0001104659-08-041247 Sample Contracts

SUBADVISORY AGREEMENT

Subadvisory Agreement • June 23rd, 2008 • Legg Mason Permal Global Active Strategies Master Fund • New York

• Contract Type
  Subadvisory Agreement
• Filed
  June 23rd, 2008
• Company
  Legg Mason Permal Global Active Strategies Master Fund
• Jurisdiction
  New York

This SUBADVISORY AGREEMENT (“Agreement”) is made this [ ], by and between Legg Mason Partners Fund Advisor, LLC, a Delaware limited liability company (the “Manager”), and Permal Asset Management Inc., a Delaware corporation (the “Subadviser”).

MANAGEMENT AGREEMENT Legg Mason Partners Fund Advisor, LLC

Management Agreement • June 23rd, 2008 • Legg Mason Permal Global Active Strategies Master Fund • New York

• Contract Type
  Management Agreement
• Filed
  June 23rd, 2008
• Company
  Legg Mason Permal Global Active Strategies Master Fund
• Jurisdiction
  New York

This MANAGEMENT AGREEMENT (“Agreement”) is made this [ ], 2008, by and between Legg Mason Permal Global Active Strategies Master Fund (the “Fund”) and Legg Mason Partners Fund Advisor, LLC, a Delaware limited liability company (the “Manager”).

LEGG MASON PERMAL GLOBAL ACTIVE STRATEGIES MASTER FUND AGREEMENT AND DECLARATION OF TRUST Dated as of March 31, 2008

Agreement and Declaration of Trust • June 23rd, 2008 • Legg Mason Permal Global Active Strategies Master Fund • Delaware

• Contract Type
  Agreement and Declaration of Trust
• Filed
  June 23rd, 2008
• Company
  Legg Mason Permal Global Active Strategies Master Fund
• Jurisdiction
  Delaware

ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT

Administration and Accounting Services Agreement • June 23rd, 2008 • Legg Mason Permal Global Active Strategies Master Fund

• Contract Type
  Administration and Accounting Services Agreement
• Filed
  June 23rd, 2008
• Company
  Legg Mason Permal Global Active Strategies Master Fund

THIS AGREEMENT is made as of June 12, 2008 by and between LEGG MASON PERMAL GLOBAL ACTIVE STRATEGIES MASTER FUND, a Delaware statutory trust (the “Fund”), and PFPC INC., a Massachusetts corporation (“PFPC”). Capitalized terms not otherwise defined shall have the meanings set forth in Appendix A.

CUSTODIAN SERVICES AGREEMENT

Custodian Services Agreement • June 23rd, 2008 • Legg Mason Permal Global Active Strategies Master Fund

• Contract Type
  Custodian Services Agreement
• Filed
  June 23rd, 2008
• Company
  Legg Mason Permal Global Active Strategies Master Fund

THIS AGREEMENT is made as of June 12, 2008 by and between PFPC TRUST COMPANY, a limited purpose trust company incorporated under the laws of Delaware (“PFPC Trust”) and each of the registered investment companies and unregistered fund(s) listed on Appendix A attached hereto (as such may be amended from time to time) (each, a “Fund” and collectively the “Funds”). Capitalized terms not otherwise defined shall have the meanings set forth in Appendix B.