Baring German Growth Fund Fund managerRob Smith (since 1 November 2008) Fund typeUK Authorised Unit Trust UCITS Launch date8 May 1990 Investment objective To achieve long-term capital growth through investment in German markets Benchmark indexHDAX Index Unit types available Class A: GBP; EUR; USD; CHF Class I: GBP; EUR Minimum investment Class A: £1,000/€5,000/$5,000/CHF5,000 (initial); £500/€1,000/$2,500/CHF1,000 (subsequent). Class I: £10,000,000/€10,000,000 (initial); £500/€1,000 (subsequent) Ongoing Charges Figure 1 Class A: 1.56% Class I: 0.82% Management charges Class A: 5.00% (initial); 1.50% (annual) Class I: 0.00% (initial); 0.75% (annual) FUND BROCHURE Baring German Growth Trust FOR PROFESSIONAL ADVISERS ONLY JUNE 2015 Fund facts 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. The Baring German Growth Trust is managed in an active and high conviction style, and offers investors participation in the growth of Europe’s biggest economy and market. 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. What sets us apart?  A long-term track record of outperformance −Baring German Growth Trust launched in −Delivered annualised returns of 16.4% over the last five years, widely outperforming benchmark index and peer group median.*  Stable and established pan-European team −Team of six investment professionals.* −Significant resources dedicated to alpha generation. −Manager Rob Smith joined Barings in  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 place emphasis on discounted earnings models. −The Trust has a bias toward small and medium sized companies and the manager works closely with our European smaller companies team to capture these opportunities for investors.  Risk management, not risk measurement −Risk aware stock selection process drives portfolio construction. −Bottom-up risk control measures to focus on liquidity of individual holdings. *Source: Barings, Morningstar, as at 31 May Fund performance figures relate to the class A EUR accumulation share type and are shown net of fees and charges, in Sterling terms on a NAV per share basis, with net income reinvested.

Source: Barings, as at 31 May Portfolio style distribution as at 31 May 2015 Five year risk-return profile as at 31 May 2015 Source: Morningstar, as at 31 May 2015, in USD terms. Peer group performance relative to the Morningstar Germany Large-Cap Equity sector (primary share class). YTD1 yr3 yrs*5 yrs* Baring German Growth Trust21.7%16.1%24.1%16.4% Peer group median17.9%15.5%21.0%12.3% Quartile ranking1 st 2 nd 1 st Percentage of portfolio Daimler AG9.8% Bayer8.4% Airbus Group6.2% Allianz4.7% SAP4.3% Source: Barings, as at 31 May Baring German Growth Trust Fund weighting Relative weighting Fund No. of securities85 Alpha1.9 Beta1.0 Tracking error (ex post)3.9 Source: Barings, as at 31 May Performance characteristics are based on Sterling returns over three years. Fund performance Market cap positions as at 31 May 2015 Portfolio characteristics as at 31 May 2015 Active sector positions as at 31 May 2015 Top five holdings as at 31 May 2015 Source: Barings, Morningstar, as at 31 May Fund performance figures relate to the class A EUR accumulation unit type and are shown net of fees and charges, on a NAV per unit basis with net income reinvested.*Annualised returns. Peer group performance relative to the Morningstar Germany Large-Cap Equity sector (primary share class).

Our investment process Source: Barings, as at 31 May 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 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.  We have a clear target price methodology and we target firms where we believe there is a mispricing of earnings growth, cash flow growth or asset quality, and there are clear and identifiable means by which the mispricing will be reversed.  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 is an arithmetical average which indicates our assessment of the potential for long-term outperformance of the market.  In addition to fundamental research, we also use a proprietary quantitative screen to analyse stocks for favourable momentum and earnings growth characteristics. As well as helping to identify undervalued stocks with the potential for positive earnings surprise, the analysis also guides the investment manager in terms of when to sell stocks. Portfolio construction  Portfolio construction is the responsibility of investment manager Rob Smith and the European Equity team. At the time of purchase, the weighting of each stock in the Fund is determined by individual stock liquidity but in the most liquid names will typically be up to 3.5% relative to the weighting of the stock in the benchmark index. If this figure subsequently rises to over 4%, we would typically look to trim our position. Finding unrecognised growth on a three to five year horizon Researching companies Quality, Growth, Upside High conviction, high active share Integrated risk analysis Constructing portfolios Monitoring portfolios High conviction ideas generated from Barings’ diverse pool of global investors Sourcing ideas Ongoing monitoring to ensure consistency with our philosophy and process  Holding sizes are set with reference to each specific company’s market liquidity. Sector weightings are subject to the guideline that they should normally be within +/-10% of the benchmark index. Risk management  Risk management is an integral part of the portfolio construction process. In this regard, we place significant emphasis on bottom-up risk control measures where we look at the liquidity of individual holdings, their financial viability, their track record and how willingly and effectively they communicate with shareholders.  We believe that focusing our research on the right type of companies early on helps to mitigate the risks that are often associated with a bottom-up research-driven investment process. A word on risk…  The Baring German Growth Trust aims to achieve long-term capital growth through investing in German equity markets. As such, the Trust is exposed to the volatility that can characterise equity share prices from time to time. We believe that the German market has the prospect of continuing to deliver a good level of capital growth over the long-term, but investors should consider potential risk and reward factors before investing.  Country specific funds such as the Baring German Growth Trust have a narrower focus than those which invest broadly across a number of markets. These funds offer investors less diversification and are therefore considered to be higher risk.  The Trust has the ability to invest across the capitalisation range in German equity markets. As a result, investment in the Trust 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 medium and smaller sized companies. These include liquidity risks and the likelihood of a higher 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. Changes in rates of exchange may have an adverse effect on the value or price of the investment in Sterling terms.  The Baring German Growth Trust may use derivatives for efficient portfolio management. The Trust can use derivatives in order to manage risk associated with the portfolio, such as market risk, exchange rate risk, interest rate risk and credit risk, or to generate additional capital or income.  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: 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: M06/33C Complied: 25 June 2015