September 6, 2024 Legg Mason Global Asset Management Trust New York, New York 10018 Legg Mason Partners Investment Trust New York, New York 10018 Ladies and Gentlemen:Agreement and Plan of Reorganization • September 17th, 2024 • Legg Mason Global Asset Management Trust
This opinion is furnished to you pursuant to paragraph 8.4 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of July 18, 2024, by and between Legg Mason Global Asset Management Trust, a Maryland statutory trust (the “Acquiring Trust”), on behalf of its series ClearBridge Small Cap Fund (the “Acquiring Fund”), and Legg Mason Partners Investment Trust, a Maryland statutory trust (the “Target Trust”), on behalf of its series ClearBridge Small Cap Value Fund (the “Target Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement. The Agreement contemplates (i) the sale, assignment, conveyance, transfer and delivery of the Assets of the Target Fund to the Acquiring Fund in exchange for (A) the Acquiring Fund Shares, and (B) the assumption by the Acquiring Fund of the Liabilities of the Target Fund; and (ii) the distribution, in accordance with paragraph 1.5 of the Agreement, of the Acquiring Fund Shares to the Target
