Composite performance % 3 months1 year3 year5 year Equity: Global: Emerging Market Benchmark Arithmetic Relative / Value Added Source: Barings, as at 31 March 2016, in US dollar terms, gross of investment management fees. Total performance shown is performance of a GIPS Composite, consisting of an aggregation of accounts managed to a particular mandate. References to attribution (performance of a particular country, sector, individual stock), along with characteristics, weightings and portfolio level data are based upon a representative account within the Composite. Please use all information contained herein as supplemental to the GIPS Advertising Disclosure contained on page 2. FOR INSTITUTIONAL INVESTORS ONLY INSTITUTIONAL QUARTERLY UPDATE – Q We believe that structured fundamental research and an investment process which combines quality, growth and upside disciplines can allow us to identify attractively priced, long-term growth companies which will outperform the market. Our high conviction, actively managed emerging markets equities strategy draws on our extensive experience of investing at an early stage. What sets us apart?  Extensive experience of investing in emerging and frontier markets = early investors in China, Latin America and Eastern Europe = responsible for managing more than US$10.3bn in emerging market equities.*  A well resourced and expert investment team = Complementary skill sets = Fully integrated approach = 32 strong emerging markets team with diverse experience and specialities.  A disciplined investment process = Our approach emphasises quality criteria when looking at companies and a three to five year time horizon when forecasting company earnings. In determining upside, we use consistent and transparent methods to emphasise discounted earnings models. *Source: Barings as at 31 st March 2016 BARING GLOBAL EMERGING MARKETS

Performance The firm, as defined herein, claims compliance with the Global Investment Performance Standards (GIPS®). A complete list and description of all composites, along with Compliant Presentations are available on request by sending an to For the purpose of GIPS compliance, the "Firm" is defined as the investment firm Baring Asset Management Limited (and its relevant subsidiaries which are registered with the appropriate regulatory authorities to undertake investment business in those jurisdictions in which they operate). Baring Asset Management Korea Limited, a wholly owned subsidiary of Baring Asset Management (Asia) Limited, which is in turn a wholly owned indirect subsidiary of Baring Asset Management Limited, is excluded from the Firm definition. The Composite is comprised of accounts which invest in a portfolio of global emerging markets equities, principally within the countries of the stated benchmark. The investment process follows Quality Growth at a Reasonable Price philosophy, looking to identify stocks with unrecognised growth opportunities. The strategy allows discretion over the range of stocks in the portfolio, which has evolved over time. The ranges of stocks have been; from inception based on a concentrated range , from July 2013 this was gradually moved to in line with market opportunities, in quarter , 50-70, & from Quarter , , which is where we expect it to remain. From July 2013 portfolios previously following the Global Emerging Core Strategy were also managed on the same basis, these portfolios joined the Global Emerging Market Composite with effect from 1st July Some accounts within the composite are run within ex-ante tracking error ranges of (3 - 8, ). Effective 1 July 2013, the composite name changed from Equity Global Emerging Focused. As at the reporting date 1 portfolio in the composite reinvests capital gains and income and 1 portfolio reinvests capital gains and part of income is paid away and the remainder is A process driven by bottom-up stock selection – major stock contributions to relative returns (%) Composite: Equity: Global Emerging Market Benchmark: MSCI Emerging Markets Total Return Index with Gross Dividends Reinvested Source: Barings, 31 March 2016 Source: Barings, as at 31 March 2016, for the period covering Q1. PositiveContributionCountrySector BB Seguridade Participacoes0.7BrazilFinancials OdontoPrev0.4BrazilHealth Care Airports of Thailand0.3ThailandIndustrials Sunny Optical0.3ChinaInformation Technology Sanlam0.3South AfricaFinancials NegativeContributionCountrySector Luxoft-0.8 Eastern European Institutions Information Technology Ping An Insurance-0.6ChinaFinancials China State Construction International -0.6ChinaIndustrials Brilliance Automotive Holdings-0.5ChinaConsumer Discretionary Lenovo Group-0.5ChinaInformation Technology Performance Source: Barings, as at 31 March 2016, in US$ terms, gross of investment management fees. Based on preliminary data. Results shown in US$ (%), ending 31 March months1 year3 years (annualised)5 years (annualised) Composite Gross of Investment Management Fees Benchmark Relative (Arithmetic)

