FUND IN FOCUSLEGG MASON IF MARTIN CURRIE EUROPEAN UNCONSTRAINED

SEPTEMBER 2020 FOR PROFESSIONAL INVESTORS ONLY

www.martincurrie.com

Long-term, sustainable alpha generation from a concentrated, high conviction portfolio of innovative, global leading European companies. Proprietary fundamental research with Environmental, Social and Governance (ESG) analysis fully embedded, identifies quality growth companies, with compounding characteristics that are undervalued by the market. This results in a portfolio with the potential to deliver strong upside capture whilst proving resilient in a down market.

Objective

Investing in a concentrated, high conviction portfolio of European ex UK companies, we aim to outperform the MSCI Europe ex-UK over rolling five-year periods through long-term capital appreciation.

Peer group ranking – IA Europe ex UK

3 months Year to date 1 year Since inception

Quartile 3 1 1 1

Percentile 62 13 15 3

(10)

0

10

20

30

Three monthsRe

turn

(%)

Year to date One year Since inception p.a.*

23.9

9.55.9

0.0

9.1

(2.6)

19.9 18.1

Portfolio MSCI Europe ex UK

Performance

Past performance is not a guide to future returns. The return may increase or decrease as a result of currency fluctuations.Source: Martin Currie as at 30 June 2020. Legg Mason Martin Currie IF European Unconstrained A Acc Fund shown in £. Net data is presented net of investment advisory fees, broker commissions, and all other expenses borne by investors. An annual fee rate of 1.00% has been applied for the net data. The figures provided include the re-investment of dividends. Please note that this strategy is unconstrained by any benchmark. We show it against the MSCI Europe ex UK for illustrative purposes only. *Inception 17 December 2018.

ESG

*A copy of the PRI’s assessment of Martin Currie and methodology is available on request. **Categorised as Tier 1 signatory to UK Stewardship Code. The trademark shown is that of the respective owner and is used for descriptive and illustrative purposes only. The company trademark shown is not in any way associated, or to be deemed to be associated, with Martin Currie or its group of companies. The analysis of Environmental, Social and Governance (ESG) factors form an important part of the investment process and helps inform investment decisions. The investment strategy of the strategy does not necessarily target particular sustainability outcomes.

INVESTING TO IMPROVE LIVES™

Quality growth companies to compound returns – Offering investors the reduced risk of permanent capital loss and sustainable returns from their compounding potential. Our long-term investment horizon allows these companies to realise their compounding potential.

Focused on long-term growth – Three long-term mega trends of demographic change, the future of technology and resource scarcity guide our fundamental research.

Systematic risk assessment to generate maximum insight – In-depth analysis of company, industry, governance & sustainability and portfolio risks, combined with a behavioural framework to assess team decision making.

Proprietary ESG analysis is integrated throughout the process – Capturing the complexity of the ESG risks facing a company’s long-term outlook and sustainability.

We consider portfolio construction with equal importance to research process – Focused on five areas: geographic revenue and profit, long-term thematics, company classification, industry lifecycles and end user market exposure. These aid the portfolio’s diversity, risk management and the capture of long-term growth.

Industry recognition

Highest possible ratings by PRI forthe fourth consecutive year*

A+ A+ A+Tier 1 ranking by the

Financial Reporting Council**

Tier 1Worldwide for

Active Ownership

Top 7%

Stock Country Weight (%)

ASML 7.7

Ferrari 6.8

Straumann 6.3

Kering 5.9

Moncler 5.8

Adidas 5.6

L'Oreal 4.9

Atlas Copco 4.9

Hexagon 4.9

Linde 4.7

02

Zehrid OsmaniHead of Global Long-Term UnconstrainedInvestment experience: 22 years

Portfolio

The information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the security transactions discussed here were, or will prove to be, profitable.Source: Martin Currie as at 30 June 2020. Legg Mason IF Martin Currie European Unconstrained A Acc Fund shown. Please note that this strategy is unconstrained by any benchmark. We show it against the MSCI Europe ex UK for illustrative purposes only.

Portfolio managers

Zed joined Martin Currie in May 2018 from BlackRock. He was a senior portfolio manager and had responsibility for managing several pan-European equity funds with a specific focus on unconstrained, high-conviction, long-term portfolios.

Amanda Whitecross*

Portfolio ManagerInvestment experience: 26 years

Amanda has accountability for the teams' investment process and research responsibilities covering the Consumer sectors. She joined Martin Currie as a senior consumer research analyst in 2008, having already gained extensive experience in both the buy and sell side.

