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<SEC-DOCUMENT>0001125282-06-001976.txt : 20060331
<SEC-HEADER>0001125282-06-001976.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060330174712
ACCESSION NUMBER:		0001125282-06-001976
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20060428
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060330
EFFECTIVENESS DATE:		20060331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDIA FUND INC
		CENTRAL INDEX KEY:			0000917100
		IRS NUMBER:				133749070
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08266
		FILM NUMBER:		06724532

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		866-800-8933

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA FUND INC /NY NEW
		DATE OF NAME CHANGE:	19940106
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>b411769_def14a.htm
<DESCRIPTION>SCHEDULE 14A -- DEFINITIVE PROXY STATEMENT
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<p align="center"><font face="serif" size="2"><b>UNITED STATES</b><br>
<b>SECURITIES AND EXCHANGE COMMISSION</b><br>
<b>Washington, D.C. 20549</b></font></p>
<p align="center"><font face="serif" size="5"><b>SCHEDULE 14A</b></font></p>
<p align="center"><font face="serif" size="2"><b>Proxy Statement Pursuant to Section</b>&nbsp;<b>14(a) of the Securities</b><br>
<b>Exchange Act of 1934 (Amendment No.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>)</b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><img src="tickedbox.gif"></td>
    <td><font face="serif" size="2">Filed by the Registrant</font></td>
  </tr>
  <tr>
    <td><img src="emptybox.gif"></td>
    <td><font face="serif" size="2">Filed by a Party other than the Registrant</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font face="serif" size="2"><b>Check the appropriate box:</b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><img src="emptybox.gif"></td>
    <td><font face="serif" size="2">Preliminary Proxy Statement</font></td>
  </tr>
  <tr>
    <td><img src="emptybox.gif"></td>
    <td><font face="serif" size="2">Confidential, for Use of the Commission Only
    (as permitted by Rule 14a-6(e)(2))</font></td>
  </tr>
  <tr>
    <td><img src="tickedbox.gif"></td>
    <td><font face="serif" size="2">Definitive Proxy Statement</font></td>
  </tr>
  <tr>
    <td><img src="emptybox.gif"></td>
    <td><font face="serif" size="2">Definitive Additional Materials</font></td>
  </tr>
  <tr>
    <td><img src="emptybox.gif"></td>
    <td><font face="serif" size="2">Soliciting Material Pursuant to Rule 14a-11(c)
    or Rule 14a-12</font></td>
  </tr>
</table>

<p align="center"><font face="serif" size="5"><b>The India Fund, Inc.</b></font><br>
<font face="serif" size="2"><i>(Name of Registrant as Specified In Its Charter)</i></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font face="serif" size="2"><b>Payment of Filing Fee (check
    the appropriate box):</b></font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><img src="tickedbox.gif"></td>
    <td><font face="serif" size="2">No fee required.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><img src="emptybox.gif"></td>
    <td><font face="serif" size="2">Fee computed on table below per Exchange
    Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">Title of each class&nbsp;of securities to which transaction applies: </font></div><br>
<hr noshade size="1"></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">Aggregate number of securities to which transaction applies: </font></div><br>
<hr noshade size="1"></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it is determined): </font></div><br>
<hr noshade size="1"></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">Proposed maximum aggregate value of transaction: </font></div><BR><hr noshade size="1"></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(5)</font></td>
    <td><div align="left"><font face="serif" size="2">Total fee paid:</font></div><BR><hr noshade size="1"></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><img src="emptybox.gif"></td>
    <td><font face="serif" size="2">Fee paid previously with preliminary materials.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><img src="emptybox.gif"></td>
    <td valign="top"><font face="serif" size="2">Check box if any part of the fee is offset
        as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for
        which the offsetting fee was paid previously. Identify the previous filing
        by registration statement number, or the Form&nbsp;or Schedule and the
    date of its filing.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">Amount Previously Paid: </font></div><BR><hr noshade size="1"></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">Form, Schedule or Registration Statement No.: </font></div><BR><hr noshade size="1"></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">Filing Party: </font></div><BR><hr noshade size="1"></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">Date Filed: </font></div><BR><hr noshade size="1"></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font face="serif" size="5"><b>The India Fund, Inc.</b><br>
</font><font face="serif" size="2">345 Park Avenue<br>
New York, New York 10154</font></p>
<p align="right"><font face="serif" size="2">March&nbsp;31, 2006</font></p>
<p align="left"><font face="serif" size="2"><b>Dear Stockholder:</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We are pleased to enclose the notice and proxy statement for the Annual Meeting of Stockholders of The India Fund, Inc. (NYSE: IFN; the &#147;Fund&#148;) to be held on April&nbsp;28, 2006, at the offices of Simpson Thacher &amp; Bartlett LLP, 425 Lexington Avenue, Conference Room J, 30th
Floor, New York, New York at 10:00 a.m., New York time.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As you may know, at the Fund&#146;s Special Meeting of Stockholders held on March 16, 2006, Stockholders of the Fund approved new management and country advisory agreements with Blackstone Asia Advisors L.L.C. (&#147;Blackstone Advisors&#148;) and Blackstone Fund Services India
Private Limited (&#147;Blackstone India&#148;), respectively, affiliates of The Blackstone Group (&#147;Blackstone&#148;). Since December&nbsp;4, 2005, Blackstone Advisors and Blackstone India have served as the investment manager and country adviser, respectively. Punita Kumar-Sinha, the Fund&#146;s
portfolio manager for the last eight years, remains the portfolio manager of the Fund under new arrangements with Blackstone.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">At the Fund&#146;s Annual Meeting of Stockholders, the Stockholders are being asked to vote on the election of Directors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>After careful consideration, the Board of Directors of the Fund, including all of the Independent Directors, recommends that you vote &#147;FOR&#148; the election of each of the nominees.</b></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Whether or not you intend to attend the Meeting, you may vote by proxy by signing and returning your proxy card in the enclosed postage-paid envelope.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Please familiarize yourself with the proposal and vote immediately, even if you plan to attend the Meeting. To vote, simply follow the instructions on the enclosed proxy card.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As always, we thank you for your confidence and support.</font></p>
</div>
<div style="margin-left:53%">
<p align="left"><font face="serif" size="2">Sincerely,</font></p>
</div>
<div style="margin-left:50%">
<p align="left"><img src="melwani.jpg"></p>
</div>
<div style="margin-left:53%">
<p align="left"><font face="serif" size="2">Prakash A. Melwani<br>
Director and President</font></p>
</div>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font face="serif" size="5"><b>The India Fund, Inc.</b><br>
</font><font face="serif" size="2">345 Park Avenue<br>
New York, New York 10154<br>
<br>
<b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</b></font></p>
<p align="right"><font face="serif" size="2">March&nbsp;31, 2006</font></p>
<p align="left"><font face="serif" size="2"><b>To the Stockholders:</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">An Annual Meeting of Stockholders of The India Fund, Inc. (the &#147;Fund&#148;) will be held on April&nbsp;28, 2006, at the offices of Simpson Thacher &amp; Bartlett LLP, 425 Lexington Avenue, Conference Room J, 30th Floor, New York, New York at 10:00 a.m., New York time, for the
purpose of considering and voting upon proposals to:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">1.&nbsp;&nbsp;Elect three Class&nbsp;I Directors and one Class&nbsp;III Director to the Board of Directors.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">2.&nbsp;&nbsp;Transact such other business as may be properly presented at the Meeting or any adjournments thereof.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The close of business on March&nbsp;27, 2006, has been fixed as the record date for the determination of Stockholders entitled to notice of and to vote at the Meeting. The enclosed proxy is being solicited on behalf of the Board of Directors of the Fund.</font></p>
</div>
<div style="margin-left:53%">
<p align="left"><font face="serif" size="2">By order of the Board of Directors,</font></p>
</div>
<div style="margin-left:50%">
<p align="left"><img src="rovine.jpg"></p>
</div>
<div style="margin-left:53%">
<p align="left"><font face="serif" size="2">Joshua B. Rovine<br>
Secretary</font></p>
</div>
<table width="100%" border="1" align="center" cellpadding="0" cellspacing="0" bordercolor="#000000">
