EMPOWERING THROUGH CHOICEMORNINGSTAR CONFERENCE 2018

YOUR AIM, OUR FOCUS.

FUND MANAGER OF THE YEAR 2017

Fund Manager of the Year 2017WINNER

FUND MANAGER OF THE YEAR 2015

2015 Fund Manager of the Year WINNER

About Legg MasonGuided by a mission of Investing to Improve LivesTM, Legg Mason helps investors achieve better financial outcomes by expanding choice across investment strategies, products and vehicles. We provide specialist expertise through nine independent investment managers, including Brandywine Global, Martin Currie, Western Asset and QS Investors.

Legg Mason invites you to explore the compellingattributes of some of our most highly rated funds.

MAY 2018

Overall Fund Manager of The YearWINNER

ACCESS THE BEST AUSTRALIAN OPPORTUNITIES GO GLOBAL TO BROADEN YOU OPPORTUNITIES

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LEGG MASON MARTIN CURRIE EQUITY INCOME FUNDA diversified portfolio of high quality Australian listed companies with solid earnings and sustainable dividends.

• Strong focus on income growth to provide inflation protection• Seeks to extract full benefits of franking credits• Managed in tax-aware manner and particularly suits 0% tax payers• Fund size: $218 million*

• Fund inception: June 2011

LEGG MASON MARTIN CURRIE REAL INCOME FUNDAn Australian listed real asset portfolio focused on quality companies owning ‘hard’ physical assets (such as property, utilities and infrastructure) with reliable revenue streams.

• Seeks to generate a growing income stream with lower capital volatility than the broader equity market• Focus on quality stocks and avoids those with high risk attributes• Aim to protect purchasing power by growing the income generated above the rate of inflation• Fund size: $599 million*

• Fund inception: November 2010

PERFORMANCE (%) as at 31 March 2018

1 yr 3 yrs 5 yrs

Fund (net) 0.27 5.02 8.19

PERFORMANCE (%) as at 31 March 2018

1 yr 3 yrs 5 yrs

Fund (net) 1.19 8.15 13.63

PERFORMANCE (%) as at 31 March 2018

1 yr 3 yrs 5 yrs

Fund (net) 3.67 2.75 4.66

Benchmark^ 3.28 2.45 4.30

^Bloomberg AusBond Composite Index.

Morningstar Analyst RatingTM

08/03/2018

Morningstar Quantitative Rating

Qualitative Ratings

Qualitative Ratings

LEGG MASON WESTERN ASSET AUSTRALIAN BOND FUNDA diversified Australian fixed income fund that actively invests across Australian government, semi-government bonds, corporate bonds and asset-backed securities.

• Value add through duration management, yield curve positioning, sector rotation and issue selection• Disciplined and rigorous analysis to uncover mispriced securities • Designed to deliver attractive risk-adjusted returns • Fund size: $574 million*

• Fund inception: October 1998

*As at 31 March 2018. Past performance is not a reliable indicator of future performance.

Morningstar Analyst RatingTM

02/10/2017

Qualitative Ratings

ACCESS THE BEST AUSTRALIAN OPPORTUNITIES GO GLOBAL TO BROADEN YOUR OPPORTUNITIES

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LEGG MASON BRANDYWINE GLOBAL OPPORTUNISTIC FIXED INCOME FUND

An alpha seeking, high conviction fixed income fund investing in a mix of global bonds and other debt securities that aims to offer the highest expected real returns.

• Real yield seeking and benchmark agnostic• Deploys active currency management aimed at protecting capital and enhancing returns• Strict risk limits to avoid over-exposure in any one region or issuer• Fund size: $761 million*

• Fund inception: April 2011

LEGG MASON WESTERN ASSET GLOBAL BOND FUNDA diversified fixed income fund that seeks to generate excess returns by investing in developed and emerging market investment grade sectors across a variety of currencies.

• Benchmark aware investment approach adds incremental value• Broad investment universe allowing exposure to higher - yielding sectors• Risk controlled and actively managed to ensure broad market exposure at all times• Fund size: $171 million*

• Fund inception: December 2016

PERFORMANCE (%) as at 31 March 2018

6 mths 1 yr

Fund (net) 0.65 9.06

^Citigroup World Government Bond Index, hedged to AUD.

^Bloomberg Barclays Global Aggregate Bond Index, hedged to AUD.

Lonsec and Zenith Ratings

Lonsec and Zenith Ratings

LEGG MASON WESTERN ASSET MACRO OPPORTUNITIES BOND FUNDAn alternative, absolute return focused fixed income fund that invests in a combination of investment grade, high yielding debt securities and financial derivative instruments.

• Takes advantage of market dislocations and investment opportunities while actively controlling associated risk• Exposures steered toward market segments that present strong value opportunities• Designed to potentially have low correlations to equity and traditional fixed income over the longer term• Fund size: $90 million*

• Fund inception: August 2016

PERFORMANCE (%) as at 31 March 2018

1 yr 3 yrs 5 yrs

Fund (net) 5.15 2.82 5.41

Benchmark^ 3.19 3.08 4.80

PERFORMANCE (%) as at 31 March 2018

6 mths 1 yr

Fund (net) 0.29 4.45

Benchmark^ 0.81 2.89

*As at 31 March 2018. Past performance is not a reliable indicator of future performance.

