BISLDCLS\CORPORATE\SALES-MARKETING\NONE FOR PROFESSIONAL ADVISERS ONLY Barings at a glance Euro version February 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Baring Asset Management An international investment management company with a history dating back to 1762 Operating in 11 countries with professionals from 35 different nations Providing investment management services in emerging and inefficient markets, asset allocation and specialist fixed income to investors worldwide Working in partnership with many of the world’s largest financial institutions Owned by Massachusetts Mutual Life Insurance Company (MassMutual) Current assets under management €31.0 billion 133 investment professionals London, Boston, Dubai, Frankfurt, Geneva, Hong Kong, Kaohsiung, Paris, San Francisco, Seoul, Taipei, Tokyo, Toronto Source: Barings, 31 January 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Examples of our clients and partners around the world PLEASE NOTE: The following are NOT to be incorporated in this list - it should be kept purely representative: No highlighting client names to reflect new appointment No segregation of fund type i.e. Public/Corp Examples of our clients and partners around the world LAST UPDATED C Hansen/B Wager 19 February 2016 North America California PERS City of Dallas Colorado PERA Harbor Capital Advisors Houston Municipal Employees’ Pension System Kansas PERS Kentucky TRS Miami University Foundation MassMutual New York State Common Fund PERSIdaho Teacher Retirement System of Texas Tennessee Consolidated Retirement System Europe and Middle East Allfunds Bank Allianz BNP Citi Commerzbank Cortal Consors Deutsche Bank Generali Julius Baer Pictet Standard Chartered UBS UK Aberdeen City Council Aberystwyth University Devon County Council Doosan Babcock Energy Pension Scheme Dorset County Council Friends Provident Fuller Smith & Turner Pension Plan Hargreaves Lansdown Highlands & Islands Airports Pension Scheme Sharp Old Mutual Wiltshire County Council Zurich International Asia ANZ Bank of China Bank of China Investment Management (PRC) Cathay Life Citi Chinatrust DBS First Commercial Bank Hang Seng Bank HSBC National Council for Social Security Fund (PRC) Standard Chartered Bank Sun Life Asia Zurich Life Korea Hana Financial Group Hanwha Life Hi Asset Management Hyundai Securities KB Financial Group Korea Post Korea Teachers Credit Union Korea Teachers Pension Kyobo Life MetLife Insurance of Korea Mirae Asset Securities National Pension Service Samsung Life Samsung Securities Shinhan Financial Group Japan Bridgestone Pension Fund Hiroshima Bank Hitachi Pension Fund Ichiyoshi Securities NN Life Insurance Japan Sanyo Rengo Pension Fund Shinsei Bank Sumitomo Rubber Rengo Pension Fund Taisho Pharmaceutical Group Pension Fund Tokyo Electron Pension Fund Toyota Motor Pension Fund NO CLIENT NAMES TO BE ADDED TO LIST UNTIL FUNDING RECEIVED & APPROVAL FROM CLIENT SMALL PRINT J Prichard confirmed 19 June 2013 Clients named are those who consent solely to disclosure of their name for the purposes of marketing to other existing and potential institutional clients. By disclosure of their names, such clients neither approve nor disapprove nor endorse our services, products or performance. February 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Diversity of assets under management Total assets – €31.0 billion Clients by Type Clients Assets by Origin Asia ex Japan Pension Funds Europe ex UK Distributor Platforms & IFAs Japan MEAC North America Corporates & Insurance Sovereign Wealth United Kingdom Charities Private Banks & Fund of Funds Investment Companies 100% Total 31.0 100% Total 31.0 Assets as at 31 January 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Diversity of assets under management Total assets – €31.0 billion Clients by Product Clients Assets Invested Equities Equities Fixed Income Fixed Income Multi Asset Multi Asset Active Passive Cash Assets as at 31 January 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Diversity of assets under management Specialist assets – €22.8 billion Clients Assets Invested Equities – €14.3 billion Clients Assets Invested Fixed income – €8.5 billion Assets as at 31 January 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Equity investment process Sourcing ideas High conviction ideas generated from Barings’ diverse pool of global investors Researching companies Finding unrecognised growth on a three to five year horizon Constructing portfolios Quality, Growth, Upside High conviction, high active share Integrated risk analysis Monitoring portfolios Ongoing monitoring to ensure consistency with our philosophy and process BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Fixed income investment process Research Forecast Identify opportunities Portfolio construction Macro and market research Macroeconomic variables Key investment themes Optimise risk allocation Scenario generation Key market forecasts Select overall risk level Multiple and diversified alpha sources Global policy round Minimum three scenarios Manage negative outcomes Robust client portfolio We use scenarios to avoid the risks inherent in single point forecasting

