Baring AssetManagement Limited155 Bishopsgate,London EC2M 3XY

Tel +44 (0)20 7628 6000Fax +44 (0)20 7638 7928

www.barings.com

Baring ASEAN Frontiers FundCitywire Montreux

April 2012

For Professional Investors only

1

Why ASEAN?MSCI South East Asia has outperformed the region during 2008 crisis,since crisis and 2011!

Source: Factset as at 31 March 20121 Market peak to bottom (29/10/2007 – 3/3/2009)2 Market bottom to end Feb 2012 (3/3/2009 – 31/3/2012)

MSCI Index Performance In U.S. Dollar

20.1

9.9

21.1

19.3

21.6

8.5

4.1

13.7

13.2

2012YTD

(37.2)

(18.2)

(2.4)

(17.9)

0.1

0.1

6.5

(6.1)

(17.1)

2011

20.9

4.8

56.3

22.2

35.5

37.0

34.6

32.4

19.9

2010

79.0(65.4)62.6China

125.7

275.5

158.5

183.4

141.2

312.3

187.9

130.5

2008Crisis

Recovery2

(69.4)102.8India

(57.3)77.3Thailand

(61.0)74.0Singapore

(53.5)68.0Philippines

(42.7)52.1Malaysia -EM

(63.9)127.6Indonesia

(56.5)75.0South East Asia

(63.2)72.5AC Asia ex JP

2008Crisis12009

… attractive risk – return proposition vs Asia

29

1623

3037

44

12 15 18 21 24 27 30

Std Dev

3 YearAnnualisedReturn

Baring ASEAN Frontiers A EUR Amundi Fds Eq ASEAN AU-CFidelity ASEAN A-USD Invesco ASEAN Equity"JF ASEAN Equity A (acc) - EURPeer Group: Open End Funds - Europe/HKG/TWN/SGP –

Asia-Pacific ex-Japan Equity

Source: Morningstar Direct, Barings as at 31 March 2012

2

Baring ASEAN Frontiers FundC

ore

ASEA

N M

arke

ts

Philippines

Thailand

Indonesia

Malaysia

Singapore

FrontierMarkets

AndOthers

70% CoreASEANMarkets**

Bangladesh

Sri Lanka

Laos, etc

Vietnam

FrontierM

arkets

ASEAN to be at least 70%

Investment Universe

Others

Source: Barings * As there are no stock markets in Laos and Cambodia, exposure to these economies is gained by investing in companiesactive in these countries but listed elsewhere. ** At least 70% of the Fund will be invested in Core ASEAN markets.

3

Baring ASEAN Frontiers FundPeer ranking(as at 31st March 2012)

13.7

13.4

2nd (3/6)

2012 YTD

32.2

37.4

1st (1/5)

2010

-39.0

-42.7

2nd (3/5)

Aug 2008 –Dec 2008

50.1

47.1

1st (1/5)

SinceInception*

74.6

86.3

1st (1/5)

2009

-6.3Index**

-11.6Fund Performance

3rd (4/5)Quartile (Peer)Ranking

2011

*Cumulative, Inception date: 1 August 2008. **MSCI South East Asia Total Net Return IndexFund performance numbers are bid to bid, with gross income reinvested, US$. Transactions in derivatives, warrants and forward contracts andother fund derivatives instruments may be used for the purpose of meeting the investment objective of the Fund. The Net Asset Value of the Fundmay have a high volatility due to these instruments and techniques being included in its scheme property and may involve a greater degree of risk.

Source: Barings/Morningstar-quartile ranking is customised.