  <tr>
    <td><div style="margin-left: 3%; margin-right: 3%"><font face="serif" size="2"><b>TO AVOID UNNECESSARY EXPENSE OF FURTHER
          SOLICITATION, WE URGE YOU</b> you to indicate voting instructions on
          the enclosed proxy card, date and sign it and return it promptly in
          the envelope provided, no matter how large or small your holdings may
    be.</font></div></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2"><b>
</b></font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"><b>INSTRUCTIONS FOR SIGNING PROXY CARDS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to sign your proxy card properly.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%"><font face="serif" size="2">1.</font></td>
    <td><div align="left"><font face="serif" size="2"><b>Individual Accounts.</b> Sign your name exactly as it appears in the registration on the proxy card.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%"><font face="serif" size="2">2.</font></td>
    <td><div align="left"><font face="serif" size="2"><b>Joint Accounts.</b> Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%"><font face="serif" size="2">3.</font></td>
    <td><div align="left"><font face="serif" size="2"><b>Other Accounts.</b> The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example:</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"><b>REGISTRATION</b></font></p>
<table width="80%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Corporate Accounts</b></font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="40%"><font face="serif" size="2"><b>Valid Signature</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">ABC Corp.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">ABC Corp. (by John Doe, Treasurer)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">ABC Corp.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">John Doe, Treasurer</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">ABC Corp. c/o John Doe, Treasurer</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">John Doe</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">ABC Corp. Profit Sharing Plan</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">John Doe, Trustee</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Trust Accounts</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">ABC Trust</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Jane B. Doe, Trustee</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Jane B. Doe, Trustee u/t/d 12/28/78</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Jane B. Doe</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Custodial or Estate Accounts</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">John B. Smith, Cust. f/b/o John B. Smith, Jr. UGMA</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">John B. Smith</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">John B. Smith</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">John B. Smith, Jr., Executor</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font face="serif" size="5"><b>The India Fund, Inc.</b><br>
</font><font face="serif" size="2">345 Park Avenue<br>
New York, New York 10154</font></p>
<hr size="1" width="166" noshade>
<p align="center"><font face="serif" size="2"><b>PROXY STATEMENT</b></font></p>
<hr align="center" width="166" size="1" noshade>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This proxy statement is furnished in connection with a solicitation by the Board of Directors of The India Fund, Inc. (the &#147;Fund&#148;) of proxies to be used at the Annual Meeting of Stockholders of the Fund (the &#147;Meeting&#148;) to be held at the offices of Simpson Thacher &amp; Bartlett
LLP, 425 Lexington Avenue, New York, New York in Conference Room J on the 30th Floor, on April&nbsp;28, 2006, at 10:00 a.m., New York time (and at any adjournment or adjournments thereof), for the purposes set forth in the accompanying Notice of Annual Meeting of
Stockholders.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This proxy statement and the accompanying form of proxy are first being mailed to Stockholders on or about March&nbsp;31, 2006.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">At the Meeting, Stockholders will vote on a proposal to elect three Class&nbsp;I Directors and one Class&nbsp;III Director to the Board of Directors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This Proxy Statement sets forth concisely the information Stockholders of the Fund should know before voting on the proposal. Please read it carefully and retain it for future reference. <b>The Fund&#146;s Annual Report, containing financial statements for the fiscal year ended
December</b>&nbsp;<b>31, 2005, as filed on Form</b>&nbsp;<b>N-CSR, is available free of charge by contacting Blackstone Asia Advisors L.L.C., 345 Park Avenue, New York, New York 10154, by calling 1-866-800-8933 toll-free or on the Internet at www.blackstone.com.</b>
Information about the Fund is included in this proxy statement. Reports and other information filed by the Fund can be inspected in person at the Public Reference Room maintained by the Securities and Exchange Commission (the &#147;SEC&#148;) at the address below, and copies of such
materials can be obtained from the Public Reference Branch at the address below. In addition, shares of common stock of the Fund are listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the ticker symbol &#147;IFN&#148;. Reports and other information concerning the Fund can be
inspected by contacting the NYSE at New York Stock Exchange, Inc., 11 Wall Street, New York, New York 10005. The Fund is subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended
(the &#147;1940 Act&#148;), and in accordance therewith, file reports and other information, including proxy materials and charter documents, with the SEC.</font></p>
</div>
<p align="left"><font face="serif" size="2">You also may view or obtain these documents from the SEC:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="12%"><font face="serif" size="2">In Person: </font></td>
    <td><div align="left"><font face="serif" size="2">At the SEC&#146;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549</font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="12%"><font face="serif" size="2">By Phone: </font></td>
    <td><div align="left"><font face="serif" size="2">1-800-SEC-0330</font></div></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="12%"><font face="serif" size="2">By Mail: </font></td>
    <td><div align="left"><font face="serif" size="2">Public Reference Branch</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Officer of Consumer Affairs and Information Services<br>
Securities and Exchange Commission<br>
100 F Street, N.E.<br>
Washington, D.C. 20549<br>
(duplicating fee required)</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><font face="serif" size="2">By Email:</font></td>
    <td><div align="left"><font face="serif" size="2">publicinfo@sec.gov<br>
(duplicating fee required)</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><font face="serif" size="2">By Internet:</font></td>
    <td><div align="left"><font face="serif" size="2">www.sec.gov</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Stockholders who execute proxies retain the right to revoke them in person at the Meeting or by written notice received by the Secretary of the Fund at any time before they are voted. Proxies that are not revoked will be voted in accordance with the specifications thereon and,
unless specified to the contrary, will be voted FOR each of the nominees.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The close of business on March&nbsp;27, 2006, has been fixed as the record date for the determination of Stockholders entitled to notice of and to vote at the Meeting. Each Stockholder is entitled to one vote for each full share and an appropriate fraction of a vote for each fractional
share held.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">On the record date there were 31,688,594.0857 shares of the Fund&#146;s common stock outstanding.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event that a quorum is not present at the Meeting, the persons named as proxies may propose, without notice other than by announcement at the meeting, one or more adjournments or postponements of the Meeting to a date not more than 120 days after the original record
date to permit further solicitation of proxies or until a quorum shall attend. Any such adjournment will require the affirmative vote of a majority of those shares represented at the Meeting in person or by proxy. The persons named as proxies will vote those proxies which they are
entitled to vote FOR any such proposal at their discretion. A Stockholder vote may be taken on one or more of the proposals in this proxy statement prior to any such adjournment if sufficient votes have been received for approval. Under the By-Laws of the Fund, a quorum is
constituted by the presence in person or by proxy of the holders of record of a majority of the outstanding shares of common stock of the Fund entitled to vote at the Meeting.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Votes cast by proxy or in person at the Meeting will be tabulated by the inspectors of election appointed for the Meeting. The inspectors of election will determine whether or not a quorum is present at the Meeting. The inspectors of election will treat abstentions and &#147;broker
non-votes&#148; (i.e., shares held by brokers or nominees, typically in &#147;street name,&#148; as to which proxies have been returned but (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker or nominee does not have discretionary voting
