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Baron Funds

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“Exceptional Takes

“Exceptional Takes Time.” This year, comedian Louis C.K.; rocker Kenny Loggins; and Tony and Grammy Award winners Leslie Odom Jr. and Phillipa Soo from Hamilton entertained during lunches at David Geffen Hall, Alice Tully Hall and David Koch Theater, respectively. Superstar showman Hugh Jackman ended the day with a spectacular performance on the Met stage. If you didn’t have a chance to join us at our 25 th Annual Conference, we hope you will join us next fall at our 26 th . You can also watch presentations by Linda and me at this year’s meeting on our web site, www.baronfunds.com, or read them in the “Letter from Ron” and “Letter from Linda” that follow. We hope you will find them entertaining and informative. We are pretty certain you will not find them conventional or boring. For a free 2016 Baron Conference t-shirt in sizes S-2XL please call us at 1-800-992-2766 ext. 3. We’ve come a long way from the first Baron Investment Conference, attended mostly by Ron’s relatives (and a drag queen dressed as a vegetable), to our 25th!, proving the point that “Exceptional Takes Time!” 2016 Baron Investment Conference: Center Image: Our award winning surprise entertainer had that ‘X’ factor that always amazes. Baron Shareholders couldn’t get enough of supreme showman and the real Boy from Oz himself, Mr. Hugh Jackman. Clockwise from upper left: “It was quiet uptown” after Grammy award winner and Hamilton star, Phillipa Soo, left the crowd speechless with her spectacular voice. David Judice, Head of Intermediary Sales & National Accounts, and Baron Research Analysts Michael Baron, Neal Rosenberg, Susan Robbins (Senior Research Analyst) and Matt Weiss. The Met was the “room where it happened” as Hamilton superstar Leslie Odom Jr. dazzled the crowd with a show stopping performance. Record attendance of over 5,000 at the 2016 Baron Investment Conference. Portfolio Manager Michael Kass and Baron Research Analysts, Kyuhey August and Anuj Aggarwal answer questions from advisors at David Geffen Hall Q&A session. David Lissy, CEO, Bright Horizons Family Solutions, Inc. Portfolio Manager and part-time comedian, Alex Umansky, educates and entertains shareholders with his always insightful investment commentary. Chuck Kummeth, President and CEO, Bio-Techne Corporation. All in the family! Michael Baron, along with his uncle Collin and cousin Andrew with wife Sage, thanks shareholders for attending the 2016 Baron Investment Conference outside of the Metropolitan Opera House, Lincoln Center. 2

December 31, 2016 “Exceptional Takes Time.” 2016 Baron Investment Conference: Center Image: Ron Baron and Linda Martinson responding to shareholder questions during the afternoon Q&A session. Clockwise from upper left: Baron shareholders cut “footloose” for lunch with classic rocker Kenny Loggins. Hugh Jackman, the incredibly talented man from “down under,” had Baron shareholders over the moon with his performance. Jonathan Ayers, Chairman and CEO, IDEXX Laboratories, Inc. Cliff Greenberg, Portfolio Manager of Baron Small Cap Fund, Linda Martinson, Chairman, President & COO, Baron Funds and Ron. Laird Bieger, Co-Portfolio Manager of Baron Discovery Fund, Michael Kass, Portfolio Manager of Baron International Growth Fund and Baron Emerging Markets Fund, Jeffrey Kolitch, Portfolio Manager of Baron Real Estate Fund and Michael Lippert, Portfolio Manager of Baron Opportunity Fund. David Baron, Research Analyst, Baron Capital, Inc. Jordan Kaplan, President and CEO, Douglas Emmett, Inc. “Lucky” Baron shareholders laugh alongside the hilarious and sometimes PG-rated Louis C.K. Tony award winning performer Leslie Odom, Jr. did “not throw away his shot” as he wowed at the 25 th Annual Baron Investment Conference. 3

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