Response to Strategic Review announcement by Asia Dragon Trust plc

21 May 2024

LEI: 254900Z4X5Y7NTODRI75

Ashoka WhiteOak Emerging Markets Trust plc

(the `Company' or `AWEM')

Response to Strategic Review announcement by Asia Dragon Trust plc

(`Asia Dragon')

The Board of AWEM notes the announcement released today by Asia Dragon concerning the initiation of a full strategic review of the future of that company including the ongoing investment management arrangements.

The Board is pleased to see proposals will be considered from established fund management groups with experience of managing equity strategies similar to that currently pursued by Asia Dragon. Accordingly, AWEM confirms the Company's intention to participate in the process given the previously announced attractive proposed transaction with support in principle from 56 per cent. of Asia Dragon shareholders.

For further information:

JTC Group (Company Secretary)  020 7409 0181

[e-mail]

WhiteOak Capital Partners Pte Ltd.  Via Buchanan

Prashant Khemka

Fadrique Balmaseda

Ben Hayward

Ellora Capital Partners (Corporate Broker) 020 7016 6704

Oliver Kenyon     

Priyan Rayatt     

Mark Thompson    

Eddie Nissen     

Buchanan (Public Relations)   020 7466 5000

[e-mail]

Henry Harrison-Topham

Henry Wilson     07788 528 143

George Beale     07450 295 099

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. AWEMT is advised by WhiteOak Capital Partners Pte. Ltd, founded by Prashant Khemka with leading Emerging Markets investment experience. WhiteOak Capital Group has delivered an exceptional track record for its other strategies, and has £6.4 billion in assets under management or advisory. WhiteOak Capital Group pursues a disciplined research process underpinned by its proprietary frameworks OpcoFinco™ for valuation and ABLExTM for ESG research. While Emerging Markets remain under-researched and inefficient, AWEMT leverages WhiteOak's investment approach to capture the higher alpha potential in these markets. There is no fixed management fee, instead the Investment Manager is remunerated solely as a function of outperformance over the benchmark and hence is directly aligned with shareholders' interests.

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