City of Miami General

Employees & Sanitation Employees Retirement Trust Investment Review

Michael Brown President, North America

September 2013

Confidential Do not copy or circulate this document.

Barings

Independence Wharf

470 Atlantic Avenue

Boston MA 02210-2208

Tel 1 617 946 5200

Fax 1 617 946 5400

One Embarcadero Center

Suite 555

San Francisco, CA 94111

Tel 1 415 834 1500

Fax 1 415 834 1722

www.barings-us.com

Contents

Barings Overview

Performance, Positioning & Holdings

Current Investment Themes

Appendix

3 3

Section 1

Barings Overview

Baring Asset Management

An international investment management company with a history dating back to 1762

Operating in eleven countries with professionals from twenty five different nations

Owned by Massachusetts Mutual Life Insurance Company (MassMutual)

Current assets under management US$57.5bn

123 investment professionals

Winner of the Queens Award for Enterprise: International Trade 2010

June 30, 2013

London, Boston, Dubai, Frankfurt, Hong Kong, Paris,

San Francisco, Santiago, Seoul, Taipei, Tokyo, Toronto

4

What Sets Us Apart

A proven, research-driven process exploiting market inefficiencies

Significant global bottom-up research capability

spanning worlds equity markets

Strong platform of 40+ investment

professionals searching for

unrecognized growth

All Cap, universe and holdings Exploit market opportunities across an

unconstrained universe

Innovative process which combines both bottom-

up and top-down insight

Three-dimensional approach to identify active alpha

Dedicated sector and country analysis Multiple sources of idea generation

Capacity constrained strategies Promotes process integrity

5

Portfolio Management Structure Barings International Equity

International & World Equity Group

David Bertocchi 15 Jon Greenhill 18 Tom Mann 16 Susan OBrien 25 Nick Williams 23 Hayes Miller 33

# Number of Investment Professionals* # Yrs Investment Experience

July 2013

* Some analysts may sit on more than one sector team

Global Sector Teams

Technology 9 8

Consumer Discretionary 8 8

Consumer Staples 10 9

Energy 8 11

Telecoms 8 9

Materials 7 10

Utilities 7 11

Financials 12 13

Healthcare 9 11

Industrials 8 12

Strategic Policy Group

Percival Stanion 33

Andrew Cole 34

Hayes Miller 33

Marino Valensise 25

Khiem Do 36

David Bertocchi 15

Christopher Mahon 14

Alan Wilde 28

Investment Board

Marino Valensise 25 Tim Scholefield 25 Percival Stanion 33 Alan Wilde 28

Chief Investment Officer Head of Equities Head of Strategy Head of Fixed Income

6

7 7

Section 2

Performance, Positioning & Holdings

Performance

Morgan Stanley Capital International MSCI EAFE Net from July 2, 2012 prior MSCI EAFE Gross. Annualized returns in US dollars gross of fees.

8

Performance as of June 30, 2013

2Q 13 Y-T-D 1 Year

Since

Inception

(6/25/12)

City of Miami General

Employees & Sanitation Employees Retirement Trust

-0.5 1.9 10.9 15.1

MSCI EAFE Index -1.0 4.1 18.6 22.1

Relative 0.5 -2.2 -7.7 -7.0

Calendar Year Composite Performance

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

Barings Focused

International Plus

Equity Composite

11.7 -7.9 9.7 39.2 -43.7 24.3 34.0 18.4 25.0 39.3

MSCI EAFE Index* 17.8 -11.7 7.8 31.8 -43.4 11.2 26.9 14.0 20.7 39.2

Relative -6.1 3.8 1.9 7.4 -0.3 13.1 7.1 4.4 4.3 0.1

Barings Focused International Plus Equity Calendar Year Performance

* Morgan Stanley Capital International (MSCI) EAFE Index Net Dividends. Returns shown in US dollars gross of fees. Please note Gross of fee performance is

presented. See the final page for a description of the impact of fees upon returns. Please see the Appendix for net of fee and composite description. This

supplemental performance information complements the Focused International Plus Equity Composite presentation as provided in the Appendix. 9

