2020 LEGG MASON DIVIDENDS & GROWTH PORTFOLIOSDIVIDENDS & GROWTH PORTFOLIOS (MDA 3) ... Introduction | Legg Mason Underlying strategies in proposed portfolio Legg Mason Dividends &

2Q 2020 Separately Managed Accounts

LEGG MASONDIVIDENDS & GROWTHPORTFOLIOS (MDA 3)

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 Legg Mason-affiliated subadvisors: ClearBridge Investments, LLC, and Western Asset Management Company, 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 Advisor.

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Introduction | Legg Mason

Underlying strategies in proposed portfolio

Legg Mason Dividends & Growth Portfolios• 30% ClearBridge Multi Cap Growth Portfolios• 70% ClearBridge Dividend Strategy Portfolios

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Introduction | Legg Mason

Meet our investment managers

Having honed their expertise over many decades and market cycles, our global asset managers offer specialized capabilities across a scope of asset classes and strategies. Each skilled team operates with independent vision to help deliver powerful financial solutions for both individuals and institutions.

Global value investing Acting with conviction and discipline, Brandywine Global looks beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income, equity and alternative solutions.

Global listed infrastructure investing RARE is a specialized investment managerfocused exclusively on global listed infrastructure. Established in 2006, RARE offers expertise acrossthe infrastructure spectrum and aims to identify and invest in high-quality listed infrastructure assets with the goal of delivering strong absolute returns over an investment cycle.

Global alternatives EnTrust Global is one of the world’s largest alternative solutions providers. With deep industry knowledge, expertise, scale and resources, the firm manages alternative strategies (through customized portfolios, co-investments, real asset investments and established funds)with comprehensive risk management, rigorous due diligence and a diversified selection of investment partners.

Real estate investment specialistsClarion Partners has been a leading pure-play real estate investment manager since 1982. Headquartered in New York, the firm maintains offices across the U.S. and in Europe, managing a broad range of real estate strategies across the risk/return spectrum for global investors.

Small-cap equity Royce Investment Partners specializes in small-cap investing, managing both U.S. and international portfolios for individual investors, financial advisors and institutions. The firm is generally regarded as a pioneer in small-cap investing andhas focused on this distinctive asset class formore than 45 years, leading to unparalleled domain knowledge of the smaller-companyinvestment universe.

Active equity specialists Martin Currie builds global, stock-driven portfolios based on fundamental research, devoting all of its resources to delivering optimum investment outcomes and superior client relationships.

Quality-focused equity With a legacy dating back over 50 years, ClearBridge Investments is a leading global equity manager committed to deliveringdifferentiated long-term results through authentic active management.

Global value fixed income One of the world’s leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

Systematic investment solutions QS Investors is a quantitative asset manager that provides multi-asset class and global equity solutions. Their approach unites intellectual and academic precision with the power of data and technology in their quest to elevate the certainty of outcomes they deliver.

Royce & Associates, LP primarily conducts its business under the name Royce Investment Partners.EnTrustPermal also conducts business as EnTrust Global.Active share is a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.

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Introduction | Multiple Discipline Account

Multiple Discipline Account® (“MDA”) -- Potential benefits

Diversification• Multiple investment styles

in single account• Ongoing monitoring of

asset allocation with rebalancing as deemed appropriate1

Flexibility and choice• Greater accommodation of

special instructions• Tax harvesting potential2

Simplified, convenient portfolio administration• Single point of contact for

portfolio management• Consolidation of positions

into one statement

1 32

Diversification does not assure a profit or protect against market loss. Asset Allocation does not assure a profit or protect against market loss.1 The Overlay Portfolio Management process is conducted by the MDA style managers and a service provider on behalf of Legg Mason Private Portfolio Group, LLC.2 Depends on individual tax situation. Please see “Disclaimer” for important tax information.

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Diversification

By investing in more than one asset class, investors may have the potential over time to enhance overall portfolio returns and manage risk.

The above table is presented for informational purposes only and does not represent performance of any portfolio or mutual fund. Past performance is no guarantee of future results. Please see Index Performance Endnotes for important additional information. An investor cannot invest directly in an index.

Cash is represented by the FTSE 3-Month U.S.Treasury Bill IndexFixed Income is represented by the Bloomberg Barclays U.S. Government/Credit Bond Index

Large Cap Growth is represented by the Russell 1000 Growth Index.Large Cap Value is represented by the Russell 1000 Value Index.