High conviction portfolio exhibiting quality growth and upside conviction Portfolio scorecard Positioning Quality Growth Conviction Upside/Valuation Source: Barings 31 March Data relates to Baring Global Emerging Markets Fund Consistent with GARP approach - style characteristics Metrics Global Emerging Markets Fund MSCI Emerging Markets Quality Return on equity (ROE) (%) Debt/equity ratio (%) GrowthThree year EPS growth (%) Upside Dividend yield (%) P/E FY1 (%) Conviction Active share (%)84.00 Market cap (US$Bn) Sector Breakdown (%) Source: Barings and Style Research (Index source), 31 March 2016 Country Breakdown (%)

Our Investment Process Philosophy FOR FURTHER INFORMATION PLEASE CONTACT  Our equity investment teams share the philosophy of Quality Growth at a Reasonable Price (GARP). We believe that long-term earnings growth is the principal driver of stock market performance and that the best way of finding unrecognised growth is to identify quality companies with visibility of earnings over three to five years. Investment Process Company Research  Our investment teams conduct fundamental research using our enhanced company research framework, which analyses three factors: quality, growth and upside.  Our disciplined approach emphasises quality criteria when looking at companies and a three to five year time horizon when forecasting company earnings. In determining upside, we use consistent and transparent methods to place emphasis on discounted earnings models. Portfolio Construction  Our approach to portfolio construction is an iterative and ongoing process that aims to ensure that we combine our best investment ideas in a robust and risk aware fashion.  We construct high conviction portfolios that are weighted according to a number of factors including level of conviction, upside potential,  We assess the risks of each company in our portfolio and how the risk budget is apportioned.  As well as ongoing monitoring, we additionally monitor the effect of proposed trades with the assistance of the Investment Risk Team, which monitors positions against guidelines and regulatory limits, and the Quantitative Research Team, which provides a suite of portfolio analytics as well as systematic screens and models to facilitate investment ideas and discussions. Both of these teams have independent report lines to avoid conflicts of interest.  As well as exposure and macroeconomic sensitivity analysis, we will also conduct implied alpha and liquidity analysis prior to trades. In general, we aim to maintain a high level of liquidity for the portfolio so that we can liquidate the majority of our holdings within a reasonable period of time – under most circumstances, over 90% of the portfolio can be liquidated within 10 trading days. Monitoring portfolios  Portfolios are reviewed by the GEMS equity team on a weekly basis to ensure that they fully reflects the team’s latest investment views.  The investment team and the Head of Equities use a ‘Portfolio Scorecard’ to measure the level of conviction within the portfolio as well as its alignment with our quality, growth and upside disciplines. This scorecard forms the basis for the investment team to review and where necessary adjust the portfolio. For institutional investors only and 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. The information in this document does not constitute investment, tax, legal or other advice or recommendation. It is not an invitation to subscribe and is for information only. 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 no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units. Please note, changes in the rates of exchange may have an adverse effect on the value, price or income of an investment. Where yields have been quoted they are not guaranteed. We reasonably believe that the information contained herein from 3rd party sources, as quoted, is accurate as at the date of publication. This document must not be relied on for purposes of any investment decisions. 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. This document may include internal portfolio construction guidelines. As guidelines, the fund is not required to and may not always be within these ranges. Version 12/SD Complied (London) 28 April Ref: M01/52. Composite: COM UK Andrew Benton (+44) (0) UK Jonathan Cunningham (+44) (0) Europe Peter Curry (+44) (0) Sourcing ideas High conviction ideas generated from Barings’ diverse pool of global investors Analyst and Portfolio Manager expertise Company meetings Quantitative screening for quality GARP Researching companies Focused and in-depth Finding unrecognised growth on a three to five year horizon Companies scored 1 to 5 Best Ideas List owned by a panel of three senior investors Constructing portfolios Maintaining Quality Growth Upside Analysing Liquidity Volatility Concentration Delivering High conviction High active share Quality GARP Monitoring portfolios Portfolio Manager Quant Team Investment Committee Investment Risk