comprised Asset Management of Western Company Asset Management Pty Ltd ABN Company, 41 117 767 LLC; 923, Western holder ofAsset the AustralianManagement Financial Company Services Limited, Licence authorised 303160; and and regulated Western byAsset the Management Financial Conduct Company Authority Distribuidora ("FCA"); de Western Títulos Assete Valores Management Mobiliários Company (DTVM) Limitada, Pte. Ltd. authorised Co. Reg. No.and 200007692R,regulated by Comissãoholder of the de CapitalValores Markets Mobiliários Services and Banco Licence Central for fund do Brazil,management with offices and regulatedin Pasadena, by the New Monetary York, London, Authority Singapore, of Singapore; Tokyo, Western Melbourne, Asset São Management Paulo, Hong Company Kong, andLtd, Zürich.a registered Each WesternFinancial AssetInstruments company Business is a wholly operator owned and subsidiary regulated ofby Legg the Financial Mason, Inc.Services ("Legg Agency Mason") of Japan;but operates Western autonomously, Asset Management and Western Company Asset, Pty as Ltd a Firm,ABN 41is held117 767out 923,to the holder public of as the a separateAustralian entity. Financial Western Services Asset Licence Management 303160; Company and Western was founded Asset Management in 1971. Company Distribuidora de Títulos e Valores Mobiliários (DTVM) Limitada, authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brazil, with offices in Pasadena, New York, London, Singapore, Tokyo, Melbourne, São Paulo, Hong Kong, and Zürich. Each TheWestern Firm Assetis comprised company of isseveral a wholly entities owned as asubsidiary result of variousof Legg historical Mason, Inc.acquisitions ("Legg Mason") made by but Western operates Asset, autonomously, and their respective and Western performance Asset, as has a beenFirm, integratedis held out into to the publicFirm in as line a withseparate the portability entity. Western requirements Asset Management set forth by GIPS. Company was founded in 1971.

The FirmComposite is comprised is valued of severalmonthly. entities The Composite as a result returns of various are historicalthe asset-weighted acquisitions average made by of Westernthe performance Asset, and results their respectiveof all the accounts performance in the has Composite. been integrated Gross-of-fees into the returnsFirm in lineare presentedwith the portability before managementrequirements set fees, forth but by after GIPS. all trading expenses. Net of fees results are calculated using a model approach whereby the current highest tier of the appropriate strategy's fee schedule is used. This model fee does not reflect the deduction of performance-based fees. The portfolios in the Composite are all actual, fee-paying and performance fee-paying,The Composite fully isdiscretionary valued monthly. accounts The managedComposite by returns the Firm are for the at leastasset-weighted one full month. average Investment of the performanceresults shown results are for of taxable all the andaccounts tax-exempt in the accounts Composite. and Gross-of-fees include the reinvestment returns are ofpresented all earnings. before Any management possible tax fees, liabilities but afterincurred all tradingby the expenses.taxable accounts Net of have fees resultsnot been are reflected calculated in the using net aperformance. model approach Composite whereby performance the current results highest are tier time-weighted of the appropriate net of tradingstrategy's commissions fee schedule and is used. other This transaction model fee costs does including not reflect non-recoverable the deduction of withholding performance-based taxes. Policies fees. The for valuingportfolios portfolios, in the Composite calculating are performance,all actual, fee-paying and preparing and performance compliant presentationsfee-paying, fully are discretionary available upon accounts request. managed by the Firm for at least one full month. Investment results shown are for taxable and tax-exempt accounts and include the reinvestment of all earnings. Any possible tax liabilities incurred by the taxable accounts have not been reflected in the net performance. Composite performance results are time-weighted net of tradingThe returns commissions for the accounts and other in the transaction Composite costs are including calculated non-recoverable using a time-weighted withholding rate taxes.of return Policies adjusted for for valuing weighted portfolios, cash flows. calculating The returns performance, for the andcommingled preparing funds compliant in the presentationsComposite are are calculated available daily upon using request. net asset values (NAV), adding back the funds' total expense ratio or equivalent. Trade date accounting is used since inception and market values include interest income accrued on securities held within the accounts. The returns for the accounts in the Composite are calculated using a time-weighted rate of return adjusted for weighted cash flows. The returns for the commingled funds in the Composite arereturns calculated are measured daily using against net asseta benchmark, values (NAV), when addingapplicable. back The the benchmarkfunds' total expenseis unmanaged ratio or and equivalent. provided Tradeto represent date accounting the investment is used environment since inception in existence and market during values the includetime periods interest shown. income For accrued comparison on securities purposes, held its withinperformance the accounts. has been linked in the same manner as the Composite. The benchmark presented was obtained from third party sources deemed reliable but not guaranteed for accuracy or completeness. Benchmark returns and benchmark three-year annualized ex-post standard deviation are not covered by the report of independentComposite returns verifiers. are measured against a benchmark, when applicable. The benchmark is unmanaged and provided to represent the investment environment in existence during the time periods shown. For comparison purposes, its performance has been linked in the same manner as the Composite. The benchmark presented was obtained from third party sources deemedInternal dispersionreliable but is not calculated guaranteed using for the accuracy asset-weighted or completeness. standard Benchmarkdeviation of returnsannual andgross benchmark returns of three-yearthose portfolios annualized that were ex-post included standard in the deviation Composite are fornot thecovered entire by year. the Forreport each of independentannual period, verifiers. accounts with less than 12 months of returns are not represented in the dispersion calculation. Periods with five or fewer accounts are not statistically representative and are not presented. The three-year annualized ex-post standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The three-yearInternal dispersion annualized is calculated ex-post standard using the deviation asset-weighted is not presented standard for deviation periods of where annual 36 gross monthly returns returns of thoseare not portfolios available that for were the composite included in or the the Composite benchmark. for Any the grossentire totalyear. three-year For each annualizedannual period, ex-post accounts standard with deviationless than measures 12 months prior of returns to 2011, are included not represented within the in"Examination the dispersion Period" calculation. identified Periods above, with are five not orcovered fewer byaccounts the report are ofnot independent statistically verifiers.representative and are not presented. The three-year annualized ex-post standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The three-yearPast investment annualized results ex-post are not standard indicative deviation of future is investmentnot presented results. for periods Information where contained 36 monthly herein returns is believedare not available to be accurate, for the compositebut cannot or be the guaranteed. benchmark. Employees Any gross and/or total three-year clients of annualizedWestern Asset ex-post may standardhave a position deviation in themeasures securities prior mentioned. to 2011, included within the "Examination Period" identified above, are not covered by the report of independent verifiers. PastWestern investment Asset's resultslist of compositeare not indicative descriptions of future is available investment upon results. request. Information Please contactcontained Derek herein Fan is atbelieved 626-844-9465 to be accurate, or [email protected]. but cannot be guaranteed. All Employees returns for and/or strategies clients with of Westerninception Asset prior tomay January have a1, position 2010 are in availablethe securities upon mentioned. request. Western Asset's list of composite descriptions is available upon request. Please contact Derek Fan at 626-844-9465 or [email protected]. All returns for strategies with inception prior to January 1, 2010 are available upon request.

For more information on Western Asset visit our website at www.westernasset.com Western Asset 4 WesternMarch Asset2020 For more information on Western Asset visit our website at www.westernasset.com Western Asset