Past performance is not an indication of future performance.Standard & Poor’s

Fund Management Rating

Morningstar Overall Ratings

4

Barings Asian Investment TeamTeam structure

WILFRED SITChief Investment Officer, Asia

AJAY ARGALHead of Indian Equities

AGNES DENGHead of HK China Equities

COLIN NGHead of Asian Equities

WILLIAM FONGHK China

QUANT(LONDON)

JIM CHENHK China

WINSTON KEHK China

DERICK LEUNGHK China

ZHI ZHI TANHK China

SOO HAI LIMASEAN / Australia

KAI YANG LEEASEAN

EUNICE HONGTaiwan / Korea

HYUNG JIN LEEKorea

NICOLA LAITaiwan

MULTI ASSET(LONDON)

KHIEM DOHead of Asian Multi-Asset

As at December 2011

TBAHead of Asian Debt

FIXED INCOME(LONDON)

MANOJ SHROFFIndia

LIN TANGHK China

TIE BIN LIUASEAN

Total Headcount: 20

DAVID LEUNGQuantitative Analyst

5

Investment Process

Strategic Policy GroupTop-down global asset class preferencesCountry, sector and currency preferences

TOP DOWN INPUTS

Company meetingsOnsite Research visitsLocal contacts and newsflowInteraction with Global Sector and GEMteamsStocks scored 1 - 5

BOTTOM UP INPUTS

Quantitative teamStock screensImplied alphaPortfolio styleValue at RiskMacro sensitivities

BAM PROPRIETARYQUANTITATIVE INPUTS

Asia ex Japan team

Hong Kong China team

India team

PORTFOLIOCONSTRUCTION

Tracking error concentration90/120 Forward P/E guidelineStyle exposure – growth/value/momentum/sizeStock score monitoringActive weights – stock/country/sectorPortfolio Liquidity

RISK MANAGEMENT

6

What do we look for in a stock?Stock Research Framework

Pace and durationCompetitive positionOpportunities for realgrowthQuality of earningsCulture of innovation

Clear, credible strategyCompany cultureCorporate governanceDemonstrable track recordAcquisitions and disposals

EV/EBITDA*Price/cash flowPrice/earningsAsset undervaluationSector/market/cross bordercomparison

Capital structureInterest costs andcoverageCashflow generationand usageFuture direction ofinterest rates

FX make-up of assets andliabilitiesFX make-up of revenues andcostsLikely direction of currencyEffect of currency moves oncompetitive position

*Enterprise Value/Earnings Before Interest, Tax, Depreciation and Amortization

Unrecognizedgrowth

Ability to financegrowth

Sensitivity tocurrency

Crediblemanagement

Favorablerisk/reward

GROWTH MANAGEMENT VALUATIONCURRENCYLIQUIDITY

G M VCL

7

Quantitative Inputs and Risk ManagementProcess and Tools

Independent Risk Management

Source: Barings

IND

EPEN

DEN

T

Detailed monthly and ad hocrisk analysis

Regular monitoring of internalguidelines and regulatorylimits

Monthly meeting with CIO

M. ValensiseCIO

Giuseppe TedoneHead of

Quantitative Research

Portfolio Managers

Executive Risk Reports

Implied Alpha & Risk Budgeting

Macroeconomic Sensitivities

Style Exposure Analysis

Style VaR

Portfolio Risk Analysis Tools:

QUANTITATIVEANALYTICS

RISKMANAGEMENT

RISK ANDQUANTITATIVE TOOLS

Ex-ante and proactive use ofquantitative tools

Monthly meetings with IMs onquant input

RiskManagement

QuantitativeResearch

RiskMetrics

Northfield Risk Models

Style Research

Barings Proprietary Tools

J. BurnsCOO

Rob ChambersHead of

Risk Management

Portfolio Managers

8

Asia Ex Japan Screen - ASEAN*Decile 1 stock are the most attractive and Decile 10 stocks are the least attractive 30 Mar 2012

Rank Growth Factors (45%) Value Factors (55%)

