MEET THE MANAGER - Legg Mason...US Crude Oil (Crude Commodity) Global Fixed Income (Barclays Global Aggregate Index), US Fixed Income (Barclays US Aggregate Index), Gold (Dow Jones

MEET THE MANAGER LEGG MASON QS INVESTORS GLOBAL EQUITY FUND

April 2019

Brandywine Global | Clarion Partners | ClearBridge Investments | EnTrustPermal | Martin Currie | QS Investors | RARE Infrastructure | Royce & Associates | Western Asset

ABOUT LEGG MASON

As at 31 December 2018.

2

Global• Over AUD$1 trillion in funds under management

• Nine independent investment affiliates spanning all

major asset classes

• Active, pure-play asset manager

Local• Over 100 staff in Australia

• AUD$52.4 billion - locally managed and sourced -

assets under management

• Highly rated; including Money Management / Lonsec

Fund Manager of the Year in 2015, 2017 and 2018

QUANTITATIVE, RISK-MANAGED SOLUTIONS

As of 31 December 2018. Note: total firm AUM will be lower than the combined Equity and Multi-Asset AUM. Assets managed under both the equity and multi-asset business are not counted twice in total firm AUM. *Lipper Fund Awards, Refinitiv. The QS Global Fund I share class (SMYIX) was best among 83 Global Multi-Cap Core Funds for the 5-year period ending 30 November 2018.

3

AUD$ 25.6 billion in total AUMQuantitative asset manager

established in 1999Became a wholly-owned

subsidiary of Legg Mason in 201478 Employees50 Investment ProfessionalsBased in New York and

Boston, serving clients worldwideSignatory of the UN-supported

Principles for Responsible Investment (PRI)Lipper Fund Award winner for

the US*

Global Equity Multi-Asset Solutions

Income Generation

STRATEGIES BRIDGE CRITICAL INVESTMENT OUTCOMES

Wealth Creation

RiskMitigation

Driven to Elevate the Certainty of Outcomes

QS INVESTORS GLOBAL EQUITY PLATFORMBlend fundamental and behavioral perspectives through a systematic process to deliver more transparent and dependable outcomes

Core Equity Bridge fundamental and behavioral factors to capture consistent excess return

Sustainable Equity Integrate environmental, social and governance (“ESG”) considerations to achieve more sustainable long-term returns

Defensive Equity Lower risk securities allow for equity market participation with reduced drawdowns

Uncorrelated Equity Generate uncorrelated returns, independent of traditional equity and fixed income

Bespoke Equity Solutions Partner with clients to solve for their unique objectives

4

EXPERIENCED & STABLE

As of December 31, 2018.

SUPPORTED BY:TECHNOLOGY + PRODUCTION

Team of 8

RESEARCH

Team of 9

Global Equity Investment Team

5

Industry Experience

Stephen A. Lanzendorf CFA 35

Michael Ripper Assoc CFA, UK 29

Joseph Giroux 26

Russell Shtern CFA 21

Christopher Floyd CFA 20

Oren Weis 13

Mike LaBella CFA 13

Jacqueline Hurley CFA 10

Jose Maldonado CFA 10

Alvin Marty CFA 8

Nolan Taormino 7

Lily Sullivan 6

SLOWING BUT GROWING

A LOT CAN CHANGE IN A DECADE

CARNAGE: S&P 500 finishes at lowest level in more than a decadeCNN, March 2009

663,000 Jobs Lost in March;Total Tops 5 MillionNew York Times, April 2009

FED TO PUMP ANOTHER $1 TRILLION INTO ECONOMY PBS, March 18, 2009

Housing Prices in20 US CitiesFall a Record 18.5%Bloomberg, March 2009

MARCH 2009

Profits Surgeat Big US FirmsWSJ, August 2018

SEPTEMBER 2018Market Peak

TODAY

US Stocks Poised to Enter Longest-Ever Bull MarketWSJ, August 2018

Unemployment falls to lowest level in nearly 50 yearsNBC, October, 2018

ECONOMY NOTCHES 100TH STRAIGHT MONTH OF INCREASED EMPLOYMENTBloomberg, February 2019

