#1Ashmore Group plc Investor presentation November 2021 Ashmore www.ashmoregroup.com#2Contents Page 3 Ashmore 'at a glance' Three-phase growth strategy Active investment processes Distinctive business model Focus on strategic initiatives Remuneration philosophy Strong balance sheet 4 8 12 14 16 17 Seed capital supports growth Sustainability 18 19 Emerging Markets 20 Summary of recent financial performance 27 Appendix 39 Contact details 42 Ashmore 2#3Ashmore 'at a glance' • A specialist Emerging Markets manager with USD 91.3 bn AuM (30 Sep 2021) diversified across asset classes Ashmore AuM: diversified by theme & client type Equities 9% Alternatives 2% • • • Active investment management delivered by committee-based 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) 310 employees in 11 countries, with global operating hubs complemented by asset management operations in emerging countries Blended debt 24% Corporate debt 11% Funds / sub- advisers 4% Intermediary retail 8% Foundations / endowments 1% . High operating margin (66%) supported by scalable operating platform Well-capitalised, liquid balance sheet with £600m excess financial resources including £450m cash Corporates / financial institutions 22% Pension plans 26% External debt 21% Local currency 33% Central banks 11% Sovereign wealth funds 21% Governments 7% Theme data as at 30 September 2021; local currency includes USD 12.1bn overlay/liquidity AuM Client data as at 30 June 2021 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#5Strategy phase 1: Establish Emerging Markets asset classes GDP per capita (indexed 1980 = 100) Ashmore's proven investment expertise, specialist focus and • scalable distribution model mean it is well-placed to exploit the growth opportunities across Emerging Markets • 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 Ashmore 2020 EM = USD 11,600 DM USD 52,100 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 3.6 6.4 5.4 n/a 2005 2010 2.0 8.6 4.7 3.8 2015 2019 ■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#6Strategy phase 2: Diversify assets under management Ashmore's established investment processes and broad distribution capabilities deliver diversified AuM growth AuM development (USD bn) 2003 100 90 80 70 60 50 40 30 20 • Ng 10 2004 2005 ■External debt 2006 2007 2008 Local currency Corporate debt 2013 Focus on further diversification by growing: Equities Intermediary retail IG fixed income 2014 2015- 2016 2017- Blended debt ■Equities ■Alternatives ■Multi-asset Q1'22 Asia Pacific 28% Data as at 30 June 2021 unless stated Overlay/liquidity included in local currency prior to 2021 UK 6% 6 AuM by client location Middle East & Africa 17% Europe ex UK 29% Americas 20% Ashmore#7Strategy phase 3: Mobilise Emerging Markets capital Investable capital pools in Emerging Markets are growing 2x faster than in Developed Markets Ashmore's network of local offices participate in this growth trend Strong organic growth opportunity in each market and further diversification possible Potential to expand network over time Established network of six local offices Ashmore Ashmore Indonesia (AuM +51% YoY) Investment in digital distribution partner (BIB) Broader fund range including new fixed income and ESG mandates Ashmore Saudi Arabia (AuM +55% YoY) Strong growth including new institutional equity mandates Ashmore India (AuM +72% YoY) Strong market performance Ashmore Colombia (AuM flat YoY) 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 1.3bn Middle East USD 1.5bn Asia USD 4.4bn Global asset management platform Local asset management presence Distribution office Local platforms: contribution to Group FY2020/21 Group Local vs Group AuM (USD bn) 94.4 7.2 8% Average net management fee margin (bps) 41 70 +71% Employees* 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 FY2020/21 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 99 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 eight different investment themes with dedicated strategies under each theme providing either global Emerging Markets exposure or specific regional or country exposure. FIXED INCOME (USD 8bn) THEME External Debt (USD 18.8bn) Local Currency (USD 30.5bn) Corporate Debt (USD 