Legal Notices and Disclaimers

The following Legal Notice and Disclaimers apply to persons who access the materials made available at the websites maintained by Permal Group and its affiliates (collectively “Permal,” and such websites, collectively, the “Website”). All use of the Website is subject to the Terms of Use.

No Recommendation. NOTHING HEREIN SHOULD BE CONSTRUED TO BE A RECOMMENDATION OR SOLICITATION FOR ANY INVESTMENT TO USERS OF THIS WEBSITE. REGISTERED USERS SHOULD NOT RELY UPON THIS DATA TO MAKE AN INVESTMENT DECISION.

Past Performance. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE PERFORMANCE. PERFORMANCE SHOWN IS THAT OF THE PERMAL FUND(S) IN WHICH YOU ARE INVESTED AND ASSUMES YOU MADE NO SUBSCRIPTIONS OR REDEMPTIONS DURING THE PERIOD. YOUR ACTUAL PERFORMANCE MAY DIFFER.

Local Legal Restrictions. This website is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Website is prohibited. Persons in respect of whom such prohibitions apply must not access this Website.

Forward-Looking Statements. Statements made on our website that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect of a decline in the securities markets or a decline in Permal's or its affiliates' products' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of Permal to attract or retain key employees, inability of Permal to implement its operating strategy and acquisition strategy, inability of Permal to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Further, not all securities, products or services described are available in all countries, and nothing on this site constitutes an offer or solicitation of these securities, products or services in any jurisdiction where their offer or sale is not qualified or exempt from registration.

Qualified Status. You agree to immediately advise Permal in the event that there is any change in your status as either an "accredited investor" or a "qualified purchaser."

For the Public

The Website is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Website is prohibited. Persons in respect of whom such prohibitions apply must not access the Website. The information provided on the Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country that would subject Permal to any registration requirement within such jurisdiction or country.

The password protected areas of the Website, and the information contained in or through those areas, may be accessed only by persons who have been authorized by Permal to use such areas pursuant to the Terms and Agreement and solely based on written representations and warranties or other information such persons have given to Permal. In particular, the expanded part of the Website for non-U.S. qualifying investors is directed solely to non-U.S. persons and their advisors who are outside the United Kingdom and must not be acted upon by persons in the UK.

The Permal Group believes that the information on the Website is accurate as of the date of publication. However, no entity of the Permal Group makes any warranty of accuracy or completeness of the information, and they shall not be liable for any losses or damages relating to the adequacy, accuracy or completeness of any information on the Website or the use of such information. The information on the Website is provided for information only and should not form the basis of an investment decision.

The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Changes in rates of foreign exchange may cause the value of investments to go up or down.

Nothing in the Website should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

Sales of shares of the Permal Funds are made on the basis of the prospectus only and information on this site does not constitute an offer to issue or sell, nor solicitation of an offer to subscribe or purchase, shares in any Permal Fund. The shares may not be offered in any jurisdiction in which such offer or solicitation is not authorized.

The Permal Group and its subsidiaries do not provide investment advisory services to the public and nothing contained herein should be construed as an offer of the Permal Group's services or products.

Permal Asset Management LLC does not have a place of business in the UK.

Permal Investment Management Services Limited ("PIMS") does not provide investment advisory services to any person in the United States.

Non public personal information received directly or indirectly by Permal or its affiliates will not be disclosed to unaffiliated third parties except as required by law. See Permal's privacy policy.

For Non-U.S. Persons and Their Advisors

The information contained in this part of the Website is directed solely to Non-U.S. persons and their advisers. Therefore, by entering this internet website you are certifying that you are not a U.S. person (including a citizen or resident of the United States, a corporation, partnership or other entity organized under U.S. laws, any estate of which any executor or administrator is a U.S. person or any trust of which any trustee is a U.S. person), or acting on behalf of a U.S. person. If you are not sure whether you are considered a U.S. person, please contact Permal.