Consumer Sentiment Hits Lowest Level in 2 Years WSJ, February 2019

Fed Signals Holdon Rate IncreasesWSJ, February 2019

US Stocks Post Best January in 30 Years, Continue to Climb on Upbeat Earnings Report WSJ, February 2019

7

THE RISE IN RETURNS FROM MARCH 2009 LOWS

Source: Bloomberg. US Crude Oil (Crude Commodity) Global Fixed Income (Barclays Global Aggregate Index), US Fixed Income (Barclays US Aggregate Index), Gold (Dow Jones Commodity Index Gold), US TIPS (S&P 10 Year US TIPS Index), US Real Estate (Dow Jones US Real Estate Total Return Index), Intl Developed Equity (MSCI EAFE TR Index), EM Equity (MSCI EM TR Index), US Equity (S&P 500 TR Index), Australia Equity (S&P ASX 200 Total Return Index USD). Past performance is no guarantee of future results. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

19%38% 44% 44% 49%

166% 174%

228%

392%

477%

US Crude Oil Global FixedIncome

US FixedIncome

Gold US TIPs IntlDeveloped

Equity

EM Equity AustraliaEquity

US Equity US RealEstate

Total ReturnMarch 9, 2009 through January 31, 2019

8

THE RISE IN VALUATIONS FROM MARCH 2009 LOWS

Source: Bloomberg, Trailing 12 month P/E Ratio (Price to Earnings). US (S&P 500 Index), International Developed (MSCI EAFE Index), Emerging Markets (MSCI EM Index). Past performance is no guarantee of future results. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

11.1x 11.8x

8.1x

18.0x

14.4x12.6x

0

2

4

6

8

10

12

14

16

18

20

US Intl Developed EM

Trai

ling

12-m

onth

P/E

Val

uatio

ns

March 9, 2009 January 31, 2019

38%RISE 18%

RISE 36%RISE

9

MARKET VOLATILITY RETURNING TO NORMAL

As of February 19, 2019. Source: Bloomberg, S&P 500 Index and MSCI EAFE Index 180 Day Volatility. Volatility is represented by standard deviation, a measurement of risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk.

Trailing 180-Day Volatility

0

10

20

30

40

50

60

1928

1930

1932

1934

1936

1938

1940

1942

1944

1946

1948

1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

S&P 500 Index MSCI EAFE Index

10

ASSET CLASS RETURNS DURING Q4 2018

Source: Bloomberg. US Crude Oil (Crude Commodity) Global Fixed Income (Barclays Global Aggregate Index), US Fixed Income (Barclays US Aggregate Index), Gold (Dow Jones Commodity Index Gold), US TIPS (S&P 10 Year US TIPS Index), US Real Estate (Dow Jones US Real Estate Total Return Index), Intl Developed Equity (MSCI EAFE TR Index), EM Equity (MSCI EM TR Index), US Equity (S&P 500 TR Index), Australia Equity (S&P ASX 200 Total Return Index USD). Past performance is no guarantee of future results. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges

-38%

-14% -13% -11%-7% -6%

-1% 0%

1%

28%

US Crude Oil US Equity IntlDeveloped

Equity

AustraliaEquity

EM Equity Real Estate US TIPs Global FixedIncome

US FixedIncome

Gold

Total ReturnSeptember 30, 2018 through December 31, 2018

11

-3%

-2%

-1%

0%

1%

2%

3%

4%

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

YIELD CURVE DOES NOT INDICATE IMMINENT RECESSION

Source: Bloomberg, Short-term dated bond yield represented by the 2-year yield index and long-term yield represented by the 10-year bond yield. Time to recession is calculated as the time between the final sustained inversion of the yield curve prior to the recession, and the onset of recession.

US Yield CurveLong-Term Yield vs. Short-Term Yield Spread

Inversion without recessionInversion prior to recession

Date of inversion prior to recession

Time to recession

August 18, 1978 16 months

September 12, 1980 9 months

December 13, 1988 18 months

February 2, 2000 12 months

June 8, 2006 17 months

Recession

12

FORECASTED GLOBAL GROWTH

Source: Real GDP Growth, Annual Percentage Change, IMF, 2019.

