ET - ClearBridge Energy MLP Strategy Portfolio Manager Commentary Q4 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.
• Midstream energy MLP stocks rose over 40% for the year as economies reopened.
• The evolved business model has meant meaningful improvements in free cash flow yield, driving increasing share buybacks, balance sheet deleveraging and dividend/distribution increases.
• Our base case remains that global oil demand continues to recover to pre-pandemic levels during 2022 — driving the need for more oil supply on the global market.

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