ID Name Ranked since RankChange

1-Monthreturn

VaRMom

Liquidity$m Value Growth BAM

Score ASEAN MSCI SEAsia

ActiveWeight

EPS RevFY1

EPS MomNTM

ROA 1YrChg

EarningsYld

CashFlow Yld

DividendYld ROE Cash

Flow ROI

Decile 1 8.96 8.08 0.88 Consumer Discretionary633156 Berjaya Sports Toto 30 Dec 11 0 -0.23% 0.84 1.52 1 3 0.20 -0.20 11.44 0.00 18.3 7.10 8.35 5.72 81.60 0.72 Consumer StaplesB2927P First Resources Lt Npv 30 Mar 12 2 4.09% 4.28 2.33 4 1 1 1.20 1.20 7.69 0.00 10.1 8.45 9.45 1.62 22.20 0.19653567 Pp London Sumatra Idr100.00 30 Sep 11 0 8.49% 2.87 3.44 3 1 2 0.94 0.94 6.67 0.00 38.8 8.66 8.85 0.00 32.74 0.46 EnergyB1359K Ptt Exploration & Prod 30 Mar 12 2 -5.42% 1.19 22.45 2 3 1.27 -1.27 16.14 0.00 -12.5 7.72 16.43 3.09 22.37 0.31642038 Ptt 31 Jan 12 0 -2.48% 1.88 44.43 2 2 2 1.90 -1.90 2.24 0.00 12.7 10.43 17.30 3.04 18.94 0.22642039 Ptt Public Company Thb10(Alien Mkt) 30 Sep 11 0 -3.40% 1.06 0.01 2 2 2 1.86 1.86 2.24 0.00 12.7 10.43 17.30 3.04 18.94 0.22B0300P Thai Oil 29 Feb 12 0 -4.61% 2.75 23.15 1 1 2 0.37 -0.37 10.10 0.00 55.7 10.04 18.37 4.11 18.69 0.16 FinancialsB29Y9F Alam Sutera Realty Idr100 30 Mar 12 2 8.77% 7.05 6.46 4 1 1 1.42 1.42 40.00 0.00 59.3 5.43 12.47 0.00 24.33 0.66 IndustrialsB29TTR Sime Darby 29 Feb 12 0 0.52% 1.36 34.47 4 1 2 1.78 1.66 0.12 10.00 0.00 239.7 7.36 9.46 3.08 17.87 0.14B1VT03 Yangzijiang Shipbuild 30 Mar 12 3 -2.21% 1.65 22.83 2 2 2 0.49 0.39 0.10 15.79 0.00 4.8 15.56 16.55 4.15 30.65 -0.19 Materials617802 Resource Alam Ind Idr50 30 Sep 11 0 -13.50% 8.25 1.58 4 1 2 0.50 0.50 33.33 0.00 44.1 6.38 7.04 1.24 93.41 2.14 Telecommunication Services641256 Advanced Info Service 30 Sep 11 0 15.00% 6.28 21.08 3 1 1 1.03 -1.03 36.67 0.00 30.5 4.07 8.45 5.55 56.60 1.28641259 Advanced Info Serv. Fgn 30 Sep 11 0 14.47% 6.20 0.02 3 1 1 0.76 0.76 36.67 0.00 30.5 4.07 8.45 5.55 56.60 1.28608624 Digi.Com 30 Mar 12 1 1.00% 3.86 10.24 3 2 0.80 -0.80 8.93 0.00 5.1 3.97 7.67 4.31 88.87 2.35628486 Globe Telecom 30 Mar 12 4 -2.24% 3.14 1.82 2 2 0.17 -0.17 11.54 0.00 -0.3 6.53 18.80 5.53 20.64 0.32B1CNDB Starhub 31 Jan 12 0 5.44% 1.92 5.45 1 3 0.29 -0.29 2.08 0.00 20.1 5.94 12.00 6.45 1396.02 1.37

Decile 2 18.60 15.40 3.19 Consumer Staples609249 Astra Agro Lestari 29 Feb 12 0 4.71% 0.93 3.04 2 4 0.19 -0.19 0.83 0.00 2.7 6.54 8.60 4.03 29.55 0.43616447 Golden Agri Resources 30 Mar 12 1 7.53% 2.28 40.32 2 4 1 1.97 0.81 1.16 0.00 0.00 -27.1 16.68 17.92 2.00 15.80 0.08 EnergyB29SK7 Indo Tambangraya Megah 29 Feb 12 0 0.23% 0.62 6.98 1 6 1 1.05 0.36 0.69 -2.50 0.00 125.5 9.69 10.57 3.62 42.57 1.22 Financials

Fund Weight

BAM Proprietary Quant ScreenComplements qualitative screening & also used as cross check on existing holdings

