NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO INDIA, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE END OF THIS ANNOUNCEMENT.

25 May 2023

Ashoka WhiteOak Emerging Markets Trust plc

Block Listing Application

The Board of Ashoka WhiteOak Emerging Markets Trust plc (the "Company") announces that application has been made to the Financial Conduct Authority and to the London Stock Exchange for a block listing of 10,000,000 ordinary shares of 1 penny each ("Ordinary Shares") in the Company to be admitted to the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission").

The above 10,000,000 Ordinary Shares to be block listed may be issued pursuant to the Company's existing authorities to issue new Ordinary Shares on a non pre-emptive basis. These Ordinary Shares may be issued, inter alia, to satisfy market demand and for the purposes of managing the premium to net asset value (cum income) per Ordinary Share at which the Ordinary Shares are trading. When issued, these Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. It is expected that Admission will become effective on 26 May 2023.

The Company's LEI is: 254900Z4X5Y7NTODRI75

Enquiries:

JTC (UK) Limited

Ruth Wright                                                                                                                                  +44 (0) 20 3893 1011

Ellora Partners

Mark Thompson                                                                                                                           +44 (0) 20 7016 6711

Eddie Nissen                                                                                                                                 +44 (0) 20 7016 6713

Oliver Kenyon                                                                                                                              +44 (0) 20 7016 6704

Disclaimer

This announcement does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor.

Ellora Partners Limited is acting exclusively for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client in relation thereto, and will not be responsible for providing the regulatory protection afforded to its clients, nor for providing advice to any other person in relation to the matters contained herein.

The Ordinary Shares have not been, and will not be, registered under the U.S. Securities Act of 1933 (as amended) (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold into or within the United States absent registration, except pursuant to an applicable exemption from, or in a transaction that is not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any relevant state or other jurisdiction of the United States. Moreover, the Ordinary Shares have not been, nor will they be, registered under the applicable securities laws of India, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. Further, the Company is not, and will not be, registered under the U.S. Investment Company Act of 1940, as amended. The Ordinary Shares will be offered outside of the United States pursuant to the provisions of Regulation S of the Securities Act. Subject to certain exceptions, the Ordinary Shares may not be offered or sold in India, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA or to, or for the account or benefit of, any national, resident or citizen of India, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. The placing of any Ordinary Shares pursuant to the Placing Programme described in the prospectus issued by the Company dated 18 April 2023, and the distribution of this announcement, in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.