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Real Estate Equity Securities

Presented to:

Bay County Employees’ Retirement SystemOctober 16, 2018

1For investment professionals only. CONFIDENTIAL

Barings Real Estate is one of the largest global real estate platforms with local, experienced investment professionals; asset, operations, project management, and research teams in core, value-add and opportunistic strategies across property sectors and structures

• Currently more than $43 billion (as of June 30, 20181) in assets encompassing private and public real estate debt and equity interests.

• Manages commingled fund and direct separate account strategies.

• More than 200 institutional real estate investors worldwide.

• 350+ dedicated professionals. 30 local offices in 11 countries.

Relationship Summary:• Barings awarded a US REIT mandate funded October, 2008.

• Total contribution of $5.3 million; Total withdrawals of $9.0 million.

• Initial contribution of $4.0 million in 2008; Additional contributions of $1.0 million in 2010 and $0.3 million in 2013.

• Withdrawals of $5.8 million in 2015,$2.2 million in 2016, and $1.0 million in 2017.

• Account value as of September 30, 2018: $6.3 million.

• Since inception annualized total return of 12.57% net of fees vs. the FTSE NAREIT Equity return of 11.79%.

Leveraging the Barings Real Estate Securities Platform: • Barings Real Estate Securities Group is a team of experienced, real estate investment professionals strategically located in offices worldwide.

• Baring’s Real Estate Securities Group utilizes an in-house developed, research intensive investment process that capitalizes on the broad capabilities of the overall Barings Real Estate platform.

• Barings currently manages $1.5 billion in listed real estate assets in retail and institutional mandates.

Executive Summary

Barings Real Estate is the marketing name that describes the real estate advisory business of Barings LLC and its subsidiaries

As of September 30, 2018.


Table of Contents

Section I: Real Estate Securities Platform

Section II: Market Review and Outlook

Section III: Bay County Retirement System Portfolio Positioning and Performance

Section IV: Appendices

Section I –Real Estate Securities Platform

4For investment professionals only. CONFIDENTIAL 4For investment professionals only. CONFIDENTIAL

Who We Are

As of June 30, 2018.

Barings is a $306+ BILLION global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build LASTING PARTNERSHIPS that leverage our distinctive expertise

across traditional and alternative asset classes to deliver innovative solutions and exceptional service.

Part of MASSMUTUAL, we have the financial stability and flexibility to take a long-term approach.

1,800+ professionals across offices in 16 countries

Barings’ GLOBAL FOOTPRINT gives us a broader perspective, access to a diverse set of opportunities and the ability to truly partner with our clients to invest across global markets.

INVESTMENT OFFICES

GLOBAL HEADQUARTERS

OTHER LOCATIONS

5For investment professionals only. CONFIDENTIAL 5For investment professionals only. CONFIDENTIAL

Our Investment Capabilities


Barings leverages its DEPTH AND BREADTH OF EXPERTISE across the global fixed income, alternative investment and equity markets to help our clients achieve their investment goals.

Decades of experience investing in alternative assets and offering our clients

differentiated opportunities across private equity, real assets, asset-based investments

and the four quadrants of real estate.

• Private Equity / Real Assets• Funds & Co-Investments• Real Estate

Focused on building high-conviction, research-driven equity solutions for our clients, with a long history of being early

investors in new and established markets.

• Global Equities• Emerging & Frontier Equities• Small-Cap Equities• Active Quant Equities

Platform spans public and private debt markets and boasts some of the industry’s largest investment teams, with strategies ranging from investment grade to high yield across developed and emerging markets.

• Global High Yield Bonds & Loans• Structured Credit• Global Private Credit• Emerging Markets• Global Investment Grade

ALTERNATIVE INVESTMENTS$52.2 B

EQUITIES$23.7 B

FIXED INCOME$223.9 B

Our expansive asset market coverage, including our global fixed income presence and high active equity expertise in international and emerging markets, contributes to our strength in multi-asset investing. This encompasses solutions such as income, target return and absolute return.

MULTI ASSET$6.5 B

6For investment professionals only. CONFIDENTIAL 6

Barings Real Estate Platform Highlights

BAI

Focus on delivering consistently attractive risk adjusted returns given our relative value approach across the global real estate market

1. RML, CMBS investment grade and REIT debt AUM totaling $5.4 billion has shifted from Barings Real Estate to the Barings Fixed Income team effective May 2018.


Key Stats

$43B1

Assets Under Management

350+Dedicated

Professionals

200+Institutional

Investor Clients

30Local offices in

11 countries

24+Years cycle-tested

track record

GLOBAL FOUR QUADRANT INVESTOR:• Private Equity, Private Debt, Public Equity, Public Debt

• Core, Core+, HY Debt, Value Add, Opportunistic and Securities

• Market Access, Information Advantage, Tailored Solutions

TOP DOWN BOTTOM / UP APPROACH:• House view, relative value drives preferred strategies

• Research, asset management, and origination with local teams

Global Platform With Local Execution

Multi-Family, Office, Industrial, Retail, Hotel, Self Storage

7For investment professionals only. CONFIDENTIAL 7

Barings Real Estate: Organization

BARINGS REAL ESTATE

$43.2B AUM

Scott Brown, CFAGlobal Head of Real Estate

Accounting Acquisitions Asset Management

PortfolioManagement Engineering Legal Research Risk

Management Valuation

PRIVATE EQUITY PRIVATE DEBT PUBLIC EQUITY PUBLIC DEBT

Mike ZammittiHead of U.S. Real Estate Equity

Rob Little, CFAHead of Core Debt

Dave Wharmby, CFAHead of Global Equity Securities

Tom Zatko, CFA, MAIHead of Public Debt

Charles WeeksHead of Europe Real Estate

Dean DulchinosHead of Structured Real Estate Investments

152 Investment Professionals 54 Investment Professionals 10 Investment Professionals 6 Investment Professionals

$15.2B in AUM $26.2B in AUM $1.7B in AUM $0.1M in AUM

1. RML, CMBS investment grade and REIT debt AUM totaling $5.4 billion has shifted from Barings Real Estate to the Barings Fixed Income team effective May 2018.



Real Estate Securities Team

Deep Experience with Broad Real Estate Investment Capabilities

1. Employed by Barings Real Estate Advisers Europe Finance LLP, but dedicated to the Barings Real Estate Securities Group.2. Employed by affiliate entity Barings Investment Advisers (Hong Kong) Ltd., but dedicated to the Barings Real Estate Securities Group. 3. Trading and some operational support is managed by OppenheimerFunds, Inc. (“OFI”). OFI AUM and number of traders is as July 31, 2018.As of September 30, 2018.

Henry Burgers, CFAPortfolio Manager1

Bill Gustafson, CFAPortfolio Manager – Americas

Kevin Ryan, CFAHead of Real Estate Product Management - Equity

Guido BuntePortfolio Manager, Europe1

James JohngPortfolio Manager – Americas

Tom DugganAssociate Director, Real Estate Portfolio Management

Rico KanthathamManaging Director & Portfolio Manager - Asia-Pacific

Mike Marron, CPAPortfolio Manager - Americas

Trading 3

OppenheimerFunds, Inc.

