ClearBridge MLP and Midstream Total Return Fund : Energy MLP Total Return Fund Fact Sheet

ClearBridge MLP and Midstream Total Return Fund Inc. (CTR)

Real Assets Factsheet as of March 31, 2023

Investment Overview

Offers a total-return oriented portfolio of primarily energy master limited partnerships (MLPs) and midstream entities. Provides the opportunity for attractive, "tax-deferred"distributions with a combined emphasis on capital appreciation. Targets companies with the potential to grow their businesses and distributions over time.

Total Returns (%)

			Cumulative				Average Annual			Inception
		3-Mth	6-Mth	YTD	1-Yr	3-Yr	5-Yr	10-Yr	Inception	Date
Market Price Return	4.10	13.79	4.10		6.12	74.70	-1.58	-4.88	-3.10	6/27/2012
NAV Returns	1.94	12.96	1.94	1.09	62.56	-0.08	-3.89	-1.77	6/27/2012
Benchmark	4.09	14.62	4.09		14.70	47.08	7.42	0.57	2.93	-

Calendar Year Total Returns (%)

	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Market Price Return	27.55	74.45	-61.83	21.75	-25.46	-0.36	14.83	-37.65	2.77	22.92
NAV Returns	25.79	65.23	-57.89	19.70	-21.44	-5.17	17.83	-38.44	7.45	27.52
Benchmark	30.92	40.17	-28.69	6.56	-12.42	-6.52	18.31	-32.59	4.80	27.58

Performance shown represents past performance and is no guarantee of future results. Current performance may be higheror lower than the performance shown. Investment return andprincipal value will fluctuate so shares, when sold, may be worth more orless than the original cost.Returns based onMarket Price orNAV, and assume the reinvestment of all distributions atthe Dividend ReinvestmentPlan Price or NAV,respectively. All returnsinclude the deduction of management fees, operatingexpenses and allother fund expenses, anddo not reflect the deduction of brokerage commissionsor taxesthat investorsmay pay ondistributions orthe sale of shares.When applicable, performance would have been lowerif fees hadnot beenwaivedin variousperiods. The index isunmanagedand includesreinvestment of any income or distributions. It does notreflect any fees, expenses or sales charges. One cannot invest directly inan index, and an index is not representative of the fund'sportfolio. Indexdata is providedfor comparisonpurposes only.The fund isnot managedagainst anindex. Returns for periodsof lessthan oneyear are not annualized.Please visitfranklintempleton.com forthe mostrecent month-endperformance.

Gross expenses are the fund's total annual operating expenses as of the fund's annual report available at the time of publication. Actual expenses may be higher and may impact portfolio returns. Net expenses reflect voluntary fee waivers, expense caps and/or reimbursements. Voluntarywaiversmaybe modifiedor discontinuedatany timewithoutnotice. NAV istotal assets less totalliabilitiesdividedby thenumberof sharesoutstanding. Market Price, determinedbysupply anddemand,is thepricean investorpurchasesor sells thefund. TheMarketPrice maydifferfrom a fund's NAV. Premium / Discount reflectsthedifferencebetweentheNAVand theMarketPriceof thefund, andrepresents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV. Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. Distribution Rate includes income and return of capital, if any, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder's investment. At year-end the Fund will issue a Form 1099 with the final composition of the distribution for tax purposes. A current estimate of the distribution's composition can be found on each fund's individual page or in the most recent distribution press release and/or Section 19 notice located in the press release section of each fund's individual page. The difference between total assets and net assets, if any, is due primarily to the fund's use of borrowings and other liabilities; netassets do not include borrowings. The fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreementsand/or other instruments. When the fund engages in transactions that have a leveraging effect on the fund's portfolio, the value of thefund will be more volatile and all other risks will tend to be compounded.

Growth of $10,000

Inception through March 31, 2023

Market Price Returns, assuming dividends reinvested

14K					$7,124
12K
10K
8K
6K
4K
2K
0K
Jun-12	Aug-14	Oct-16	Dec-18	Feb-21	Mar-23

The Growth of $10,000 chart reflects a hypothetical $10,000 investment on Market Price and assumes reinvestment of dividends and capital gains. Fund expense, including management fees and other expenses were deducted.

