LEGG MASON GLOBAL ALL CAP PORTFOLIOS (MDA 7A)

3Q 2017 Separately Managed Accounts LEGG MASON GLOBAL ALL CAP PORTFOLIOS (MDA 7A) INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Introduction Legg Mason Underlying strategies in proposed portfolio Legg Mason Global All Cap Portfolios 30% ClearBridge Portfolios 30% ClearBridge All Cap Portfolios 20% ClearBridge Multi Cap Portfolios 20% ClearBridge ADR Portfolios 2

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 Pursuing value since 1986 across equity and fixed income, globally and in the US Historically institutionally focused, the firm has both a boutique s agility and a leader s stability and resources Real estate investment specialists Clarion Partners is a leading private equity and debt real estate investment manager established in 1982 Clarion invests in the Americas across a broad range of property types and risk profiles, with the goal of consistently creating value for its clients Quality-focused equity Global investment manager with over 50 years of experience and long-tenured portfolio managers who seek to build income, high active share or low volatility portfolios Global alternative investments One of the world s largest hedge fund investors, recognized as a global leader in structuring comprehensive alternative investment strategies for institutional and high net worth clients Active equity specialists An active equity specialist that builds global, stock-driven portfolios based on fundamental research, devoting all of its resources to delivering optimum investment outcomes and superior client relationships Systematic investment solutions Creates innovative solutions within a quantitative framework The firm takes a consultative approach to global asset management, and applies complementary behavioral and fundamental market insights to manage portfolios with a repeatable, risk-aware process Global listed infrastructure investing RARE is a dedicated infrastructure investment manager focused on global listed infrastructure investments Established in 2006, RARE has grown to become one of the largest listed infrastructure managers globally Small-cap equity Royce is a small-cap specialist with unparalleled knowledge and experience, offering distinct investment approaches to meet a variety of investors goals income One of the world s leading global fixed income managers Founded in 1971, the firm is known for team management, proprietary research and a long-term fundamental value approach Active share is a measure of the percentage of stock holdings in a manager s portfolio that differs from the benchmark index 3

Introduction Multiple Discipline Account Multiple Discipline Account ( MDA ) -- Potential benefits 1 2 3 Diversification Multiple investment styles in single account Ongoing monitoring of asset allocation with rebalancing as deemed appropriate 1 Simplified, convenient portfolio administration Single point of contact for portfolio management Consolidation of positions into one statement Flexibility and choice Greater accommodation of special instructions Tax harvesting potential 2 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 4

Introduction Multiple Discipline Account Diversification By investing in more than one asset class, investors may have the potential over time to enhance overall portfolio returns and manage risk Calendar year returns of varied market indices BEST PERFORMANCE WORST PERFORMANCE 1403% 850% 409% 233% -559% -923% -1188% -2015% -2042% -2121% 2002 1104% 170% -965% - 1143% -1552% -1566% -2210% -2741% -2788% -3026% 2003 4854% 4603% 4271% 3917% 3807% 3003% 2975% 2869% 467% 107% 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 Performance End Notes for important additional information An investor cannot invest directly in an index is represented by the Citi 90-Day T-Bill is represented by the Barclays Capital US Government/Credit Bond 2004 2371% 2225% 2070% 1649% 1548% 1431% 1088% 630% 419% 124% 1402% 1265% 1210% 707% 526% 491% 471% 415% 300% 237% 2686% 2348% 2225% 2022% 1579% 1335% 1066% 907% 476% 378% 1181% 1163% 1143% 723% 705% 549% 474% -017% -142% -978% is represented by the Russell 1000 is represented by the Russell 1000 570% 180% -2892% -3685% -3700% -3844% -3844% -3854% -4306% -4432% 2010 2909% 2638% 2475% 2450% 1671% 1551% 1506% 821% 659% 013% is represented by Russell MidCap is represented by Russell MidCap 2012 1851% 1805% 1790% 1751% 1600% 1581% 1526% 1459% 482% 007% 2013 4330% 3574% 3452% 3348% 3346% 3253% 3239% 2329% 005% -235% is represented by the Russell 2000 is represented by the Russell 2000 2014 1475% 1369% 1345% 1305% 1190% 599% 560% 422% 2001 2005 2006 2007 2008 2009 2011 2016 4629% 3721% 3447% 3421% 3246% 2646% 2058% 1969% 452% 016% 874% 264% 211% 039% 008% -138% -165% -291% -550% -1173% 003% -448% 2015 567% 138% 015% 003% -020% -039% -138% -383% -478% -747% 3174% 2000% 1734% 1196% 1132% 733% 708% 305% 151% 027% is represented by the MSCI EAFE The Broad Market is represented by the Source: Legg Mason As of 12/31/2016 Diversification does not assure a profit or protect against market loss All investments involve risks, including possible loss of principal Investing in non-us 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 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 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 5

