29 April 2022

ASHOKA INDIA EQUITY INVESTMENT TRUST PLC

(the "Company")

Relocation of Investment Adviser

The Directors of the Company wish to announce that, with effect from 29 April 2022, following an internal re-organisation of the White Oak Group and with permission of the Board, White Oak Capital Partners Pte. Ltd. ("White Oak Capital Partners"), an entity based in Singapore, will become the investment adviser in respect of the Company's portfolio, replacing the current investment adviser, White Oak Capital Management Consultants LLP ("White Oak Capital Management"). Through its contractual arrangements with White Oak Capital Partners, the Company's Investment Manager, Acorn Asset Management Limited, will continue to benefit from the expertise of key individuals within the White Oak Group.

White Oak Capital Management and White Oak Capital Partners are both part of the White Oak Group, and the terms of appointment of White Oak Capital Partners are the same as those that applied to White Oak Capital Management. In order to effect the change of investment adviser, the Company and the Investment Manager have agreed to amend and restate the Investment Management Agreement between them; however, the terms of that agreement have not materially changed.

The Company's LEI is 213800KX5ZS1NGAR2J89.

Enquiries:

Company Secretary

Sanne Fund Services (UK) Limited

Brian Smith / Jenny Thompson

Tel: +44 (0) 20 3327 9720