Morningstar Quantitative Rating Morningstar Analyst RatingTM

19/12/2017

Qualitative Ratings

IMPORTANT INFORMATIONPast performance is not an indicator of future performance. Legg Mason Asset Management Australia Ltd (ABN 76 004 835 849 AFSL 240827) (Legg Mason Australia) is part of the Global Legg Mason Inc. group. Legg Mason Australia as Responsible Entity has appointed the following managers for their respective funds. Martin Currie Australia is the investment manager for Legg Mason Martin Currie Equity Income Fund (ARSN 150 751 821) and Legg Mason Martin Currie Real Income Fund (ARSN 146 910 349). Western Asset Management is the investment manager for Legg Mason Western Asset Australian Bond Fund (ARSN 088 670 286) and Legg Mason Western Asset Global Bond Fund (ARSN 616 233 017) and Legg Mason Western Macro Opportunities Bond Fund (ARSN 608 220 711). Brandywine Global is the investment manager for the Legg Mason Brandywine Global Opportunistic Fixed Income Fund (ARSN 127 583 411). Before making an investment decision you should read the relevant Product Disclosure Statement (PDS) carefully and you need to consider, with or without the assistance of a financial advisor, whether such an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. The PDS is available and can be obtained by contacting Legg Mason Australia on 1800 679 541 or at www.leggmason.com.au. The information in this brochure is of a general nature only and is not intended to be, and is not, a complete or definitive statement of the matters described in it. The information does not constitute specific investment advice and does not include recommendations on any particular securities. Legg Mason Australia nor any of its related parties, guarantee the repayment of capital or performance of any of the Legg Mason trusts referred to in this document. The Lonsec Ratings (assigned as follows: Legg Mason Martin Currie Equity Income Fund– Feb 2018; Legg Mason Martin Currie Real Income Fund – Apr 2017; Legg Mason Western Asset Australian Bond Fund - Apr 2017; Legg Mason Western Asset Global Bond Fund - Oct 2017; Legg Mason Western Macro Opportunities Bond Fund – Nov 2017 and Legg Mason Brandywine Global Opportunistic Fixed Income Fund – Oct 2017) presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold Legg Mason Martin Currie products, and you should seek independent financial advice before investing in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: http://www.beyond.lonsec. com.au/intelligence/lonsec-ratings. The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (Legg Mason Martin Currie Equity Income Fund – Jun 2017; Legg Mason Martin Currie Real Income Fund – Jun 2017; Legg Mason Western Asset Australian Bond Fund - Jun 2017, Legg Mason Western Asset Global Bond Fund – Mar 2018; Legg Mason Western Macro Opportunities Bond Fund – Mar 2018 and Legg Mason Brandywine Global Opportunistic Fixed Income Fund – Mar 2018) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines © 2018 Morningstar, Inc. All rights reserved. Legg Mason Western Australia Bond Fund received an overall Morningstar Rating ™ of 5 stars out of 94 Bonds – Australia funds and Legg Mason Brandywine Global Opportunistic Fixed Income Fund I received an overall Morningstar Rating™ of 5 stars out of 53 Bonds – Global funds, as of 30 April 2018. The Morningstar Rating is an assessment of a fund’s past performance – based on both return and risk – which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Morningstar Awards 2018 (c). Morningstar, Inc. All Rights Reserved. Awarded to Legg Mason Western Asset for Morningstar Fund Manager of the Year, Fixed Income Category, Australia. The Morningstar Analyst Rating™ for Legg Mason Western Asset Australian Bond strategy is ‘Silver’ as at 2 October 2017. The Morningstar Analyst Rating™ for Legg Mason Martin Currie Real Income Fund is ‘Neutral’ as at 08 March 2018. The Morningstar Analyst Rating™ for Legg Mason Brandywine Global Opportunistic Fixed Income Fund is ‘Silver’ as at 19 December 2017.© 2018 FE Money Management. all rights reserved. the information, data, analyses, and opinions contained herein (1) include the proprietary information of FE Money Management and Lonsec (2) may not be copied or redistributed (3) do not constitute investment advice offered by FE Money Management or Lonsec (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security (5) are not warranted to be correct, complete, or accurate. FE Money Management and Lonsec shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE Money Management and Lonsec does not guarantee that a fund will perform in line with its Fund Manager of the Year award as it reflects past performance only. Likewise, the Fund Manager of the Year award should not be any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

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CONTACT LEGG MASON Melbourne

Tony PattisonMobile +61 448 277 060Email tpattison@leggmason.com

Scott BradleyMobile +61 422 125 726Email sbradley@leggmason.com

WESTERN ASSET

BRANDYWINE GLOBAL

Headquartered in Pasadena, USA, Western Asset is one of the world’s leading dedicated fixed income managers. Founded in 1971 and becoming part of the Legg Mason group in 1986, Western Asset’s expertise extends across all the world’s major fixed income markets. Alongside broad global resources, Western Asset also has a strong presence in Australia and is recognised as one of the country’s leading fixed income investors.

Brandywine Global is an active specialist manager in fixed income investments headquartered in Philadelphia, USA. Founded in 1986 by a group of highly experienced portfolio managers, the firm has been a part of the Legg Mason group since 1998. In Australia, Brandywine Global is known as a highly rated and awarded specialist in global fixed income with proven expertise over multiple investment cycles.

Sydney

Matt StovoldMobile +61 438 076 500Email mstovold@leggmason.com

Adam MustonMobile +61 401 625 388Email amuston@leggmason.com

LEGG MASON’S SPECIALIST MANAGERS

MARTIN CURRIEMartin Currie is an active specialist equity investment manager headquartered in Edinburgh, Scotland. Founded in 1881, it has been a part of the Legg Mason group since 2014 with a significant presence in Australia since 1982. Today Martin Currie is a leading provider of income equity solutions in Australia, managing a suite of equity, multi-sector and tailored strategies.

Fund Manager of the Year: Fixed Interest Category, Australia Winner: Western Asset

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