RTLR - ClearBridge Energy MLP Strategy Portfolio Manager Commentary Q2 2021

• ClearBridge is a leading global asset manager committed to active management. Research-based stock selection guides our investment approach, with our strategies reflecting the highest-conviction ideas of our portfolio managers.
• Growing energy demand in a recovering global economy, supported by COVID-19 vaccine rollouts, government policy and higher commodity prices, helped midstream energy stocks rise 48% year to date.
• The futures curve for oil is already sending oil producers a signal that drilling activity needs to increase.
• With current free cash flow yields and high dividend/distribution coverage ratios, a revaluation to EV/EBITDA levels prior to the pandemic is not unrealistic.

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