National Storage Mechanism | Additional information

12 December 2025

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

Half Year Report and Unaudited Financial Statements

For the six months ended 30 September 2025

Ashoka WhiteOak Emerging Markets Trust plc, the alpha performance driven global emerging markets equity investment trust, is pleased to report the Company's Half Year Report for the six months ended 30 September 2025 (the `period').

The Half Year Report will also shortly be available on the Company's website at https://www.awemtrust.com/reports-account and on the FCA's National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Further, the Half Year Report is linked in this announcement (Half-Year Report and Unaudited Financial Statements.pdf).

Key highlights:

The Company's NAV recorded a total return of 19.9% for the period, outperforming the MSCI EM (GBP) Index (the `Benchmark') benchmark return of 18.8%.
Since inception in 2023, the Company's NAV per share has grown by 46% compared to 36% for the MSCI EM (GBP) index benchmark.
During the period, the Company's share price recorded a total return of 18.8%. Since IPO the share price has risen from 100 pence to 145.5 pence as at 30 September 2025.
Total assets under management have grown 86.1% from £30.5 million at the Company's IPO to £56.8 million as at 30 September 2025, and the OCR has thus declined during this period.
During the period, the Company issued 3,275,000 new Ordinary Shares via 19 individual tap issuances, representing 9.4% of shares in issue at the beginning of the Financial Year.

Martin Shenfield, Chair of the Company, commented:

"We are pleased that once again the Company outperformed its benchmark for this six month period in a strong period of absolute and relative performance, building on the Company's excellent track record since IPO. Furthermore, we are pleased to have also continued to grow the Company through share issuance to investors at a premium in response to continued robust investor demand.

"Meanwhile, the backdrop for emerging market equities continues to be encouraging, with global asset allocation likely to continue favouring exposure to this asset class and thus setting a supportive backdrop for the Investment Manager's bottom up stock picking skills."

- Ends -

For further information:

Company Secretary, JTC

[email protected]	+44 (0) 20 7409 0181

Ashoka WhiteOak Capital Pte Ltd.

Prashant Khemka	Via Burson Buchanan
Fadrique Balmaseda
Ben Hayward

Marex

Mark Thompson	+44 (0) 20 7016 6711
Eddie Nissen	+44 (0) 20 7016 6713

Burson Buchanan

Henry Harrison-Topham	+44 (0) 20 7466 5000
Henry Wilson	[email protected]

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 Ashoka WhiteOak Capital 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 £5.7 billion in assets under management or advisory1. Analytical approach integral to disciplined research process underpinned by proprietary frameworks OpcoFinco™ for valuation and ABLEx™ 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.

1 Data as at 31 October 2025. AUM data refers to aggregate assets under management or investment advisory for WhiteOak Group.