Category: Unit Trust

Objective: To provide capital growth by investing in Europe excluding the United Kingdom. Investment Policy: To invest at least 75% of the fund directly or indirectly in the shares of smaller companies incorporated, listed, or exercise the predominant part of their economic activity in Europe excluding the United Kingdom. Smaller companies are companies in the bottom 30% market capitalisation of European listed companies (excluding the United Kingdom). The Fund’s exposure to indirect investments may be gained through other funds (including those managed by Barings or associated companies), transferable securities and derivatives. The Fund is actively managed and the investment manager has discretion in the choices of investments in order to achieve the fund’s objective and is not constrained by a benchmark. The Fund aims to select attractively priced companies with long term growth prospects typically following a strategy known as Growth at a Reasonable Price (GARP). The Fund’s strategy focuses on companies with well- established business franchises, strong management and improving balance sheets. The remainder of the fund may invest outside of Europe (including in the United Kingdom), as well as in larger companies, and in bonds (such as those issued by governments, sovereigns, supranationals and companies globally) and cash. The fund may use derivative instruments for both investment and hedging purposes. The return on a derivative is linked to movements in an underlying instrument referenced by the derivative such as currency or interest rates. The base currency of the fund is GBP. Share Class Currency Hedging:This share class is not hedged. Therefore the performance of this share class will be impacted by foreign exchange rate fluctuations between the share class currency and the base currency of the fund. Distribution Policy: Income will be declared and distributed as a dividend semi-annually. Dealing Frequency: Daily. Investors can buy and sell their shares on demand on each Business Day (as defined in the prospectus and supplement). Benchmark: EMIX Smaller European Companies Ex UK (Total Gross Return) Index. The Fund is actively managed and is not designed to track the benchmark therefore the Fund's performance may deviate materially from the benchmark. The investment manager has complete discretion in making investments and is not constrained by the benchmark. The fund may invest significantly in instruments which are not included in the benchmark. The benchmark is used only for risk management and performance comparison purposes. The investment manager may consider, for example, issuer exposures, sector weights, country weights and tracking error in each case relative to the benchmark but does not use the benchmark as an investment limitation. For full details on the Objective, Investment Policy and the Distribution Policy please refer to the prospectus.