power on a particular matter) as present for purposes of determining a quorum.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Approval of each proposal will occur only if a sufficient number of votes at the Meeting are cast FOR that proposal. Abstentions and broker non-votes are not considered &#147;votes cast&#148; and, therefore, do not constitute a vote FOR. Abstentions and broker non-votes will have no
effect on the vote on the proposal. The persons named as proxies will have discretionary authority to vote all shares for which they serve as proxies, including abstentions and broker non-votes, on the adjournment of the Meeting, whether or not a quorum is present, to a date not more
than 120 days after the original record date to permit further solicitation of proxies.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Stockholders who plan on attending the Meeting will be required to provide valid identification in order to gain admission.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The principal business address of the Fund is 345 Park Avenue, New York, New York 10154. The Fund is a closed-end management investment company, registered under the 1940 Act. The principal business address of Blackstone Asia Advisors L.L.C. (&#147;Blackstone Advisors&#148;),
the Fund&#146;s investment manager and administrator, is 345 Park Avenue, New York, New York 10154. The principal business address of Blackstone Fund Services India Private Limited (&#147;Blackstone India&#148;), the Fund&#146;s country adviser, is Taj President, 90 Cuffe Parade, Room 802,
Mumbai - 400 005, India.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Board of Directors of the Fund knows of no business other than that discussed above that will be presented for consideration at the Meeting. If any other matter is properly presented, it is the intention of the persons named in the enclosed proxy to vote in accordance with
their best judgment.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The date of this Proxy Statement is March&nbsp;31, 2006.</font></p>
</div>
<p align="center"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font face="serif" size="2"><b>PROPOSAL 1. ELECTION OF DIRECTORS</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Background</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In accordance with the Fund&#146;s Charter, the Fund&#146;s Board of Directors is divided into three classes: Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. At the Annual Meeting of Stockholders, Stockholders will be asked to elect three Class&nbsp;I Directors, each to hold office until the 2009 Annual
Meeting of Stockholders or thereafter until his successor is elected and qualified, and one Class&nbsp;III Director, to hold office until the 2007 Annual Meeting of Stockholders or thereafter until his successor is elected and qualified. The terms of office of the Class&nbsp;I Directors expire at
the Annual Meeting of Stockholders in 2009, or thereafter until their respective successors are duly elected and qualified. The term of office of the Class&nbsp;III Director expires at the Annual Meeting of Stockholders in 2007, or thereafter until his successor is duly elected and
qualified. The terms of office of the Class&nbsp;II Directors expire at the Annual Meeting of Stockholders in 2008, or thereafter until their respective successors are duly elected and qualified. The effect of these staggered terms is to limit the ability of other entities or persons to acquire
control of the Fund by delaying the replacement of a majority of the Board of Directors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The persons named in the accompanying form of proxy intend to vote at the Meeting (unless directed not to vote) FOR the election of the nominees listed below. Messrs. Becker, Melwani, Peterson and Salacuse are currently members of the Fund&#146;s Board of Directors. The
nominees have indicated that they will serve if elected, but if the nominees should be unable to serve, the proxy will be voted for any other person determined by the persons named in the proxy in accordance with their judgment.</font></p>
</div>
<p align="center"><font face="serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table provides information concerning the nominees for election as Class&nbsp;I Directors:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Name, Address and Age</b></font></div></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Position(s)</b><br>
<b>Held with</b><br>
<b>Fund</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Length of</b><br>
<b>Time</b><br>
<b>Served</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Principal</b><br>
<b>Occupation(s)</b><br>
<b>During Past 5 Years</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Number of</b><br>
<b>Funds in</b><br>
<b>Fund</b><br>
<b>Complex</b><br>
<b>Overseen by</b><br>
<b>Nominee</b><br>
<b>(including</b><br>
<b>the Fund)</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Other</b><br>
<b>Board</b><br>
<b>Memberships</b><br>
<b>Held by</b><br>
<b>Nominee</b><br>
<b>During Past</b><br>
<b>Five Years</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Nominees to serve as Class</b>&nbsp;<b>I Directors until the 2009 Annual Meeting of Stockholders</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Interested Director/Nominee</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Peter G. Peterson*<br>
The Blackstone Group<br>
345 Park Avenue<br>
New York, NY 10154<br>
Birth Year: 1926</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Senior Chairman, Blackstone (since 1985);
Chairman, Federal Reserve Bank of New
York<br>
(2000-2004)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">1</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Chairman, Council on Foreign
Relations; Chairman, Institute for
International Economics (Washington,
D.C.); President, Concord Coalition;
Trustee, Committee for Economic
Development; Trustee, Japan Society;
Trustee, Museum of Modern Art;
Director, National Bureau of Economic
Research; Director, Public Agenda
Foundation; Director, The Nixon Center</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Independent Directors/Nominees</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Lawrence K. Becker<br>
8039 Harbor View Terrace<br>
Brooklyn, N.Y. 11209<br>
Birth Year: 1955</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and Member of
the Audit Committee
and Nominating
Committee</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 2003</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Private Investor,<br>
Real Estate Investment<br>
Management (July 2003&#150; Present); Vice
President, Controller/Treasurer, National
Financial Partners (2000&#150;2003);
Managing Director, Controller/Treasurer,
Oppenheimer Capital- PIMCO <br>
(1981-2000)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">2</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Member of Board of Trustees or Board of
Managers of five registered investment
companies advised by Advantage
Advisers, L.L.C. or its affiliates
(&#147;Advantage&#148;)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="100"><hr noshade size="1" align="left" width="100%"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">*</font></td>
    <td><div align="left"><font face="serif" size="1">Mr.&nbsp;Peterson is an &#147;interested person,&#148; as defined in the 1940 Act, because he serves as Senior Chairman of Blackstone, an affiliate of Blackstone Advisors, the Fund&#146;s investment manager.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<p align="center"><font face="serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Name, Address and Age</b></font></div></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Position(s)</b><br>
<b>Held with</b><br>
<b>Fund</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Length of</b><br>
<b>Time</b><br>
<b>Served</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Principal</b><br>
<b>Occupation(s)</b><br>
<b>During Past 5 Years</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Number of</b><br>
<b>Funds in</b><br>
<b>Fund</b><br>
<b>Complex</b><br>
<b>Overseen by</b><br>
<b>Nominee</b><br>
<b>(including</b><br>
<b>the Fund)</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Other</b><br>
<b>Board</b><br>
<b>Memberships</b><br>
<b>Held by</b><br>
<b>Nominee</b><br>
<b>During Past</b><br>
<b>Five Years</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Jeswald W. Salacuse<br>
The Fletcher School of Law &amp; Diplomacy at Tufts University<br>
Medford, MA 02155<br>
Birth Year: 1938</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="2">Director, Chairman of
the Board and
Chairman of the Audit
Committee and
Nominating Committee</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="2">Since 1993</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%"><font face="serif" size="2">Henry J. Braker Professor of Commercial
Law, The Fletcher School of Law &amp;
Diplomacy (1986-Present); Dean,
Fletcher School of Law &amp; Diplomacy,
Tufts University (1986-1994)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" width="8%"><font face="serif" size="2">2</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%"><font face="serif" size="2">Director of 34 registered investment
companies advised by Salomon
Brothers Asset Management Inc
(&#147;SBAM&#148;)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Nominee to serve as a Class</b>&nbsp;<b>III Director until the 2007 Annual Meeting of Stockholders</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Interested Director</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Prakash A. Melwani*<br>