Barings Focused International Plus Equity

Composite Performance

Composite Performance as of March 31, 2013

1Q 13 4Q 12 6 Months 1 Year 3 Years 5 Years

Barings Focused

International Plus Equity

Composite (gross of fees)

2.4 0.3 2.7 3.4 4.9 0.1

MSCI EAFE Index* 5.1 6.6 12.0 11.6 5.4 -0.4

Relative -2.7 -6.3 -9.3 -8.2 -0.5 0.5

*MSCI EAFE Index Gross Dividends to 30-Jun-12 then Net Dividends. Annualized returns in US dollars gross of fees. Please note Gross of fee performance is

presented. See the final page for a description of the impact of fees upon returns. Please see the Appendix for net of fee and composite description. This supplemental

performance information complements the Focused International Plus Equity Composite presentation as provided in the Appendix.

10

Performance Attribution Second Quarter 2013

By Sector

%

Relative

Contribution Selection Allocation

Financials 1.14 1.16 UW -0.02

Cons. Staples 0.53 0.39 UW 0.14

Cons. Disc. 0.37 0.37 OW 0.01

Industrials 0.27 0.25 UW 0.03

Info. Tech. 0.12 0.08 OW 0.03

Health Care 0.03 -0.03 OW 0.06

Utilities -0.10 0.02 UW -0.11

Telecos -0.13 -0.01 UW -0.12

Energy -0.16 -0.14 OW -0.02

Materials -1.59 -1.51 OW -0.09

Total 0.50 0.59 -0.09

Morgan Stanley Capital International (MSCI) EAFE

By Country/Region

%

Relative

Contribution Selection Allocation

Japan 1.31 1.12 OW 0.19

Pacific x-Japan 0.37 -0.44 UW 0.81

Europe x-UK 0.36 0.52 UW -0.16

United Kingdom -0.32 -0.31 UW -0.02

Middle East -0.34 -0.22 OW -0.12

Global

Emerging -0.88 -0.31 OW -0.57

Total 0.50 0.37 0.13

11

1.3

0.4 0.4

-0.3

-0.9 Japan Pacific x-

JapanEurope x-UK Middle East Global

Emerging

1.1

0.5 0.4 0.3

-1.6

Financials Cons.Staples

Cons. Disc. Industrials Materials

Key Contributions Economic Sector Key Contributions - Geographic

Performance Attribution Second Quarter 2013

Top 10 Contributors

Relative

Contribution

Mitsubishi Electric Corp. 0.38

Hitachi Metals Ltd. 0.27

Deutsche Boerse AG 0.25

Tokyo Electron Ltd. 0.25

Rakuten Inc. 0.25

KDDI Corp. 0.23

Japan Tobacco Inc. 0.22

BHP Billiton 0.21

Tokio Marine Holdings Inc. 0.20

Toyota Motor Corp. 0.20

Bottom 10 Contributors

Relative

Contribution

Newcrest Mining Ltd. -0.69

Yamana Gold Inc. -0.60

Fresnillo PLC -0.51

ICL-Israel Chemicals Ltd. -0.36

Randgold Resources Ltd. -0.22

Takeda Pharmaceutical Co. Ltd. -0.22

Paladin Energy Ltd. -0.20

Tullow Oil PLC -0.18

Societe BIC -0.17

SoftBank Corp. -0.10

Morgan Stanley Capital International (MSCI) EAFE

12

City of Miami General Employees & Sanitation Employees Retirement Trust Portfolio Structure June 30, 2013

Portfolio

Weight

Index

Weight

6.4 0.0

26.5 22.6

21.8 21.7

37.6 42.9

5.2 12.8

Active Region Positions

6.4

3.9

0.1

-5.3

-7.6

Global Emerging

Japan

United Kingdom

Europe x-UK +

Dev. Middle East

Pacific x-Japan

Cash = 2.5%

Benchmark: Morgan Stanley Capital International MSCI EAFE. 13

City of Miami General Employees & Sanitation Employees Retirement Trust Portfolio Structure June 30, 2013

