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 Conduct Authority Baring Asset Management Barings at a glance Sterling version April 2016 FOR PROFESSIONAL ADVISERS ONLY

2. 2 Baring Asset Management Source: Barings, 31 March 2016 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 £24.6 billion 134 investment professionals London, Boston, Dubai, Frankfurt, Geneva, Hong Kong, Kaohsiung, Paris, San Francisco, Seoul, Taipei, Tokyo, Toronto

3. 3 Building for the future Source: Barings, 9 March 2016 Barings, Babson, Cornerstone and Wood Creek will come together as one unified global asset management firm Integration brings together complementary capabilities – with expertise in Equity, Multi Asset, Fixed Income, Private Equity and Real Estate The new firm will be branded Barings The combined firm will have approximately US$260 billion in assets under management The integration propels the new Barings into a top 50 asset manager by global AUM Tom Finke (current CEO of Babson) will lead the combined organisation

4. 4 Examples of our clients and partners around the world 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. April 2016 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 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 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 Pension Fund Association for Local Government Officials Sanyo Rengo Pension Fund Shinsei Bank Sumitomo Rubber Rengo Pension Fund Taisho Pharmaceutical Group Pension Fund Tokyo Electron Pension Fund Toyota Motor Pension Fund LAST UPDATED C Hansen/B Wager 12 April 2016 SMALL PRINT J Prichard confirmed 19 June 2013 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 NO CLIENT NAMES TO BE ADDED TO LIST UNTIL FUNDING RECEIVED & APPROVAL FROM CLIENT

5. 5 Investment Companies 100%Total 24.6 Diversity of assets under management Total assets – £24.6 billion Assets as at 31 March 2016 United Kingdom Asia ex Japan Europe ex UK Japan MEAC North America 100%Total 24.6 Clients by TypeClients Assets by Origin Pension Funds Distributor Platforms & IFAs Corporates & Insurance Sovereign Wealth Charities Private Banks & Fund of Funds

6. 6 Diversity of assets under management Total assets – £24.6 billion Assets as at 31 March 2016 Clients Assets InvestedClients by Product Fixed Income Multi Asset Equities Active Passive Equities Multi Asset Fixed Income Cash

7. 7 Clients Assets Invested Fixed income – £6.7 billion Diversity of assets under management Specialist assets – £18.7 billion Clients Assets Invested Equities – £12.0 billion Assets as at 31 March 2016

8. 8 Equity investment process 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

9. 9 Fixed income investment process We use scenarios to avoid the risks inherent in single point forecasting Minimum three scenarios Key market forecasts Macroeconomic variables Global policy round Scenario generation Macro and market research Optimise risk allocation ResearchForecastPortfolio construction Identify opportunities Key investment themes Select overall risk level Manage negative outcomes Multiple and diversified alpha sources Robust client portfolio

10. 10 Multi Asset investment process 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 Start with blank sheet of paper Identify best long term asset classes Anticipate and respond to events: Dynamic Allocation Choose the best investments RISK MANAGEMENT

11. 11 Investment Management Platform *Members of the Investment Committee ** Investment Professionals as at 31 March 2016 134 Investment Professionals** KEN LAMBDEN* Chief Investment Officer GLOBAL FIXED INCOME Alan Wilde* EQUITIES Jean-Louis Scandella* MULTI ASSET Marino Valensise* INVESTMENT PROCESS James Ross* HEAD OF IMA (INVESTMENT MANAGER ASSISTANT) Tony Flaherty SPECIALIST FIXED INCOME Ece Ugurtas* CIO ASIA Wilfred Sit* CIO KOREA John Park*

12. 12 Baring Asset Management’s Investment resources Portfolio Construction Groups Structured by research and portfolio construction groups Multi Asset & Active/Passive Asia & China Equity Small Cap Equity Global Emerging Market Equity EMEA & Frontiers Equity Global Bonds European Equity World/International Equity EMD & Credit Natural Resources Korea Bonds Korea Equities FIXED INCOME & CURRENCY RESEARCH EQUITY RESEARCH ASSET ALLOCATION RESEARCH

