ADVISORY BUSINESS OUR FIRM ClearBridge Investments, LLC (“ClearBridge”) is a leading global equity manager committed to delivering long- term results through authentic active management, as we have for more than 60 years, by offering investment solutions that emphasize differentiated, bottom-up stock selection. Owned by Franklin Resources, Inc., ClearBridge operates with investment independence from headquarters in New York and offices in Baltimore, Calgary, Fort Lauderdale, London, San Mateo, and Sydney. Our active approach combines the market knowledge of long-tenured portfolio managers with the original research of a specialized group of sector and portfolio analysts and the deep diligence of a dedicated risk management team. The firm offers strategies focused on three primary client objectives in our areas of proven expertise: high active share, income solutions and low volatility. As more fully described in Item 8, we integrate Environmental, Social and Governance (“ESG”) considerations into our fundamental research process across all strategies. At September 30, 2023, ClearBridge managed approximately $148.2 billion in assets under management of which about $30.8 billion were non-discretionary1. OUR CLIENTS ClearBridge provides discretionary investment management services in multiple formats, including institutional and retail separate accounts, mutual funds, both proprietary (as adviser and subadviser to various ClearBridge, Legg Mason and Franklin-branded funds), both U.S. and non-U.S., and as a subadviser to non-proprietary funds and to other commingled investment vehicles, including collective investment trusts (“CITs”) that are sponsored by third parties and available for investment only to certain qualified retirement plans. Institutional ClearBridge provides discretionary investment advice to institutions, including pension and profit sharing plans, unions, state and local government entities, insurance companies, trusts, estates, charitable organizations, endowments, family offices and other business entities. Institutional clients can impose restrictions on certain securities or types of securities and structure their investment guidelines to accommodate a variety of client needs. These specific restrictions are usually negotiated with the client. Institutional clients can also specify reporting requirements and frequency. ClearBridge may also provide model portfolios to institutional clients, including without limitation other investment advisers, on a non-discretionary basis. In non-discretionary model delivery relationships, the institutional client or such client’s designated agent will exercise discretion and may or may not follow the model ClearBridge provided. 1 ClearBridge’s total assets under management at September 30, 2023 were $148,243,821,271 of which $30,784,153,666 were non-discretionary.

Private Client ClearBridge also provides private client separate account investment advisory services directly to clients or through its affiliate, Franklin Templeton Private Portfolio Group, LLC (“FTPPG”). Private clients may have their accounts invested in a single strategy or in multiple ClearBridge strategies, including taxable and non-taxable fixed income, tailored to a client’s specific needs. Private client management allows for the management of one account in multiple investment styles, rebalancing based on client needs, responsiveness to tax considerations and coordination of tax-sensitive selling. Although we generally follow specific investment strategy models, private clients can have these models modified to meet specific income requirements and restrictions on certain securities and industries. Retail Investment Advisory Programs of Other Financial Firms Retail clients may also access ClearBridge’s investment advisory services on a sub-advisory basis by entering into agreements with financial firms that retain ClearBridge as a subadviser directly or indirectly through ClearBridge’s affiliate, FTPPG. These investment advisory programs, which may include “wrap fee arrangements” among other types of programs (“SMA Programs”), sponsored and offered by broker-dealers or other financial institutions, can be structured as single contract or dual contract. In a single contract arrangement, the client contracts with the SMA Program sponsor, which pays ClearBridge’s fee. In a dual contract arrangement, ClearBridge (or FTPPG) contracts directly with the client for its advisory services. In most SMA Programs, client-imposed restrictions will be applied if ClearBridge determines that they are reasonably practical as an investment or operational matter. Information about these products can be found in the joint brochure entitled “ClearBridge/FTPPG Retail Client Brochure.” ClearBridge also provides model portfolios to SMA Program sponsors and other investment advisers, either on a discretionary or non-discretionary basis. In non-discretionary model delivery relationships, the SMA Program sponsor or investment adviser will exercise discretion and may or may not follow the model ClearBridge provided. Customization Although most ClearBridge strategies, including ESG-focused strategies, are available to both retail and institutional clients, some are not. These services/products may only be available in a closed or open-end fund or other commingled vehicle or may have minimum investment requirements that some clients cannot meet. Certain commingled vehicles have regulatory restrictions that prevent retail clients from investing in them or are designed for a specific type of institutional investor such as a pension plan. Also, institutional clients can specify reporting schedules and content and impose more restrictions on their accounts, such as percentage limitations in certain industries or sectors, that ClearBridge cannot provide to retail clients.