User Agreement

GTLM WEBSITE USER AGREEMENT

Please read carefully the terms and conditions below before proceeding to access and use this website. By accepting these Terms, you confirm that you agree to be bound by and comply with these Terms in your access and use of this website.

The content on this site is only for distributors or professional investors unless you are based in the United States of America – please read section 1.4. If you are a member of the public outside of the United please leave this website immediately.

I confirm that I have read and accept the terms and conditions of using this website. By pressing 'accept' below, I also consent to the setting of cookies on this machine to remember my site preferences and track user activity.

Introduction

1.0 A brief introduction about this website

This website is for information only and does not constitute an invitation to the public to invest. Forward-looking statements are subject to uncertainties that could cause actual developments and results to differ materially from the expectations expressed. This information has been prepared from sources believed reliable but the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data. Individual securities mentioned are intended as examples and are not intended as buy or sell recommendations. Information and opinions expressed by either Legg Mason or its affiliates are current as at the date indicated, are subject to change without notice, and do not take into account the particular investment objectives, financial situation or needs of individual investors. The information on this website is confidential and proprietary and may not be used other than by the intended user. Neither Legg Mason nor any officer or employee of Legg Mason accepts any liability whatsoever for any loss arising from any use of this website or its contents. Documents may not be reproduced, distributed or published without prior written permission from Legg Mason. Distribution of this document may be restricted in certain jurisdictions. Any persons coming into possession of this document should seek advice for details of, and observe such restrictions (if any).

1.1 Who is the operator of this website?

This website is owned and operated byLegg Mason & Co, which is a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason") a U.S.-based financial services holding company whose shares are listed and traded on the New York Stock Exchange, Inc.

General terms and conditions of using this website

1.2 What do I need to know about the accuracy of information contained within this website?

No warranty is made in respect to the information contained in this website. Legg Mason & Co believes that the information contained and opinions expressed in this site are accurate at the date of publication. Although Legg Mason & Co shall use all reasonable endeavours to ensure that the information contained on this website is accurate and kept up to date, it cannot be held responsible for any losses or damage incurred as a result of using any out of date or superseded information on this website.

1.3 Does this website offer financial advice?

No. No. Nothing contained within this website should be construed as the giving of investment advice or recommendations.

Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original investment. Exchange rate movements could also increase or decrease the value of underlying investments.

1.4 Is the information on this website available only to "US Persons?"

The materials on this website is only for distribution in the jurisdictions listed below.

Investors in Europe:

The documents on this website are for use by Professional Clients and Eligible Counterparties in EU and EEA countries. In Switzerland these documents are only for use by Qualified Investors. It is not aimed at, or for use by, Retail Clients in any European jurisdictions.

Investors in Hong Kong, Korea, Taiwan and Singapore:

The documents on this website are for use only in respectively Hong Kong, Korea, Singapore and Taiwan. It is not intended for, nor should it be distributed to, any member of the public in Hong Kong, Korea, Singapore and Taiwan.

Investors in the Americas:

This document is provided by Legg Mason Investor Services LLC, a U.S. registered Broker-Dealer, which may include Legg Mason International - Americas Offshore. Legg Mason Investor Services, LLC, Member FINRA/SIPC, and all entities mentioned are subsidiaries of Legg Mason, Inc.

Investors in Canada:

This document is provided by Legg Mason Canada Inc. Address: 220 Bay Street, 4th Floor, Toronto, ON M5J 2W4. Legg Mason Canada Inc. is affiliated with the Legg Mason companies mentioned above through common control and ownership by Legg Mason, Inc.

Investors in Australia:

The contents on the website are proprietary and confidential and intended solely for the use of Legg Mason and the clients or prospective clients to whom it has been delivered. It is not to be reproduced or distributed to any other person except to the client’s professional advisers.