Introduction Multiple Discipline Account 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 MDA style allocations may be rebalanced to or toward the approximate target allocations when actual allocations vary from these targets Rebalancing is generally done with the investment manager s approval 6

Your investment portfolio ClearBridge Portfolios Overview The (LCG) investment portfolios seek out high-quality, large-company stocks that can provide the potential for superior long-term performance Portfolio positioning Designed for investors seeking long-term capital appreciation through investments in largecapitalization companies with the potential for high future earnings growth Long-term, buy-and-hold approach results in lower portfolio turnover Objectives Seeks long-term growth of capital Key differentiators Experienced investment team Looks to invest in world-class companies possessing strong financials, dominant positions, innovation, and best-in-class products and services, led by results-oriented management teams with strong track records and sound future plans Portfolios typically concentrated in 35 to 45 stocks Stock and sector weightings are by-products of the bottom-up fundamental research-driven stock selection process Points of Differentiation Concentrated, low turnover approach Bottom-up driven investment decisions Diversification across growth spectrum (cyclical, stable, select) Philosophy Invest in leadership companies where we believe the market price underestimates the magnitude of future growth Use stock selection as primary driver identify category leaders with characteristics to sustain that position Find secular tailwinds to support multi-year investment opportunities, allowing for compounding of earnings and cash flow Perform rigorous analysis to understand company fundamentals, key competitive dynamics and industry structure Believe the best business models win over time Identify barriers to entry and prefer companies with innovation prowess, regardless of size Look for businesses that protect and grow market share consistently Gravitate to self-funding business models with significant recurring revenue Seek businesses with the ability to generate superior free cash flow over time Stress test the sustainability of profitability and growth Take a disciplined approach to valuation RISKS: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met While most investments are in US companies, investments may also be made in ADRs and other securities of non-us 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 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 7

Your investment portfolio ClearBridge Portfolios investment process Idea generation Sector analysts and PMs each propose companies with attractive business models and good long-term growth prospects for further review Idea generation is an ongoing and continual process, but also consider mid- and small-capitalization companies and ADR s of foreign companies opportunistically Fundamental analysis Analysts and PMs work together to understand the durability of a company s growth and profit Meet with target company management, competitors and industry experts Determine appropriate entry price Portfolio construction Own companies with a range of growth and volatility Maintain high active share Monitor sector weightings and correlations among current holdings Risk management/evaluation discipline Assess risk regularly 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 8

Your investment portfolio All Cap ClearBridge All Cap Portfolios Overview The ClearBridge All Cap Portfolios - headed by Sam Peters and Albert Grosman - focus on large-, midand small-capitalization stocks Objectives The strategy seeks: long-term capital growth Current income is a secondary consideration Portfolio positioning Designed for investors seeking a value portfolio, with the ability to invest in all market capitalizations Offers a long-term buy-and-hold strategy, which may reduce portfolio turnover Key differentiators Process Repeatable, proprietary process designed to form explicit variant perceptions relative to expectations embedded in the stock price Team Robust, frequent communication to surface diverse perspectives and to improve the questions we ask and the assumptions we make Portfolio Construction Diversification across industries, economic drivers and macroeconomic and quantitative factors to build a resilient portfolio that maximizes risk-adjusted returns and is able to outperform in a variety of market conditions Philosophy What we believe: The stock market is a complex adaptive system It dynamically aggregates the views of participants, providing assessments of investment value As such, markets broadly adjust quickly to reflect new information, making it challenging for information-driven investment strategies to earn excess returns Inefficiencies occur in markets Inefficiencies occur, particularly when diversity of thought breaks down (eg, investors panic or get greedy all at once), as well as when the time horizon extends beyond the market s often myopic frame To generate excess returns consistently, we must find and exploit these inefficiencies We do this through an explicit analysis of market expectations, compared with the expectations we have developed through our review of the company s economic returns, capital allocation and competitive strategy 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 US companies, investments may also be made in ADRs and other securities of non-us 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 The managers may sometimes hold significant portions of portfolio assets in cash equivalents while waiting for buying opportunities 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 9

