0001193125-17-033364 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • February 7th, 2017 • Legg Mason Partners Variable Equity Trust • New York

This SUBADVISORY AGREEMENT (“Agreement”) is made this 20th day of May 2016, by and between EnTrustPermal Management LLC (the “Manager”), the investment manager to Permal Alternative Select VIT Portfolio (“Fund”), a series of the Legg Mason Partners Variable Equity Trust (the “Trust”), a Maryland statutory trust registered as a management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and First Quadrant, L.P., a Delaware limited partnership (the “Subadviser”).

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TRADING AGREEMENT
Trading Agreement • February 7th, 2017 • Legg Mason Partners Variable Equity Trust • New York

This TRADING AGREEMENT (the “Agreement”) is made this 20th day of May 2016, by and between EnTrustPermal Management LLC (the “Manager”), the investment manager to Permal Alternative Select VIT Portfolio (“Fund”), a series of the Legg Mason Partners Variable Equity Trust (the “Trust”), a Maryland statutory trust registered as a management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and BH-DG Systematic Trading LLP, an English limited liability partnership (the “Trader”).

MANAGEMENT AGREEMENT EnTrustPermal Management LLC
Management Agreement • February 7th, 2017 • Legg Mason Partners Variable Equity Trust • New York

This MANAGEMENT AGREEMENT (“Agreement”) is made this 20th day of May 2016, by and between Legg Mason Partners Variable Equity Trust (the “Trust”) and EnTrustPermal Management LLC, a Delaware limited liability company (the “Manager”).

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