1,6001,8002,0002,2002,4002,6002,8003,0003,200

Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

IDR

2700

2900

3100

3300

3500

3700MYR

London Sumatra Indonesia Crude Palm Oil (RHS)

•Stock upgraded to Decile 1 from 4 in Jun 2011 => potential GARP idea•Top down view on CPO was early 2012 better entry•Qualitative and Quantitative views aligned by Feb2012 => BUY

Source: Barings, Bloomberg, Factset, April 2012

Decile 1 stock sinceend May 2011

Bought in Feb

9

-0.06

-0.44

-0.02

0.35

-0.24

0.04

0.39

-0.12

0.320.360.15

-0.40

0.470.470.28

-0.08-0.04-0.09

-0.6-0.4-0.2

00.20.40.6

Book

to P

rice

Div

iden

d

Earn

ings

Yld

IBES

Eng

s

C'F

low

Yie

ld

Sale

s to

EBIT

DA

to

Rtn

on

Equi

ty

Earn

ings

Inco

me/

Sale

s

Sale

s

IBES

12M

th

IBES

1Yr

Mar

ket C

ap

Mar

ket B

eta

Mom

entu

m

Mom

entu

m

Deb

t/Equ

ity

Styl

e Ti

lt™

0

10

20

30

40

50

Large Value Large Growth Small Value Small Growth

% WeightPortfolio Benchmark Coverage

Style Exposure Analysis & Style VaRThe Style Analysis & Style VaR provides a bottom-up based view of the portfolio’s relative tilts to the mostimportant style factors; and the risks associated with those exposures

Source: Barings, MSCI, Style Research, 31 March 2012

Is the portfolio consistent with the Barings GARP investment approach?

Portfolio Relative Value at Risk Breakdown

1.0%

2.7%

5.4%

7.2%

10.0%

8.7%

18.7%

0.2%

0.9%

1.2%

4.2%

4.7%

4.7%

9.4%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

Value VaR

Growth VaR

Size VaR

Momentum VaR

Total Style VaR

Tracking Error

Total Relative VaR

Relative VaR at 84% and 95% Confidence

Portfolio Style Exposures

0.35

0.22

0.69 -

0.31

-0.80 -0.60 -0.40 -0.20 0.00 0.20 0.40

Value

Growth

Size

Momentum

standard deviations from MSCI AC Asia Pacific

10

Implied Alpha Analysis

Check that the portfolioreflects the portfoliomanager views

Learn about risk/returntrade-offs

Risk budgeting atCountry, Sector andstock level

The Implied Alpha Analysis is based on the concept of reverse portfolio optimisation and provides a usefulguide to the strength of the bet taken on individual stocks, countries and sectors within the portfolio

Source: Barings, MSCI, Northfield System, 31 March 2012

Is the portfolio well diversified and efficient?

-15.0%-10.0%

-5.0%0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%

Indu

stria

ls

Con

sum

er

Discr

etiona

ry

Mat

erials

Info

rmat

ion

Tech

nology

Ener

gy

Hea

lth C

are

Utili

ties

Con

sum

er S

taples

Teleco

mm

unicat

ion

Serv

ices

Fina

ncials

Active Wgt % Cont. to TE

Name Sector Country Beta tobenchmark

AnalystScore

% contribto trk err.

ImpliedAlpha

Alam Sutera Realty Financials Indonesia 1.589 1 6.80% 11.22%Singapore Telecommunications Ltd. Telecommunication Services Singapore 0.697 1 5.98% -3.66%Alliance Global Group Inc. Industrials Philippines 1.346 1 4.38% 7.51%DMCI Holdings Inc. Industrials Philippines 1.520 2 4.17% 8.35%Summarecon Agung Consumer Discretionary Indonesia 1.361 1 4.06% 7.87%First Resources Ltd. Consumer Staples Singapore 1.534 1 3.70% 7.22%IndoFood Sukses Makmur Consumer Staples Indonesia 1.584 #N/A -1.46% 7.65%Keppel Land Ltd. Financials Singapore 1.847 #N/A -1.58% 9.37%Bumi Resources Energy Indonesia 2.266 #N/A -3.93% 11.98%Baring China A-Share X USD [UNASSIGNED] Ireland 0.720 #N/A -4.49% -3.07%U.S. Dollar [CASH] [Cash] 0.000 #N/A -7.49% -7.90%