Portfolio

Weight

Index

Weight

13.8 10.5

6.3 4.6

9.1 8.0

12.0 11.7

7.2 7.0

25.0 25.0

3.4 5.2

9.6 11.8

9.8 12.5

1.1 3.8

Active Sector Positions

3.3

1.7

1.1

0.3

0.2

0.0

-1.8

-2.2

-2.7

-2.7

Health Care

Information Technology

Materials

Consumer Discretionary

Energy

Financials

Telecom Services

Consumer Staples

Industrials

Utilities

Cash = 2.5%

Benchmark: Morgan Stanley Capital International MSCI EAFE. 14

City of Miami General Employees & Sanitation Employees Retirement Trust Portfolio Holdings

As of June 30, 2013. Source: Factset 15

P o rtfo lio

Weight

Index

Weight

M arket C ap

$ bn

A ustralia 1.31 8.00 8.44

Newcrest M ining Limited 0.60 0.06 7.72

Paladin Energy Ltd 0.71 -- 0.72

C anada 1.26 -- 7.43

Yamana Gold Inc. 1.26 -- 7.43

C hina 1.25 0.10 11.99

China Pacific Insurance (Group) Co., Ltd. 1.25 -- 11.99

F rance 9.62 9.39 274.86

Sanofi 2.53 1.09 134.67

Scor SE 1.46 0.04 5.54

SES SA 1.70 0.08 10.67

Societe BIC SA 1.31 0.03 4.60

SUEZ Environnement Co. SA 1.14 0.03 6.12

Total SA 1.48 0.92 113.25

Germany 11.77 8.58 263.54

adidas AG 1.86 0.20 23.00

Bayer AG 1.87 0.78 89.33

Deutsche Boerse AG 2.43 0.11 12.74

Fresenius SE & Co. KGaA 2.39 0.14 20.94

M uenchener R-G 1.51 0.29 33.25

SAP AG 1.70 0.60 84.28

Israel 3.38 0.50 47.80

ICL-Israel Chemicals Ltd. 1.36 0.04 10.88

Teva Pharmaceutical Industries Limited 2.01 0.29 36.92

Japan 26.53 22.51 532.36

Denso Corp. 1.92 0.20 37.10

East Japan Railway Company 2.19 0.23 32.28

Hitachi M etals, Ltd. 1.58 0.02 3.88

Japan Tobacco Inc. 2.60 0.34 64.83

KDDI Corporation 2.20 0.25 40.33

Kyocera Corporation 1.90 0.15 19.73

M itsubishi Electric Corp. 1.94 0.16 22.51

Rakuten, Inc. 1.89 0.08 14.95

Sumitomo M itsui Trust Holdings, Inc. 2.42 0.14 18.70

Takeda Pharmaceutical Company Limited 2.08 0.32 37.19

Tokio M arine Holdings, Inc. 1.91 0.19 26.21

Tokyo Electron Ltd. 1.08 0.08 8.86

Toyota M otor Corp. 2.83 1.47 205.79

P o rtfo lio

Weight

Index

Weight

M arket C ap

$ bn

R ussia 2.32 -- 81.09

M obile TeleSystems OJSC 1.18 -- 17.79

Sberbank Russia OJSC 1.14 -- 63.30

Singapo re 3.89 1.60 49.84

DBS Group Holdings Ltd 0.56 0.19 29.71

Golden Agri-Resources LTD 1.58 0.03 5.38

Keppel Corporation Limited 1.75 0.10 14.75

Sweden 1.24 3.11 6.04

Elekta AB 1.24 0.05 6.04

Switzerland 11.55 9.08 193.02

Credit Suisse Group AG 2.49 0.35 40.88

Julius Baer Gruppe AG 2.14 0.08 8.92