Multi Asset investment process Start with blank sheet of paper 10 year optimal strategy Start with blank sheet of paper Identify best asset classes Anticipate and respond to events: Dynamic Allocation Choose the best investments RISK MANAGEMENT Identify best long term asset classes RISK MANAGEMENT Anticipate and respond to events: Dynamic Allocation Choose the best investments BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Investment Management Platform KEN LAMBDEN* Chief Investment Officer INVESTMENT PROCESS James Ross* HEAD OF IMA (INVESTMENT MANAGER ASSISTANT) Tony Flaherty GLOBAL FIXED INCOME Alan Wilde* SPECIALIST FIXED INCOME Ece Ugurtas* EQUITIES Jean-Louis Scandella* MULTI ASSET Marino Valensise* CIO KOREA John Park* CIO ASIA Wilfred Sit* 133 Investment Professionals** *Members of the Investment Committee ** Investment Professionals as at 31 January 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Baring Asset Management’s Investment resources Portfolio Construction Groups Multi Asset & Active/Passive World/International Equity ASSET ALLOCATION RESEARCH EMD & Credit Global Bonds European Equity Korea Bonds EQUITY RESEARCH FIXED INCOME & CURRENCY RESEARCH Korea Equities Small Cap Equity Asia & China Equity Global Emerging Market Equity EMEA & Frontiers Equity Natural Resources Structured by research and portfolio construction groups BISLDCLS\CORPORATE\SALES-MARKETING\NONE

Baring Asset Management Group staff Staff by role Staff by location Investment professionals 133 Investment 117 Operations 14 Infrastructure 2 Other professionals 457 21 103 98 IT and Change Management 90 Marketing & Communications 41 Sales/Client Service 104 Internal Audit 4 TOTAL 594 London 372 Asia 179 Hong Kong 75 Seoul 54 Taipei 26 Kaohsiung 2 Tokyo 22 EMEA 19 Frankfurt 12 Paris 3 Dubai Geneva North America 24 Boston 21 San Francisco Toronto 1 TOTAL 594 Barings, 31 January 2016 BISLDCLS\CORPORATE\SALES-MARKETING\NONE

BISLDCLS\CORPORATE\SALES-MARKETING\NONE Recent awards 2015 Korea Fund Award by KG Zeroin Baring Hanaro Bond Fund (Best Fixed Income Fund) Taipei Foundation of Finance/Bloomberg Baring Asia Balanced Fund (Best Fund over 10 years) 2015 Best Fixed Income Manager, small fund house Baring Asset Management Korea Baring Europe Select Trust Lipper Awards 2015 Baring European Equity Fund (Best Fund over 5 years, Equity Europe) Baring Europe Select Trust GBP Inc (Best Fund over 10 years, Equity Europe Small and Mid Caps) Austria, Europe, Germany, Hong Kong, Switzerland, UK Baring Europe Select Trust EUR Inc Taiwan Baring German Growth Trust GBP Acc (Best Fund over 10 years, Equity Germany) Austria, Europe, Germany, Switzerland The Asset (Long-only Mixed Asset Fund Manager of the Year – Highly commended – Khiem Do Barings Asia Balanced Fund Sauren Golden Awards 2015 Very good fund management in the category Equity Materials Duncan Goodwin BISLDCLS\CORPORATE\SALES-MARKETING\NONE

