For the Public

Persons who access the materials made available at the Permal Capital Management website on the worldwide web (“PCM website”) accept and agree to comply with the terms and conditions as set forth in the “Important Legal Information”

The PCM 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 PCM website is prohibited. Persons in respect of whom such prohibitions apply must not access the PCM website. The information provided on the PCM website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country that would subject PCM to any registration requirement within such jurisdiction or country.

PCM believes that the information on the PCM website is accurate as of the date of publication. However, no entity of PCM 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 PCM website or the use of such information. The information on the PCM 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.

Nothing in the PCM 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.

Subscription to PCM Funds are made on the basis of the Private Placement Memorandums 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 PCM Fund. Subscriptions may not be offered in any jurisdiction in which such offer or solicitation is not authorized.

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

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

For Non-U.S. Persons and Their Advisors

The information provided on the PCM 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 PCM to any registration requirement within such jurisdiction.

For U.S. and Canadian Institutional Investors and Distributors to U.S. Institutions
The information contained in this part of the PCM website is directed solely to qualified U.S. and Canadian institutions and distributors to qualified U.S. institutions.

Although Permal Capital Management, LLC is registered with the U.S. Securities and Exchange Commission an investment adviser under the U.S. Investment Advisers Act of 1940, securities issued by PCM 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 PCM 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 PCM Funds, made any recommendations as to their purchase, approved or disapproved any offering made by PCM Funds or passed upon the adequacy or accuracy of any information contained on this website or in the offering materials for the PCM Funds. Any contrary representation is a criminal offense.

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