RTLR - ClearBridge Energy MLP Strategy Portfolio Manager Commentary Q1 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 continued to rally in the first quarter as quicker vaccine distribution and improving economic data boosted hopes for a full reopening in 2021.
• The futures curve for oil is already sending oil producers a signal that drilling activity needs to increase, and already we have seen the number of rigs drilling for oil in the U.S. increase by 80%.
• With current free cash flow yields and high dividend and distribution coverage ratios, a revaluation of midstream energy to EV/EBITDA levels prior to the pandemic is not unrealistic.

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