Mid Cap Growth is represented by Russell MidCap Growth IndexMid Cap Value is represented by Russell MidCap Value Index

Small Cap Growth is represented by the Russell 2000 Growth Index.Small Cap Value is represented by the Russell 2000 Value Index.

International is represented by the MSCI EAFE Index.The Broad Market is represented by the S&P 500 Index.

Calendar year returns of varied market indices.

BEST

PER

FORM

ANCE

WO

RST

PERF

ORM

ANCE

S&P 500Index-4.38%

Large CapGrowth-1.51%

Large CapValue-8.27%

Mid CapGrowth-4.75%

Small CapGrowth-9.31%Mid CapValue-12.29%

Inter-national-13.36%

Small CapValue-12.86%

Fixed Income-0.42%

Cash1.86%

Large CapGrowth30.21%

Small CapGrowth22.17%S&P 500Index21.83%Large CapValue13.66%Mid CapValue13.34%

Cash0.84%

Small CapValue7.84%

Inter-national25.62%

FixedIncome4.00%

Mid CapGrowth25.27%

Small CapValue31.74%Mid CapValue20.00%

FixedIncome3.05%

S&P 500Index11.96%

Mid CapGrowth7.33%

Cash0.27%


Large CapValue17.34%

Inter-national1.51%

Small CapGrowth11.32%

Cash0.03%

Mid CapValue-4.78%


S&P 500Index1.38%


Mid CapGrowth-0.20%

FixedIncome0.15%



Small CapGrowth-1.38%




Mid CapGrowth11.90%

S&P 500Index13.69%

Cash0.03%


FixedIncome5.99%

Mid CapValue14.75%

Small CapValue4.22%

Large CapGrowth 33.48%

FixedIncome -2.35%

Mid CapGrowth 35.74%

Small CapGrowth 43.30%

S&P 500 Index 32.39%

Small CapValue 34.52%


Inter-national 23.29%

Mid CapValue33.46%

Cash0.05%



S&P 500 Index16.00%



Small CapValue18.05%

Mid CapGrowth15.81%

Cash0.07%

Mid CapValue18.51%

FixedIncome4.82%



S&P 500Index15.06%


FixedIncome6.59%


Inter-national8.21%

Mid CapValue24.75%

Mid CapGrowth26.38%

Cash0.13%

Mid CapGrowth 11.43%


Mid CapValue-1.42%

Cash4.74%

Large CapGrowth11.81%Inter-national11.63%

S&P 500Index5.49%


FixedIncome7.23%


Mid CapGrowth35.47%S&P 500Index31.49%Small CapGrowth28.48%Mid CapValue27.06%Large CapValue26.54%Inter-national22.66%Small CapValue22.39%FixedIncome9.71%

Cash2.25%


Mid CapValue23.71%Small CapValue22.25%Inter-national20.70%Large CapValue16.49%Mid CapGrowth15.48%Small CapGrowth14.31%S&P 500Index10.88%Large CapGrowth6.30%FixedIncome4.19%

Cash1.24%

Mid CapValue12.65%

Small CapValue4.71%


Large CapValue7.07%

Mid CapGrowth12.10%


S&P 500Index4.91%


FixedIncome2.37%

Cash3.00%

Mid CapValue20.22%




Mid CapGrowth10.66%


S&P 500Index15.79%


FixedIncome3.78%

Cash4.76%


S&P 500Index-37.00%


Mid CapValue-38.44%

FixedIncome5.70%

Cash1.80%

Large CapGrowth-38.44%



Mid CapGrowth-44.32%

2004 201920172016201520142013201220102005 2006 2007 2008 2009 2018

Cash0.16%

FixedIncome4.52%



S&P 500Index26.46%


Mid CapValue34.21%



Mid CapGrowth46.29%

Cash0.08%

FixedIncome8.74%

Mid CapGrowth-1.65%

Mid CapValue-1.38%


Large CapValue0.39%


S&P 500 Index2.11%



2011

Source: Legg Mason. As of 12/31/2019. Diversification does not assure a profit or protect against market loss. All investments involve risks, including possible loss of principal. Investing in non-U.S. companies involves risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuations, political and economic developments, foreign taxation and differences in auditing and other financial standards. International investing may not be suitable for everyone. These risks are magnified in emerging markets. Stocks of small- and mid-capitalization companies tend to involve more risk and volatility than stocks of larger companies. As interest rates rise, bond prices fall reducing the value of fixed income investments. See Index definitions slide for index definitions. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

