Company Announcements

22 December 2023

Ashoka WhiteOak Emerging Markets Trust plc

(the "Company")

Monthly Update - November 2023

The Company's monthly factsheet as at 30 November 2023 is now available: https://awemtrust.com/factsheet/

The Company has delivered a NAV total return of 3.7% since inception to 30 November 2023, outperforming the benchmark MSCI EM² (in sterling terms) by 212 bps over the same period. Among other factors, outperformance was led by stock selection within small and mid caps. For November 2023, the NAV was up 3.8%, outperforming the benchmark by 32bps.

Key Contributors

Key Detractors

Source: Factset. Past performance does not predict future returns. The performance calculation is based on GBP. Currency fluctuations will also affect the value of an investment.

¹ The proceeds raised from IPO were substantially invested as at 30 June 2023.

² Benchmark index - MSCI Emerging Markets Net Return Sterling (Bloomberg ticker: MGEF)

 Past performance cannot be relied on as a guide to future performance.

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About Ashoka WhiteOak Emerging Markets Trust plc

Ashoka WhiteOak Emerging Markets Trust plc (AWEMT) is a UK investment trust seeking to achieve long-term capital appreciation primarily through investing in a multi-cap portfolio of equities that provide exposure to global emerging markets. Advised by White Oak Capital Partners Pte. Ltd, founded by Prashant Khemka with leading Emerging Markets investment experience. White Oak Capital Group has delivered an exceptional track record for its other strategies and has £ 5.2 billion in assets under management or advisory⁴. Analytical approach integral to disciplined research process underpinned by proprietary frameworks OpcoFinco™ for valuation and ABLEx^TM for ESG research. The team at WhiteOak believes that emerging markets present potential for higher alpha. EM markets remain under-researched and inefficient. AWEM leverages WhiteOak's investment approach to capture the higher alpha potential in these markets. No fixed management fee. Manager remuneration is aligned with alpha generation and hence shareholders' interest. The Investment Manager is remunerated solely as a function of outperformance over the benchmark.

⁴ Data as at 30^th Nov 2023. AUM data refers to aggregate assets under management or investment advisory for White Oak Group.

 Further Information

For further information on the Company's investment strategy and portfolio construction approach as well as details of the portfolio market cap, regional and sector composition please refer to the latest factsheet.

Investment Objective

To achieve long-term capital appreciation, primarily investing in equity and equity-related securities that provide exposure to global emerging markets.

Summary of Investment Policy

The Company shall invest primarily in securities admitted to trading on any stock exchange (which may include stock exchanges in Developed Markets) that provide exposure to companies that are domiciled in Global Emerging Markets (EMs), or that are domiciled in Developed Markets but at the time of investment, derive a majority of their economic value, revenues or profits from, or whose assets or cost base are mainly located in EMs.

The Company's LEI is 254900Z4X5Y7NTODRI75

For further information:

Company Secretary

WhiteOak Capital Partners Pte Ltd.

Ellora Partners

Buchanan