Discover how 1,000 Australian investors are managing their portfolios and their views on investment advice, emerging investment themes such as ESG, and the effect of technology on investing, from Andy Sowerby, Managing Director of Legg Mason Australia and New Zealand.

1. Australian investor trends
every financial adviser should know
Presented by
Andy Sowerby
Managing Director - Australia and New Zealand
Legg Mason
8 May 2019

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Andy Sowerby
Managing Director –
Australia and New Zealand
Legg Mason
6
Meet today’s speakers

7. Legg Mason
Global Investment Survey
Andy Sowerby
Managing Director
Head of Legg Mason Australia & New Zealand
May 2019

8. 8
Global Investment Survey
1. About Legg Mason
2. Global Investment Survey overview
3. Key Australian themes
i. Advised vs DIY Investing
ii. Investor confidence
iii. Asset allocation
iv. Income generation
v. Environment, Social & Governance (ESG) Investing
vi. Technology
vii. Millennials vs Baby Boomers
4. Other key findings
5. Where Australia stands out on the global stage
6. Key takeaways

9. 9
About Legg Mason
As at 31 December 2018.
Global
• Over AUD$1 trillion in funds under management
• Nine independent investment affiliates spanning all major asset classes
• Active, pure-play asset manager
Local
• Over 100 staff in Australia
• AUD$52.4 billion assets under management (locally managed and source)
• Highly rated and awarded; including Money Management / Lonsec Fund Manager
of the Year in 2015, 2017 and 2018

10. 10
Global Investment Survey Overview
• Legg Mason annually undertakes a comprehensive survey of investors globally
• The survey tracks respondents’ investment and behavioural trends over the past year, along with their views on
potential opportunities over the next 12 months
• Respondent investors defined as “People who will be investing at least A$15,000 (or local country equivalent) in the next
12 months and who have made changes to their investments within the last 5 years”
• Results cover Australia and provide a valuable comparison of Australia with global trends
• Comparisons made between adviser-led and DIY investors and across generational age groups
• More information contained in the Global Investment Survey Research Paper:
https://www.leggmason.com/content/dam/legg-mason/documents/en/insights-and-education/brochure/global-investment-survey-
brochure.pdf

11. 11
Global Investment Survey Overview
• What: Legg Mason’s 6th annual online survey conducted in 2018 by independent research group, Research Plus Ltd.
• Whom: 16,810 investors in 17 countries worldwide, including 1000 Australian investors
• When: undertaken between 26 July and 24 August 2018

12. 12
Australian Respondent Profile
*‘Other’ category consists of unemployed, homemakers and students
AGE GENDER
62% 38%
INCOME
FAMILY
Households with children
(0-18yrs)
44%
Households with no children
(0-18yrs)
56%
73%
73%
40%
24%
36%
18%
Cash
Shares
Active managed funds
Passive managed funds
Property
Fixed Income
> $80,000 p.a
51%
< $80,000 p.a
49%
Working Retired
Full-time
51%
Part-time
11%
Self-employed
8%
22%
WORK STATUS ASSET CLASSES HELD
Millennials
Baby Boomers
Gen X
Older
37%
33%
19%
11%
Other*
8%

13. 13
Key Australian Themes

14. 14
Key Australian Themes
Advised vs DIY Investors
• Use of advisers
45% of respondents use an adviser for the majority/all decisions, 17% use an adviser sometimes and 39% rarely or never
• Millennials love advisers
60% of Millennials use an adviser for most/all investment decisions vs 32% of Baby Boomers
• Advised investors tend to have higher investment knowledge
43% see themselves as expert/advanced compared to 32% DIY investors and more likely to view volatility as a potential
positive (42% vs 24% DIY)
• Advised investors more confident about the future
71% (advised) vs 55% (DIY) confident about investment opportunities in the next 12 months; 69% (advised) vs 54% (DIY)
confident about having enough money for a comfortable life through retirement
• Asset allocation differences, especially fixed income
DIY investors have more cash (34.3% vs 25.3%) and much less fixed income (9.7% vs 17.5%). 58% of DIYs have zero
allocation to fixed income. 21% of advised investors have zero allocation to fixed income

