Q India

Equity Fund Limited

Fund Investment Objectives

The objective of the Fund is to achieve long-term capital appreciation by investing in shares of publicly listed companies located in, or whose primary markets are located in, India, or who otherwise have a substantial portion of their business located in or other strategic relationship with customers or suppliers located in India. Although not its primary focus, the Fund may also invest in private companies that it believes have a strong likelihood of a public listing within three years of the date of its investment, and may invest in options, derivatives and other securities relating to listed Indian equities, subject to applicable regulatory approval. The investment strategy of the Fund is to take advantage of the long-term growth in the Indian economy that is anticipated to occur as the country, its markets and economy develop. While the primary focus will be on Indian companies, given the more developed state of the Indian markets and economy relative to the other countries in the region, the Fund may also invest in companies active within the broader Indian Sub-continent, including Bangladesh, Pakistan and Sri Lanka.