#1Ashmore Group plc Investor presentation March 2022 Ashmore www.ashmoregroup.com#2Contents Page 3 4 8 12 14 16 17 7 8 9 18 19 Ashmore 'at a glance' Three-phase growth strategy Active investment processes Distinctive business model Focus on strategic initiatives Remuneration philosophy Strong balance sheet Seed capital supports growth Sustainability Emerging Markets Summary of recent financial performance Appendix Contact details 26 2237 20 40 40 Ashmore 2#3Ashmore 'at a glance' • • A specialist Emerging Markets manager with USD 87.3 bn AuM (31 Dec 2021) diversified across asset classes Active investment management delivered by committee-based Ashmore AuM: diversified by investment theme & client type Equities 9% Alternatives 2% External debt 21% • • . investment processes with nearly 30 years' experience Three-phase strategy to capitalise on structural growth and convergence trends across Emerging Markets Remuneration philosophy aligns interests, provides cost flexibility and delivers employee loyalty (~40% equity owned by employees) 313 employees in 11 countries, with global operating hubs complemented by asset management operations in emerging countries Blended debt 24% Corporate debt 11% Local currency 33% 6% Intermediary Foundations/ retail endowments 1% Funds / sub- advisers Central banks 13% 6% . High operating margin (67%) supported by scalable operating platform Well-capitalised, liquid balance sheet with >£800m financial resources including c.£450m cash Corporates / financial institutions 22% Pension plans 26% Sovereign wealth funds 21% Governments 5% AuM data as at 31 December 2021; local currency includes USD 11.0bn overlay/liquidity AuM 3#4Three-phase growth strategy Ashmore 1 Establish Emerging Markets asset classes Ashmore is recognised as an established specialist Emerging Markets manager, and is therefore well positioned to capture investors' rising allocations Developed world investors hold more than USD 80 trillion of assets and are profoundly underweight Emerging Markets; target allocations are less than 10% compared with global benchmark weights of approximately 10% to 30% 2 Diversify investment themes and developed world capital sources Ashmore is diversifying its revenue mix to provide greater revenue stability through market cycles. There is particular focus on growing intermediary retail, equity and alternatives AuM The Emerging Markets investment universe continues to grow and diversify, and Ashmore strives to be at the forefront of accessing new market opportunities as they arise Diversifying revenue streams provides greater stability through market cycles 3 Mobilise Emerging Markets capital Ashmore's growth is enhanced through accessing rapidly growing pools of investable capital in Emerging Markets Industry AuM in Emerging Markets is growing twice as fast as the developed world This presents a significant growth opportunity in local asset management platforms, as well as cross-border Emerging Markets opportunities over the longer term 4#5• Strategy phase 1: Establish Emerging Markets asset classes Ashmore's proven investment expertise, specialist focus and scalable distribution model mean it is well-placed to exploit the growth opportunities across Emerging Markets GDP per capita (indexed 1980 = 100) Ashmore 2020 EM = USD 11,600 DM USD 52,100 Huge structural growth opportunity as nations develop and Emerging Markets increasingly viewed as mainstream asset classes 1980 EM = USD 1,600 DM USD 10,200 Diversification is important: not a single asset class. There is a wide range of risk & return profiles and large investable markets across fixed income, currencies, equities and illiquid assets 1980 1985 1990 1995 2000 2005 Developed Markets 2010 2015 2020 2025f Emerging Markets Significant growth opportunity from higher allocations (%) 1 • Institutional allocations are underweight and rising steadily Typically mid-single digit % allocation to Emerging Markets MSCI All Cap World index has 13% EM weight JP Morgan GBI-Agg Diversified index has 28% EM weight Ashmore's specialism, expertise, experience and distribution model enable it to capture rising investor allocations to Emerging Markets 2.5 6.2 5.0 2.0 n/a 2005 2010 7.8 4.7 3.8 2015 2020 Equity Fixed income (1) Ashmore, annual reports of representative European and US pension funds collectively responsible for more than US$750 billion of assets 5#6100 