Legg Mason Partners Variable Global High Yield Bond Portfolio – Class I

Unit value as of 10/10/2008: $7.35 Total return year-to-date as of 10/10/2008: -23.09% Expense charge*: 1.81% Inception date: 02/05/2008 Investment class: Fixed Income
Financial Performance Performance Data as of 10/10/2008 Average Annual Total Returns as of 09/30/2008 Unit Value Net Change YTD Return 1 Year 3 Year 5 Year 10 Year Since Inception $7.35 -4.17% -23.09% -- -- -- -- -10.07%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

Funds that invest in foreign securities are subject to special risks, including currency fluctuation and political and economic instability. These investment risks may be magnified in emerging markets. High-yield bonds, commonly known as junk bonds, are subject to greater risk of loss of principal and interest, including default risk, than higher-rated bonds. The prices of these bonds may be volatile, and they are generally only suitable for aggressive investors.