The information provided on the Website is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use is prohibited, or that would subject Permal to any registration requirement within such jurisdiction. In particular, this expanded part of the Website for non-U.S. qualifying investors is directed solely to non-U.S. persons and their advisors who are outside the United Kingdom and must not be acted upon by persons in the UK.

To the extent that material on the Website is issued in the UK, it is approved for the purposes of S.21 of the Financial Services and Markets Act 2000 by PIMS which is authorized and regulated by the Financial Conduct Authority, save where a particular part of the Website is directed at exempt recipients only.

PIMS does not exclude or restrict any duty or liability it may have in respect of the Website to its customers under the UK Financial Services and Markets Act 2000 or the regulatory system.

For UK Investors

PIMS has approved the material in the Distributor Information only to the extent it is accessible in the UK by persons to whom PIMS could itself have communicated such material.

The Permal Funds are unregulated collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the UK and are non-UK based entities.

Persons dealing with agents of the Permal Funds outside the UK or investing in the Permal Funds are not covered by the rules and regulations made for the protection of investors in the UK. This means that they will not have the benefit of rights designed to protect investors under the Financial Services and Markets Act 2000 and under the rules of the Financial Conduct Authority. In particular they will not benefit from the right to claim through the Financial Services Compensation Scheme for losses resulting from a default of obligations owed under relevant regulations.

The promotion of any Permal Fund in the UK through any form of advertising, personal visit or oral communication made without express invitation or otherwise is restricted by law.

UK Stewardship Code

FCA Conduct of Business Rule 2.2.3R, requires the investment firms which it covers to disclose the nature of their commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where they do not comply with the Code, the reasons for not doing so. The Code is voluntary and sets out a number of principles relating to engagement by investors with UK equity issuers.

PIMS manages predominantly funds of hedge funds, and does not generally invest directly with UK companies. As such, the Code is not generally applicable to PIMS’s investment management business. However, Permal does support the broad aims and objectives of the Code. We continue to maintain policies and procedures designed to identify and manage conflicts of interest as they arise, as well as a code of ethics policy to which all employees are bound. Proxy voting in respect of the underlying hedge funds in which Permal invests is conducted in accordance with our proxy voting policy, which is reviewed on an annual basis.

For U.S. and Canadian Institutional Investors and Distributors to U.S. Institutions

The information contained in this part of the Website is directed solely to qualified U.S. and Canadian institutions and distributors to qualified U.S. institutions.

Although Permal Asset Management LLC and Permal Capital Management, LLC are registered with the U.S. Securities and Exchange Commission as investment advisers under the U.S. Investment Advisers Act of 1940, securities issued by Permal Funds have not been registered under the U.S. Securities Act of 1933, and have not been registered with, or approved by, the U.S. Securities and Exchange Commission, any state securities administrator or any other regulatory authority. The securities issued by Permal Funds therefore cannot be sold, transferred or pledged (although they may be redeemed as described in each fund's offering documents) in the absence of such registration or the availability of an exemption therefrom. There is no public or other market for the securities, and no such market is expected to develop. Neither the U.S. Securities and Exchange Commission nor the securities regulatory authority or commission of any state of the United States has passed upon the value of the securities of the Permal Funds, made any recommendations as to their purchase, approved or disapproved any offering made by Permal Funds or passed upon the adequacy or accuracy of any information contained on the Website or in the offering materials for the Permal Funds. Any contrary representation is a criminal offense.

The Permal Funds have not been and will not be registered as investment companies under the U.S. Investment Company Act of 1940.

U.S. institutions entering this area of the Website will be required to represent to Permal that they are "accredited investors" as such term is defined under the U.S. Securities Act of 1933, and "qualified purchasers" as such term is defined under the U.S. Investment Company Act of 1940.

Canadian institutions entering this area of the Website will be required to represent to Permal that they are "accredited investors" as such term is defined under the Canadian National Instrument 45-106 – Prospectus and Registration Exemptions.

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