Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/492AEE06283772408F6BDD135ADD0C4F/242396972.pdf Number of Pages: 6 Markdown Content: 1 ## As at 30 April 2026 # Ashoka WhiteOak Emerging Markets Trust PLC # www.awemtrust.com Investment Objective To achieve long -term capital appreciation, primarily through investing in equity and equity -related securities that provide exposure to global emerging markets . Summary of Investment Policy The Company shall invest primarily in securities admitted to trading on any stock exchange (which may include stock exchanges in Developed Markets) that provide exposure to companies that are domiciled in Global Emerging Markets (EMs), 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 EMs . Company Details Ticker AWEM ISIN GB 00 BMZR 7D19 SEDOL BMZR 7D1 Listing LSE Main Market Reference Benchmark MSCI Emerging Markets NR £, Bloomberg ticker : MGEF Index Opening NAV per share 98 .26 p NAV per share 1 169 .18 p Share Price 1 173.00p (Discount)/Premium 2.26% Number of Investments 198 Total Net Assets 1,4 £68 .54 million Active Share 60.0% Launch Date 3 May 2023 Gearing 0% Discount Control Annual redemption facility at or close to NAV (December year end) Investment Manager AIFM (Acorn Asset Management Ltd) Investment Adviser Ashoka WhiteOak Capital Pte. Ltd. (Singapore) Corporate Broker Marex Firmwide AUM 1,3 £5.43 billion Total number of shares in issuance 40.51 mn Fees and Charges Management Fees 0% Performance Fees 30% of the excess returns above the MSCI EM GBP index measured over discrete three -year periods and capped at 12% of time weighted average adjusted assets Ashoka WhiteOak Emerging Markets Trust plc (AWEM) 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 Performance since launch ( GBp ) > 1Data as at April 2026 .AUM data refers to aggregate assets under management or investment advisory for White Oak Group . > 2ABLEx :Assessment of Business Longevity and Excellence ;More details on OpCo Finco framework and ABLEx framework on Page 5 > 4AWEM assets include £0.7munquoted assets .These are independently externally valued on aquarterly basis by KPMG with the latest valuation data being on 31 st > March 2026 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 Ashoka India Equity Investment Trust plc as well as other strategies and has £5.43 billion in assets under management or advisory 1. Analytical approach integral to disciplined research process underpinned by proprietary frameworks - OpcoFinco for valuation and ABLEx TM for ESG research 2 No fixed management fee. Manager remuneration is aligned with alpha generation and hence shareholders’ interest. The Investment Adviser is remunerated solely as a function of outperformance over the benchmark. Emerging markets present potential for higher alpha. EMs remain under - researched and inefficient. AWEM leverages WhiteOak’s investment approach to capture the higher alpha potential in these markets > Source :Bloomberg, Factset . Past performance does not predict future returns . > April > Performance (%) April 2026 YTD 2026 2025 -2026 2024 –2025 2025 2024 Part 2023 Since IPO* Since IPO* > (annualised) > AWEM NAV 11.89 13.55 44.85 4.30 23.32 14.52 7.37 72.18 19.88 > MSCI EM, NR 11.32 13.36 44.18 2.21 24.37 9.43 4.77 61.63 17.37 > NAV Outperformance (%) 0.57 0.19 0.66 2.09 -1.05 5.09 2.60 10.55 2.50 > Share Price Return 11.97 17.69 48.50 8.37 22.50 17.65 2.00 73.00 20.07 > Source :Bloomberg, Factset .Note :Past performance does not predict future returns .