Your investment portfolio All Cap ClearBridge All Cap Portfolios investment process Discovery: Diversity Breakdowns and Embedded Expectations Look for diversity breakdowns: High-level industry trends and competitive strategy Quantitative screens covering multiple sources of return and risk Embedded expectations for growth, returns and investment needs Valuation: Probabilistic Analysis of Business and Variant Perception Valuation: Multiple analytical tools to understand drivers of business value Probabilistic Approach: Build scenario analysis and simulations to explore business value under different assumptions Variant Perception: Develop an explicit narrative of how investment case differs from embedded expectations Systematic Updating: Actively recalibrate model and probabilities based on new information Portfolio Construction: Balance of Risk and Return Bottom-up weighting decisions to maximize riskadjusted potential return across industries, economic drivers of returns, as well as macroeconomic and quantitative factor exposures relative to strategy s benchmark Robust team discussions help avoid individual behavioral biases: overconfidence, anchoring, loss aversion, framing effects, confirmation bias 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 10

Your investment portfolio Multi Cap ClearBridge Multi Cap Portfolios Overview The Multi Cap (MCG) portfolios seek out growth company stocks with the potential for aboveaverage 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 capitalizations 1 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 researchdriven stock selection process Philosophy We 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 Objectives The 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 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 Risks: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met 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 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 US companies, investments may also be made in ADRs and other securities of non-us 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 11

Your investment portfolio Multi Cap ClearBridge Multi Cap Portfolios investment process Define the investment universe Consider companies across the market capitalization spectrum that we believe have the potential for aboveaverage long-term earnings and/or cash flow growth Perform bottom-up fundamental analysis Emphasize companies with significant franchise value, material ownership stake by management, strong balance sheets and ubiquitous products or services Determine buy-list Identify companies that may be inefficiently priced and/or overlooked by Wall Street at time of position initiation Maintain concentrated portfolio with long-term horizon Construct 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 continuously Re-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 12

Your investment portfolio ADR ClearBridge ADR Portfolios Philosophy We believe international equities may vary significantly from fair value due to macroeconomic/exogenous factors and companyspecific endogenous issues Objectives We seek long-term capital appreciation, complemented by issuer and portfolio risk management Our strategy aims to outperform the MSCI EAFE over a full market cycle Through fundamental analysis, we seek to identify companies with superior capital appreciation prospects 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 Investments may also be made in ADRs and other securities of non-us 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 ADRs are US traded securities that represent shares of a foreign-based corporation held by a custodian and they entitle the shareholder to all dividends, net of local withholding taxes, and capital gains that would be paid on the company s ordinary shares Diversification does not assure a profit or protect against market loss The MSCI EAFE (Europe, Australasia, Far East) is a free-float-adjusted, market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada As of April 2002 the MSCI EAFE consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom It is calculated on a total return basis divided by net dividends, with foreign taxes withheld An investor cannot invest directly in an index The index is not managed and not subject to management or brokerage commission Dividends are subject to reinvestment 13

Your investment portfolio ADR ClearBridge ADR Portfolios investment process Define the investment universe Consider companies that are globally or locally attractive and those that seem to have strong niche positions or products/services with exceptional prospects Apply fundamental analysis Use a bottom-up approach to evaluate current and future prospects and ensure that accounting compliance, data accuracy and global comparability goals are met; Select securities and Monitor continuously construct portfolio Re-examine a current holding Build a diversified portfolio when unit growth/earnings with roughly 30 to 50 stocks deteriorate, valuation exceeds across 10 to 20 countries expectations, and when there Complement larger core is an adverse acquisition or a holdings (approximately loss of franchise or market 80-90%) with tactical share investments (approximately 10-20%) in smaller companies that have met our ESG criteria; and Actual percentages may vary due to economic conditions and other factors Managers may deviate from these allocations in order to seek to meet these objectives Diversification does not assure a profit or protect against market loss 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 14

