Baring Asset ManagementA unique investment perspective

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Delivering excellence

Baring Asset Management is one of only a handful

of asset managers that has truly global reach.

We operate from 10 countries with professionals from

30 different nations, and bring global perspective,

experience and expertise to meet our clients’

investment management needs.

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At Baring Asset Management, our sole focus is fulfilling ourclients’ objectives by providing top-quality investment productsand superior service delivered by dedicated teams ofexperienced and talented professionals.

Baring Asset Management is a global investment management firm with offices,

clients and business lines spanning the world’s major markets. We provide asset

management services in developed and emerging equity and bond markets on

behalf of institutional, retail and private clients worldwide.

Our long and distinguished heritage dates back to the 18th century. Throughout

our history, we have successfully developed a wide range of innovative solutions

to meet our clients’ unique needs. We continue to leverage our experience and

expertise to reach the following goals:

■ Create investment management products that deliver superior,

repeatable, risk-adjusted returns

■ Offer client service that exceeds expectations

■ Build long-term partnerships that enable us to provide the most

appropriate investment solutions for our clients

At Baring Asset Management, we focus our global perspective, experience and

expertise with the aim of successfully meeting our clients’ investment

management needs. We look forward to doing so for you.

we focus our global perspective,experience and expertisewith the aim of

successfully meeting our clients’

investment management needs

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Leveraging superior insight

Since the foundation of Barings in 1762, the common threadlinking our past to our present has been our ability to helpclients benefit from changes in the markets. This traditioncontinues today as we invest client assets across globalmarkets using the proprietary insights generated by a team ofaround 100 investment professionals.

A three-dimensional perspectiveToday’s complex world is no longer merely stratified by geography. By

combining top-down and bottom-up insights that cut across location, sector

and asset classes, Baring Asset Management offers a unique world-view into

today’s economies and markets. We combine this informed perspective with

local knowledge and presence to deliver solutions that are customised to each

client’s needs – regardless of location.

A track record of innovationSince the beginning of Barings, our goal has been to help clients benefit from

changes in the markets through innovation. We continue that tradition by

developing new ways to help our clients maximise potential return while

managing risk. Today, Baring Asset Management operates as a subsidiary of

MassMutual, a leading diversified financial services organisation.

1697Beginnings of the

London Stock Exchange

1775American Revolution begins

1786Coal gas first used

for lighting

1838Atlantic steamship

service begins

For more than two hundred years, Barings has played an

integral role in many historic events around the world, helping

to finance the global expansion of trade in the 18th and 19th

centuries and bankrolling the industrial and economic expansion

of many countries around the world.

Francis Baring (1740 – 1810)

1762Baring Brothers is founded inEngland. In just over 50 years, thehouse’s influence had grown suchthat in 1818 the Duc de Richelieudescribed Barings as one ofEurope’s “six great powers”.

1800sBarings provides internationaltravellers with letters of credit,enabling them to draw funds from the firm’s network ofcorrespondent banks. These letters of credit were the forerunners of today’stravellers’ cheques.

1804Barings finances the LouisianaPurchase, doubling the size of thecontinental United States. To thisday, the Louisiana Purchaseremains the largest real estatetransaction in history.

Louisiana Territory by John Senex

Chicago Railway Terminal 4

1867Stock ticker invented

by Edward Calahan

1876Telephone invented by

Alexander Graham Bell

1950Tokyo Stock Exchange

starts calculating a stock

price average

1991World Wide Web first

available as a public

service on the Internet

Late 1800sBarings finances the growth of many of the world’s earliestrailways and, in doing so, investsin the emerging economies of the US, Canada, Russia and Latin America.

Early 1900sBarings focuses on innovation in industrial finance and plays aleading role in the expansion ofthe London underground system.

2000sBarings’ tradition of innovationcontinues with the launch of asingle strategy China long/shortequity hedge fund and the firstlong/short mutual fund in the UK.

1955-1980Barings creates one of the first dedicated investmentdepartments. Several decadeslater, we were one of the earlyinvestors in Asia and one of thefirst international managers inNorth America. In the 1960s, the firm played a significant role in the creation of the Eurodollar market.

Baring International Investment Management Limitedwas established in Hong Kong in 1976

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Offering broader choices

Our unique perspective allows us to identify changes to marketconditions early, wherever they occur, and develop a full rangeof products and investment solutions that are in direct responseto client needs.

A needs-based approachWithin each broad category, we recognise that every client has different issues

to address. These are reflected by each client’s unique performance objectives,

guidelines and risk tolerances. Our goal is to gain an in-depth understanding of

your objectives and risk tolerances and to partner with you to ensure that our

products and services meet those objectives.

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A broad array of solutionsOur products are grouped into four broad categories, each of which

derive returns from a varying combination of asset/country allocation and

sector/security selection to fit a broad range of risk/return profiles.