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MDA Portfolios are designed to access multiple managers with compatible styles

Multiple managers Single manager

vs

Unknown Styles Complementary portfolios Complementary Styles

x4 Asset allocation Planned

x4 Client reporting x1

x4 Portfolio review/Re-balancing x1

x4 Manager firm selection x1

For illustrative purposes only.An account’s actual allocations to its portfolio segments will vary over time as markets change. An account may be rebalanced to or towards its target allocations if one or more segments of the account becomes over-weighted or under-weighted as a result of market appreciation or depreciation. Cash flows into and out of an account will be applied towards the account’s more underweight segment in order to bring such account’s allocations back towards their target allocations.

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Your investment portfolio | Multi Cap Growth

ClearBridge Multi Cap Growth Portfolios

OverviewThe Multi Cap Growth (MCG) portfolios seek out growth company stocks with the potential for above-average long-term earnings and/or cash flow growth.Portfolio positioning• Designed for investors seeking a growth portfolio

with the ability to invest in all market capitalizations1

• Offers a long-term buy-and-hold strategy, which may reduce portfolio turnover

Key differentiators• We believe a true growth portfolio should consist of

stocks that can be held not for a quarter or two, but for many years so that earnings and/or cash flow growth can compound over time

• Portfolios typically concentrated in generally 25-45 holdings

• Sector concentrations can be significant, but are a by product of the bottom-up fundamental research-driven stock selection process

PhilosophyWe believe that:• An all-capitalization portfolio that seeks a low

turnover approach to portfolio construction allows earnings and/or cash flow to compound—does not force sell decisions based upon market capitalization

• Intensive, bottom-up investment process seeks inefficiently-priced companies with strong fundamentals, incentive-driven management teams, dominant positions in niche markets and/or goods or services customers are practically compelled to use

ObjectivesThe strategy seeks to:• achieve long-term capital appreciation through

investment in large-, mid- and small- capitalization stocks that have the potential for above average long-term earnings and/or cash flow growth

• select companies that can be held for long periods of time

1 All market capitalization ranges will not necessarily be represented in an individual account.Risks: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met.In additon to investments in large-capitalization companies, investments may be made in speculative and/or small-cap and mid-cap companies which involve a higher degree of risk and volatility than investments in larger, more established companies. In addition, because the investments may be concentrated in a limited number of industries and companies, the portfolios may involve heightened risk.While most investments are in U.S. companies, investments may also be made in ADRs and other securities of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets.Certain limits on the amount of investment in any one company may cause individual investment portfolios to vary from each other, and thus the performance results of such portfolios may also vary from each other, particularly when combined with the price volatility of stocks in such portfolios.Diversification does not assure a profit or protect against market loss.Managers seek to keep portfolio turnover low to allow for the positive compounding effect of dividends over time, although market, security and other investment considerations may cause turnover to be higher from time to time. Also, all capitalization ranges will not necessarily be represented in an individual account.

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Your investment portfolio | Multi Cap Growth

ClearBridge Multi Cap Growth Portfolios investment process

Define the investment universeConsider companies across the market capitalization spectrum that we believe have the potential for above-average long-term earnings and/or cash flow growth

Perform bottom-up fundamental analysisEmphasize companies with significant franchise value, material ownership stake by management, strong balance sheets and ubiquitous products or services

Determine buy-listIdentify companies that may be inefficiently priced and/or overlooked by Wall Street at time of position initiation

Maintain concentrated portfolio with long-term horizonConstruct a low-turnover portfolio of generally 25-45 holdings concentrated by industry and issuer. Allow earnings and/or cash flow growth to compound

Review holdings continuouslyRe-examine a current holding when long-term deterioration in company or industry fundamentals is seen as a significant possibility, valuation is excessive or new idea provides better risk/return prospects

Market, security and/or other investment considerations may result in higher turnover from time to time.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.

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Your investment portfolio | Dividend Strategy

ClearBridge Dividend Strategy Portfolios

Philosophy• Total return portfolio focused on large cap, high-quality

companies that: Pay an attractive dividend

Have the potential to significantly grow their dividends

Provide consistent and competitive risk-adjusted returns

Objectives• The strategy seeks: Attractive growth of dividend income

Long-term capital appreciation

To focus on capital preservation in challenging markets

Risks: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met.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.While most investments are in U.S. companies, investments may be made in ADRs and U.S.-traded ordinary shares of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuations, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets.Limited investments also may be made in non-dividend paying stocks that are not expected to pay a dividend in the near future.The managers may sometimes hold significant portions of portfolio assets in cash equivalents while waiting for buying opportunities.Managers seek to keep portfolio turnover low to allow for the positive compounding effect of dividends over time, although market, security and other investment considerations may cause turnover to be higher from time to time. Also, all capitalization ranges will not necessarily be represented in an individual account.

