Investor Presentaiton

Emerging 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 23

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