NEWS UPDATE FROMLEGG MASONToday, Legg Mason is a diversified group of global investment managementfirms that are recognised for their investment expertise in their area ofspecialisation. We are pleased to inform you that one of Legg Mason'sinvestment management units, Legg Mason International Equities(Singapore) – which specialises in the management of Asia Pacific andJapan equities – will undergo a rebranding and be renamed CongruixInvestment Management on the 17 February 2009. Following therebranding, Congruix Investment Management, together with Legg MasonInvestments, the international distribution business of Legg Mason, Inc.,will continue to reside within the existing legal entity, Legg MasonInternational Equities (Singapore) Pte. Limited, a wholly-owned subsidiaryof Legg Mason, Inc..The implementation of the new name, Congruix Investment Management,reflects Legg Mason’s philosophy of developing specialist affiliate firmswithin the Legg Mason group that pursue their own unique investmentapproaches. As one of these investment firms, Congruix InvestmentManagement will continue to pursue its unique investment process andmaintain its own culture as it seeks investment opportunities across AsiaPacific and Japan equities.We would like to take this opportunity to thank you for your ongoingsupport and to highlight that these changes will not affect the way in whichyour funds are managed.About Legg Mason Inc.Since its founding in 1899, Legg Mason has evolved into one of the largestasset management firms in the world, serving individual and institutionalinvestors in 190 countries on six continents. Legg Mason is one of the topten 1 asset managers in the world, with assets under management ofUS$698 billion 2 . Legg Mason's diversified group of investmentmanagement firms operate with investment autonomy and collectivelycover a broad spectrum of asset management styles covering global equityand fixed income markets.If you have any questions, pleasedo not hesitate to contact us at+65 6317 8946.1Based on worldwide assets under management as at 31 December 2007. Source: Pensions andInvestments May 2008 ranking.2As of 31 December 2008.
QUESTIONS & ANSWERS1. Why the need to change the name from Legg Mason International Equities (Singapore) to Congruix InvestmentManagement?The Legg Mason International Equities group (“LMIE”) was formed to umbrella the various international affiliatespost Legg Mason's acquisition of Citigroup Asset Management at the end of 2005. As such, Congruix InvestmentManagement in its earlier forms has been a Legg Mason unit since end-2003. However, as the various Legg Masonentities were independent from each other, had different processes and investment teams, the common LMIEidentity had a tendency to cause confusion in the marketplace. The new branding with Congruix InvestmentManagement would reflect its distinctive focus, culture and specialisation in the Asia Pacific and Japan equitymarkets as well as attest to Legg Mason's confidence in our business growth.2. Does Legg Mason International Equities (Singapore) Pte. Limited still exists after the rebranding?Yes, Legg Mason International Equities (Singapore) Pte. Limited, a wholly-owned subsidiary of Legg Mason, Inc., willcontinue to be the legal entity registered in Singapore and continue to house the two divisions, namely CongruixInvestment Management (currently known as Legg Mason International Equities (Singapore)) and Legg MasonInvestments, the international distribution business of Legg Mason, Inc..3 What does Congruix stands for?Congruix name is based off a "play" on the meaning of congruent, more accurately incongruent.As with our strength in synthesizing investment themes on a cross-border basis, Congruix is about looking to“connect the dots that seemingly don’t relate”.4. Will there be any changes in the investment manager/team after the rename?No, there will be no change to the investment team. In fact, there will be no change in the business and the wayour funds are managed.Patrick Tan (CIO) and Joseph Tern (Deputy CIO) will continue to lead the investment team using the currentinvestment philosophy and process which was developed over many years.IMPORTANT INFORMATIONThis document, provided by Legg Mason International Equities (Singapore) Pte. Limited ("Legg Mason"), is intendedfor distributor's internal use in Singapore only. This document is for information only and does not constitute an offeror invitation to purchase any shares or units in any fund. It is not intended for, nor should it be distributed to, anymember of the public in Singapore.Neither Legg Mason nor any officer or employee of Legg Mason accepts any liability whatsoever for any loss arisingfrom any use of this document or its contents. The information in this document is confidential and proprietary andmay not be used other than by the intended user. This document may not be reproduced, distributed or publishedwithout prior written permission from Legg Mason.Legg Mason International Equities (Singapore) Pte. Limited is the legal representative of Legg Mason, Inc. inSingapore. Registration Number (UEN): 200007942R.