Anna Zhong, CFAPortfolio Manager - Asia-Pacific2

Rene St. MarieSenior Portfolio Analyst

The Real Estate Securities Team is supported by a trading desk representing $249b of Global Assets3

Enoch Chan, CFASenior Equity Analyst - Asia-Pacific2

Jennifer Avery, CIPMSenior Portfolio Analyst

The equity-trading desk is staffed by 12 experienced equity traders, comprised of six domestic equity traders, five global equity traders and one non-core/derivatives specialist.William Kuo, CFA

Equity Analyst

Dave Wharmby, CFAHead of Real Estate Equity Securities, Portfolio Manager

Research & Investment Strategy

Michael GatelyHead of Real Estate Research

Supported by nine members of the Real Estate Research and Strategy Teams

Private Equity and Debt, Public Debt Origination and Asset Management

26 Offices Globally

Integrated multinational investment team located regionally in the United States, Amsterdam, and Hong Kong. Strong team culture with the ability to leverage resources of one of the largest four quadrant real estate managers.

Section II – Market Review and Outlook


Q4 2018 Barings Real Estate House View – Global Economic Outlook

Source: Barings Real Estate Research, Oxford Economics (September 2018).

2019/20 growth outlook is solid off “peak” cyclical growth in 2018, country forecasts diverge • Fundamentals and sentiment remain strong globally despite trade tariffs, geopolitical stresses• Momentum slows but remains strong in Europe• Strong U.S. growth fuels inflationary pressures, rates hikes and labor shortages• China’s near term prospects are solid despite U.S. tariff stance• Fed hikes rates on track as wage inflation becomes evident • ECB takes first steps towards normalization with messaging • Inflation indicators heat up globally

Risks remain concentrated in the political and policy arenas • Potential U.S./China trade war, Brexit uncertainty, emerging markets debt • Potential for a Fed Policy misstep• U.S. mid-term elections in November 2018

Global growth trends and Central Bank policies diverge

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Source: Barings Real Estate Research, Moody’s Analytics, Oxford Economics, Bureau of Labor Statistics , Conference Board. (September 2018)

Robust leading indicators, strong sentiment support near-term growth

• Late cycle fiscal stimulus fuels sentiment, labor markets, and asset prices

• Near-term bump in growth although longer-term tight labor markets will constrain growth

• Consumers are upbeat owing to wage gains, housing values and stock prices

• Yield curve flattens, consistent with slow to moderate growth

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CONSUMER CONFIDENCE INDEX


High-Frequency Indicators Point to Growth

Trends in housing, employment, leading indicators and consumer sentiment

Source: Barings Real Estate Research, Moody’s Analytics (all data 3 month moving averages, September 2018).

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U.S. Property Sector Fundamentals Update and Outlook

Maturing and evolving recovery; strong broad-based gains in industrial, slower recovery in retail

1 “Diffusion Index” is a measure of the breadth of recovery, equal to the percentage of metros tracked by CBRE-EA with vacancy declining over the past year.

Retail2Q vacancy down slightlyVacancy has trended up through much of 2018. Consumer fundamentals and retail sales are improving, with shifting retail formats and consumer behavior keeping retail space demand fluid.

Industrial2Q vacancy 7.2% remains near 17 year lowE-commerce boosts demand and rents nationally and fuels increasingly active supply. Forecasts expect a moderate rise in vacancy and continued rent growth as vacancies are at record lows in several major markets.

Source: Barings Real Estate Research, CBRE-Econometric Advisors (2Q 2018).

VACANCYSUPPLY GROWTH

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2 Year Forecast (L) Long-term Average Vacancy (L)

Diffusion Index¹ 2Q 2018(R)

Office2Q vacancy down 10bps to 13.0%Balanced near term outlook, with wide variations across markets and submarkets. New office supply remains moderate and is concentrated in several major market CBDs.

Apartment2Q vacancy down 30bps to 4.7%Markets remain tight with new supply being absorbed, though we see moderate softening as the supply cycle peaks in 2018. Near-term outlook: Moderating rent growth and slightly softer occupancies, very active supply pipeline.


Supply Growth - Up From Historical Lows

Completions (sq. ft. or units delivered) – levels and as a % of stock (a.k.a. supply growth)

Source: Barings Real Estate Research, CBRE-EA Moody’s scenario (2Q 2018).

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Completions (left axis) % of Stock

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OFFICE



U.S. Institutional Property Returns and Pricing

Investment Considerations and Portfolio Positioning Today …

• Importance of asset level execution and portfolio construction, balancing value creation, cash flow and downside protection

• Return generation requires a shift toward more micro, submarket and property-level (“alpha”) considerations

Key Investment Themes

• Income (in excess of cap rate expansion) becomes the driver of core valuation gains

• Submarket, asset selection, and active asset management are critical

• “Next tier” or adjacencies of neighborhoods in major markets – fundamentals and liquidity

• Repurposing of underperforming assets

• Densifying suburban nodes with a focus on becoming dynamic/desirable “live, work, play” environments

• Structural forces in play impact the nature of tenant demand

• Demographic evolution

Moderating at the national level with evolving opportunity set focused on local and asset-specific value drivers

Cap rates are average appraisal cap rates of apartment, office, industrial and retail in the NPI. Treasury is average end of weekvalues during each quarter. Cap rates through 2Q 2018. Treasury yields through 2Q 2018.

Source: Barings Real Estate Research, Q3 2018 PREA Consensus Forecast, NCREIF, Federal Reserve

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NCREIF PROPERTY INDEX (NPI) CAP RATES ...at historically low levels, narrowing spread to Treasury yields

Spread 10 year Treasury Yield Cap Rate

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NCREIF (UNLEVERED) TOTAL ANNUAL RETURNS

Income return Appreciation return Total return

PREA Consensus Forecast 3Q 2018

6 straight years of double digit index returns


Real Estate Securities Market Performance

1. FTSE EPRA/NAREIT Developed, 2. FTSE NAREIT Equity REITs, 3. MSCI World, 4. S&P 500, 5. Barclay’s Global Agg Corp, 6. Barclay’s U.S. Agg Corp.

Real Estate Indices as Compared to Equity MarketsSeptember 30, 2018


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YTD 1 YR 3 YR 5 YRGlobal Real Estate¹ 0.76% 4.62% 7.15% 6.34%U.S. REITS² 1.81% 3.35% 7.63% 9.16%Global Equities³ 5.89% 11.84% 14.18% 9.89%U.S. Equities⁴ 10.56% 17.91% 17.29% 13.94%Global Bond⁵ -2.78% -1.38% 3.13% 2.18%U.S. Bond⁶ -1.60% -1.22% 1.31% 2.16%

Equities

Real Estate

Real Estate Real Estate

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Equities

Bonds

BondsBonds

Bonds

Source: FTSE, EPRA, NAREIT, Barings Real Estate, Bloomberg. Multi-year returns are annualized.The index performance is represented here, actual performance of the Portfolio will be different. You cannot invest directly in an index.Past performance is not a guarantee of future performance.