The Blackstone Group<br>
345 Park Avenue<br>
New York, NY 10154<br>
Birth Year: 1958</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and President</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Senior Managing Director, Private Equity
Group, Blackstone (May 2003-Present);
Founder and Chief Investment Officer,
Vestar Capital Partners (1988-2003)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">2</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Aspen Insurance Holdings Limited,
Texas Genco LLC and Kosmos Energy
Holdings and Foundation Coal
Holdings, Inc.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="100"><hr noshade size="1" align="left" width="100%"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">*</font></td>
    <td><div align="left"><font face="serif" size="1">Mr.&nbsp;Melwani is an &#147;interested person,&#148; as defined in the 1940 Act, because he serves as President of the Fund and as Senior Managing Director at Blackstone, an affiliate of Blackstone Advisors, the Fund&#146;s investment manager.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<p align="center"><font face="serif" size="2">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table provides information concerning the Class&nbsp;III and Class&nbsp;I Directors currently serving until the year 2007 and 2008 Annual Meetings of Stockholders:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Name, Address and Age</b></font></div></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Position(s)</b><br>
<b>Held with</b><br>
<b>Fund</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Length of</b><br>
<b>Time</b><br>
<b>Served</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Principal</b><br>
<b>Occupation(s)</b><br>
<b>During Past 5 Years</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Number of</b><br>
<b>Funds in</b><br>
<b>Fund</b><br>
<b>Complex</b><br>
<b>Overseen by</b><br>
<b>Nominee</b><br>
<b>(including</b><br>
<b>the Fund)</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Other</b><br>
<b>Board</b><br>
<b>Memberships</b><br>
<b>Held by</b><br>
<b>Nominee</b><br>
<b>During Past</b><br>
<b>Five Years</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Class</b>&nbsp;<b>III Director serving until the 2007 Annual Meeting of Stockholders</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Independent Director</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">J. Marc Hardy<br>
c/o Multiconsult Limited<br>
Frere Felix de Valois Street<br>
Port Louis, Mauritius<br>
Birth Year: 1954</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and Member of
the Nominating
Committee</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 2002</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Managing Director, Mainstream Ltd.
(independent financial advisor) and Value
Investors Ltd. (private investment
company)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">1</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Class</b>&nbsp;<b>II Directors serving until the 2008 Annual Meeting of Stockholders</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Independent Directors</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Leslie H. Gelb<br>
The Council on Foreign Relations<br>
58 East 68th Street<br>
New York, N.Y. 10021<br>
Birth Year: 1937</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and Member of
the Audit Committee
and Nominating
Committee</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 1994</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">President Emeritus, The Council on
Foreign Relations (2003-Present);
President, The Council on Foreign
Relations (1993-2003); Columnist
(1991-1993), Deputy Editorial Page
Editor (1985-1990) and Editor, Op-Ed
Page (1988-1990), <i>The New York Times</i></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">2</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Britannica.com; Director of 34
registered investment companies
advised by SBAM</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Stephane R. F. Henry<br>
c/o Premium Asset Management Ltd.<br>
Jamalacs, Vieux Conseil Street<br>
Port Louis, Mauritius<br>
Birth Year: 1967</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and Member of
the Nominating
Committee</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 2004</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Managing Director, Premium Asset
Management Ltd., (1998-Present)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">1</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Boyer Allan India Fund, Inc.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Luis F. Rubio<br>
Jaime Balmes No.&nbsp;11, D-2<br>
Los Morales Polanco<br>
Mexico, D.F. 11510<br>
Birth Year: 1955</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">Director and Member of
the Audit Committee
and Nominating
Committee</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">Since 1999</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">President, Centro de Investigacion para el
Desarrollo, A.C. (Center of Research for
Development) (2002-Present) Director
General, Centro de Investigacion para el
Desarrollo, A.C. (1984-2002); frequent
contributor of op-ed pieces to <i>The Los
Angeles Times</i> and <i>The Wall Street Journal</i></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%" align="center"><font face="serif" size="2">2</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">Member of Board of Trustees or Board of
Managers of five registered investment
companies advised by Advantage;
Director of certain other private
investment funds</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Director Compensation</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Under the federal securities laws, the Fund is required to provide to Stockholders in connection with the Meeting information regarding compensation paid to Directors by the Fund as well as by the various other U.S. registered investment companies advised by the investment
manager, the country adviser or an affiliate of the investment manager during the Fund&#146;s prior fiscal year. The following table provides information concerning the approximate compensation paid during the fiscal year ended December&nbsp;31, 2005 to each Director of the Fund and the
aggregate compensation paid to them from all registered funds in the Fund Complex for the fiscal year ended December&nbsp;31, 2005. The Fund does not provide any pension or retirement benefits to Directors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services, or that have a common investment manager or that have an investment manager that is an affiliated
person of the investment manager of any of the other registered investment companies. Investment companies are considered to be in the same family if they share the same investment manager or principal underwriter and hold themselves out to investors as related companies for
purposes of investment and investor services.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Name of Director</b></font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Aggregate</b><br>
<b>Compensation</b><br>
<b>from Fund</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Total</b><br>
<b>Compensation</b><br>
<b>from</b><br>
<b>Other Funds</b><br>
<b>Advised by</b><br>
<b>Adviser</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Total</b><br>
<b>Compensation</b><br>
<b>from</b><br>
<b>Fund and</b><br>
<b>Fund Complex</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1"><hr align="left" width="100" size="1" noshade>
    </font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Lawrence K. Becker</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">17,000</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">13,900</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">30,900</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Leslie H. Gelb</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10,967</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">9,633</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">J. Marc Hardy</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Stephane R. F. Henry</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Prakash A. Melwani</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Peter G. Peterson</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Luis F. Rubio</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,567</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10,033</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">21,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Jeswald W. Salacuse</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">17,933</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,167</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">31,100</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>Beneficial Share Ownership</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table sets forth the beneficial ownership of shares of the Fund, as of March&nbsp;27, 2006, by each person (including any group) known to the Fund to be deemed to be the beneficial owner of more than 5% of the outstanding shares of the Fund:</font></p>
</div>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Name of Beneficial Owner</b></font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Number of</b><br>
<b>Shares</b><br>
<b>Beneficially</b><br>
<b>Owned</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Percent</b><br>
