Terms & Conditions

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1.0 A brief introduction about this website

The following information is important and is for your protection. This website is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Nor does this website constitute an offering or recommendation by Legg Mason Investments (Europe) Limited or any of its affiliates described herein of any security, investment management service, or advisory service. No investment advice, tax advice, or legal advice is provided through this website, and you agree that this website will not be used by you for these purposes. No representation is given that the securities, products, or services discussed on, or accessible through, this website are suitable for any particular investor. You acknowledge that your use of this website and requests for information are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice.

This website should not be considered as communicating any invitation or inducement to engage in investment activity.

1.1 Who is the operator of this website?

This website is owned and operated by Legg Mason Investments (Europe) Limited and Legg Mason Investment Funds Limited (collectively referred to herein and throughout with website by its trading name "Legg Mason Investments"), which are wholly owned subsidiaries of Legg Mason, Inc. ("Legg Mason"), a U.S. based financial services holding company that is listed and traded on the New York Stock Exchange, Inc. All of the information on this site is approved for publication by Legg Mason Investments (Europe) Limited, whose registered office is located at 201 Bishopsgate, London EC2M 3AB and which is registered in England and Wales, Company no. 1732037. Legg Mason Investments (Europe) Limited is authorised and regulated by the Financial Conduct Authority.

General terms and conditions of using this website?

2.0 Does this website describe Legg Mason's investment management capabilities?

Yes. This website also covers information on the following investment managers that are subsidiaries of Legg Mason: Royce & Associates, LLC ("Royce & Associates"); Legg Mason Capital Management, LLC ("Legg Mason Capital Management"); Western Asset Management Company and Western Asset Management Company Limited (collectively, "Western Asset"); Brandywine Global Investment Management, LLC ("Brandywine"); Batterymarch Financial Management, Inc. ("Batterymarch"); ClearBridge Advisors, LLC ("ClearBridge"); and Legg Mason International Equities and Legg Mason International Equities (Singapore) Pte. Ltd (collectively, "Legg Mason International Equities").

Each of the investment management companies described in this website (with the exception of Shiozumi Asset Management, which is not affiliated with Legg Mason) is affiliated with Legg Mason Investments through common control and ownership by Legg Mason. Legg Mason Investments provides its clients with access to such affiliates primarily through its Irish, Luxembourg and UK domiciled funds, in which such affiliates serve as investment manager or sub-investment manager. While some of the affiliates are authorised or licensed to conduct business in one or more European jurisdictions, they are not authorised to offer their investment advisory services in all European jurisdictions. Thus, investors' access to such affiliates may be limited to investing only in Legg Mason Investments' UK authorised funds - Legg Mason Funds ICVC, Dublin domiciled funds - Legg Mason Global Funds plc and Luxembourg domiciled funds - Legg Mason Global Funds FCP (Luxembourg), Legg Mason Global Money Funds FCP (Luxembourg) and Legg Mason Managed Solutions Sicav.

2.1 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 Investments believes that the information contained and opinions expressed in this site are accurate at the date of publication. The fund prices contained in this website are indicative only and should not be relied upon for dealing purposes.

2.2 Does this website offer financial advice?

No. Nothing contained within this website should be construed as investment advice. An investment in any of the funds mentioned in this website may not be suitable for all investors. Investment in any of the funds described in this website should only be made on the basis of the relevant prospectus or simplified prospectus and terms and conditions.

2.3 Important information about liability

Limitations of liability - Legg Mason Investments 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 will indemnify Legg Mason Investments (including its affiliated or associated companies) and their officers, directors, employees and agents in respect of any third-party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from the operation, use or supply of information 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 Investments 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.

2.4 Intellectual property

Unless otherwise indicated, Legg Mason Investments owns the copyright and any other intellectual property rights subsisting anywhere in the world to the information on this website. 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.

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

Please note that if you telephone Legg Mason Investments, calls may be monitored or recorded to maintain and improve services.

* On December 1, 2005, Citigroup Inc. ("Citigroup") sold substantially all of its worldwide asset management business to Legg Mason. Under a licensing agreement between Citigroup and Legg Mason, names and all logos and trademarks related to Citigroup or any of its affiliates ("Citi Marks") are licensed for use by Legg Mason. All Citi Marks are owned by Citigroup, and are licensed for use for a certain period of time.

Other information

3.0 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.

3.1 Privacy policy and data protection

Your privacy is very important to Legg Mason Investments. 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.

You consent to the processing by Legg Mason Investments of the personal data submitted by you through the website and/or created in the course of the business relationship with Legg Mason Investments, 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 Investments by e-mail or in writing.

3.2 Cookies.

Legg Mason Investments' 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 Investments 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 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.



Issued and approved by Legg Mason Investments (Europe) Limited No. 1732037. Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. The registered office is 201 Bishopsgate, London EC2M 3AB.