Baron Emerging Markets Strategy

Transcription

June 30, 2016

Fact Sheet
Baron Capital Management, Inc. and BAMCO, Inc., Registered Investment Advisers

June 30, 2016
Investment Principles
• Long-term perspective allows us to think like an owner of a business
• Independent and exhaustive research is essential to understanding the long-term fundamental growth prospects of a business
• We seek appropriately capitalized open-ended growth opportunities, exceptional leadership, and sustainable competitive advantages
• Purchase price and risk management are integral to our investment process
GICS Sector Breakdown¹²
Portfolio Characteristics²
Baron Emerging MSCI EM IMI
Markets Strategy Growth Index
# of Equity Securities / % of Net Assets
88/88.8%
Turnover (3 Year Average)
24.67%
Median Market Cap†
$6.26 billion $0.92 billion
Weighted Average Market Cap†
$33.66 billion $47.66 billion
EPS Growth (3-5 year forecast)†
17.9%
16.5%
Price/Earnings Ratio (trailing 12-month)*†
18.9
17.4
Price/Book Ratio*†
2.5
2.5
Price/Sales Ratio*†
2.0
1.6
* Weighted Harmonic Average
† Source: FactSet PA – Compustat, FactSet and BAMCO. Internal valuations metrics
may differ.
Net Performance Based Characteristics³
Std. Dev. (%) - Annualized
Sharpe Ratio
Alpha (%) - Annualized
Beta
R-Squared (%)
Tracking Error (%)
Information Ratio
Upside Capture (%)
Downside Capture (%)
3 Years
13.06
0.30
3.90
0.81
86.30
5.57
0.71
86.06
67.32
5 Years
15.64
0.23
5.31
0.81
87.08
6.54
0.88
94.21
71.44
Since
Inception
15.11
0.23
4.44
0.79
85.63
6.75
0.71
89.91
70.69
3 Years
13.06
0.38
4.86
0.81
86.37
5.56
0.88
88.19
64.88
5 Years
15.64
0.27
5.92
0.81
87.17
6.51
0.97
95.46
70.15
Investment Strategy
The Strategy invests mainly in non-U.S. companies of all
sizes with significant growth potential. The majority of
investments are in companies domiciled in developing
countries, and the Strategy may invest up to 20% in
companies in developed market and frontier countries.
Diversified.
Portfolio Manager
Top 15 GICS Sub-Industry Breakdown¹²
Michael Kass has been portfolio manager since inception.
Michael joined Baron in 2007 and has 29 years of research
experience. From 2003 to 2007, he was a managing principal
of Artemis Advisors, which acquired the Artemis Funds, a
long-short equity strategy he co-founded in 1998. From
1993 to 2003, he worked at ING Furman Selz as a director
of proprietary trading and was named senior managing
director and portfolio manager in 1996. From 1989 to 1993,
he worked at Lazard Frères in investment banking. From 1987
to 1989, Michael was an analyst at Bear Stearns. Michael
graduated summa cum laude from Tulane University with a
B.A. in Economics in 1987.
Top 10 Holdings² % of Net Assets
Samsung Electronics Co., Ltd.
Alibaba Group Holding Limited
Tencent Holdings, Ltd.
Taiwan Semiconductor Manufacturing Company
Ltd.
SKS Microfinance Limited
BM&FBOVESPA SA
Sinopharm Group Co. Ltd.
TAL Education Group
Far EasTone Telecommunications Co., Ltd.
Steinhoff International Holdings N.V.
Total
Gross Performance Based Characteristics³
Std. Dev. (%) - Annualized
Sharpe Ratio
Alpha (%) - Annualized
Beta
R-Squared (%)
Tracking Error (%)
Information Ratio
Upside Capture (%)
Downside Capture (%)
June 30, 2016

Since
Inception
15.11
0.26
5.00
0.79
85.69
6.73
0.79
91.06
69.46
2.6
2.4
2.4
2.3
1.9
1.8
1.8
1.7
1.7
1.6
20.2
Colors of Sub-Industry bars correspond to sector chart above.
