Quarterly Update

Epicure Qatar Equity Opportunities
18 April 2008


Epicure Qatar Equity Opportunities plc

Quarterly Update to Quarter End March 2008

Report to Shareholders


A FORMATTED VERSION OF THIS REPORT IS AVAILABLE FROM THE FUND ADMINISTRATOR,
GALILEO FUND SERVICES LIMITED, ISLE OF MAN UPON REQUEST. PLEASE CONTACT

[e-mail] TO REQUEST A COPY.

Epicure Qatar Equity Opportunities plc

Investment Advisers Report - Quarterly Update to Quarter End March 2008

Investment Objective

Epicure Qatar Equity Opportunities plc ('the Company') was established to
capitalise on attractive investment opportunities in Qatar and the Gulf
Cooperation Council ('GCC') region, resulting from the economic boom being
experienced in the area. The Company seeks to invest in quoted Qatari equities
listed on the Doha Securities Market ('DSM') in addition to companies soon to be
listed, with a possible allocation of up to 15 per cent in regional GCC listed
companies. The Investment Adviser intends to invest using both a top-down
screening process, as well as a fundamental industry and company analysis, and
does not intend to benchmark itself to any regional index.

Activities During the Quarter

For most fund managers and advisers, Q1 2008 has been anything but uneventful.
Relative to the double digit sell-offs witnessed in emerging markets such as
China, India and Vietnam, and in developed markets such as Germany and France,
by comparison activities in the GCC markets were somewhat subdued.


Most GCC markets managed to close Q1 2008 in positive territory with the
exception of Saudi Arabia, Dubai and Qatar. With a rise of 13.8 per cent, the
Kuwaiti market was the best performer for the quarter, while Saudi Arabia was
down by as much as 18.0 per cent and Qatar was down by 0.3 per cent for the
quarter. Based on closing prices of 27 March 2008, the NAV of Epicure Equity
Opportunities plc reached US$1.1301, up by 17.2 per cent since inception and 0.8
per cent lower year to date.


In recent months, Qatar has garnered considerable international interest as an
attractive investment destination due to the strong economic and corporate
growth being achieved. According to preliminary numbers issued by the Qatar
Statistical Authority (QSA), in 2007 Qatar's GDP grew by 12.5 per cent.


The Investment Adviser expects that 2008 will be a year of consolidation for the
country as a number of projects are delayed by bottlenecks caused by a shortage
of essential commodities such as cement, steel etc., which are crucial for the
country's ongoing infrastructure development. Delays with clearing consignments
through the port have also added to the problems. These, however, are the side
effects of a fast growing economy. With 15.5 per cent GDP growth projected
(first estimates) by the QSA in 2008, the Investment Adviser continues to
emphasise the exciting investment opportunity that still exists in companies
that are exposed and leveraged to local growth.


Several notable events during this quarter have been:


Corporate profitability

The 42 companies listed on the DSM posted 20.9 per cent growth in net profit for
the financial year 2007. Qatari companies have proven resilient in tackling
ongoing inflation and bottleneck issues. With nominal GDP growth of 12.5 per
cent in 2007 and 15.5 per cent growth expected in 2008, the economic environment
in Qatar should help companies to maintain their profit growth in coming years.
While corporate profitability for all DSM listed companies rose by 20.9 per cent
in 2007, the twenty companies that EQEO is invested in grew their profitability
by an average of 36.7 per cent year-on-year.


The EFG Hermes Middle East and North Africa (MENA) conference

During the month of March the Investment Adviser attended the MENA conference
hosted by EFG Hermes. The magnificent setting of Sharm El Sheikh provided the
opportunity for the Investment Adviser to meet a number of companies from the
region over the four day event. The international interest shown in the MENA
region was quite apparent, with new and existing investors looking to diversify
their exposure away from the current turmoil being felt elsewhere in the world.


State finances

Qatar presented its largest budget ever for the fiscal year 2008-09, which saw
all-time high revenues of QR103.3 billion (US$28.4 billion). Qatar has budgeted
expenditure of QR95.9 billion, leaving a surplus of QR7.4 billion for the fiscal
year 2008-2009. The budget earmarked QR19.7 billion (20.5 per cent) for the
education sector, QR9.2 billion (9.6 per cent) for healthcare and QR30.6 billion
(31.9 per cent) for the infrastructure sector. For the fiscal year, Qatar has
assumed an oil price of US$55 a barrel as compared to US$40 a barrel in
2007-2008.


