Government Examinations. Except for routine examinations conducted by any Governmental Authority in the regular course of the business of the EnTrust Entities or as disclosed on Section 4.12(c) of the EnTrust Disclosure Schedule, # no Governmental Authority has initiated any Action (or no such Action into the business or operations of the EnTrust Entities is ongoing, unresolved or, to the Knowledge of the EnTrust Contributor, threatened by any Governmental Authority) against any EnTrust Entity, its officers, directors, partners or employees and # none of the EnTrust Entities or any of their Affiliates has received at any time in the past five (5) years any notice, deficiency letter or communication # of any unresolved violation or exception by any Governmental Authority with respect to any report or statement by any Governmental Authority relating to any examination of the EnTrust Entities or # restricting or disqualifying their activities (except for restrictions generally imposed by Law or administrative policy on similarly regulated Persons generally).

Except for routine examinations conducted by any Governmental Authority, to the Knowledge of the EnTrust Contributor, no Governmental Authority has during the past five (5) years initiated or threatened any formal or informal proceeding or investigation into the business or operations of the EnTrust Funds or any of the officers, directors or employees of the EnTrust Funds in their capacity as such. To the Knowledge of the EnTrust Contributor, each EnTrust Fund has responded to the extent required to any deficiency letter or other written communication received from any Governmental Authority during the past five (5) years and there are no material unresolved issues or comments raised by any Governmental Authority in any deficiency letter, written communication or follow up correspondence from any Governmental Authority or phone calls or meetings with representatives of any Governmental Authority, in each case, with respect to the EnTrust Funds.

Government Examinations. Except for routine examinations conducted by any Governmental Authority in the regular course of the business of the Permal Entities or as disclosed on Section 5.12(c) of the Permal Disclosure Schedule, # no Governmental Authority has initiated any Action (or no such Action into the business or operations of the Permal Entities is ongoing, unresolved or, to the Knowledge of the Permal Contributor, threatened by any Governmental Authority) against any Permal Entity, its officers, directors, partners or employees and # none of the Permal Entities or any of their Affiliates has received at any time in the past five (5) years any notice, deficiency letter or communication # of any unresolved violation or exception by any Governmental Authority with respect to any report or statement by any Governmental Authority relating to any examination of the Permal Entities or # restricting or disqualifying their activities (except for restrictions generally imposed by Law or administrative policy on similarly regulated Persons generally).