Terms and Conditions

Please carefully read these Terms and Conditions of Use (these "Terms"). Your access to or use of this website signifies that you understand and agree to be bound by these Terms. If you do not agree to be bound by or comply with these Terms, do not access or use this website. MODIFICATION OF TERMS AND CONDITIONS OF USE
This website is owned and operated by Western Asset Management Company ("Western Asset"). Western Asset is an independent affiliate of Legg Mason, Inc., a New York Stock Exchange listed, diversified financial services company based in Baltimore, Maryland. Western Asset reserves the right, in its sole discretion, to change, modify, add, or remove portions of these Terms at any time. We suggest that you check these Terms periodically for changes. They can be accessed from the link at the bottom of our website pages. Any changes, modifications, or additions to, or deletions from these Terms shall be effective upon posting on this website. If you use this website after we post changes to the Terms, you accept the Terms as changed. Western Asset expressly reserves the right to monitor any use of this website. INTENDED AUDIENCE
The information provided on this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Western Asset or its affiliates to any registration requirement within such jurisdiction or country. JURISDICTION
Western Asset is a California corporation registered with the U.S. Securities and Exchange Commission ("SEC") as an investment advisor pursuant to the Investment Advisors Act of 1940. Western Asset specializes in providing investment advice on investing in fixed income investments to institutional clients in the United States. Western Asset does not claim that the products or services in this site are available in any particular jurisdiction or appropriate for any particular investor. If you choose to access this website from a location other than the United States, you do so on your own initiative, and you are responsible for compliance with any applicable local laws. INTELLECTUAL PROPERTY
All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Western Asset, unless otherwise noted. The content of this website is protected by applicable intellectual property law. Western Asset reserves all rights with respect to intellectual property ownership of all material on this website, and will enforce such rights to the full extent permissible by law. The material accessible on or through this website is accessible for personal browsing and printing purposes only. Users of this website may not otherwise:

1. copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website without the express, written permission of Western Asset;
2. use, copy, modify, or display any Western Asset name, logo, text, or graphic image without Western Asset's express, written permission;
3. display any of the pages, text, images, or other content of this website using "framing" technology without Western Asset's express written permission;
4. modify or use the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use; or
5. take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Western Asset.

LINKED WEBSITES
Western Asset is in no way responsible for the content of any website, owned or operated by a third party, that may be linked to this website via hyperlink, whether such hyperlink is provided by Western Asset or by a third party. In addition, Western Asset is in no way responsible for the content of any website to which this website may link. The information to which the user links is neither prepared nor maintained by Western Asset, and Western Asset has not and will not review or update the information contained in any linked website. Western Asset is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the linked website. Use of any website hyperlinked to or from this website shall be at your own risk. THIRD PARTY CONTENT
Through this website, you may have access to information relating to securities and the securities markets ("Market Data"). Western Asset may obtain this Market Data from third parties who are independent of Western Asset. Even though the sources of the Market Data provided on this website are believed to be reliable, Western Asset is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the Market Data. The Market Data that may be provided is not a complete summary or statement of all available information or data. WESTERN ASSET MAKES NO EXPRESS OR IMPLIED WARRANTIES (INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO THE MARKET DATA. Any Market Data and other information accessible through this website is for personal, non-commercial use. You agree not to reproduce, modify, sell, distribute, broadcast, publish, or use for any commercial or unlawful purpose any Market Data or other information you access through this website. Any Market Data is provided "as is" and on an "as available" basis. Western Asset will not be responsible for lost profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable Market Data or other information. Western Asset is not obligated to update or to continue to offer Market Data or other information accessible through this website. NO OFFER OR ADVICE
This website does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Nor does this website constitute an offering or recommendation by Western Asset of any security, investment management service, or advisory service. Western Asset does not provide investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. Western Asset does not represent that the securities, products, or services discussed on, or accessible through, this website are suitable for any particular investor. You acknowledge that your requests for information are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security. LICENSURE INFORMATION
1.Representatives of an investment adviser ("IA") may only conduct business in a state if the representatives and the IA they represent: (a) satisfy the qualification requirements of, and are approved to do business by, the state; or (b) are excluded or exempted from the state's licensure requirements. 2.Representatives of an IA are deemed to conduct business in a state to the extent that they provide individualized responses to investor inquiries that involve: (a) effecting, or attempting to effect, transactions in securities; or (b) rendering personalized investment advice for compensation. 3.An investor may obtain information concerning an IA or a representative of an IA, including their licensure status and disciplinary history, by contacting the investor's state securities law administrator. USE OF E-MAIL
The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Western Asset therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Such requests, orders, or instructions will not be processed until Western Asset can confirm your instructions or obtain appropriate written documentation where necessary. Communications to Western Asset, particularly those containing confidential information, may be sent by mail to: Western Asset Management Company, 385 E. Colorado Blvd., Pasadena, CA, 91101, Attn: Webmaster. Western Asset shall be free to use, for any purpose, any ideas, concepts, know-how, or techniques provided by a user to Western Asset through this website. DISCLAIMERS
Western Asset does not warrant this website (including the Market Data or other information that may be accessible on or through this website) for any particular purpose. It is provided "as is" and on an "as available" basis. Western Asset disclaims, to the fullest extent of the law, any warranty of any kind, whether express or implied, as to any matter relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and noninfringement. Use of this website is at your own risk. Western Asset and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

1. any delay, termination, failure, defect, or interruption in the transmission of this website or any Market Data;
2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website or any Market Data;
3. any termination or interruption of your access to this website;
4. your reliance on or use of this website or any Market Data;
5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail;
6. any act or omission of Western Asset in making this website or Market Data available to you; or
7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Western Asset or within the control of any other party providing software or services support for this website.

Western Asset does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Western Asset, you, or any third party. All content on this Website is presented as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. Additionally, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data. In no event will Western Asset or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Western Asset or any other party has been advised of the possibility of such damages. You agree to indemnify, defend, and hold harmless Western Asset and affiliates, and the officers, directors, employees, and agents of Western Asset and affiliates, from and against any and all claims, liabilities, damages, losses, or expenses, including attorney's fees and costs, arising out of or in any way connected with your access to or use of this website. PROHIBITED USES
You may not use this website in any manner that could damage or overburden any Western Asset server, or any network connected to any Western Asset server, or in any manner that would interfere with another party's use of the website. Unless expressly authorized by Western Asset in writing or as otherwise allowed by these Terms, you may not include the term "Western Asset," "Western Asset Management Company" or any Western Asset trademark or executive's name, or any variation of the foregoing, as a meta-tag, hidden textual element or use this website or any of its content in any manner that could create the impression of an affiliation, sponsorship or endorsement by Western Asset. You may not, without the express written permission of Western Asset, use any robot, spider, intelligent agent, other automatic device, or manual process to search, monitor or copy this website or the reports, data, information, content, software, products services, or other materials on, generated by or obtained from this website, whether through links or otherwise, provided that generally available third-party web browsers may be used without such permission. You may not attempt to probe, scan or test the vulnerability of this website or to breach security or authentication measures without proper authorization. TERMINATION
Western Asset reserves the right to terminate your access to this website at any time, without notice, for any reason whatsoever. GOVERNING LAW AND SEVERABILITY
These Terms will be governed and construed under the laws of the state of California without regard to its conflict of law principles, regardless of whether you reside in California or transact business with Western Asset in California or elsewhere. Nothing in these Terms creates any rights or protections that you are not already entitled to by law. If any part of these Terms is held invalid or unenforceable, that part will be deemed modified as necessary to make it effective, and the remaining provisions of these Terms will remain in effect.