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Ashmore Group plc 5 September 2025 www.ashmoregroup.com Results for year ended 30 June 2025
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• Active management delivering outperformance ˗ Strong EM returns over the 12 months against backdrop of macro & geopolitical volatility ˗ Delivering alpha across broad range of strategies & increasing outperformance: 70% AuM over three years, 81% over five years • Improving net flows ˗ AuM -3% YoY to US$47.6 billion ˗ Positive performance & significantly lower redemptions ˗ Net inflows into equities, local offices & IG strategies • Consistent operating model mitigated impact of lower revenues ˗ Revenues -22% YoY , reflecting lower AuM and performance fees vs prior year ˗ Operating costs reduced by 14% ˗ Delivering adjusted EBITDA of £52.5m, -33% YoY , & margin of 36% ˗ Seed capital investments contributed £40 million to profits ˗ Diluted EPS -13% YoY to 11.8p, DPS maintained at 16.9p • Progress against strategic objectives ˗ Diversification benefits: net inflows to equities, IG funds & alternatives ˗ Local platforms providing growth & diversification, new offices established (Qatar, Mexico) • Building blocks in place for higher EM allocations ˗ US dominance being questioned by markets & US dollar trend is lower in value ˗ Emerging markets provide superior growth, more effective policies & higher risk-adjusted returns ˗ Ashmore is well-positioned to capture flows Overview 2
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A good performance year across emerging markets 3 • Resilient EM performance after US election • Outperforming many developed markets • US dollar weakness − Positive for EM investor sentiment − Contributes to strong returns in local currency bonds & equities • Global investor allocations are shifting − Early signs are net inflows to EM mutual funds Resilient & outperforming Quarterly EM index returns (12m to 30 June 2025) -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Q1 Q2 Q3 Q4 External debt Local currency Corporate debt Equities Frontier equities EM & DM index returns (12m to 30 June 2025) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% External debt Local currency Corporate debt Equities Frontier equities MSCI World Bloomberg Global Agg
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Outperforming Underperforming One year: 57% outperforming Improving investment performance 4 Three years: 70% outperforming Five years: 81% outperforming Active management delivering outperformance AuM outperforming versus benchmark on gross annualised basis Equities bars split between global and local products See Appendix 9 for related disclosures • Ashmore’s active investment approach delivering significant increase in % outperforming across all time periods • Five-year performance demonstrates Ashmore’s active management delivering outperformance across a market cycle June 2024: 40% June 2024: 59% June 2024: 62% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
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• Phase 1: significant DM re-allocation opportunity ‒ US dominance being questioned by markets, portfolios require rebalancing from heavily overweight positions ‒ Solid EM fundamentals will attract capital: superior growth, high real rates & attractive risk-adjusted returns ‒ Distribution team actively pursuing opportunities: new clients & higher allocations, significant potential with US investors • Phase 2: multiple initiatives to diversify Ashmore’s business ‒ Net inflows to equities (now 16% of Group AuM) & IG strategies (12% of Group AuM) ‒ Alternatives AuM increased more than 20% YoY: new private debt & private equity funds; significant thematic investment opportunities (healthcare, infrastructure) ‒ New products launched & seeded: EM equity ex China, frontier blended debt, impact debt, single country equities • Phase 3: Growth & diversification in emerging markets ‒ $18 billion AuM from EM clients (38% of Group AuM) ‒ Local office AuM +5% to US$7.8 billion (16% of Group AuM) ‒ Broadening distribution access in India, Indonesia & Saudi Arabia ‒ Opened new offices in Qatar & Mexico Progress against strategic objectives 5 Significant opportunities for growth & further diversification