1.5 Does this website include content from third-party providers other than Legg Mason and its affiliated companies?

Yes. Through this website, you may have access to market data such as white papers, brochures, interviews, videos, and general market or economic commentaries.Legg Mason may obtain this information from third parties who are independent of Legg Mason. Even though the sources of the information provided on this website are believed to be reliable, Legg Mason is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the information.

1.6 Important information about liability

Limitations of liability - Legg Mason & Co makes no warranty or representation that the website can be accessed at all times. The website may, without notice, be temporarily unavailable or restricted for administrative or other reasons.

You agree to indemnify and to keep Legg Mason & Co (including its affiliated or associated companies) and their officers, directors, employees and agents fully and effectively indemnified against any action, cost, claim, injury, loss, damage, proceeding or expense (including but not limited to any legal fees, costs and expenses whatsoever and howsoever arising, including in respect of any third party claim, on a full indemnity basis) occasioned by or arising directly or indirectly from or related to:

(i) your access to and/or use if the Legg Mason & Co website and /or any other third person or entity’s use of the website and/or:

(ii) any breach or non-observance of any of these terms and conditions by you and/or any other third party and/or:

(iii) the operation, use or supply of information by you to a third party provided in breach of any of your obligations under these Terms and Conditions.

If you transmit any communication through this website to Legg Mason & Co directly or through any third-party internet or other service provider, you shall be responsible and liable for any omissions or failures that may be made while transmitting or receiving communications using this website. This website is not designed for the transmission of time sensitive instructions - this means that if you use this website to transmit time sensitive instructions, you will be responsible and liable for any loss that may arise, and you trasmit such time sensitive information at your own risk.

1.7 Intellectual property

Unless otherwise indicated, Legg Mason & Co owns the copyright and any other intellectual property rights subsisting anywhere in the world to the information on this website. For the avoidance of doubt, all contents of this website including but not limited to the text, graphics, links and sounds are the copyright of Legg Mason & Co You may not copy, reproduce, duplicate, modify, adopt or lend, sell, disseminate or otherwise transfer, in whole or in part, any of the information, contained in this website, except for the purpose of accessing the site and producing print-outs for your own personal use.

In relation to any information or material which you submit to Legg Mason & Co using this website you hereby grant to Legg Mason & Co a worldwide royalty-free perpetual license of the copyright and all other intellectual property rights in such information and materials for any purpose it deems including, without limitation, the copying, transmission, distribution and publication thereof unless restricted by applicable law.

We do not recommend or endorse and accept no responsibility for the content of any website not operated by Legg Mason & Co which you may visit by following a link from this website. No other website, without the prior written permission of Legg Mason & Co, is authorised to link to any part of this website.

You agree that Legg Mason & Co shall not be under any obligation of confidentiality to you regarding any such information or materials submitted to it using this website unless agreed otherwise in a separate direct contract between you and Legg Mason & Co or required by law.

You acknowledge that the contents of the foregoing provisions of these terms and conditions shall not limit any specific provisions which may be set out in the individual terms and conditions of particular products and services offered through this website.

Other information

2.0 Changes to content within the website

We reserve the right, in our sole discretion, to change, modify, add or remove portions of these Terms at any time without notice to website users. Similarly, we reserve the right, in our sole discretion, to change, modify, add or remove the content of this website. You must check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be effective upon posting on this website. If you access this website after we post changes to the Terms, you accept the Terms as changed.

2.1 Privacy policy and data protection

Your privacy is very important to Legg Mason & Co. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.

Unless restricted by applicable law, you agree that any and all personal information/data relating to you collected by Legg Mason & Co from this website from time to time may be used and disclosed for such purposes and to such persons as may be in accordance with Legg Mason & Co current Privacy Policy. A copy of Legg Mason & Co Privacy Policy may be accessed by clicking here. You consent to the processing by Legg Mason & Co of the personal data submitted by you through the website and/or created in the course of the business relationship with Legg Mason & Co, and to the transmission of such personal data to other companies within the Legg Mason Group (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Legg Mason & Co by e-mail or in writing.