6.6%

5.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2018 2019 2020 2021 2022

China

2.9%

1.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2018 2019 2020 2021 2022

United States

2.2%

1.7%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

2018 2019 2020 2021 2022

Europe

Forecast ForecastForecast

13

-50

0

50

100

150

200

Exce

ss R

etur

n (b

ps)

ACTIVE MANAGERS BENEFIT FROM BREADTH OF GLOBAL OPPORTUNITY SET

As of December 31, 2018 over 10 year trailing returns. Source: S&P 500 Index, MSCI ACWI Index. Based on Global Large Cap Core eVestment Peer Group and US Large Cap Core eVestment Peer group. ¹Medianfee 49bps based on eVestment Large Cap Core Peer Median Group for SMA assuming $100M mandate. ²Median fee 59bps based on eVestment Global Large Cap Core Peer Median Group for SMA assuming$100M mandate.

Top Quartile Manager

Top Quartile Manager

US Global

Median Fee² Median Fee¹

Active Peer Median

Active Top Quartile

Active Top Quartile Active Peer

Median-29 bpsAlpha

51 bps Alpha

104 bps Alpha

186 bps Alpha

14

Active Manager 10 Year Returns

LEGG MASON QS INVESTORS GLOBAL EQUITY FUND

16

INVESTMENT PHILOSOPHY

Markets are a reflection of fundamentals and human emotion

Systematic evaluation enables us to explore more perspectives and eliminates behavioral bias

Transparency across our platform allows us to better assess factors, how they work together and build portfolios aligned with our clients’ objectives

LM QS INVESTORS GLOBAL EQUITY FUND

Bridge fundamental and behavioural factors to capture consistent excess return

• Identify stocks with attractive valuations and improving sentiment

• Analyse securities through multiple geographic and industry perspectives

• Deploy material factors based on efficacy, opportunity and diversification

As of December 31, 2018. Inception date: January 1, 2006. Source: QS Investors and Morningstar Direct. Past performance is not necessarily indicative of future results. Returns are net of fees.

Favorable Risk/Return BalanceExcess Return vs MSCI World Index

Attractive Valuations with Strong Growth Prospects Information Ratio vs MSCI World Index

17

2.42%

0.60%

-1.39%-0.60%

5-Years 10-Years

Legg Mason QS Investors Global Equity Fund

Morningstar World Large Blend

0.92

0.23

-1.09

-0.37

5-Years 10-Years

11.1

1.8 1.5

13.4

2.1 1.3

Price/Earnings EPS Growth

Legg Mason QS Investors Global EquityFundMSCI World ex Australia AUD

LEGG MASON QS INVESTORS GLOBAL EQUITY FUND SYSTEMATICALLY IDENTIFIES ATTRACTIVE STOCKS TO CAPTURE CONSISTENT EXCESS RETURN

FUNDAMENTALAND BEHAVIORAL

MEASURESMULTIPLE

PERSPECTIVESDYNAMIC PROCESS

18

RIGOROUS INVESTMENT PROCESS

BROAD UNIVERSE

Investable UniverseQualify universe with liquidity and data screens

Quantitative Score • Most Attractive to Least AttractiveAnalyse stocks daily from multiple perspectives

Client Guidelines • Risk Management • Portfolio TargetsOptimise key variables to construct diversified, risk-controlled portfolios

Portfolio Manager ReviewMinimise transaction costs

LIQUIDITY AND DATA QUALITY SCREENS

STOCK SELECTION

PORTFOLIO CONSTRUCTION

TRADING

100 − 200 StocksPORTFOLIO

19

FUNDAMENTAL AND BEHAVIORAL MEASURESBUILDS A COMPLETE PICTURE OF AN ATTRACTIVE STOCK

Sales/Earnings

Price/Book

Accruals

Free Cash Flow

EarningsSurprise

OpinionChange

EPSGrowth

SalesMomentum

Momentum

ShortInterest

20

EARNINGS SURPRISE FACTOR INVESTORS TEND TO ANCHOR TO THEIR PRIOR BELIEFS

Source: QS Investors. Universe: Russell 3000. Surprise is based on Institutional Brokers Estimate System (IBES) Standardized Earnings Surprise (SUE) score from January 1, 1995 to July 31, 2018.