13. 13 Baring Asset Management Group staff As at 31 March 2016 London372 Asia180 Hong Kong75 Seoul54 Taipei26 Kaohsiung2 Tokyo23 EMEA19 Frankfurt12 Paris3 Dubai2 Geneva2 North America24 Boston21 San Francisco2 Toronto1 TOTAL595 Investment professionals134 Investment118 Operations14 Infrastructure2 Other professionals457 Investment22 Operations104 Infrastructure97 IT and Change Management90 Marketing & Communications41 Sales/Client Service103 Internal Audit4 TOTAL595 Staff by roleStaff by location

14. 14 Recent awards The Asset (Long-only Mixed Asset Fund Manager of the Year – Highly commended – Khiem Do Barings Asia Balanced Fund 2016 Korea Fund Award by KG Zeroin Baring Hanaro Bond Fund (Best Fixed Income Fund) 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 Lipper Awards 2016 Baring Europe Select Trust GBP Inc (Best Fund over 10 years, Equity Europe Small and Mid Caps) Nordics 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 (Best Fund over 10 years, Equity Europe Small and Mid Caps) Taiwan Baring German Growth Trust GBP Acc (Best Fund over 10 years, Equity Germany) Austria, Europe, Germany, Switzerland Baring Europe Select Trust Sauren Golden Awards 2015 Very good fund management in the category Equity Materials Duncan Goodwin

15. 15 Multi Asset products  Baring Asia Balanced Fund (Class A USD) Baring Euro Dynamic Asset Allocation (Class I USD) Equity products Baring Asia Manufacturing Fund Baring China Select Fund (Class I USD) Baring Eastern Trust (Class I GBP) Baring Europe Select Trust (Class A GBP) Baring Europe Select Trust (Class I 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 (C2) Baring Value Style Equity (E) Bond products BAM World Bond & Currency Fund (Monthly distribution) BAM World Bond Active Open Four Star = in top 32.5% of all UK and Offshore funds Morningstar ratings Morningstar rating™ Multi Asset products  Baring Asia Dynamic Asset Allocation (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 Eastern Trust (Class A GBP) Baring Emerging Europe Plc 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 Leaders Fund (Class A USD) Baring Global Resources Fund (Class A USD) Baring Hong Kong China Fund (Class A USD) Baring India Fund (Class A USD) Baring Japan Growth Trust (Class A GBP) Baring Japan Growth Trust (Class I GBP) Korea Trust (Class A GBP) Baring Latin America Fund (Class A USD) Baring UK Growth Trust (Class I GBP) Bond products Baring China Bond (Class I USD) Baring Emerging Market Debt Local Currency Fund (Class I USD) Baring High Yield Bond Fund (Class A 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 March 2016 Multi Asset products  Baring High Dividend Bal 60 Eq Bal (A) Baring High Dividend Bal 60 Eq Bal (C) Baring High Dividend Bal 60 Eq Bal (C2) Baring RP Div 40 Fdr Bd Bal (1) (C) Equity products Baring China A-Share Fund Plc (Class A USD) Baring High Dividend Equity A 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

16. 16 About MassMutual An overview 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. Founded in 1851 Active commitment to the mutual ownership structure –Advantage of a long term investment horizon Worldwide insurance in force of £416.6bn (US$616.7bn) Assets Under Management £433.6bn (US$641.9bn*) –Includes institutional, mutual funds and alternative assets Large network of employees and sales representatives around the world

17. 17 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

18. 18 250 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.

19. 19 Follow Barings Twitter:http://twitter.com/Baringshttp://twitter.com/Barings YouTube:http://www.youtube.com/user/baringAMhttp://www.youtube.com/user/baringAM LinkedIn:Emerging Markets: Investment community for global investors http://bit.ly/Baringshttp://bit.ly/Barings Internet:www.barings.comwww.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.comuk.wholesale@barings.cominstitutional.sales@barings.comasia.sales@barings.com germany.sales@barings.commiddle.east@barings.comkorea.sales@barings.com bamtaipei@barings.combamtaipei@barings.com | tokyo.sales@barings.comtokyo.sales@barings.com

20. 20 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) 15 April 2016 (M0416/24)