90 80 70 60 50 40 30 20 10 0 - 2007 2004 2005 2006 2007 2008- ■External debt ■Local currency 2009 2010- AuM development (USD bn) 2011 2012 Focus on further diversification by growing: Equities Intermediary retail IG fixed income 2013- 2014- Corporate debt ■Blended debt Strategy phase 2: Diversify assets under management Ashmore's established investment processes and broad distribution capabilities deliver diversified AuM growth AuM by client type & location Intermediary Foundations/ retail endowments 2015 2016 2017- 2018 ■ Equities ■Alternatives 2019- 2020 2021 H1'22 Data as at 31 December 2021 6% Corporates / financial institutions 22% 6% 10% Funds / sub- advisers Central banks 13% Pension plans 26% Governments 5% Middle East & Africa 27% Asia Pacific 16% Americas 19% O UK 8% Europe ex UK 30% 6 Sovereign wealth funds 21% Ashmore#7Strategy phase 3: Mobilise Emerging Markets capital Investable capital pools in Emerging Markets are growing 2x faster than in Developed Markets Ashmore's local offices participate in this growth trend Strong organic growth opportunity in each market and further diversification possible Potential to expand network over time Financial investment in China's onshore fund industry Ashmore Established network of local asset management operations Middle East Ashmore Indonesia Broader fund range including new fixed income and ESG mandates, record AuM of US$2.8bn (+16% in 6m) Investment in digital distribution partner (BIB) Ashmore Saudi Arabia Strong growth (+49% YoY) including new equity mandates Ashmore India Strong market performance (AuM +23% YoY) Ashmore Colombia Marketing PE and real estate funds Ashmore will continue to develop its network of local businesses, and target larger EM institutions, to increase proportion of AuM from EM-domiciled clients from 26% today Latin America USD 1.4bn USD 1.6bn Global asset management platform Local asset management presence Asia USD 5.0bn Distribution office Local platforms: contribution to Group in FY2020/21 Group Local vs Group AUM (USD bn) 94.4 7.2 8% Average net management fee margin (bps) Employees* 41 70 +71% 298 101 34% Adjusted EBITDA 195.7 ~£13m 7% Adjusted EBITDA margin 66% 49% -26% * Excludes Ashmore Avenida site-based employees AuM growth rates refer to H1 2021/22 7#8Active investment processes Ashmore . Specialist, active investment management is required to exploit inefficiencies in Emerging Markets Macro top-down Proprietary research • • • Investment committees oversee experienced teams with collective responsibility for strategies in each theme - No 'star' culture 98 investment professionals covering global EM fixed income & equities and local asset management Proprietary research including ESG scoring for all portfolios No prescribed house view, but insights shared between global and local investment teams Liquidity obsessed A specialist, active approach to Emerging Markets Active management Bottom up: - credit/value - equity/quality growth Fixed income Local Equity IC IC Global macro and asset allocation offices and Alternatives Collaboration Investment teams (sub ICs) External debt Local currency Corporate debt ESG integration Collaboration Allocation Blended debt 8#9Investment themes Ashmore Ashmore manages capital across a range of different investment themes with dedicated strategies under each theme providing either global Emerging Markets exposure or specific regional or country exposure. FIXED INCOME (USD 77.8bn) Local THEME External Debt (USD 18.9bn) Currency (USD 28.6bn) GLOBAL STRATEGIES Broad ⚫ Bonds ⚫ Sovereign • Bonds (Broad) ⚫ Sovereign, investment grade • Short duration • ESG ⚫ Cash ⚫ FX+ Investment grade • Volatility- Management REGIONAL/ COUNTRY • Indonesia STRATEGIES Local currency includes USD 11.0bn overlay/liquidity AuM AuM as at 31 December 2021 Corporate Debt (USD 9.5bn) Blended Debt (USD 20.8bn) managed bonds Overlay Broad High yield Investment grade Short duration • Investment grade short duration • ESG ⚫ Blended • Investment grade Absolute return ⚫ ESG China ⚫ Indonesia • Saudi Arabia •Asia high yield ALTERNATIVES (USD 1.5bn) EQUITIES (USD 8.0bn) Active Active ex China ⚫ EM Equity (All • Frontier Cap) ⚫ Shariah ⚫ ESG Multi-asset • Small Cap • Private Equity - Healthcare • Infrastructure ⚫ Special Situations Distressed Debt Real Estate • Colombia ⚫ India • India Small Cap • Indonesia • Indonesia Small Cap • Indonesia