The India
Internet & Ecommerce
ESG Screened Index
Index Methodology

December 28, 2021

INQQ ESG Screened Index Methodology

Overview
INQQ The India Internet & Ecommerce ESG Screened Index (“INQQ ESG Screened Index”, “INQQ
ESG Index” or “the Index”) measures and monitors the performance of an investable universe ofpublicly traded Internet & Ecommerce companies in India. The Index was created and is owned
by EMQQ LLC. The index is maintained by Solactive AG (the “Index Administrator”).
Index Construction
The INQQ ESG Screened Index™ is comprised of the public securities of issuers that meet thespecific and objective criteria listed below.
1. INQQ ESG Screened Index Eligibility Criteria
To be considered for inclusion in the Index, the following criteria must be met:

A. India Internet Exposure. The primary criteria for selecting a company forinclusion in the index is that the company derives a majority of its assets orrevenue from Internet & Ecommerce activities in India.
•Constituents are from but not limited to sectors includingInternet Services, Internet Retail, Internet Broadcasting, InternetMedia, Online Advertising, Online Travel, Online Gaming, SearchEngines, Social Networks, etc.

B. Equity Securities. Only publicly issued common equity securities are eligible
inclusion in the index. Debt or quasi-debt securities, such as convertible
securities, are not eligible for inclusion.

C. ADRs. Exchange-traded American Depository Receipts (ADR’s), American
Depository Shares (ADSs), Global Depository Receipts (GDR’s), and International
Depository Receipts (IDR’s) are eligible for inclusion in the index.

D. Market Capitalization. The Index will include equity securities of companies ofall capitalizations. Constituents must have a free-float adjusted market
capitalization of USD $300 Million or greater for initial inclusion in the index. A
free-float adjusted USD $200 Million minimum is required for ongoing index
inclusion.

E. Liquidity. To ensure adequate liquidity, constituents must have three (3) monthaverage daily turnover of at least USD $1 million USD. Recent IPOs that do nothave three (3) months of trading shall be included in the index if they haveaverage daily turnover of at least $5 million during the period for which trading
value data is available and meet all other inclusion requirements.

F. Foreign Ownership Restrictions. Companies traded in markets with restrictions
on foreign ownership may be excluded from the index.

2INQQ ESG Screened Index Methodology

G. ESG Screen. The companies selected after completion of the above steps will bescreened for compliance with UN Global Compact principles in addition to any
operational business involvement in the fields of fossil fuels, tobacco or
controversial weapons as listed below:
i. Controversial Weapons
1. Companies involved in the production development ormaintenance of Anti-personnel Mines, Biological or Chemical
weapons, Cluster munitions, Depleted uranium, Nuclear
Weapons, or any other weapon that violate humanitarianprinciples through normal use.
2. Companies that produce or develop key and dedicatedcomponents for controversial weapons.
3. Companies involved in the production and/or services tailor
made for the defense industry or the military.
4. Companies that hold ≥20% stake in a company that is involvedin controversial weapons.
5. Companies currently ≥ 50% owned by a company that isinvolved in controversial weapons.
ii. Conventional Weapons
1. >10% revenue from the production or distribution of arms, bothpublic and privateiii. Tobacco
1. >5% revenues from tobacco manufacturing.
2. >5% revenue from tobacco distribution and/or sale of tobacco
products.
iv. Thermal Coal
1. >10% revenues from the exploration mining or refining ofthermal coal.
2. Companies that base 30% or more of their operations on
thermal coal.
3. Companies that produce >20 million tons of thermal coalannually and are actively expanding. All companies violating anyof the exclusion criteria above are excluded.
All companies for which an evaluation of these exclusion criteria is not possible
due to insufficient and/or missing information or data are excluded.
2. Target Weights
The Index uses a modified float-adjusted market capitalization weighting methodology
to weight individual positions.