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• AuM increased 5% YoY to US$7.8 billion − Net inflows & positive performance in Colombia & India − Successful private equity realisations in Saudi Arabia − Market headwinds in Indonesia • Efficient operating models contribute meaningfully to Group profits − Aggregate EBITDA £18m (35% of Group) & high margin of 45% − Managing regulatory complexity • Investing for further growth − Enhancing distribution access in Indonesia & Saudi Arabia − India developing onshore products for local clients − Growth opportunities across asset classes, including capitalising on success in thematic private equity • New offices established − Ashmore Qatar: local research & development of institutional client relationships − Ashmore Mexico: regulatory approval process underway Local offices: growth & diversification benefits 6 Differentiated approach to mobilising EM capital FY2025 FY2024 AuM (US$bn) 7.8 7.5 Revenues (£m) - % Group 41 (28%) 51 (27%) Adjusted EBITDA (£m) - % Group 18 (35%) 25 (32%) Adjusted EBITDA margin 45% 49% Ashmore’s local offices in emerging markets
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• Adjusted net revenue -22% ‒ Impact of average AuM and reduced performance fees • Adjusted operating costs 14% lower ‒ VC 25% lower at £39.5 million • Adjusted EBITDA £52.5 million ‒ Operating margin of 36% • Higher seed capital gains and continued investment • PBT of £108.6 million, diluted EPS 11.8p ‒ Adjusted diluted EPS -33% to 7.1p • Substantial financial resources ‒ Excess capital equivalent to 72p per share • Total DPS of 16.9p Financial performance overview 7 FY2025 £m FY2024 £m YoY AuM (US$bn) 47.6 49.3 -3% Adjusted net revenue 146.5 187.8 -22% Adjusted operating costs (97.1) (113.0) +14% Adjusted EBITDA 52.5 77.9 -33% - margin 36% 41% Seed capital 40.1 21.7 +85% Interest income 20.1 24.9 -19% Profit before tax 108.6 128.1 -15% Diluted EPS (p) 11.8 13.6 -13% Adjusted diluted EPS (p) 7.1 10.5 -33% Financial resources 604.2 696.2 -13% DPS (p) 16.9 16.9 - Figures stated on an adjusted basis exclude FX translation and seed capital-related items; see Appendix 1 Operating model mitigated impact of lower AuM & delivered seed capital gains
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• Strong market performance over the year, across all investment themes • Broadly stable subscriptions YoY (US$6.5 billion vs US$7.2 billion) − Good demand for local currency, IG & equities − Capital raising in alternatives, offsetting capital returns following asset realisations − However, some continued risk aversion given geopolitical volatility • Redemptions improved significantly (US$12.3 billion vs US$15.7 billion) − Lower YoY across fixed income & equities − Local currency impacted by individual institutional decisions in Q3 • Net outflow 32% lower YoY: US$5.8 billion vs US$8.5 billion • Client engagement is broad-based but varies by region − Equities: Europe, US, Latin America & Middle East (including regional & single country strategies) − Fixed income: Asia, Europe, Latin America − IG bonds: Asia (particularly Japan), Europe AuM development (US$bn) Assets under management 8 Improving net flows 49.3 47.6 4.1 6.5 12.3 AuM at 30 Jun 2024 Performance Subscriptions Redemptions AuM at 30 Jun 2025
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• Net management fees -19% YoY − Average AuM -7% − Higher average GBP:USD rate, -2% impact − Lower net management fee margin • Margin 35bps − One-off fees in prior year: opening run-rate ~37bps & H1 was 36bps − Positive investment theme mix − Successful realisations in higher margin alternatives funds − Lower margin flows including higher average overlay/liquidity AuM • Performance fees generated across investment themes ‒ External debt, local currency & blended debt ‒ Successful private equity realisations in alternatives Revenues 9 FY2025 £m FY2024 £m YoY Net management fee margin (bps) 35 39 -4bps Net management fees 129.7 160.4 -19% Performance fees 10.2 22.7 -55% Other revenues 2.5 3.7 FX: hedges 4.1 1.0 Adjusted net revenue 146.5 187.8 -22% Impact of lower AuM levels, delivering performance fees
