1. Baring China Bond Fund Fund managerSean Chang (since launch) Fund typeIrish Authorised UCITS Launch date6 December 2012 Investment objective To maximise total return, in the long-term, consisting of income, capital appreciation and currency gains, by investing in China- related debt securities and RMB- denominated debt securities. Share classesClass A; Class I Share typesAccumulation; Income Share class currencies Class A: USD Class I: USD; GBP Minimum initial investment Class A: US$5,000 (initial); US$500 (subsequent) Class I: US$10m/£10m (initial); US$500/£500 (subsequent) Ongoing Charges Figure 1 Class A USD: 1.96% Class I USD Acc: 1.06% Class I GBP Inc: 1.36% Management charges Class A: 5.00% (initial); 1.25% (annual) Class I: 0.00% (initial); 0.65% (annual) Yield to maturity*4.2% Underlying yield*2.6% Distribution yield*3.6% FUND BROCHURE Baring China Bond Fund China’s offshore bond market is in its early stages, but it is growing at a rapid pace and we believe it represents a new and exciting way for investors to participate in China’s long-term economic expansion. We believe China bonds will continue to attract strong interest given that it enables investors to obtain direct exposure to RMB (Renminbi) denominated debt assets and the potential long-term appreciation of the RMB relative to other major currencies. What sets us apart:  A dynamic approach to asset allocation −The ability to invest in both Chinese government bonds and Chinese corporate credit. −100% investment grade exposure. −Core focus on RMB bonds, but the potential to invest in US dollar China credits.  An experienced and well-resourced team −Head of Asian Debt Sean Chang has more than 20 years investment experience. −Full access to company research and analysis carried out by our Greater China Equity Team.  Scenario-based investment process −Disciplined approach which aims to avoid the risks inherent in single point forecasting. −Rigorous macroeconomic analysis aiming to extract maximum value from the asset class.  A critical mass in fixed income −US$12bn invested in bond markets across the globe.* −More than US$1.7bn in specialist and emerging market credit.* *Source: Barings, as at 30 April 2015. Data is based on the I USD Accumulation share class. The distribution yield reflects the amount that may be expected to be distributed over the next twelve months. The underlying yield reflects the annualised income that is expected to be received over the next 12 months, net of expenses of the fund calculated in accordance with relevant accounting standards. All yields are calculated as a percentage of the mid-market unit price of the fund and are based on a snapshot of the portfolio on that day. They do not include any preliminary charge and investors may be subject to tax on distributions. The distribution yield is higher than the underlying yield because a portion of the fund’s expenses are charged to capital. This has the effect of increasing the distribution(s) for the year and constraining the fund’s capital performance to an equivalent extent. Yields are not guaranteed. Fund facts FOR PROFESSIONAL ADVISERS ONLY www.barings.com JUNE 2015 Source: Barings, as at 30 April 2015. Yields are not guaranteed. 1 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.