ESG • Indonesia Multi- asset Africa Middle East Saudi Arabia Saudi Arabia Shariah Andean Middle East (GCC) 9#10Investment performance (1/2) One year: 39% outperforming 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% External Local Corporate Blended Glob Group Jun'21: 96% Ashmore 100% Three years: 44% outperforming 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% Five years: 54% outperforming 90% 80% 70% 60% 50% 40% 30% External Local Corporate Blended 20% Globo Group 10% 0% Outperforming Jun'21: 57% Underperforming External Local Corporate Blended Fa/Gallo al So Group Jun'21: 79% • 2021 a more challenging year for EM than 2020 • • Similarly, 2016 was a strong absolute and relative return year, as Fed raised rates and EM outperformed Strong relative performance in local currency, equities, IG (external, corporate & blended debt) and corporate debt over longer term Significant value in markets and portfolios, with recovery returns available in oversold positions, particularly HY, and asset prices not yet reflecting supportive macro outlook AuM outperforming versus benchmark on gross annualised basis Equities bars split between global (LHS) and local products (RHS) See Appendix for related disclosures 10#11Investment performance (2/2) Ashmore 1yr 3yr 5yr 31st December 2021 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad Sovereign Sovereign IG Local currency Bonds -4.7% -1.8% 3.6% 5.9% 3.3% 4.7% -3.3% -1.8% 4.2% 5.9% 3.5% 4.7% -1.8% -1.9% 8.1% 7.6% 6.3% 5.8% -8.6% -8.8% 2.3% 2.1% 3.3% 2.8% Corporate debt Broad -3.4% 0.9% 5.4% 6.9% 5.5% 5.4% HY -5.2% 2.1% 5.0% 7.3% 6.0% 5.8% IG 0.4% 0.1% 8.6% 6.6% 6.4% 5.1% Blended debt Blended -9.3% -3.9% 1.5% 3.8% 2.7% 3.7% Blended IG -3.5% -3.3% 5.7% 5.3% 5.1% 5.0% Equities All Cap 6.4% -2.5% 22.8% 10.9% Active -3.8% -2.5% 12.3% 10.9% 11.2% 9.9% Small Cap 13.8% 18.8% 24.7% 16.5% 14.4% 11.5% Frontier markets 26.3% 16.8% 12.5% 10.7% 9.1% 8.4% See Appendix for related disclosures 11#12Distinctive business model High-return, diversified range of Emerging Markets asset classes Structural growth opportunities Powerful political, social and economic convergence trends Significant increase in investor allocations to match global index weights capital programme Active seed Strong, liquid balance sheet Scalable operating platform Flexible remuneration philosophy Cost discipline Specialist focus Active management ESG integrated client base Diversified Distinctive business model characteristics Ashmore Creating value through the cycle Strong long-term investment performance for clients Consistent investment philosophy since 1992 Significant alpha delivered through market cycles Interests aligned through employee equity ownership Variable remuneration biased towards long-dated • equity awards Employee equity ownership is approximately 40% Value for shareholders • 67% adjusted EBITDA margin Strong cash generation Progressive dividend policy 12#13Delivering returns for shareholders through market cycles . • • Ashmore Profitability maintained through cycles 70% Financial performance driven by high-quality revenues and highly flexible cost base - Strong bias to recurring management fee income - Disciplined control of operating costs - Profit-based variable remuneration with a cap Delivers high EBITDA margin through the cycle and consistent cash generation Remuneration philosophy aligns interests of clients, shareholders and employees through long-dated equity ownership Team-based culture mitigates key man risks 100% 90% 80% 65% 70% 60% 50% 60% 40% 30% 55% 20% 10% 0% 50% 2016 2017 2018 2019 2020 2021 Net management fees (lhs) Performance fees (lhs) Adjusted EBITDA margin (rhs) Disciplined control of operating costs (£m) • Well-capitalised, liquid balance sheet supports strategic and commercial initiatives 57.7 55.0 35.6 43.0 48.6 53.6 30.2 28.3 28.0 24.4 26.5 22.3 24.1 24.8 24.2 26.5 27.6 26.7 2016 2017 2018 2019 2020 2021 ■Staff costs ■Other operating costs ■Variable remuneration 13#14Focus on strategic initiatives 1. Equities Ashmore • Large investment universe (USD 37trn), comparable to EMD Global strategies performance Alpha¹ One year Three years Five years • • Highly scalable all cap strategies underpin strategic objective to increase equity AuM (currently 9% of Group AuM) Established global EM and local investment teams with shared research framework across asset classes and locations