10.3bn) Blended Debt (USD 22.4bn) GLOBAL STRATEGIES • Broad • Sovereign • Sovereign, investment grade .Short duration ⚫ESG ⚫ Cash Management • Bonds Bonds (Broad) • FX+ • Investment grade Volatility- managed Bonds. • Overlay • Broad • High yield • Investment grade • Short duration • Investment grade Short duration • ESG ⚫ Blended • Investment • Active Active ex China grade • Shariah • Absolute return • Multi-Asset • ESG REGIONAL/COUNTRY • Indonesia ⚫ China STRATEGIES • Indonesia • Saudi Arabia Local currency includes USD 12.1bn overlay/liquidity AuM AuM as at 30 September 2021 EQUITIES (USD 7.8bn) • All Cap . ESG • Small Cap • Frontier ALTERNATIVES (USD 1.5bn) • Private Equity - Healthcare • Infrastructure • Real Estate ⚫ Special Situations ⚫ Distressed Debt Asia High Yield Colombia • India India Small Cap • Indonesia ⚫Indonesia Small Cap .Indonesia ESG •Indonesia Multi- Africa .Middle East • Saudi Arabia .Saudi Arabia Shariah • Andean .Middle East (GCC) Asset 9#10100% Investment performance (1/2) One year: 96% outperforming 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% External Local Corporate Blended Eq Group Jun'20: 9% • Five years performance remains strong Ashmore Three years: 57% outperforming Five years: 79% outperforming 100% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% External Local Corporate Blended Eq/Global Eq/Local Group Jun'20: 17% Outperforming Underperforming Active management delivered strong performance across all themes over one year Increase in % outperforming over three years AuM outperforming versus benchmark on gross annualised basis Equities bars split between global (LHS) and local products (RHS) See Appendix for related disclosures 0% External Local Corporate Blended 10 Glob So Group Jun'20: 74%#11Investment performance (2/2) 1yr 3yr 5yr 30th September 2021 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad Sovereign Sovereign IG Local currency Bonds 7.1% 4.4% 4.1% 5.7% 3.5% 3.9% 4.8% 4.4% 4.0% 5.7% 3.0% 3.9% -0.1% -0.1% 7.4% 7.0% 5.0% 4.5% 4.5% 2.6% 3.5% 3.7% 2.7% 2.1% Corporate debt Broad 8.5% 6.0% 6.4% 7.1% 7.2% 5.2% HY 17.1% 10.4% 7.7% 7.5% 9.1% 6.2% IG 5.3% 2.9% 8.8% 6.8% 6.1% 4.5% Blended debt Blended 5.1% 3.8% 3.1% 4.3% 3.1% 2.9% Blended IG 3.3% 1.3% 5.7% 5.1% 4.1% 3.8% Equities All Cap Active Small Cap Frontier markets See Appendix for related disclosures 33.3% 18.2% 19.3% 8.6% 17.0% 18.2% 8.4% 8.6% 10.5% 9.2% 39.4% 43.2% 18.5% 13.1% 13.8% 9.8% 40.8% 28.8% 9.5% 8.2% 8.8% 7.9% Ashmore 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 Specialist focus Cost discipline 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 • 66% adjusted EBITDA margin Strong cash generation Progressive dividend policy 22 12#13Delivering returns for shareholders through market cycles . • ° Ashmore 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 Profitability maintained through cycles 70% 100% 90% 80% 70% 60% 50% ||||||| 40% Delivers high EBITDA margin through the cycle and consistent cash generation 30% 20% 10% 0% 2016 2017 2018 2019 2020 65% 60% 55% 50% 2021 Remuneration philosophy aligns interests of clients, shareholders and employees through long-dated equity ownership Team-based culture mitigates key man risks Net management fees (lhs) Adjusted EBITDA margin (rhs) Performance fees (lhs) 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 28.0 28.3 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#14• Focus on strategic initiatives 1. Equities Large investment universe (USD 37trn), comparable to EMD Global strategies performance Alpha1 • • Highly scalable all cap strategies underpin strategic objective to increase equity AuM to 20%-30% of Group AuM (9% currently) Established global EM and local investment teams with shared research framework across asset classes and locations EM All Cap EM Active EM Small Cap EM Frontier Markets • • 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 nine consecutive quarters (to Sep'21) Ashmore One year Three years Five years +15.1% +10.7% n/a -1.2% -0.2% +1.2% -3.9% +5.3% +4.0% +12.0% +1.3% +0.8% 1. Gross annualised performance relative to benchmark as at 30 September 2021 Diversified equities growth AuM YoY USD bn 2.9 +68% +57% Global funds Locally-managed