Strategy characteristics & performance Equity Portfolio characteristics Equity Portfolio characteristics as of Sept 30, 2017 Market capitalization (%) Characteristics 60 50 40 30 20 10 0 Portfolio 4733 2430 1232 1398 206 Above $50B $25 - $50B $10 - $25B $3 - $10B 0 - $3B Portfolio Number of Holdings 187 Dividend Yield 131 Forecasted P/E Ratio -1 Year 1904 Price/Book Ratio 442 Long-Term EPS 1448 Weighted Median Market Capitalization 3813 Weighted Average Market Capitalization 10223 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 15

Strategy characteristics & performance Equity Portfolio characteristics Equity Portfolio characteristics as of Sept 30, 2017 Sector weightings (%) Information Technology 2394 Health Care 1613 Financials 1387 Consumer Discretionary 1256 Industrials 1131 Consumer Staples 574 Energy 54 Materials 43 Real Estate 161 Utilities 084 Top Holdings Portfolio UnitedHealth Group Inc 267 Comcast Corp 259 Biogen Inc 198 Alphabet Inc 185 Broadcom Ltd 154 Amazoncom Inc 148 Microsoft Corp 144 Johnson & Johnson 142 Celgene Corp 123 Citigroup Inc 123 Total 1743 Telecommunication Services 00 429 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 16

Strategy characteristics & performance Performance Performance Calendar-year total returns gross and net of fees (%) ending December 31 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Global All Cap (gross) 1011 203 1042 3490 1954-414 1663 3657-3789 601 Global All Cap (net) 691-095 722 3106 1609-695 1326 3267-3978 293 Mix 923 128 906 3127 1644-133 1503 3085-3872 766 1196 138 1369 3239 1600 211 1506 2646-3700 549 Annualized rates of return gross and net of fees (%) as of Sept 30, 2017 PRELIMINARY MTH QTR YTD 1-year 3-year 5-year 7-year 10-year 15-year 20-year Global All Cap (gross) 199 498 1672 1991 1042 1488 1413 793 1094 973 Global All Cap (net) 174 422 1420 1646 722 1157 1084 480 773 655 Mix 219 502 1653 1952 1002 1330 1295 666 1005 658 206 448 1424 1861 1081 1422 1438 744 1004 700 The Mix consists of the following: 30% Russell 1000, 30% Russell 3000, 20% Russell 3000 and 20% MSCI EAFE (Net) The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward) Please visit wwwleggmasoncom 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 30% 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 Performance 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 17

Strategy characteristics & performance Performance Risk/return profile (%) Gross of fees (based on 10-year period ending Sept 30, 2017) Modern portfolio statistics as of Sept 30, 2017 Annualized rate of return (%) 20 15 10 5 Global All Cap Mix Global All Cap (MDA 7A) Mix Annualized return (%) 793 666 744 Annualized standard deviation (%) 1677 1584 1514 Sharpe ratio 052 046 052 Beta 105 N/A N/A Alpha 101 N/A N/A R-squared 098 N/A N/A 0 0 5 10 15 20 Risk (% annualized standard deviation) The Mix consists of the following: 30% Russell 1000, 30% Russell 3000, 20% Russell 3000 and 20% MSCI EAFE (Net) The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward) Please visit wwwleggmasoncom 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 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 Performance 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 18

Strategy characteristics & performance Performance Up/Down market capture ratios (%) Gross of fees (based on 10-year period ending Sept 30, 2017) 2 Global All Cap Mix 1 109 100 0 1 103 100 2 Up 76 positive months Down 44 negative months The Mix consists of the following: 30% Russell 1000, 30% Russell 3000, 20% Russell 3000 and 20% MSCI EAFE (Net) The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward) Please visit wwwleggmasoncom 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 Performance 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 19

Strategy characteristics & performance Performance of $300,000 Gross of fees (based on 10-year period ending Sept 30, 2017) $800,000 Global All Cap Mix $571,785 $643,785 $600,000 $400,000 $200,000 $0 2007 2009 2011 2013 2015 2017 The Mix consists of the following: 30% Russell 1000, 30% Russell 3000, 20% Russell 3000 and 20% MSCI EAFE (Net) 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 Performance 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 20