15. 15
Advised vs DIY Investors
Knowledge Differences

16. 16
Advised vs DIY Investors
Asset Allocation

17. 17
Key Australian Themes
Advised vs DIY Investors
• Income investments generating higher returns if advised
Average return on income investments for advised investors was 7.5% versus only 6% for DIY investors
• ESG funds benefit from advisers
50% of advised investors use ESG funds versus only 18% of DIY investors
• Global exposure lacking in DIY portfolios
46% of DIY investors do not invest in global markets versus only 15% of advised investors
• Retirement strategy
67% of advised investors expect to make portfolio changes for retirement whereas 44% of DIY investors say they are
unlikely to change their investment portfolio at all

18. 18
Key Australian Themes
Investor Confidence
• High confidence
Investors are surprisingly confident about the outlook for investment markets, particularly the younger generation (over
80% of Millennials are very or quite confident)
• Advised vs DIY
Notable difference in confidence among those who have a financial adviser and those who don’t. Nearly three-quarter
(71%) of advised investors felt confident about their investment opportunities in the coming 12 months, compared to
55% of DIY investors.
• Volatility, friend or foe
Investors are less concerned about volatility - over one third view volatility as a positive influence that can potentially
generate higher returns if managed properly versus 18% that view volatility as negative
• Equity sentiment buoyant
Over 50% of investors expect local and global share markets to continue to perform well in the year ahead
• Most common investor concerns
Economic instability around the world (49%), cost of health insurance (46%), global share market volatility (43%) and
low interest rates (42%)

19. 19
Investor Confidence
High

20. 20
Investor Confidence
Volatility, Friend of Foe?

21. 21
Investor Confidence
Equities Buoyant

22. 22
Key Australian Themes
Asset Allocation
• Equities up
Buoyant investor confidence has resulted in a higher allocation to equities (+7pp) compared to 2017
• Property and cash down
Higher equity exposure has mainly been funded by reducing allocations to cash and property (-3pp each)
• Cash still high
Australian investors still holding high levels of cash (around 27.4% of the average portfolio)
• Even higher for DIY investors
Average cash holdings are higher for DIY investors (34.3%) compared to advised investors (25.3%)
• Millennials have non-traditional asset allocation
Relatively low equity exposure but twice as much exposure to alternatives compared to older age groups

23. 23
Asset Allocation
Equity Exposure Up, Cash Impacted by Falling Interest Rates

24. 24
Asset Allocation
Millennials Do It Differently

25. 25
Key Australian Themes
Income
• Income assets very popular
Most Australian investors (84%) have income producing assets in their portfolios
• Composition of income assets
The average income portfolio mainly includes dividend paying shares (44.6%), rental property (22.1%) and fixed income
(14.6%)
• Income of advised investors more diversified
Advised investors tend to have more balanced and diversified income assets compared to DIY investors, with
significantly more fixed income exposure
• Income gap narrows
The income that investors are seeking continues to exceed what they are currently receiving but the gap is narrower
than in 2017:
• 2018 desired income return averaged 8.1% but investors receiving 7.2% = -0.9% gap
• 2017 desired income return averaged 8.3% but investors were receiving 6.7% = -1.6% gap

26. 26
Income
Advised Investors Have More Fixed Income

27. 27
Key Australian Themes
ESG
• Environmental, Social and Governance (ESG) funds gaining popularity
43% said they choose ESG funds (although actual ESG fund flows suggest this is overstated)
• Millennials are ESG champions
70% say that they use ESG funds compared to 21% of Baby Boomers
• Importantly, the meaning of ESG not well understood
Only 23% understand completely, 46% understand partly and 32% don’t understand at all. But 79% would like to learn
more about ESG and sustainable investing.
• E & G get more votes
Environmental and governance factors are seen as more important than social issues
• Cautious about ESG fund performance
80% believe ESG funds will generate lower investment returns due to smaller investment universe
• Fund managers as active share holders
88% believe fund managers should be actively involved in “policing” the companies they invest in to ensure
management are acting responsibly

28. 28
ESG
A Big Future Looms

29. 29
ESG
Environment & Governance Dominate Social

30. 30
Key Australian Themes
Technology
• No hurry to use Robo-advisers
Australian investors less certain about fin-tech than global investors, with three-quarters (75%) believing that
personal customer service (human touch) can never be replaced with technology and 70% saying they would feel
nervous if there wasn’t a human available to talk to about managing their investments
• But, technology should be embraced
61% believe tech-led innovation in finance can’t be avoided and should be embraced
• Mobile app usage on the rise
43% would like to managed their finances (including banking and investments), on the same mobile app and this rises
to 66% for Millennials

