Ashoka WhiteOak Emerging Markets Trust plc (AWEM) ORD GBP0.01

The investment objective of the Company is to achieve long-term capital appreciation, primarily through investment in securities admitted to trading on any stock exchange that provide exposure to Global Emerging Markets. The Company shall invest primarily in securities admitted to trading on any stock exchange that provide exposure to companies that are domiciled in Global Emerging Markets, 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, Global Emerging Markets

The Investment Manger is entitled to receive an Alpha Fee, payable in Ordinary Shares subject to meeting the relevant performance criteria. The first Performance Period will start on the earlier of i 30 Business Days following Initial Admission and ii the date on which more than 70 per cent. of the Net Issue Proceeds have been invested, and will end on the balance sheet date of the Companys third annual financial results in 2026 being 31 March 2026.

The Directors intend to manage the Company’s affairs to achieve Shareholder returns primarily through capital growth rather than income. Any income derived from the Company’s operations would normally, in the first instance, be used to cover operating expenses. Therefore, it should not be expected that the Company will pay a significant annual dividend, if any. Regulation 19 of the Investment Trust Regulations 2011 provides that, subject to certain exceptions, an investment trust may not retain more than 15% of its income in respect of each accounting period. Accordingly, the Company may declare an annual dividend from time to time for the purpose of seeking to maintain its status as an investment trust.

Prashant Khemka

Prashant founded White Oak Capital in 2017. Prior to White Oak Capital, Prashant spent 17 years at Goldman Sachs Asset Management (GSAM), most recently as CIO and lead PM of Global Emerging Markets (GEM) Equity and India Equity strategies.He won several accolades as the CIO and Lead PM of GS India Equity. He and his fund won several awards including A rating from Citywire and Elite rating from Fund calibre among others.In addition to his long-standing India investing experience, Prashant brings a unique perspective from having managed developed and emerging market equities over a span of two decades.Prashant started his professional investing career in 1998 at SSGA in Boston as senior portfolio officer of Enhanced International equity in the quant group. He started his career at GSAM in 2000 as a research analyst in US Growth Equity, and by 2004 he rose to become Senior Portfolio Manager and Co- Chair of the Investment Committee.He returned to Mumbai in 2006 to start the GSAM India business and served as the CIO and CEO/Co-CEO of their domestic Asset Management Company. In 2013, in addition to India he was also made the CIO and lead PM of GEM equity.Prashant graduated with honors from Mumbai University with a BE in Mechanical Engineering and earned an MBA in Finance from Vanderbilt University, where he received the Matt Wigginton Leadership Award for outstanding performance in Finance. He was awarded the CFA designation in 2001 and is a fellow of the Ananta Aspen Centre, India. Prashant graduated with honors from Mumbai University with a BE in Mechanical Engineering and earned an MBA in Finance from Vanderbilt University, where he received the Matt Wigginton Leadership Award for outstanding performance in Finance. He was awarded the CFA designation in 2001 and is a fellow of the Ananta Aspen Centre, India.

Martin ShenfieldChairman, Howard Pearce, Tanit Curry