FUND BROCHURE Baring China Select Fund We believe being locally-based, with local language speakers, allows us to identify attractive investments early, to the advantage of investors. The Fund is designed to be nimble, offering investors access to the full range of China related equities, including smaller and medium sized companies. What sets us apart?  A flexible mandate − Able to access the full China-related investment universe. − The freedom to invest across the capitalisation range into smaller and medium-sized companies.  Long-term investors with wide access to Chinese companies − Barings has been investing in China for more than 30 years. − More than US$2.6bn invested in the region.*  An experienced team, locally-based − The investment manager is supported by a well resourced team of nine investment professionals in Hong Kong, with an average of 12 years investment experience.*  An integrated investment approach − We research the onshore and offshore China markets in the same investment team. We believe this integrated approach gives us a strong basis for comparing valuations and detecting attractive investment opportunities.  A disciplined investment process − We believe that structured fundamental research and a disciplined investment process combining quality, growth and upside disciplines can allow us to identify attractively priced, long-term growth companies which will outperform the market. − Our approach emphasises quality criteria when looking at companies and a three to five year time horizon when forecasting company earnings. *Source: Barings as at 31 December Fund facts FOR PROFESSIONAL ADVISERS ONLY Baring China Select Fund Fund managerWilliam Fong (since launch) Fund typeIrish Authorised UCITS Launch date18 April 2008 Performance ComparatorMSCI China Index Summary of the investment objective To achieve long-term capital growth in the value of assets by investing in companies which we believe will benefit from the economic growth and development of China. Share classesClass A; Class I Share typesAccumulation; Income Share class currencies Class A: EUR; HKD; USD Class I: EUR; USD; GBP Minimum investment Class A: US$5,000/€3,500 (initial); US$500/€500 (subsequent). Class I: US$10m/€10m/£10m (initial); US$500/€500/£500 (subsequent) Ongoing Charges Figure 1 Class A, All Currencies: 2.33% Class I USD: 1.11% Class I EUR, GBP: 1.58% Management charges Class A: 5.00% (initial); 1.50% (annual) Class I: 0.00% (initial); 0.75% (annual) January 2016 Source: Barings, as at 31 December 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.

Source: Barings, as at 31 December Portfolio style distribution as at 31 December 2015 Five year risk-return profile as at 31 December 2015 Source: Morningstar, as at 31 December 2015 in US dollar terms. Peer group performance relative to the primary offshore territory share class within the Morningstar China Equity sector. 3mnths1yr3yrs*5yrs* Baring China Select Fund10.8%-2.4%3.6%0.0% Peer group median6.5%-5.0%3.6%-0.3% Quartile ranking1 st 2 nd Percentage of portfolio Tencent9.7% Baring China A-Share Fund6.9% Ping An Insurance (Group)5.8% Baidu3.9% Sunny Optical Technology (Group)3.8% Source: Barings, as at 31 December Baring China Select Fund Fund weighting Relative weighting Source: Barings, Morningstar, as at 31 December 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 share basis, with gross income reinvested. *Annualised returns. Peer group performance relative to the primary offshore territory share class within the Morningstar China Equity sector. Past performance is no indication of current or future performance. Fund No. of securities42 Alpha2.3 Beta1.0 Tracking error (ex post)6.0 Source: Barings, as at 31 December Performance characteristics are based on US dollar returns over three years. Fund performance – index relative Fund performance – peer group relative Market cap positions as at 31 December 2015 Portfolio characteristics as at 31 December 2015 Active sector positions as at 31 December 2015 Top five holdings as at 31 December 2015 Annualised Return Annualised Std Dev Baring China Select A USD Inc Weightings are subject to change Past performance is no indication of current or future performance

Our investment process Investment objective  The objective of the Fund is to achieve long-term capital growth by investing in companies which we believe will benefit from the economic growth and development of China. Investment philosophy  Our equity investment teams share the philosophy of quality Growth at a Reasonable Price (GARP). We believe that long term earnings growth is the 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. Please refer to the Prospectus for the full Investment Objective and Policy. Idea generation  Our analysts and investment managers have a deep knowledge of companies across the investment universe gained through an average of 12 years’ experience of the Hong Kong China markets (as at 30 April 2015). The ideas can come from many sources, including the following: o Meeting companies: As well as meeting with company management, we will meet with suppliers, customers, industry contacts and government officials and review third-party research to form a holistic view of the prospects for a company and the environment it operates in. In turn, this often generates further ideas. o Team discussion: Unlike some competitors, we have an integrated Hong Kong China Equity Team which looks at China A-Shares alongside shares listed in Hong Kong. We believe that having a single Hong Kong China team gives us a strong basis for comparing valuations and identifying attractive investment opportunities. o Cross fertilisation of ideas from the Baring global research platform: This includes shared investment ideas from Asia fixed income and equity colleagues in Hong Kong, as well as the global emerging markets team and the broader investment department. o Quantitative screening: Our Quantitative Research Team screens the investment universe for companies which score highly on our quality GARP criteria. This serves as a tool for debate and can trigger fundamental research. 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.  The output of our company research process is a Company Scorecard. We score quality, growth and upside on a scale of 1- 5, with 1 being the most favourable and 5 the least attractive. The overall score for the company indicates our assessment of the potential for long-term outperformance of the market. 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, targeting a high active share and weighted according to a number of factors including level of conviction, upside potential, liquidity, and market and risk considerations. Source: Barings, as at 31 December  Risk management is an integral part of portfolio construction and helps us to understand the risks associated with each company in the portfolio and how the risk budget is apportioned throughout the portfolio.  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 reporting 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 ten trading days. Monitoring portfolios  Investment strategy is monitored by the Hong Kong China Equity Team in real time with in depth discussions on a weekly and monthly basis to ensure that it reflects the latest investment thinking of the team.  The investment team 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 make improvements to the portfolio. A word on risk  The Baring China Select Fund invests in the equity markets in Hong Kong, in China and in China-related companies across Asia ex Japan. It can invest opportunistically in medium and smaller companies in these markets. Investment in the Fund carries exposure not just to the general volatility which can characterise equity markets from time to time, but to the additional risk factors associated with investment in emerging markets and medium and smaller sized companies. These include liquidity risks, the possibility of a lower standard of corporate governance, increased political risk and the likelihood of a high degree of volatility.  Returns from overseas equity markets can also be subject to fluctuations in exchange rates, which can have the effect of eroding or enhancing the value of returns for investors.  The investment techniques we may use as part of managing our positions and market exposure, such as the use of derivative instruments to cover or reduce our exposure to certain investments, should generally reduce volatility in the Fund, but could increase it, when used to take on additional market or securities exposure. From time-to-time this may be a further source of volatility for investors and, as a result, the net asset value of the Fund may suffer from sharp changes due to the nature of the underlying investments.  Past performance is not a guide to future performance and there is no guarantee that the investment objective will be achieved and you may get back less than you initially invested.  Please refer to the Prospectus for the full risk profile. Investors should read the Prospectus and the Key Investor Information Document (KIID) for the relevant unit/share class carefully and consider the potential risk factors as well as reward factors before investing.

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: Simon Jagger (+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 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. 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. The Swiss representative and paying agent is BNP Paribas Securities Services, Paris, succursale de Zurich. Documents such as the prospectus, Key Investor Information Documents (KIID), annual and semi-annual reports are available from For Swiss investors, the documents may be obtained free of charge from BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. Version 12/SD. Ref: M01/53C Complied: 29/01/2016