Investment Adviser Report

Epicure Qatar Equity Opportunities
18 October 2007


Epicure Qatar Equity Opportunities plc


Investment Advisers Report - Quarterly Update to Quarter End September 2007


Investment Objective

Epicure Qatar Equity Opportunities plc ('The Company') was established to
capitalise on the attractive investment opportunities in Qatar and the Gulf
Cooperation Countil ('GCC') region, due to the economic boom currently being
experienced in the area. The Company seeks to invest in quoted Qatari equities
listed on the Doha Stock Market ('DSM'), with a possible allocation of up to 15%
in regional GCC listed companies. The Investment Adviser intends to invest
through a top-down, screening process and a fundamental industry and company
analysis, and does not intend to benchmark itself to any regional index.


Activities During the Quarter

The Investment Adviser is pleased to present the first report on the Company
since admission to AIM on 31 July, 2007. The Company raised a total of
US$171.355 million, with the Qatar Investment Authority and Qatar Insurance
Company making anchor investments of US$25 million each.

Based on closing prices of September 27, 2007 the NAV has reached parity
(US$1.0058) with the US$1.00 placing price. As the Company started with an
initial NAV of US$ 0.9641, it is up 4.33% since inception, even through the
'ramp-up' investment period. Since inception, the focus of the Investment
Adviser has been to invest a substantial part of the Company prior to the last
quarter of 2007, and is pleased with the pace of investments that have taken
place over the past six weeks. Since then the Company has invested US$120
Million (70.10% of the gross funds raised) in seventeen companies listed on the
DSM. The Company has yet to initiate any investments on the stock markets in the
GCC region outside of Qatar, and expects to make its first regional investments
in the coming weeks.

The global markets faced substantial volatility during the past few months.
During this period the Qatari Stock market did not display substantial
volatility and neither did most of the GCC regional markets.

The Investment Adviser is witnessing significant international and regional
interest in the Qatari stock market, which has driven the stock market to recent
highs, with blue chips gaining during the month of September. Notable among them
were Qatar Electricity and Water, Industries Qatar, Commercial Bank of Qatar,
Barwa Real Estate and Qatar National Bank, where the Company is substantially
invested. With the renewed interest in the stock market, the liquidity in the
market increased significantly and the average daily volumes showed a marked
increase. The volumes have increased four-fold from the first half of the year
touching a high of QR 500 million per day during the last week of September and
over QR 1 billion on 2 October 2007. For the first half of this year the average
year on year profit growth was in excess of 30%. The Investment Adviser expects
that companies will continue to show growth accordingly. The month of October
should see more visibility on the performance, when a substantial number of
companies report their third quarter earnings, and the market should react
positively.



Portfolio Breakdown - Top 5 Holdings


The top 5 investments of the fund constitute 41.25% of the gross funds raised
and 58.85% of the invested funds.



Company          Sector     % Of Funds Raised   Market Capitalization (Bn QR)   Market Price (QR/share)

Industries
Qatar          Industry               10.87              64.50                    129.00
Qatar National
Bank             Banks                 9.77%             35.93                    221.50
Commercial
Bank of Qatar    Banks                 7.89%             19.48                    139.00
Barwa Real
Estate         Services                7.13%              9.86                     49.30
Masraf Al Rayan  Banks                 5.59%              6.38                     17.00
                                                                                                                        
                                                                                                                        
Industries Qatar
Industries Qatar(IQ) is the largest listed company in Qatar and among the 
largest in the GCC with a market capitalisation of US$15.4billion. IQ was 
incorporated as a Qatari joint stock company on April 19, 2003. It was formed 
with Qatar Petroleum as its sole founding shareholder, with an initial 
authorised capital of QR 5,000 million. IQ was QP's first IPO in 2003 after it 
divested 30% of IQ. The current business operation of IQ is the direct holding 
of shares in four companies operating in the fields of petrochemicals, 
fertilizers and steel.

Qatar National Bank
Qatar National Bank (QNB) is the oldest and largest bank in Qatar. It was 
established as a joint stock company in 1964. The government of Qatar holds a 
50 percent stake in the bank and members of the Qatari public hold the remaining 
50 percent.

