ContractSubadvisory Agreement • November 22nd, 2016 • EnTrustPermal Hedge Strategies Fund II
SUBADVISORY AGREEMENT This SUBADVISORY AGREEMENT ("Agreement") is made this 20th day of May ,2016, by and between Legg Mason Partners Fund Advisor, LLC, a Delaware limited liability company (the "Manager"), and EnTrustPermal Management LLC, a Delaware Limited Liability Company (the "Subadviser"). WHEREAS, the Manager has been retained by EnTrustPermal Hedge Strategies Fund II (the "Fund"), a registered management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") to provide investment advisory, management, and administrative services to the Fund; and WHEREAS, the Manager wishes to engage the Subadviser to provide certain investment advisory services to the Fund, and the Subadviser is willing to furnish such services on the terms and conditions hereinafter set forth; NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed as follows: 1. In accordance with and subject to the Management Agreement between the
