Permal Global Opportunities,

Ltd. Class AQ

Fund Investment Objectives

Aggressively seeks capital appreciation and current income through global investments in equities, currencies and bonds. The Fund employs a global macro, tactical asset allocation strategy, taking both long and short positions. It currently makes its investments through a NWI Management fund as described in the offering circular. It aims to create value in four ways: 1) Directional investments: primarily in equity, debt and currency markets. 2) Leveraged yield instruments: primarily from a diversified portfolio of emerging market fixed income securities. 3) Non-directional arbitrage investments. 4) Participation in global new issues. Management fee can be up to 5.5%. As of February 15, 2009 this fund was split the Class A fund will liquidate and the other share class for this fund will accept new subscriptions as Class AQ.