Issue of Ordinary Shares

24 July 2026

LEI: 254900Z4X5Y7NTODRI75

ASHOKA WHITEOAK EMERGING MARKETS TRUST PLC (the "Company")

Issue of Ordinary Shares

Ashoka WhiteOak Emerging Markets Trust plc (the "Company") announces that it has issued 646,422 new ordinary shares of one penny each (the "New Ordinary Shares") to Acorn Asset Management Ltd (the "Investment Manager"), in relation to the performance fee which has become due in respect of the period from 12 May 2023 to 31 March 2026, being the first performance fee payable by the Company.

As detailed in the Company's prospectus published in April 2023 in connection with its IPO (the “IPO Prospectus”), the Investment Manager does not receive a fixed management fee from the Company. Instead, the Investment Manager is entitled to receive an alpha fee subject to meeting the relevant performance criteria (the "Alpha Fee"). The Alpha Fee, which is measured over consecutive, discrete performance periods of three years, is designed to reward investment outperformance by the Investment Manager, through delivering excess returns versus the benchmark index to the Company's shareholders over the medium-term.

As set out in the Company's audited annual accounts for the year to 31 March 2026, the Investment Manager has delivered outperformance since inception, delivering returns of 53.9% over the period, 8.7% above the benchmark index. The Alpha Fee is calculated for the period from 12 May 2023 (being the date on which the first performance period commenced once at least 70% of the Company’s net IPO proceeds had been invested) to 31 March 2026. The resulting Alpha Fee for the period is £1,173,708. The Alpha Fee is payable to the Investment Manager in the form of new ordinary shares in the Company at the prevailing net asset value at the time of issue. Accordingly, 646,422 New Ordinary Shares have been issued at the prevailing net asset value as at 23 July 2026 of 181.57 pence per ordinary share.

As detailed in the IPO Prospectus, the Investment Manager has agreed that at least 50% of any Ordinary Shares acquired by it through the Alpha Fee will, save in certain circumstances, be locked in for a period of three years.

Further details of the Alpha Fee are set out in the IPO Prospectus, which is available to view on the Company's websitehttps://www.awemtrust.com.

The New Ordinary Shares have been issued pursuant to the Company’s blocklisting facility.

Following the issue of New Ordinary Shares, the Company's issued ordinary share capital comprises 42,110,751 ordinary shares of one penny each. The total number of ordinary shares with voting rights in the Company is 42,110,751. This figure (42,110,751) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries:

Company Secretary