U.S. Comparative Sector PerformanceSeptember 30, 2018

Note: 3-year and 5-year data not available for Data Centers, SF Homes and Specialty. These are new index sectors.Source: FTSE, EPRA, NAREITPast performance is not a guarantee of future performance.

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There has been wide performance dispersions across sectors over the past year. Hotel stocks have performed well as investors looked to the positive impacts from the tax bill. Self-Storage results have been strong, but have moderated in the past few months on supply concerns. Regional Malls and Net Lease have performed well on low valuations and improving sentiment for well located retail. Health Care has lagged on weak fundamentals.

RELATIVE PERFORMANCE MOMENTUMTrailing 1, 3 & 5-year returns (annualized)


September 30, 2018

U.S. REIT Valuation

Sources: GreenStreet, Barings

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REIT NAV PREMIUM/DISCOUNT HISTORY

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IMPLIED CAP RATE SPREADS VS. BOND YIELDS

Implied Cap Rate Spread v. 10Yr LT AverageImplied Cap Rate Spread v. Baa Corporate LT Average

VALUATION PROFILE

Sector Implied Cap Rate %

Premium/Discount to NAV %

2018 FFO Growth %

2019 FFO Growth %

Lodging 6.63 (2.86) 1.29 4.22Self Storage 5.52 (8.12) 3.41 3.83Apartment 5.66 (9.92) -0.43 7.39Manu. Homes 4.96 (4.64) 9.49 7.82Single Family Rentals 5.46 (17.60) 13.14 11.18Industrial 4.96 (3.07) 7.29 5.12Office-CBD 5.56 (18.55) 0.73 6.27Office-Suburban 6.77 (8.59) -1.71 4.24Regional Mall 6.10 (16.43) 5.27 3.70Shopping Center 6.67 (10.46) 3.23 2.31Free Standing/NNN 5.87 20.45 7.56 3.31Healthcare 6.35 9.36 -2.71 2.61Data Center 6.47 (4.76) 12.60 15.50Total 5.96 (5.07) 3.90 5.74

• REITs are trading at a discount to NAV, most notably, Retail, Single Family and Office.

• The spread between REIT implied cap rates (6.0%) and 10-Year Treasuries is 280 bps compared to a LT average of 372, while the spread to Baa Corporates of 937 bps is wider than the LT average of 85.

• Internal growth (~2.5%) and FFO growth (5%) are moderating as the cycle matures, with some traditionally non-core sectors, like Data Centers Rentals and Single Family, having better growth prospects.

Source: Barings

Sources: GreenStreet, Barings


NCREIF CAP RATES VS. BOND YIELDS Corporate yields moderate while Treasury yields rise

CRE Pricing Relative to Bonds and Equity REITs

PUBLIC VS. PRIVATE MARKET PRICING OF CRE REIT prices at times can be a leading indicator of property pricing

Corporate bond yield rise and REIT price decline could signal a slowing in property price gains as cap rate compression ends; future valuation gains driven more by improving leasing fundamentals

Source: Barings Real Estate Research, NCREIF, Federal Reserve, NAREIT, Moody’s Analytics (2Q 2018).

NCREIF Cap rate through 2Q 2018, 10 Year Treasury and Baa Corporate Yields through 2Q 2018Monthly data with the property price index (CPPI) and the equity REIT index extending through 2Q 2018.

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Moody's/RCA Commercial Property Index (CPPI)FTSE/NAREIT Equity REIT Price Index


REIT Returns Linked More to Real Estate than Stocks for Medium to Longer Term Investors

Correlations of Equity REIT Returns with Stock and Real Estate Over Different Time Horizons

(Rolling Returns, Quarterly Data 1984:2‐2017:4)

Starting with quarterly total holding period returns for public equity REITs (NAREIT Index), common stocks (S&P 500) and private real estate (NAREIT MIT Transaction Based Index) derived from sales of properties from the NCREIF index, correlations between REIT and stock and REIT and real estate returns were calculated using rolling returns aggregated over increasingly longer periods of time. Time periods of 1 quarter, 4 quarters (1 year), 8 quarters (2 years), 12 quarters (3 years), 16 quarters (4 years) and 20 quarters (5 years) were used. Correlation figures are indicated by the markers in the above chart, with the lines representing interpolated values.Source: Barings Real Estate based on data from NAREIT, S&P, NCREIF and the MIT Center for Real Estate. Rolling Returns, Quarterly Data 1984:2‐2017:4.

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REIT Returns Linked More to Real Estate than Stocks for Medium to Longer Term Investors


Liquid Real Estate With Equity Characteristics

REIT Returns Correlated More With Real Estate Than Equities for Medium to Long Term Investors

Australia Canada France Japan Netherlands Singapore UK U.S.

Australia 1.00Canada 0.61 1.00France 0.62 0.53 1.00Japan 0.33 0.39 0.32 1.00Netherlands 0.67 0.55 0.87 0.33 1.00Singapore 0.51 0.42 0.43 0.43 0.43 1.00UK 0.63 0.48 0.74 0.39 0.72 0.41 1.00U.S. 0.68 0.56 0.56 0.40 0.60 0.41 0.68 1.00

Source for all charts:: Barings Real Estate Advisers, NAREIT, NCREIF. June 2018

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NCREIF Index NAREIT Index

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NAREIT vs. NCREIF Rolling 3 yr Quarterly Correlations - 3 Quarter Lag

Section III – Bay County Retirement System Portfolio Positioning and Performance


U.S. Real Estate Securities Portfolio Composition

Bay County Employees’ Retirement SystemSeptember 30, 2018

Relative to FTSE NAREIT Equity IndexProperty Sector Diversification

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DiversifiedSpecialty

Regional MallSelf-Storage

IndustrialHealthcare

Shopping CentersResidential Finance

InfrastructureApartment

OfficeFree StandingSingle Family

Manufactured HomesHotels

Data Center

Top 10 Holdings

Company Active Over WeightUDR 4.75%Digital Realty Trust 3.55%Extra Space Storage 3.03%Regency Centers 2.81%Sun Communities 2.66%

Company Active Under WeightPublic Storage -3.49%Equity Residential -2.77%Ventas Inc -2.26%Realty Income -1.92%Essex Prop Trust -1.89%

Largest Active Over and Under Weights

Company Sector WeightPrologis Inc Industrial 6.38%Digital Realty Trust Inc Data Center 6.25%UDR Inc Apartment 6.00%Simon Property Group Inc Regional Mall 4.96%Equinix Inc Data Center 4.94%Boston Properties Inc Office 4.47%AvalonBay Communities Inc Apartment 4.31%Extra Space Storage Inc Self-Storage 4.26%Regency Centers Corp Shopping Centers 3.95%Sun Communities Inc Manufactured Homes 3.64%

