On July 31, 2020, pursuant to the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of February 17, 2020, by and among Legg Mason, Inc. (the “Company”), Franklin Resources, Inc. (“Franklin”) and Alpha Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of Franklin, Merger Sub merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation (the “Surviving Corporation”). At the Effective Time, in accordance with the Merger Agreement, the directors of Merger Sub, Matthew Nicholls, Gwen L. Shaneyfelt, and Craig S. Tyle, became the directors of the Surviving Corporation. All of the previous directors of the Company ceased to serve as the directors of the Company. In connection with the closing of the Merger, the officers of the Company immediately prior to the Effective Time became the officers of the Surviving Corporation and immediately following the Effective Time, such officers were removed from their positions as officers of the Surviving Corporation. Effective as of immediately following the Effective Time, Matthew Nicholls was appointed as President of the Surviving Corporation, and Gwen L. Shaneyfelt was appointed as Vice President of the Surviving Corporation.