2.2 Cookies

Legg Mason & Co websites use cookies for collecting user information from certain pages of the websites. A cookie is a file that is stored on the hard disk of a computer by the web browser on a computer. It contains information sent by the website that a user has visited. Legg Mason & Co uses cookies in two ways. Firstly it does so to direct users to the correct portion of the website, i.e. to the area most appropriate for their user needs, and to the correct language version of their site in the case of sites with multiple languages. Secondly, cookies are used to gain basic information on users such as whether they are unique or regular users. The former type of cookie will expire after 30 days after the end of the user’s session whereas the latter will remain unless they are deleted by the user. Users may choose to refuse cookies or turn them off through their web browser settings, however, this may prevent access to parts of the website.

3.3 Termination

Legg Mason & Co may terminate this Agreement, your access to or use of this website and/or any such sites at any time or notice with or without cause.

3.4 Modification

Legg Mason & Co reserves the right in its discretion to modify and/or change without restriction and without prior warning or notice any information or material contained in these terms and conditions or otherwise any applicable terms and conditions to relevant products and/or services available in or on this website. Continued use of the website by you shall be deemed to indicate your continued consent to any such new, modified, deleted or amended terms and conditions.

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Clues and commentaries on the global prospects for stocks, bonds and alternatives.

Featured Market Outlook

May 7,2013

A Golden Age for Dividends

ClearBridge

Hersh Cohen discusses the previous quarter and offers his opinion on some of the best values in the equity market

8 Likes

Browse Market Outlook

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The Western View on the Municipal Bond Market 1Q13

Western | May 16,2013

Western Asset reviews the previous quarter and offers its outlook for the municipal bond market.

7 Likes

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Global Equity Insights 1Q13

Batterymarch | May 16,2013

A valuation analysis of emerging market cyclicals

The Western View on the Taxable Market 1Q13

Western | May 13,2013

Western Asset reviews the previous quarter and offers its outlook for the economy and taxable fixed income market

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Market Review and Outlook 1Q13

Legg Mason Global Asset Allocation | May 10,2013

Steve Bleiberg offers quarterly analysis and an asset allocation update.

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Caveat Emptor vs Carpe Diem

Brandywine Global | May 9,2013

Why investors might find international high yield attractive for capturing yield and total returns.

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Global High Yield Perspectives 1Q13

Brandywine Global | May 8,2013

Brandywine offers its opinion about current pricing and risks in the global high yield market

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Quiet, steady progress for global bonds and equities.

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John Goode Market Review 1Q13

ClearBridge | May 3,2013

John Goode discusses multiple issues of current importance for the economy and financial markets

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Market Commentary April 2013

Western | May 1,2013

Western's Ken Leech offers insight on the global bond markets

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Market Review and Outlook 1Q13

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Scott Glasser and Michael Kagan offer insight on the equity market

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Poll

Which of these developments could pose the largest risk to financial markets over the next year?

Eurozone economic problems: Italy, Spain, etc.
Global quantitative easing (QE): Either too much (Japan) or post-recovery contraction (US)
Economic slowdown: US, China
Regional conflicts: Korea, Middle East, other unforeseen

View results

View last month's poll results

Poll

Which of these developments could pose the largest risk to financial markets over the next year?

Eurozone economic problems: Italy, Spain, etc.

(24%)

Global quantitative easing (QE): Either too much (Japan) or post-recovery contraction (US)

(22%)

Economic slowdown: US, China

(39%)

Regional conflicts: Korea, Middle East, other unforeseen

(15%)

Back to Poll

Previous month Poll

Japan turnaround? Prime Minister Shinzo Abe's new administration is determined to reverse a decades-long cycle of recession and deflation. Which measure will matter most in improving Japan's economy?

The recently announced stimulus package, intended to promote growth

(29%)

A continued weakening in the value of the yen

(18%)

Government calls for an increase in average wages

(11%)

Little impact - Japan's shrinking labor force and rapidly aging population will thwart planned policy initiatives

(42%)

Back to Poll

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