Legg Mason : Launches First Active ETF with ClearBridge Investments

For Immediate Release Contact Information:

Media:

Madelyn McHugh (212) 805-6039

mmchugh@leggmason.com

ClearBridge All Cap Growth ETF Actively Invests Across Market Capitalizations for Diverse Exposure to Growth Equities

Managers of ClearBridge All Cap Boast Over 10 Decades of Combined Industry Experience

The ClearBridge All Cap Growth ETF will be managed by the team of Evan Bauman, Peter Bourbeau, Richard Freeman and Margaret Vitrano and targets quality growth companies that have exhibited consistent and sustainable earnings and cash flows. It is designed for investors looking for a growth portfolio that invests across market capitalizations with a long-term, high conviction approach. The new ETF is part of ClearBridge's commitment to making its active management expertise available to investors in a wide variety of vehicles. ClearBridge has managed an All Cap Growth separately managed account (SMA) since July 1996.

"We are pleased to now be able to offer our clients this strategy in two forms - the SMA and now ETF," said Terrence Murphy, Chief Executive Officer of ClearBridge Investments. "ClearBridge All Cap Growth actively invests in a diverse portfolio of stocks - ranging from large to medium and small capitalizations - providing investors with exposure to equities with potential for long-term earnings and cash flow growth."

"As the interests and needs of our clients are evolving, our strategy has been to provide our clients with choice by making our investment capabilities available in a wide variety of vehicles," stated Terry Johnson, Head of Legg Mason Global Distribution.

About ClearBridge

ClearBridge Investments is a leading global equity manager with $110.6 billion in assets under management as of March 31, 2017. We are committed to delivering long-term results through active management, as we have for more than 50 years, and continue to offer investment solutions that emphasize differentiated, bottom-up stock selection to move our clients forward. Owned by Legg Mason, ClearBridge operates with investment independence from headquarters in New York and offices in Baltimore, London, San Francisco and Wilmington.

About Legg Mason

Legg Mason is a global asset management firm with $728.4 billion in assets under management as of March 31, 2017. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

What should I know before investing: The Fund is newly organized, with a limited history of operations. Equity securities are subject to price fluctuation and possible loss of principal. In addition 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. Investments may also be made in depository receipts and other securities of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets. Active management and diversification do not ensure gains or protect against market declines.

Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differs from the benchmark index.

Russell 3000 Growth Index is an unmanaged index of those companies in the broad-market Russell 3000 Index chosen for their growth orientation. Please note an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

If you are neither a resident nor a citizen of the United States or if you are a non-U.S. entity, a fund's ordinary income dividends (which include distributions of net short-term capital gains) will generally be subject to a 30% U.S. federal withholding tax, unless a lower treaty rate applies. For further information, please see the ETF's prospectus.

Redemption payments will be effected within the specified number of calendar days following the date on which a request for redemption in proper form is made. The funds generally intend to effect deliveries of creation units and portfolio securities on a basis of trade date T plus three business days (T+3). Please see the ETF's statement of additional information (SAI) for more information.

There are differences between ETFs and SMAs which could significantly impact performance. These include but are not limited to, differences in the amount of AUM, cash flows, tax and customization considerations, fees and expenses, and applicable regulatory requirements, including investment and borrowing restrictions.

All investments involve risk, including loss of principal. Past performance is no guarantee of future results.

©2017 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and ClearBridge Investments are subsidiaries of Legg Mason, Inc.