*Since IPO :03 May 2023 –30 April 2026 > 173.00 > 172.18 > 161.63 > 80 > 100 > 120 > 140 > 160 > 180 > 200 > May-23 > Jun-23 > Jul-23 > Jul-23 > Aug-23 > Sep-23 > Oct-23 > Nov-23 > Dec-23 > Jan-24 > Feb-24 > Mar-24 > Apr-24 > May-24 > Jun-24 > Jul-24 > Aug-24 > Sep-24 > Oct-24 > Nov-24 > Dec-24 > Jan-25 > Feb-25 > Mar-25 > Apr-25 > May-25 > Jun-25 > Jul-25 > Aug-25 > Sep-25 > Oct-25 > Nov-25 > Dec-25 > Jan-26 > Feb-26 > Mar-26 > Apr-26 > Share Price NAV/Share MSCI EM ## As at 30 April 2026 # Ashoka WhiteOak Emerging Markets Trust PLC Source : Factset . Past performance does not predict future returns . The performance calculation is based on GBP . Currency fluctuations will also affect the value of an investment . Holdings and/or allocations shown above are as of the date indicated and may not be representative of future investments . They may not represent all of the portfolio's investments Exhibit 2: Key Contributors and Detractors April 2026 Key Detractors Ending Weight (%) Total Return (%) Contribution to Return (bps) > Tencent Holdings 3.7 -6.1 -22 > China Merchants Bank 1.0 -7.2 -7 > HYBE 0.4 -11.9 -6 > PT Bank Central Asia 0.4 -13.6 -5 > Laopu Gold 0.3 -14.3 -5 Exhibit 1: Top 10 holdings (as at April 30, 2026) Country % of NAV TSMC Taiwan 11.3 Samsung Electronics South Korea 7.2 SK Hynix South Korea 4.6 Tencent Holdings China/HK 3.7 Alibaba Group Holding China/HK 2.5 Delta Electronics Taiwan 2.3 MediaTek Inc Taiwan 1.1 Elite Material Taiwan 1.1 Hong Kong Exchanges & Clearing China/HK 1.0 China Merchants Bank China/HK 1.0 Total 35.8% > Allocations shown above are as of the date indicated and may not be representative of future investments .They may not represent all of the portfolio's investments . > Future investments may or may not be profitable . Market Review In April 2026 , the MSCI EM index was up 11 .3%. It outperformed other global indices like the US equities (S&P 500 ) and MSCI World which returned 7.5% and 6.7% respectively . For the month, IT Services and Industrials outperformed, while Communication Services and Healthcare underperformed . Large caps outperformed Mid and Small caps this month . Among major EM markets, South Korea and Taiwan outperformed, while Indonesia and Mexico underperformed . Performance Review The Fund was up 11 .89 % in April 2026 , outperforming the benchmark by 0.57 %. The key contributors include Samsung Electronics (+ 32 .2%), TSMC (+ 18 .8%), and SK hynix (+ 59 .7%), whereas Tencent Holdings (-6.1%), China Merchants Bank (- 7.2%), and HYBE (-11 .9%) were the key detractors . April 2026 Key Contributors Ending Weight (%) Total Return (%) Contribution to Return (bps) > Samsung Electronics 7.1 +32.2 +200 > TSMC 11.3 +18.8 +198 > SK hynix 4.6 +59.7 +188 > Delta Electronics 2.3 +53.6 +84 > Elite Material 1.1 +71.2 +78 > 2 ## As at 30 April 2026 # Ashoka WhiteOak Emerging Markets Trust PLC Exhibit 3: Market Cap Composition As at April 2026 ; Source : Bloomberg . Allocations shown above are as of the date indicated and may not be representative of future investments . They may not represent all of the portfolio's investments . Future investments may or may not be profitable . Market cap classification as per MSCI . Exhibit 4: Regional Composition As at April 2026 ; Source : Bloomberg . The numbers inside the bars denote the number of companies in each classification . Allocations shown above are as of the date indicated and may not be representative of future investments . They may not represent all of the portfolio's investments . Future investments may or may not be profitable . Exhibit 5: Sector Composition As at April 2026 ; Source : Factset , Bloomberg . The numbers inside the bars denote the number of companies in each classification . Allocations shown above are as of the date indicated and may not be representative of future investments . They may not represent all of the portfolio's investments . Future investments may or may not be profitable . 