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James R. Hodge

Permal Asset Management LLC

President

Mr. Hodge is President of Permal Asset Management LLC which is responsible for asset allocation as well as performance monitoring and research and analysis of fund managers within the Permal Group, a subsidiary of Legg Mason. Prior to joining the Permal Group in 1987, Mr. Hodge held a number of positions culminating in Director of Cost Accounting during four years of employment with the New York Stock Exchange. He was also the Controller of Biolectron, Inc., a privately held medical products company, for four years. Mr. Hodge has an MBA from Harvard Business School, a BS with highest distinction from Indiana University and is a Certified Public Accountant (inactive status) in the state of New Jersey.