EM All Cap EM Active EM Small Cap +8.9% +11.9% n/a -1.3% +1.4% +1.3% -5.0% +8.2% +2.9% EM Frontier Markets +9.5% +1.8% +0.7% • • Consistent philosophy and committee-based active investment processes as fixed income, implemented independently Distribution capabilities include product specialists Global strategies available across SICAV and 40-Act platforms Strong investment performance delivering flows, positive for 10 consecutive quarters (to Dec'21) 1. Gross annualised performance relative to benchmark as at 31 December 2021 Diversified equities growth AuM HoH USD bn 3.0 +5% +8% Global funds Locally-managed funds 4.9 As at 31 December 2021 14#15Ashmore Focus on strategic initiatives 2. Intermediary retail • • • • Capital sourced through intermediaries provides diversification Typically more cyclical than institutional assets, but higher net revenue margin Dedicated distribution teams in US and Europe Comprehensive product range available on scalable mutual fund platforms - SICAV: 30 funds, USD 8.9bn AuM 40-Act: 12 funds, USD 1.9bn AuM Diversified AuM UK, 26% Europe (ex UK), 26% O Asia, 9% Americas, 39% Intermediary retail AuM: cyclical behaviour 14 12 10 Established network of intermediary relationships US Europe Asia 8 64 • Wirehouses • • Private banks RIAS Private banks Platforms Sub-advisers 2 • Private banks • Trusts Wealth managers Fund of funds Wealth managers יווי 0 2016 2017 2018 2019 2020 2021 H1'22 • Sub-advisers AuM USD bn % Group AuM Data as at 31 December 2021 16 14 12 10 8 NO 0064 20 15#16Remuneration philosophy Ashmore . Consistent philosophy aligned with cyclical profits and protects returns to shareholders through market cycles Clear link between pay and performance 100% • Applies to all Group employees, underpins strong team-based culture and employee retention 80% 60% • RemCo determines awards for Directors but also significant number of senior employees 40% 20% Principal features • Low salary cap • Single profit-based bonus pool capped at 25% • No separate LTIP • 0% -20% -40% -60% 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ■Revenues YoY ■Bonus pool YoY Performance-based awards, taking both firm and individual performance into account Equity deferral and opportunity to increase alignment Strong alignment of interests over long-term • • Compulsory minimum deferral into equity with five-year vest Opportunity for employees to forgo cash in return for equity . Restricted shares entitled to ordinary dividends . • Employee benefit trust purchases shares to mitigate dilution Average length of senior employee service is 12 years ■Cash Initial award £60 £40 = £100 Opportunity £30 £40 £60 = £130 ■Restricted shares ■Bonus & matching shares from commuted cash 16#17Strong balance sheet & consistent cash generation • Strong, liquid balance sheet benefits clients and shareholders through the cycle - no debt high-quality financial resources, >£800m liquid assets represent 76% of total balance sheet capacity to invest in seed capital for future growth confers strategic flexibility, e.g. to consider M&A progressive dividend policy Business model converts operating profits to cash 108% cumulative conversion since IPO consistent cash balance, average ~£400 million over past decade paid £1.5 billion ordinary dividends since IPO, equivalent to 66% of attributable profits Source: Ashmore, Pillar 3 and Group consolidated financial statements Substantial, liquid financial resources 667.4 609.2 555.2 557.6 479.7 119.5 121.0 147.3 155.9 155.9 2018 2019 2020 2021 H1'22 ■Total Pillar 2 requirement (£m) ■Excess financial resources (£m) 277.8 238.4 336.8 334.8 228.3 463.1 490.1 426.8 445.7 444.4 2018 2019 2020 2021 H1'22 ■Cash (£m) ■Seed capital (£m) Ashmore Market risk Credit risk 67% 17% Operational risk 16% 17#18Seed capital supports growth • • Seed capital investments support Ashmore's growth: - Create marketable investment track record Establish new distribution channels Provide additional scale to funds for intermediaries - Support initial development of local asset management platforms Actively-managed programme with Board-approved processes and thresholds. In total: More than £900m invested ~£700m successfully recycled (74% of invested cost) Seed capital investments create value for shareholders: 10% of Group AuM (~US$9bn) in funds that have been seeded - >£200m contribution to profit before tax, realised gains of >£100m Source: Ashmore, Pillar 3 and Group consolidated financial statements Substantial, liquid financial resources Ashmore 1,000 900 800 700 600 500 400 300 200 100 0 09 Jun Jun Jun- 10 11 Jun- Jun- Jun- Jun- Jun- Jun- 12 13 14 15 16 17 Jun- Jun- Jun- Jun- 18 19 20 21 Market value Cumulative seed invested Cumulative seed redeemed 18#19Sustainability Consistent, coherent approach across the Group • ESG Committee includes front office, middle office & support functions Corporate Premium listing on London Stock Exchange • UNPRI signatory since 2013 • • Annual commitment to society: 0.5% of PBT donated to The Ashmore Foundation and other charities Net zero initiative via The Ashmore Foundation Investment • ESG factors integrated into all investment processes • Dedicated ESG funds in equities, external debt, corporate debt & blended debt • Proprietary ESG research • No separate ESG team; fund managers have a comprehensive view of issuers • Industry initiatives: NZAMI, Climate Action 100+ Societal • The Ashmore Foundation has dispensed nearly USD 7 million to 71 civil organisations in 26 emerging countries Ashmore Integrated approach across the Group Corporate responsibility Ensure the firm is managed to the highest social and environmental standards, in line with local expectations Responsible investment Ensure investments are aligned with expectations of a 'responsible investor'. Pay particular attention to risks stemming from ESG concerns and the sustainability impact of investments The Ashmore Foundation Philanthropic efforts to make a social and environmental difference in the communities in which Ashmore invests Current UNPRI scores (2020) Ashmore Peer group median score Strategy & governance A A Fixed income - sovereign A B Fixed income - corporate A B Listed equity incorporation A A Listed equity - active ownership Property A B A B Infrastructure A A 19#20Emerging Markets Ashmore#21Emerging Markets Structural growth and investment opportunities in inefficient markets • • Growth underpinned by powerful economic convergence trends with the developed world Large investment universe, set to grow further - USD 71trn in equities and fixed income, of which only USD 5trn is hard currency sovereign/corporate bonds - 156 developing countries, approximately half of which have not issued tradable debt Emerging Markets' increasing significance 84% of the world's population lives in an emerging country, and the demographics are typically more favourable than in developed countries 58% Ashmore of the world's GDP is generated by emerging countries. Future growth is underpinned by low GDP per capita levels that are converging with developed countries • Low index representation - Only 17% of bonds and 22% of equity market cap are in benchmark indices Opportunities for active management, and rising indexation drives higher allocations • Local currency funding - More than 85% of funding is through local bond issuance - Important development that increases resilience of 25% of world bond issuance and 33% of equity market cap are in Emerging Markets, providing substantial opportunities for growth as economies converge Emerging Markets, needs high-quality policy making Underweight allocations EM is 13% to 28% of global benchmarks, and rising, but investors have <10% allocations 75% of the world's foreign exchange reserves, or USD 9 trillion, are controlled by emerging countries' central banks 13% to 28% weighting of Emerging Markets in global benchmark indices, rising over time as markets grow and become more accessible 21#22Emerging Markets Diversification Ashmore - No country is more than 5% of EMBI GD - GBI-EM GD country weights capped at 10% • Diverse equity & fixed income asset classes representing more than 70 countries Large and diverse benchmark indices Index Value Countries Issuers (US$bn) EMBI GD 1,365 72 172 GBI-EM GD 2,629 20 20 CEMBI BD 1,372 60 836 MSCI EM 7,855 25 1,420 • • . The majority of assets are local currency denominated (bonds and equities), owned & traded in domestic markets Investment grade issuance increasingly relevant in external debt markets - 51% of EMBI GD & 56% of CEMBI BD Fundamentals underpin long-term returns, but sentiment / DM factors can unduly affect prices in short term Active management can exploit inefficiencies Ashmore's active investment philosophy reflects the huge diversity of opportunities available