Contents Summary 1 Performance2-3 Portfolio characteristics4 Investment outlook 5-6 Account management information 7 FUND BROCHURE Baring High Yield Bond Fund Fund facts FOR PROFESSIONAL ADVISERS ONLY Baring High Yield Bond Fund Fund managerEce Ugurtas (since 13 September 2007) Fund typeIrish Authorised UCITS Launch date19 July 1993 Summary of investment objective To produce a high level of current yield in US dollar terms, commensurate with an acceptable level of risk. Reference benchmark index Merrill Lynch Global High Yield BB-B Rated USD Hedged Unit types available Class A Inc: USD, USD (Monthly Div), AUD Hedged (Monthly Div), CAD Hedged (Monthly Div), EUR, EUR Hedged, GBP Hedged, RMB Hedged (Monthly Div), HKD (Monthly Div), NZD Hedged (Monthly Div); Class A Acc: USD, CHF Hedged; Class I Inc: GBP Hedged; Class I Acc: USD, EUR. Minimum initial investment Class A: US$5,000/£2,500/€3,500/AU$6,000; Class I: US$10m/£10m/€10m Ongoing Charges Figure 1 Class A: 1.50%. Class I GBP Hedged Inc: 1.25%; Class I USD Acc: 0.91%; Class I EUR Acc: 1.25% Management charges Class A: 5.00% (initial); 1.00% (annual) Class I: 0.00% (initial); 0.75% (annual) Underlying yield4.8%* Distribution yield6.3%* JUNE 2015 Source: Barings, as at 31 May The Ongoing Charges Figure (“OCF”) reflects the payments and expenses which cover aspects of operating the fund and is deducted from the assets over the period. It includes fees paid for investment management, trustee/custodian and administration charges. We believe that macroeconomic factors are the primary drivers of fixed income market movements. This leads us to primarily focus on the top-down elements of fixed income management. We adopt a scenario-based investment approach to identify the most attractive high yield regions, sectors and ratings buckets. We combine this with extensive bottom-up credit research to identify strong companies which we believe are likely to deliver attractive returns. What sets us apart:  Scenario-based investment process −Disciplined approach which aims to avoid the risks inherent in single point forecasting. −Robust portfolios intended to deliver investors attractive risk-adjusted returns across a range of conditions.  A critical mass in fixed income −US$11.0bn invested in bond markets across the globe.* −More than US$1.6bn in specialist and emerging market credit.*  A long track record −Delivered annualised returns of 7.2% in US dollar terms over the last five years.*  An extensive investment footprint in the region with wide access to companies −High yield continues to attract income-seeking investors in the low global yield environment. −Distribution yield 6.3% as at the end of May 2015.* *Source: Barings, Morningstar, as at 31 May Performance figures relate to the Class A US dollar accumulation share type and are shown net of fees and charges, in US dollar terms on a NAV per share basis, with gross income reinvested..

Source: Barings, as at 31 May Regional breakdown as at 31 May 2015 Five year risk-return profile as at 31 May 2015 Source: Morningstar, as at 31 May 2015, in US dollar terms. Peer group performance relative to the Morningstar global high yield sector (customised). 3mths1 yr3 yrs*5 yrs* Baring High Yield Bond Fund1.4%-0.6%6.4%7.2% Peer group median1.0%0.7%7.2%7.7% Benchmark Index1.9%3.3%8.9%9.4% Quartile ranking2 nd 3 rd Percentage of portfolio US Coatings 7.375% % Sabine Pass 5.625% % Aguila % % Sirius XM 4.25% % Cemex S.A.B % % Source: Barings, as at 31 May Baring High Yield Bond Fund Source: Barings, Morningstar, as at 31 May Fund performance figures relate to the class A US dollar income share type and are shown net of fees and charges, in US dollar terms on a NAV per unit basis, with gross income reinvested. *Annualised returns. Peer group performance relates to the Morningstar global high yield sector (customised). Past Performance is not a guide to future performance. Fund Modified duration3.4 Distribution yield 6.3% Number of holdings112 Average credit ratingB Source: Barings, as at 31 May The distribution yield reflects the amount that may be expected to be distributed over the next 12 months. Yields are not guaranteed. Fund performance – peer group relative Fund performance – index and peer group relative Credit rating breakdown as at 31 May 2015 Portfolio characteristics as at 31 May 2015 Sector breakdown as at 31 May 2015 Top five holdings as at 31 May 2015 Source: Barings, as at 31 May 2015.

