Baring Asset Management Limited 155 Bishopsgate, London EC2M 3XY Tel+44 (0) Fax+44 (0) Authorised and regulated by the Financial Services Authority Ece Ugurtas – Director, Fixed Income & Currency Baring High Yield Bond Fund June 2011 For Professional Advisers only

Baring Asset Management Limited 155 Bishopsgate, London EC2M 3XY Tel+44 (0) Fax+44 (0) Authorised and regulated by the Financial Services Authority Fund Objectives, Positioning & Performance

2 Baring High Yield Bond Fund Key Characteristics Characteristics - To outperform global high yield peer group - Top down combined with bottom up credit research names - Focussed portfolio of best ideas in preferred sectors, ratings, markets - No benchmark but indicative return profile of Merrill Lynch BB-B Global High Yield Index Risk management - Maximum active position per name0.8/0.9% - No sector/ country limits - Max 10% CCC - ‘No default’ focused strategy - Portfolio is not constructed on single point forecast but required to be robust in at least 2 out of 3 scenarios Minimum issue size - Liquid, active traded focus$400m & €350m Turnover 60-70% Guideline ranges

3 31 st May 2011 Fund allocation by sector and credit rating Source: Baring Asset Management: 31 st May 2011 Fund Size: $612.9 million Duration: 3.8 years By Sector By Credit Rating

4 Performance of Baring High Yield Bond Fund Source: Morningstar, to 30th April 2011 Gross of TER returns. Sector Average returns are preliminary and are net of fees *Inception July (Index data not available since inception) Strong absolute & relative performance to peer group The High Yield Bond Fund is an offshore Fund recognised under the Laws of the UK, managed by Baring International Fund Managers (Ireland) Limited, and marketed by Baring Asset Management Limited. Authorised and regulated by the Financial Services Authority

Baring Asset Management Limited 155 Bishopsgate, London EC2M 3XY Tel+44 (0) Fax+44 (0) Authorised and regulated by the Financial Services Authority Investment Rationale Why the asset class looks attractive

6 The investment case for high yield Key Considerations 1. Fundamentals are robust: leverage manageable / default rates declining / improving balance sheets and manageable maturity profiles 2. Valuations attractive: on a risk adjusted basis

7 Fundamentals Corporates have strong balance sheets 1 % Companies deleveraging% Companies FCF+ Source: Morgan Stanley Equity and Credit Strategy, 6th January 2011 Deleveraging in place and liquidity strong

8 Fundamentals Declining leverage ratios & coverage ratios high 1 Net leverage (Net Debt/LTM EBITDA, x) Interest Coverage (LTM EBITDA/Net LTM Interest Expense, x) Source: Merrill Lynch, 1st March 2011 Leverage ratios below long term average Coverage ratios at highest levels

9 Fundamentals Falling default rates 1 Source: Morgan Stanley, Moody's, 9th December 2010 Global Default Rates have dropped faster in this cycle Current default rate 2.1% Moodys projects 1.5% (Mar 2012) & S&P 1.6% (Dec 2012)

10 Improving balance sheets Source: Merrill Lynch, 31st December 2010 Prudent management of balance sheets 1 Fundamentals New issuance: use of proceeds to refinance debt

11 Source: Morgan Stanley, Moody’s, 28th February 2011 Still potential for credit spread tightening as default rate declines 2 Valuation Risk/Reward profile is compelling From the long term perspective, credit offers value

12 Source: Merrill Lynch, 31 st May 2011 Attractive on an ABSOLUTE & RELATIVE basis to other fixed income assets 2 Valuation The fixed income menu Fixed Income Assets Yield 10yr US Treasury Bonds 3.0% 10yr European Government Bonds 3.0% 10yr UK Government Bonds 3.3% US Investment Grade Corporate 4.3% US Mortgage Bonds 3.2% JPMorgan EMBI+ 6.0% JPMorgan GBI EM Global Diversified 6.8% OR … US High Yield 7.3% European High Yield 7.6% Dec Feb Mar May Jun Jul Sep Oct Nov Dec Feb Mar-11 Yield to Worst Global High Yield BB-B (HW40) Global Broad Mkt Corp (G0BC) Global Sovereign Broad Market Plus Index (G0PG) Global Sovereign Broad Market Plus Index 10+ Yrs (G9PG)

13 Summary  Long term proven investment track record  Strong investment rationale for high yield Source: Baring Asset Management, May 2011

14 Important Information Use latest disclaimer. Compliance should update intranet with latest version. 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 Services 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 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. Companies and employees of the Baring Asset Management group may hold positions in the investment(s) concerned. 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. This document must not be used, or relied on, for purposes of any investment decisions. Before investing in any product, we recommend that appropriate financial advice should be sought and all relevant documents relating to the product, such as Reports and Accounts and Prospectus should be read. Compensation arrangements under the Financial Services and Markets Act 2000 of the United Kingdom will not be available in respect to any Offshore Fund. Research Material Baring Asset Management only produces research for its own internal use. Where details of research are provided in this document it is provided as an example of research undertaken by Baring Asset Management and must not be used, or relied upon, for the purposes of any investment decisions. The information and opinions expressed herein may change at anytime. 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 06/SD