Commercial Bank of Qatar
The Commercial Bank of Qatar was established in 1975 as the first wholly owned 
private commercial bank in Qatar. Initially capitalised at QR 10 million it has 
grown and prospered over the years to become an important regional Bank with 
capital and reserves of over QR 3.5 billion and a total assets book of over 
QR 25 billion.

Barwa Real Estate
Barwa Real Estate was established in late 2005; its operations vary from real 
estate development to investment and consultation. The company is based in Doha,
Qatar.

Masraf Al Rayan
Following its record breaking IPO which was almost six times oversubscribed and 
the largest in Gulf history, Masraf Al Rayan has a paid up capital of over US$1 
billion, over 600,000 shareholders and represents a significant new development 
as the region's only fully fledged commercial and investment bank with an 
entirely Sharia compliant portfolio of products.

Important News Flow

Change in DSM 20 Index Constituents


The DSM Market Committee announced a change in the DSM 20 Index, which became
effective September 1, 2007. The choice of companies is part of a routine
assessment on the DSM 20 Index, and the companies entered into the Index are in
accordance with established rules. The DSM 20 Index as on September 1, 2007
comprised the following:



Qatar National Bank  Commercial Bank       Qatar International Islamic Bank
Qatar Islamic Bank   Doha Bank             Qatar Islamic Insurance
Salam International  United Development    National Leasing
Mawashee             Gulf Warehousing      Qatar Industries
Nakilat              Medicare Group        Real Estate Investments
Qatar Navigation     Qatar Shipping        Qatar Fuel
Q-Tel                Dlala


Qatar National Bank


QNB plans to raise approx QR 2 Billion through a rights issue over the next two
quarters. It is raising funds to finance its acquisitions activities as well as
increase lending capacity. The company announced on Sep 24, 2007, as part of its
international expansion, it has increased its share in a Jordan based Housing
Bank for Trade and Finance (HBTF) from 20% to 30% at a cost of US$195 million.


Commercial Bank of Qatar


The bank announced that it had won approval from UAE and Qatar central banks to
buy 40% of Sharjah-based United Arab Bank (UAB) for US$601 million. The company
has also entered into a Management Services Agreement with UAB.


Mannai Corporation


Mannai Corp became the 38th company to list on the DSM. Founded in 1951, as a
small auto-parts dealership, the company over the last fifty years has grown to
become one of Qatar's largest private sector trading groups. The company employs
2,000 people and operates in a wide range of sectors like Construction, trading
& distribution, IT services & solutions, travel & tourism, logistics &
warehousing and geotechnical services. The Group increased its paid-up capital
in June 2007 from QAR60 million (US$16.5 million) to QAR120 million (US$33
million), prior to listing its shares in August 2007.


Qatar Petroleum


State-owned Qatar Petroleum (QP) is studying plans to sell shares in three
service companies through initial public offerings. The company expects to
complete the study by the end of the year. Subsidiaries that provide services
for Qatar Petroleum include Gulf Helicopter Company and Gulf Drilling
International. Industries Qatar (IQ) was QP's first IPO in 2003 after it
divested 30% of IQ.
DSM20 Index (Since September 2005)



Industry Breakdown

The Company's investments are focused on industries which the Investment Adviser
believes will directly benefit from the local expansion underway in the country.
The Company is heavily weighted towards the financial industry with 29% of its
investment in the banking sector. Service industry is broadly defined and
includes companies in telecommunication, utilities and others.

  



Epicure Qatar Equity Opportunities plc

NAV Update

NAV at launch                          US$ 0.96
NAV as at 27 September 2007            US$ 1.01
Inception Date                         31 July 2007


The NAV is estimated net of fees and expenses every week and announced through
the regulatory news service of the London Stock Exchange.