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INQQ ESG Screened Index Methodology

A. Security Weight – Maximum. The target weight of any one position is limited to8.0% of the Index. Semi-annually, all individual securities with an index
weighting greater than 8.0% will be rebalanced back to 8.0%. Excess exceeding
8.0% will be applied proportionally to all remaining index constituents. Then, allpositions whose float adjusted market capitalization weights are over 5% areadded together. If the total is less than 50%, no further modifications are made.
If the total is equal to or greater than 50% then the highest weighted position iscapped at 8%. The excess weight is then applied on a pro-rata basis to all theremaining index constituents and the process is then repeated, if necessary,with the next largest stock being capped at a weight 0.5% less than the previous
constituent (examples: 7.5%, 7.0%, 6.5%, 6.0%, 5.5%, 5.0%, 4.5%) until 50% isreached. The 4.5% maximum target weight is then applied to all the remaining
stocks.
Once set, either initially or at a semi-annual rebalance, target weights are free to float
due to market actions. Weights are reviewed and the index rebalanced according to therules under Index Maintenance below.
Index MaintenanceIndex Maintenance is the responsibility of the Index Administrator, Solactive AG. Index
maintenance includes monitoring and implementing any adjustments, additions and deletions
to the index as per this index methodology and any adjustments, additions and deletions due tocorporate actions.
Additions
Additions to the index will be made at a semi-annual rebalance on the third Friday ofJune or December. Any addition will be funded on a pro-rata basis from the remainderof the Index, net of any deletions.

Fast Entry Additions
New IPOs that have a market capitalization greater than $10 Billion USD and satisfy all
eligibility requirements other than 1 E will be included in the index on a fast-entry basis
three (3) trading days following the company’s initial trade date.
Deletions
A constituent will be deleted from the index immediately due to bankruptcy, acquisition,delisting or merger of the company by or into another company, spin-offs, tender offers
or other similar corporate actions. At each quarter end, any security which has been
continuously suspended or halted since the prior quarter will be deleted from the index
at zero value. In the case of such deletions, including any relisting of suspended
constituents, no replacements will be made until the annual rebalance. Any proceeds
resulting from the deletions will be applied on a pro-rata basis over the remainder ofthe Index, net of any additions.

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INQQ ESG Screened Index Methodology

Index Reconstitution and Semi-Annual RebalanceIndex Reconstitution is the responsibility of the Index Administrator and is performed
semi-annually in June and December based on data as of the last business day in Mayand November respectively. Index Reconstitution includes:

1. Additions to the Index. New constituents will be added to the index if theymeet the eligibility requirements as defined above under Eligibility Criteria. Anyadditions will be funded on a pro-rata basis from the remainder of the Index,
net of deletions.

2. Deletions from the Index. Constituents will be deleted from the index if they nolonger meet the eligibility requirements as defined above under Eligibility
Criteria with one exception. Constituents that fall below the initial capitalization
minimum of USD $300 Million will be retained unless their capitalization falls
below the minimum of USD $200 Million. Constituents falling below theminimum of USD $200 Million will be deleted. Any proceeds resulting from thedeletions will be applied on a pro-rata basis over the remainder of the Index, netof additions.

3. Rebalancing. The Index will be rebalanced to accommodate any additions ordeletions to the index as described above and to enforce the target weights as
described above under Index Construction.

Index Administration
Solactive AG serves as the Index Administrator. These responsibilities include monitoring andimplementing adjustments, additions and deletions to the indices due to eligibility rules
described above and corporate actions.
Index Calculation
Solactive AG serves as the Calculation Agent for the indices. The Calculation Agent isresponsible for compiling, calculating, maintaining, and disseminating the value of theindices.
Index Reconstitution
Solactive AG will review and adjust the Index on a semi-annual basis (“IndexReconstitution”) on the third Friday of June and December. Changes to an index
resulting from the Index Reconstitution are implemented before the market open on
the first trading day following the reconstitution.
INQQ ESG Screened Index Committee
The INQQ ESG Screened Index Committee solely maintains The INQQ ESG ScreenedIndex Methodology and is not involved in any way in the day-to-day maintenance oradministration of the index.

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The Index Committee will meet semi-annually to review the methodology. Any changes
to the methodology will be publicly disclosed at www.INQQindex.com prior toimplementation. At minimum ten (10) days prior notice will be given prior to theimplementation of any such change by the Index Administrator.

Contact
www.INQQindex.com
kparker@EMQQindex.com
INQQ Index is the property of EMQQ LLC.
www.EMQQindex.com

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