11

5,000

15,000

25,000

35,000

45,000

55,000

65,000

Jul-08 Jun-09 May-10 Apr-11 Mar-12

IDR

0

10

20

30

40

50

60

70

80

90M

Volume (M) - RHS Price (IDR) - LHS

Added

Investment Philosophy and ProcessAn example

GLCMV Research frameworkGrowth (+) : volume + price

Liquidity (+) : net cash balance sheet

Currency (-) : marginally negative

Management (+) : good track record

Valuation (+) : 7x PER in 7% dividendyield in March

Indo Tambangraya Megah

Historical performance

Performance Source: Factset as at 14 March 2012, please see Important Information

SPGMATERIALS: positivesecular view, Score (2)in March 2009

Asian TeamGovt small minesclosure in ChinaChinese coal importsgrowth sustainable

Conviction to Add in Mar 09 trough

12

ASEAN – Association of South East Asian Nations

1.1

1.7

1.1

0.7

0.7

1.7

1.1

1.5

3.3

1.9

5-yr CAGR(%)

3469

2255

1362

5281

804

8617

912

1204

50714

36521

GDP percapita (US$)

242.3

94.9

88.8

69.5

48.3

28.9

14.3

6.3

5.2

0.4

2010 pop.(m)

Indonesia

Philippines

Vietnam

Thailand

Myanmar

Malaysia

Cambodia

Laos

Singapore

Brunei

Country

Source: UBS as at April 2012

ASEAN population and five-yearhistorical CAGR

A diverse group, commonality of superior growth prospects

Population in millions, 2011

0

400

800

1,200

1,600

Rus

sia

Bra

zil

US

A

Eur

oar

ea

EU

27

Ase

an

Indi

a

Chi

na

Population millions, 2011

GDP in USD billion, 2011

0

2,000

4,000

6,000

8,000

Rus

sia

Indi

a

Ase

an

Italy

Bra

zil

UK

Fran

ce

Ger

man

y

Japa

n

Chi

na US

GDP (USD bn, 2011)USD 15,065bn

13

DemographicsRising Income

Middle class in ASEAN and as % ofpopulation

Source: CLSA as at March 2012

Exponential rise in consumption

0 5 10 15 20

Singapore

Malaysia

Thailand

Philippines

Indonesia

(%)

Nominal discretionary spending powerMiddle class

Growth in middle-class and nominaldiscretionary spending power, 2010-2015CL

20152010CAGR(%)20152010as % of populationin million

Middle Class population

25.617.78.8157103ASEAN7.1

5.6

0.9

9.2

7.1

5

7.1

12.9

7.1

1.5

7.4

32.2

5.1

20.3

3.1

18.9

0.4

68.4

0.8

0.4

6.0

36

100

14

4.5

53

5.0

16

4.0

100

8.2

46

100

20

6.1

63

6.7

28

5.3

100

5.3

24.5

4.8

13.1

2.2

14.8

0.3

37.2

0.6

0.4

Vietnam

Thailand

Singapore

Philippines

Myanmar

Malaysia

Laos

Indonesia

Cambodia

Brunei

14

ASEAN: Deleveraging over last 10 yearsIndonesia: Posterchild of ASEAN

Indonesia: Public Debt to GDP

Source: Morgan Stanley as at April 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

% ofGDP

Public Debt: Domestic Public Debt: External

0%

10%

20%

30%

40%

50%

60%

70%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Bank Credit:Household Bank Credit:Corporate

Indonesia, % of GDP

Credit penetration is lowest inthe region

6

7

8

9

10

11

12

13

Jan-

03Ju

l-03

Jan-

04Ju

l-04

Jan-

05Ju

l-05

Jan-

06Ju

l-06

Jan-

07Ju

l-07

Jan-

08Ju

l-08

Jan-

09Ju

l-09

Jan-

10Ju

l-10

Jan-

11Ju

l-11

Jan-

12

%

3

4

5

6

7

8

9

10

11%

Policy Rate Core Inflation (RHS)

Core inflation & policy rate – on astructural decline

15

2012 Investment Outlook

Positives- Strong domestic demand suggest better ability to mitigate Developed Economies

slowdown/recession

- ASEAN markets generally have less global cyclical exposure

- Fiscally robust enough to pump prime- Valuations still attractive despite strong performance

- Monetary easing commenced in Thailand, Indonesia and Philippines

Key risks:- External shocks e.g. Europe Sovereign debt concerns?

