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 Baltimore, London, San Francisco, Sydney 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, Australia 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