12 December 2024

LEI: 213800KX5ZS1NGAR2J89

Ashoka India Equity Investment Trust plc

(the "Company")

Non-Material Change to Investment Policy

The Company has achieved another year of out-performance of its benchmark index, resulting in the issue of approximately 38 million¹ new Ordinary Shares, raising aggregate gross proceeds of approximately £100.5 million¹ over the course of 2024 to date. Investment returns have seen healthy contribution from unquoted, pre-IPO investments over the years.

The Board has agreed to a request from White Oak Capital Partners Pte. Ltd, the Company's Investment Adviser, to an increase in permitted exposure from 10% to 12% of gross assets (calculated at the time of investment) in unquoted companies with a significant presence in India. The following non-material change has therefore been made to the Company's investment policy:

"The Company shall invest primarily in securities listed on any recognised stock exchange in India and securities of companies with a Significant Presence in India that are listed on stock exchanges outside India. The Company may also invest up to 10 12 per cent. of Gross Assets (calculated at the time of investment) in unquoted companies with a Significant Presence in India."

The change will provide the Investment Adviser greater flexibility to further selectively capitalise on an expanding opportunity set within the pre-IPO universe.

Notes:

1.     Excluding 807,246 Ordinary Shares issued in connection with the Company's performance fee, as announced on 22 October 2024.

For further information please contact:

Peel Hunt LLP

Luke Simpson, Huw Jeremy (Investment Banking)                       Tel: 020 7418 8900