31. 31
Technology
Australians More Cautious

32. 32
Key Australian Themes
Millennials vs Baby Boomers
Millennials are more…
• Optimistic
• Knowledgeable about investing
• Likely to use an adviser
• Open to investing in new asset classes
• Concerned about ESG
• Keen on using technology to manage their investments

33. 33
Millennials vs Baby Boomers
Summary
Millennials Baby Boomers
81% Optimistic about investment opportunities 61%
58% Expert/advanced investment knowledge 24%
60% Use an adviser for most/all investment decisions 32%
26% Cash allocation 26%
20% Equity allocation 29%
12% Alternatives allocation 6%
54% Think market volatility is positive if properly managed 24%
70% Choose funds according to ESG considerations 21%
76% Confident about having enough money for a comfortable retirement 62%
66% Likes to manage all personal finance (banking and investments) in the
same app on smart phone/mobile device
20%

34. 34
Other Key Findings
1) Approximately what percentage of your investment portfolio is in global markets?
• 67% have some exposure to global markets; 22% do not
• 85% millennials invest globally vs 56% of Baby Boomers
• 74% advised investors have global exposure vs only 42% of DIY investors
2) Do you have fixed income investments and how well do you understand the asset class?
• 71% of investors have some fixed income but only 29% fully understand how fixed income investments work
• 58% DIY investors have zero fixed income
• The lower your investment knowledge, the less likely you are to have fixed income in your portfolio
3) Which investments do you plan to switch to when you retire?
• Most common responses – balanced multi-asset fund (28%), annuity product (23%), equity income fund (23%)
• 44% DIY investors plan to leave their portfolio unchanged when they retire
4) What are the most important factors to consider when buying an Exchange Traded Fund (ETF)?
• Most common responses – good performance history (23%), information about the fund is easy to understand (19%),
fee level (19%), adviser recommended (18%)
• 30% overall have never considered ETFs and this rises to 50% for Baby Boomers
• 50% DIY investors have never considered ETFs versus only 25% of advised investors

35. 35
Australia Vs Global Themes
• More Australians rely on advisers but also more DIY
Australia has a slightly higher number of respondents using an adviser for most/all investment decisions (45% vs
43% global) but more DIY investors too (22% vs 17% global and only 14% in the US)
• Higher investment knowledge
Australians have a higher level of (self-assessed) investment knowledge, with 40% feeling they have
expert/advanced knowledge (33% global) and only 18% seeing themselves as beginners/rudimentary (23% global)
• Australians more confident
68% are confident about investments and opportunities in the next 12 months (vs 58% global) and this is the third
highest country response (of 17 countries) after Mexico (71%) and US (69%)
• More Australians investing for now rather than retirement
42% of Australian respondents are investing for a comfortable retirement (vs 50% global), whereas 53% are investing
for a comfortable life now (vs 48% global)

36. 36
Australians: Amongst The Most Confident

37. 37
Australia vs Global Themes
• Income returns better than average
Australians are receiving around 7.2% on income investments vs the global average of 6.1% and only 5.4% in Europe
• More tentative about technology
75% of Australians place a high value on the “human touch” in customer service (vs 70% global) and 70% would feel
nervous if there was no human to talk to about their investments (vs 58% global). Only 43% would like to do all their
finance through the same mobile app compared to 52% globally.
• Relatively low exposure to fixed income
The average Australian allocation to fixed income is 15.7% vs 17.0% global and 21.2% in the US

38. 38
Key Takeaways
• Investor views are maturing
Investors remain quite confident about the outlook for investment markets, despite the myriad of uncertainties that have
impacted sentiment this year, and they are also more willing to view market volatility as a potential positive
• Portfolios have shifted towards equities
At the expense of property and cash, investors may not have enough fixed income
• Younger generation doing it differently
Millennials have less equities, more alternatives and are much more willing to embrace advisers & technological change
• The benefits of advisers are clear
Advised investors are more confident, have more investment knowledge, more balanced portfolios and a clearer
retirement strategy (compared to DIY investors)
• ESG rapidly gaining popularity but not fully understood
Nearly all investors want to learn more