funds 4.5 As at 30 June 2021 14#15Focus 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: 29 funds, USD 9.4bn AuM 40-Act: 12 funds, USD 2.0bn AuM Diversified AuM Europe (ex UK), 24% UK, 21% Asia, 10% Ashmore Americas, 45% Intermediary retail AuM: cyclical behaviour 14 12 10 Established network of intermediary relationships US Europe Asia • Wirehouses • Private banks Private banks Platforms Sub-advisers 8642 • Private banks • RIAS • Trusts Wealth managers Fund of funds Wealth managers 0 2016 2017 2018 2019 2020 2021 • Sub-advisers AuM USD bn % Group AuM Data as at 30 June 2021 16 14 12 10 8 62006 + NO 4 2 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 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 Equity deferral and opportunity to increase alignment ■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, >£750m liquid assets represent 80% 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 Substantial, liquid financial resources 609.2 555.2 557.6 479.7 448.3 111.1 119.5 121.0 147.3 155.9 2017 2018 2019 2020 2021 ■Total Pillar 2 requirement (£m) ■Excess financial resources (£m) 277.8 238.4 336.8 228.3 210.2 Source: Ashmore, Pillar 3 and Group consolidated financial statements 463.1 490.1 420.1 426.8 445.7 2017 2018 2019 2020 2021 ■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 - £670m successfully recycled (72% of invested cost) Seed capital investments create value for shareholders: - 11% of Group AuM (>US$10bn) in funds that have been seeded - More than 20% of Group net management fees delivered by 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 1,000 Ashmore 900 800 700 600 500 400 300 200 100 0 09 Jun- Jun- Jun- 10 11 Jun- Jun- Jun- 12 13 14 Jun- 15 Jun- 16 Jun- Jun- Jun- Jun- Jun- 17 18 19 20 21 Market value Cumulative seed invested Cumulative seed redeemed 18#19Sustainability Ashmore Consistent, coherent approach across the Group ESG Committee includes front office, middle office & support functions Integrated approach: three pillars of sustainability 1. CORPORATE Incorporating transparency, fairness, accountability and integrity into operations 2. INVESTMENT Enabling clients to deploy capital in line with responsible investing considerations 3. SOCIETAL Social and impact-first investing locally in Emerging Markets communities 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 UNPRI scores Ashmore Peer group median score Investment Strategy & governance A A • ESG factors integrated into all investment processes Fixed income - sovereign A B • Dedicated ESG funds in equities, external debt, corporate debt & blended debt Fixed income - corporate A B Listed equity – incorporation A A • Proprietary ESG research • No separate ESG team; fund managers have a comprehensive view of issuers Listed equity-active ownership Property A B A B • Industry initiatives: NZAMI, Climate Action 100+ Infrastructure A A Societal • The Ashmore Foundation has dispensed nearly USD 7 million to 71 civil organisations in 26 emerging countries 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 1,373 72 171 GBI-EM GD 2,559 20 20 CEMBI BD 1,386 60 832 MSCI EM 7,878 27 1,418 • • 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 - 50% of EMBI GD & 55% of CEMBI BD Wide range of returns available (12m to Sep 2021) . 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 Source: JP Morgan, MSCI As at 30 September 2021 +51% EMBI GD +4% -10% 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$29.6trn 13% US$30.7trn 19% 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$4.1trn 26% US$1.4trn 84% US$11.6trn 11% US$12.5trn 2% External External sovereign debt corporate debt Local sovereign Local corporate Fixed income debt debt Equities ■Index market cap ■Non-index market cap 223#24• Emerging Markets outlook . Vaccination programmes support economic and social recovery - Significant acceleration in EM, in aggregate, over past six months • Emerging countries are in stronger post-pandemic position than developed nations - EM has stronger growth with lower debt and ongoing reforms - Inflation is under control in EM, central banks are hawkish Ashmore Attractive valuations: lower equity PERS and higher real yields 28 26 24 22222000 122 18 16 14 60% 