As at 27 September 2007
Market Price -Shares                   US$1.05
Market Price -Warrants                 US$0.45
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Key Features
Domicile                               Isle of Man
Shares Issued                          171,355,000
Warrants Issued                        34,271,000
Maturity                               Continuation vote at 2012 Annual General 
                                       Meeting 
Year End                               30 June
Management Fee                         1.25% of NAV


Performance Fee

The performance fee is 20% of the of the increase in Adjusted Net Asset Value
per Ordinary Share above the Target Net Asset Value per Ordinary Share, subject
to the achievement of two tests (i) the year end Adjusted Net Asset Value per
Ordinary Share is greater than the High Watermark and (ii) the year end Adjusted
Net Asset Value per Ordinary Share exceeds the Target Net Asset Value per
Ordinary Share during the relevant Performance Period. The Target Net Asset
Value per Ordinary Share for the first performance period is the US$1 placing
price increased by the hurdle rate of 1% per annum. For further details, please
refer to the Company's admission document.
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Investment Manager                Epicure Managers Qatar Limited
Investment Adviser                Qatar Insurance Company S.A.Q
Administrator                     Galileo Fund Services Limited IoM
Custodian                         Anglo Irish Bank Corporation, IoM
Nominated Adviser and Broker      Panmure Gordon (Broking) Limited
Auditor & Tax Adviser             KPMG IoM
Legal Adviser                     Stephenson Harwood


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Ordinary Shares

ISIN                              IM00B1240704
SEDOL                             B124070
Bloomberg ticker                  EQEO

Warrants

ISIN                              IM00B1240G96
SEDOL                             B1240G9
Bloomberg ticker                  EQEW


Exchange Rate US$1.00=QR3.64


Webpage: www.epicure-qatarequity.com


Contacts


Epicure Qatar Equity Opportunities plc
Leonard O'Brien
T: [phone]

Nominated Adviser & Broker
Panmure Gordon (Broking) Limited
Moorgate Hall
London, EC2M 6XB
T: [phone]

Administrator & Registrar
Galileo Fund Services Limited
Jubilee Buildings
Victoria Street
Douglas
Isle of Man, IM1 2SH

T: [phone]
F: [phone]
E: [e-mail]

Custodian
Anglo Irish Bank Corporation (I.o.M.) PLC
Jubilee Buildings
Victoria Street
Douglas
Isle of Man, IM1 2SH

PR/ Media Contact

Tim Draper
M Communications
Tel: [phone]

Marylene Guernier
M Communications
Tel [phone]

1 Ropemaker Street
Ninth Floor
London
EC2Y 9HT



www.mcomgroup.com


Disclaimer

The contents of this document have been prepared by Qatar Insurance Company
S.A.Q as Investment Adviser to the Epicure Qatar Opportunities Fund PLC ('the
Fund'). This document has been prepared solely for information purposes and for
the use of the recipient. It does not constitute an offer or an invitation by or
on behalf of the investment Adviser or the Fund to any person to buy or sell any
security or investment product. Any reference to past performance is not
necessarily a guide to the future. The information and analyses contained in
this publication have been compiled, or arrived at from sources believed to be
reliable, but the Investment Adviser does not make any representation as to
their accuracy or completeness, and does not accept liability for any loss
arising from their use. The investments discussed in this report may not be
suitable for all investors. and are provided for information purposes only. The
ordinary shares and warrants in the Fund have not been, and will not be,
registered under the United States Securities Act of 1933 as amended (the
'Securities Act') or qualified for sale under the laws of any state of the
United States or under the applicable laws of any of Canada, Australia, Republic
of South Africa or Japan and, subject to certain exceptions, may not be offered
or sold in the United States or to, or for the account or benefit of, US persons
(as such term is defined in Regulation S under the Securities Act) or to any
national, resident or citizen of Canada, Australia, Republic of South Africa or
Japan. None of the Fund, the Manager or any of their respective members,
directors, officers or employees nor any other person accepts any liability
whatsoever for any loss, however arising, from any use of such information or
opinions.


Static Information for Second Page- B Master

Contacts

Epicure Qatar Equity Opportunities plc

Leonard O'Brien
[phone]

Nominated Adviser and Broker

Panmure Gordon (Broking) Limited
Moorgate Hall
155 Moorgate
London EC2M 6XB

Administrator and Registrar

Galileo Fund Services Limited
Jubilee Buildings
Victoria Street
Douglas
Isle of Man IM1 2SH

T: [phone]
F: [phone]

[e-mail]


Custodian

Anglo Irish Bank Corporation (I.O.M.) P.L.C.
Jubilee Buildings
Victoria Street
Douglas
Isle of Man IM1 2SH
--------------------------------------------------------------------------------

Address for Last Page


Epicure Qatar Equity Opportunities plc

Registered Office
Jubilee Buildings
Victoria Street
Douglas
Isle of Man IM1 2SH



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