Title: PowerPoint Presentation URL Source: https://is.gd/KyiwTI Published Time: Mon, 16 Jun 2025 13:22:33 GMT Markdown Content: Performance since launch 2 Apr 2025 YTD 2025 April 2024 2023 2022 2021 Since 31 -Jul - 2018 3 Since IPO* Ann. since IPO 2024 - 2025 2023 - 2024 2022 - 2023 2021 - 2022 2020 - 2021 AIE NAV ( £) -0.6% -10.2% 1.8% 39.5% -2.9% 32.5% 47.8% 23.8% 24.5% -3.7% 48.6% 167.0% 170.6% 15.7% MSCI India IMI 0.9% -7.1% -3.1% 37.5% -5.9% 29.3% 42.1% 15.1% 18.4% 2.1% 31.7% 86.4% 100.3% 10.7% NAV Outperformance (bps) -155 -313 +481 +203 +299 +320 +572 +866 +609 -578 +1688 +8058 +7025 +499 Share Price -2.6% -12.7% -1.5% 50.3% -10.9% 38.5% 59.4% 23.5% 26.6% -6.3% 49.6% 159.5% 162.0% 15.2% Currency (INR/GBP) -2.8% -5.6% -8.1% -2.5% -6.2% 7.8% -9.3% -1.3% -6.0% 0.6% -0.5% -20.9% -20.0% -3.2% Investment Objective To achieve long -term capital appreciation, mainly through investment in securities listed in India and listed securities of companies with a significant presence in India . Company (Ashoka India Equity Investment Trust PLC) Facts Ticker: AIE ISIN: GB 00 BF 50 VS 41 Reference Benchmark: MSCI India IMI 1 NAV: 265 .16 p Share price: 262 .00 p (Discount)/Premium: -1.2% Number of investments: 146 Total net assets: £445 .04 million Active share: 71.6% Launch date: 6 July, 2018 On -going charges ratio 6: 0.28% p.a. Gearing: 0% Discount control: Annual redemption facility at or close to NAV Investment Manager: Acorn Asset Management Ltd Investment Advisor: Ashoka WhiteOak Capital Pte. Ltd. (Singapore) Firmwide AUM 4: £ 5.1 billion Fees and Charges Management Fees: 0% Performance Fees: 30% of outperformance (capped) Performance since launch ( GBp )2 As at 30 April 2025 # Ashoka India Equity Investment Trust PLC ## www.ashokaindiaequity.com ## Morningstar Rating TM Source : Bloomberg, Factset ; Past performance does not predict future returns . > 5 1 Source : Bloomberg, Factset . Note : Past performance does not predict future returns . *Since IPO : 06 July 2018 - 30 April 2025 Top 10 holdings (as at 30 April 2025) GICS Sector % of AUM 1. ICICI Bank Financials 4.6 2. Bharti Airtel Communication Services 4.2 3. Inventurus Knowledge Solutions Information Technology 3.6 4. Onesource Specialty Pharma Health Care 3.4 5. Bajaj Finserv Financials 2.9 6. HDFC Bank Financials 2.6 7. Manjushree Technopack Industrials 2.4 8. CAMS Industrials 2.4 9. Info Edge Communication Services 2.3 10. Eternal Consumer Discretionary 2.2 Total 30.6% 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 . There is no guarantee that similar awards will be obtained by White Oak with respect to existing or future funds or transactions . For more about the awards, please see the last page . The Elite Rating system is propriety to FundCalibre brand or product . Prashant Khemka is AA rated by Citywire based on the three year risk -adjusted performance across all funds he is managing to 31 March 2025 . Source and Copyright : Citywire 262.00 200.32 270.57 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 > Jul-18 > Oct-18 > Jan-19 > May-19 > Aug-19 > Dec-19 > Mar-20 > Jun-20 > Oct-20 > Jan-21 > Apr-21 > Aug-21 > Nov-21 > Mar-22 > Jun-22 > Sep-22 > Jan-23 > Apr-23 > Aug-23 > Nov-23 > Feb-24 > Jun-24 > Sep-24 > Dec-24 > Apr-25 Share price MSCI India IMI NAV Key Detractors Ending Weight (%) Total Return (%) Contribution to Returns (bps) OneSource Specialty 3.4 -9.2 -35 Inventurus Knowledge 3.6 -5.3 -22 Shaily Engineering Plastics 0.8 -18.8 -18 Tata Consultancy Services 2.2 -7.0 -18 Bajaj Finserv 2.9 -4.8 -14 Key Contributors Ending Weight (%) Total Return (%) Contribution to Returns (bps) Eternal 2.2 +12.8 +26 Bharti Airtel 4.2 +5.3 +22 ICICI Bank 4.6 +3.1 +15 Manorama Industries 1.0 +17.3 +15 Vishal Mega Mart 1.4 +11.0 +14 2 Source : Factset . Past performance does not predict future returns Source : Bloomberg, White Oak . Classification as per Securities and Exchange Board of India (SEBI) guidelines . 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 . Market Cap Composition Sector Composition Source : Bloomberg, White Oak . Classification as per GICS . 