Principle 5 FUNDAMENTALS ARE FUNDAMENTAL We invest as business owners. That means constantly working to uncover and understand the fundamental strengths behind the companies we own. We embrace this commitment with a passion. Discover what can make our investment principles right for today, and tomorrow. ClearBridge.com/principles All investments involve risk, including loss of principal. Active management does not guarantee a profit or protect against loss. © 2017 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and ClearBridge Investments, LLC are subsidiaries of Legg Mason, Inc. 593870 ADVR242759 3/16 FN1611734http://www.ClearBridge.com/principles