Rights issues and IPOs:

Due to the accelerating growth witnessed in the local economy, most companies
have found it necessary to use rights issues to fund themselves through the
local equity markets. Approximately QR17.4 billion (US$4.8 billion) worth of
rights issue were announced in the first quarter of 2008. Of this total, only
QR3.6 billion (US$1.0 billion) has been called in the first quarter, with the
rest being staggered over the remainder of the year. Besides the capital raised
from rights issues, Gulf International Services (GIS) raised QR8.9 billion
(US$2.4 billion) in an IPO open only to Qatari investors. In the next six
months, another major issue is anticipated in the form of the IPO of the second
mobile operator (won by the Qatar Foundation Consortium with Vodafone).


The rights issues and the GIS IPO are equivalent to approximately 6.8 per cent
of the current market capitalisation of the DSM. The Investment Adviser believes
that two of the primary reasons for the current market dislocation are ongoing
capital raising activity and expectations of major new issues.


Foreign Investor Limits

Since the last quarterly update, more companies have reached their foreign
ownership limits. Of the companies that EQEO has invested in, three have reached
these limits. The increase in foreign interest will continue to reduce the
investable universe.


Industry allocation

The Company's investments are focused on industries which the Investment Adviser
believes will benefit directly from the local expansion underway in the country.
The cash balance of 7.4 per cent is expected to be deployed mostly through
subscription to rights issues that are expected to be completed by the end of
the second quarter. The Company is heavily weighted towards the financial
services industry, with 39.8 per cent of its investment being in the banking
sector. The services sector, which is broadly defined and includes companies in
telecommunications, utilities and others, accounted for 21.8 per cent of all
investments. The Company's exposure to the much followed real estate sector
stood at 12.2 per cent at the end of Q1 2008. The industries and insurance
sectors accounted for a further 14.1 per cent and 4.8 per cent respectively.


Embedded image removed - please refer to the Company's website
www.epicure-qatarequtiy.com for a graph depicting the industry allocation of the
portfolio.


Industry Allocation (% of Portfolio Market Value)


Real Estate                     12.18%

Industries                      14.08%

Services                        21.77%

Banks                           39.76%

Insurance                        4.79%

Cash                             7.39%


Portfolio Market Values at at 31 March 2008

Source: Qatar Insurance Company SAQ


Portfolio Breakdown


Top Five Holdings

Company                    Sector                % of Funds raised     % of NAV

Industries Qatar           Industry                          11.5%        11.9%
Qatar National Bank        Banks                             10.0%        11.0%
Commercial Bank of Qatar   Banks                              7.5%         9.5%
Masaf Al Ryan              Banks                              7.1%         6.8%
Barwa Real Estate Co       Real Estate                        5.8%         6.5%


The top five investments of the Company constitute 41.9 per cent of the gross
funds raised and 45.7 per cent of NAV.


Geographical Breakdown (% of market value)



Please refer to the fund website www.epicure-qatarequity.com for the full report.

Cash           7.4%

UAE            5.5%

Kuwait         4.7%

Qatar         82.4%


Source: Qatar Insurance Company SAQ

Market Values as at 31 March 2008

Important News Flow

Additions to the Doha Securities Market

Q1 2008 witnessed the listing of EZDAN Real Estate Company and Islamic Financial
Securities Company on the DSM, taking the total number of companies listed to
42. EQEO is not invested in these stocks as they are highly illiquid.


Gulf International Services (GIS) IPO

During the first quarter, Qatar Petroleum raised QR8.9 billion through the IPO
of Gulf International Services, which is expected to list during the month of
April. Currently three companies are held within Gulf International Services:


- Al-Koot Insurance, which provides a range of insurance and reinsurance
services

to Qatar Petroleum and the QP Group across operations.

- Gulf Drilling International Limited (GDI), which provides drilling-related
services

to the QP Group and international co-ventures, and

- Gulf Helicopter Company (GHC), the sole provider of helicopter transportation

services in Qatar.


Qatar Electricity and Water Company (QEWC)

QEWC continued to expand its capacity to meet Qatar's ongoing appetite for power
and water. During the quarter QEWC commissioned a 1025MW Ras Laffan B Power and
Water Plant, 55 per cent owned by QEWC. Qatar's combined electricity production
capacity stood at 2,712 MW and drinking water production capacity at 127 MIGD.


Embedded image removed. Please refer to the Company's website for a graph
depicting the DSM Index since Jan 2005.