In addition to the general stock market risk that securities may fluctuate in value, investments in developing countries may have increased
risks due to a greater possibility of: settlement delays; currency and capital controls; interest rate sensitivity; corruption and crime; exchange rate volatility; and inflation or deflation. The Strategy invests in companies of all sizes, including small and medium sized companies
whose securities may be thinly traded and more difficult to sell during market downturns.
1 - Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard &
Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties. The Adviser may have reclassified/classified certain securities in or out of a sub-industry. Such reclassifications are not supported by S&P or MSCI.
2 - Sector and sub-industry weights, top ten holdings and portfolio facts and characteristics are based on a representative account. Such data may vary for each client in the Strategy due to asset
size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the Strategy that we believe most closely reflects the current portfolio
management style for this Strategy. Representative account data is supplemental information.
3 - Source: FactSet SPAR. Except for Standard Deviation and Sharpe Ratio, the performance based characteristics above were calculated relative to the Strategy’s benchmark.
Strategy Facts
Inception Date
Total Strategy Assets
January 31, 2011
$2.05 billion
June 30, 2016

Performance as of June 30, 2016
Country Breakdown²
Developing
China
India
South Africa
Taiwan
Korea
Brazil
Mexico
Philippines
Indonesia
Russia
Total Returns(%)
2nd Q 2016
Annualized Returns(%)
Year to Date
1 Year
Return + – Return + – Return + –
Baron Emerging Markets Strategy (net)
Baron Emerging Markets Strategy (gross)
MSCI EM IMI Growth Index
MSCI EM IMI Index
eA Emerging Mkts All Cap Equity Universe Median
4.79
5.05
1.42
0.62
2.06
3.64
4.43
2.99
5.73
6.26
4.43
5.69
6.68
-6.16
-5.22
-10.55
-12.16
-8.54
1.84
0.58
-0.42
5.34
6.94
3.32
3 Years
Return
3.99
4.95
0.03
-1.36
0.18
5 Years
10 Years
Since Inception
1/31/2011
+ – Return + – Return + – Return
4.92
6.31
4.77
3.62
4.22
-2.12
-3.59
-1.65
6.34
7.81
5.87
N/A
N/A
N/A
N/A
N/A
3.47
4.03
-1.30
-2.76
-1.00
+ –
5.33
6.79
5.03
% of
% of
Net
Net
Assets
Assets
83.2 Developing (Cont'd)
1.0
20.4 Chile
0.8
14.3 Panama
0.7
8.6 Thailand
0.1
8.4 Peru
5.6
7.9 Developed
3.3
7.1 Hong Kong
0.8
6.4 Singapore
0.7
3.2 Australia
0.6
2.5 United States
0.2
1.8 United Kingdom
Baron Emerging Markets Strategy has
outperformed the MSCI EM IMI Growth
Index 100% (Net Returns) and 100%
(Gross Returns) of the time (since
its inception and using rolling 3-year
annualized returns).
The blue shading represents Strategy (gross) outperformance vs. the corresponding benchmark. The yellow shading represents underperformance.
Historical Performance(Calendar Year %)¹
Risk/Return Comparison³
Baron Emerging Markets Strategy (net)
2011
-15.29
2012
24.69
2013
16.08
Baron Emerging Markets Strategy (gross)
MSCI EM IMI Growth Index
MSCI EM IMI Index
2014
4.02
2015
-10.79
-15.27
24.75
16.47
5.05
-9.89
-17.38
20.72
0.10
-0.15
-10.51
-17.19
18.68
-2.20
-1.79
-13.86
Net of fees performance reflects expense reimbursements by the Adviser.
Please see additional important performance disclosures on 7th page.
1 - The Strategy's inception date was 1/31/2011. The Strategy has
a different inception date than its underlying portfolio which was
12/31/2010. Performance results for 2011 are not annualized.
2 - Country breakdown based on a representative account.
3 - Source: FactSet SPAR.