50% 40% 30% 20% 10 8 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Fed policy remains supportive; taper tantrum is unlikely given stronger EM position than in 2013 % difference (rhs) MSCI World PER MSCI EM PER 8 6 - Stronger fundamentals combine with attractive valuations to support higher investor allocations to EM Superior equity growth prospects at significant PER discount Higher real yields in EM bonds (2) (4) (6) 2 4 6 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Difference (%, rhs) 2013 EM real yield (%) 2014 2015 2016 2017 UST real yield (%) 2018 2019 2020 Source: MSCI, JP Morgan, Bloomberg, Ashmore Supportive environment for continued EM performance 24 2021 1 2 3 4 10% 5#25. • US rates will rise as economy exits recession, mostly driven by rising inflation expectations 3.50 Emerging Markets and Fed taper: then and now Ashmore 10-year US rates: nominal, real and break-even inflation (%) Several factors suggest no need for a repeat of the 2013 'taper tantrum': Communication: taper and rate decisions have been divorced - US real rates likely to remain low even after Fed starts to tighten policy EM current accounts in surplus (>1%) vs deficit in 2013 (- 2%), so higher USD funding costs have less of an impact EM currencies trading close to record lows and 40% below 2013 levels; REER -12% vs 2013 Commodity prices rising, supporting creditworthiness and economies of exporters; prices were falling in 2013 3.00 2.50 2.00 1.50 1.00 0.50 1.00 0.50 (0.50) (1.00) 0.00 (1.50) 2012 2013 2014 2015 2016 2017 2018 2019 2020 10yr UST 10yr break-even 10yr real rates (RHS) EM current account (%, GBI-EM weighted) 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 -2.00 -2.50 2002 2003 2004 2005 2006 2007 Source: JP Morgan, Bloomberg, Ashmore 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 25 2018 2019 2020 1.50#26Historical valuations relative to Developed Markets Local currency Ashmore External debt Index: 72 countries, 171 issuers, 955 bonds Index: 20 countries, 20 issuers, 292 bonds 800 8.00 EMBI GD spread over UST, bps GBI-EM GD yield (%) Difference: GBI-EM vs GBI global (%) 7.50 gggg 700 7.00 6.50 600 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 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Corporate debt Index: 60 countries, 832 issuers, 2, 123 bonds Equities 110 5.0 700 og CEMBI BD spread over UST, bps 600 MSCI EM vs World (Jan 2011=100, lhs) 4.5 100 EM vs DM growth premium (IMF, %, rhs) 4.0 90 3.5 0505 500 3.0 80 400 2.5 70 2.0 300 60 1.5 1.0 200 50 0.5 100 40 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 26#27Ashmore Group plc Recent financial performance Ashmore#28Financial performance overview Ashmore • AuM +13% YoY, average AuM flat YoY Net flows +US$1.2 billion and positive investment performance +US$9.6 billion FY2020/21 FY2019/20 £m £m YoY % AuM (US$bn) 94.4 83.6 13 Adjusted net revenue 296.6 325.0 (9) . Q1 2021/22 AuM US$91.3 billion Net outflows of US$1.0 billion and investment performance of -US$2.1 billion Adjusted operating costs (103.7) (105.9) 2 Adjusted EBITDA 195.7 222.5 (12) • Adjusted net revenue -9% margin 66% 68% • • • - Net management fees -14% Higher performance fees of £11.9 million Continued strong cost management - Adjusted operating costs reduced by 2% Adjusted EBITDA -12% Margin maintained in the mid/high 60%s Strong seed capital gains of £92.5 million Seed capital Profit before tax 92.5 (7.6) nm 282.5 221.5 28 Diluted EPS (p) 34.2 25.7 33 Adjusted diluted EPS (p) 23.3 26.1 (11) DPS (p) 16.9 16.9 • Profit before tax +28%, diluted EPS +33% - Adjusted diluted EPS -11% • Dividend maintained Figures stated on an adjusted basis exclude FX translation and seed capital-related items 28#29Financial results Assets under management • Strong markets and investment outperformance added US$9.6 billion • Subscriptions of US$17.6 billion, 21% of opening AUM (FY2019/20: US$24.3 billion) Broad-based demand across all fixed income and equity themes New clients active in external debt, blended debt, equities and overlay/liquidity • AuM development (US$ bn) 83.6 Ashmore 4.1 (2.9) 9.6 94.4 Gross redemptions of US$16.4 billion, 20% of opening AuM (FY2019/20: US$24.4 billion) - Typical allocation decisions