Financial Performance and Investment Results

Three-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

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