June 30, 2016

Review and Outlook
In the prior quarter, we remarked on the high inter-connectedness of global markets in a period of high leverage, fragile confidence,
and increasingly unconventional policy intervention. The second quarter was marked, of course, by the surprise outcome of the British
referendum regarding participation in the European Union. Both "Brexit" and a remarkably strong Yen captivated the attention of investors
and risk managers worldwide. While Japan’s challenges are significant, we view them as fairly well understood and less threatening to global
economies and markets. On the other hand, Brexit, rather than a local U.K. event, or even a pan-E.U. event, potentially challenges the
political-economic-financial equilibrium we have come to take for granted over the past several decades. Since the 2009 financial crisis,
political leaders, central bankers and policymakers have worked hard to maintain stability and sustain the existing equilibrium, but in recent
years imbalances have been growing. Brexit should not have happened in the sense that it was not the logical or most economic outcome.
Therefore, we must consider whether existing imbalances are pushing for an exit of the equilibrium, and if so, what will be the key changes in
terms of long-term trends in globalization, E.U. political and financial integration, and security cooperation? How will the U.K.’s global trade
relations proceed? Will Brexit increase or reduce the momentum of fringe anti-establishment movements in other E.U. countries? Material
changes to these previous “knowns” would surely have global effects and could likely redefine opportunity and leadership throughout
economies and markets. Such questions are complex and will not be answered overnight. Rather, several outcomes are possible, including the
upside case of a “walking back” of Brexit, and we will be closely watching political and financial events unfold. As of now, we have done little
in reaction given our comfort with our existing positioning, the substantial range of potential outcomes, and the fact that markets initially
moved to discount an adverse scenario, particularly for the U.K. and Europe.
Regardless of what scenario plays out, we think the surprise Brexit outcome raises the stakes for global leaders, and will likely move politicians
and central bankers to prepare to act aggressively - to again seek to mute the impact of stress and sustain a stable equilibrium. As we have
said in the past, we believe a global stress event is likely to provide political cover and provoke the Fed to join in more aggressive policy
measures such as fiscal QE or “helicopter money.” Brexit may well be the catalyst we have been looking for, as we believe such measures
would likely mark the end of the U.S. Dollar bull market, drive global investors to embrace rising inflation expectations, and stimulate global
nominal GDP growth. In such an environment, we would expect emerging market equities to return to leadership amid a global advance. For
now, we believe the leadership of the emerging markets during the quarter, including in the aftermath of Brexit, at a minimum confirms the
rising likelihood of sustainable outperformance of the emerging markets, although we cannot guarantee that it will.
Contribution to Return¹
By Sub-Industry
Top Contributors/Detractors to Performance for the Quarter Ended June 30, 2016
Contributors
Detractors
• Smiles SA is a Brazilian loyalty program affiliated with GOL
airlines. While Smiles has been posting super fundamentals
since its IPO, its share price was under pressure in 2015 due
to its affiliation with GOL which has been suffering from
currency devaluation and recession in Brazil. With the situation
improving at GOL in 2016, Smiles’ share price reacted strongly,
more reflective of its fundamentals - solid share gains, revenue
growth, high margins and returns, and strong cash generation.
We retain our conviction in Smiles.
• As India’s leading microfinance lending institution, SKS
Microfinance Limited is experiencing significant growth owing
to rising demand for consumer loans in rural India. Strong
performance during Q2 can be attributed to stellar financial
performance and encouraging management guidance for the
current fiscal year. We believe SKS is well positioned to generate
35-40% loan growth for the next three to five years. We retain
conviction due to its pan-India branch network and strong
management team.
• BM&FBOVESPA SA operates financial exchanges in Brazil.
The stock rose during Q2 along with the broader Brazilian
equity market and currency on investor optimism that political
changes will lead to structural improvements in the Brazilian
economy. Shares also benefited from shareholder approval of its
acquisition of rival Cetip SA Mercados Organizados, creating a
unified financial clearinghouse for the Brazilian capital markets.
We maintain conviction because we expect the acquisition of
Cetip will create significant shareholder value.
• Shares of LG Chem Ltd. declined in Q2. The company is a leading
global producer of petrochemicals. LG Chem also manufactures
batteries for a wide range of applications including smartphones
and electric cars. Shares fell due to growing investor concerns
over weakening global demand for petrochemicals, leading to a
decline in operating margins/profitability. We retain conviction
in the company due to its cost competitiveness and leading
battery technology.