and some profit taking after strong performance AuM at 30 Jun Performance 2020 Institutional net Intermediary retail flow net flow AuM at 30 Jun 2021 . Net inflows of US$1.2bn (FY2019/20: US$0.1 billion net outflow) - H1: -US$1.4 billion, H2: +$2.6 billion - Institutional inflows of US$4.1 billion and intermediary retail net outflows of US$2.9 billion - Net inflows in equities and overlay/liquidity 29 29#30Financial results Assets under management AuM by theme (US$bn) AuM as invested (US$bn) ■External debt 0.3 12.8 12.8 18.2 ■Local currency 1.4 1.3 30.4 Corporate debt 7.4 7.7 Blended debt ■ Equities 19.6 23.4 11.3 AuM by client type 22% ■Alternatives Multi-asset ■Overlay/liquidity ■Central banks 8% 1% 11% ■Sovereign wealth funds 4% ■Governments 21% ■Pension plans ■Corporates/financial institutions 7% ■Funds/sub-advisers 26% ■Intermediary retail ■Foundations/endowments 18.1 24.1 AuM by client location Ashmore ■ External debt ■Local currency Corporate debt ■Equities ■ Alternatives ■Overlay/liquidity Americas 20% 28% Europe ex UK 28% 17% 7% UK Middle East & Africa Asia Pacific 30#31Financial results Quarterly net flows Ashmore USD billion +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 31#32Financial results Revenues • Adjusted net revenue fell by 9% (3% at constant currency) • Net management fees -14% (-8% at constant currency) Broadly flat average AuM (US$90.0bn) 4bps decline in net management fee margin Higher average GBP: USD rate (-6% impact) Margin 41bps, predominantly impacted by mix effects Theme and client mix (-2.5bps) Large mandates & other (-1.5bp) • Strong performance delivered higher fees - No material fees delivered by August year end funds in FY2021/22 FX hedging gains of £9.2m Figures stated on an adjusted basis, excluding FX translation and seed capital-related items; see Appendix 1 Adjusted net revenue bridge (£m) 325.0 (44.6) Ashmore 8.2 296.6 8.0 FY2019/20 Net management Performance fees fees Other FY2020/21 FY2020/21 FY2019/20 YOY £m £m % Net management fees 270.9 315.5 (14) Performance fees 11.9 3.9 205 Other revenue FX: hedges 4.6 4.1 12 9.2 1.5 513 Adjusted net revenue 296.6 325.0 (9) 32#33Financial results Operating costs . Ashmore +1% -2% 103.7 Non-VC operating costs reduced by 6% (2% at constant currency) Flat average headcount, lower travel and office- related expenses Charitable contribution: 0.5% of profits* paid to Ashmore Foundation and other charities Adjusted operating costs (£m) 105.9 -1% • Variable compensation set at 22.0% vs 19.5% last year Strong investment performance, lower adjusted profits FY2021/22 operating costs will reflect planned return to offices and travel * Profit before tax excluding unrealised seed capital gains VC variable compensation Figures stated on an adjusted basis, excluding FX translation and seed capital-related items; see Appendix 1 FY2019/20 Non-VC costs VC FX FY2020/21 FY2020/21 FY2019/20 £m £m YoY % Fixed staff costs Other operating costs (26.7) (27.6) 3 (19.5) (21.0) Depreciation & amortisation (2.8) (3.4) 18 Operating costs before VC (49.0) (52.0) 60 Variable compensation (22.0%/19.5%) (53.6) (55.0) - adjustment for FX translation (1.1) 1.1 nm Adjusted operating costs (103.7) (105.9) 33#34Financial results Seed capital • Total seed capital exposure of ~£345 million market value £336.8 million (30 June 2020: £238.4 million) undrawn commitments of £8.9 million Net P&L gain of £92.5 million (FY2019/20: £7.6 million loss), of which £84.0 million unrealised Positive market appreciation benefited liquid strategies and consequent valuations of assets in alternatives Equities +£35 million gain Alternatives +£48 million gain Ashmore Seed capital movement (market value, £m) 238.4 134.6 30 June 2020 Investments 106.0 69.8 336.8 Realisations Market movement 30 June 2021 Diversified across themes (% of market value) • New investments of £134.6 million distribution focus: equities and Latin America new funds: ESG and investment grade credit 35% Redemptions of £106.0 million client flows into equity products return of capital by alternatives funds Seed capital has supported funds representing ~11% of Group AuM (>US$10 billion) 3%4% 6% External debt ■Local currency 14% 31% 7% Corporate