Total 49.16%

Apartment14.1%

Office 12.3%

Data Center11.3%

Healthcare10.6%Industrial

9.2%

Hotels 8.8%

Regional Mall6.5%

Shopping Centers 5.6%

Net Lease5.5%

Self-Storage4.3%

Other* 11.8%

*Other: Manufactured Homes, Single Family Homes, Specialty, Diversified, Infrastructure, Res. Finance


U.S. REIT Strategy Portfolio Characteristics


CharacteristicsBCERS

Portfolio

NAREIT Equity REIT

Index

Median Market Cap (billion) $7.5 $3.0

Weighted Avg Market Cap (billion) $16.9 $15.2

Top 10 as percent of portfolio 49.16% 34.1%

Active Share 61% N/A

Number of Stocks 38 159

Dividend Yield 3.7% 4.0%


U.S. REIT Strategy Portfolio Performance


The FTSE NAREIT Equity Index is composed of all public equity REITs that trade on the NYSE, NASDAQ, and AMEX stock exchange. FTSE’s methodology for index constituents is available upon request. You cannot invest directly in an index.The Barings Real Estate Securities Gross Returns and the FTSE/NAREIT Equity Index results are reported before the deduction of advisory fees. Barings Real Estate Securities Net Returns are after advisory fees. Fees shown represent accounts with incentive component. 2016 results are preliminary.GIPS Supplemental Information: For more complete information, including that relating to fees, valuations, and other information please see the U.S. REIT Schedule of Composite Performance.Returns of a year or greater are annualized. Past performance is not a guarantee of future performance.

1.74% 1.59%

3.80%

6.79%

9.55%

12.57%

1.89% 2.05%

4.42%

7.43%

10.21%

13.24%

0.79%

1.81%

3.35%

7.63%

9.16%

11.79%

0%

2%

4%

6%

8%

10%

12%

14%

Q3 YTD 2017 1‐Year 3‐Year 5‐Year Since Inception(10/21/2008)

BCERS Portfolio Net Returns BCERS Portfolio Gross Return FTSE/NAREIT Equity REIT Index


Oppenheimer Real Estate Fund Portfolio Attribution

Weight and Return Difference: The fund versus the benchmark during the period. Attribution returns will not match actual fund returns due to cash flows and transactions. Other: includes C-corps, companies not assigned to a FTSE NAREIT Equity subsector for the entire reporting period or companies not included as constituents of the index. This quarter, mostly made up of Hilton Worldwide Holdings, a hotel operating company.Source: Factset, Barings

3‐months12‐months Sector Weight

DiffReturn Diff

Alloc. Effect

Select Effect

Total Effect

Total Fund -- 1.20 1.29 -0.09 1.20

Diversified -5.93 16.36 0.75 0.00 0.75

Timber 0.96 2.59 0.34 -- 0.34

Regional Malls -2.75 5.47 -0.12 0.34 0.22

Infrastructure 3.19 13.69 0.21 -- 0.21

Other 2.74 -0.63 1.00 -0.83 0.16

Health Care -1.56 0.68 1.29 0.15 0.08

Free Standing 0.39 0.42 0.02 0.04 0.06

Apartments -0.59 -1.01 0.17 -0.11 0.06

Manufactured Homes 0.67 -0.19 0.02 0.03 0.05

Office 1.47 0.22 -0.03 0.07 0.04

Single Family Homes 1.97 -0.26 -0.01 0.05 0.04

Shopping Centers 0.84 2.41 -0.11 0.14 0.03

Mortgage Home Financing 0.54 14.10 0.02 -- 0.02

Data Centers 3.07 0.28 -0.18 0.08 -0.10

Specialty -2.10 -5.93 -0.04 -0.10 -0.14

Self Storage -4.53 -11.25 -0.41 0.25 -0.16

Hotels -1.82 2.51 -0.35 0.18 -0.17

Industrial 1.83 -3.59 0.11 -0.39 -0.29

Sector Weight Diff

Return Diff

Alloc. Effect

Select Effect

Total Effect

Total Fund -- 1.19 0.92 0.27 1.19

Self Storage -3.21 -1.33 0.43 -0.04 0.39

Regional Malls -2.60 4.52 0.00 0.28 0.28

Health Care -1.45 2.99 -0.02 0.28 0.26

Shopping Centers -0.54 3.90 0.00 0.21 0.21

Apartments 0.84 1.16 0.04 0.17 0.21

Hotels -0.41 1.92 -0.00 0.12 0.12

Other 2.40 -1.89 0.36 -0.27 0.09

Infrastructure 1.21 4.23 0.06 -- 0.06

Manufactured Homes 1.74 -0.48 0.07 -0.02 0.05

Diversified -4.59 2.40 0.01 0.04 0.04

Mortgage Home Financing 0.98 4.77 0.04 -- 0.04

Data Centers 3.64 -0.72 0.09 -0.07 0.02

Single Family Homes 2.63 -0.40 -0.02 -0.02 -0.03

Free Standing -0.10 -2.31 0.01 -0.09 -0.08

Industrial 0.00 -0.61 -0.04 -0.06 -0.11

Specialty -3.35 -3.46 -0.10 -0.06 -0.15

Office 0.90 -1.69 -0.03 -0.22 -0.25



Barings Real Estate Advisers

A comprehensive partner to Bay County Employees’ Retirement System• Stable, independently operated asset management firm.• Experienced investment team in managing real estate across the entire spectrum.• Strong commitment in the United States.

• One of the largest and most experienced real estate asset managers globally.

• Nimble & focused investment team, philosophy and investment process designed to drive performance.

• Large, on the ground research teams that are close to the market.

• Focus on institutional clients with deep understanding of their objectives.

Barings Real Estate Advisers

Investment Expertise

• Dedicated team in the Unites States to provide same time zone servicing and to coordinate global resources.

• Understanding Pension Fund clients’ reporting needs (regular, ad hoc, manager calls, meetings, etc.).

• Committed to develop long term client relationships through customized knowledge transfer / training programs.

Strategic Support

Global Business Development

Technology Risk Management Legal & Compliance

Global Investment ServicesClient Servicing

Section IV - Appendices


U.S. REIT Strategy Performance


The FTSE NAREIT Equity Index is composed of all public equity REITs that trade on the NYSE, NASDAQ, and AMEX stock exchange. FTSE’s methodology for index constituents is available upon request. You cannot invest directly in an index.The Barings Real Estate Securities Gross Returns and the FTSE/NAREIT Equity Index results are reported before the deduction of advisory fees. Barings Real Estate Securities Net Returns are after advisory fees. Fees shown represent accounts with incentive component. 2018 results are preliminary.GIPS Supplemental Information: For more complete information, including that relating to fees, valuations, and other information please see the U.S. REIT Schedule of Composite Performance.Inception Date: 10/21/2018. 2008 returns shown are partial period and not annualized. Past performance is not a guarantee of future performance.

YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008Gross Total Return 2.05% 5.56% 7.63% 4.27% 33.21% 4.27% 17.41% 9.68% 29.49% 32.12% -6.88%Net Total Return 1.59% 4.93% 6.99% 3.65% 32.44% 3.64% 16.71% 9.03% 28.73% 31.34% -6.99%FTSE NAREIT Equity Index 1.81% 5.23% 8.52% 3.20% 30.14% 2.47% 18.06% 8.29% 27.96% 28.00% -9.51%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Gross Total Return Net Total Return FTSE NAREIT Equity Index


Biographies

David Wharmby, CFAHead of Real Estate Equity Securities

David Wharmby is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Dave is Head of Real Estate Equities Securities, a Portfolio Manager for global real estate securities strategies, a Portfolio Manager for U.S. real estate equity securities strategies, chair of the Real Estate Equity Securities Group Investment Committee and a member of the Capital Markets Investment Committee. Dave has worked in the industry since 1990. Prior to joining the firm in 1996, Dave was Assistant Vice President with L.W. Ellwood & Co./Coopers & Lybrand where he was responsible for managing due diligence and valuation services for institutional investors. Prior to LWE/C&L, Dave was a real estate appraiser with Heberger and Associates. Dave holds a B.S. in Real Estate and Urban Economic Studies and an M.B.A. in Finance from the University of Connecticut. Dave is a member of the CFA Institute, Stamford CFA Society, NAREIT, EPRA and APREA.

William Kuo, CFAAssociate Director

William Kuo is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. William is an Equity Analyst, Real Estate Equity Securities and is responsible for maintaining the stock and sector analytical tools across the Real Estate Equity Securities platform. He also supports the team in analyzing historical trends, valuations, and in model building. William has worked in the industry since 2006. Prior to joining the firm in 2016, he worked on the sell side for six years as a Vice President at Cowen and Company, where he maintained research coverage of the apartment and hotel sectors. His broader responsibilities at Cowen included developing and maintaining the team’s internal historical databases, quantitative studies, and REIT universe summary reports. William holds a B.A. in Psychology from Cornell University. He is a member of the CFA Institute.


Biographies – Asia Pacific

Rico KanthathamManaging Director

Rico Kanthatham is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Rico is a Portfolio Manager for the Real Estate team and is responsible for leading the real estate equity securities team in the Asia Pacific region. Currently based in Tokyo, he established the firm’s real estate securities APAC presence in 2008. Rico has worked in the industry since 1998. Prior to joining the firm in 2001, Rico was a sell-side research analyst with Prudential Securities where he covered a number of U.S. REIT sectors and provided investment advice to Prudential’s institutional clients. Prior to Prudential, Rico served as a securities analyst for JLW Capital Management. Rico holds a B.A. from the University of Pennsylvania, a M.A. from the University of California Berkeley School of Architecture and an M.S. in Real Estate from Columbia University.

Anna Zhong, CFAManaging Director

Anna Zhong is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. She is a Portfolio Manager for Asian real estate equity securities investment strategies. Anna has worked in the industry since 2000. Prior to joining the firm in 2009, Anna was a Managing Director and Head of Global Real Estate Research at HSBC Securities where she was involved in the underwriting of many of the new property company IPO's in the Hong Kong/China region. Prior to HSBC, Anna was a Portfolio Manager with ABN AMRO and a Property Analyst with Alliance Capital. Anna holds a B.S. degree and an M.S. degree from the University of Maryland and an M.B.A. from Columbia Business School. She is a CFA charterholder.


Biographies – Asia Pacific

Enoch Chan, CFADirector

Enoch Chan is a member of Barings Alternative Investments, a global real estate,private equity and real assets platform. Enoch is a Senior Real Estate EquityResearch Analyst – Asia Pacific and is responsible for the Asian property securitiesinvestment strategies. Enoch has worked in the industry since 2007 and hisexperience has encompassed extensive Asian real estate investment managementwith primary coverage of Hong Kong and China property securities. Prior to joiningthe firm in 2014, Enoch was a Senior Analyst - Investor Relations with The Link REIT.Previous to The Link REIT, Enoch was an equity analyst with LaSalle InvestmentManagement Securities, a global property fund manager, and Henderson ChinaInvestment. Enoch holds a B.Sc. from Hong Kong University of Science andTechnology. He is a member of the CFA Institute.


Biographies – Europe, Middle East and Africa

Guido BunteManaging Director

Guido Bunte is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Guido is a Portfolio Manager for the Real Estate team and is responsible for the management of European real estate securities strategies in addition to coverage of emerging markets. Guido has worked in the industry since 2001. Prior to joining the firm in 2008, Guido served as a Senior Portfolio Manager at Fortis Investments with responsibilities for Fortis Investments' real estate securities business. He managed the Asian real estate securities portfolios and co-managed the European real estate securities portfolios. Prior to Fortis Investments, Guido served as a Portfolio Manager/Analyst at ABN AMRO Asset Management where he was responsible for their European real estate securities portfolios and a member of the Global Property Investment Committee. Guido holds a B.B.A. from the University of Paderborn, Germany and an M.S. in Economics from the University of Cologne, Germany. He also spent a year as an ERASMUS scholar at the University of Stockholm, Sweden.

Henry Burgers, CFAManaging Director

Henry Burgers is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Henry is a Portfolio Manager for the Real Estate team and is responsible for the management of European real estate securities strategies in addition to coverage of emerging markets. Henry has worked in the industry since 2001. Prior to joining the firm in 2008, Henry served as Senior Portfolio Manager at Fortis Investments with responsibilities for their real estate securities business and their European real estate securities portfolios. Prior to Fortis Investments, he was a Senior Asset Manager at BPF Bouwinvest and a Portfolio Manager/Investment Analyst at ABN AMRO Asset Management. Henry holds an M.A. in Financial Sector Management from the Vrije Universiteit of Amsterdam. He is a CFA charterholder and a member of the CFA Institute.


Biographies – North America

William Gustafson, CFAManaging Director

William Gustafson is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. William is a Portfolio Manager for the Real Estate team and is responsible for covering the lodging, healthcare and finance sectors as well as contributing to allocation and portfolio construction for the U.S. REIT strategy. William has worked in the industry since 1997. Prior to joining the firm in 2008, William was a Senior Associate Analyst with Green Street Advisors where he maintained research coverage of lodging companies and provided investment advice to Green Street’s institutional clients. Prior to Green Street, William worked as an Associate in Goldman Sachs & Co.’s Real Estate Investment Banking Group. William holds a B.S. in Commerce from the University of Virginia and an M.B.A. with a dual concentration in Finance and Real Estate from the University of Pennsylvania. He is a member of the CFA Institute.

James JohngManaging Director

James Johng is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. James is a Portfolio Manager for the Real Estate team and is responsible for covering the apartment, industrial, self-storage and specialty sectors as well as contributing to allocation and portfolio construction for the U.S. REIT strategy. James has worked in the industry since 2003. Prior to joining the firm in 2005, James worked at Tishman Speyer Properties where he was a property manager and was also a member of the Development Team responsible for the construction of the Hearst headquarters in New York. James also served as an artillery officer with the 25th Infantry Division in Schofield Barracks, HI. James holds a B.S. in Systems Engineering from the United States Military Academy and an M.B.A. in Finance from New York University.