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 . As at 30 April 2025 # Ashoka India Equity Investment Trust PLC For the month, Energy, Communication Services, and Consumer Discretionary outperformed, while Information Technology, Materials and Industrials underperformed . Large caps have outperformed mid and small caps, while State - owned entities underperformed their private peers . Performance Review The Fund was down 0.60 % in April 2025 , underperforming the benchmark by 155 bps . The key contributors were Manorama Industries (+ 17 .3%), Eternal (+ 12 .8%), and Vishal Mega Mart (+ 11 .0%), whereas Shaily Engineering Plastics (-18 .8%), OneSource Specialty (-9.2%), and TCS (-7.0%) were the key detractors . Market Review In April 2025 , the MSCI India IMI index was up 0.9%. It outperformed other global indices like the US equities (S&P 500 ), MSCI World and MSCI EM, which returned -4.0%, -2.4% and -2.0% respectively .5 In April 2025 , Foreign Institutional investors (FIIs) were net buyers to the tune of US $1.3bn, while net buying by domestic institutional investors (DIIs) was US $3.3bn . For the month, the Rupee depreciated by 2.8% vs the GBP while the 10 -year G-Sec yields eased from 6.58 % to 6.36 %. Commodities declined, with Brent and S&P GSCI Industrial Metals Index down 18 .4% and 8.6%, respectively . April 2025: Key Contributors and Detractors > 35.6% > 12.7% > 50.7% > 68.3% > 17.5% 14.3% > 22 21 > 102 > 91 > 111 479 > Large Cap Mid Cap Small Cap > Portfolio MSCI India IMI > 13.7% > 10.8% > 20.0% > 18.0% > 4.2% > 0.0% 0.0% > 14.2% > 4.8% 6.8% > 4.1% > 12.7% 9.3% > 27.5% > 10.7% > 8.8% 7.6% > 3.8% > 7.2% 6.2% > 4.2% 1.9% > 26 > 12 > 25 31 > 9 > 0 > 0 > 24 > 837 > 112 43 > 93 > 147 108 12 > 22 64 39 17 24 > Consumer Disc Information Tech Financials Industrials Materials Energy Utilities Health Care Consumer > Staples > Comm Services Real Estate > Portfolio MSCI India IMI 3 As at 30 October 2024 2022 # Ashoka India Opportunities Fund As at 30 April 2025 # Ashoka India Equity Investment Trust PLC > 1 The Company does not follow this or any other benchmark, it is given for illustrative purposes and for calculation of the performance fee only . > 2 Past performance cannot be relied upon as a guide to future performance . > 3 The proceeds raised from the IPO got substantially invested at the end of July 2018 . > 4 Refers to aggregate assets under management or investment advisory for White Oak Group, excluding retail assets of the domestic AMC (£ 1.71 bn) > 5 The beginning NAV of 98 has been rebased to 100 for comparison with the benchmark and share price . > 6 As at 31 Mar 2025 , the annualised estimated ongoing charges ratio, excluding the Performance fee accrual as a percentage of average NAV . 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 premium segment of 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 ., White Oak Capital Management Consultants LLP, 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 White Oak to buy, sell, or hold any security . Views and opinions are current as of the date of this page 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 . Any award/s referred to in this document may not be representative of a particular investor’s experience or the future performance of the Company or any other White Oak funds . 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 . More about : Investment Week’s Investment Company of the Year Single Country award 2023 : Link Kepler Growth Rating : Link Disclosure related to Morningstar rating : © 2025 Morningstar . The Morningstar rating provided is as of 30 April 2025 . All Rights Reserved . The information contained herein : (1) is proprietary to Morningstar and/or its content providers ; (2) may not be copied or distributed ; and (3) is not warranted to be accurate, complete or timely . Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information . Past performance is no guarantee of future results . 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