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 July 2015 FOR PROFESSIONAL ADVISERS ONLY

2. 2 Baring Asset Management As at 30 June 2015 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 £25.2 billion 123 investment professionals London, Boston, Dubai, Frankfurt, Geneva, Hong Kong, Kaohsiung, Paris, San Francisco, Seoul, Taipei, Tokyo, Toronto

3. 3 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. July 2015. 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 Bank of China Bank of China Investment Management (PRC) Cathay Life Citi Chinatrust 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 Excel Funds Management Inc. 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 BAWAG 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 Panasonic Pension Fund 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 15 July 2015 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

4. 4 Investment Companies 100%Total 25.2 Diversity of assets under management Total assets – £25.2 billion Assets as at 30 June 2015 United Kingdom Asia ex Japan Europe ex UK Japan MEAC North America 100%Total 25.2 Clients by TypeClients Assets by Origin Pension Funds Distributor Platforms & IFAs Corporates & Insurance Sovereign Wealth Private Banks & Fund of Funds Charities

5. 5 Diversity of assets under management Total assets – £25.2 billion Assets as at 30 June 2015 Clients Assets InvestedClients by Product Fixed Income Multi Asset Equities Active Passive Equities Multi Asset Fixed Income Cash

6. 6 Clients Assets Invested Fixed income – £6.9 billion Diversity of assets under management Specialist assets – £18.0 billion Clients Assets Invested Equities – £11.1 billion Assets as at 30 June 2015

7. 7 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

8. 8 Fixed income investment process We use scenarios to avoid the risks inherent in single point forecasting Scenario Forecasts (3) Scenario Forecasts (2) Scenario Forecasts (1) Political surprises to the discounted economic environment Identification of what theme is discounted by market Reaction functions and trend growth Fixed Income Portfolio ResearchScenariosPortfolio Construction & Implementation

9. 9 10 year optimal strategy Multi Asset investment process Start with blank sheet of paper Identify best asset classes Anticipate and respond to events: Dynamic Allocation Choose the best investments RISK MANAGEMENT

10. 10 Investment Management Platform *Members of the Investment Committee ** Investment Professionals as at 30 June 2015 123 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*

11. 11 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

12. 12 Baring Asset Management Group staff London371 Asia167 Hong Kong69 Seoul52 Taipei22 Kaohsiung2 Tokyo22 EMEA21 Frankfurt13 Paris4 Dubai2 Geneva2 North America23 Boston20 San Francisco2 Toronto1 TOTAL582 As at 30 June 2015 Investment professionals123 Investment106 Operations14 Infrastructure3 Other professionals454 Investment22 Operations109 Infrastructure96 IT and Change Management88 Marketing & Communications35 Sales/Client Service104 Internal Audit5 TOTAL582 Staff by roleStaff by location

13. 13 Recent awards The Asset (Long-only Mixed Asset Fund Manager of the Year – Highly commended – Khiem Do Barings Asia Balanced 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 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 Hong Kong China A USD Inc Best Fund over 10 years, Equity Greater China Arabian Markets Baring Europe Select Trust

14. 14 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 I GBP) Baring Eastern Trust (Class A GBP) Baring Europe Select Trust (Class A GBP) Baring Europe Select Trust (Class I GBP) Baring German Growth Trust (Class I GBP) Baring German Growth Trust (Class A GBP) Baring Japan Growth Trust (Class I GBP) Baring Korea Feeder (Class A USD) Baring Korea Trust (Class I GBP) Morningstar ratings Morningstar Rating™ MULTI ASSET PRODUCTS  Baring Asia Dynamic Asset Allocation (Class I USD) Baring Dynamic Capital Growth Fund (Class A GBP) Baring Dynamic Emerging Markets Fund (Class A GBP) Baring High Dividend Bal 60 Eq Bal (A) EQUITY PRODUCTS Baring Europe Select Trust Morningstar Analyst Rating™ Five Star = in top 10% of all UK and Offshore funds EQUITY PRODUCTS  Baring European Equity Fund Baring High Dividend Equity (A) Baring Korea Trust (Class A GBP) Baring Value Equity (A1) Baring Value Equity (C1) Baring Value Style Equity (A) Baring Value Style Equity (C) Baring Value Style Equity (E) Copyright © 2015 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 30 June 2015. BOND PRODUCTS  BAM World Bond & Currency Fund (Monthly distribution) Baring Emerging Markets Debt Local Currency Fund (Class I USD) Baring High Yield Bond Fund (Class A USD) Baring International Bond Fund (Class A USD) 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 Educare Tuition Equity Baring Europa Fund (Class A USD) Baring European Growth Trust (Class A GBP) Baring European Growth Trust (Class I GBP) Baring Global Agriculture Fund (Class I GBP) Baring Global Growth Trust (Class A GBP) Baring Global Growth Trust (Class I GBP) Baring Global Resources Fund (Class A USD) Baring Global Select Fund (Class A USD) Baring Hong Kong China Fund (Class A USD) Baring India Fund (Class A USD) Baring Latin America Fund (Class A USD) Baring MENA Fund (Class A USD) Baring Russia Fund (Class A USD) Baring UK Growth Trust (Class I GBP) BOND PRODUCTS  Baring High Yield Bond Fund (Class I USD) Baring Strategic Bond Fund (Class A GBP) MULTI ASSET PRODUCTS  Baring Asia Balanced Fund (Class A USD) Baring High Dividend Bal 60 Eq Bal (C) Baring High Dividend Bal 60 Eq Bal (C2) Baring High Dividend Bal 60 Eq Bal (C4) Baring RP Div 40 Fdr Bd Bal (1) Three Star = in top 67.5% of all UK and Offshore funds Four Star = in top 32.5% of all UK and Offshore funds MULTI ASSET PRODUCTS  Baring Targeted Return Fund (Class I GBP) BOND PRODUCTS  Baring Hanaro Bond

15. 15 About MassMutual An overview Source: MassMutual Financial Group as at 31 December 2014 *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 £372.7bn (US$579.0bn) Assets Under Management £418.8bn (US$650.6bn*) –Includes institutional, mutual funds and alternative assets Large network of employees and sales representatives around the world

16. 16 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 & 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

17. 17 250 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.

18. 18 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

19. 19 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 not a guide to future performance. 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 11/SD Complied (London) July 2015 (M0715/33)