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Legg Mason Launches BW Dynamic Large Cap Value Mutual Fund (LMBGX Class IS)

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Legg Mason announced today the launch of a new mutual fund, the Legg Mason BW Dynamic Large Cap Value Fund (“LMBGX” or the “Fund”), which will be sub-advised by Brandywine Global Investment Management, LLC’s Diversified Value Equity team. The Fund’s broad objective is to provide long-term capital appreciation by quantitatively investing in U.S. equities. The Fund and its underlying strategy have a quantitative focus driven by three key factors: valuation, quality and sentiment. The proprietary blend is used to identify stocks that have the potential to deliver the strategy’s innovative, dynamic shifting tool, which is unique in the marketplace. The tool adjusts the portfolio to favor deeper value stocks when the model indicates that valuation dispersion has peaked and begun to narrow. On the contrary, when valuation dispersion has troughed, the tool shifts the portfolio closer to the index’s valuation. This proprietary blend of quantitative selection and dynamic shifting seeks to both mitigate downside volatility and potentially enhance long-term returns.

The underlying investment strategy has been used to manage institutional client accounts since January 1, 2007.

“We are excited to make this innovative strategy available in mutual fund form, broadening access to a wider range of investors,” notes Michael J. Fleisher, co-portfolio manager for the new Fund. “Our disciplined investment process helps our clients to avoid becoming victims of behavioral biases. We will work diligently to generate consistent, repeatable results.”

All investing involves risk. Equity securities are subject to price fluctuation and possible loss of principal. Large-capitalization value stocks may underperform the overall equity market for long periods. The manager’s selection process may prove incorrect, which may have a negative impact on the Fund’s performance. International investments are subject to special risks including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

The value of the Fund’s investments held for cash management or defensive investing purposes may be affected by changing interest rates and changes in the underlying investments’ credit ratings.

About Brandywine Global Investment Management, LLC

Brandywine Global Investment Management, LLC (“Brandywine Global”), has built up significant experience across fixed income, equity and global portfolios that invest in US and international markets. Founded in 1986 by a group of highly experienced portfolio managers, the firm has been a wholly owned affiliate of Legg Mason, Inc. since 1998 but operates independently. The firm is headquartered in Philadelphia with office locations in San Francisco, Montreal^1, Toronto^1, Singapore2, and London3. Brandywine pursues one investment approach: value investing. Through practical experience, Brandywine has determined that value-style investing – whether in equity or fixed income markets, in the US or internationally – can provide solid risk-adjusted returns over full investment cycles, and it is a particularly important strategy in today’s global markets.

For more information on investments sub-advised by Brandywine Global, call your financial adviser or visit www.leggmason.com.

Legg Mason, Inc. is a global asset management firm with assets under management of $711 billion as of August 31, 2014. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, MD, and its common stock is listed on the New York Stock Exchange (symbol:LM).

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. You can find this and other information in the Fund’s prospectus available at www.leggmason.com/individualinvestors

(c) 2014 Legg Mason Investor Services, LLC, member FINRA, SIPC. Brandywine Global Investment Management, LLC and Legg Mason Investor Services, LLC, are subsidiaries of Legg Mason, Inc. TN14-440

^1Brandywine Global Investment Management (Canada), ULC;

2Brandywine Global Investment Management (Asia) Pte. Ltd.;

3Brandywine Global Investment Management (Europe) Limited is authorized and regulated by the Financial Conduct Authority (the “FCA”). (FRN 472774). Registered in England and Wales, No. 06324517

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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