1. Baring Asset Management Limited 155 Bishopsgate, London EC2M 3XY Tel+44 (0)20 7628 6000 Fax+44 (0)20 7638 7928 www.barings.com Authorised and regulated by the Financial Services Authority Baring ASEAN Frontiers Fund May 2011 For Professional Investors only

2. 1 ASEAN markets to re-rate with GDP Growth 12-month Forward PE and PB (MSCI South East Asia Index) Source: CLSA as at January 2011 Source: UBS as at April 2011 ASEAN GDP trend Restructuring Sustainable Growth Asian Financial Crisis

3. 2 Investment Outlook Positive outlook supported by - 2011 forecast earnings growth of 10% (Singapore) to 24% (Indonesia) underpinned by strong largely domestically driven GDP growth. - Valuations still reasonable at below 14x. Key risks: - Inflationary pressures and appropriate policy responses - Active political calendar – likely elections in Thailand, Malaysia and Singapore - Oil price shock from Middle East political tensions Source: Barings as at January 2011

4. 3 Inflation Sentiment rather than earnings impact Bank Rakyat Indonesia Source: Factset as at 10 Feb 2011; Morgan Stanley, Citigroup as at April 2011 Sell-off due to inflationary concerns a buying opportunity 200520062007200820092010A GDP %5.75.56.36.04.56.5 CPI, YoY10.5%13.1%6.4%9.8%4.8%5.1% Loans growth20%19%26%42%30%20% EPS Growth5%12%14%23% 56% ROE30%28%27%29% 36%

5. 4 Investment Outlook Key Investment Themes Chindonesia - Astra International, Indonesian Coal Beneficiaries Billion Boomers' Consumption - AirAsia, Cebu Pacific Regional Infrastructure Plays - Indocement, Sino-Thai, DMCI Holdings, Metro Pacific Investments Secular Rise of soft and hard commodities - Indofood Agri, China Minzhong Asset reflation/Rising home ownership from falling interest rates - Summarecon Agung, Asian Property, OUE (Overseas Union Enterprise) Frontier Exposures: Vinamilk (Vietnam), PanAustralian (Laos), John Keells, Sampath Bank (Sri Lanka) Source: Barings as at January 2011

6. 5 ASEAN Infrastructure/Urbanisation Multi-year thematic Urban growth rates 2010-2015 Per capita cement consumption for select economies Source: (Urban growth rates 2010-2015, Per capita cement consumption for select economies) CLSA as at January 2011; (SE Asia’s population breakdown, Daily increase in population) CLSA as at March 2011 Cement, Construction companies etc to benefit SE Asia’s population breakdownDaily increase in population

7. Baring Asset Management Limited 155 Bishopsgate, London EC2M 3XY Tel+44 (0)20 7628 6000 Fax+44 (0)20 7638 7928 www.barings.com Authorised and regulated by the Financial Services Authority Baring ASEAN Frontiers Fund

8. 7 Baring ASEAN Frontiers Fund Peer ranking (as at 31 st March 2011) YTD 201120102009 Aug 2008 – Dec 2008 Since Inception* Quartile Ranking1 st 2 nd 1 st Fund Performance1.437.486.3-42.716.1 Benchmark Index**2.132.274.6-39.014.6 *Annualised. Inception date: 1 August 2008. **MSCI South East Asia Total Net Return Index Fund performance numbers are bid to bid, with gross income reinvested, US$. Transactions in derivatives, warrants and forward contracts and other fund derivatives instruments may be used for the purpose of meeting the investment objective of the Fund. The Net Asset Value of the Fund may have a high volatility due to these instruments and techniques being included in its scheme property and may involve a greater degree of risk. Source: © 2011 Morningstar, Inc. (See important information) Past performance is not an indication of future performance.

9. 8 Baring ASEAN Frontiers Fund Country Allocation Strategy (as at 31 st March 2011) Country Allocation vs Benchmark Index* Major Underweight/Overweight Positions Portfolio Benchmark Index* Sri Lanka5.2-- China4.3-- [Cash]4.0-- Thailand17.814.0 Vietnam1.8-- Indonesia20.119.4 Philippines3.94.4 Singapore30.338.8 Malaysia12.623.4 Source: Barings as at 31 March 2011 *MSCI South East Asia Total Net Return Index

10. 9 Baring ASEAN Frontiers Fund Top 10 Holdings (as at 31 st March 2011) Source: Barings as at 31 March 2011 (%) United Overseas Bank4.7 Keppel Corporation4.5 DBS Group3.9 Baring China A-Share Fund3.1 Overseas-Chinese Banking3.1 Astra International3.0 Bank Rakyat Indonesia3.0 Bumiputra Commerce2.5 Bank Mandiri2.4 Kasikornbank2.3

11. 10 Team Biographies Soo Hai Lim, CFA Asia Pacific Equity Investment Director Location: Hong Kong Investment Experience: 14 Years Soo Hai is the lead manager of Baring Australia Fund and Baring Asean Frontier Fund, and directs research in Australasia and Asean markets. He is also a key member of the portfolio construction team for our Asian regional mandates. He joined Baring Asset Management in November 2005. Prior to joining Baring Asset Management, he was the country specialist for Australia and Malaysia at Daiwa SB Investments (Singapore) where he spent 5 years. Other investment experience includes managing Thai and Malaysian equities at Singapore Telecom’s Asset Management department. Soo Hai is a CFA Charterholder and graduated from Nanyang Technological University in 1994 with a Bachelor of Accountancy (First Class Hons) Degree. Last updated: 1 April 2011 Kai Yang Lee, CFA Asia Pacific Equity Investment Manager Location: Hong Kong Investment Experience: 7 Years Kai Yang is the co-manager of Baring Asean Frontier Fund and is involved in Asean research and the management of Asian regional portfolios. He joined Baring Asset Management in 2006 from HSBC where he worked for five years. He was responsible for portfolio maintenance work and the coverage of the Singapore and Malaysia markets in his last role. Prior to that, he was involved in advising client on investment and other client servicing responsibilities. He started his career as a Financial Advisor in Overseas Union Bank. He is a CFA Charterholder and graduated from Nanyang Technological University in 2000 with a Bachelor of Business Studies Degree, majoring in Applied Economics. He is fluent in English and Mandarin. Last updated: 4 January 2011

12. 11 Team Biographies Manoj Shroff Investment Analyst Global Emerging Markets Equity Team Location: London Investment Experience: 8 Years Manoj has research responsibility for India. He joined Baring Asset Management in Dec 2006 from PPFAS, Mumbai, where he was responsible for researching the I.T. service sector and generating bottom-up ideas in the small to mid cap space. He received a B.B.A. (Distinction) in Finance at Jai Hind college, Mumbai University and a Masters in commerce degree. He is fluent in English and Hindi. Last updated: 4 January 2011

13. 12 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 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. An S&P Fund Management Rating represents an opinion only and should not be relied on when making an investment decision. “S&P” and “Standard & Poor’s” are trademarks of The McGraw-Hill Companies, Inc. Copyright 2010 © Standard & Poor’s Financial Services LLC. Version 06/SD Complied: 28 March 2011