Appendix Investment Management Team Investment management team Peter Bourbeau Managing Director, Portfolio Manager Industry since 1991 Firm since 1991 Fordham University MBA University of Florida BSBA Margaret Vitrano Managing Director, Portfolio Manager Industry since 1996 Firm since 1997 University of Pennsylvania MBA in Finance Duke University BA in Public Policy studies and Art History Citigroup Research Analyst for consumer discretionary sector 21

Appendix Investment Management Team Investment management team Albert Grosman Managing Director, Portfolio Manager Industry since 1993 Firm since 2007 Columbia Business School MBA Emory University BBA in Business Administration Long Trail Investment Management - Equity Analyst Phinity Capital - Equity Analyst Cyllenius Capital Management (BlackRock Inc) - Equity Analyst Fidelity Management & Research - Portfolio Manager Sam Peters, CFA Managing Director, Portfolio Manager Member of the CFA Institute Industry since 1993 Firm since 2005 University of Chicago MBA College of William & Mary BA in Economics Fidelity Management & Research - Portfolio Manager, Health Care Sector Team Leader Samuel M Peters Investment Advisors - Founder Eppler, Guerin & Turner - Financial Consultant 22

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 Fund Portfolio Manager of Mid/italization Portfolios Chemical Bank -- Vice President, Trusts and Investments Drexel Burnham Lambert -- Vice President, Research Evan Bauman Managing Director, Portfolio Manager Industry since 1996 Firm since 1996 Duke University BS in Mathematics 23

Appendix Investment Management Team Investment management team Elisa Mazen Managing Director, Portfolio Manager Industry since 1986 Firm since 2008 Head of Global Douglass College, Rutgers University BA in economics and finance Member of the Douglass College Investment Committee Oppenheimer Capital, division of Allianz Global Investors Managing Director and head of international and global equity Clemente Capital Inc Portfolio Manager Mitchell Hutchins Asset Management Thor Olsson Director, Portfolio Manager Industry since 1997 Firm since 2000 La Salle University BA in Economics Co-manager ADR SMA Pilgrim Baxter - Fund Analyst Michael Testorf, CFA Managing Director, Portfolio Manager Industry since 1987 Firm since 2015 Wirtschaftsakademie Hamburg BA in Business and Economics (Academy of Business and Administration, Hamburg, Germany) Member of the CFA Institute Senior Portfolio Manager, Senior Partner - R Squared Capital Management Senior Portfolio Manager Artio Global Management LLC/Julius Baer Investment Management Vice President, Senior Equity Sales Julius Baer Securities Assistant Vice President, European Equity Sales BZW Securities Senior Portfolio Manager, Head of European Equity Team United Nations Joint Staff Pension Fund Senior Portfolio Manager, Vice President COMMERZBANK AG Pawel Wroblewski CFA, Director, Portfolio Manager Industry since 1996 Firm since 2008 Columbia University MBA Warsaw School of Economics MA in Finance Member of the CFA Institute Allianz Global Investors - Equity Research Analyst, Oppenheimer Capital division CA-IB Securities - Senior Research Analyst Credit Suisse First Boston - Research Associate Deloitte & Touche - Auditor 24