<b>Ownership</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr align="left" width="150" size="1" noshade></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">None</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, as of March&nbsp;27, 2006, Cede &amp; Co., a nominee for participants in The Depository Trust Company, held of record 31,581,638 shares, equal to 99.66% of the outstanding shares of the Fund.</font></p>
</div>
<p align="center"><font face="serif" size="2">8</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Security Ownership of Management</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table provides information concerning the number and dollar range of equity securities owned beneficially by each Director as of March&nbsp;27, 2006:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1"><b>Name of Director</b><br>
<b>or Nominee</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Dollar Range of</b><br>
<b>Equity Securities</b><br>
<b>in the Fund</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Aggregate Dollar Range of</b><br>
<b>Equity Securities in All Funds</b><br>
<b>Overseen or to be Overseen</b><br>
<b>by Director or Nominee in</b><br>
<b>Family of Investment Companies</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr align="left" width="100" size="1" noshade></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="18%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Lawrence K. Becker</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Leslie H. Gelb</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">J. Marc Hardy</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Stephane R. F. Henry</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Prakash A. Melwani</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Peter G. Peterson</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Luis F. Rubio</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">None</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Jeswald W. Salacuse</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">$10,001&#150;$50,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">$10,001&#150;$50,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As of March&nbsp;27, 2006, the holdings of no Director or executive officer, nor the Directors and executive officers of the Fund as a group, represented more than 1% of the outstanding shares of the Fund&#146;s common stock. At March&nbsp;27, 2006, no Director or nominee for election as
Director who is not an &#147;interested person&#148; of the Fund as defined in the 1940 Act, nor any immediate family member of such persons, owned beneficially or of record any shares of Blackstone Advisors, the Fund&#146;s investment manager and administrator, Blackstone India, the Fund&#146;s
country adviser, or any person or entity (other than the Fund) directly or indirectly controlling, controlled by, or under common control with Blackstone Advisors or Blackstone India.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Responsibilities of the Board of Directors</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Board of Directors is responsible for ensuring that the Fund is managed in the best interest of its Stockholders. The Directors oversee the Fund&#146;s business by, among other things, meeting with the Fund&#146;s management and evaluating the performance of the Fund&#146;s service
providers including Blackstone Advisors, Blackstone India, the custodian and the transfer agent. As part of this process, the Directors consult with the Fund&#146;s independent registered public accounting firm and with their own separate independent counsel.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Board of Directors has four regularly scheduled meetings each year and additional meetings are scheduled as needed. In addition, the Board has an Audit Committee and a Nominating Committee which meet periodically during the year and whose responsibilities are
described below.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Directors regularly review the Fund&#146;s financial statements, performance and market price as well as the quality of the services being provided to the Fund. As part of this process, the Directors review the Fund&#146;s fees and expenses to determine if they are reasonable and
competitive in light of the services being received, while also ensuring that the Fund continues to have access to high quality services in the future. Based on these reviews, the Directors periodically make suggestions to the Fund&#146;s management and monitor to ensure that responsive
action is taken. The Directors also monitor potential conflicts of interest among the Fund, Blackstone Advisors and their affiliates and other funds</font></p>
</div>
<p align="center"><font face="serif" size="2">9</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="left"><font face="serif" size="2">and clients managed by Blackstone Advisors to ensure that the Fund is managed in a manner which is in the best interest of the Fund&#146;s Stockholders.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>Officers of the Fund</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The executive officers of the Fund are chosen each year at the first meeting of the Board of Directors of the Fund following the Annual Meeting of Stockholders, to hold office until the meeting of the Board following the next Annual Meeting of Stockholders and until their
successors are chosen and qualified. The current executive officers of the Fund are:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Name, Address and Age</b></font></div></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Position(s) Held</b><br>
<b>with Fund</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Term of Office</b><br>
<b>and Length</b><br>
<b>of Time</b><br>
<b>Served</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center"><font face="serif" size="1"><b>Principal Occupation</b><br>
<b>During Past 5 Years</b></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><hr align="left" width="50%" size="1" noshade>
    </font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Prakash A. Melwani<br>
The Blackstone Group<br>
345 Park Avenue<br>
New York, N.Y. 10154<br>
Birth Year: 1958</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="18%"><font face="serif" size="2">President and Director</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" width="12%"><font face="serif" size="2">Since 2005</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="30%"><font face="serif" size="2">Senior Managing Director, Private Equity Group, Blackstone (May 2003-Present); Founder and Chief Investment Officer, Vestar Capital Partners
(1988-1993)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Robert L. Friedman<br>
The Blackstone Group<br>
345 Park Avenue<br>
New York, N.Y. 10154<br>
Birth Year: 1943</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Chief Legal Officer and<br>
Vice President</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">Since 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Chief Administrative Officer and Chief Legal Officer, Blackstone (2003-Present); Senior Managing Director, Blackstone (1999-Present)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Joshua B. Rovine<br>
The Blackstone Group<br>
345 Park Avenue<br>
New York, N.Y. 10154<br>
Birth Year: 1965</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Secretary</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">Since 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Managing Director, Finance and Administration Group, Blackstone (2003-Present); Partner, Sidley Austin Brown &amp; Wood LLP (1994-2003)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Brian S. Chase<br>
The Blackstone Group<br>
345 Park Avenue<br>
New York, N.Y. 10154<br>
Birth Year: 1977</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Treasurer and Vice President</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">Since 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Vice President and Chief Financial Officer, Distressed Securities Advisors
Group, Blackstone (May 2005-Present); Controller, Fortress Investment
Group LLC, (May 2002-May 2005)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Barbara Pires<br>
Blackstone Asia Advisors L.L.C.<br>
345 Park Avenue<br>
New York, N.Y. 10154<br>
Birth Year: 1952</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Chief Compliance Officer and Vice
President</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">Since 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Consultant (2005-Present); Chief Compliance Officer, The Asia Tigers
Fund, Inc. and The India Fund, Inc. (2005); Senior Vice President,
Oppenheimer Asset Management, Inc. (1996-2005)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="top"><font face="serif" size="2">Punita Kumar-Sinha<br>
Blackstone Asia Advisors L.L.C.<br>
345 Park Avenue<br>
New York, N.Y. 10154<br>
Birth Year: 1962</font></td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Chief Investment Officer<br>
<br>
Portfolio Manager</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="top"><font face="serif" size="2">Since 2005<br>
<br>
Since 1997</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Portfolio Manager, The Asia Tigers Fund, Inc. (1999-Present) and The
India Fund, Inc. (1997-Present)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>Audit Committee and Audit Committee Report</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Fund&#146;s Audit Committee is composed entirely of Directors who are not &#147;interested persons&#148; of the Fund, Blackstone Advisors or its affiliates within the meaning of the 1940 Act, and who are &#147;independent&#148; as defined in the New York Stock Exchange listing standards.