Biographies – North America

Michael T. Marron, CPAManaging Director

Michael Marron is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Michael is a Portfolio Manager for the Real Estate team and is responsible for covering the office, retail and net lease sectors as well as contributing to allocation and portfolio construction for the U.S. REIT strategy. Michael has worked in the industry since 1985. Prior to joining the firm in 2013, Michael worked as a Senior Research Analyst at European Investors LLC where his principal coverage included office, industrial, data centers, cell towers, and apartment sectors. Michael was also a sell-side research analyst for Bear Stearns and Prudential, and a Vice President at Lehman Brothers where he was responsible for the asset management and restructuring of a diversified real estate portfolio. Michael holds a B.S. in Accounting from SUNY Albany and an M.B.A. from Columbia University. Michael is a Certified Public Accountant.


Biographies – Portfolio Analytics

Rene St. MarieDirector

Rene St. Marie is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Rene is a Senior Portfolio Analyst, Real Estate Equity Securities and is responsible for portfolio and valuation modeling, investment research, industry analysis, company modeling, accounting and reporting, attribution/performance/risk analytics, and GIPS administration. In addition, he assists in client services and marketing requests. Prior to his current role, he was a portfolio accountant for the firm’s real estate equity funds. Rene joined the firm in 2002. Rene holds a B.S. in Finance from Western New England College. He is a member of the National Association of Real Estate Investment Trusts.

Jennifer Avery, CIPMDirector

Jennifer Avery is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Jennifer is a Senior Portfolio Analyst, Real Estate Equity Securities and is responsible for portfolio and valuation modeling, risk analytics, performance measurement and attribution. In addition, Jennifer manages fund administration and securities operations for Real Estate Equities Securities. Jennifer has worked in the industry since 1994. Prior to joining the firm in 2006, she was Manager of Equity Security Operations for ING Investment Management Americas for eight years. While at ING, Jennifer was responsible for global equity trade processing for institutional and retail products, including trade settlements, tax reclaims, custodian and sub-custodian account maintenance, corporate actions, foreign exchange, reconciliations and securities audits. Additionally, she has experience in product launches, fund accounting, systems testing and implementation. She holds a B.B.A. in Finance from the University of Toledo and an M.B.A. in Finance from Rensselaer Polytechnic Institute. Jennifer is a CIPM certificate holder and a member of the CIPM Association.


Biographies – Client Services

Kevin Ryan, CFAHead of Real Estate Product Management - Equities

Kevin Ryan is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Kevin oversees product management for the Real Estate equity team, and supports the expansion of the firm’s relationships with plan sponsors, real estate consultants and international investors. Prior to his current role, Kevin was responsible for business development and client relations for the Real Estate Equity Securities Group. Kevin has worked in the industry since 1993. Prior to joining the firm in 2008, Kevin was Vice President of Business Development for Adelante Capital Management/Lend Lease where he was responsible for marketing U.S. and global real estate securities strategies to the adviser and institutional marketplace. He began his career as a business development representative for Federated Investors covering the broker/dealer community. Kevin holds a B.A. in Economics and Philosophy from Boston College. He is a member of the CFA Institute, the CFA Society of Philadelphia and the Pension Real Estate Association. He is a Series 7 registered representative.

Tom Duggan Associate Director

Tom Duggan is a member of Barings Alternative Investments, a global real estate, private equity and real assets platform. Tom supports the Barings Real Estate public securities platform, where he is responsible for client reporting, consultant relations, responding to real estate securities RFP/RFI’s, and data requests. Prior to his current role, he worked in Research within the firm, where he provided research market analysis for mortgage and equity investments of all property types. Tom joined the firm in 1997 as a Senior Property Accountant responsible for property-level accounting for a portfolio of investments. Tom holds a B.S. in Finance from Fairfield University and an M.B.A. from the University of Hartford.


Barings Alternative Investments Schedule of Composite Performance

U.S. REIT* For the period January 1, 2002 through December 31, 2017

Benchmark returns © Copyright FTSE Russell, 2018 – all rights reserved.

Barings, fka Babson Capital Management LLC, claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Barings has been independently verified for the periods 1993-2017. See firm definition for further information. 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. The Global Real Estate Composite has been examined for the periods 2007-2013 and 2016.

The footnotes and disclosures on the following page are an integral part of this presentation.

Year Gross Total Return Net Total Return

Composite Gross Return 3 Year

Annualized Ex-Post Standard

Deviation

FTSE/NAREITEquity Index++

FTSE/NAREIT Equity Index 3 Year

Annualized Ex-Post Standard

Deviation

Number of Portfolios

Range of Gross Returns

Composite Assets at End of period

($ millions)

Firm Assets at End of period

($ millions)

2017 5.6% 5.1% 13.0% 5.2% 13.1% 4 5.5% - 6.1% 32 284,7982016 7.5% 6.9% 14.9% 8.5% 14.8% 4 7.4% - 8.0% 31 41,3252015 3.9% 3.4% 14.4% 3.2% 14.4% 2 N/A 13 40,7452014 33.3% 32.7% 13.2% 30.1% 13.1% 3 33.2% - 33.6% 91 39,527 2013 4.0% 3.6% 16.7% 2.5% 16.5% 3 4.0% - 4.8% 70 37,2482012 17.5% 16.9% 18.5% 18.1% 18.0% 7 17.4% - 17.7% 81 32,4412011 9.7% 9.1% 32.1% 8.3% 31.3% 8 9.6% - 9.7% 140 28,0732010 29.4% 28.8% 39.1% 27.9% 39.2% 8 29.3% - 30.0% 136 5,685

2009 32.0% 31.0% 39.0% 28.0% 39.1% 8 32.3% - 32.4% 82 4,9802008 -36.3% -37.0% 28.9% -37.7% 29.6% 7 -38.2% - -35.4% 73 6,487


Barings Alternative Investments Schedule of Composite Performance

U.S. REIT* For the period January 1, 2002 through December 31, 2017Disclosures

─ Definition of Firm: Barings, “Firm”, provides investment management and advisory services to both institutional and individual clients. For purposes of compliance with the Global Investment Performance Standards (GIPS®), the Firm defines itself as consisting of the portfolios that it manages directly. In 2017, the previous subsidiaries of Babson Capital Management, “Babson”, including Babson, were consolidated under the Barings name for GIPS purposes. Those entities included Babson Capital Management LLC, Cornerstone Real Estate Advisers LLC, Baring Asset Management Limited, and Wood Creek Capital Management LLC. In 2017, the firm assets represent the consolidated entity. A list of the Firm’s composite descriptions is available upon request.