Syngenta AG 2.41 0.32 38.03

UBS AG 2.03 0.55 65.69

Zurich Insurance Group AG 2.47 0.34 39.51

T aiwan 1.59 -- 95.71

Taiwan Semiconductor M anufacturing 1.59 -- 95.71

United Kingdo m 21.76 21.79 643.62

Admiral Group plc 1.90 0.03 5.22

BG Group plc 1.44 0.51 59.77

Experian PLC 1.09 0.16 18.04

Fresnillo PLC 1.18 0.02 9.19

GlaxoSmithKline plc 1.68 1.09 128.41

Imperial Tobacco Group PLC 1.12 0.30 33.42

Prudential plc 1.33 0.37 42.72

Randgold Resources Limited 0.74 0.05 5.96

Reckitt Benckiser Group plc 2.79 0.40 52.02

Rolls-Royce Holdings plc 1.55 0.29 33.96

Royal Dutch Shell P lc 2.60 1.83 144.14

SABM iller plc 1.52 0.41 72.28

Tullow Oil plc 0.97 0.12 15.19

WPP Plc 1.84 0.19 23.29

C ash 2.52 -- - -

16 16

Section 3

Current Investment Themes

Outlook

The economic data is improving for a number of regions but headwinds remain

The strength of the economic recovery is increasingly a political choice

Governments: Will we have austerity or stimulus? Answer depends on politics and the bond market.

Central banks: Will we have QE or tapering? Answer depends on who is the Fed Chairman, the strength of the recovery and the bond market

Governments and central banks are in control until the bond market or electorate revolt

But for some countries the choice is not their own

Peripheral Europe is dependent on the EC (and German politics)

EM countries with current account deficits are dependent on the US

We are focusing on stocks where controllable factors are driving returns

Self-help situations, Communication revolution, Asian/Emerging financials, Health Care, Internet, New Media

17

18 18

Appendix

Sub-trend Economic Growth to Continue

In many western economies a deleveraging process is underway and will likely run for years

A muddle through recovery is the goal and best case scenario

Economic growth is likely to be weaker than we came to expect in the post World War II era.

Source: Hoisington Investment Management, Q2 2012 & Q4 2012 Barings

U.S. Debt as a % of GDP (Annual)

19

Sources: Bureau of Economic Analysis, Federal Reserve, Census Bureau: Historical Statistics of

the United States Colonial Times to 1970. Through Q1 2012.

Real GDP 1790-2009 (Decade Average Growth)

Sources: Bureau of Economic Analysis, Congressional Budget Office, Office of Management and Budget, N.S.

Balke & R.J. Gordon, C.D. Romer. Through 2009.

