As at 28 August 2020 www.ashokaindiaequity.com ASHOKA EQUITY INVESTMENT TRUST PLC

Objective Investment Performance2 To achieve long-term capital Since appreciation, mainly through Growth August 20 YTD 20 2019 Since IPO* 31-July-183 investment in securities listed in India and listed securities of companies with AIE NAV 5.8% 6.4% 8.8% 15.4% 13.9% a significant presence in India. MSCI India IMI 5.5% -2.6% 1.3% 1.7% -5.4% Company Facts NAV Outperformance +32 bps +904 bps +744 bps +1374 bps +1927 bps Share Price 5.2% 1.8% 18.9% 10.5% 9.5% Currency (INR/GBP) 0.9% -3.9% -5.3% -6.3% -7.4% Ticker: AIE ISIN: GB00BF50VS41 *Since IPO: 06 July 2018 - 28 August 2020 Benchmark: MSCI India IMI1 Performance since launch (GBp)2 NAV: 113.10p 120 Share price: 110.50p 110 (Discount)/ -2.3% Premium: 100 Number of 48 90 investments: 80 Total net assets: £76.5 million Active share: 75.3% 70 Launch date: 06 July, 2018 60 On-going charges 0.73% p.a. Jul-18 Dec-18 May-19 Oct-19 Mar-20 Aug-20 ratio6: 5 Gearing: 0% Share price MSCI India IMI NAV Discount Annual redemption Control: facility at or close to Top 10 Holdings (as at 28 August 2020) NAV Holdings GICS Sector % of AUM Investment White Oak Capital Advisor: Management 1. Information Technology 6.0 Consultants LLP 2. ICICI Bank Financials 5.5 (India) 3. HDFC Bank Financials 4.9 4. Nestle India Consumer Staples 4.9 Firmwide AUM4: £1.54 billion 5. Financials 4.7 6. Communication Services 4.6 7. Materials 4.4 Fees & charges 8. Information Technology 4.4 Management fees: 0% 9. Garware Technical Fibres Consumer Discretionary 3.2 10. Navin Fluorine International Materials 3.1 Performance fees: 30% of Total 45.8% outperformance (capped) Market Cap Classification (as at 28 August 2020) 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. Market Cap Portfolio End Weight (%) MSCI India IMI (%) 2 Past performance cannot be relied upon as a guide to future performance. 3 The funds raised from the IPO got substantially Large Cap 57.1% 84.2% invested at the end of July. Mid Cap 19.2% 12.1% 4 Refers to aggregate assets under management or advisory for the investment advisor, White Oak Capital Small Cap 18.8% 3.7% Management Consultants LLP (India). Cash 5.0% - 5 The beginning NAV of 98 has been rebased to 100 for comparison with the benchmark and share price. Total 100.0% 100.0% 6 On-going charges ratio calculated on a 6-month moving average of net assets. Classification as per Securities and Exchange Board of India (SEBI) guidelines. As at 28 August 2020 www.ashokaindiaequity.com ASHOKA INDIA EQUITY INVESTMENT TRUST PLC

Sector Exposure 28.3%

22.6%

16.5% 15.2% 15.5% 13.1% 10.2% 10.4% 9.1% 8.5% 7.9% 6.9% 7.0% 7.5% 4.0% 4.6% 4.3% 2.4% 0.0% 0.0% 0.5% 0.6%

Consumer Disc Information Tech Financials Industrials Materials Energy Utilities Health Care Consumer Staples Comm Services Real Estate

Portfolio MSCI India IMI Top 5 Contributors and Detractors (August 2020)

Ending Total Contribution Ending Total Contribution Contributors Weight Return to Return Detractors Weight Return to Return (%) (%) (bps) (%) (%) (bps) ICICI Bank 5.5 +13.4 +66 Bharti Airtel 4.6 -7.5 -38 Asian Paints 4.4 +10.3 +48 Infosys 6.0 -4.2 -27 HDFC Bank 4.9 +7.7 +39 2.3 -9.2 -23 Navin Fluorine International 3.1 +10.6 +35 Muthoot Finance 1.4 -10.3 -20 2.3 +14.1 +28 HDFC Life Insurance 1.9 -8.7 -19

Market Review Performance Review

MSCI India IMI index was up 5.5% during August. US equities (S&P 500) The fund was up 5.8% in August, outperforming the benchmark by were up 5.5%, MSCI World up 4.9%, and MSCI EM up 2.3% in GBP terms. +32bps. The key contributors include ICICI Bank (+13.4%), Asian Paints (+10.3%), and HDFC Bank (+7.7%), whereas some of the main FPIs bought US$6.1bn worth of Indian equities during the month. The year- underperformers were Bharti Airtel (-7.5%), Infosys (-4.2%), and Ajanta to-date inflows stand at US$4.8bn. Crude oil prices increased by 2.3% and Pharma (-9.2%). INR appreciated by 0.9%. Year-to-date the fund is up 6.4%, outperforming the benchmark by Among sectors, consumer discretionary and materials outperformed while +904bps. The key contributors include Muthoot Finance (+48.8%), Navin information technology and communication services underperformed Fluorine (+86.8), and Infosys (+13.6%), whereas some of the main during the month. detractors were Bajaj Finserv (-36.7%), (-20.8%), and HDFC Asset Management (-26.9%).

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. Changes in the exchange rates between currencies may cause the value of investments to fluctuate. 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. An investment trust is a public limited company, the shares of which are traded on 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. Investment trusts 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. White Oak Capital Management Consultants LLP (India) does not provide retail investors with investment advice.