■ Enhanced index: A combination of active and passive management which

aims to capture the principal source of international equity returns without

the stock-specific risk associated with fully active funds

■ Multi-asset: We utilise the full range of asset classes with the aim of

delivering client-directed absolute or relative return targets

■ Alternative investments: Fund-of-fund and single hedge fund strategies

take our best investment ideas and shape them with our asset allocation and

risk control expertise

■ Long-only: Our extensive range of long-only equity, fixed and balanced

products cover single countries or sectors, as well as broader

multi-asset portfolios

Applying greater resources

Our clients are direct beneficiaries of our depth of experience,global perspective and ability to access all sources of alpha.Our integrated structure allows us to make the most of ourresources by applying them in the right place at the right time.

Baring Asset Management is distinguished from other managers by a unique

combination of features that, individually and collectively, provide distinct

advantages to our clients.

■ Breadth of experience: Our long tenure of investing means that we have

experienced most market conditions before and can apply that knowledge

to everything we do

■ An overarching investment philosophy: We have a single investment

philosophy that permeates every portfolio: to identify and exploit

unrecognised growth opportunities

■ Access to all sources of alpha: Our investment professionals combine

top-down with bottom-up, and quantitative with qualitative analysis, to

enable us to capture opportunities from every angle

■ Size: We have the critical mass to attract and retain the best talent, manage

operations efficiently and to exploit inefficiencies quickly and easily

■ Innovation: From the financing of the Louisiana Purchase in 1804 to the

launch of the first long/short mutual fund in the UK in 2004, we have over

200 years of experience helping clients profit from change

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Integrating exceptional talent

With a fully integrated research team and investmentprofessionals that are encouraged to contribute ideas andchallenge others, clients get the best thinking from across thegroup, regardless of mandate.

A flow of ideasOur research structure is flat, not in silos, ensuring full communication among

all of our professionals around the globe. Teams are composed of analysts

who cover global sectors, mature and emerging markets, as well as credit

markets. As a result, investment ideas move freely from one region to the next,

across sectors and asset classes.

A culture of partnershipWe have built a collegiate environment – where idea generation, entrepreneurship

and ownership are highly valued and rewarded. The foundation of this culture

is a compensation plan that ties our senior professionals’ compensation to the

success of the firm. The results: professionals who are highly motivated to

generate successful results for their clients.

Bespoke private client portfolio managementWhen it comes to our private client team, we offer a high level of individual

service. A specialist portfolio manager, supported by a team, is appointed to

look after the investments of each client and gets to understand his or her

objectives in depth. We avoid grouping our clients into “types”. Instead, our

portfolio managers establish a professional, direct relationship. As a result,

when our private clients call, they speak to their portfolio manager, the one

person who knows their investments better than they do.

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Discovering opportunities

At Baring Asset Management, we focus on finding opportunitiesthat others miss. Our product offerings follow three maininvestment approaches.

A top-down investment approachFor enhanced index, multi-asset and fixed income, our emphasis is top-down.

We perform proprietary research to analyse the economic and market

environment. Using a scoring methodology, we then seek mispricing

opportunities at the asset class, country and sector level and leverage our

top ideas to construct portfolios.

For fixed income, we believe that an in-depth understanding of consensus

drivers helps reveal outperformance potential. Possible performance scenarios

are identified and portfolios are constructed which should perform well under a

range of market conditions.

we focus on finding

opportunitiesthat others miss

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Seeking positive earnings surprisesFor our actively managed equity funds, and for our range of single strategy

hedge funds, we seek companies whose growth prospects are not reflected in

their prices. Our investment managers implement stock, sector and country

selection decisions with the highest risk/return potential. This strongly

emphasises stock selection skills, drawing on our analysts’ proprietary research.

We follow a “Growth at a Reasonable Price” (GARP) investment philosophy,

focusing on those markets, sectors and stocks with the greatest potential for

earnings growth. Growth and value disciplines are combined to help avoid the

volatility that can occur in a single-style strategy, and obtain better risk-

adjusted returns over time.

Structured solutions to meet investors’ needsFor a growing number of clients, an approach incorporating the GARP

philosophy with sophisticated financial instruments to manage market risk can

offer desirable risk/return characteristics. These solutions are designed to

generate positive absolute returns under a variety of market conditions, with

relatively low correlations to the market.

Offerings include Portable Alpha and Targeted Return products and hedge

funds.

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Baring Asset Management

A rich history, experience across market conditions, global perspective and a

focus on developing solutions that meet our clients’ needs. The results speak

for themselves – over 200 years of successfully managing our clients’ assets

and delivering superior client service.

Baring Asset Management Limited155 Bishopsgate London EC2M 3XY

Telephone +44 (0)20 7628 6000

Authorised and regulated by the Financial Services Authority.

This document is available in large print and Braille. Please contact

uk.sales@barings.com or telephone +44 (0)20 7214 1149.

London • Boston • Frankfurt • Guernsey • Hong Kong

Paris • San Francisco • Seoul • Taipei • Tokyo • Toronto

www.barings.com

This document is issued in the local or regional jurisdictions by the appropriate Baring Asset Management company.

M0609/40C/GATE