Depression

Normal recovery

Recession

Muddle Through

Baring Focused International Equity Fund

Brokerage Report

Trading Q2 2013

Broker Tot comms comms % Gross cons G cons % Trades

INSTINET 63,174 35.75% 57,096,423 32.09% 28

HSBC SECURITIES 30,437 17.23% 18,448,001 10.37% 15

J.P. MORGAN 21,167 11.98% 20,111,799 11.30% 10

UBS AG 20,835 11.79% 44,646,375 25.09% 27

ROYAL BANK OF CANADA 7,651 4.33% 7,126,265 4.01% 8

BARCLAYS 5,071 2.87% 5,070,815 2.85% 3

MORGAN STANLEY & CO INC 4,658 2.64% 3,336,474 1.88% 2

CLSA 4,647 2.63% 4,224,702 2.37% 2

GOLDMAN SACHS INTERNATIONAL 3,372 1.91% 5,795,951 3.26% 3

CARNEGIE INTERNATIONAL 3,186 1.80% 2,123,826 1.19% 1

BoA MERRILL LYNCH 3,087 1.75% 1,714,875 0.96% 1

MIRABAUD SECURITIES LLP 1,835 1.04% 1,223,152 0.69% 1

LIBERUM CAPITAL LIMITED 1,787 1.01% 1,191,090 0.67% 1

CITIGROUP GLOBAL MARKETS 1,473 0.83% 1,473,310 0.83% 1

CANTOR FITZGERALD 1,265 0.72% 1,581,155 0.89% 1

TUDOR PICKERING HOLT & CO 1,137 0.64% 1,621,036 0.91% 2

DEUTSCHE BANK 958 0.54% 478,765 0.27% 1

MACQUARIE BANK LIMITED 539 0.31% 269,558 0.15% 1

CREDIT SUISSE 390 0.22% 354,482 0.20% 1

ITG (inc Alpha centre) 34 0.02% 30,609 0.02% 1

Grand Total 176,700 100.00% 177,918,664 100.00% 110

Performance Update

Morgan Stanley Capital International MSCI EAFE Net from July 2, 2012 prior MSCI EAFE Gross. Annualized returns in US dollars gross of fees.

21

Performance as of August 31, 2013

Fiscal Year-to-Date

10/1/12 8/31/13

City of Miami General

Employees & Sanitation Employees Retirement Trust

4.2

MSCI EAFE Index 15.3

MSCI Emerging Markets Index -4.9

Relative -11.1

Representing Barings

22

Michael Brown

President, North America

Location: Boston Investment Experience: 18 Years

Michael is the President of Barings North America. He is responsible for developing, implementing and overseeing the firm's North American business strategy. Michael

also leads our client service team for US and Canadian based clients and serves as the primary relationship manager for a number of accounts. Michael joined the firm

in 1998 and served as General Counsel until being appointed to his present role in 2002. Previously he practiced as an attorney with Skadden, Arps, Slate, Meager &

Flom in Boston where he concentrated in the financial services industry and focused on investment products, mergers and acquisitions, and regulatory matters. He is a

Phi Kappa Phi graduate of West Point and served as an infantry officer in the 82nd Airborne Division. Michael holds a J.D. (Hons.) from the Columbia University School of

Law and a M.B.A. (Hons.) from the Columbia University School of Business and is FINRA Series 7, 24, 63 and 99 registered.

Barings Focused International Plus Equity Broad Composite Performance as of 12/31/12

Past performance is not a guide to future performance. Please use this report in conjunction with the attached disclosures.

*The highest, lowest and median Gross of Fees annual return of all portfolios that were included in the composite for the entire year are presented as a measure of dispersion. If Dispersion displays N/A, no single constituent in the

composite for full calendar year.

** If 3 year annualized ex post Standard Deviation is not shown, there are not 36 monthly Composite or Benchmark returns available since the inception of the Composite, inception of the Benchmark, or the inception of the firm. Standard

Deviation is calculated using Gross of Fee returns. Returns for periods of less than one year are not annualized.

FIRM DEFINITION

For the purpose of GIPS compliance, the Firm is defined as the investment firm Baring Asset Management Limited (and its relevant subsidiaries which are registered with the appropriate regulatory authorities to undertake investment business in those jurisdictions in which they operate). Baring Asset Management Korea Limited, a wholly owned subsidiary of Baring Asset Management (Asia) Limited, which is in turn wholly owned indirect subsidiary of Baring Asset

Management Limited, is excluded from the Firm definition.

CHANGES TO FIRM DEFINITION

Prior to 20th December 2012, Baring Asset Management LLC was also included within the definition of the GIPS Firm. It was removed with effect from 20th December 2012, the reason being at that date it deregistered from the United

States SEC, having assigned all of its clients to Baring International Investment Limited, a wholly owned subsidiary of Baring Asset Management Limited. At 31st December 2010, Baring Asset Management Inc. changed its Corporate

Structure and became Baring Asset Management LLC, conducting the same business as Baring Asset Management Inc., which had been included in the GIPS Firm prior to 31st December 2010. On 28th March 2013, Baring Asset

Management (Asia) Limited acquired SEI Asset Korea Co., Ltd, a Korean Investment Management Company, which was renamed Baring Asset Management Korea Limited. Baring Asset Management Korea Limited is excluded from the

definition of the "Firm" which has previously included all direct and indirect subsidiaries of Baring Asset Management Limited. Baring Asset Management Korea Limited claims compliance with the GIPS standards.