across Emerging Markets Invested in c.80 countries Wide range of returns available (12m to Dec 2021) +48% EMBI GD -1.8% Source: JP Morgan, MSCI As at 31 December 2021 -30% 22#23Emerging Markets Active versus passive investing • EM fixed income and equity markets are inefficient - - Benchmark indices are unrepresentative of the investment opportunity Active management is critical Ashmore Large investment universe, low index representation US$34.1trn 17% US$37.0trn 22% Structural developments, e.g. removal of capital controls, will increase index representation over the long term Will lead to more passive substitutes But also support higher allocations as the asset classes are increasingly viewed as 'mainstream' Source: Ashmore, JP Morgan, ICE US$3.2trn 44% US$1.5trn 89% US$14.5trn 17% US$14.9trn 3% External External sovereign debt corporate debt Local sovereign Local corporate Fixed income debt debt Equities ■Index market cap ■Non-index market cap 23#24Assessing the Emerging Markets cycle • Ashmore Effective policy responses to pandemic - EM required less fiscal stimulus and consolidating deficits faster than DM - Positive outlook as 2021 headwinds fade Macro topic US rates EM rates EM long-term convergence trend intact Fed tightening a catalyst for performance Higher EM yields/spreads in 2021 reflect 'fear', provide significant buffer for outperformance China EM central banks tightened aggressively, ahead of inflation and the Fed 2021 Uncertainty, misguided fear priced into EM Central banks ahead of inflation, attractive real rates Slower growth due to regulatory impact in energy, real estate and tech 2022 outlook Expected rate increases will still leave negative real rates Continued focus on inflation, currencies will benefit from real rate differentials Policy easing has started, will support stronger growth US real rates will remain negative, currently ~500 bps lower than EM real rates Higher rates and attractive real yields in Emerging Markets (%) 8.0 6.0 • China will grow faster 4.0 China's growth headwinds to reverse in 2022 2.0 - Consistent long-term economic objectives, focus in short term on growth and stability 0.0 Policy tightening in 2021 is giving way to easing -2.0 سر -6.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -4.0 • Valuations do not reflect supportive macro outlook - External debt spreads c.400bps - Local currency bond yield >6%, positive real yields Equities at 15-year relative low to DM EM vs US spread ex-post real GBI-EM yield ex-post US real yield 24 14#25Historical valuations relative to Developed Markets Local currency Ashmore External debt Index: 72 countries, 172 issuers, 961 bonds 800 Index: 20 countries, 20 issuers, 293 bonds 8.00 EMBI GD spread over UST, bps GBI-EM GD yield (%) Difference: GBI-EM vs GBI global (%) 7.50 700 7.00 600 6.50 6.00 500 5.50 5.00 400 4.50 4.00 300 3.50 200 3.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 700 Corporate debt Index: 60 countries, 836 issuers, 2, 120 bonds CEMBI BD spread over UST, bps Equities Index: 25 countries, 1420 issuers 110 5.0 100 600 MSCI EM vs World (Jan 2011=100, lhs) EM vs DM growth premium (IMF, %, rhs) 4.5 4.0 90 3.5 500 400 80 3.0 2 2.5 70 2.0. 300 60 1.5 200 1.0 50 0.5 100 40 2011 2012 2013 2014 2015 0.0 2016 2017 2018 2019 2020 2021 2022 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 25 25#26Ashmore Group plc Summary of recent financial performance Ashmore#27Financial performance overview: H1 2021/22 Ashmore • AuM -8% over six months Net flows -US$3.2 billion Negative investment performance -US$3.9 billion H1 2021/22 H1 2020/21 £m £m YoY % AuM (US$bn) 87.3 93.0 (6) Adjusted net revenue 138.2 156.8 (12) • Adjusted net revenue -12% Adjusted operating costs (47.8) (51.2) 7 Net management fees -6% - Lower performance fees & FX hedge gains Adjusted EBITDA 92.0 107.2 (14) margin 67% 68% • Adjusted EBITDA -14% Operating costs reduced by 7% Seed capital 25.2 49.3 (49) - Maintained margin in the mid/high 60%s Profit before tax 116.0 150.6 (23) Diluted EPS (p) 13.3 18.2 (27) Profit before tax -23% Delivered seed capital gain of £25.2 million DPS (p) 4.80 4.80 . Diluted EPS -27%, DPS maintained at 4.80p Figures stated on an adjusted basis exclude FX translation and seed capital-related items 27#28Assets under management . Gross subscriptions of US$7.8 billion, 8% of opening AuM (H1 2020/21: US$7.5 billion, 9%) Broad-based