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Your investment portfolio | Dividend Strategy

ClearBridge Dividend Strategy Portfolios investment process

Define the investment universeEmphasize domestic large-capitalization stocks, but also consider mid- and small-capitalization companies and ADR’s of foreign companies opportunistically

Evaluate stocks using proprietary disciplineScreen for companies across all market sectors with either an attractive dividend yield, a history of (or prospects for) dividend growth, strong balance sheets, dominant positions and/or reasonable valuations

Select securities and construct portfolioConduct fundamental research and dividend analysis to identify companies with attractive growth characteristics relative to their valuation levels

Review processRe-examine a current holding when valuation is realized, fundamentals deteriorate, and/or cyclical shifts alter industry’s attractiveness

Limited investments also may be made in non-dividend paying stocks that are not expected to pay a dividend in the near future.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.

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Strategy characteristics & performance | Equity Portfolio characteristics

Equity Portfolio characteristics as of June 30, 2020

Market capitalization (%)

65.46

12.9316.23

4.341.04

Above $50B $25 - $50B $10 - $25B $3 - $10B 0 - $3B0

20

40

60

80

100Portfolio

Characteristics (%)

Number of Holdings 87

Dividend Yield 2.34

Forecasted P/E Ratio -1 Year 20.37

Price/Book Ratio 5.84

Long-Term EPS Growth 11.59

Weighted Median Market Capitalization 75.21

Weighted Average Market Capitalization 210.12

Source: FactSet. Portfolio characteristics are based on a representative portfolio within the composite and are subject to change at any time. Portfolio characteristics of individual client portfolios in the program may differ, sometimes significantly, from those shown above. 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.

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Strategy characteristics & performance | Equity Portfolio characteristics

Equity Portfolio characteristics as of June 30, 2020

Sector weightings (%)

InformationTechnology

23.5

Health Care 17.78CommunicationServices

10.9

Industrials 8.96Financials 8.62Materials 7.72Consumer Staples5.94Utilities 3.75Energy 3.6Real Estate 2.04ConsumerDiscretionary

1.71

Cash 5.49

InformationTechnology

23.5

Health Care 17.78

CommunicationServices

10.9

Industrials 8.96

Financials 8.62

Materials 7.72

Consumer Staples 5.94

Utilities 3.75

Energy 3.6

Real Estate 2.04

ConsumerDiscretionary

1.71

Cash 5.49

Top Holdings

Portfolio

UnitedHealth Group Inc 5.42

Comcast Corp 5.08

Microsoft Corp 3.67

Broadcom Inc 2.76

Apple Inc 2.71

Autodesk Inc 2.60

Vertex Pharmaceuticals Inc 2.38

Raytheon Technologies Corp 2.16

Blackstone Group Inc/The 2.02

PPG Industries Inc 1.88

Total 30.68

Source: FactSet. Sector weightings and holdings are based on a representative portofolio within the composite and are subject to change at any time. Sector weightings and holdings of individual client portfolios in the program may differ, sometimes significantly, from those shown above. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the sectors or securities listed and should not be used as a sole basis to make any investment decisions.

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Strategy characteristics & performance | Performance

Performance

Calendar-year total returns – gross and net of fees (%) ending December 31

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Dividends & Growth (gross) 28.67 -5.23 18.94 13.49 -3.17 13.99 34.66 17.12 5.50 19.11

Dividends & Growth (net) 24.99 -8.01 15.51 10.21 -6.01 10.70 30.82 13.75 2.43 15.68

Index Mix 32.79 -3.69 24.12 10.58 2.49 13.32 32.94 15.77 2.14 15.84

S&P 500 Index (USD) 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06

Annualized rates of return – gross and net of fees (%) as of June 30, 2020 – PRELIMINARY