39. 39
Legg Mason Funds Available on Netwealth
Legg Mason Funds on Netwealth
Australian Equities Global Fixed Income
Legg Mason Martin Currie Equity Income Fund Legg Mason Brandywine Global Opportunistic Fixed Income Fund
Legg Mason Martin Currie Ethical Income Fund Legg Mason Western Asset Macro Opportunities Bond Fund
Legg Mason Martin Currie Real Income Fund
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Legg Mason Martin Currie Diversified Growth Fund
Global Equities
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BetaShares Legg Mason Real Income Fund (ASX:RINC)
Australian Fixed Income BetaShares Legg Mason Australian Bond Fund (ASX:BNDS)
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Legg Mason Martin Currie Emerging Markets Fund
Legg Mason Martin Currie Diversified Growth Fund

40. 40
Get in touch with Legg Mason
Discover more www.leggmason.com.au
Adam Muston
amuston@leggmason.com
Tony Pattison
tpattison@leggmason.com
Matt Stovold
mstovold@leggmason.com
Scott Bradley
sbradley@leggmason.com

41. 41
Disclaimer
Issued by Legg Mason Asset Management Australia Limited (ABN 76 004 835 849, AFSL 240827) (Legg Mason Australia ) which is part of the Legg Mason Inc. group. BetaShares Capital Ltd (ABN 78 139 566 868 AFSL 341181) (BetaShares) is the issuer and responsible
entity of the BetaShares Legg Mason Equity Income Fund (managed fund) (ARSN 621 856 406), BetaSharesLegg Mason Real Income Fund (managed fund) (ARSN 621 862 619) (Funds) and BetaShares Legg Mason Australian Bond Fund (ARSN 621 856 406).
BetaShares has appointed Legg Mason Asset Management Australia Ltd (ABN 76 004 835 849 AFSL 240827) (Legg Mason Australia) as investment manager for the Fund. Legg Mason Australia as Responsible Entity has appointed the following managers for their
respective funds. Brandywine Global is the fund manager for Legg Mason Brandywine Global Opportunistic Fixed Income Fund (ARSN 127 583 411) Legg Mason Brandywine Global Income Optimiser Fund (ARSN 618 213 488). Martin Currie is the fund manager for Legg
Mason Martin Currie Core Equity Fund (ARSN 088 668 820),Legg Mason Martin Currie Equity Income Fund (ARSN 150 751 821), Legg Mason Martin Currie Ethical Values with Income Fund (ARSN 613 725 036), Legg Mason Martin Currie Ethical Income Fund (ARSN 618
906 068), Legg Mason Martin Currie Real Income Fund (ARSN 146 910 349 ), Legg Mason Martin Currie Select Opportunities Fund (ARSN 122 100 207), Legg Mason Martin Currie Property Securities Fund (ARSN 088 677 187), Legg Mason Martin Currie Emerging
Markets Fund (ARSN 147 940 467), Legg Mason Martin Currie Diversified Growth Fund (ARSN 088 669 292) and Legg Mason Martin Currie Diversified Income Fund ARSN 169 461 116. QS Investors is the fund manager for Legg Mason QS Investors Global Equity Fund
(ARSN 088 669 827). Western Asset is the fund manager for Legg Mason Western Asset Australian Bond Fund ARSN 088 670 286, Legg Mason Western Asset Global Bond Fund (ARSN 616 233 017), Legg Mason Western Asset Macro Opportunities Bond Fund (ARSN
608 220 711) and Legg Mason Western Asset Cash Plus Fund (ARSN 088 670 197). Before making an investment decision you should read the relevant Product Disclosure Statement (PDS) carefully and you need to consider, with or without the assistance of a financial
advisor, whether such an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. The PDS is available and can be obtained by contacting Legg Mason Australia on 1800 679 541 or at www.leggmason.com.au. The
information in this presentation is of a general nature only and is not intended to be, and is not, a complete or definitive statement of the matters described in it. The information does not constitute specific investment advice and does not include recommendations on any
particular securities. Legg Mason Australia nor any of its related parties, guarantee the repayment of capital or performance of any of the Legg Mason trusts referred to in this document. Although statements of fact in this presentation have been obtained from and are based
upon sources Legg Mason Asset Management Australia Limited ABN 76 004 835 849 believe to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions and estimates included in this communication constitute
our judgement as of the date of this communication and are subject to change without notice. The Lonsec Rating (assigned as follows: Legg Mason Martin Currie Core Equity Fund - October 2018; Legg Mason Martin Currie Equity Income Fund - October 2018; etashares
Legg Mason Equity Income Fund (managed fund) (ASX:EINC) - February 2018; Legg Mason Martin Currie Ethical Values with Income Fund - June 2018; Legg Mason Martin Currie Ethical Income Fund - June 2018; Legg Mason Martin Currie Real Income Fund – March