EARNINGS SURPRISES TEND TO BE PREDICTIVE OF FUTURE SURPRISES

INVESTORS ARE SLOW TO CHANGEEXPECTATIONS

21

MULTIPLE PERSPECTIVESMODEL DISTINGUISHES RELATIVE ATTRACTIVENESS ACROSS MULTIPLE PEER UNIVERSES

22

3%

10%

5%4%

Utilities Information Technology

P/S Factor Annualized Return P/B Factor Annualized Return

3%

0%

-2%

-4%

Japan Europe US Asia Pacific ex JP

P/B Factor Annualized Return

MULTIPLE PERSPECTIVESIDENTIFY WHICH FACTOR TO USE WHEN EVALUATING THROUGH DIFFERENT PEER LENSES

Source: QS Investors. Sector Universe: Russell 3000. Region Universe: S&P Global BMI. Returns from January 1, 1995 to July 31, 2018.

Price to Bookhas demonstrated

higher efficacyfor Utilities

Price to Saleshas shown higher

efficacy for IT Japan is inherently a mean-reverting market and therefore Price to Book tends to provide stronger results

SECTOR EXAMPLE REGION EXAMPLE

23

DYNAMIC PROCESSENSURES CONTINUED EVOLUTION WITHIN STOCK SELECTION MODEL

PROVENEFFICACY

FUTURE OPPORTUNITY

DIVERSIFICATION

IDENTIFY FACTORSTHAT HAVE DEMONSTRATED

SUCCESS

CONSIDER FACTOR VALUATION TO ASSESS POTENTIAL FOR

FUTURE OUTPERFORMANCE

EMPHASIZE SOURCESOF RETURN THAT EXHIBIT LOW

CORRELATION

24

INVESTMENT FACTORS CHOSEN SYSTEMATICALLY

MULTIPLE PERSPECTIVES

FUNDAMENTAL AND BEHAVIORAL MEASURES

DETERMINE FACTOR

WEIGHTS

SCORE STOCKSBased on selected

factors

DYNAMIC PROCESS

PROVEN EFFICACY FUTURE OPPORTUNITY DIVERSIFICATION

25

PROCESS LOOK-THROUGH

*Ranked 1 to 100, where 100 is best. Source: Thomson Financial’s I/B/E/S, Thomson Reuters, QS Investors, as of 30 June 2018. For illustrative purposes only. Individual securities mentioned are intended asexamples only and are not to be taken as advice nor are they intended as a recommendation to buy or sell any investment or interest. No representation is being made that the security is a holding in the strategy.Please refer to Important Information page at the end of this presentation.

Identify securities with attractive valuations and positive sentiment

Nike

Consumer Discretionary

Valuation Factors

Return on Equity* 94 Nike generates solid ROE, has strong share repurchase program, doesn’t over-participate in M&A activity and has low external financing needs

Share Repurchase 84

M&A Activity 97

Net External Financing 95

Sentiment Factors

Opinion Change (2M) 87 Increasing BUY analyst recommendations, has strong reversal indicator, relatively low short interest & uses assets efficiently.

Reversal 81

Short Interest 79

Change in Asset Turnover 75

Attractive Fundamentals

Total Attractiveness Score* 98 Nike scores well from both dimensions as it has strong cash flow characteristics, high analyst expectations and pricing indicators.

--Valuation* 91

--Sentiment* 96

Rankings:

100: Best

1: Worst

100: Best

1: Worst

100: Best

1: Worst

26

PROCESS LOOK-THROUGH

* Ranked 1 to 100, where 100 is best. Source: Thomson Financial’s I/B/E/S, Thomson Reuters, QS Investors, as of 30 June 2018. For illustrative purposes only. Individual securities mentioned are intended asexamples only and are not to be taken as advice nor are they intended as a recommendation to buy or sell any investment or interest. No representation is being made that the security is a holding in the strategy.Please refer to Important Information page at the end of this presentation.