Jun ‘20 Q2 ‘20 YTD 1-year 3-year 5-year 7-year 10-year 15-year

Dividends & Growth (gross) 0.40 16.69 -7.94 0.78 7.20 8.36 9.86 13.23 9.67

Dividends & Growth (net) 0.15 15.87 -9.32 -2.17 4.09 5.22 6.68 9.96 6.49

Index Mix 2.69 22.75 0.42 11.68 12.94 12.08 13.33 14.87 9.54

S&P 500 Index (USD) 1.99 20.54 -3.08 7.51 10.73 10.73 12.13 13.99 8.83

The Index Mix consists of the following: 30% Russell 3000 Growth and 70% S&P 500 Index.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. YTD numbers are not annualized. 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. YTD numbers are not annualized. Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. 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 may 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. Please see GIPS® Endnotes for additional important information regarding the portfolio’s performance and for effects of fees. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

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Risk/return profile (%)

Gross of fees (based on 10-year period ending June 30, 2020)

0 5 10 15 200

5

10

15

Dividends & Growth Index Mix S&P 500 Index (USD)

Ann

ualiz

ed r

ate

of r

etur

n (%

)

Risk (% annualized standard deviation)

Modern portfolio statistics as of June 30, 2020

Dividends and Growth

(MDA 3) Index MixS&P 500

Index

Annualized return (%) 13.23 14.87 13.99

Annualized standard deviation (%) 12.90 13.59 13.42

Sharpe ratio 0.99 1.05 1.00

Beta 0.93 N/A N/A

Alpha -0.48 N/A N/A

R-squared 0.95 N/A N/A

The Index Mix consists of the following: 30% Russell 3000 Growth and 70% S&P 500 Index.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. YTD numbers are not annualized. 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 Index Mix. 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. Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. 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. Please see GIPS® Endnotes for additional important information regarding the portfolio’s performance and for effects of fees. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

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Up/Down market capture ratios (%)


0.91

0.96

1.00

1.00

2

1

0

1

2

Dividends & Growth Index Mix

Up86 positive months

Down34 negative months

The Index Mix consists of the following: 30% Russell 3000 Growth and 70% S&P 500 Index.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. YTD numbers are not annualized. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. 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. Please see appendix for term definitions. Please see GIPS® Endnotes for additional important information regarding the portfolio’s performance and for effects of fees. 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.

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Growth of $100,000


2010 2012 2014 2016 2018 2020$0

$100,000

$200,000

$300,000

$400,000

$500,000Dividends & Growth Index Mix $346,541 $400,118

The Index Mix consists of the following: 30% Russell 3000 Growth and 70% S&P 500 Index.For illustrative purposes only. Assumes no withdrawals or contributions. These statistics are based on 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. Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. 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. Please see GIPS® Endnotes for additional important information regarding the portfolio’s performance and for effects of fees. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

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Appendix | Investment Management Team

Investment management team

Richard Freeman§

Managing Director, Portfolio Manager• Industry since 1976

• Firm since 1983

• New York University — MBA in Finance

• Brooklyn College — BS in Accounting

• Member of the ClearBridge Investments Operating/Investment Committee

• Shearson American Express - Portfolio Manager of the Shearson Aggressive Growth Fund

• Portfolio Manager of Mid/Small Capitalization Growth Portfolios

• Chemical Bank -- Vice President, Trusts and Investments

• Drexel Burnham Lambert -- Vice President, Research§

§

Evan Bauman§


• Firm since 1996

• Duke University — BS in Mathematics

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Appendix | Investment Management Team

Investment management team

John Baldi§Managing Director, Portfolio Manager• Industry since 1999

• Firm since 2004

• BS in Finance and Economics from Boston College

• JPMorgan Chase - Senior Analyst, Specialty Finance§

Michael Clarfeld, CFA§


• Firm since 2006

• Duke University — BA in History

• Member of the CFA Institute

• Member of the New York Society of Securities Analysts

• Hygrove Partners, LLC — Equity Analyst

• Goldman Sachs — Equity Research, Financial Analyst§

Scott Glasser, §Managing Director, Portfolio Manager• Co-Chief Investment Officer