SIGNIFICANT EVENT

At 27th May 2011 the Private Client Business, comprising both Onshore and Offshore private clients was sold to SG Hambros. As of this date all Private Client portfolios were excluded From the "Firm" as defined herein. This is disclosed

as a significant event for the purposes of the GIPS standards.

CLAIM OF COMPLIANCE

The firm as defined herein claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. The firm as defined herein has been

independently verified for the periods from 1st July 1999 to 31st December 2012. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements

of the GIPS standards on a firm wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific

composite presentation. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Inception of the Firm is 1st July 1999. A complete list and description of all composites is

available on request by sending an e-mail to gips@barings.com.

Name Description

Benchmark 1 MSCI EAFE Index Gross Dividends to 30-Jun-12 then Net Dividends MSCI EAFE Total Return Index with Gross dividends reinvested until 30-Jun-12. Then from 01-Jul-12 MSCI

EAFE Total Return Index with Net dividends reinvested. (Benchmark changed to reflect the treatment

of dividends reinvested In the underlying accounts).

Year

Composite

Gross

Composite

NetBenchmark High Median Low Composite Benchmark

2012 11.65 10.88 17.79 8 1,416.32 12.33 11.77 11.49 51,968.02 2.73% 18.06 19.45

2011 -7.92 -8.66 -11.73 9 1,508.05 -7.66 -8.04 -8.29 44,694.55 3.37% 19.23 22.38

2010 9.70 8.82 8.21 8 1,557.57 10.51 9.81 9.54 50,391.63 3.09% 26.02 26.96

2009 39.23 38.06 32.46 4 1,028.62 40.14 39.39 37.71 46,523.90 2.21% 25.54 24.45

2008 -43.70 -44.13 -43.06 3 634.69 -43.39 -43.48 -43.91 32,415.15 1.96% 24.35 20.40

2007 24.31 23.40 11.63 3 915.76 25.27 25.27 25.27 54,835.47 1.67% 13.45 9.31

2006 34.01 32.94 26.86 1 72.46 34.01 34.01 34.01 41,723.93 0.17% 11.76 9.18

2005 18.42 17.53 14.02 1 5.96 N/A N/A N/A 34,887.91 0.02% 11.52 11.17

2004 25.01 24.65 20.70 1 336.49 25.01 25.01 25.01 34,636.99 0.97% 14.28 15.54

2003 39.27 38.87 39.16 1 355.58 39.27 39.27 39.27 35,230.76 1.01% 17.88 18.02

'Firm' Assets

(Millions)

Dispersion*3 Year Standard Deviation

(Ann.)**Composite

Accounts (at

year end)

% of 'Firm'

Assets

Composite Assets

(Millions)

Returns

Composite Focused International Plus Equity Broad Composite Inception 30-Jun-00

Returns Gross Performance Composite Creation Jan-08

Reporting Currency USD Composite Mnemonic SUP31

Date 31-Dec-12

Primary Benchmark MSCI EAFE Index Gross Dividends to 30-Jun-12 then Net Dividends

23

Barings Focused International Plus Equity Broad Composite Performance as of 12/31/12

Composite Focused International Plus Equity Broad

The "Firm" as defined herein is the international business operating under the brand name "Barings", Baring Asset Management Korea Limited, the Korean Domestic business, is a

separate firm for GIPS purposes.

Performance results are total, time-weighted and calculated monthly. Gross-of-fee performance results are presented before management and custody fees but after transaction costs

and non-reclaimable foreign withholding taxes. Net-of-fee performance results are presented after management fees, transaction costs and non-reclaimable foreign withholding taxes

but before custody fees. The actual returns will be reduced by the investment management (advisory) fees and other expenses.