2. Source: Barings, as at 30 April 2015. Risk-return profile since inception as at 30 April 2015 Source: Morningstar, as at 30 April 2015, in US dollar terms. Peer group performance relative to the primary offshore territory share class within the Morningstar RMB Bond GIF sector. 3mths1 Year Since inception* Baring China Bond Fund1.7%2.6%1.1% Peer group median2.4%3.2%2.7% Quartile ranking4 th 3 rd 4 th Percentage of portfolio China Development Bank 4.20% 19.01.274.2% Mitsui 4.25% 01.03.174.2% ICICI Bank (Singapore) 4.90% 21.09.154.2% Volvo Treasury 3.80% 22.11.154.2% China General Nuclear Power 3.75% 01.11.154.2% Source: Barings, as at 30 April 2015 Baring China Bond Fund Source: Barings, Morningstar, as at 30 April 2015. Performance figures relate to the Class A US dollar accumulation share type and are shown net of fees and charges, in US dollar terms on a NAV per share basis, with gross income reinvested. *Inception date: 6 December 2012. The index is the HSBC Investment Grade Offshore CNH Index. Peer group performance relative to the primary offshore territory share class within the Morningstar RMB Bond GIF sector. Fund Average maturity (years)3.47 Duration (years)2.7 Average credit ratingBBB+ Source: Barings, as at 30 April 2015. Fund performance Fund performance – peer group relative Credit rating breakdown as at 30 April 2015 Portfolio characteristics as at 30 April 2015 Duration breakdown as at 30 April 2015 Top five holdings as at 30 April 2015 Source: Barings, as at 30 April 2015. Sector breakdown as at 30 April 2015

3. Our investment process A bottom up approach  This encompasses the incorporation of signals we generate from the top-down currency allocation model which points to sectors of relative strength or undervaluation. These sectors are analysed in further detail, including analysis of industry outlook, business position, company track record and fundamental liquidity and credit standing. These factors are accessed in relation to their peers to determine our view of the strength and valuation of the security.  The team drafts monthly policy review documents on specific markets and highlights the perceived developing trends to identify arising opportunities within the framework. These views are shared and discussed at the broader specialist fixed income group.  We build a set of financial models (e.g. balance sheet, income statement and cash flow statement) for identified investments, and model for the potential forecasted changes to the credit metrics. Approved credits by the Committee are monitored on an ongoing and regular basis. This approach ensures that our analysis and selection process is based on sound fundamentals and regular reviews enable reflexive response upon any material changes. Risk management  Risk management is an integral part of the portfolio construction process. The investment manager constantly monitors risk within the portfolio using inputs from the Quantitative Research Team.  During our screening and credit analysis process, we assess the following risks: o Default risk: We conduct default risk analysis for the bonds we own as well as for the asset class as a whole. We analyse implied default rates as well as recent default history in the market. o Credit rating risk: We focus closely on credit ratings, trends in credit ratings, and potential for credit rating changes. o Fundamental credit risk: The main focus of our screening and credit analysis process is to mitigate the risk of negative credit events, while finding credit securities with superior value. o Liquidity risk: We carefully assess the liquidity risk, paying attention to the size of the issue, the ease of trading the security and other factors which affect the liquidity of the bond.  We are also able to draw on the expertise of the Risk Management Team, which operate independently and report to the Chief Operating Officer. The Risk Management Team is responsible for the monitoring of positions against both internal guidelines and regulatory limits. A word on risk…  The Baring China Bond Fund will invest in China-related debt securities and RMB denominated debt securities. As such, the Fund will be exposed to the volatility that can characterize bond prices from time to time. Even though bonds are generally considered to be safer than equities, their value can be significantly reduced by interest-rate movement. When interest rates go up bond values generally go down and vice versa.  In addition, the Fund will also have the ability to invest in corporate bonds. While corporate bonds are subject to many of the same risk factors as sovereign issued bonds in terms of their exposure to changes in inflation expectations, interest rate expectations and market risk premiums, they carry more credit risk. In other words there is a greater risk of non-payment of both the interest payments due on the bond and the initial capital. They are also less liquid and have higher price volatility than sovereign issued debt.  Although Hong Kong is considered a developed market, other China-related markets such as China, Macau and Taiwan are regarded as emerging markets and the Fund will therefore be exposed to economic, political and other risks associated with holding bonds in developing markets and to the fact that these markets tend to be highly sensitive to the global economic cycle.  