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• Continued focus on efficiency reduced costs by 14% ‒ Non-VC costs reduced by 6% ‒ Small FX benefit (1%) • Salary costs declined by 2% • Other operating costs reduced by 12% ‒ Lower premises-related costs & professional fees ‒ Expect modest incremental impact of new London office in early 2026 • Variable compensation accrued at 35% of EBVCT ‒ Upper end of range consistent with point in the cycle ‒ Business model maintains alignment of interests: accrual is 25% lower YoY Operating costs 10 FY2025 £m FY2024 £m YoY Salary costs (31.5) (32.2) +2% Other operating costs (22.2) (25.3) +12% D&A (3.1) (3.1) Operating costs before VC (56.8) (60.6) +6% VC (39.5) (52.9) +25% VC accrual on FX translation (0.8) 0.5 Adjusted operating costs (97.1) (113.0) +14% Operating costs reduced
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• Total value including commitments of c.£350 million • Delivered £40.1 million gain across investment themes, meaningful returns in equities & alternatives • Invested £113.0m to support AuM growth ‒ New strategies: frontier blended debt, impact debt, single country equities ‒ Alternatives in local markets ‒ Additional scale for existing funds as EM interest builds momentum • Realisations of £46.6 million delivered gains ‒ IG fund flows, asset realisations in alternatives & return of capital ‒ Life-to-date realised gain of £5.2 million (FY2024: £16.1 million) • Unrealised life-to-date gains increased from £32.3 million to £42.6 million • US$5 billion AuM in funds that have been seeded, 11% of Group • Will continue to support strategic growth opportunities e.g. increasing alternatives AuM Seed capital 11 FY2025 £m FY2024 £m - realised profit 7.5 11.3 - unrealised MTM profit 32.6 10.4 Total profit/(loss) in P&L 40.1 21.7 Strong returns from diversified investments Supporting diversified growth initiatives (% of market value) 26% 6% 10% 9% 30% 19% External debt Local currency Corporate debt Blended debt Equities Alternatives
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• Interest income of £20.1 million ‒ Achieved consistent yield of approximately 5% ‒ Lower average cash balances during the period • Effective tax rate 21.6% ‒ Below UK rate of 25.0% due to geographic mix of profits • Current geographic mix of profits implies effective tax rate of approximately 22% Other P&L items 12 FY2025 £m FY2024 £m YoY Interest income 20.1 24.9 -19% Realised gains on disposal of investments 0.3 5.2 Profit before tax 108.6 128.1 -15% Tax (23.5) (29.9) +21% Effective tax rate 21.6% 23.3%
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• Well-capitalised with total resources of £604.2 million ˗ Group capital requirement of £93.3 million ˗ Excess capital of £510.9 million, equivalent to 72p/share • Total cash and deposits of £340.7 million (1) and no debt • Seed capital market value of £339.4 million, approximately 70% in funds with frequent dealing • Financial resources enable investment − Seed capital to support future AuM growth − EBT purchases (1) Cash and deposits. Excludes consolidated funds. See Appendix for reconciliation to statutory consolidated cash flow statement Financial resources 13 Significant financial resources Cash & deposits (£m) £93.3 £510.9 £340.7 £339.4 Group capital requirement Excess financial resources Cash Seed capital Financial resources (£m) 505.7 340.7 68.4 22.8 17.4 123.6 35.4 66.2 12.3 1.3 Opening cash Operations Taxation Dividends EBT purchases Net seeding Interest income FX Other Closing cash
