1. FUND BROCHURE Baring Russia Fund We are long-term investors in Russia, having launched the Baring Russia Fund in 1997. The investment process behind the Fund draws on our extensive experience of investing in emerging equity markets. We believe that a structured fundamental research approach based on a GARP philosophy, as well as a disciplined process aimed at building high conviction portfolios that combine earnings growth with potential upside, should outperform the market. What sets us apart:  An extensive investment footprint in the region with wide access to companies −Early investors in Russian equities. −US$2.1bn invested in EMEA equities.*  A long-term performance record −Delivered annualised returns of 8.4% in US dollar terms since launch.*  A well resourced and experienced team −The Fund is managed by Michael Levy, an investment manager with 20 years of experience. −Team comprises a total of 10 investment professionals.* −Access to the investment ideas generated by Barings’ Emerging Markets equity team.  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. *Source: Barings, Morningstar, as at 31 May 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.. Fund facts Baring Russia Fund Fund managerMichael Levy (since 29 November 2012) Fund typeLuxembourg Authorised SICAV UCITS Launch date24 March 1997 Benchmark indexMSCI Russia 10/40 Index Summary of the investment objective To achieve long-term capital growth, principally through investment in equity and equity-related securities of companies operating in Russia and/or the independent states of the former Soviet Union. Share classesClass A; Class R Share typesAccumulation; Income Share class currenciesUSD; GBP Minimum investment Class A: US$5,000/£2,500 (initial); US$1,000/£500 (subsequent) Class R: £1m (initial); £500 (subsequent) Ongoing Charges Figure 1 Class A: 2.15% Class R: 1.40% Management charges Class A: 5.00% (initial); 1.50% (annual) Class R: 5.00% (initial); 0.75% (annual) FOR PROFESSIONAL ADVISERS ONLY www.barings.com JUNE 2015 Source: Barings, as at 31 May 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.

2. 3mths1yr3yrs*5yrs* Baring Russia Fund12.8%-20.7%-4.1%-7.0% Peer group average10.2%-21.9%-4.2%-6.0% Quartile ranking1 st 2 nd 3 rd Source: Barings, as at 31 May 2015. Portfolio style distribution as at 31 May 2015 Five year risk-return profile as 31 May 2015 Source: Morningstar, as at 31 May 2015, in US dollar terms. Peer group performance relative to the Morningstar Russia Equity sector (customised). Country Magnit PJSCRussia SberbankRussia LukoilRussia NovaTek OAORussia Mail.ru GroupRussia Source: Barings, as at 31 May 2015. Baring Russia Fund Fund weighting Weighting relative to benchmark Fund No. of securities39 Alpha-1.5 Beta0.9 Tracking error (ex post)6.0 Source: Barings, as 31 May 2015. Performance characteristics are based on US dollar returns over three years. Fund performance – index relative Fund performance – peer group relative Active sector positions as at 31 May 2015 Portfolio characteristics as at 31 May 2015 Active market cap positions as 31 May 2015 Top five holdings as at 31 May 2015 Source: Barings, Morningstar, as at 31 May 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. *Annualised returns. Peer group performance relative to the primary offshore territory share class within the Morningstar Russia Equity sector. Past Performance is not a guide to future performance. Source: Barings, as at 31 May 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 come from many sources, including meeting companies, team discussion, 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.  We take a structured and in depth approach to evaluate the upside potential of companies and score them accordingly. In determining valuations, we use consistent and transparent methods based on a variety of valuation models and tools.  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 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 that are 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.  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 to adjust the portfolio. Monitoring portfolios  Investment strategy is monitored by the EMEA Equity Team on an ongoing basis to ensure that it reflects the latest investment thinking of the team.  Ongoing monitoring of the portfolio is undertaken by the investment team and aided by the Quantitative Research Team. This includes Implied Alpha analysis; using a reverse optimisation process to evaluate the underlying risk within equity allocations, as well as Style analysis.  Independent risk oversight is provided by the Investment Risk Team, including monitoring positions against investment guidelines, conducting liquidity analysis and stress testing the portfolio. A word on risk…  The Baring Russia Fund is invested in Russian equities and, to a lesser extent, equities listed in countries which comprised the former Soviet Union. As such, the Fund is exposed to the volatility that can characterise equity share prices from time to time. These countries are emerging equity markets, and as a result, the Fund can be exposed to economic, political and other risks associated with holding equities in developing markets.  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 the investment returns for investors.  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. Source: Barings, as at 31 January 2015. Our investment process Finding unrecognised growth on a three to five year horizon Researching companies Upside, growth and high conviction 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

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: M06/35C Complied: 25 June 2015