─ Composite Definition: This style invests for institutional ownership in publicly traded real estate companies that under normal operating conditions pay, or are anticipated to pay, regular quarterly cash dividends. All companies in the U.S. REIT Composite portfolios must derive at least 75% of their net operating income from the ownership or financing of institutional grade real estate. Ninety percent of the holdings in the U.S. REIT Composite portfolios will consist of companies in the FTSE/NAREIT Equity REIT Index (the Composite’s benchmark). The U.S. REIT Composite’s investment objective is to maximize risk adjusted returns. The Composite was created in January 2005. A portfolio is included in the Composite in the period after the portfolio meets the criteria of the Composite’s description and a portfolio value exceeding $1 million. Prior to October 2008, the portfolio value requirement for inclusion was $5 million. In 2008, the composite name was changed from REIT Core to U.S. REIT.

─ Significant Cash Flow Any portfolios determined to exceed the Significant Cash Flow Percentage, "SCFP", within a month, will be removed from the composite assignment for a period of at least one month and up to three months, depending on the timing of the client directed cash flow and/or the investment strategy. The SCFP for this composite is 10%. Additional information regarding the treatment of significant cash flows is available upon request.

─ Benchmark: The benchmark for this Composite is the FTSE/NAREIT Equity Index published by the National Association of Real Estate Investment Trusts. The FTSE/NAREIT Equity Index measures the performance of all publicly traded common stock of U.S. REITs. It assumes reinvestment of dividends and distributions in the Index. It does not include cash performance nor does it provide for transaction expenses or advisory fees. The Index return for all periods are not covered by independent accountants’ report.

─ Performance Results: Results are calculated using a time-weighted total-rate-of-return formula. The composite is asset-weighted; individual portfolios are valued daily on a trade-date basis and include accrued income. The composite and benchmark results assume the reinvestment of distributions. Performance results include all portfolios under the Firm’s management that meet the Composite Definition. A portfolio is included in the composite when it is deemed that the investments made by the investment advisor fully reflect the intended investment strategy. Past performance is not a guarantee of future performance.

─ Advisory Fees: Gross performance results do not reflect the deduction of investment advisory fees, which would reduce an investor’s actual return. The standard management fee schedule for this strategy is as follows; Less than $25 million 0.60%; $25 – 50 million 0.55%; $50 – 100 million 0.50%; $100 million or greater 0.45%.

─ Sub-advisor: The Firm engages a sub-advisor for trading services.

─ Portfolio Manager Changes: Barings real estate securities strategies are team managed. In 2012 there was a portfolio manager change.

─ Assets, Composite Dispersion, Ex-Post Standard Deviation: The asset base used to calculate the composite’s percentage of Firm assets includes both discretionary and non-discretionary portfolios managed by the Firm, and also includes non-fee paying portfolios. The asset-weighted dispersion calculation measures the deviation of individual portfolio returns around the aggregate composite return. Only portfolios that have been managed for a full annual period have been included in the dispersion calculation. No Dispersion is reported for periods with five or fewer portfolios (shown as NM). The three-year annualized ex-post standard deviation of the composite gross return and benchmark are displayed above unless 36 monthly returns are not available (shown as N/A).- Firm Composites: A complete list and description of the Firm’s composites and additional information regarding policies for calculating and reporting returns is available upon request.

─ Firm Assets: Firm Assets include both discretionary and non-discretionary portfolios. Effective 2010 Firm assets are based on net asset value for third party advisory portfolios and net market value for parent company portfolios. Composite assets are based on net asset value.

─ Valuations: Securities in this composite are valued daily using various independent pricing services. Valuation policies are available upon request.


Important Information

IMPORTANT INFORMATION

For Professional Investors / Institutional Investors only. This document should not be distributed to or relied on by Retail / Individual Investors.

Barings LLC, Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Advisers (Japan) KK, Barings Investment Advisers (Hong Kong) Ltd., Barings Real Estate Advisers Europe Finance LLP, Baring Real Estate Advisers Japan KK, BREAE AIFM LLP, Baring North America LLC, Baring Asset Management Limited, Baring International Investment Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management (Japan) Limited, and Baring Asset Management Korea Limited each are affiliated financial service companies (each, individually, an “Affiliate”), together known as “Barings.” Some Affiliates may act as an introducer or distributor of the products and services of some others and may be paid a fee for doing so.

NO OFFER: The document is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This document is not, and must not be treated as, investment advice, an investment recommendation, or investment research.

In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved and before making any investment decision, it is recommended that prospective investors seek independent investment, legal, tax, accounting or other professional advice as appropriate.

Unless otherwise mentioned, the views contained in this document are those of Barings. These views are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Parts of this document may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this document is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information.

Any forecasts in this document are based upon Barings opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. 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 no indication of current or future performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any investment results, portfolio compositions and or examples set forth in this document are provided for illustrative purposes only and are not indicative of any future investment results, future portfolio composition or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this document. No representation is made that an investment will be profitable or will not incur losses. Where appropriate, changes in the currency exchange rates may affect the value of investments. Prospective investors should read the offering documents for the details and specific risk factors of any Fund discussed in this document.

OTHER RESTRICTIONS: The distribution of this document is restricted by law. No action has been or will be taken by Barings to permit the possession or distribution of the document in any jurisdiction, where action for that purpose may be required. Accordingly, the document may not be used in any jurisdiction except under circumstances that will result in compliance with all applicable laws and regulations.

Any service, security, investment or product outlined in this document may not be suitable for a prospective investor or available in their jurisdiction.

INFORMATION: Barings is the brand name for the asset management or associated businesses of Barings affiliates worldwide. This document is issued by one or more of the following entities:

Barings LLC, which is a registered investment adviser with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940, as amended, as well as a Commodity Trading Advisor (CTA) and Commodity Pool Operator (CPO) registered with the Commodity Futures Trading Commission under the Commodity Exchange Act, as amended, Barings Securities LLC, which is a registered limited purpose broker-dealer with the Financial Industry Regulatory Authority;

Baring North America LLC, which is an Exempt Market Dealer and Investment Fund Manager registered with the Ontario Securities Commission (Baring North America LLC relies on Section 4 (permitted clients) of MI 32-102 (Investment Fund Manager registration exemption) and has filed the Form 32-102F1 and Form 32-102F2 with the AMF in Quebec and is registered under MI 11-102 (Passport System) in the category of Exempt Market Dealer in Quebec);

Barings (U.K.) Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (Ref No. 194662) and is a Company registered in England and Wales (No. 03005774) whose registered address is 61 Aldwych, London, WC2B 4AE, Barings Global Advisers Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (Ref No. 552931) and is a Company registered in England and Wales (No. 07622519) whose registered address is 61 Aldwych, London, WC2B 4AE and is a registered investment adviser with the SEC, Baring Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (Ref No. 170601) and is a Company registered in England and Wales (No. 02915887) whose registered address is 155 Bishopsgate, London EC2M 3XY, Baring International Investment Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (Ref No. 122628), and is a Company registered in England and Wales (No. 01426546) whose registered address is 155 Bishopsgate, London EC2M 3XY, is a registered investment adviser with the SEC and is registered with the Ontario Securities Commission as a Portfolio Manager (Baring International Investment Limited also relies on section 8.26 of NI 31-103 (international adviser exemption) and has filed the Form 31-103F2 in Quebec, Manitoba, British Columbia and Alberta), Barings Real Estate Advisers Europe Finance LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (Ref No. 401543), or BREAE AIFM LLP, which is authorized and regulated by the Financial Conduct Authority in the United Kingdom (Ref No. 709904);