As the Fund will invest in RMB-denominated bonds, currency exchange fluctuations could have a significant effect on the performance of the Fund’s investments.  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. Our investment universe  The Chinese bond market is broadly comprised of three different bond types, each with different characteristics; o Bonds issued domestically in China are denominated in Renminbi (RMB) and offer exposure to the onshore currency (CNY). However, foreign investor access to China’s onshore bond market is limited to institutions with a Qualified Foreign Institutional Investor (QFII) quota. The Fund is currently unable to invest in this market. o Due to the restricted nature of the onshore bond market, the offshore market has developed to provide investors without a QFII quota the opportunity to gain exposure to Chinese bonds. Bonds issued in the offshore market are also denominated in RMB and give investors exposure to the offshore Chinese currency (CNH). Offshore bonds are issued mainly in Hong Kong by the Chinese government, Chinese corporates and non-Chinese corporates. Chinese government bonds account for around 40% of the offshore market by market capitalisation. o While China’s offshore bond market has grown rapidly in recent times, bonds denominated in US dollars still offer foreign investors the widest access to the China bond market. The US dollar denominated bond market is dominated by investment grade and high yield Chinese corporate issuers in Hong Kong and Taiwan. Our investment process  The first stage of our investment process is to understand the global economic outlook. Our top-down macroeconomic research covers government, currency and credit sectors in all of the major fixed income markets. Our bond market and currency research embraces a full range of market drivers, including macroeconomic analysis and fiscal policy, liquidity conditions and technical indicators. These drivers are analysed in order to provide a framework for the assessment of relative value across markets and to assist us in developing the scenarios that underpin our strategic work. Dynamic asset allocation  We use dynamic allocation to help mitigate portfolio volatility. Our dynamic strategy is pro-active in order to determine the most appropriate risk profile for the prevailing market environment. The aim is to control volatility without sacrificing the long-term return potential of the portfolio. Below are three examples of dynamic asset allocation: o Government versus non-government bonds: the Fund has the potential to gain exposure to government bonds through China sovereign bonds and/or multinational agency bonds in a risk averse environment. o Investment grade exposure: The average credit quality of the Fund is maintained at investment grade (BBB-/Baa3 or above). In a more volatile market environment, we will typically increase our exposure to higher quality bonds will be increased. o RMB vs US dollar currency exposure: We expect the RMB to appreciate against the US dollar over the long-term. However, we can adapt our currency exposure and increase our exposure to US dollars in a period of heightened risk aversion. Credit research  Our credit analysts use a scoring system to systematically evaluate individual countries and corporate bonds. In addition to scoring corporate issuers ourselves, we also receive documentation from ratings agencies.  When analysing individual issuers, we seek out companies with sound fundamentals, for example, issuers with appropriate capital structures and with the potential to improve their credit strength over time.  Our analysts aim to identify individual credits which offer superior value and/or improving credit characteristics, whilst also ensuring the issue is liquid. The Credit Committee approves investments in high yield issues and monitors potential upgrades and downgrades across the credit spectrum.  We advocate a team based approach for identifying investment ideas. Investment managers and analysts both have responsibility for conducting research in specific sectors or countries and for security selection recommendations.  We are also able to leverage Barings’ fixed income and equity teams, benefiting from full access to our Hong Kong-based Asia Pacific Equities Team to help with due diligence on regional corporates. We believe being locally-based, with local language speakers, allows us to identify attractive investments early, to the advantage of investors.

4. FOR FURTHER INFORMATION PLEASE VISIT www.barings.com OR CONTACT: France and Belgium: Benoit du Mesnil du Buisson +33 (0)1 53 93 60 00 Email: benoit.dumesnil@barings.com Germany and Austria: Lars Albert +49 (0)69 7169-1832 Email: lars.albert@barings.com Luxembourg: Thomas Justen +49 (0)69 7169-1826 Email: thomas.justen@barings.com Nordic region: Peter Curry (+44) 020 7214 1436 Email: peter.curry@barings.com South America: Brian Corris (+44) 020 7214 1306 Email: brian.corris@barings.com Spain: Rod Aldridge (+44) 020 7214 1005 Email: rod.aldridge@barings.com Switzerland: Veronique Fournier +41 22 591 1103 Email: veronique.fournier@barings.com UK, Ireland and Channel Islands: Rod Aldridge (+44) 020 7214 1005 Email: rod.aldridge@barings.com 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: M07/12 Complied (London): 7 July 2015