BISLDCLS\CORPORATE\GENERAL-BUSINESS\NONE Morningstar ratings Morningstar rating™ Multi Asset products  Baring High Dividend Equity A Baring High Dividend Bal 60 Eq Bal (C) Baring High Dividend Bal 60 Eq Bal (C2) Baring High Dividend Bal 60 Eq Bal (A) Baring RP Div 40 Fdr Bd Bal (1) (C) Equity products Baring European Equity Fund Baring German Growth Trust (Class A GBP) Baring German Growth Trust (Class I GBP) Bond products Baring Hanaro Bond Five Star = in top 10% of all UK and Offshore funds Multi Asset products  Baring Asia Balanced Fund (Class A USD) Equity products Baring Asia Manufacturing Fund Baring China A-Share Fund Plc (Class A USD) Baring China Select Fund (Class I USD) Baring Eastern Trust (Class A GBP) Baring Eastern Trust (Class I GBP) Baring Europe Select Trust (Class A GBP) Baring Europe Select Trust (Class I GBP) Baring Korea Feeder Fund (Class A USD) Korea Trust (Class A GBP) Korea Trust (Class I GBP) Baring Latin America Fund (Class I USD) Baring MENA Fund (Class A USD) Baring Russia Fund (Class A USD) Baring Value Equity (A1) Baring Value Equity (C1) Baring Value Equity (C2) Baring Value Style Equity (A) Baring Value Style Equity (C) Baring Value Style Equity (C1) Baring Value Style Equity (E) Bond products BAM World Bond & Currency Fund (Monthly distribution) Four Star = in top 32.5% of all UK and Offshore funds Multi Asset products  Baring Asia Dynamic Asset Allocation Fund (Class I USD) Baring Dynamic Capital Growth Fund (Class A GBP) Baring Targeted Return Fund (Class I GBP) Equity products Baring ASEAN Frontiers Fund (Class A USD) Baring Asia Growth Fund (Class A USD) Baring China Select Fund (Class A USD) Baring Eastern Europe Fund (Class A USD) Baring Eastern Europe Fund (Class I USD) Baring Emerging Europe Plc Baring Europa Fund (Class A USD) Baring Global Agriculture Fund (Class I USD) Baring Global Agriculture Fund (Class A USD) Baring Global Emerging Markets (Class A USD) Baring Global Growth Trust (Class A GBP) Baring Global Growth Trust (Class I GBP) Baring Global Resources Fund (Class A USD) Baring Global Resources Fund (Class I USD) Baring Hong Kong China Fund (Class A USD) Baring India Fund (Class A USD) Baring Japan Growth Trust (Class I GBP) Baring Latin America Fund (Class A USD) Baring UK Growth Trust (Class I GBP) Bond products BAM World Bond Active Open Baring China Bond (Class I USD) Baring High Yield Bond Fund (Class A USD) Baring High Yield Bond Fund (Class I USD) Baring International Bond Fund (Class A USD) Three Star = in top 67.5% of all UK and Offshore funds Copyright © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results. As at 31 January 2016. BISLDCLS\CORPORATE\GENERAL-BUSINESS\NONE

About MassMutual An overview Founded in 1851 Active commitment to the mutual ownership structure Advantage of a long term investment horizon Worldwide insurance in force of €565.4bn (US$616.7bn) Assets Under Management €588.5bn (US$641.9bn*) Includes institutional, mutual funds and alternative assets Large network of employees and sales representatives around the world Source: MassMutual Financial Group as at 31 December 2015 *Assets Under Management include assets and certain external investment funds managed by MassMutual subsidiaries, including OppenheimerFunds Inc., Babson Capital Management LLC, Baring Asset Management Limited, and Cornerstone Real Estate Advisers LLC. BISLDCLS\CORPORATE\SALES-MARKETING\NONE

MassMutual and Baring Asset Management Strong ownership Complementary product specialisation MassMutual strengths are in US equity, fixed income and alternatives Barings strengths are in emerging and inefficient markets, asset allocation and specialist fixed income Opportunity for enhanced distribution of products MassMutual offers extensive US distribution Baring Asset Management offers international multi channel options Access to product innovation Access to product development opportunities of the broader organisation BISLDCLS\CORPORATE\SALES-MARKETING\NONE

250 years of open minds and uncommon perspectives. The global nature of today’s economy means the intelligent and active asset manager needs to look across frontiers and make more connections than ever before. This requires a particular type of investor and a particular corporate culture. One that places a premium on working across borders; that values great insight and foresight; and one that rewards innovation. At Barings we have a 250 year history of considering complex but potentially rewarding opportunities. We put this thoughtfulness into understanding and delivering sustainable returns for our clients outside of the tried and tested or obvious options. The challenge of working in markets where information is hard to find and interpretation and forethought can add real value is one that we relish. BISLDCLS\CORPORATE\GENERAL-BUSINESS\NONE

BISLDCLS\CORPORATE\SALES-MARKETING\NONE Follow Barings Twitter: http://twitter.com/Barings YouTube: http://www.youtube.com/user/baringAM LinkedIn: Emerging Markets: Investment community for global investors http://bit.ly/Barings Internet: www.barings.com On our mobile App: Search “Barings” Email: uk.wholesale@barings.com | institutional.sales@barings.com | asia.sales@barings.com germany.sales@barings.com | middle.east@barings.com | korea.sales@barings.com bamtaipei@barings.com | tokyo.sales@barings.com BISLDCLS\CORPORATE\SALES-MARKETING\NONE

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. 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 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. 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. 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. Version 12/SD Complied (London) February 2016 (M0216/34) BISLDCLS\CORPORATE\SALES-MARKETING\NONE