Ashmore : ANNUAL REPORT FOR YEAR ENDING 30.6.2020

MEETING

THE CHALLENGE WITH CONTINUED FOCUS

Annual Report and Accounts 2020

Contents

2020 highlights

Strategic report

Strategy	2
Business model	4
Investment processes	6
COVID-19	10
Culture	12
Chief Executive's review	14
KPIs	18
Market review	20
Investment themes	24
Business review	28
Risk management	35
Engaging with Ashmore's stakeholders	42
Sustainability	46

Governance

Board of Directors	61
Chairman's statement	63
Corporate governance	65
Audit and Risk Committee report	70
Nominations Committee report	74
Remuneration report	75
Statement of Directors' responsibilities	110
Directors' report	111

Financial statements

Independent auditor's report	116
Consolidated financial statements	123
Company financial statements	127
Notes to the financial statements	130
Five-year summary	171
Information for shareholders	172

Assets under management (AuM)

US$83.6bn

2019: US$91.8bn -9% YoY

AuM outperforming benchmarks (3 years)

17%

2019: 97%

Net revenue

£330.5m

2019: £314.3m +5% YoY

Adjusted

EBITDA margin

68%

2019: 66%

Profit before tax

£221.5m

2019: £219.9m +1% YoY

Diluted EPS

25.7p

2019: 25.0p +3% YoY

Dividends per share

16.90p

2019: 16.65p +2% YoY

For the online version of the annual report, other announcements and details of upcoming events, please visit the Investor Relations section of the Ashmore Group plc website at www.ashmoregroup.com

More information

Non-GAAP alternative performance measures are defined on page 34.

Five-year comparatives for other alternative performance measures are included in the five-year summary on page 171.

MEETING

THE CHALLENGE WITH CONTINUED FOCUS

Ashmore's purpose, as a specialist Emerging Markets investment manager, is to deliver long-term investment performance for clients and generate value for shareholders through market cycles. In pursuing these objectives, Ashmore aims to ensure that its culture and working practices recognise its broader set of stakeholders.

How Ashmore's purpose aligns with and benefits its stakeholders

report Strategic

Governance

statements Financial

Focuses on	Creates value	Promotes a	Recognises the	Manages the complexity
delivering long-term	for shareholders	team-based culture	impact the Group's	and requirements of
performance	through market cycles,	with a clear 'tone	activities may have	multiple regulatory
for clients	underpinned by a	from the top' and a	on broader society	jurisdictions across the
	strong alignment of	collaborative working	and takes this	Group's operations and
	interests through	environment for the	responsibility seriously	investments in emerging
	employee equity	Group's employees,		countries
	ownership	its most important asset

Read on to learn about how Ashmore delivers value through market cycles

ENABLING	DESIGNED	A CONSISTENT	A TEAM-BASED	FOR ALL
GROWTH:	TO DELIVER:	APPROACH:	CULTURE:	STAKEHOLDERS:
Ashmore's strategy	Ashmore's business	Ashmore's investment	Performance	Section 172
	model	processes	and reward	statement
PAGE 2	PAGE 4	PAGE 6	PAGE 12	PAGE 42

Ashmore Group plc | Annual Report and Accounts 2020

1

FOCUS ON THE OPPORTUNITY

A consistent strategy

Ashmore's strategy is aligned with the significant growth opportunity available across the broad range of Emerging Markets asset classes. The three distinct phases are focused on growing and diversifying Ashmore's business and creating value for clients and shareholders.

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2

3

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

Diversify investment themes and developed world capital sources

Ashmore is diversifying its revenue mix to provide greater revenue stability through the cycle. There is particular focus on growing intermediary retail, equity and alternatives AuM

Mobilise Emerging Markets capital

Ashmore's growth is enhanced through accessing rapidly growing pools of investable capital in Emerging Markets

2	Ashmore Group plc | Annual Report and Accounts 2020