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• Global macro remains volatile, portfolios require rebalancing • Superior economic growth & more effective fiscal & monetary policies, providing for higher risk-adjusted returns in EM • US influence is being questioned by markets − Global benchmarks biased to US markets & investors have overweight positions • US dollar under pressure − Impact of domestic policies & European fiscal expansion plans • Active management critical given geopolitical uncertainty & heightened market volatility Emerging markets outlook 14 Outlook underpinned by macro & requirement to rebalance portfolios Attractive rates in EM local bond markets 0.8 0.9 1 1.1 1.2 1.3 1.4 1.5 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Forecast (Best EPS) EPS: MSCI EM / MSCI World ex-US EPS: MSCI EM / S&P500 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Jan 20 Jul 20 Jan 21 Jul 21 Jan 22 Jul 22 Jan 23 Jul 23 Jan 24 Jul 24 Jan 25 % EM CPI Policy rate Positive earnings momentum favours EM equities
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Ashmore’s strengths • More than 30 years’ experience, specialist focus, investment committees & team culture • Active approach delivers alpha across market cycles: 81% AuM outperforming over five years • Efficient operating model delivering 36% adjusted EBITDA margin • Substantial financial resources (>£600 million), no debt • Alignment of interests with clients & shareholders: 38% of equity owned by current employees Significant opportunities to grow & diversify further • Reallocation to EM equities & fixed income, cycle is turning • Increase intermediary retail AuM • Options to broaden local office network • Add scale to alternatives Ashmore outlook 15 Drive profitable growth & deliver value to shareholders
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• Active management delivering outperformance • Improving net flows • Consistent operating model mitigated impact of lower revenues • Progress against strategic objectives • Building blocks in place for higher EM allocations Summary 16 Ashmore is outperforming for clients & well-positioned to capture flows
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Q&A
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Appendices
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Appendix 1a Adjusted profits reconciliation 19 £m FY2025 Reported Seed capital (gains)/losses FX translation (gains)/losses FY2025 Adjusted FY2024 Adjusted Net management fees 129.7 - - 129.7 160.4 Performance fees 10.2 - - 10.2 22.7 Other revenue 2.5 - - 2.5 3.7 Foreign exchange gains 1.7 - 2.4 4.1 1.0 Net revenue 144.1 - 2.4 146.5 187.8 Net losses on investment securities 11.8 (11.8) - - - Personnel expenses (71.0) - (0.8) (71.8) (84.6) Other expenses (24.6) 2.4 - (22.2) (25.3) EBITDA 60.3 (9.4) 1.6 52.5 77.9 Margin 42% - - 36% 41% Depreciation & amortisation (3.1) - - (3.1) (3.1) Operating profit 57.2 (9.4) 1.6 49.4 74.8 Finance income 50.8 (30.7) - 20.1 24.9 Realised gains on disposal of investments 0.3 - - 0.3 5.2 Share of profit from associate 0.3 - - 0.3 0.5 Profit before tax 108.6 (40.1) 1.6 70.1 105.4 Diluted EPS (p) 11.8 (4.9) 0.2 7.1 10.5
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FY2025 £m FY2024 £m FY2025 US$m FY2024 US$m External debt 17.5 18.8 22.8 23.6 Local currency 31.8 40.6 41.3 51.2 Corporate debt 12.4 13.5 16.0 17.0 Blended debt 28.0 40.9 36.3 51.6 Equities 28.1 27.8 36.5 35.1 Alternatives 11.9 18.8 15.5 23.6 Total net management fee income 129.7 160.4 168.4 202.1 Appendix 1b Net management and performance fees by theme 20 FY2025 £m FY2024 £m FY2025 US$m FY2024 US$m External debt 1.5 - 2.0 - Local currency 0.4 7.4 0.6 9.4 Corporate debt - - - - Blended debt 0.1 0.1 0.1 0.1 Equities - 0.8 - 1.0 Alternatives 8.2 14.4 11.1 18.2 Total performance fee income 10.2 22.7 13.8 28.7
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Appendix 1c Net management fee margins 21 Fixed income: 29bps (FY2024: 33bps) 37.5 33 29 33 37 55 116 35 31 26 33 31 52 108 Group External debt Local currency Corporate debt Blended debt Equities Alternatives FY2024 FY2025 1 1 1. FY2024 pro forma for business disposal & excludes one-off fees in Ashmore Colombia