Appendix Performance Endnotes Performance Endnotes Performance calculation Legg Mason Global All Cap Portfolios composite performance has the approximate target allocation of the following investment styles: 30% ClearBridge, 30% ClearBridge All Cap, 20% ClearBridge Multi Cap and 20% ClearBridge ADR The Mix is comprised of The Mix is comprised of 30% Russell 1000, 30% Russell 3000, 20% Russell 3000 and 20% MSCI EAFE (Net) indices, rebalanced monthly Unlike the indices included in the Mix, investment styles included in MDA portfolios are not automatically rebalanced each month Performance returns for periods prior to January 2006 are based on the performance of a composite of accounts from a formerly-affiliated sponsor channel, which represented an overwhelming majority of the strategy s retail assets under management during such periods Such pre-2006 returns were calculated on an equal-weighted basis where each portfolio contributed an equal weight to the resulting composite return regardless of its asset size Performance returns for periods subsequent to January 2006 are based on the composite performance of all discretionary retail managed accounts in the strategy Such post-2005 returns were calculated on an assetweighted basis where each portfolio contributed to the resulting composite return proportionately based on asset size Fees 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 30% 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 enter into an agreement directly with Legg Mason Private Portfolio Group, LLC ( LMPPG ), refer to LMPPG s Form ADV disclosure document definitions The Russell 1000 measures the performance of those Russell 1000 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 3000 measures the performance of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values The stocks in this index are also members of either the Russell 1000 or Russell 2000 indexes The Russell 3000 measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values The Russell 3000 is composed of the 3,000 largest US companies based on total market capitalization, and represents the vast majority of the investable US market The MSCI EAFE (Europe, Australasia, Far East) is a free-float-adjusted, market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada As of April 2002 the MSCI EAFE consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom It is calculated on a total return basis divided by net dividends, with foreign taxes withheld The 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 The portfolio composition typically varies from that of the above-noted, unmanaged indices 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 25

Appendix Definitions Definitions Definitions The Bloomberg Barclays US Government/Credit Bond tracks the performance of the overall bond market and is a broad measure of the performance of government and corporate fixed-rate debt issues Citi 90-Day Treasury Bill 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 US Government and offer a fixed rate of return The MSCI EAFE (Europe, Australasia, Far East) is an unmanaged index of common stocks of companies located in Europe, Australasia and the Far East The MSCI World 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 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 consists of the 1000 largest securities in the Russell 3000, and this large cap (market-oriented) index is highly correlated with the The Russell 1000 measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values (A priceto-book ratio is the price of a stock compared to the difference between a company s assets and liabilities) The Russell 1000 measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values The Russell 2000 is comprised of the 2,000 smallest companies in the Russell 3000 The Russell 2000 measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values The Russell 2000 measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values The Russell 3000 is comprised of the 3,000 largest US companies based on total market capitalization, and represents the vast majority of the investable US market The Russell 3000 measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values The Russell MidCap consists of the 800 smallest companies in the Russell 1000 as ranked by total market capitalization The Russell MidCap measures the performance of those Russell MidCap companies with higher price-to-book ratios and higher forecasted growth values The Russell MidCap 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 The 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 The /Citigroup is an index of stocks representing approximately half of the market capitalization of the stocks in the that, on a growth-value spectrum, have been identified as falling either wholly or partially within the value half of the spectrum based on a number of factors Until December 16, 2005, when Standard & Poor s changed both the name of the index and its calculation methodology, the index was called the S&P 500/BARRA Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges 26

Appendix Term Definitions Definitions Term definitions Market 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 10 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 (ie, 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 10 indicates a manager who has outperformed the benchmark in the benchmark s positive quarters A Down Market Capture Ratio of less than 10 indicates a manager who has outperformed the relative benchmark in the benchmark s negative quarters 27

Brandywine Global Clarion Partners ClearBridge Investments EnTrustPermal Martin Currie QS Investors RARE Infrastructure Royce & Associates Western Asset 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, fixedincome, alternatives and cash strategies invested worldwide leggmasoncom A diverse family of specialized investment managers, each with its own independent approach to research and analysis Over a century of experience in identifying opportunities and delivering astute investment solutions to clients Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment adviser Client portfolios are managed based on investment instructions or advice provided by one or more of the following Legg Mason-affiliated sub-advisers: ClearBridge Investments, LLC and Western Asset Management Company Management is implemented by LMPPG, the designated subadviser or, in the case of certain programs, the program sponsor or its designee Investments for the program(s) discussed herein are traded primarily in US markets and unless otherwise noted, equity and fixed income investments for such program(s) are primarily of US issuers In addition, unless otherwise noted, indexes referred to herein represent groups of securities that are issued primarily by US 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 Gross-of-fees performance results shown herein do not reflect deduction for investment management fees and transaction costs The performance of individual client accounts will vary and will be reduced by such fees and costs Please review the effect of fees and transaction costs on account performance with your financial professional 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 2017 Legg Mason Investor Services, LLC, member FINRA, SIPC Legg Mason Investor Services, LLC and ClearBridge Investments are subsidiaries of Legg Mason, Inc FN1313767 SMA0015 PPG-Q317-V1