The Baring Asset Management pricing policy (or the relevant Fund Administrator pricing policy) is applied to funds in this Composite. These policies include provision that where

markets are closed due to holidays or political events, the prices of securities in that market may be adjusted. This may on occasion cause differences to the valuation sources used by

the benchmark, and to other funds in the Composite.

From 1st October 2012 the minimum portfolio size for inclusion in any Composite is set as 1,000,000. For Private Client Portfolios the minimum portfolio size for inclusion in any

Composite was 250,000 prior to 27th May 2011.

The Composite is comprised of accounts which invest in a concentrated portfolio of developed equities, principally within countries of the MSCI EAFE Index. The agreements in place

allow for up to 20% to be invested opportunistically in emerging market equities. The composite includes those portfolios impacted by custody restrictions. The Composite also includes

portfolios benchmarked against the MSCI Eafe plus Emerging Index, which allows a greater degree of investment in Emerging Market equities. Some accounts within the composite are

run within an ex-ante tracking error ranges of 6 - 9 and 4 - 10.

To be included in the composite, each account must be managed with a similar mandate for at least one full month.

Net-of-fee performance for the Firm is calculated at the constituent account level and deducted monthly using actual client fee schedules. Where the actual fee is not appropriate for the

recipients of this presentation, Investment Trusts, Mutual Funds, other Common Investment Funds apply a "Model Fee". For UK based Onshore and Offshore Funds, prior to 1st

January 2012 this comprised the equivalent standard institutional Fee Scale, which was the maximum fee scale that Institutional clients would be charged for this product. Rebates apply

to any Institutional clients invested in Common Investment Funds; therefore after rebates were applied this was the maximum fee scale payable by segregated Institutional Clients

investing in this Composite Strategy. From 1st January 2012 this changed to the Institutional Share Class flat fee rate, to which rebates also apply, therefore this was the maximum fee

payable by Institutional Investors in the fund. For North American commingled funds the fee applied was the maximum payable by participants in the fund prior to 1st January 2012, and

a fee weighted by the rate paid by each participant in the fund from 1st January 2012. Composite net-of-fee performance reflects the weighted average of constituent account net-of-fee

returns.

Based on the above and taking into account individual fee arrangements the fee deducted over the last 12 months to the stated reporting date for the composite was 0.70%.

As at the reporting date all portfolios in the Composite reinvest capital gains and income (including dividends and other earnings).

Benchmark Source: MSCI

24

Institutional Regulatory Disclosure

This document is issued in the local or regional jurisdictions by the appropriate Baring Asset Management company or companies whose name(s) and

contact details are specified herein. This document has been produced for, and is intended for receipt by, professional investors/advisers and must not

be relied on by any other category of recipient.

This document may include forward-looking statements, which are based upon 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.

Calculation of Gross Returns. Returns are gross of advisory fees, net of transaction costs, and include the reinvestment of dividends. If the expenses

were reflected, the performance shown would be lower. Actual fees are described in Part 2A of [Adviser]s Form ADV and will vary depending on, among other things, the applicable fee schedule and account size. For example, if $100,000 were invested and experienced a 10% annual return

compounded monthly for 10 years, its ending value, without giving effect to the deduction of advisory fees, would be $270,704 with annualized

compounded return of 10.47%. If an advisory fee of 0.95% of the average market value of the account were deducted monthly for the 10-year period, the

annualized compounded return would be 9.43% and the ending dollar value would be $246,355.

Except where otherwise indicated performance numbers are sourced from Baring Asset Management.

All opinions expressed herein are those of Baring Asset Management, unless otherwise stated.

Past performance is no guarantee of future results.

Confidentiality Notice

This document is strictly confidential and is being supplied on the understanding that it will be held confidentially and not disclosed to third parties without

the prior written consent of Barings. Do not recirculate, republish, repost or redistribute this document in any form (including both in part or in whole) in

any format (including physical or electronic) by any means.

25