Circular Publication and Notice of General Meeting

5 October 2026

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company')

Publication of Circular and Notice of General Meeting

Ashoka WhiteOak Emerging Markets Trust plc announces that it has today published a circular (the "Circular") containing details of a recommended proposal to amend the Company's investment policy and a notice convening a general meeting of the Company (the "General Meeting").

The General Meeting will be held on 26 October 2026 at 11.45 a.m. at the offices of JTC (UK) Limited, The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF.

The Circular and notice of General Meeting are available on the Company's website at https://www.awemtrust.com/company-documents  and will also shortly be available to view on the FCA's National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The proposed amendment to the Company's investment policy is intended to revise the existing restriction on investment in any single sector. Currently, the Company may invest no more than 40 per cent. of Gross Assets in any single sector at the time of investment. The proposed amendment would instead permit the Company to invest up to the higher of (a) 40 per cent., or (b) the relevant sector weight in the MSCI Emerging Markets Index +5 percentage points, of Gross Assets in any single sector.

The Board believes that the proposed change will provide the Company's Investment Manager with greater flexibility to reflect its highest-conviction investment views as market dynamics evolve, while not altering the Company's investment objective or overall strategy.

The Board considers that the proposal is in the best interests of the Company and its Shareholders as a whole. Accordingly, the Board unanimously recommends that Shareholders vote in favour of the Resolution to be proposed at the General Meeting.

For further information:

Company Secretary

[e-mail]	[phone]

Ashoka WhiteOak Capital Pte. Ltd

Prashant Khemka Hiren Dasani	Via Burson Buchanan
Fadrique Balmaseda
Ben Hayward

Burson Buchanan

Henry Wilson	[phone]
Henry Harrison-Topham	[e-mail]

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. The Company is advised by White Oak 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 £6.26 billion in assets under management or advisory4. 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 performance against the benchmark.

4 Data as at 31 August 2026. AUM data refers to aggregate assets under management or investment advisory for WhiteOak Group.

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