Currently, Messrs. Becker, Gelb, Rubio and Salacuse are members of the Audit Committee. The Audit Committee</font></p>
</div>
<p align="center"><font face="serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="left"><font face="serif" size="2">convened three times during the fiscal
    year ended December&nbsp;31, 2005. The principal functions of the Audit Committee
    are to appoint and retain the Fund&#146;s independent registered public accounting
     firm, to review with the independent registered public accounting firm the
    scope, performance and anticipated cost of their audit and to receive and
    consider a report from the independent registered
public accounting firm concerning their conduct of the audit, including the form
    of the opinion proposed to be rendered and any comments or recommendations
    the independent registered public  accounting firm might want to make in
    that connection. The Board has determined that Mr.&nbsp;Becker will serve
    as the &#147;audit committee financial expert,&#148; as defined in Section&nbsp;401(h)
    of Regulation S-K. The Fund adopted an Audit Committee Charter in February
    2000, which was most recently amended and restated in November 2005. The
    Fund&#146;s amended and restated Audit Committee Charter
was filed as an exhibit to the Proxy Statement filed by the Fund on January&nbsp;9,
2006.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Audit Committee has received written disclosures and the letter required by Independence Standards Board Standard No.&nbsp;1 from PricewaterhouseCoopers LLP (&#147;PwC&#148;), the Fund&#146;s independent registered public accounting firm, and has discussed with PwC its independence.
The Audit Committee has also reviewed and discussed the audited financial statements with Fund management and PwC, and discussed certain matters with PwC required to be discussed by Statements on Auditing Standards No.&nbsp;61 and No.&nbsp;90. Based on the foregoing, the Audit
Committee recommended to the Board of Directors that the Fund&#146;s audited financial statements be included in the Fund&#146;s Annual Report for the fiscal year ended December&nbsp;31, 2005.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The members of the Audit Committee are not professionally engaged in the practice of auditing or accounting and are not employed by the Fund for accounting, financial management or internal control. Moreover, the Audit Committee relies on and makes no independent
verification of the facts presented to it or representations made by management or the independent registered public accounting firm. Accordingly, the Audit Committee&#146;s oversight does not provide an independent basis to determine that management has maintained appropriate
accounting and financial reporting principles and policies, or internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee&#146;s considerations and discussions referred to above do not
provide assurance that the audit of the Fund&#146;s financial statements has been carried out in accordance with generally accepted auditing standards or that the financial statements are presented in accordance with generally accepted accounting principles.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the Fund&#146;s Audit Committee Pre-Approval policy, the Audit Committee pre-approved audit and non-audit services provided by PwC to the Fund in 2005. A representative of PwC will be available at the Meeting to answer appropriate questions and will have an
opportunity to make a statement if he or she chooses to do so.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Nominating Committee</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Nominating Committee is composed entirely of Directors who are not &#147;interested persons&#148; of the Fund, Blackstone Advisors or its affiliates within the meaning of the 1940 Act, and who are &#147;independent&#148; as defined in the NYSE listing standards. Currently Messrs. Becker,
Gelb, Hardy, Henry, Rubio and Salacuse are members of the Nominating Committee. This Committee met one time</font></p>
</div>
<p align="center"><font face="serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="left"><font face="serif" size="2">during the fiscal year ended December&nbsp;31, 2005. The principal function of the Nominating Committee is to select and nominate persons for election as Directors of the Fund. The Fund adopted a
Nominating Committee Charter on December&nbsp;18, 2003 and the Charter was filed as an appendix to the Proxy Statement filed by the Fund on April&nbsp;5, 2004.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Nominating Committee identifies potential nominees through its network of contacts. While the Nominating Committee meets to discuss and consider such candidates&#146; qualifications and then chooses a candidate by majority vote, the Nominating Committee does not have
specific, minimum qualifications for nominees and has not established specific qualities or skills that it regards as necessary for one or more of the Fund&#146;s Directors to possess (other than any qualities or skills that may be required by applicable law, regulation or listing standard).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In identifying and evaluating nominees, the Nominating Committee considers factors it deems relevant which include: whether or not the person is an &#147;interested person&#148; as defined in the 1940 Act and whether the person is otherwise qualified under applicable laws and
regulations to serve on the Board of Directors of the Fund; whether or not the person has any relationship that might impair his or her independence, such as any business, financial or family relationships with Fund management, the investment manager of the Fund, Fund service
providers or their affiliates; whether or not the person serves on boards of, or is otherwise affiliated with, competing organizations or funds; and the character and integrity of the person and the contribution which the person can make to the Board. The Nominating Committee will
accept nominations for the office of Director made by Fund Stockholders. Stockholders who wish to recommend a nominee should send nominations to the Secretary of the Fund which include biographical information and set forth the qualifications of the proposed nominee. There are
no differences in the manner in which the Nominating Committee evaluates nominees based on whether such nominees are recommended by a Stockholder.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Fund does not pay a fee to any third party or parties to identify or evaluate or assist in identifying or evaluating potential nominees. The Nominating Committee did not receive a recommended nominee from a Stockholder who beneficially owned, or a group of Stockholders
who beneficially owned, more than 5% of the Fund&#146;s shares for at least one year as of the date the recommendation was made.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Board Meetings</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">During the fiscal year ended December&nbsp;31, 2005, the Board of Directors held four regular meetings and six special meetings. Each Director attended at least 75% of the meetings of the Board or the committee of the Board on which he served.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Section</b>&nbsp;<b>16(a) Beneficial Ownership Reporting Compliance</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended, and Section&nbsp;30(h) of the 1940 Act in combination require the Fund&#146;s Directors and officers, persons who own more than ten percent of the Fund&#146;s common stock, Blackstone Advisors and its directors and
officers, to file reports of ownership and changes in ownership of the Fund&#146;s securities with the SEC and the NYSE. These</font></p>
</div>
<p align="center"><font face="serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="left"><font face="serif" size="2">persons and entities are required by SEC regulation to furnish the Fund with copies of all such forms they file.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Based solely on a review of those forms furnished to the Fund, the Fund believes that the Fund&#146;s Directors and officers, and Blackstone Advisors and Blackstone India and their directors and officers, have complied with applicable filing requirements during the fiscal year ended