3 12.8% 36.3% 16.9% 10.4% 5.8% 2.4% 0.2% 4.8% 1.8% 5.3% 0.4% 9.5% 37.2% 19.7% 6.8% 6.7% 4.0% 2.2% 2.7% 3.1% 6.9% 1.1% 35 26 45 32 20 6 1 20 6 5 2 111 190 247 164 137 50 61 75 77 59 33 Consumer Disc Information Tech Financials Industrials Materials Energy Utilities Health Care Consumer Staples Comm Services Real Estate Portfolio MSCI EM 70.2% 29.4% 86.8% 13.2% 86 112 610 594 Large Cap SMID Portfolio MSCI EM > 76.3% > 3.1% 2.8% 6.7% 10.7% > 81.4% > 3.3% 2.8% 6.9% 5.1% > 81.4% > 5.7% 5.0% 7.5% > 0.4% > 138 > 10 917 26 > 148 > 11 918 14 > 974 > 70 68 84 8 Asia Europe and Africa Middle East LATAM Developed Portfolio (country of listing) Portfolio (country of economic exposure) MSCI EM As at 30 April 2026 # Ashoka WhiteOak Emerging Markets Trust PLC As at April 2026 ; Source : Bloomberg . Allocations shown above are as of the date indicated and may not be representative of future investments . They may not represent all of the portfolio's investments . Future investments may or may not be profitable . SOE: State Owned Entities ; 1 Includes Czech Republic, Egypt, Greece, Hungary, Romania, Turkey; 2 Includes Colombia, Chile; * Cash and MSCI EM futures included in non -SOEs Exhibit 6: Portfolio Composition: SOE vs Non SOE weights Exhibit 7: Portfolio Composition: Country Weights As at April 2026; Source: WhiteOak, Bloomberg. > 1 Country from where the largest business value is derived. Allocations shown above are as of the date indicated and may not be representative of future investments. The holdings and/or al locations shown may not represent all of the portfolio's investments. Future investments may or may not be profitable. Weight (%) Weight in By Country of Listing/Incorporation By Country of Economic Exposure 1 Region/Country MSCI EM Index AWEM Active weight AWEM Active weight Asia 81.4 76.3 -5.1 81.4 0.0 China + HK 22.8 20.5 -2.3 23.7 0.9 India 11.9 14.3 2.3 14.2 2.3 Taiwan 24.8 22.5 -2.3 24.1 -0.7 South Korea 18.7 17.2 -1.5 17.0 -1.7 Indonesia 0.7 0.6 -0.1 0.6 -0.1 Thailand 1.0 0.3 -0.7 0.3 -0.7 Malaysia 1.1 0.5 -0.6 0.5 -0.6 Others 0.3 0.4 0.1 1.0 0.7 Europe and Africa 5.7 3.1 -2.6 3.3 -2.4 Poland 1.1 1.4 0.3 1.6 0.5 South Africa 3.2 0.8 -2.4 0.8 -2.4 Others 1.5 1.0 -0.6 1.0 -0.6 Middle East 5.0 2.8 -2.1 2.8 -2.1 Saudi Arabia 2.6 1.3 -1.3 1.3 -1.3 UAE 1.2 1.5 0.3 1.5 0.3 Qatar 0.5 0.0 -0.5 0.0 -0.5 Kuwait 0.6 0.0 -0.6 0.0 -0.6 LATAM 7.5 6.7 -0.8 6.9 -0.5 Brazil 4.6 2.8 -1.8 2.8 -1.8 Mexico 1.9 2.6 0.8 2.6 0.8 Peru 0.4 0.7 0.3 0.7 0.3 Others 0.6 0.6 -0.1 0.8 0.2 Developed Markets 0.4 10.7 10.3 5.1 4.7 Netherlands (Prosus , ASM, ASML) 0.0 1.8 1.8 0.0 0.0 France (Hermes) 0.0 0.6 0.6 0.0 0.0 Japan (Disco) 0.0 0.4 0.4 0.0 0.0 Singapore (OCBC, GRAB) 0.0 1.1 1.1 1.0 0.9 Others (CFR, DPM, HCC, PRU, EMR, IFX, ING, GLNG, MAU, MONC, INCH, HSBC, TCG, JMT, AGC, IPCO, ESLT, CTSH, PDI) 0.4 6.8 6.4 4.2 3.8 Within the MSCI Country Index Index Composition AWEM Active Exposure Weight in MSCI Index SOE weight Non SOE weight SOE Non -SOE SOE Non -SOE SOE Non -SOE China + HK 23% 30% 70% 7% 16% 4% 17% -3% 1% India 12% 12% 88% 1% 11% 1% 13% 0% 2% Indonesia 1% 42% 58% 0% 0% 0% 1% 0% 0% Korea 19% 4% 96% 1% 18% 0% 17% -1% -1% Malaysia 1% 54% 46% 1% 1% 0% 1% -1% 0% Taiwan 25% 3% 97% 1% 24% 0% 22% -1% -1% Thailand 1% 33% 67% 0% 1% 0% 0% 0% 0% Others 0% 0% 100% 0% 0% 0% 0% 0% 0% Asia 81% 14% 86% 11% 70% 5% 71% -6% 1% South Africa 3% 0% 100% 0% 3% 0% 1% 0% -2% Poland 1% 65% 35% 1% 0% 0% 1% -1% 1% Others 1 2% 13% 87% 0% 1% 0% 1% 0% 0% Europe & Africa 6% 15% 85% 1% 5% 0% 3% -1% -2% Brazil 5% 31% 69% 1% 3% 0% 3% -1% 0% Peru 0% 0% 100% 0% 0% 0% 1% 0% 0% Mexico 2% 0% 100% 0% 2% 0% 3% 0% 1% Others 2 1% 7% 93% 0% 1% 0% 1% 0% 0% LATAM 7% 20% 80% 1% 6% 0% 7% -1% 1% Kuwait 1% 95% 5% 1% 0% 0% 0% -1% 0% Qatar 1% 68% 32% 0% 0% 0% 0% 0% 0% Saudi Arabia 3% 58% 42% 2% 1% 0% 1% -1% 0% UAE 1% 98% 2% 1% 0% 1% 1% 0% 1% Middle East 5% 73% 27% 4% 1% 1% 2% -2% 0% Developed Markets 0% 0% 100% 0% 0% 0% 11% 0% 10% Total 100% 17% 83% 6% 94%* -11% 11% 4As at 30 April 2026 # Ashoka WhiteOak Emerging Markets Trust PLC AWEM MSCI EM Number of Holdings 198 1,204 Weighted Avg Market Cap $353 bn $401 bn CY25 ROE 18.9% 13.6% CY26 P/E 16.2x 3 12.4x 1 CY27 P/E 13.0x 3 10.7x 1 CY26 OpcoFinco P/FCF 17.1x 3 14.9x 2 CY27 OpcoFinco P/FCF 13.3x 3 11.7x 2 Projected Revenue 3 year cagr 24.6% 3 12.0% 1 Projected Earnings 3 year cagr 21.3% 3 21.6% 1 Exhibit 8: Portfolio Characteristics > Source: WhiteOak, Bloomberg, Factset , MSCI > 1As per estimates from Bloomberg and Factset (Consensus) > 2As per WhiteOak and Consensus estimates, for top 500 companies in MSCI EM by weight > 3As per WhiteOak estimates The scenarios presented are an estimate of future financial performance of the holdings based on evidence from current market co nditions reflecting the nature and risk of the specified type of investment holdings and are not an exact indicator. Forecasts are not a reliable indicator of f utu re performance. Exhibit 9: Opco Finco TM framework Our investment philosophy is that outsized returns are earned over time by investing in great businesses at attractive valuat ion s. A great business is one that generates superior returns on capital, is scalable, and is well -managed both in terms of execution and governance. The team strives to buy these businesses when they are available at a substantial discount to their intrinsic value. We do no t l ook at the commonly used accounting -based metrics like P/E or EV to EBITDA, as they can be distorted and misleading. Instead, we rely on DCF and exc ess ROIC multiple derived from our proprietary OpcoFinco TM framework. The OpcoFinco TM framework is an adapted version of the DCF that is aligned with our investment philosophy. The framework assesses the economi c cash flows generated by the business in excess of the cost of capital. This approach dissects the value of any company betwee n t wo components: • Value of the invested capital in the business • Value of the excess returns on invested capital Such distinction into components of value is very insightful in understanding the sources of value in a business . Crucially, the excess ROIC multiples are useful in comparing businesses within a sector, as well as across sectors in an apples -to -apples comparison rather than an apples -to -oranges comparison as provided by P/E or EV/EBITDA multiples . Exhibit 10: ABLEx TM framework We use our proprietary ESG risk assessment framework ABLEx TM (Assessment of Business Longevity and Excellence) to assess companies on their ESG practices . The framework contains a sector -specific list of ESG risk and opportunities against which a company’s practices, policies and disclosures are assessed . The results from our ESG analysis are used in our valuation assumptions . The ABLEx score, which is a reflection of the ESG practices of a company, is used as an input into the terminal value ascribed to terminal year cashflows of a company along with other fundamental factors (such as superior return on capital, scalability, quality of management teams) driving the terminal multiple . All else equal, a company with a higher ESG score would be awarded a relatively higher terminal multiple . This is a subjective exercise that the team does and there is no set numerical formula or weight assigned to each of the factors . Further details of White Oak’s ESG integration can be found at Link The above two exhibits are for illustrative purposes only; Source: WhiteOak For more details on our portfolio construction process, please refer to the previous Factsheets in the ‘Factsheet Documents’ section of the website : Link > 5 ## As at 30 April 2026 # Ashoka WhiteOak Emerging Markets Trust PLC Important Information This document has been issued for information purposes only . It does not contain any advice, investment recommendations or any offer, invitation or inducement to invest in the Company . Investors should seek advice from an authorised financial adviser prior to making investment decisions . Capital may be at risk as the value of investments may go down as well as up and is not guaranteed ; therefore investors may not get back the amount originally invested . Past performance is not a guide to future performance, nor a reliable indicator of future results or performance . The cost of investment may increase or decrease as a result of currency and exchange rate