- Policy risks e.g. inflation management; poor execution/implementation on infrastructure- ASEAN markets have outperformed 4 consecutive years*. Crowded trade?

- Political – likely elections in Malaysia in 2012, potentially in Thailand?

* comparing with MSCI Asia ex Japan, April 2012.

16

ASEAN:Exposure to Global Cyclicals versusDomestics

35%12%19%14%0%19%Singapore

32%0%27%20%18%4%Indonesia

10%4%5%22%15%44%Taiwan

27%8%12%12%23%18%MXAPJ35%0%11%7%46%0%Thailand

21%25%35%19%0%0%Philippines30%5%30%22%5%8%Malaysia

15%2%5%10%20%49%Korea21%6%13%16%29%15%India20%41%13%16%0%10%Hong Kong36%8%15%14%22%5%China37%8%12%5%38%1%Australia

Rate-SensitiveFinancials

Asset- SensitiveFinancialsDefensivesDomestic

CyclicalsCommodity

CyclicalsGlobal Cyclicals

2012 earnings weights by markets and macro slices

ASEAN earnings/markets less vulnerable to global slowdown

Sources: Factset, I/B/E/S, MSCI, GS Global ECS Research estimates as at September 2011

17

Indonesia: Underperformed YTD over Fuel Price HikeConcerns

N.A-0.60%6.10%0.60%MSCI Indo relative 3M after2

-12% (YTD)14.40%1.90%-1.30%MSCI Indo relative 1M before2

N.A6.25%5.11%5.87%GDP growth (yoy) 1Q after2

6.39% (e)6.30%5.84%5.96%GDP growth (yoy) before2

1.8% (4W)2.5% (4W)5.1% (4W)5.1% (4W)

2.0% (2W)3.1% (2W)7.5% (2W)7.5% (2W)Incremental fuel expense as % ofincome, for lowest bracketmotorcycle/car owners3

3469223713001300GDP per capita (US$)2

N/A+1.5ppt+2.75ppt+0.8pptPolicy response (to the peak)2

3ppt (estimated)3.1 ppt9.3 ppt1.6 pptCPI change (to the peak)2

33.30%33.30%87.50%32.60%% Change1

4,500 (6000)4,500 (6000)2,400 (4500)1810 (2400)Price before (after)1

April, 2012May 25, 2008October 1, 2005March 1, 2005

1 Source: Citi, as at March 20122 Source: Bloomberg, Barings, as at March 20123 Source: Deutsche Bank, as at March 2012

Historical experience suggest limited impact to market performance

18

Key Investment Themes

ASEAN Healthcare- Hospitals both domestic secular growth and medical tourism play

Consumer / Modern Retailing- Mitra Adiperkasa, Home Product

ASEAN Tourism- Genting Singapore, Minor International, AirAsia

Infrastructure Plays- Semen Gresik, Indocement, Jasa Marga, DMC Holdings, Sino-Thai

Agriculture- Golden Agri, Charoen Pokphand Food, Olam

Asset reflation/Rising home ownership from falling interest rates- Summarecon Agung, Ciputra Development, Alam Sutera,

Frontier Exposures: Vinamilk (Vietnam), John Keells, Sampath Bank (Sri Lanka)