• Industry since 1991

• Firm since 1993

• Pennsylvania State University — MBA

• Middlebury College — BA

• Member of the ClearBridge Investments Management Committee

• Shearson Lehman Brothers — Portfolio Manager, Consumer Analyst

• Bear Stearns & Co. — Credit Analyst

• CIS Marketing — Account Representative§

Diane Keady§


• Firm since 1994

• New York University, Leonard N. Stern School of Business — MBA

• Rutgers University — BS

• Citigroup Asset Management — U.S. Sales and Distribution, Vice President

• Salomon Smith Barney — GAAP Reporting, Vice President

• Smith Barney Shearson — Technology Finance, Expense Analyst§

Peter Vanderlee, CFA§


• Firm since 1999

• New York University, Leonard N. Stern School of Business — MBA

• University of Technology, Eindhoven, Holland — MS in Math/Computer Science

• Member of the CFA Institute

• Predecessor organization — First Vice President

• Booz&Co — Program Director/Senior Associate

• Cap Gemini America — Senior Consultant

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Appendix | Performance Endnotes

GIPS® Endnotes

Legg Mason MDA3 - Dividends & Growth Strategy Inception Date: April 2005. Composite Creation Date: January 2013. Reporting Currency: USD.

PeriodTotal Return

(Net, %)Total Return

(*Pure Gross, %)Benchmark Return (%)

Number of portfolios

% of Bundled Fee Portfolios in the Composite

Composite Dispersion (%)

Composite 3 Yr. St. Dev. (%)

Benchmark 3 Yr. St. Dev. (%)

Total Composite Assets at End of

Period (USD million)

Percentage of Firm Assets

Total Firm Assets at End of

Period (USD million)

2019 24.99 28.67 32.79 731 100 0.96 11.21 12.40 343.9 0.6 61,593.5

2018 -8.01 -5.23 -3.69 749 100 0.63 10.42 11.32 289.1 0.6 50,961.6

2017 15.51 18.94 24.12 797 100 0.71 10.26 10.21 342.6 0.6 53,956.9

2016 10.21 13.49 10.58 711 100 0.87 11.01 10.91 263.8 0.6 46,104.9

2015 -6.01 -3.17 2.49 650 100 0.53 10.76 10.66 221.6 0.5 42,608.6

2014 10.70 13.99 13.32 567 100 0.64 n/a n/a 228.4 0.5 42,421.5

2013 30.82 34.66 32.94 360 100 2.64 n/a n/a 145.0 0.4 37,054.3

*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:§Legg Mason Private Portfolio Group, LLC (“LMPPG”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Legg Mason Private Portfolio Group, LLC has been independently verified for the periods January 1, 2013 - December 31, 2018. The verification 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 procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.Firm Information:§Legg Mason Private Portfolio Group, LLC is a wholly-owned subsidiary of Legg Mason, Inc. LMPPG, together with its Subadvisers, ClearBridge Investments, LLC (“ClearBridge”), Martin Currie Inc. (“Martin Currie”), QS Investors, LLC (“QS”), RARE Infrastructure (North America) Pty Ltd (“RARE”), Royce & Associates, LP (“Royce”) and Western Asset Management Company (“Western Asset”), provides investment advisory services primarily in investment programs sponsored by Sponsor Firms. The investment advisory services LMPPG and the Subadvisers provide differ depending on the type of Sponsor Firm investment program in which a client participates. ClearBridge claims compliance with the Global Investment Performance Standards (GIPS®). ClearBridge has been independently verified for the periods January 1, 1997 - December 31, 2018. ClearBridge Investments, LLC (“ClearBridge”) is a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”). 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 Citigroup 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 and January 1, 2016, ClearBridge’s affiliates, Global Currents Investment Management, LLC, and ClearBridge, LLC, respectively, have become part of the ClearBridge GIPS firm. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. Martin Currie claims compliance with the Global Investment Performance Standards (GIPS®). Martin Currie has been independently verified though December 31, 2018. Martin Currie, which encompasses Martin Currie Investment Management Ltd and Martin Currie Inc. Martin Currie is a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”) but operates autonomously, and Martin Currie, as a firm, is held out to the public as a separate entity. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. QS Investors claims compliance with the Global Investment Performance Standards (GIPS®). QS has been independently verified for the periods August 1, 2010 through December 31, 2018. QS Investors, LLC (“QS Investors” or “the Firm”), is a registered investment adviser with the Securities and Exchange Commission, providing investment and advisory services to a diverse array of institutional, retail and sub-advisory clients worldwide. Registration as an investment adviser does not imply any level of skill or training. The Firm is headquartered in New York City with an additional office in Boston, Massachusetts. The Firm provides discretionary and non-discretionary advice and investment management to domestic and international clients based on their investment objectives, guidelines, and risk tolerance, each of which may be customized to address specific client needs. QS Investors, LLC launched in August 2010 and became a wholly-owned, independently managed subsidiary of Legg Mason, Inc. on May 31, 2014. As part of this transaction, Legg Mason merged QS Batterymarch Financial Management, Inc. (“QS Batterymarch”) and QS Legg Mason Global Asset Allocation, LLC (“QS LMGAA”), two other subsidiaries, into QS Investors. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Keri Mclaughlin at [email protected]. RARE claims compliance with the Global Investment Performance Standards (GIPS®). RARE has been independently verified for the periods August 31 2006 through December 31, 2018. For purposes of compliance with the GIPS® the Firm is defined as RARE Infrastructure Limited (“RIL”) and its relevant subsidiaries, being Clearbridge RARE Infrastructure (North America) Pty Ltd and RARE Infrastructure International Pty Ltd (together “RARE”). RIL performs the role of investment manager and subadvisor for RARE in the delivery of services to both domestic and global institutional clients, funds and retail end users. RIL has global developed and developing listed equity infrastructure investment objectives based on its proprietary investment and research model. RIL is a majority owned, independently operated subsidiary of Legg Mason, Inc. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected].

