Emerging Markets Investment Overview

• 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 (£m) (1) 13.0 84.8 86.8 1.2 25.8 34.0 437.7 Dividends EBT purchases Net seeding Other 33 FX Closing cash | 6.7 444.4 Ashmore

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