ClearBridge Investments Launches Open-End Energy MLP and Infrastructure Fund NEW YORK, Sept. 10, 2013 -- ClearBridge Investments announced today that it has launched a new open-end energy MLP and infrastructure fund targeted to investors that are seeking the potential for long term growth and total return by owning energy infrastructure assets.

The Fund seeks income and capital appreciation through investments in Master Limited Partnerships (MLPs) and other energy infrastructure securities that may benefit from the ongoing development of U.S. shale formations.  The strategy seeks companies with strong balance sheets and the ability to make accretive acquisitions, and businesses with favorable geographic footprints, real assets and target markets.  Structured as a Registered Investment Company (RIC), the fund can pass capital gains, dividends, and interest earned on fund investments directly to its shareholders, eliminating double taxation on gains.

"The U.S. has been moving toward oil and gas independence.  The demand for energy has the potential to grow as a result of demographic changes and moderate economic growth.  We believe North America is well positioned to meet that demand as oil and natural gas production increases," stated Chris Eades, Portfolio Manager and Director of Research for ClearBridge Investments, LLC. "As the infrastructure in the U.S. is built and monetized, there is a potential multi-decade period of oil and gas production growth.  With this fund structure, we have the ability to invest in a wide variety of securities across the energy sector, which can provide us with a number of attractive opportunities."

Under normal market conditions, the Fund will invest at least 80% of its assets in energy infrastructure securities through direct exposure to MLPs, indirect exposure through the equity securities of general partners of MLPs, and equity securities of companies that are building or maintaining services throughout the energy delivery supply chain.   The investment guidelines provide for the fund to invest up to 25% in direct MLP exposure, up to 50% in non-US exposure as opportunities warrant, up to 20% in options strategies, and 20% in fixed income exposure.  When conditions warrant it, the fund may invest in Exchange Traded Funds,or Exchange Traded Notes with energy themes, convertible securities, and corporate debt. 

About ClearBridge

ClearBridge Investments is a well established global equity manager with $73 billion in assets under management as of June 30, 2013 focusing on proprietary research and fundamental investing. With over 45 years of experience building portfolios for clients seeking income solutions, high active share or managed volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.  The ClearBridge Energy MLP and Infrastructure Fund Class IS Shares are identified by the ticker LCPIX.

About Legg Mason

Legg Mason is a global asset management firm with $656 billion in assets under management as of July 31, 2013. 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 (LM).

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This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual future results to differ significantly from the Fund's present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; leverage risk; valuation risk; interest rate risk; tax risk; the volume of sales and purchase of shares; the continuation of investment advisory, administration and other service arrangements; and other risks discussed in the Fund's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund's investment objective will be attained. Important Information:

The Fund is newly organized, with a limited history of operations. Equity and equity related securities are subject to price fluctuation and possible loss of principal. Investments in MLP securities are subject to unique risks, including the risks of MLPs and the energy sector, including the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. To the extent the fund invests in fixed income, these securities are subject to various risks, including but not limited to, credit, inflation, income, prepayment and interest rates risks. As interest rates rise, the value of fixed income securities falls. Because this Fund expects to hold a concentrated portfolio of securities, and invests in certain regions or industries, it has increased vulnerability to market volatility. As a non-diversified fund, it can invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the fund's losses from events affecting a particular issuer.

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