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• Consolidated funds: − Line-by-line consolidation in financial statements − FX taken to reserves − PBT contribution of £29.9 million • Unconsolidated funds: − Market returns including FX recognised in finance income − PBT contribution of £10.2 million Appendix 2 Seed capital 22 FY2025 £m FY2024 £m Net gains/(losses) on investment securities 11.8 (17.2) Operating costs (2.4) (1.4) Investment income 20.5 13.9 Sub-total: consolidated funds 29.9 (4.7) Finance income - market return 10.7 23.5 - foreign exchange (0.5) 2.9 Sub-total: unconsolidated funds 10.2 26.4 Total profit/(loss) 40.1 21.7 - realised 7.5 11.3 - unrealised 32.6 10.4
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AuM by theme (US$bn) AuM as invested (US$bn) AuM by client locationAuM by client type Appendix 3a Assets under management 23 7.4 14.2 5.2 11.7 7.5 1.6 External debt Local currency Corporate debt Blended debt Equities Alternatives 14.6 16.5 7.3 7.4 1.8 External debt Local currency Corporate debt Equities Alternatives 24% 25% 1%12% 22% 11% 4% 1% Central banks Sovereign wealth funds Governments Pension plans Corporates/financial institutions Funds/sub-advisers Intermediary retail Foundations/endowments 13% 27% 4%22% 34% Americas Europe UK Middle East & Africa Asia Pacific
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Appendix 3b Investment themes 24 External Debt (US$7.4bn) FIXED INCOME (US$38.5bn) Local Currency (US$14.2bn) Corporate Debt (US$5.2bn) • Broad • Sovereign • Sovereign, investment grade • Short duration • ESG • Bonds • Bonds (Broad) • FX+ • Investment grade • Overlay • ESG • Broad • High yield • Investment grade • Short duration • Income • ESG • EM Active • EM Shariah • EM equity • EM ex China • EM ESG • EM small cap • EM frontier EQUITIES (US$7.5bn) ALTERNATIVES (US$1.6bn) • Blended • Investment grade • Frontier • ESG • Impact Blended Debt (US$11.7bn) • Indonesia • Indonesia • Saudi Arabia • Asia high yield • Andean • Mexico • India • Indonesia • Indonesia ESG • Africa • Middle East • Qatar • Saudi Arabia • Saudi Arabia Shariah THEME GLOBAL STRATEGIES REGIONAL / COUNTRY STRATEGIES • Andean • Middle East (GCC) • South and East Asia • Private equity – Healthcare – Infrastructure – Education • Infrastructure debt • Distressed debt (1) Local currency AuM includes US$7.9bn of overlay/liquidity AuM
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Appendix 3c Quarterly net flows 25 -8.0 -6.0 -4.0 -2.0 +0.0 +2.0 +4.0 +6.0 +8.0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 USD billion
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US$bn AuM 30 June 2024 Performance Subscriptions Redemptions Net flows Other AuM 30 Jun 2025 External debt 7.2 0.6 0.6 (0.9) (0.3) (0.1) 7.4 Local currency 17.7 1.0 2.8 (7.3) (4.5) - 14.2 Corporate debt 4.7 0.6 0.4 (0.5) (0.1) - 5.2 Blended debt 11.7 1.2 0.2 (1.5) (1.3) 0.1 11.7 Fixed income 41.3 3.4 4.0 (10.2) (6.2) - 38.5 Equities 6.7 0.6 2.1 (1.9) 0.2 - 7.5 Alternatives 1.3 0.1 0.4 (0.2) 0.2 - 1.6 Total 49.3 4.1 6.5 (12.3) (5.8) - 47.6 Appendix 4 AuM movements by investment theme 26
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• GBP:USD rate − Period-end rate moved from 1.2641 to 1.3704 − Average rate 1.2970 vs 1.2609 in FY2024 • P&L FX effects in FY2025: − Translation of net management fees -£3.7 million − Translation of non-Sterling balance sheet items -£2.4 million − Net FX hedges +£4.1 million − Operating costs +£0.7 million − Unrealised seed capital -£0.5 million FX sensitivity: • ~£1.5 million PBT for 5c movement in GBP:USD rate − £1.0 million for cash deposits (in ‘foreign exchange’) − £0.5 million for seed capital (in ‘finance income’) Appendix 5 Foreign exchange 27 (1) Excludes consolidated funds Currency exposure of cash and deposits(1) 30 June 2025 £m % 30 June 2024 £m % US dollar 135.0 40 223.8 44 Sterling 173.7 51 241.8 48 Other 32.0 9 40.1 8 Total 340.7 505.7 Currency exposure of seed capital 30 June 2025 £m % 30 June 2024 £m % US dollar 292.6 86 213.9 83 Colombian peso 26.0 8 23.6 9 Other 20.8 6 20.1 8 Total 339.4 257.6 (1) Excludes consolidated funds.
