Ashmore EM Lcl Ccy Bd Z2 GBP UnH 

The Sub-Fund will mainly seek to access the returns available from Sovereign Transferable Securities which are debt in nature and other instruments issued by Sovereigns and Quasi-Sovereigns denominated in local currencies, including also investing in financial derivative instruments and related synthetic structures or products. The Fund is actively managed and references JP Morgan Government Bond Index Emerging Market Global Diversified (the “Benchmark”) as part of its investment process. Consideration may be given to the Benchmark when determining the investment universe of the Sub-Fund. The Investment Manager nonetheless retains wide discretion over the composition of the Fund’s portfolio. While the Sub-Fund may hold assets that are components of the Benchmark, it can invest in such components in different proportions and it can hold assets which are not components of the Benchmark. Therefore returns may deviate materially from the performance of the specified reference Benchmark.