• Eclat Textile Co., Ltd. is a Taiwanese manufacturer of high
performance yarn and garments. The stock fell due to increased
inventory in the channel from department stores, sporting
goods stores, and even some specialty retailers. Eclat is a
beneficiary of the trend in apparel towards fast fashion and
sportswear and favorable currency exchanges. While the recent
trend has been disappointing, we believe the long-term trend
remains intact and the stock price correction reflects current
challenges.
• Shares of Grupo Lala, S.A.B. de C.V. declined in Q2. The
company is Mexico’s leading dairy conglomerate, with a panMexico supply chain and distribution network, that gives it
a strong competitive advantage, in our view. The company
recently announced a major U.S. acquisition. Investors did
not view this deal favorably, causing the stock to correct. We
retain conviction as we think Grupo Lala is well positioned to
sustain double-digit earnings growth over the next two to three
years owing to strong brand loyalty and improving operational
efficiencies.
By Holdings
Top Contributors
Average Weight(%) Contribution(%)
Smiles SA
1.17
0.51
SKS Microfinance Limited
1.64
0.51
BM&FBOVESPA SA
1.56
0.46
TAL Education Group
1.98
0.42
Yandex N.V.
1.22
0.41
Top Detractors
Average Weight(%) Contribution(%)
LG Chem Ltd.
1.31
-0.33
Eclat Textile Co., Ltd.
0.75
-0.27
Grupo Lala, S.A.B. de C.V.
1.14
-0.25
Makalot Industrial Co., Ltd.
0.80
-0.23
Samsung Life Insurance Co. Ltd.
1.25
-0.23
1 - Source: FactSet PA. Based on the gross performance results of
the representative account. Baron Emerging Markets Strategy
June 30, 2016

Top 10 Holdings as of June 30, 2016
Company
Investment Premise
Company
Investment Premise
Samsung Electronics Co, Ltd
(005930.KS) is a leading consumer
electronics manufacturer and the
largest handset maker in the world.
It is also a key player in the semiconductor and display industries,
providing consumer electronics inhouse as well as to third parties.
Samsung benefits from tremendous scale, which gives it a cost advantage
and allows it to outspend competitors in R&D. Its investment in innovation
has accelerated new product introductions and improved Samsung’s global
brand positioning. We think Samsung’s in-house capabilities with display,
memory, and semiconductors are also a key differentiator, as vertical
integration lowers Samsung’s product costs and gives it a time-to-market
advantage. We believe the sustainability of these advantages is underestimated, and Samsung is undervalued relative to its earnings prospects.
BM&FBOVESPA S.A. (BVMF3.
BZ) operates financial exchanges
in Brazil for trading equities, fixed
income, derivatives, commodities,
and currencies.
BM&FBOVESPA is benefiting from the development of the Brazilian
capital markets. We expect significant growth in trading volumes
and revenue as more companies list securities on the company’s
exchanges. Margins should expand due to operating leverage.
BM&FBOVESPA has high barriers to entry due to its scale advantages, capital resources, and vertical integration into post-trading
activities. We believe a potential acquisition of Cetip would be
accretive and improve the company’s competitive position.
Alibaba Group Holding Ltd. (BABA) is
the largest e-commerce company in the
world. Alibaba owns and operates the
two largest online shopping platforms
in China, Taobao and Tmall. It also participates in the profits of Ant Financial,
which owns Alipay, the largest 3rd party
online payment provider in China.
Alibaba is the most dominant e-commerce platform in the world.
With over 400 million active buyers and over 10 million merchants,
we believe Alibaba is poised to benefit disproportionately from the
increased penetration of Internet, mobile, and e-commerce in China.
It enjoys more than 50% market share of all e-commerce transactions in China, and we expect it to continue growing 20%+ for years
to come. We also see significant positive optionality in Alibaba’s cloud
computing, data management, and electronic payments platforms.
Sinopharm Group Co., Ltd.
(1099.HK) is the largest wholesaler and retailer of pharmaceutical and health care products and
a leading supply chain service
provider in China.
