1. Baring ASEAN Frontiers Fund Fund managerSooHai Lim (since launch) Fund typeIrish Authorised UCITS Launch date1 August 2008 Investment objective To achieve long-term capital growth by investing in companies in Asia. Performance comparison MSCI South East Asia Index Unit types available Class A USD Inc & Acc; Class A EUR Inc; Class A GBP Inc; Class A RMB & AUD Hedged Acc; Class I EUR Acc; Class I GBP Acc; Class I USD Acc Minimum investment Class A: US$5,000/€3,500/£2,500/ AU$6,000 (initial); US$500/€500/£500/ AU$500 (subsequent) Class I: €10m/£10m/$10m (initial); €500/£500/$500 (subsequent) Ongoing Charges Figure 1 Class A USD, EUR, GBP, RMB, AUD: 1.87% Class I: EUR, GBP: 1.37% Class I USD: 1.12% Management charges Class A: 5.00% (initial); 1.25% (annual) Class I: 0.00% (initial); 0.75% (annual) FUND BROCHURE 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. The Baring ASEAN Frontiers Fund is an actively managed equity product which offers investors a convenient way of gaining exposure to the fast-growing ASEAN economies, in addition to carefully selected up-and-coming frontier markets such as Sri Lanka and Vietnam. What sets us apart?  A long-term track record of outperformance from a flexible investment strategy −Delivered annualised returns of 5.0% in US dollar terms since launch, outperforming the peer group average.* −Able to invest across the ASEAN region, including frontier markets such as Sri Lanka and Vietnam.  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.  A well resourced investment team with ‘on the ground’ expertise −Fund manager SooHai Lim has 18 years of investment experience.* −SooHai is able to call upon the expertise of 10 locally- based investment professionals.*  Deep experience in Southeast Asian equity markets −Investing in emerging Asia for more than 30 years. −US$1.7bn invested across Asia Pacific region.* *Source: Barings, Morningstar, as at 30 November 2015. Performance figures relate to the Class A US dollar income unit type and are shown net of fees and charges, in US dollar terms on a NAV per share basis, with gross income reinvested. FOR PROFESSIONAL ADVISERS ONLY www.barings.com Fund facts DECEMBER 2015 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. Baring ASEAN Frontiers Fund

2. Source: Barings, as at 30 November 2015. Portfolio style distribution as at 30 November 2015 Risk-return profile since inception as at 30 November 2015 Source: Morningstar, as at 30 November 2015, in US dollar terms. Peer group performance relative to the primary offshore territory share class within the ASEAN Equity GIF sector. 3mths1yr3yrs*5yrs* Baring ASEAN Frontiers Fund1.9%-15.5%-2.9%0.0% Peer group median0.7%-19.8%-4.2%0.0% Quartile ranking1 st 2 nd Percentage of portfolio DBS Group Holdings6.0% United Overseas Bank5.1% PT Telekomunikasi Indonesia Tb3.6% PT Bank Central Asia Tbk2.7% Airports of Thailand Public2.7% Source: Barings, as at 30 November 2015. Baring ASEAN Frontiers Fund Fund weighting Relative weighting Source: Barings, Morningstar, as at 30 November 2015. Performance figures relate to the Class A US dollar income unit 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 ASEAN GIF sector. Past performance is no indication of current or future performance. Fund No. of securities62 Alpha2.7 Beta1.0 Tracking error (ex post)5.3 Source: Barings, as at 30 November 2015. Performance characteristics are based on US dollar returns over three years. Fund performance – index relative Fund performance – peer group relative Active country positions as at 30 November 2015 Portfolio characteristics as at 30 November 2015 Active sector positions as at 30 November 2015 Top five holdings as at 30 November 2015 Source: Barings, as at 30 November 2015.

3. 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 Sourcing ideas  High conviction investment ideas can come from many sources, including team discussion, meeting companies, cross fertilisation of ideas from the Baring global research platform and quantitative screening. 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 is an arithmetical average which 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.  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. 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 Source: Barings, as at 30 November 2015.  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.  In addition to 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 Asia ex Japan Equity Team on a weekly and monthly basis to ensure that it reflects the latest investment thinking of the team.  The investment team and the Head of Equities 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 ASEAN Frontiers Fund invests in the equity markets of South East and South Asia as well as Hong Kong, China and Taiwan. Investment in the Fund will carry exposure to general volatility which can characterise equity markets and additional risk factors associated with investing in emerging market territories.  This is particularly the case for investment in some of the less developed ‘Frontier’ markets in the region such as Vietnam and Sri Lanka. These risk factors include liquidity risks, the possibility of a lower standard of corporate governance, increased political risk and the likelihood of a high degree of volatility.  Over and above this, returns from overseas equity markets can also be subject to fluctuations in exchange rates, which can have the effect of eroding or enhancing returns for investors. We believe that ASEAN and Frontier markets have the prospect of continuing to deliver a good level of capital growth over the long term, but investors should consider the potential risk factors as well as reward factors before investing.  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 is likely to 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 process

4. 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 www.barings.com. 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: M12/37C Complied (London): 22/12/2015 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 (0) 20 7214 1436 Email: peter.curry@barings.com South America: Brian Corris +44 (0) 20 7214 1306 Email: brian.corris@barings.com Spain: Rod Aldridge +44 (0) 20 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 (0) 20 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