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£m As reported Consolidated funds Group ex funds Cash from operations 66.0 (2.4) 68.4 Taxation (17.4) - (17.4) Interest & investment income 52.5 29.7 22.8 Seeding activities (90.9) (24.7) (66.2) Dividends paid (123.6) - (123.6) EBT purchases (35.4) - (35.4) FX & other (14.3) (0.7) (13.6) Increase/(decrease) in cash (163.1) 1.9 (165.0) Opening total cash & deposits 511.8 6.1 505.7 Closing total cash & deposits 348.7 8.0 340.7 Appendix 6 Cash flows and consolidated funds FY2025 28
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Appendix 7 Investment performance 29 See Appendix 9 for related disclosures 1yr 3yr 5yr 30th June 2025 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad 11.2% 10.0% 10.3% 8.9% 8.0% 1.8% Sovereign 10.7% 10.0% 12.7% 8.9% 3.7% 1.8% Sovereign IG 5.0% 5.7% 4.4% 4.0% -0.6% -1.3% Local currency Bonds 14.7% 13.8% 10.0% 8.5% 4.0% 1.9% Corporate debt Broad 9.1% 7.8% 6.9% 7.6% 1.4% 3.0% IG 7.4% 7.0% 6.1% 5.3% 1.8% 1.3% Blended debt Blended 14.0% 11.2% 9.3% 8.3% 1.1% 2.1% Blended IG 5.7% 8.6% 5.4% 5.8% 0.5% 0.4% Equities All Cap 12.3% 15.3% 12.6% 9.7% 9.1% 6.8% Active 20.4% 15.3% 9.1% 9.7% 6.0% 6.8% Small Cap 10.3% 8.4% 15.1% 13.8% 12.6% 13.9% Frontier markets 18.7% 25.6% 14.7% 9.7% 15.7% 10.4%
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Appendix 8 Historical valuations relative to developed markets 30 External debt Corporate debt Local currency Equities 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 EMBI GD spread over UST, bps 100 200 300 400 500 600 700 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CEMBI BD spread over UST, bps 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 GBI-EM GD yield (%) Difference: GBI-EM vs GBI global (%) 0 0.5 1 1.5 2 2.5 3 0 20 40 60 80 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 MSCI EM vs World (Jan 2014=100, lhs) EM vs DM growth premium (IMF, %, rhs)
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Source: Ashmore (un-audited), JP Morgan, Morgan Stanley − Returns gross of fees, dividends reinvested − Annualised performance shown for periods greater than one year − Within each investment theme category, all relevant Ashmore Group managed funds globally that have a benchmark reference point have been included Benchmarks External debt Broad JPM EMBI GD External debt Sovereign JPM EMBI GD External debt Sovereign IG JPM EMBI GD IG Local currency Bonds JPM GBI-EM GD Corporate debt Broad JPM CEMBI BD Corporate debt IG JPM CEMBI BD IG Blended debt 50% EMBI GD, 25% GBI-EM GD, 25% ELMI+ Blended debt IG 50% EMBI GD IG, 25% GBI-EM GD IG, 25% ELMI+ IG Global EM active equity MSCI EM net Global EM all cap equity MSCI EM net Global EM small cap MSCI EM Small Cap net Frontier markets MSCI Frontier net Appendix 9 Disclosures 31 Page 4: Appendix 7: − Gross performance is shown, weighted by fund AuM, to provide a representative view to analysts and shareholders of Ashmore’s investment performance over relevant time periods − Only funds at 30 June 2025 and with a performance benchmark are included, which specifically excludes funds in the alternatives theme and overlay/liquidity funds − 74% of Group AuM at 30 June 2025 is in such funds with a one year track record; 70% with three years; and 59% with five years − Reporting of investment performance to existing and prospective fund investors is specific to the fund and the investor’s circumstances and objectives and may, for example, include net as well as gross performance
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Disclaimer IMPORTANT INFORMATION This document does not constitute an offer to sell or an invitation to buy shares in Ashmore Group plc or any other invitation or inducement to engage in investment activities. Certain statements, beliefs and opinions in this document are forward-looking, which reflect the Company's current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The value of investments, and the income from them, may go down as well as up, and is not guaranteed. Past performance cannot be relied on as a guide to future performance. Exchange rate changes may cause the value of overseas investments or investments denominated in different currencies to rise and fall. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statements, which speak only as of the date of this document. 32