As a core subsidiary of state-owned enterprise (SOE) China National
Pharmaceutical Group Corporation, we believe Sinopharm can benefit
from the government’s plan to use the company as a test case in its
ongoing effort to reform its bloated and debt-laden state-owned sector. As the government has said that it is hopeful that its test cases will
advance broader SOE reform, we believe it is incentivized to succeed.
We believe successful reform of Sinopharm will result in increased
returns on equity, which in turn will lead to share price appreciation.
Tencent Holdings Ltd. (700.HK) is a
leading Internet service company, and
the #1 game developer, in China. Its
primary platforms include QQ for instant
messaging (815 million media access
units (MAUs)), WeChat for mobile messaging (500 million MAUs), and Qzone
for social networking (654 million MAUs).
We are bullish on Tencent’s ability to grow EPS at 25%+ over the longterm. Tencent benefits from virtuous network effects, and we think it has
a long runway to monetize its large user base by pushing value-added
services and advertising through its various platforms. Gaming comprises
57% of Tencent’s revenue, but advertising is its next major growth driver,
with in-feed ads on WeChat launched in 2015. Tencent is also investing
in online-to-offline services by leveraging its payment solutions across a
number of industries including restaurants, ticketing, and travel.
TAL Education Group (XRS) is a
leading K-12 after school tutoring
provider in China that currently
operates 300+ learning centers in
25 cities.
TAL Education has been benefiting from positive secular trends in China,
including growing competition to get into top schools and rising disposable incomes. TAL’s growth prospects are also fueled by its focus on the
K-12 market, a highly fragmented $50 billion market in which the top three
providers have less than 3.5% market share. Its focus on top academic students also protects its high-end brand and allows it to charge a premium
for its services. TAL operates an asset-light and cash generative business
model, and we believe it can grow EPS at 25%+ for years to come.
Taiwan Semiconductor Manufacturing Company Ltd. (TSM)
is the world’s largest independent
semiconductor foundry, manufacturing chips on behalf of other
companies.
Given its size, the company benefits from economies of scale and
a superior cost structure. It also deploys new technology faster
than the competition, allowing it to enjoy higher average sales
prices and gross margins. We believe Taiwan Semiconductor is
poised to gain market share, driven by increased dominance in
advanced nodes (20 nanometers and 16 nanometers), while also
maintaining superior profitability.
Far EasTone Telecommunications Co., Ltd. (4904.TT) is
Taiwan’s third largest telecom
provider. The company offers
pre-paid and post-paid mobile
services to approximately 7.3 million subscribers.
We believe Far EastTone is well positioned to benefit from the
significant increase in mobile data usage as more subscribers
adopt smartphones. The deployment of 4G services should
further enhance topline growth and profitability.
SKS Microfinance LTD (SKSM.IN)
is India’s leading microfinance lending institution (MFI). The company
has a pan-India network with a
customer base of over 4.5mm borrowers. Assets under management
are about $925mm. SKS is headquartered in Hyderabad, India.
We expect assets under management to double in two to three
years, creating strong earnings growth and book value accretion.
Longer-term, SKS is a potential acquisition target as larger banks
look to gain scale in the MF industry.
Steinhoff International Holdings Ltd. (SNH.GR) is a leading
vertically integrated manufacturer
and retailer of household goods in
Europe. The company also has a
presence in South Africa through
its majority owned subsidiaries, JD
Group and Pepkor.
We think Steinhoff is well positioned to benefit from the consolidation of
the highly fragmented European household goods market. The company
has a global logistics network, in-house manufacturing, and attractive
sourcing agreements with third party vendors. Steinhoff can offer quality
products at competitive prices and gain market share from sub-scale
players. The company has an entrepreneurial management team with significant ownership (>30% stake) that has successfully expanded operations
into Europe (now majority of sales) from modest beginnings in South Africa.

