Annual Report and Notice of AGM

30 June 2026

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

Annual Report and Notice of AGM

For the year ended 31 March 2026

Ashoka WhiteOak Emerging Markets Trust plc, the alpha driven global emerging markets equity trust, is pleased to report the Company's Annual Report for the year ended 31 March 2026.

The Company also announces that its Annual General Meeting (`AGM') will be held on 8 September 2026 at the offices of JTC (UK) Limited, The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF.

The Annual Report and the formal Notice of AGM (included in the Annual Report) are available on the Company's website at https://www.awemtrust.com/reports-account   and will also shortly be available to view on the FCA's National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Highlights for the period:

• The Company has delivered a NAV total return of 26.4% over the course of the year compared to a benchmark return of 26.8% despite a challenging environment for active stock pickers, with performance concentrated in a narrow set of sectors.
• Since its IPO to the end of this period, the Company's NAV per share has grown by 53.9% versus the benchmark MSCI EM NR (GBP) Index return of 45.2%, delivering an outperformance versus the Benchmark of +8.7%.
• During the period, the Company generated a Share Price Total Return of 26.1%.
• The Company's Net Assets have continued to grow from £30.5m at IPO to £61.1m at the period end. Post period-end net assets have since risen to £77.4m as at 26 June 2026.
• Key contributors to NAV during the period included:
  • Taiwan Semiconductor Manufacturing Co. - the largest global semiconductor manufacturer
  • Samsung Electronics - a global IT industry giant, ranking first globally across multiple sectors, including smartphones, memory semiconductors, displays, and TVs
  • SK Hynix - a leading global semiconductor manufacturer, HQ in South Korea, particularly focused on memory semiconductors
  • Delta Electronics - a global leader in power and thermal management solutions, and is a dominant player in server power supply solutions, including AI servers
  • Elite Material - the global market leader in high-end Copper Clad Laminate, a key upstream material in Printed Circuit Boards
• At the period end, the Company's shares traded at a premium of 2.2% to NAV, compared to a premium of 2.4% at 31 March 2025.
• During the period, the Company issued 5,515,000 new Ordinary Shares through thirty-four

separate issues representing 15.8% of the shares in issue at the beginning of the year.

• The Company received its first Morningstar evaluation and earned a commendable Four Star rating. In addition, from 19 June 2026 the Company has been included in the FTSE All Share Index.

Martin Shenfield, Chair of the Company, commented:

"We are pleased to present the Company's third Annual Report. During this period, the Company has delivered a NAV total return of 26.4%, whilst since inception in 2023 to the end of this period, the Company's NAV return of 53.9% has outperformed the benchmark by 8.7%.

The Investment Manager's disciplined portfolio construction has ensured that the portfolio's valuation has held up robustly despite the challenges posed by the recent geopolitical and macroeconomic turbulence. We continue to believe in the considerable attractions of Emerging Markets as an asset class, most notably for an active manager focused on the more alpha rich small and mid cap segments which are often under-researched and thus inefficiently priced.

We are pleased to have continued to trade at a premium rating during the period and are particularly encouraged that the Company has been able to grow further through the issuance of 5,515,000 shares during the period and I would like to thank shareholders for their continued support."

For further information:

Company Secretary

[e-mail]	[phone]

WhiteOak Capital Partners Pte Ltd.

Prashant Khemka	Via Burson Buchanan
Fadrique Balmaseda Loong Lim
Ben Hayward

Marex

Mark Thompson	[phone]
Eddie Nissen	[phone]
Priyan Rayatt	[phone]

Burson Buchanan

Henry Wilson	[phone]
Henry Harrison-Topham	[e-mail]
Nick Croysdill Jesse McNab

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 £5.9 billion in assets under management or advisory 4 . 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.

4   Data as at 31 May 2026. AUM data refers to aggregate assets under management or investment advisory for WhiteOak Group, excluding retail assets of the India AMC (£3.0bn).

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