Emerging Markets Strategic Initiatives

• 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

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