Sector Country

Market cap

$30bn to $50bn> $50bn

$10bn to $30bn

Cash

$5bn to $10bn$2bn to $5bn

France

Italy

Sweden

GermanySwitzerland

Netherlands

Denmark

OtherIreland

Cash

Consumerdiscretionary

InformationTechnology

HealthcareConsumerstaples

Materials

IndustrialsFinancials

Cash

Share class Fund Index

Inception 17 Dec 2018 —Number of holdings 21 349ROIC (%) 25.2 5.8Price Earnings (NTM) 34.7 18.1Net Debit/EBITDA 0.1 1.9Free Cash Flow Growth (%) 13.3 8.7

Share class

Annual management charge

Minimum investment ISIN

A Acc 1.00% £3,000 GB00BVZ6TZ76X Acc 0.75% £100,000 GB00BVZ6V174A Inc 1.00% £3,000 GB00BVZ6V067X Inc 0.75% £100,000 GB00BVZ6V281S Acc 0.35% £50,000,000 GB00BHJWCD25

Key information

Risk and reward profile

1 2 3 4 5 6 7

Lower risk Higher riskPotentially lower reward Potentially higher reward

Ken Hughes* Industrials, Materials, Energy, Utilities, Autos Roberto Venanzio* Technology, Media and Telecoms, Financials

Yulia Hofstede Technology, Media and Telecoms, Financials Jonathan Regan* Healthcare

Robbie McNab* Consumer staples, Consumer discretionary Zoe Hutchison* Industrials, Materials, Energy, Utilities, Autos

Sam Cottrell* Healthcare

Investment team

The team of nine have an average investment experience of over 12 years. They combine the role of analyst and portfolio manager, with specific sector research responsibilities and ownership of a specific aspect of invesment process to drive innovation and a culture of continual improvement.

Source: Martin Currie as at 30 June 2020. Legg Mason IF Martin Currie European Unconstrained A Acc Fund shown. Please note that this strategy is unconstrained by any benchmark. We show it against the MSCI Europe ex UK for illustrative purposes only.

*CFA® Charterholder, Amanda Whitecross is an associate of the UK Society of Investment Professionals (ASIP).

This information is issued and approved by Martin Currie Investment Management Limited (‘MCIM’). It does not constitute investment advice. Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested. The information contained in this presentation has been compiled with considerable care to ensure its accuracy. But no representation or warranty, express or implied, is made to its accuracy or completeness. This document has been prepared for professional investors, it is intended for the recipient only and may not be distributed to third parties. The document does not form the basis of, nor should it be relied upon in connection with, any subsequent contract or agreement. It does not constitute, and may not be used for the purpose of, an offer or invitation to subscribe for or otherwise acquire shares in any of the products mentioned. Past performance is not a guide to future returns. This is a sub-fund (‘fund’) of Legg Mason Funds ICVC (‘the Company’), an umbrella investment company with variable capital, authorised in the UK by the Financial Conduct Authority as an undertaking for collective investment in transferable securities (‘UCITS’). Legg Mason Investments (Europe) Limited is a wholly owned subsidiary of Franklin Resources, Inc.

It should be noted that the value of investments and the income from them may go down as well as up. Investing in a sub-fund involves investment risks, including the possible loss of the amount invested. Past performance is not a reliable indicator of future results. An investment in a sub-fund should not constitute a substantial proportion of an investor’s investment portfolio and may not be appropriate for all investors. Investors’ attention is drawn to the specific risk factors set out in a fund’s share class key investor information document (‘KIID’) and the Company’s prospectus (the ‘Prospectus’).This material is not necessarily a complete summary and is not intended, for example, as a complete analysis. The information and data in this material (that may include without limitation research, forecasts, figures, opinions, statements, trends, investment techniques and strategies) has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Europe) Limited nor any Legg Mason, Inc. company or affiliate (together ‘Legg Mason’). No representation is made that the information or data is correct as of any time subsequent to its date. Further there is no guarantee or assurance that funds will achieve their investment objectives. The distribution of specific products is restricted in certain jurisdictions, investors should be aware of these restrictions before requesting further specific information. Please note the information within this report has been produced internally using unaudited data and has not been independently verified. Whilst every effort has been made to ensure its accuracy, no guarantee can be given.

The information provided should not be considered a recommendation to purchase or sell any particular strategy/fund/security. It should not be assumed that any of the security transactions discussed here were or will prove to be profitable. Risk warnings - Investors should also be aware of the following risk factors which may be applicable to the strategies.Investing in foreign markets introduces a risk where adverse movements in currency exchange rates could result in a decrease in the value of your investment.Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Accordingly, investment in emerging markets is generally characterised by higher levels of risk than investment in fully developed markets. The strategies hold a limited number of investments. If one of these investments falls in value this can have a greater impact on the portfolios’ value than if they held a larger number of investments.The strategies may invest in derivatives (Index futures and FX forwards) to obtain, increase or reduce exposure to underlying assets. The use of derivatives may restrict potential gains and may result in greater fluctuations of returns for the portfolios. Certain types of derivatives may become difficult to purchase or sell in such market conditions.

IMPORTANT INFORMATION

Martin Currie Investment Management Limited, registered in Scotland (no SC066107), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES. Authorised and regulated by the Financial Conduct Authority.

Tel: (44) 131 229 5252 Fax: (44) 131 228 5959 www.martincurrie.com

Please note that calls to the above number and any other communications may be recorded.

© 2020 Martin Currie Investment Management Limited.