December&nbsp;31, 2005, except that initial statements of beneficial ownership of securities on Form&nbsp;3 were inadvertently filed late by Blackstone Advisers, Blackstone India and certain of their affiliates.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Required Vote</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Directors are elected by a plurality of all the votes cast by the holders of shares of common stock of the Fund present in person or represented by proxy at a meeting with a quorum present. A &#147;plurality of the votes&#148; cast means the candidate must receive more votes than any
other candidate for the same position, but not necessarily a majority of the votes cast. For purposes of the election of Directors, abstentions and broker non-votes will not be considered votes cast, and do not affect the plurality vote required for Directors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Please note that unless otherwise instructed, the proxies will vote FOR each nominee for Director.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>THE DIRECTORS, INCLUDING THE DIRECTORS WHO ARE NOT</b><br>
<b>&#147;INTERESTED PERSONS&#148; (AS DEFINED IN THE 1940 ACT) OF THE FUND,</b><br>
<b>BLACKSTONE, BLACKSTONE ADVISORS, BLACKSTONE INDIA OR ANY OF</b><br>
<b>THEIR RESPECTIVE AFFILIATES RECOMMEND THAT STOCKHOLDERS</b><br>
<b>VOTE &#147;FOR&#148; EACH NOMINEE FOR DIRECTOR</b></font></p>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<p align="center"><font face="serif" size="2">13</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"></font><font face="serif" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<p align="center"><font face="serif" size="2"><b>Service Providers</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Blackstone Advisors currently serves as the Fund&#146;s investment manager and as the Fund&#146;s administrator. The address of Blackstone Advisors is 345 Park Avenue, New York, New York 10154. Blackstone Advisors subcontracts certain of its responsibilities as administrator to
PFPC Inc. The address of PFPC Inc. is 103 Bellevue Parkway, Wilmington, Delaware 19809.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone India currently serves as the Fund&#146;s country adviser. The address of Blackstone India is Taj President, 90 Cuffe Parade, Room 802, Mumbai - 400 005, India.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>Independent Registered Public Accounting Firm</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Fund&#146;s Audit Committee has adopted written policies relating to the pre-approval of the audit and non-audit services performed by the Fund&#146;s independent registered public accounting firm. Unless a type of service to be provided by the independent registered public
accounting firm has received general pre-approval, it requires specific pre-approval by the Audit Committee. Under the policies, on an annual basis, the Fund&#146;s Audit Committee reviews and pre-approves the services to be provided by the independent registered public accounting
firm without having obtained specific pre-approval from the Audit Committee. In addition, the Audit Committee pre-approves any permitted non-audit services to be provided by the independent registered public accounting firm to Blackstone Advisors or any entity controlling,
controlled by, or under common control with Blackstone Advisors if such services relate directly to the operations and financial reporting of the Fund.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>Audit Fees</b>. The aggregate fees paid to PwC in connection with the annual audit of the Fund&#146;s financial statements and for services normally provided by PwC in connection with the statutory and regulatory filings of the Fund for the fiscal years ended December&nbsp;31, 2004 and
December&nbsp;31, 2005 were $107,000 and $90,000, respectively, including out-of-pocket expenses.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>Audit-Related Fees</b>. The aggregate fees paid to PwC in connection with assurance and related services related to the annual audit of the Fund and for review of the Fund&#146;s financial statements, other than the Audit Fees described above, for the fiscal years ended December&nbsp;31,
2004 and December&nbsp;31, 2005 were $0 and $0, respectively.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>Tax Fees</b>. The aggregate fees paid for domestic and international tax-related services, including tax compliance, tax advice and tax planning, rendered by PwC to the Fund for the fiscal years ended December&nbsp;31, 2004 and December&nbsp;31, 2005 were $60,000 and $5,100,
respectively.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>All Other Fees</b>. The aggregate fees billed for all other non-audit services rendered by PwC to the Fund for the fiscal years ended December&nbsp;31, 2004 and December&nbsp;31, 2005 were $0 and $0, respectively.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">14</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The aggregate non-audit fees billed by PwC for services rendered to the Fund, Blackstone Advisors, Blackstone India and any entity controlling, controlled by, or under common control with the Fund, Blackstone Advisors and Blackstone India that provides ongoing services to
the Fund for the fiscal years ended December&nbsp;31, 2004 and December&nbsp;31, 2005 were $60,000 and $11,206, respectively. The Audit Committee has determined that the provision of non-audit services is compatible with maintaining the independence of PwC.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">None of the services described above, provided in the fiscal year ended December&nbsp;31, 2005, were approved pursuant to the de minimis exception provided in Rule 2-01(c)(7)(i)(C) of Regulation S-X promulgated by the SEC.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>Other Business</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Fund&#146;s Board of Directors does not know of any other matter that may come before the Meeting. If any other matter properly comes before the Meeting, it is the intention of the persons named in the proxy to vote the proxies in accordance with their judgment on that matter.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>Stockholder Proposals</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">All proposals by Stockholders of the Fund that are intended to be presented at the Fund&#146;s next Annual Meeting of Stockholders, to be held in 2007, must be received by the Fund (addressed to The India Fund, Inc., 345 Park Avenue, New York, New York 10154) for inclusion
in the Fund&#146;s proxy statement and proxy relating to that meeting no later than December&nbsp;1, 2006. Any Stockholder who desires to bring a proposal for consideration at the Fund&#146;s year 2007 Annual Meeting of Stockholders without including such proposal in the Fund&#146;s proxy
statement must deliver written notice thereof to the Secretary or Assistant Secretary of the Fund (addressed to The India Fund, Inc., 345 Park Avenue, New York, New York 10154) during the 30-day period from December&nbsp;29, 2006 to January&nbsp;29, 2007.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>Stockholder Communications with the Board of Directors</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Fund has adopted procedures by which Fund Stockholders may send communications to the Board of Directors. Stockholders may mail written communications to the Board to the attention of the Board of Directors of The India Fund, Inc., c/o the Fund&#146;s Chief Legal Officer,
345 Park Avenue, New York, New York 10154. Stockholder communications must (i) be in writing and be signed by the Stockholder and (ii) identify the number of shares held by the Stockholder. The Chief Legal Officer of the Fund is responsible for reviewing properly submitted
