Legg Mason, Inc. Announces Liquidation of Three Exchange-Traded Funds

Legg Mason, Inc. (NYSE:LM) announced today that it has determined to
close and liquidate the exchange-traded funds listed below (the “funds”)
based on an ongoing review of its product lineup and to ensure it meets
the evolving needs of its clients. Proceeds of the liquidation are
currently expected to be sent to shareholders of the funds on or about
March 22, 2019 (the “Liquidation Date”).

Effective as of the close of business on March 6, 2019, the funds will
no longer accept orders for the purchase of creation units. It is
expected that the funds will cease trading on NASDAQ on or about March
15, 2019, and subsequently will be delisted.

“As with all of our investment solutions, we are always seeking to
deliver on investor needs,” said Rick Genoni, Legg Mason’s Head of ETF
Product Management. “We are always evaluating our product lineup to
ensure it is relevant to investor demand. In this case, we have
determined a timely liquidation is the best option. We are pleased with
the performance and the investor reception to other ETFs we offer,” said
Genoni.

In connection with the liquidations, any shares of a fund outstanding on
the Liquidation Date will be automatically redeemed on the Liquidation
Date. After payment (or setting aside for later payment) of the fund’s
obligations, shareholders who remain in the fund until the Liquidation
Date will receive liquidation distribution(s) based on the current
aggregate net asset value of the shares of the fund that such
shareholder then holds. The funds may or may not, depending upon each
fund’s circumstances, pay one or more dividends or other distributions
prior to or along with the redemption payments.

Shareholders of each fund may sell their shares of the fund on NASDAQ
until the market close on the date a fund ceases trading and may incur
customary transaction fees from their broker-dealer in connection with
such sales.

Legg Mason’s net assets for ETFs exceed $800 million as of January 31,
2019. For more information, shareholders of the funds may call
1-877-721-1926.

About Legg Mason

Legg Mason is a global asset management firm with $727.2 billion in
assets under management as of December 31, 2018. 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).

If you are neither a resident nor a citizen of the United States or if
you are a non-U.S. entity, the ETF’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
which is available on the website www.leggmason.com.
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. For more information, please see the ETF’s
statement of additional information (SAI) which can be found on www.leggmason.com.

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.

All investments involve risk, including loss of principal. Before
investing, carefully consider a Fund’s investment objectives, risks,
charges and expenses. You can find this and other information in each
prospectus, or summary prospectus, if available, which is available at www.leggmason.com.
Please read it carefully.

© 2019 Legg Mason Investor Services, LLC, member FINRA, SIPC., a Legg
Mason, Inc. subsidiary. TN19-017

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