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Appendix | Performance Endnotes

GIPS® Endnotes

Legg Mason MDA3 - Dividends & Growth Strategy Inception Date: April 2005. Composite Creation Date: January 2013. Reporting Currency: USD.

Royce claims compliance with the Global Investment Performance Standards (GIPS®). Royce has been independently verified for the periods January 1, 2008 through December 31, 2018. For the purpose of complying with the GIPS standards, the Firm is defined as Royce & Associates, LP (“Royce”). Royce is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser (SEC File No. 801-8268). To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Tara Francoeur at [email protected]. Western Asset claims compliance with the Global Investment Performance Standards (GIPS®). Western has been independently verified for the periods January 1, 1993 to December 31, 2018. For GIPS® purposes, the Firm is defined as Western Asset, a primarily fixed-income investment manager comprised of Western Asset Management Company, LLC; Western Asset Management Company Limited, authorised and regulated by the Financial Conduct Authority (“FCA”); 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 Financial Instruments Business operator and regulated by the Financial Services Agency of Japan; Western Asset Management Company Pty Ltd ABN 41 117 767 923, holder of the Australian Financial Services Licence 303160; and Western Asset Management 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 Western Asset company is a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”) but operates autonomously, and Western Asset, as a Firm, is held out to the public as a separate entity. Western Asset Management Company was founded in 1971. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Michael Van Raaphorst at 212-601-6211 or [email protected]. LMPPG has used Subadvisers for all periods presented.Composite Information:§The Legg Mason MDA3 - Dividends & Growth composite consists of discretionary wrap accounts with an account minimum of US $25,000. Accounts are invested with the following approximate allocations:70% ClearBridge Dividend Strategy SMA§

30% ClearBridge Multi Cap Growth SMAThe ClearBridge Dividend Strategy SMA strategy seeks dividend income, growth of dividend income and long-term capital appreciation by investing in stocks that either pay an existing dividend or are expected to pay a dividend in the near future.The ClearBridge Multi Cap Growth SMA strategy seeks long-term capital appreciation by investing in the stocks of small, mid, and large capitalization companies that the manager believes have the potential for above-average long-term earnings and/or cash flow growth.The main risks of this strategy are General Investment Risk, Industry and Issuer Concentration Risk, Small Cap Risk, Mid Cap Risk, High Volatility Risk and Non-U.S. Investment Risk.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. As of January 2014, 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. For prior years, the equal-weighted standard deviation was used. Data prior to January 2013 is not displayed because that data is non GIPS compliant. The three-year annualized ex-post standard deviation is not available prior to 2015 because the composite did not have 36 months of GIPS compliant data. A list of composite descriptions is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Past performance is not necessarily indicative of future results.Benchmark Information:§The composite uses the following blended benchmark 70% S&P 500 / 30% Russell 3000® Growth which is rebalanced monthly. Benchmark returns are not covered by the report of independent verifiers.The S&P 500® Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks.The Russell 3000® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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Appendix | Index Definitions

Definitions

Index DefinitionsThe Bloomberg Barclays U.S. Government/Credit Bond Index tracks the performance of the overall bond market and is a broad measure of the performance of government and corporate fixed-rate debt issues.

FTSE 3-Month U.S. Treasury Bill Index is an index based upon the average monthly yield of the 90-Day Treasury Bills. Treasury bills are secured by the full faith and credit of the U.S. Government and offer a fixed rate of return.