Identify securities with attractive valuations and positive sentiment

CME Group

Financials

Valuation Factors

Relative Earnings to Price 2 CME has terrible Earnings, Sales and Book to Price ratios relative to its 5-year median. In addition, it has a relatively high ratio of M&A activity to Sales.

M&A to Sales 2

Relative Sales to Price 3

Relative Book to Price 4

Sentiment Factors

Intermediate Reversal 4CME is under major reversal pressure coupled with high put/call ratio and recent analyst downgrades.

12M Reversal 4

Option Intrinsic Value 5

Opinion Change 22

Attractive Fundamentals

Total Attractiveness Score* 4 CME scores poorly from both dimensions as it has extremely weak valuations, poor earnings growth and pricing indicators.

--Valuation* 1

--Sentiment* 41

Rankings:

100: Best

1: Worst

100: Best

1: Worst

100: Best

1: Worst

27

PORTFOLIO RESULTS

29

GLOBAL STOCK SELECTION MODEL REAL-TIME PERFORMANCE

Monthly data updated through December 31, 2018Represents the residual returns of quintiles 1, 3 and 5 of the QS Investors stock selection model both within and compared to the performance of our broad Global Developed investable universe, and the return spreads between quintiles 1 and 5 of our stock selection model within the same universe. The performance of the model is generally representative of our stock selection results over time but may not be the model nor the universe for the specific mandate presented. The performance results of an actively-managed portfolio may differ materially from the results reflected above. Unlike an actual portfolio, which may be traded as often as daily, has path dependent holdings, and includes stocks that are not buy-ranked as well as a limited number of holdings, the performance of the stock selection model above reflects only a monthly rebalancing based on the rankings of all stocks in the designated investable universe and does not represent actual trading, transaction costs, investment management fees or risk controls. Additionally, any alpha in the model’s residual return spread between quintiles 1 and 5 may not be able to be fully realized in an actively managed long-only portfolio as stocks in quintile 5 can only be underweighted, not shorted. Underlying returns are in US dollars. These charts are provided for informational purposes only.

Robust model has added value across a range of market environments

August 31, 1995=1, Semi-Log Scale

Cumulative Equal-Weighted Residual Returns

PORTFOLIO CONSTRUCTION

Benchmark MSCI World ex Australia Benchmark

Region allocation +/- 2%

Sector allocation +/- 2%

Security Target +/- 1.5%

Number of holdings 100-200

Beta Target 1

30

9%

10%

11%

12%

13%

14%

15%

4% 6% 8% 10% 12% 14% 16%

Aver

age

Annu

aliz

ed R

etur

n

Annualized Standard Deviation of Monthly Returns

UP/DOWN CAPTURE AND RISK & REWARD

31

As at 28 February 2019. Source: Morningstar Direct. Performance is from 1 March 2014 to 28 Feb 2019 and is calculated in AUD. Calculation benchmark: MSCI World Ex Australia NR AUD. Please note returns are reported net of fees.

108%

96%

60%

70%

80%

90%

100%

110%

120%

Up market capture Down market capture

Mar

ket C

aptu

re

Return: 11.36%Std Dev: 10.37%

MSCI World Ex Australia

Return: 13.91%Std Dev: 10.95%

QS Investors Global Equity

Up/Down market capture Risk & Reward

PERFORMANCE RESULTS

32

As at 28 February 2019. Source: Legg Mason Australia. Annualised for periods greater than one year. Past performance is not necessarily indicative of future results. Performance is shown net of managementfees and does not reflect investment advisory fees. Please see Product Disclosure Statement for additional disclosures.

5 year Legg Mason QS Investors Global Equity Fund (net of fees)

Excess annualised return 2.25%Standard deviation 10.95%Tracking error 1.04%

Information ratio 0.84%

1 yr p.a. 3 yr p.a. 5 yr p.a.