Barings Australia Pty Ltd (ACN 140 045 656), which is authorized to offer financial services in Australia under its Australian Financial Services License (No: 342787) issued by the Australian Securities and Investments Commission;

Barings Investment Advisers (Hong Kong) Ltd, which is licensed with the Securities and Futures Commission of Hong Kong to carry on regulated activities Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) in Hong Kong in accordance with the requirements set out in the Securities and Futures Ordinance (Cap 571), or Baring Asset Management (Asia) Limited, which is licensed by the Securities and Futures Commission of Hong Kong to carry on regulated activities Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 9 (asset management) in Hong Kong in accordance with the requirements set out in the Securities and Futures Ordinance (Cap 571);

Barings Advisers (Japan) KK, which is registered as a Financial Instruments Business Operator (Registration No. 961-KLFB) for Type II Financial Instruments Business and Investment Advisory and Agency Business with the Financial Services Agency in Japan under the Financial Instruments and Exchange Act (Act No. 25 of 1948), Baring Real Estate Advisers Japan KK which is registered as a Financial Instruments Business Operator (Registration No. 2840-KLFB) for Type II Financial Instruments Business and Investment Advisory Business with the Financial Services Agency in Japan under the Financial Instruments and Exchange Act (Act No. 25 of 1948), or Baring Asset Management (Japan) Limited, which is registered as a Financial Business Operator (Registration No. 396-KLFB) for Type II Financial Instruments Business, Investment Advisory Business and Investment Management Business with the Financial Services Agency in Japan under the Financial Instruments and Exchange Act (Act No. 25 of 1948);


Important Information

Baring SICE (Taiwan) Limited, an independently operated business (Business license number: 2008 FSC-SICE- Xin- 030; Address: 21 F, No.333, Sec. 1 Keelung Road, Taipei 11012; Taiwan Contact telephone number: 0800 062 068); or

Baring Asset Management Korea Limited, which is authorized by the Korean Financial Services Commission to engage in collective investment business and is registered with the Korean Financial Services Commission to engage in privately placed collective investment business for professional investors, discretionary investment business and advisory business.

CopyrightCopyright in this document is owned by Barings. Information in this document may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

FOR PERSONS DOMICILED IN THE US:This document is not an offer to sell, nor a solicitation of offers to buy, limited partnership interests, shares or any other security, nor does it purport to be a description of the terms of or the risks inherent in an investment in the private investment fund (“Fund”) described therein. The offer and sale of interests in the Fund is restricted by law, and is not intended to be conducted except in accordance with those restrictions. In particular, no interest in or security of any of the Fund has been or will be registered under the Securities Act of 1933 (the “Act”). All offers and sales thereof are intended to be non-public, such that interests in and securities of the Fund will be and remain exempt from having to be so registered. By accepting delivery of this document, the person to whom it is delivered (a) agrees to keep the information contained in the attached document confidential and (b) represents that they are an “accredited investor” as defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933.

FOR PERSONS DOMICILED IN THE EUROPEAN UNION and the EUROPEAN ECONOMIC AREA (EEA):This information is only made available to Professional Investors, as defined by the Markets in Financial Instruments Directive.

FOR PERSONS DOMICILED IN AUSTRALIA:This publication is only made available to persons who are wholesale clients within the meaning of section 761G of the Corporations Act 2001. This publication is supplied on the condition that it is not passed on to any person who is a retail client within the meaning of section 761G of the Corporations Act 2001.

FOR PERSONS DOMICILED IN CANADA:This confidential marketing brochure pertains to the offering of a product only in those jurisdictions and to those persons in Canada where and to whom they may be lawfully offered for sale, and only by persons permitted to sell such interests. This material is not, and under no circumstances is to be construed as, an advertisement or a public offering of a product. No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the product or its marketing materials, and any representation to the contrary is an offence.

FOR PERSONS DOMICILED IN SWITZERLAND:This material is aimed at Qualified Investors, as defined in article 10, paragraph 3 of the Collective Investment Schemes Act, based in Switzerland. This material is not aimed at any other persons.

For UCITS – The Swiss representative and paying agent for the Funds where the investment manager is Barings (UK) Limited is UBS Fund Management (Switzerland) AG, Aeschenplatz 6, CH-4052 Basel.

For QIFs – The Swiss representative and paying agent for the Funds where the investment manager is Barings Global Advisers Limited is UBS Fund Management (Switzerland) AG, Aeschenplatz 6, CH-4052 Basel.

The Swiss representative and paying agent for Funds where the investment manager is Baring Asset Management Limited is BNP Paribas Securities Services, Paris, succursdale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland.

FOR PERSONS DOMICILED IN HONG KONG:The Fund is a collective investment scheme but is not authorised under Section 104 of the Securities and Futures Ordinance of Hong Kong by the Securities and Futures Commission of Hong Kong. Accordingly, the distribution of this document, and the placement of shares in Hong Kong, is restricted. This document may only be distributed, circulated or issued to persons who are professional investors under the Securities and Futures Ordinance and any rules made under that Ordinance or as otherwise permitted by the Securities and Futures Ordinance.

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

FOR PERSONS DOMICILED IN SOUTH KOREA:Neither this document nor Barings is making any representation with respect to the eligibility of any recipients of this document to acquire interests in the Fund under the laws of Korea, including but without limitation the Foreign Exchange Transaction Act and Regulations thereunder. The Fund may only be offered to Qualified Professional Investors, as such term is defined under the Financial Investment Services and Capital Markets Act, and this Fund may not be offered, sold or delivered, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea.

FOR PERSONS DOMICILED IN SINGAPORE:This document has been prepared for informational purposes only, and should not be considered to be an advertisement or an offer for the sale or purchase or invitation for subscription or purchase of interests in the Fund. This document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. This document or any other material in connection with the offer or sale, or invitation for subscription or purchase of interests in the Fund, may not be circulated or distributed to persons in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

FOR PERSONS DOMICILED IN TAIWAN:The Shares are being made available in the R.O.C. on a private placement basis only to banks, bills houses, trust enterprises, financial holding companies and other qualified entities or institutions (collectively, “Qualified Institutions”) pursuant to the private placement provisions of the R.O.C. Rules Governing Offshore Funds. No other offer or sale of the Shares in the R.O.C. is permitted. R.O.C. purchasers of the Shares may not sell or otherwise dispose of their holdings except by redemption, transfer to a Qualified Institution, transfer by operation of law or other means approved by the R.O.C. Financial Supervisory Commission.

FOR PERSONS DOMICILED IN JAPAN:This material is being provided for information purposes only. It is not an offer to buy or sell any Fund interest or any other security.

The Fund has not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948) and, accordingly, it may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit, of any Japanese person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese person except under circumstances which will result in compliance with all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities and in effect at the relevant time. For this purpose, a “Japanese person” means any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

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