The MSCI EAFE Index (Europe, Australasia, Far East) is an unmanaged index of common stocks of companies located in Europe, Australasia and the Far East.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

The MSCI World ex. US Index consists of the following 22 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and, the United Kingdom.

The Russell 1000 Index consists of the 1000 largest securities in the Russell 3000 Index, and this large cap (market-oriented) index is highly correlated with the S&P 500 Index.

The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities).

The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Index is comprised of the 2,000 smallest companies in the Russell 3000 Index.

The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 3000 Index is comprised of the 3,000 largest U.S. companies based on total market capitalization, and represents the vast majority of the investable U.S. market.

The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell MidCap Index consists of the 800 smallest companies in the Russell 1000 Index as ranked by total market capitalization.

The Russell MidCap Growth Index measures the performance of those Russell MidCap companies with higher price-to-book ratios and higher forecasted growth values.

The Russell MidCap Value Index measures the performance of those Russell MidCap companies with lower price-to-book ratios and lower forecasted growth values. The stock are also members of the Russell 1000 Value Index.

The S&P 500 Index is a capitalization weighted, composite index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

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Appendix | Term Definitions

Definitions

Term definitionsMarket Capitalization measures the number of outstanding common shares of a given corporation multiplied by the latest price per share.

Weighted Median Market Capitalization represents the value at which half the portfolio’s market capitalization weight falls above and half falls below.

Weighted Average Market Capitalization represents the average value of the companies held in the portfolio. When that figure is weighted, the impact of each company’s capitalization on the overall average is proportional to the total market value of its shares.

Dividend Yield is determined by dividing a stock’s annual dividends per share by the current market price per share. Dividend yield is a financial ratio that shows how much a company pays out in 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.§

The Price-to-Book ratio (P/B) is a stock’s price divided by the stock’s per share book value.

Earnings Per Share (EPS) is the portion of a company’s profit allocated to each outstanding share of a common stock.

The Sharpe Ratio is a risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical adjusted performance.

Alpha is a measure of the difference between actual returns and expected performance, given the level of risk as measured by Beta, where Beta measures sensitivity to benchmark movements.

R-Squared measures the strength of the linear relationship between the portfolio and its benchmark. R-squared at 1.0 implies perfect linear relationship and zero implies no relationship exists.§

Standard Deviation is based on quarterly data. Standard deviation is a measure of the variability of returns; the higher the standard deviation, the greater the range of performance (i.e., volatility).

The Capture Ratios measure a manager’s composite performance relative to the benchmark, considering only those quarters that are either positive (Up) or negative (Down) for the benchmark.

An Up Market Capture Ratio greater than 1.0 indicates a manager who has outperformed the benchmark in the benchmark’s positive quarters.

A Down Market Capture Ratio of less than 1.0 indicates a manager who has outperformed the relative benchmark in the benchmark’s negative quarters.§

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Brandywine Global

Clarion Partners

ClearBridge Investments

EnTrust Global

Martin Currie

QS Investors

RARE Infrastructure

Royce Investment Partners

Western Asset leggmason.com

Legg Mason is a leading global investment company committed to helping clients reach their financial goals through long-term, actively managed investment strategies.

• A broad mix of equities, fixed-income, alternatives and cashstrategies invested worldwide

• A diverse family of specializedinvestment managers, each withits own independent approach toresearch and analysis

• Over a century of experience inidentifying opportunities anddelivering astute investmentsolutions to clients

Investments for the program(s) discussed herein are traded primarily in U.S. markets and unless otherwise noted, equity and fixed income investments for such program(s) are primarily of U.S. issuers. In addition, unless otherwise noted, indexes referred to herein represent groups of securities that are issued primarily by U.S. issuers.IMPORTANT TAX INFORMATION:Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.Investments are not obligations of, and are not guaranteed by, LMPPG or any other Legg Mason, Inc. affiliate or subsidiary; are not FDIC or government insured; and are subject to risks, including possible loss of the principal amount invested. Professional money management may not be suitable for all investors.Multiple Discipline Account is a registered service mark of Morgan Stanley Smith Barney, LLC (“MSSB”) and is used under license by Legg Mason Private Portfolio Group (“LMPPG”). LMPPG is not affiliated with MSSB.Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.©2020 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and ClearBridge Investments, LLC are subsidiaries of Legg Mason, Inc.FN1313764 SMA0040 PPG-Q120-V1

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