Our investment process Our investment philosophy  There are two key factors that apply in our approach to managing active bond mandates: -Markets are weakly efficient. This means that there is a certain amount of short-term volatility with major price changes driven by the re-pricing of risk. -Bottom-up credit analysis is the best way to exploit volatility in risk premia and generate excess returns  We believe that basing an investment strategy entirely on one set of expected market forecasts is a strategy with significant risk. Our scenario-based approach plays a vital role in helping to identify the most attractive regions and credit ratings buckets (such as BB, B, CCC) in the high yield universe.  We combine this with extensive bottom-up credit research to identify strong companies which we believe are likely to deliver attractive returns. A scenario-based investment approach  The first stage of our investment process is to understand the global economic outlook. Our top-down, macroeconomic research covers government, currency and credit sectors in all of the major fixed income markets.  Our bond market and currency research embraces a full range of market drivers, including macroeconomic analysis and fiscal policy, liquidity conditions and technical indicators. These drivers are analysed in order to provide a framework for the assessment of relative value across markets and to assist us in developing the scenarios that underpin our strategic work.  Scenarios are a central part of our investment process and are developed by the Scenario Team, which comprises four senior investment professionals. The Scenario Team models a number of possible ways in which the economic outlook could change over the next months and contains a set of forecast returns for all investible assets.  We focus on the three most likely scenarios. We believe that taking into account a range of economic outcomes avoids the risks inherent in single point forecasting and allows us to build a robust portfolio with the potential to generate returns across a range of market conditions.  The use of a scenario framework also helps us increase the level of conviction in the portfolio by modelling shocks and discontinuities in asset prices, making it possible to respond very quickly when the market’s view of the world changes. In addition, the scenario framework does not stop us taking risks, but helps us to identify the right type of risk to take and the right time to take it. Issuer research  Our scenario-based approach, combined with additional sector research, helps to identify which regions, ratings buckets and sectors offer the greatest value. This helps drive our credit allocation decisions and provides our credit analysts with an area on which to focus their fundamental bottom-up credit analysis.  Our analysts use a scoring system to evaluate high yield corporate bonds. Here, we look for companies with sound fundamentals, for example, issuers with appropriate capital structures and with the potential to improve their credit strength over time. We aim to identify individual credits which offer superior value and/or improving credit characteristics, whilst also ensuring that the issue is liquid. Fundamental issuer analysis  In addition to scoring corporate issuers ourselves, we also make use of secondary research. This helps us to gain an understanding of consensus views and to ascertain how our views differ from the consensus. We also utilise a weekly screening tool to highlight potential new issuers and monitor new issues. Additionally, we receive documentation direct from ratings agencies such as Standard & Poor’s Ratings Services and actively forecast rating changes expectations. Portfolio construction  Our objective is to create a robust portfolio which has to ability to perform strongly across a range of market conditions. The Credit Committee approves direct investments in all high yield issues.  During the portfolio construction phase, the High Yield Team reviews the model portfolio using optimisation software from the Quantitative Research Team. This involves looking at the current portfolio under each of our three scenarios. The optimisation exercise gives an indication of how the risk/return characteristics of the portfolio can be adjusted to make it more efficient given each scenario.  We have no defined limits on sector and issuer weightings. Typically we hold no more than 0.9% in each individual high yield issue. There are no constraints on issue size, but for liquidity we generally only invest in bonds which are greater than US$400m. We do not invest more than 10% of the Fund in bonds rated CCC or below. Risk management  We place significant emphasis on risk management. The High Yield Team constantly monitors risk within the portfolio construction process by monitoring Value at Risk, the industry’s preferred risk measurement. We also focus on the following risks:  Default risk: We conduct default risk analysis for the bonds we own as well as for the asset class as a whole. We analyse implied default rates as well as recent default history in the market.  Credit rating risk: We focus closely on credit ratings, trends in credit ratings, and potential for credit rating changes.  Fundamental credit risk: The main focus of our screening and credit analysis process is to mitigate the risk of negative credit events, while finding credit securities with superior value.  Liquidity Risk: We carefully assess the liquidity risk associated with the purchase of particular bonds and pay attention to the size of the issue, the ease of trading the security and other factors which affect the liquidity of the bond.  Independent of the Investment Team, we have a Risk Management Team which is responsible for the monitoring of positions against both internal guidelines and regulatory limits. The Quantitative Research Team also provides research and support which includes risk tools and data screening. Source: Barings.

FOR FURTHER INFORMATION PLEASE VISIT OR CONTACT: France and Belgium: Benoit du Mesnil du Buisson +33 (0) Germany and Austria: Lars Albert +49 (0) Luxembourg: Thomas Justen +49 (0) Nordic region: Peter Curry (+44) South America: Brian Corris (+44) Spain: Rod Aldridge (+44) Switzerland: Veronique Fournier UK, Ireland and Channel Islands: Rod Aldridge (+44) Baring Asset Management Limited 155 Bishopsgate London EC2M 3XY Authorised and regulated by the Financial Conduct Authority Follow us on twitter.com/Barings IMPORTANT INFORMATION For Professional Investors/Advisers only. It should not be distributed to or relied on by Retail Investors. This document is approved and issued by Baring Asset Management Limited, authorised and regulated by the Financial Conduct Authority and in jurisdictions other than the UK it is provided by the appropriate Baring Asset Management company/affiliate whose name(s) and contact details are specified herein. This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only. Before investing in any product, we recommend that recipients who are not professional investors contact their financial adviser. The Key Investor Information Document (KIID) must be received and read before investing. All other relevant documents relating to the product such as the Report and Accounts and Prospectus should also be read. The information in this document does not constitute investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to apply for any product or service of Baring Asset Management. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. Past performance is not a guide to future performance. Where yields have been quoted they are not guaranteed. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. There are additional risks associated with investments (made directly or through investment vehicles which invest) in emerging or developing markets. Investments in higher yielding bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. We reasonably believe that the information contained herein from 3rd party sources, as quoted, is accurate as at the date of publication. The information and any opinions expressed herein may change at any time. This document may include internal portfolio construction guidelines. As guidelines the fund is not required to and may not always be within these limits. These guidelines are subject to change without prior notice and are provided for information purposes only. This document may include forward looking statements which are based on our current opinions, expectations and projections. We undertake no obligation to update or revise any forward looking statements. Actual results could differ materially from those anticipated in the forward looking statements. Compensation arrangements under the Financial Services and Markets Act 2000 of the United Kingdom will not be available in respect of any offshore fund. Shares in the Fund are not available in any jurisdiction in which the offer or sale would be prohibited; in particular the Fund may not be sold directly or indirectly in the US or to a US person. Subscriptions will only be received and shares issued on the basis of the current Prospectus. Lists of locations, or location indicators on maps, are non-exhaustive. They may include locations where Barings has an office and/or where Barings has appointed a local organisation or individual to act on its behalf for certain aspects of its business. For data sourced from Morningstar: © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Version 11/SD. Ref: M06/34C Complied: 25 June 2015