demand across themes New mandates in external debt, blended debt & equities Flows into sovereign IG and Asia-focused corporate debt strategies, Ashmore Colombia PE fund AuM development (US$bn) (3.9) (2.2) (1.0) • • • Gross redemptions of US$11.0 billion, 12% of opening AuM (H1 2020/21: US$8.9 billion, 11%) Allocation decisions in blended debt & local currency (e.g. fully funded pensions) - Underperformance in some external and blended debt strategies US$1.7 billion reductions in overlay mandates Net flows -US$3.2bn Institutional -US$2.2bn (3% of AuM) Intermediary retail -US$1.0bn (14% AuM) Investment performance impact of -US$3.9 billion 94.4 AuM at 30 Jun 2021 Performance Ashmore 87.3 Institutional net flow Intermediary retail AuM at 31 Dec 2021 net flow 28#29Quarterly net flows Ashmore +8.0 +6.0 +4.0 +2.0 +0.0 -2.0 -4.0 -6.0 -8.0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 29#30Revenues • Adjusted net revenue -12% YoY • Net management fees -6% • Average AuM +4% YoY offset by higher average GDP:USD Net management fee margin 39bps (-3bps YoY / -1bp HoH) Movement primarily due to retail & mutual fund flows (-2bps) Large mandate flows, competition & product mix (-1bp) Adjusted net revenue (£m) (7.9) 156.8 Ashmore (4.6) (6.1) 138.2 • Performance fees delivered across range of fixed income funds H1 2020/21 Net management Performance fees fees Other H1 2021/22 • FX gains from hedges and active management Figures stated on an adjusted basis, excluding FX translation and seed capital-related items H1 2021/22 H1 2020/21 YOY £m £m % Net management fees 131.0 138.9 (6) Performance fees 3.1 7.7 (60) Other revenue 1.4 1.5 (7) FX: hedges 2.7 8.7 (69) Adjusted net revenue 138.2 156.8 (12) 30#31Operating costs • • • Ashmore Adjusted operating costs reduced by 7% YoY Adjusted operating costs (£m) 51.2 0.3 (3.7) 47.8 Non-VC operating costs increased by 1% Disciplined control of all operating costs - Average headcount stable YoY Limited travel and remote working, but restrictions starting to ease VC accrual at 20% VC variable compensation Figures stated on an adjusted basis, excluding FX translation and seed capital-related items H1 2020/21 Non-VC costs VC H1 2021/22 H1 2021/22 H1 2020/21 £m £m YoY % Fixed staff costs (13.7) (13.6) (1) Other operating costs (9.8) (9.6) (2) Depreciation & amortisation (1.6) (1.6) Operating costs before VC (25.1) (24.8) (1) Variable compensation (20%) (22.8) (25.2) 10 - adjustment for FX translation 0.1 (1.2) n/m Adjusted operating costs (47.8) (51.2) 7 31#32Seed capital Total value of seed capital programme ~£345 million Seed capital movement (£m) 336.8 Market value of £334.8 million (30 June 2021: £336.8 million) - Undrawn commitments of £8.5 million P&L gain of £25.2 million (H1 2020/21: £49.3 million), predominantly unrealised at period end . Diversified portfolio - Increased valuations for alternatives investments more than offset lower mark-to-market on liquid themes 6.1 Ashmore 40.1 32.0 334.8 30 June 2021 Investments Realisations Market movement 31 December 2021 . • New investments of £6.1 million to support growth in local asset management platforms Redemptions of £40.1 million to match client flows into equity funds and distributions following realisations in alternatives theme Seed capital has supported funds representing -10% of Group AuM (US$9 billion) Diversified portfolio (% of market value) 42% 4% 8% ■External debt ■Local currency 13% Corporate debt 26% 7% ■Blended debt ■ Equities ■Alternatives 32#33• Cash flow Operations generated cash flow of £84.8 million (1) 92% of adjusted EBITDA (H1 2020/21: 83%) 445.7 . Consistent uses of operating cash flow: - Corporation tax - Ordinary dividends to shareholders - Share purchases to satisfy employee equity awards, avoids dilution • Seed capital generated cash of £34.0 million on realisations Mark-to-market impact of GBP weakness on closing cash balances (1) Excludes consolidated funds Opening cash Operations Taxation Cash flow (Em) (1) 13.0 84.8 86.8 1.2 25.8 34.0 Dividends EBT purchases Net seeding Other 33 FX 437.7 6.7 444.4 Closing cash | Ashmore#34Balance sheet Ashmore • Capital resources of £823.3 million (1) Consistent balance sheet structure 900 Excess regulatory capital of £667.4 million, equivalent to 94p/share 800 700 No debt 600 500 400 . Balance sheet remains highly liquid (76%) £444.4 million cash & cash equivalents (2) - £334.8 million