June 30, 2016
For strategy reporting purposes, the Firm is defined as all accounts managed by Baron Capital Management, Inc. ("BCM") and BAMCO, Inc. ("BAMCO"), registered investment advisers wholly owned by Baron Capital Group, Inc. As of
6/30/2016, total Firm assets under management are approximately $20.7 billion. The strategy is a time-weighted, total-return composite of all accounts managed using our standard investment process. Accounts in the strategy are
market-value weighted and are included on the first day of the month following one full month under management. Gross performance figures do not reflect the deduction of investment advisory fees and any other expenses incurred in the
management of the investment advisory account. Actual client returns will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory
fees is supplied in the Firm’s Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the reinvestment of dividends and other earnings. The Strategy is currently composed of one mutual
fund managed by BAMCO. The Strategy invests mainly in non-U.S. companies of all sizes. The majority of investments are in companies domiciled in developing countries. The Strategy may invest up to 20% in companies in developed and
frontier countries.BAMCO and BCM claim compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of the Firm’s strategies or a GIPS-compliant presentation please contact us at
1-800-99BARON. Performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future results.
The Strategy may not achieve its objectives. Portfolio holdings may change over time.
The Strategy’s historical performance was impacted by gains from IPOs and/or secondary offerings, and there is
no guarantee that these results can be repeated or that the Strategy’s level of participation in IPOs and secondary
offerings will be the same in the future.
Definitions: The MSCI EM (Emerging Markets) IMI Index Net USD and the MSCI EM (Emerging Markets)
IMI Growth Index Net USD are free float-adjusted market capitalization unmanaged indexes designed to measure equity market performance of large-, mid- and small-cap securities in the emerging markets. The MSCI EM
(Emerging Markets) IMI Growth Index Net USD screens for growth-style securities. The indexes and the Strategy
include reinvestment of dividends, net of withholding taxes, which positively impacts the performance results.
As of 6/30/2016, the Strategy was in the eVestment Alliance (“eA”) US Emerging Markets All Cap Equity
Universe. The eA Universe consisted of 225, 225, 225, 208, 172 and 156 products, respectively, for the 3-months,
YTD, 1-, 3-, 5-year, and since inception periods. The eA Universe Median returns represent the annualized gross
of fee performance of the median manager within the indicated universe and is subject to change. Standard
Deviation (Std. Dev.): measures the degree to which the Strategy’s performance has varied from its average
performance over a particular time period. The greater the standard deviation, the greater the Strategy’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher
the Sharpe ratio, the better the Strategy’s risk adjusted performance. Alpha: measures the difference between
the Strategy’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures the Strategy’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared:
measures how closely the Strategy’s performance correlates to the performance of the benchmark index, and
thus is a measurement of what portion of its performance can be explained by the performance of the index.
Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation.
Tracking Error: measures how closely the Strategy’s return follows the benchmark index returns. It is calculated
as the annualized standard deviation of the difference between the Strategy and the index returns. Information
Ratio: measures the excess return of the Strategy divided by the amount of risk the Strategy takes relative to the
benchmark index. The higher the information ratio, the higher the excess return expected of the Strategy, given
the amount of risk involved. Upside Capture: explains how well the Strategy performs in time periods where the
benchmark’s returns are greater than zero. Downside Capture: explains how well the Strategy performs in time
periods where the benchmark’s returns are less than zero. EPS Growth Rate (3-5 year forecast): indicates the
long-term forecasted EPS growth of the companies in the representative account, calculated using the weighted
average of the available 3-to-5 year forecasted growth rates for each of the stocks in the representative account
provided by FactSet Estimates. The EPS Growth rate does not forecast the Strategy’s performance. Price/Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual
earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock
price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest
quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s
operations. Price/ Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12
months. Historical portfolio characteristics are provided by Compustat and FactSet Fundamentals. Weighted
Harmonic Average: is a calculation that reduces the impact of extreme observations on the aggregate calculation by weighting them based on their size in the representative account.
This information does not constitute an offer to sell or a solicitation of any offer to buy securities by anyone in any
jurisdiction where it would be unlawful under the laws of that jurisdiction to make such offer or solicitation. This
information is only for the intended recipient and may not be distributed to any third party.
Additional information is available from BAMCO, Inc. or Baron Capital Management, Inc. at 767
Fifth Avenue, 49th Floor, New York, NY 10153, or call 1-800-99BARON.
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