0001193125-13-253345 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • June 10th, 2013 • Permal Hedge Strategies Portfolio • New York

This SUBADVISORY AGREEMENT (“Agreement”) is made this [·] day of [·], 2013, by and between Legg Mason Partners Fund Advisor, LLC, a Delaware limited liability company (the “Manager”), and Permal Asset Management LLC, a Delaware Limited Liability Company (the “Subadviser”).

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MANAGEMENT AGREEMENT Legg Mason Partners Fund Advisor, LLC
Management Agreement • June 10th, 2013 • Permal Hedge Strategies Portfolio • New York

This MANAGEMENT AGREEMENT (“Agreement”) is made this [·] day of [·], 2013, by and between Permal Hedge Strategies Portfolio (the “Fund”) and Legg Mason Partners Fund Advisor, LLC, a Delaware limited liability company (the “Manager”).

SERVICES AGREEMENT
Services Agreement • June 10th, 2013 • Permal Hedge Strategies Portfolio • New York

AGREEMENT made as of , 2013 by and between each entity listed on Annex I attached hereto (each a “Fund” or collectively the “Funds”), and The Bank of New York Mellon, a corporation organized under the laws of the State of New York, through its Alternative Investment Services division (“BNYM-AIS”).

CUSTODY AGREEMENT
Custody Agreement • June 10th, 2013 • Permal Hedge Strategies Portfolio • New York

AGREEMENT, dated as of , 2013, between PERMAL HEDGE STRATEGIES PORTFOLIO, a statutory trust organized and existing under the laws of the State of Maryland and registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the “40 Act”), having its principal office and place of business at 620 Eighth Avenue, 49th Floor, New York, New York 10018 (the “Fund”) and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal office and place of business at One Wall Street, New York, New York 10286 (“Custodian”).

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