seed capital, with c.60% of funds with at least monthly dealing frequency 300 200 100 0 2018 2019 ■Cash excluding consolidated funds (£m) III Capital resources of £823.3 million (1) 2021 H1 2022 ■Seed capital (market value, £m) 2020 • FX exposure is predominantly USD - £3.0 million PBT sensitivity to 5c move in GBP:USD (1) Total equity less deductions for intangibles, goodwill, DAC, material holdings and interim ordinary dividend (2) Excludes consolidated funds 444.4 Cash and cash equivalents 667.4 Excess capital 193.6 Seed capital - liquid Regulatory 141.2 - illiquid 155.9 capital requirement 57.4 Other net assets 34#35Net management fee margins 141 EH1 2020/21 H2 2020/21 ■H1 2021/22 134 123 39 42 40 39 37 36 30 28 27 43 43 39 38 47 47 47 63 61 59 Ashmore Group External debt Local currency Corporate debt Blended debt Equities Alternatives Fixed income: 36bps (H1 2020/21: 39bps) (H2 2019/20: 37bps) 35#36Foreign exchange . Sterling weakened against the US dollar over the period, but average rate was stronger YoY Period-end rate moved from 1.3815 to 1.3545 - Average rate 1.3636 vs 1.3107 in H1 2020/21 • P&L FX effects in H1 2021/22: - Ashmore Currency exposure of cash (1) 31 December 2021 % 30 June 2021 % £m £m US dollar Sterling Other Total 284.7 64 341.3 77 138.0 31 76.0 17 21.7 5 28.4 6 444.4 445.7 Translation of net management fees -£5.3 million Translation of non-Sterling balance sheet items +£0.3 million Net FX hedges +£2.7 million Seed capital -£0.9 million (1) Excludes consolidated funds FX sensitivity: ~£3.0 million PBT for 5c movement in GBP: USD rate £2.0 million for cash deposits (in 'foreign exchange') - £1.0 million for seed capital (in 'finance income') Currency exposure of seed capital 31 December 2021 % 30 June 2021 % £m £m US dollar 291.2 87 297.6 88 Colombian peso 15.6 5 16.2 LO 5 Other 28.0 8 23.0 Total 334.8 336.8 36#37Appendix Ashmore#38Disclosures Page 10: Ashmore Gross performance is shown, weighted by fund AuM, to provide a representative view to analysts and shareholders of Ashmore's investment performance over relevant time periods Only funds at 31 December 2021 and with a performance benchmark are included, which specifically excludes funds in the alternatives and overlay/liquidity investment themes 83% of Group AuM at 31 December 2021 is in such funds with a one year track record; 75% with three years; and 65% with five years Reporting of investment performance to existing and prospective fund investors is specific to the fund and the investor's circumstances and objectives and may, for example, include net as well as gross performance Page 11: Source: Ashmore (un-audited), JP Morgan, Morgan Stanley - Returns gross of fees, dividends reinvested. - Annualised performance shown for periods greater than one year. - Within each investment theme category, all relevant Ashmore Group managed funds globally that have a benchmark reference point have been included. Benchmarks External debt Broad External debt Sovereign External debt Sovereign IG Local currency Bonds Blended debt Corporate debt Broad Corporate debt HY Corporate debt IG Corporate debt Short duration Global EM active equity Global EM all cap equity Global EM small cap Frontier markets JPM EMBI GD JPM EMBI GD JPM EMBI GD IG JPM GBI-EM GD 50% EMBI GD, 25% GBI-EM GD, 25% ELMI+ JPM CEMBI BD JPM CEMBI BD NIG JPM CEMBI BD IG JPM CEMBI BD (1-3yr) MSCI EM net MSCI EM net MSCI EM Small Cap net MSCI Frontier net 38#39Disclaimer IMPORTANT INFORMATION Ashmore This document does not constitute an offer to sell or an invitation to buy shares in Ashmore Group plc or any other invitation or inducement to engage in investment activities. Certain statements, beliefs and opinions in this document are forward-looking, which reflect the Company's current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The value of investments, and the income from them, may go down as well as up, and is not guaranteed. Past performance cannot be relied on as a guide to future performance. Exchange rate changes may cause the value of overseas investments or investments denominated in different currencies to rise and fall. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statements, which speak only as of the date of this document. 39#40Investor relations contact Ashmore Paul Measday Telephone: +44 (0) 203 077 6278 Email: Website: [email protected] ir.ashmoregroup.com 110 40