2018; Betashares Legg Mason Real Income Fund (managed fund) (ASX:RINC) - February 2018; Legg Mason Martin Currie Select Opportunities Fund - October 2018; Legg Mason Western Asset Global Bond Fund - October 2018; Legg Mason Martin Currie Property
Securities Fund – March 2018; Legg Mason Martin Currie Emerging Markets Fund – August 2018; Legg Mason Western Asset Australian Bond Fund - April 2018; Legg Mason Brandywine Global Opportunistic Fixed Income Fund - October 2018; Legg Mason Western Asset
Macro Opportunities Bond Fund - July 2018; Legg Mason Martin Currie Diversified Growth Fund - February 2018; Legg Mason Martin Currie Diversified Income Fund - February 2018; Legg Mason Brandywine Global Income Optimiser Fund - October 2018; Legg Mason QS
Investors Global Equity Fund - April 2018) presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on
consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold Legg Mason Asset Management Australia
Limited products, and you should seek independent financial advice before investing in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from
the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: http://www.beyond.lonsec.com.au/intelligence/lonsec-ratings. The Zenith Investment
Partners (“Zenith”) Australian Financial Services License No. 226872 rating (Betashares Legg Mason Equity Income Fund (managed fund) (ASX:EINC) - October 2018; Betashares Legg Mason Real Income Fund (managed fund) (ASX:RINC) – October 2018; BetaShares
Legg Mason Australian Bond Fund (ASX: BNDS) – December 2018, Legg Mason Martin Currie Global Emerging Markets Fund – November 2018, Legg Mason Martin Currie Core Equity Fund - June 2018; Legg Mason Martin Currie Equity Income Fund - June 2018; Legg
Mason Martin Currie Real Income Fund – June 2018; Legg Mason Martin Currie Select Opportunities Fund - June 2018; Legg Mason Martin Currie Property Securities Fund - July 2018; Legg Mason QS Investors Global Equity Fund – November 2018; Legg Mason Western
Asset Australian Bond Fund - May 2018; Legg Mason Brandywine Global Opportunistic Fixed Income Fund - March 2018; Legg Mason Western Asset Global Bond Fund assigned - March 2018; Legg Mason Western Asset Macro Opportunities Bond Fund - March 2018;
Legg Mason Martin Currie Diversified Growth Fund - October 2018; Legg Mason Martin Currie Diversified Income Fund – October 2018) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has
been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek
independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making
any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details
regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines. .© 2018 Morningstar, Inc. All rights reserved. The Morningstar Rating is an
assessment of a fund’s past performance – based on both return and risk – which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision. Neither Morningstar, its affiliates, nor the content providers
guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892)
and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in
light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance
does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. The Morningstar Analyst Rating™ for Legg Mason Brandywine Global Opportunistic Fixed Income strategy is ‘Silver’
as at December 2018 The Morningstar Analyst Rating™ for Legg Mason Western Asset Australian Bond strategy is ‘Silver’ as at October 2018. The Morningstar Analyst Rating™ for Legg Mason Martin Currie Real Income Fund is ‘Neutral’ as at March 2018. The
Morningstar Analyst Rating™ for Legg Mason Western Asset Global Bond strategy is ‘Bronze’ as at January 2019. Morningstar Awards 2018 (c). Morningstar, Inc. All Rights Reserved. Awarded to Legg Mason Western Asset for Morningstar Fund Manager of the Year,
Fixed Income Category, Australia.The Professional Planner | Zenith Fund Awards are determined using proprietary methodologies. Fund Awards were issued October 5 2018, 2017, 2016 and 2015 and are solely statements of opinion and do not represent
recommendations to purchase, hold or sell any securities or make any other investment decisions. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes
only. Legg Mason Asset Management Australia Ltd (ABN 76 004 835 849 AFSL 240827) is part of the Global Legg Mason Inc. group. Any reference to ‘Legg Mason Australia’ or ‘Martin Currie Australia’ is a reference to Legg Mason Asset Management Australia Limited.
‘Martin Currie Australia’ is a division within Legg Mason Asset Management Australia Limited. © 2018 FE Money Management. All rights reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE Money
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or of its underlying securities and should not be used as the sole basis for making any investment decision.

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