Fund Overview

NYSE - XNYS Ticker	CTR
NAV Symbol	XCTRX
Listed Exchange	NYSE - XNYS
Fund Inception Date	06/28/2012
NAV	$35.02
Market Price	$28.90
Premium/Discount	-17.48%
Last Distribution Paid	$0.5500
Distribution Rate at Market
Price (%)	7.61
Distribution Rate at NAV (%)	6.28
Dividend Frequency, if any	Quarterly

Benchmark(s)

Alerian MLP Index

Fund Characteristics		Fund
Total Assets	$343.75	Million
Loans		19.64%
Fixed Rate Notes		4.54%
PreferredShares		5.67%
Total Net Assets	$241.15	Million
Number of Holdings		28

tel: (800) DIAL BEN/342-5236| franklintempleton.com

Not FDIC Insured | May Lose Value | No Bank Guarantee

ClearBridge MLP and Midstream Total Return Fund Inc. (CTR)	as of March 31, 2023
Asset Allocation (% of Total)	Portfolio Management

	Fund
Diversified Energy Infrastructure	45.21
Liquids Transportation & Storage	28.81
Gathering/Processing	23.31
Natural Gas Transportation & Storage	1.39
Propane	1.11
Cash	0.16

	Years with Firm	Years of Experience
Chris Eades	16	31
Peter Vanderlee, CFA	29	24
Michael Clarfeld, CFA	17	23

With a legacy dating back over 60 years, ClearBridge Investments is a leading global equity manager committed to delivering differentiated long-term results through authentic active management.

Top Equity Issuers (% of Total)

	Fund
Energy Transfer LP	7.99
MPLX LP	7.70
Targa Resources Corp	6.93
Enterprise Products Partners LP	6.86
Western Midstream Partners LP	6.83
Magellan Midstream Partners LP	5.71
Williams Cos Inc/The	4.91
Plains All American Pipeline LP	4.53
Plains GP Holdings LP	4.29
Enbridge Inc	4.09

What should I know before investing?

All investmentsinvolve risks, including possible loss of principal. Investmentsin MLPsecurities are subject to unique risks. The Fund's concentrationof investments in energy related MLPs and midstream entities subject it to the risks of MLPs, midstream entities and the energy sector, including the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Leverage mayresultin greater volatility of NAV andthe marketprice of common shares andincreases a shareholder's risk of loss. The Fundmay investin small capitalization or illiquidsecurities which can increase the riskand volatility of the Fund. The Fundmay make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, andhave a potentially large impacton Fundperformance. MLP cash distributionsare generally tax deferred. Noncash expenses, such as depreciation or depletion, usually offset income derived from anMLP's operations. To the extent that these expenses exceed income, cash distributions are considered return of capital under tax law. As such, they are not taxed when received. Instead, the distribution, in the form of return of capital, reduces a unit holder's cost basis. This adjusted cost basis, in turn, results in a higher capital gain or lower capital loss when the units are sold. Of course, there can be no assurances that distributions from an MLP will be tax deferred. The Fund will be treated as a regular corporation for U.S. federal income tax purposes and, as a result, unlike most investment companies, is subject to corporate income tax to the extent the Fund recognizes taxable income. Any taxes paid by the Fund will reduce the amount available to pay distributions to investors, and therefore investors in the Fund will likely receive lower distributions than if they invested directly in MLPs or midstream entities.

Important Information

Franklin Templeton, its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the "promotion or marketing" of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Distributions are not guaranteed and are subject to change.

The Closed-End Funds arenot sold or distributed by Franklin Distributors,LLC, or any affiliate of Franklin Resources, Inc. Unlike open-endfunds, shares are not continually offered. Like other public companies, closed-endfunds have a one-timeinitial public offering, and once their shares are first issued, are generally bought and sold through non-affiliatedbroker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-endfunds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.

CFA® andCharteredFinancialAnalyst® aretrademarksownedby CFAInstitute.

The AlerianMLP Index is a compositeof thefifty mostprominent energymasterlimitedpartnerships("MLPs") andis calculatedusing a float-adjusted,capitalization-weighted methodology. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Important data provider notices and terms available at www.franklintempletondatasources.com.

• 2023 Franklin Templeton. Franklin Distributors, LLC. Member FINRA/SIPC. ClearBridge Investments, LLC, and Franklin Distributors, LLC, are Franklin Templeton affiliated companies.

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