Ashmore Emerging Markets Strategy Phase 3

Emerging 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

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