Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 September 2025

And signed on behalf of the board by:
Name: Mark Arthur Wallis Barker
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2024

Balance sheet

As at 31 December 2024

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue is measured at the fair value of the consideration received or receivable. Revenue is primarily derived from service fees charged for services provided to related parties. Service fees from related party transactions are calculated based on the rates specified in the applicable service agreement. These fees are typically determined every month. Revenue from management fees is recognised over time, as services are rendered. All revenue and other income are stated net of the amount of value added tax and other sales taxes. The entirety of revenue is made up of support service fees receivable from the parent company, GQG Partners LLC (registered in United States). All revenue is derived from the company's principal activity.

  Other accounting policies

  Accounting convention These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest. The principal accounting policies adopted are set out below. This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: Section 7 Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; Section 26 Share-based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share-based awards, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; Section 33 Related Party Disclosures': Compensation for key management personnel. The financial statements of the company are consolidated in the financial statements of GQG Partners Inc. These consolidated financial statements are available from its registered office, 350 East Las Olas Boulevard, 18th Floor, Fort Lauderdale, Florida 33301, USA. 2.2 Going concern At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The entity is dependent on its ultimate parent company, GQG Partners Inc for funding. The Directors have received a comfort letter from GQG Partners Inc (ultimate parent company) that it will continue to make available such funds as are necessary to enable it to meet its liabilities as they fall due for a period of at least 12 months from approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements. 2.4 Cash and cash equivalents Cash are highly liquid assets, invested overnight in a cash account. Cash is primarily maintained in demand deposit accounts with financial institutions. 2.5 Financial instruments The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and creditors. Debt instruments (other than those wholly repayable or receivable within one year), including other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Amounts owed to group undertaking are offset and the net amount reported in the Statement of financial position. 2.6 Taxation The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. 2.7 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. 2.8 Retirement benefits The contributions are recognised as an expense in profit or loss in the period as employees provide service. Amounts due but unpaid are shown in accruals as a liability in the statement of financial position. 2.9 Share-based payment GQG has established a share-based compensation plan covering a broad range of equity-based awards including (but not limited to) restricted stock units (“RSUs”), performance stock units (“PSUs”), and stock options to name a few. Such awards are valued in reference to GQG Inc. CHESS Depositary Interests (CDI's). Awards under the Company’s share-based compensation plans vest over various periods and may have performance, market, and/or service conditions. Service Condition Compensation expense for share-based awards with service conditions is measured at fair value on the grant date and recognized in the Statement of Comprehensive Income on a straight-line basis over the requisite service period. Compensation expense is adjusted for actual forfeitures as they occur. These awards are entitled to dividend-equivalent payments over the vesting period, adjusted for actual forfeitures as they occur. Service and Performance Conditions Compensation expense for PSU awards with service and performance conditions is recorded each period based upon a probability assessment of the expected outcome of achieving certain performance goals with a final adjustment upon measurement at the end of the performance period. These grants are subject to cliff vesting and amortized on a straight-line basis over the requisite service period if the performance condition is met. The awards are not entitled to dividend-equivalent payments over the vesting period, which has been incorporated in the determination of the fair market value of these awards. Service and Market Conditions Share-based awards with service and market conditions have a graded vesting and therefore each tranche is treated as an individual award with compensation expense recognized on a straight-line basis over the requisite service period for each separate tranche of the award as if the award is, in-substance, multiple awards. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and is not adjusted in future periods based upon the achievement of the market condition. These awards are not entitled to dividend-equivalent payments over the vesting period. Equity settled share-based payments Where share-based awards are awarded to employees, the fair value of the awards at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of awards that eventually vest. Market vesting conditions are factored into the fair value of the awards granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. These awards are entitled to dividend-equivalent payments over the vesting period, adjusted for actual forfeitures during the period. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options is measured immediately before and after the modification, and is charged to the Statement of Comprehensive Income over the remaining vesting period. Where the parent company grants rights to its equity instruments to the employees of its subsidiary, the subsidiary shall measure the services received from its employees in accordance with the above and recognise a corresponding increase in equity as contribution from the parent. 2.10 Leases Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits are derived from the leased assets.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	2023
  Average number of employees during the period	8	7