Portfolio Companies - update

Qatar Islamic Bank (QIB)

QIB arranged and successfully closed a Musharaka Sukuk (a vehicle used for
raising funds for starting new projects, developing existing ones or financing a
business activity on the basis of partnership contracts) worth US$137.5 million
on behalf of 'Salam Bounian Development Company Limited'. This marks the first
time ever that a Sukuk issue was managed completely by Qatari banks, without the
involvement of any foreign institutions.


Industries Qatar

Industries Qatar (IQ) and Qatar Real Estate Investment Company (ALAQARIA) have
signed a memorandum of understanding for establishing a new real estate company
with an authorised capital of QR 1 billion; it is also expected that Al-Koot
Insurance & Reinsurance Co will participate in the joint venture. Accordingly,
each of the three parties will hold a stake of one third of the capital.


Qatar Steel Company

With the demand for steel skyrocketing, Qatar Steel will start rebuilding a Dh
500 million plant at Jebel Ali in Dubai in May. The new plant plans to increase
capacity to 600,000 tonnes per year. QSC bought the plant from an investment
group in 2001 and recently closed it down to make way for the new factory.


Qatar National Bank

Qatar National Bank (QNB) has entered into a strategic partnership with Kuwaiti
companies to establish 'Kuwait-Qatari Company for Ijara and Investment' with a
initial investment of KD 24 million (QR 321 Million) for a 30 per cent capital
participation. The new company will offer Islamic financing services within GCC
Countries.


United Development Company (UDC)

United Development Company (UDC) has decided to increase its non-Qatari holdings
from 25 per cent to 49 per cent and will amend the company's Articles and
Memorandum of Association to reflect this change after all the necessary legal
procedures have been completed.


Qatar Real Estate Investment Company

Qatar Real Estate Investment Company has announced its plan for a QR 7.5 billion
Phase 2 of 'Mesaieed Housing Project'. This residential complex consists of
5,225 residential units and will be developed for Qatar Petroleum (QP) and its
subsidiaries. The total area of the development is approximately 3 million
square metres which will be spread over five sites. The design of the project is
expected to be completed by end of May 2008 and construction to begin by end of
Q3 2008.


EQEO NAV Performance (% net in USD)

        Jan      Feb     Mar      Apr May Jun Jul Aug      Sep     Oct     Nov     Dec
 2008  -2.26    7.28    -5.35

 2007                                            -3.49    4.22    7.21    3.59    1.94


Source: Galileo Fund Services Ltd

NAV Performance is unaudited


Performance figures are based on the NAV calculated on the last Thursday of each
month and published via the regulatory news service of the London Stock
Exchange.

The performance data quoted represents past performance. Past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares when redeemed, may be
worth more or less than their original cost and current performance may be lower
or higher than the performance quoted. Additional information regarding policies
for calculation and reporting returns is available upon request.



Epicure Qatar Equity Opportunities plc



NAV Update

NAV at launch                          US$ 0.96

NAV as at 27 March 2008                US$ 1.13

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 March 2008

Market Price -Shares                    US$1.04

Market Price -Warrants                  US$0.47


Key Features

Domicile                            Isle of Man

Shares Issued                       247,527,523

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 8% per annum. For further details, please
refer to the Company's admission document.



Investment Manager                     Epicure Managers Qatar Limited

Investment Adviser                     Qatar Insurance Company S.A.Q

Administrator                          Galileo Fund Services Limited I.O.M.

Custodian                              Anglo Irish Bank Corporation, I.O.M. PLC

Nominated Adviser and Broker           Panmure Gordon (UK) Limited

Auditor & Tax Adviser                  KPMG I.O.M.

Legal Adviser                          Stephenson Harwood



Ordinary Shares


ISIN                                   IM00B1240704
                         
SEDOL                                  B124070

Bloomberg ticker                       EQEO

Valoren                                3268997


Warrants


ISIN                                   IM00B1240G96

SEDOL                                  B1240G9

Bloomberg ticker                       EQEW

Valoren                                3271492

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 (UK) Limited

Moorgate Hall

London, EC2M 6XB

T: [phone]


Administrator & Registrar

Galileo Fund Services Limited

Third Floor

Britannia House

St Georges Street

Douglas

Isle of Man, IM1 1TE


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

T: [phone]


Marylene Guernier

M Communications

T [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.

Epicure Qatar Equity Opportunities plc

Registered Office

Third Floor

Britannia House

St Georges Street

Douglas

Isle of Man, IM1 1TE



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