Legal Notices and Disclaimers

The following Legal Notice and Disclaimers apply to persons who access the materials made available at the websites maintained by EnTrustPermal LLC and its affiliates (collectively “EnTrustPermal,” 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 AS AN OFFER, SOLICITATION OR RECOMMENDATION BY ENTRUSTPERMAL TO BUY OR SELL ANY FINANCIAL INSTRUMENT OR ENGAGE IN ANY OTHER TRANSACTION. REGISTERED USERS SHOULD NOT RELY UPON THIS DATA TO MAKE AN INVESTMENT DECISION.

Past Performance. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. PERFORMANCE SHOWN IS THAT OF THE ENTRUSTPERMAL 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 . Not all securities, products or services described are available in all countries. 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. 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 EnTrustPermal to any registration requirement within such jurisdiction or country.

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, but are not limited to, the adverse effect of a decline in the securities markets or a decline in EnTrustPermal's investment vehicles' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of EnTrustPermal to attract or retain key employees, inability of EnTrustPermal to implement its operating strategy and acquisition strategy, inability of EnTrustPermal to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Qualified Status. You agree to immediately advise EnTrustPermal in the event that there is any change in your status as either an "accredited investor" or a "qualified purchaser."

For the Public: 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 EnTrustPermal pursuant to the written representations and warranties or other information such persons have given to EnTrustPermal. 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 States and must not be acted upon by persons in the United States.

EnTrustPermal believes that the information on the Website is accurate as of the date of publication. However, EnTrustPermal makes no warranty of accuracy or completeness of the information, and 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.

Your capital is at risk. Past results are not 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.

Sales of shares of or interests in the EnTrustPermal investment vehicles (collectively, the “Shares”) are made on the basis of the relevant offering document only. Shares in any EnTrustPermal fund may not be offered in any jurisdiction in which such offer or solicitation is not authorized.

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

EnTrustPermal Management LLC does not have a place of business in the United Kingdom (U.K.).

EnTrustPermal Ltd. does not provide investment advisory services to any person in the U.S.

Non public personal information received directly or indirectly by EnTrustPermal or its affiliates will not be disclosed to unaffiliated third parties except as required by law. See EnTrustPermal'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. By entering this Website you are certifying that you are not a U.S. person (including a 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 consult your legal adviser.

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 EnTrustPermal 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 U.S. and must not be acted upon by persons in the U.S.

For U.K. Investors: 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 EnTrustPermal Ltd. an entity which is authorized and regulated by the U.K. Financial Conduct Authority (“FCA”), save where a particular part of the Website is directed at exempt recipients only.

EnTrustPermal Ltd. 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.

EnTrustPermal Ltd. has approved the material in the Distributor Information only to the extent it is accessible in the U.K. by persons to whom EnTrustPermal Ltd. could itself have communicated such material.

EnTrustPermal funds are unregulated collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the U.K.

Persons dealing with agents of the EnTrustPermal funds outside the U.K. or investing in the EnTrustPermal funds may not be covered by the rules and regulations made for the protection of investors in the U.K. 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 may 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.

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 U.K. equity issuers.

EnTrustPermal Ltd. predominantly manages funds of hedge funds, and does not generally invest directly with U.K. companies. As such, the Code is not generally applicable to EnTrustPermal Ltd.’s investment management business. However, EnTrustPermal 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 EnTrustPermal invests is conducted in accordance with our proxy voting policy, which is reviewed on an annual basis and updated as necessary.

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 certain EnTrustPermal entities 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 certain of the EnTrustPermal 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 such EnTrustPermal 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 these 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 EnTrustPermal Funds, made any recommendations as to their purchase, approved or disapproved any offering made by EnTrustPermal Funds or passed upon the adequacy or accuracy of any information contained on the Website or in the offering materials for the EnTrustPermal Funds. Any contrary representation is a criminal offense.

Unless otherwise noted, EnTrustPermal 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 EnTrustPermal 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 EnTrustPermal that they are "accredited investors" as such term is defined under the Canadian National Instrument 45-106 – Prospectus and Registration Exemptions.

French investors: To the extent that material on the Website is issued in France, such issuance is by EnTrustPermal SAS or EnTrustPermal Ltd. EnTrustPermal SAS is a French simplified joint-stock company, governed by French law, registered with the Paris Registry of Commerce and Companies, SIRET 532 384 195 00022. EnTrustPermal SAS is authorized and regulated by the Autorité des marches financiers (the “AMF”) including as an AIFM under the AIFMD, authorization number GP-11000023.

EnTrustPermal funds have not been submitted to, and have not been approved by, the AMF or any other regulatory authority in France. The information provided is not for general distribution in France. Any person who accesses this Website is hereby notified that no action has or will be taken that allows the offer and marketing of the Shares in France. Accordingly, the Shares of the EnTrustPermal funds are not being marketed, offered, sold or delivered in France and neither this information nor any offering material relating to the Shares may be distributed or made available in France. Persons who are resident in France and who purchase/subscribe to Shares of the EnTrustPermal funds will not have the benefit of any protection from the French regulators or regulations.

Singapore investors: EnTrustPermal Singapore is a division of Legg Mason Asset Management Singapore Pte. Limited (Registration Number (UEN): 200007942R). The offer or invitation of Shares, does not relate to a collective investment scheme which are authorized under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA") or recognized under Section 287 of the SFA. The EnTrustPermal funds are not authorized or recognized by the Monetary Authority of Singapore (the "MAS") and the Shares are not allowed to be offered to the retail public. Any information contained on the website is only directed at (i) an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Hong Kong investors: Permal (Hong Kong) Limited is licensed by the Hong Kong Securities and Futures Commission (“SFC”) for dealing in, and advising on, securities. Any information contained on this Website has not been approved by the SFC. Material on this Website is directed at professional investors only.

Dubai investors: Any material on this Website is distributed by EnTrustPermal Ltd.’s DIFC Branch which is regulated by the DFSA. The information is only intended for Professional Clients as defined in the DFSA Rulebook and must not be acted on by retail clients.

Australian investors: EnTrustPermal Ltd. has been granted an exemption from the requirement to hold an Australian Financial Services License under the Australian Corporations Act 2001 in respect of the financial services provided to wholesale clients in Australia ("Exemption"). The Exemption was granted on condition that we alert you to this and to the fact that EnTrustPermal Ltd. is regulated by the FCA under applicable English laws which differ from Australian Laws and that any information contained on this Website in the course of providing financial services will be prepared in accordance with English regulatory requirements (and not Australian laws).

Nothing on this Website constitutes an offer of Shares or financial product advice to a 'retail client' (as defined in section 761G of the Corporations Act and applicable regulations).