Ashmore Emerging Markets Strategy Phase 3

• Cash flow Operations generated cash flow of £84.8 million (1) 92% of adjusted EBITDA (H1 2020/21: 83%) 445.7 . Consistent uses of operating cash flow: - Corporation tax - Ordinary dividends to shareholders - Share purchases to satisfy employee equity awards, avoids dilution • Seed capital generated cash of £34.0 million on realisations Mark-to-market impact of GBP weakness on closing cash balances (1) Excludes consolidated funds Opening cash Operations Taxation Cash flow (Em) (1) 13.0 84.8 86.8 1.2 25.8 34.0 Dividends EBT purchases Net seeding Other 33 FX 437.7 6.7 444.4 Closing cash | Ashmore

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