Legg Mason QS Investor Global Equity Fund(net of fees) 9.35% 13.13% 13.91%

MSCI World ex Australia ND 10.06% 12.78% 11.66%

Relative Return -0.71% 0.35% 2.25%

Number of Securities LM QS Global Equity MSCI World ex Aus

Number of Securities 161 1,563

P/E Ratio 12.94 15.09

P/B Ratio 3.77 2.37

Price/Cashflow 11.06 10.01

Dividend Yield 2.46% 2.61%

PORTFOLIO PROFILE

33

Source: QS Investors. As of 28 February 2019. Past performance is not an indicator of future performance.

BETA R2 Active Share

1.05

94.13%

72.50%

3yr Beta 3yr R2 Active Share

Benchmark aware and stock driven.

SUMMARY

Build a more holistic view of company valuations and market

sentiment utilising a robust library of investment factors

Tailored to better understand relative security attractiveness,

and to identify factor materiality across peer lenses

Ensures factors continue to have efficacy, demonstrate future

opportunity, and add diversification

FUNDAMENTALAND BEHAVIORAL

MEASURES

MULTIPLE PERSPECTIVES

DYNAMIC PROCESS

34

Lonsec “Investment Grade”Zenith “Recommended”Morningstar 4 stars**

LEGG MASON QS INVESTORSGLOBAL EQUITY FUND

35

Past performance is not indicative of future performance *Refer to Fund and Rating disclaimer at back. **Source: Morningstar Direct. The Legg Mason QS Investors Global Equity Fund received an overall rating of4 stars out of 206 Equity World Large Blend funds as of 28 February 2019.

Ratings*

Performance 28 February 2019

1 yr p.a 3 yr p.a. 5 yr p.aFund (net) 9.35 13.13 13.91Fund (gross) 9.89 13.75 14.59Benchmark 10.06 12.78 11.66

Aims to earn an after-fee return in excess of the MSCI World ex Australia Index, net dividends reinvested, in Australian dollars over rolling three-year periods.

APPENDIX

BIOGRAPHIES: INVESTMENT TEAMMichael LaBella, CFAHead of Global Equity Strategy Responsible for equity strategy

including product design, thought leadership and advocacy. Member of equity management team which is responsible for overall business strategy and execution.

Formerly at Deutsche Bank from 2005-2010. Serving as a portfolio manager for the Quantitative Strategies Group, and as an institutional sales trader in the Corporate and Investment Bank.

Education: BS in Financial Economics from Binghamton University.

Dmitry Novikov, PhDHead of Global Equity Research Responsible for all equity research.

Formerly Director of Quantitative Investment Strategies at Credit Suisse from 2010 – 2017. Prior to this, he was Vice President at JPMorgan from 2008 – 2010; and Vice President at Goldman Sachs from 2004 – 2008.

Education: MS in Mathematics from Moscow State University; MA in Economics from New Economic School (Moscow); PhD in Finance from Kellogg School of Management at Northwestern University.

Russell Shtern, CFAHead of Global Equity Portfolio Management Responsible for equity portfolio

management.

Formerly portfolio manager for Diversification Based Investing Equity and Tax Managed Equity for Deutsche Asset Management’s Quantitative Strategies Group, from 2003 to 2010. Prior to this he spent three years at Deutsche Bank Securities supporting equity derivatives and global program trading desks.

Education: BBA from Pace University.

Joseph S. GirouxPortfolio Manager Member of the Portfolio Management

group.

Formerly a developed markets Portfolio Manager at Batterymarch Financial Management from 2012 to 2014. Prior to joining Batterymarch, he managed both US and non-US assets for 5 years at several firms—Golden Capital Management, Wells Capital Management and Evergreen Investments—that were affiliated with or acquired by Wells Fargo. He also served as a Portfolio Manager at TriPoint Asset Management and The Boston Company Asset Management.

Education: BS in Computer Science from New England Institute of Technology.

Stephen A. Lanzendorf, CFAPortfolio Manager Member of the Portfolio Management group.

Formerly Deputy Chief Investment Officer and head of the Developed Markets investment team at Batterymarch Financial Management from 2012 to 2014. At Batterymarch, he also served as co-head of the Developed Markets team from 2010 to 2012 and head of the US investment team from 2006 to 2010. Prior to joining Batterymarch, he spent six years as the Director of Quantitative Strategies at Independence Investments, where he also managed the equity trading desk. He was also a Portfolio Manager and Quantitative Analyst at The Colonial Group for 10 years.