debt Blended debt ■ Equities Alternatives Multi-asset 34#35• Financial results Cash flow Consistently high conversion of profits to cash flow Operating cash flow of £213.1 million (1) represents 109% of adjusted EBITDA (FY2019/20: 116%) . Cash flow provides for: - Corporation tax - Ordinary dividends to shareholders - Share purchases to satisfy employee equity awards, avoids dilution - Net investment in seed capital Lower closing cash balance due to translation impact of stronger Sterling (1) Excludes consolidated funds. See Appendix for reconciliation to statutory consolidated cash flow statement Opening cash Operations 490.1 Taxation Cash flow (£m) (1) 213.1 64.3 121.2 23.3 6.8 2.2 485.4 Dividends EBT purchases Net seeding Other 35 FX and other Closing cash 39.7 445.7 Ashmore#36Financial results Balance sheet Ashmore • Capital resources of £765.1 million (1) Consistent balance sheet structure 900 Excess regulatory capital of £609.2 million, equivalent to 85p/share 800 700 600 • Pillar II regulatory capital requirement of £155.9 million 500 400 300 Increased 6% due to higher market exposures 200 100 0 • Balance sheet remains highly liquid (80%) £445.7 million cash & cash equivalents (2) 2017 2018 2019 2020 2021 ■Cash excluding consolidated funds (£m) ■Seed capital (market value, £m) £336.8 million seed capital, 2/3rds in funds FX exposure: cash (2) & seed capital with at least monthly dealing frequency • FX exposure is predominantly USD - GBP:USD rate moved from 1.2356 to 1.3815 over year £3.0 million PBT sensitivity to 5c move in GBP:USD Other currencies 11% Sterling 11% (1) Total equity less deductions for intangibles, goodwill, DAC, material holdings and final ordinary dividend (2) Excludes consolidated funds. See Appendix for reconciliation to statutory consolidated cash flow statement Capital resources of £765.1 million (1) 609.2 Excess capital Cash and 445.7 cash equivalents Seed capital 217.7-liquid US dollar 78% 155.9 Regulatory capital requirement 119.1 48.1 - illiquid Other net assets 36#37Financial results Foreign exchange Ashmore • Sterling strengthened against the US dollar over the period Currency exposure of cash (1) - Period-end rate moved from 1.2356 to 1.3815 30 June 2021 % 30 June 2020 % £m £m - Average rate 1.3472 vs 1.2637 in FY2019/20 US dollar Sterling 341.3 77 380.5 78 76.0 17 66.0 13 Other Total 28.4 6 43.6 6 445.7 490.1 • P&L FX effects in FY2020/21: - Translation of net management fees -£17.9 million Translation of non-Sterling balance sheet items -£4.9 million Net FX hedges +£9.2 million Operating costs +£1.7 million Unrealised seed capital -£5.3 million 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') (1) Excludes consolidated funds. See Appendix for reconciliation to statutory consolidated cash flow statement Currency exposure of seed capital 30 June 2021 % 30 June 2020 £m £m US dollar 297.6 88 213.7 90 Colombian peso 16.2 5 13.9 CO 6 Other 23.0 7 10.8 Total 336.8 238.4 сл 37 1.#38Financial results Management fee margins & revised AuM disclosure Ashmore FY2019/20 FY2020/21 FY2020/21 AuM Margin Old theme US$bn (bps) AuM US$bn Margin AuM Margin (bps) New theme / asset class US$bn (bps) External debt 17.1 41 18.2 39 External debt 18.7 38 Local currency 18.7 38 19.6 35 Local currency¹ 31.9 29 Corporate debt 10.6 50 11.3 41 Corporate debt 11.3 41 Blended debt 23.3 49 23.4 47 Blended debt 23.4 47 Fixed income 85.3 38 Equities 4.6 99 66 7.4 60 60 Alternatives 1.4 139 1.4 132 Equities Alternatives 7.7 62 1.4 132 Multi-asset 0.3 100 0.3 114 Overlay/liquidity 7.6 15 Group 83.6 45 55 12.8 15 94.4 41 Group 94.4 41 1. Local currency AuM includes US$12.3bn of overlay/liquidity AuM 38#39Appendix Ashmore#40Disclosures Ashmore Page 14: 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 30 June 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 30 June 2021 is in such funds with a one year track record; 74% 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 15: 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 10 40#41Disclaimer 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. 41#42Investor relations contact Paul Measday Telephone: +44 (0) 203 077 6278 Email: Website: [email protected] ir.ashmoregroup.com Ashmore