Quantum Advisors Private Limited (“we” or “Quantum Advisors”), is a limited liability company governed under the laws of India. We are registered in India as a Portfolio Manager with the Securities Exchange Board of India (SEBI), the Indian securities regulator and in the USA as an Investment Advisor with the Securities Exchange Commission (SEC). We are also registered as a “Restricted Portfolio Manager” in the Canadian provinces of British Columbia, Ontario and Quebec. We were originally established in the name of Quantum Financial Services Pvt. Ltd in 1990 and later changed our name in 1998 to Quantum Advisors Private Limited. Quantum Advisors was established by Mr. Ajit Dayal as one of India’s first equity research houses. We pioneered a quantitative as well as qualitative analytical approach to equity investing in India, providing consistently applied valuation metrics to evaluate investment opportunities in India’s emerging stock markets. Over the years, we have continued and enhanced our tradition of extensive financial analysis and value investing, as we have evolved into an investment adviser and asset manager. Presently, the principal owners of Quantum Advisors are Ajit Dayal, HWIC Asia Fund Class Q Shares (“HWIC Asia”) and Fairfax Financial Holdings Limited (FFHL). HWIC Asia is ultimately beneficially owned by Fairfax Financial Holdings Limited (FFHL) a company listed in the Toronto Stock Exchange. FFHL is the ultimate parent entity of the Toronto based Fairfax group. The day to day operations of Quantum Advisors are managed by a team of experienced professionals. HWIC Asia is not involved in the day to day management and operations of the business of Quantum Advisors including research and portfolio management. HWIC Asia has indicated its intention to be a passive financial shareholder of the Company but they have customary minority protection rights as a passive financial shareholder. We currently provide discretionary investment advisory services to (i) individual clients who are either resident Indians or non-resident Indians, none of which are United States Persons (referred to as ‘Indian Private Accounts’), ii) foreign institutional clients; and (iii) the Firm’s two Proprietary Accounts that have been created to build a track record for the respective investment strategies vis, (a) Q India Responsible Returns Strategy that is focused on investing in equity shares of companies that have best governance practices as measured through our proprietary ESG (Environment, Social and Governance (ESG) scoring methodology and (b) Q India Sovereign Focus Bond Strategy that is fixed income focused , all of which we refer to collectively as our “Private Accounts.”. Our Private Account clients are currently based

in India, Europe and Canada. Presently we manage our Private Accounts with a focus on the Indian equity markets (our “Discretionary Equity-Focused Private Accounts”) or a focus on the Indian fixed income securities market (our “Discretionary Fixed Income-Focused Private Accounts”). Total Asset Under Management (AUM) of our discretionary accounts was approximately USD 2015 million as at May 31, 2023. We also provide non-discretionary investment advisory services to our Subsidiary, QIEF Management LLC an SEC registered Investment Advisor (Investment Manager or QIEF) in relation to portfolios of their underlying Clients. Total AUM of our non-discretionary account was approximately USD 22 million as at May 31, 2023. We provide advice in relation to QIEF’s Clients pursuant to the objectives specified in the respective investment management agreement of such Client (In case it is a private account client of QIEF) and fund offering memorandums by which the Client offers its ownership interests to investors (In case it is a fund client of QIEF).
Our agreements with QIEF state that we must make recommendations for the Non-Discretionary Equity-Focused and fixed income focused Private Accounts and Funds in line with the investment guidelines and restrictions as stipulated by the respective investment management agreements of such Private Account and, in case of the Funds, as stipulated in their respective Fund offering memorandums. Our agreements with our Discretionary Equity-Focused and fixed income focused Private Accounts state or shall state that we must manage these accounts in line with the investment guidelines and restrictions as stipulated by such Private Account Clients in their respective investment management agreements. Such investment guidelines generally impose limits on the types of securities or other instruments which the Private Accounts or the Funds may invest in; the types of positions they may take; the concentration of their investments by sector, industry, fund, country, class or otherwise; the amount of leverage they may employ; or the number or nature of short positions they may take. The Funds’ investors do not have the right to specify, restrict, or influence their Funds’ investment objectives or any investment or trading decisions. We do not participate in wrap fee programs. As of May 31, 2023, the Regulatory Asset under Management (RAUM) of the Firm was approximately US$ 2015 million. This brochure is a general summary of Quantum Advisors’ investment advisory services, fees and compensation, and advisory practices and is not specific to any one client. Clients should consult their agreements with Quantum Advisors for the specific terms and information applicable to their relationship with Quantum Advisors.