fluctuations . Currency fluctuations will also affect the value of an investment . Investments in shares of smaller companies are generally considered to carry a higher degree of risk as the market for their shares may be less liquid than that for shares of larger companies, making shares of smaller companies more difficult to buy and sell . The performance of shares of smaller companies may be more volatile than the shares of larger companies over short time periods ; therefore investors should regard such investments as long term . There can be no guarantee that the investment objective of the Company will be achieved or provide the returns sought by the Company . An investment in the Company is only suitable for investors who are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses which may arise from such an investment (which may be equal to the whole amount invested) . Such an investment should be regarded as long term in nature and complementary to existing investments in a range of other financial assets and should not form a major part of an investment portfolio . The Company is a public limited company and an investment trust, the shares of which are traded on the main market of the London Stock Exchange . Accordingly, the ability of shareholders to sell their shares will be dependent on the market price of the shares . The shares may trade at a discount or premium to their net asset value . The Company may borrow money in order to make further investments . This is known as gearing . The effect of gearing can enhance returns to shareholders in rising markets but will have the opposite effect on returns in falling markets . Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice . Emerging markets securities may be less liquid and more volatile and are subject to a number of additional risks, including but not limited to currency fluctuations and political instability . None of Ashoka WhiteOak Capital Pte . Ltd ., Acorn Asset Management Ltd or the Company, nor any of their respective directors, partners, employees, agents or representatives, shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost capital, lost revenue or lost profits that may arise from or in connection with the use of this information . Views and opinions expressed are for informational purposes only and do not constitute a recommendation by WhiteOak to buy, sell, or hold any security . Views and opinions are current as of the date of this material and may be subject to change, they should not be construed as investment advice . This is an actively managed portfolio that is not designed to track its reference benchmark . Therefore, the performance of the portfolio and the performance of its reference benchmark may diverge . In addition, stated reference benchmark returns do not reflect any management or other charges to the portfolio, whereas stated returns of the portfolio do . References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results . The index composition may not reflect the manner in which the Company's portfolio is constructed . The investment manager does not provide legal, tax or accounting advice to its clients . All investors are strongly urged to consult with their legal, tax, or accounting advisors regarding any potential transactions or investments . There is no assurance that the tax status or treatment of a proposed transaction or investment will continue in the future . Tax treatment or status may be changed by law or government action in the future or on a retroactive basis . Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities . It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document . In the United Kingdom this material is a financial promotion and has been issued by White Oak Capital Management (UK) Ltd regulated by the Financial Conduct Authority © 2026 White Oak . All rights reserved . Contact : ben .hayward@whiteoakinvestors .com Compliance Code : 19 H0520261545 J