19

ASEAN HospitalsDefensive growth

India19%

Thailand38%

Singapore33%

Malaysia2%

Philippines8%

Global medical tourist expenditures

Source: Credit Suisse as at April 2012

20

35

58

0

1020

3040

5060

70

2006 2009 2012E

US$ bn

20% CAGR

SE and South Asia medical tourist expenditures

2.0

4.2

9.0

0

2

4

6

8

10

2006 2009 2012E

US$ bn

28% CAGR

Market share of medical tourism - Southeast andSouth Asia

Thailand has competitive pricing

43.512.012.09.0Hip replacement40.512.510.08.5Knee replacement

9.0

13.0

13.0

19.3

SG

62.5

57.5

159.5

125.0

USA

Spinal fusion

AngioplastyHeart valve replacementHeart bypass

Average (‘000 US$) THIN

7.05.5

13.011.0

10.39.3

11.510.0

Medical tourism an ASEAN strength supplementing domestic growth

20

ASEAN HospitalsDefensive GrowthThai healthcare expenditureper capita

Source: (Upper) World Health Organisation (WHO), UBSas at April 2012; (Lower) Ministry of Health, Credit Suisseas at April 2012

Added

Tooksomeprofit

Bought

405060708090

100110120

Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

THB

3504505506507508509501050

IndexBGHMSCI Thailand

Healthcare penetration

Bangkok Dusit Medical Service(BGH): Price Performance

As the market leader, Bangkok Dusit MedicalServices is well positioned to benefit from theincreasing spending in private hospital sector.

BGH plans to add 270 beds (7% of total) over2 years in the Eastern and Southernprovinces.

The company is in a good position toconsolidate the smaller player and cement itsmarket leadership

Bought

4

5

6

7

8

9

10

Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

THB

300350400450500550600650700750

IndexKHMSCI Thailand

Bangkok Chain Hospital(KH): Price Performance

Bangkok Chain Hospital operates six privategeneral hospitals and serves patients undersocial security scheme.

Public sector hospitals have becomeoverburdened due to rapid demand growthoutpacing the supply growth. Given its mid-market focus, KH is well positioned forpatients trading-up from overburdened publichospitals.

KH aims to open a new 324 bed premiumhospital in 1H 2012, which is a 26% increaseto KH’s total beds

Performance Source: Factset as at 19 April 2012

21

0500

1000150020002500300035004000

Indo

nesi

a

Phi

lippi

nes

Thai

land

Mal

aysi

a

Sin

gapo

re

Chi

na HK

Aus

tralia

Can

ada

US

A

Ger

man

y

Squaremeter

-5

101520253035404550

Indi

a

Indo

nesi

a

Phi

lippi

nes

Thai

land

Mal

aysi

a

Sin

gapo

re

Chi

na

Hon

gkon

g

Aus

tralia

Can

ada

US

A

Ger

man

y

Starbucks KFC Mcdonalds

ASEAN Modern RetailersA Secular Growth Theme

Retail space per thousand population No. of F&B outlets per millionpopulation

Source: Euromonitor, Barings, as at March 2012

Multi year growth story for these franchises

22Performance Source: Factset as at 26 April 2012

Fund Holding Stock ExampleMitra Adiperka (MAPI)

MAPI is the largest lifestyle retailer in Indonesiaby number of brands, with a portfolio includingdepartment store, fashion goods and F&B.

It provides a rare direct exposure to thediscretionary consumption growth in Indonesiadue to the rising middle class.

Both revenue and profits are expected to grow atover 20% for the next few years, on the back ofdouble digit growth in retail space and singlestore sales.

Portfolio includes Starbucks, Zara, Sogo, Seibu,etc

Price performance

Bought

Added

Added

1,800

2,400

3,000

3,600

4,200

4,800

5,400

6,000

6,600

7,200

Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

IDR

2,600

3,900

5,200

6,500

7,800

9,100

10,400Index

MAPI MSCI Indonesia (RHS)

23

ASEAN InfrastructureMultiyear Growth Thematic

2010-2014 PPP Book Infrastructure as % of GDP

Source: Deutsche Bank, as at March 2012

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2005 2006 2007 2008 2009 2010

