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The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. EnTrust will maintain an ongoing relationship with Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. We do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. With this acquisition, Franklin Templeton will preserve the autonomy of Legg Mason’s affiliates, ensuring that their investment philosophies, processes and brands remain unchanged. All investments involve risk, including possible loss of principal. Quarterly commentary discussing fund performance. Upon closing of the transaction, Franklin Templeton expects to maintain a robust balance sheet and considerable financial flexibility with pro forma gross debt of approximately $2.7 billion with remaining cash and investments of approximately $5.3 billion. For more information, please contact your Legg Mason Investor Services Representative or the Legg Mason Investor Services Sales Desk at … San Mateo, CA, February 18, 2020 – Franklin Resources, Inc. (the “Company”) [NYSE:BEN], a global investment management organization operating as Franklin Templeton, today announced that it has entered into a definitive agreement to acquire Legg Mason, Inc. [NYSE:LM] for $50.00 per share of common stock in an all-cash transaction. Past performance is no guarantee of future results. This website is owned and operated by Legg Mason Asset Management Hong Kong Limited ("LMAMHK"), which is an indirect wholly owned subsidiary of Franklin Resources, Inc., a U.S. based financial services holding company that is listed and traded on the New York Stock Exchange. For more information, please visit investors.franklinresources.com. Legg Mason Investor Services LLC, is a wholly-owned subsidiary of Franklin Resources, Inc. Private Securities Litigation Reform Act of 1995. Establishes Franklin Templeton as One of the World’s Largest Independent, Specialized Global Investment Managers, Combined Company to Offer Complementary Investment Strategies to More Clients in More Places. BrokerCheck lets you view employment history, certifications, licenses and any violations for brokers and investment advisors. Royce & Associates, LP primarily conducts its business under the name Royce Investment Partners. View more details, View cart to edit items, select amounts and checkout, Franklin Templeton and Legacy Legg Mason Products, Franklin Templeton Mutual Funds Price and Performance, Franklin Templeton ETFs Price and Performance. Download a free version from Adobe's website, Franklin Templeton Completes Acquisition of Legg Mason. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Additional Information and Where to Find It. Non-U.S. investors should disregard this email. In addition, the proxy statement and our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934 are or will be available free of charge through our website at www.leggmason.com as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The combined footprint significantly deepens Franklin Templeton’s presence in key geographies and creates an expansive investment platform that is well balanced between institutional and retail client AUM. If you sign out, all items will be removed. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc. | 100 First Stamford Place | Stamford, CT | 06902 © 2017 Legg Mason Investor Services, LLC. Member, DID YOU KNOW THAT YOUR INTERNET BROWSER IS. Click "Stay Signed In" to continue your session and keep items in your cart. Combined Company to Offer Complementary Investment Strategies, Copyright © 2020 Legg Mason Investor Services, LLC. Jenny Johnson added, “This transaction gives us significant scale, addresses strategic gaps and brings greater balance to our business, while positioning us for accelerated growth in the future. We have incredible respect and admiration for the success Legg Mason and its investment affiliates have achieved and we have structured the transaction to ensure that its affiliates have the right mix of independence and support to continue building on their strong track records. For more information, please contact your Legg Mason Investor Services Representative or the Legg Mason Investor Services Sales Desk at 1-800-221-3627. For more information, please visit franklinresources.com. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. “A tremendous amount has happened since we made our announcement in mid-February, but the strategic rationale for this powerful combination has only strengthened. “This is a landmark acquisition for our organization that unlocks substantial value and growth opportunities driven by greater scale, diversity and balance across investment strategies, distribution channels and geographies,” said Greg Johnson, executive chairman of the Board of Franklin Resources, Inc. “Our complementary strengths will enhance our strategic positioning and long-term growth potential, while also delivering on our goal of creating a more balanced and diversified organization that is competitively positioned to serve more clients in more places.”, Jenny Johnson, president and CEO of Franklin Templeton, said, “This acquisition will add differentiated capabilities to our existing investment strategies with modest overlap across multiple world-class affiliates, investment teams and distribution channels, bringing notable added leadership and strength in core fixed income, active equities and alternatives. By preserving the autonomy of each investment organization, the combination of Legg Mason and Franklin Templeton will quickly leverage our collective strengths, while minimizing the risk of disruption. INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE. You make important decisions. Legg Mason takes no liability for the onward transmission of this material. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The firm’s affiliates include: Brandywine Global, Clarion Partners, ClearBridge Investments, Martin Currie, QS Investors, Royce Investment Partners, and Western Asset. Learn more about Franklin Templeton investment solutions. IMPORTANT INFORMATION: All investments involve risk, including loss of principal. The transaction is another case of consolidation in the industry, as firms grapple with falling fees and the rising challenge from managers of index-tracking funds. The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over $806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the world’s largest independent, specialized global investment managers with a combined $1.5 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. By closing this window you acknowledge that your experience on this website may be degraded. Legg Mason takes no liability for the onward transmission of this material. For more information about the USPS Mail Suspension, please click: INVESTMENT INSIGHTS ON CORONAVIRUS AND VOLATILITY. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc. | 100 First Stamford Place | Stamford, CT | 06902 © 2017 Legg Mason Investor Services, LLC. Investors will be able to obtain free of charge the proxy statement and other documents filed with the SEC at the SEC’s website at http://www.sec.gov. J.P. Morgan Securities LLC also served as financial advisor to Legg Mason. Note: If you are seeing this pop up in Internet Explorer and are running version 8 or higher, please go into Tools (ALT+T), and then to Compatibility View Settings and make sure "Display Intranet Sites in Compatibility View" is not checked. This site is intended for U.S. investors only. Like us, Franklin Templeton understands the importance of culture, teams and core values to achieving outstanding investment results for clients.”, Terrence J. Murphy, CEO of ClearBridge Investments, a Legg Mason affiliate, said, “As part of Franklin Templeton, we are confident that we will retain the strong culture that has defined our success as a recognized market leader in active equities. Explore our views on market topics and investment themes. A list of the most popular web browsers can be found below. You can find information about Legg Mason’s executive officers and directors in the definitive proxy statement on Schedule 14A in connection with Legg Mason’s 2019 Annual Meeting of Shareholders, filed with the SEC on June 6, 2019. PJT Partners served as the lead financial advisor to Legg Mason. Jenny Johnson added, “EnTrust is an excellent business and we recognize and appreciate their desire to once again become a private company. The Company will also assume approximately $2 billion of Legg Mason’s outstanding debt. In addition, the combined platform creates a strong separately managed account business. Various forward-looking statements in this press release relate to the acquisition by Franklin Templeton of Legg Mason, including regarding expected scale opportunities, operating efficiencies and results, growth opportunities, client benefits, key assumptions, revenue realization, cost and expense synergies, financial and other benefits and returns, integration and its costs. Various forward-looking statements in this press release relate to the acquisition by Franklin Resources, Inc. (“Franklin”) of Legg Mason, Inc. (“Legg Mason”), including regarding expected scale opportunities, operating efficiencies and results, growth, client and stockholder benefits, key assumptions, timing of closing of the transaction, revenue realization, cost and expense synergies, financial benefits or returns, accretion and integration costs. This link leads to a website that is intended for U.S. investors only. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as “will,” “may,” “could,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “preliminary” or other similar words are forward-looking statements. Global headquarters will remain in San Mateo, CA and the combined firm will operate as Franklin Templeton. There will be no changes to the senior management teams of Legg Mason’s investment affiliates. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. Our Security Measures. Take this quick test to find out. Quarterly commentary discussing fund performance. I want to thank employees from both companies for their tremendous contributions and exceptional focus on our clients and the business throughout the process,” Johnson added. While cost synergies have not been a strategic driver of the transaction, there are opportunities to realize efficiencies through parent company rationalization and global distribution optimization.

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