FUND BROCHURE Baring Multi Asset Fund We believe that a multi asset investment approach can deliver investors long-term equity-like returns – our proxy for this is UK retail price inflation +4% – but with considerably less risk. We argue that the critical skill set in achieving this target is dynamic asset allocation, and a willingness to move between different asset classes at different times, ranging from equities and bonds to carefully selected alternatives such as gold and property.  Aims to deliver equity like returns with significantly less risk than equities.  Our return target of UK RPI + 4% is consistent with long term equity-like returns. We aim to deliver this return with less than 70% of equity risk.  Pragmatic approach that allows the fund to adapt to both times of economic expansion and times of uncertainty.  Dynamic asset allocation that is designed to participate in up-markets and protect in downturns. What sets us apart:  A long and established track record through all market conditions.  Barings Dynamic Asset Allocation strategy launched in 2003 and this fund launched in  A disciplined process focusing on the economic fundamentals yet conscious of the market cycle.  An experienced and well resourced team of seasoned investment professionals. *Source: Morningstar/Barings, as at 31 March Fund performance is annualised and based on the A GBP accumulation share class and are shown net of fees and charges, in Sterling terms on a NAV per share basis, with net income reinvested. Share class inception date: 24 March Equity risk is measured over a three year period. The Baring Multi Asset Fund standard deviation is 6.38%. Fund facts Baring Multi Asset Fund Fund manager Christopher Mahon (Since 30 September 2014) Fund type UK Authorised Open-Ended Investment Company Non-UCITS retail scheme (NURS) Launch date20 March 2009 Investment objective To generate a capital return which exceeds UK inflation over the medium to long-term. Performance comparison UK RPI+4% p.a. (our proxy for long- term equity market returns) Unit types available Class I GBP Acc & Inc; Class A GBP Acc & Inc Minimum investment Class I: £500,000 (initial); £500 (subsequent). Class A: £2,000 (initial); £500 (subsequent) Ongoing Charges Figure 1 Class I: 0.95% Class A: 1.89% Management charges Class I: 0.00% (initial); 0.55% (annual). Class A: 5.00% (initial); 1.50% (annual) April 2016 FOR PROFESSIONAL ADVISERS ONLY Source: Barings, as at 31 March 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, Morningstar, as at 31 March Fund performance is shown net of fees and charges, in Sterling terms on a NAV per share basis, with gross income reinvested in the class A GBP accumulation share type. *Annualised returns. Fund inception date: 20 March Risk=standard deviation of annualised returns. Reference to the index is for comparative purposes only. Baring Multi Asset Fund Fund performance – performance comparison relative Current asset allocation as at 31 March 2016 Risk-return stats since inception Annualised return (%) Annualised risk (%) Strategic asset allocation – 10 year asset class forecasts Source: Barings, April 2016 (Revised annually). * Risk = standard deviation of annualised returns. Projection based on 30 March 2016 index levels. Source: Barings, as at 31 March Percentage of portfolio Henderson UK Property Fund11.0% US Index Linked 3.375% % Neuberger High Yield Bond Fund7.2% Baring European Opportunities5.4% RWC Global Convertible Bond3.6% Top five holdings as at 31 March 2016 Past performance is no indication of current or future performance

Our investment process Our beliefs  Asset allocation is the most important driver of returns.  While being in the right market at the right time is key, just as important is to retreat to a more defensive poise when necessary.  Simplicity is a virtue. We avoid complexity and financial engineering. A two stage process  Long term returns tend by be driven by a slowly evolving set of macro-economic and demographic factors.  Shorter term opportunities are presented as markets are inevitably more volatile than economic reality.  Our process combines strategic forecasting with a tactical discipline to exploit both types of factors to produce strong returns in a risk controlled manner. Why a flexible approach to asset allocation is critical – best and worst performing asset classes Source: Barings, as at 31 December 2015, in Sterling terms. Source: Barings, as at 31 December Gross exposure. Inception date: 20 March *Themed fixed fund composition: March 2009-June 2010: Overseas index-linked government bonds; August 2010 to date: Emerging market debt. Changes in asset allocation since inception How we manage risk  Dynamically: the aggregate risk level of the portfolio and the types of diversifiers need to be continually adjusted as economic and market conditions change.  Conservatively : willing to retreat to a defensive poise when risk levels are elevated.  Forward looking: conscious that what proved to be a defensive asset in the last downturn may not be so defensive next time. Flexible implementation  A wide universe: the ability to access a wide range of asset classes including equities, bonds, credit, property and alternatives.  A focused portfolio: within this wide universe we avoid over diversification and focus our portfolio on the assets and diversifiers we believe are appropriate given both the economic and market cycle.  Transparency: a pragmatic approach that does not involve computer driven black boxes and avoids leverage.

FOR FURTHER INFORMATION PLEASE VISIT OR CONTACT: UK, Ireland and Channel Islands: Simon Jagger (+44) Carl Wilmore (+44) Matthew Finch (+44) Paul Aylward (+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. Version 12/SD Ref: M05/06C Complied (London): 9/05/2016