Philippines Indonesia India China

Underinvested and about to take off

PotentialProjects

PriorityProjects

Projects ReadyFor Offer

Sector / Sub Sector ProjectCost

(US$mn)QTY

ProjectCost

(US$mn)QTY

ProjectCost

(US$mn)QTY

3892972833327361Total

40455--------Power

--

--220

522

--

7592

--

--

--

--

47299Investment, US$mn

--

--3

6

--

18

--

--

--

--

--

----

--

--

--

--

36

--

--

--

--3

18

--

17

9

11

2

7

--

--57

1328

--

19261

9547

2859

274

1558

--

----

--

--

--

--

1

--

--

Oil and Gas

TelecommunicationSolid Waste/Sanitation

Water Supply

Water Resources

Toll Road

Railways

Marine Transport

Land Transport

Air Transport

Source: Morgan Stanley, CLSA, Barings, as at March 2012

24Performance Source: Factset as at 26 March 2012

Fund Holding Stock ExampleJASA Marga (JSMR)

JSMR is the largest toll road company inIndonesia, controlling total length of 545km or72% of Indonesian toll roads.

Organic growth comes from 3-4% traffic volumeincrease per annum and bi-annual tariffadjustment at inflation rate.

JSMR have nine toll road projects totaled 215kmin the pipeline, providing significant medium termgrowth.

Price performance

Bought

Added Added

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

IDR

2,8003,3003,8004,3004,8005,3005,8006,3006,8007,3007,8008,300

Index

JSMR MSCI Indonesia (RHS)

Indonesia n toll road summary

2

1

No

28,1723,12385TOTAL

17,375

10,797

28,172

N.A.

Investment(US$ m)

- Tender

- Under development

In the pipeline

Operational

Status Length(km)

No. ofSections

1,39932

97225

2,37257

75128

25

Baring ASEAN Frontiers FundCountry and Sector Allocation Strategy(as at 31st March 2012)

Source: Barings as at 31 March 2012*MSCI South East Asia Total Net Return Index

13.0

15.2

15.8

--

--

--

--

9.6

11.5

13.4

-0.6

5.6

13.4

--

--

--

--

9.8

13.4

9.0

EPSGrowth

12 monthforwardPE (x)

11.8

13.9

16.6

--

--

--

--

17.2

16.6

25.3

ROE

2012E (%)

14.720.0Thailand

Weight (%)

36.325.9Singapore

24.015.1Malaysia

5.54.3Philippines

--0.2Other

--0.9Vietnam

--2.3[Cash]

Bench-mark

Index*Portfolio

--2.7Sri Lanka

--3.4China

19.525.2Indonesia

Country Positions

--3.6[Funds]

29.124.5Banks

4.5--Utilities

10.51.3Telecom Services

0.42.4Health Care

4.77.9Materials

Weight (%)

6.210.5Real Estate

2.00.7Div. Financials

37.335.7Financials

7.06.0Energy

10.110.4Consumer Staples

9.810.5Consumer Disc

Bench-markIndex*

Portfolio

--2.3[Cash]

15.719.9Industrials

Sector Positions

5.7

5.3

3.4

2.7

2.3

0.9

0.2

-1.2

-8.9

-10.4

Underweight Overweight

-1.0

-1.6

4.3

-1.3

-4.6

-4.5

-9.2

4.2

3.6

3.2

2.3

2.0

0.7

0.3

Underweight OverweightUnderweight Overweight

26

Baring ASEAN Frontiers FundPortfolio Characteristics (as at 31st March 2012)

Portfolio Characteristics Market Capitalization Comparison

Risk Summary

* Benchmark Index: MSCI South East Asia Total Net Return Index.Source : MSCI, Style Research, Barings

Portfolio(%)

BenchmarkIndex* (%)

Over US$10 bn 42.8 61.8

US$1-10 bn 43.9 38.2

Below US$1 bn 11.0 --

Weighted Avg (US$ bn) 10.8 14.7

Tracking Error vs. Benchmark Index 4.7

Beta vs. Benchmark Index 1.1

Portfolio Risk 29.1

Benchmark Index Risk 26.0

10.9%16.6%EPS Growth(12 Mth Fwd)

Portfolio(%)

BenchmarkIndex* (%)

Forward P/E 12.8x 13.8x

Price/Book 2.2x 2.1x

ROE 21.7% 21.2%

27

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