Education: BS and MS in Nuclear Engineering from Massachusetts Institute of Technology.

37

DISCLAIMER

38

Issued by Legg Mason Asset Management Australia Limited (ABN 76 004 835 849, AFSL 240827) (Legg Mason Australia ) which is part of the Legg Mason Inc. group. QS Investors is the fund manager for LeggMason QS Investors Global Equity Fund (ARSN 088 669 827). Before making an investment decision you should read the relevant Product Disclosure Statement (PDS) carefully and you need to consider, with orwithout 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 obtainedby contacting Legg Mason Australia on 1800 679 541 or at www.leggmason.com.au. The information in this presentation is of a general nature only and is not intended to be, and is not, a complete or definitivestatement 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 itsrelated parties, guarantee the repayment of capital or performance of any of the Legg Mason trusts referred to in this document. Although statements of fact in this presentation have been obtained from and arebased upon sources Legg Mason Australia believe to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions and estimates included in thiscommunication constitute our judgement as of the date of this communication and are subject to change without notice.Past performance or any prediction or forecast is not indicative of future results. No representation or warranty is made as to the efficacy of any particular strategy or the actual returns that may be achieved. Thevalue of shares/units and their derived income may fall as well as rise. An investment is not a deposit and is not ensured by the Federal Deposit Insurance Corporation or any other government agency or by QSInvestors or any of its affiliates, and is subject to risks, including possible loss of principal amount invested. As stated in the tables, the performance shown is gross of fees. In the event that such investmentmanagement fees and other fees were deducted, the performance of an account would be lower. For example, if an account appreciated by 10% a year for five years, the total annualized return for five years priorto deducting fees at the end of the five-year period would be 10%. If total account fees were 0.10% for each of the five years, the total annualized return of the account for five years at the end of the five-year periodwould be 9.89%. Fees are described in Part 2A of QS Investors’ Form ADV. Any forecasts provided herein are based upon our opinion of the market as of this date and are subject to change, dependent on futurechanges in the market. In preparing this presentation, we have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. Weconsider the information in this update to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of composite performance or suitability for investment. Our investmentstrategies utilize proprietary research and quantitative tools to analyze securities and help us make investment decisions. While we maintain controls reasonably designed to protect the integrity and efficacy of thequantitative models and data used to formulate investment decisions, we can make no guarantee that the models and data will remain accurate and/or produce the desired or intended results over time. Indexproviders (e.g., S&P, Russell Investments, MSCI Barra and FTSE) are the sources and owners of any index data contained or reflected in this document and all trademarks and copyrights related thereto. Thematerial may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Unless otherwise indicated, this is QS Investors’ presentation of theunderlying index data. Such data may include a redefinition of index sector and regional groupings in accordance with QS Investors’ unique classifications. The index providers are not responsible for the formattingor configuration of this material or for any inaccuracy in presentation thereof. Please note an investor cannot directly invest in an index and unmanaged index returns do not reflect fees, expenses, or sales charges.The Lonsec Rating assigned as follows (Legg Mason QS Investors Global Equity Fund – February 2019) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445.The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is forillustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Legg Mason Asset Management product(s), and you should seek independent financialadvice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from theFund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at:http://www.lonsecresearch.com.au/research-solutions/our-ratings.The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (Legg Mason QS Investors Global Equity Fund – November 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 tochange 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 decisionand 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 anydecision 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 orrelated party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and atwww.zenithpartners.com.au/regulatory-guidelines-funds-research.© 2018 Morningstar, Inc. 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 highrating alone is insufficient basis for an investment decision. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete ortimely 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 MorningstarResearch Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information atwww.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealandproducts) 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 notnecessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASXOperations Pty Ltd ACN 004 523 782 ("ASXO"). The Legg Mason QS Investors Global Equity Fund received an overall rating of 4 stars out of 206 Equity World Large Blend funds as of 28 February 2019.