Stockholder communications. The Chief Legal Officer shall either (i) provide a copy of each properly submitted Stockholder communication to the Board at its next regularly scheduled board meeting or (ii) if the Chief Legal Officer determines that the communication requires more
immediate attention, forward the communication to the Directors promptly after receipt. The Chief Legal Officer may, in good faith, determine that a Stockholder communication should not be provided to the Board because it does not reasonably relate to the Fund or its operations,
management, activities, policies, service providers, Board, officers, Stockholders or other matters relating to an investment in the Fund or is otherwise ministerial in nature. These procedures shall not apply to (i) any communication from an officer or Director of the Fund, (ii) any
communication from an employee or agent of the Fund, unless such communication is made solely in</font></p>
</div>
<p align="center"><font face="serif" size="2">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="left"><font face="serif" size="2">such employee&#146;s or agent&#146;s capacity as a Stockholder of the Fund, or (iii) any Stockholder proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, or any
communication made in connection with such a proposal.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Fund&#146;s Directors are not required to attend the Fund&#146;s Annual Meeting of Stockholders or to otherwise make themselves available to Stockholders for communications, other than by the aforementioned procedures. The only Director to attend the Fund&#146;s April&nbsp;21, 2005
Annual Meeting of Stockholders was Bryan McKigney, who resigned as a Director of the Fund effective December&nbsp;4, 2005.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>Expenses of Proxy Soliciation</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The costs of preparing, printing, assembling and mailing material in connection with this solicitation of proxies will be borne by the Fund, even if the proposal is not successful, as will all of the other costs in connection with the Meeting. <b>Proxies may also be solicited
personally by Directors or Officers of the Fund and by regular employees of Blackstone, its respective affiliates or other representatives of the Fund, and may be accomplished by telephone in addition to the use of mails. </b> Brokerage houses, banks and other
fiduciaries may be requested to forward proxy solicitation material to their principals to obtain authorization for the execution of proxies, and they will be reimbursed by the Fund for out-of-pocket expenses incurred in this connection.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>Please vote promptly by signing and dating the enclosed proxy card and returning it in the accompanying postage-paid return envelope.</b></font></p>
</div>
<p align="left"><font face="serif" size="2">March&nbsp;31, 2006</font></p>
<p align="center"><font face="serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="45%"><img src="b411769x1x1.jpg" width="50%"></td>
    <td width="3%"><img src="b411769x1x2.jpg" width="100%"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="43%"><b><font size="3" face="sans-serif">The India Fund, Inc.</font></b>
    </td>
    <td width="16%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT color="#ed107e" size=2 face="sans-serif">000000000.000
      ext</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT color="#ed107e" size=2 face="sans-serif">000000000.000
      ext</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT color="#ed107e" size=2 face="sans-serif">000000000.000
      ext</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT color="#ed107e" size=2 face="sans-serif">000000000.000
      ext</FONT></td>
  </tr>
  <tr>
    <td rowspan="10"><div align="left"><img src="b411769x1x3.jpg" width="80%" align="top"></div></td>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">MR A SAMPLE </FONT></td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT color="#ed107e" size=2 face="sans-serif">000000000.000
      ext</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">DESIGNATION (IF ANY) </FONT></td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT color="#ed107e" size=2 face="sans-serif">000000000.000
      ext</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">ADD 1 </FONT></td>
    <td>&nbsp;</td>
    <td colspan="3"><FONT color="#ed107e" size=2 face="sans-serif">000000000.000
      ext</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">ADD 2 </FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">ADD 3 </FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">ADD 4 </FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">ADD 5 </FONT></td>
    <td>&nbsp;</td>
    <td colspan="3" rowspan="2"><FONT color="#ed107e" size=4 face="sans-serif">C 1234567890&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J
      N T</FONT> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT color="#ed107e" size=2 face="sans-serif">ADD 6</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><div align="left"><img src="b411769x1x4.jpg" width="100%" align="bottom"></div></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
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    <td>&nbsp;</td>
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    <td colspan="3"><img src="b411769x1x5.jpg" width="80%"></td>
  </tr>
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    <td>&nbsp;</td>
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  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" valign="top" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top"><font size=2 face="sans-serif">Mark this box
      with an X if you have made changes to your name or address details above.</font>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td bgcolor="#f3e4f0">
<hr size="2" noshade color="#902373"></td>
  </tr>
  <tr>
    <td bgcolor="#f3e4f0"><B><FONT size="4" face="sans-serif">Annual Meeting Proxy
      Card</FONT></B></td>
  </tr>
  <tr>
    <td bgcolor="#f3e4f0">
<hr size="2" noshade color="#902373"></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td width="97%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="3%" bgcolor="#000000">
      <div align="center"><FONT color="#FFFFFF" size="3" face="sans-serif">A</FONT></div></td>
    <td>&nbsp;&nbsp;<B><FONT size="3" face="sans-serif">Election of Directors</FONT></B></td>
  </tr>
  <tr align="left" valign="top">
    <td colspan="2"><font size=2 face="sans-serif">The Board of Directors unanimously
      recommends a vote &#147;FOR&#148; the following nominees for director.</font><font size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2" face="sans-serif">1.</font></td>
    <td><font size="2" face="sans-serif">To elect three Class I Directors, each
      to hold office until the 2009 Annual Meeting of Stockholders or thereafter
      until his successor is elected and qualified, and one Class III Director,
      to hold office until the 2007 Annual Meeting of Stockholders or thereafter
      until his successor is elected and qualified, to the Board of Directors.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"> <P align="center"> <font size="1" face="sans-serif"><b>For
        </b></font></P></td>
    <td colspan="2" align="center" valign="bottom"> <P align="center"><font size="1" face="sans-serif"><b>Withhold</b></font></P></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td> <FONT size=2 face="sans-serif">01 - Lawrence K. Becker </FONT><font size="2" face="sans-serif"><I>(to
      serve as Class I Director until the 2009 Annual Meeting of Stockholders)</I></font></td>
    <td width="2%">&nbsp;</td>
    <td width="4%" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="4%" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="34%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="sans-serif">02 - Peter G. Peterson <I>(to serve as
      Class I Director until the 2009 Annual Meeting of Stockholders)</I></font></td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="sans-serif">03 - Jeswald W. Salacuse <I>(to serve
      as Class I Director until the 2009 Annual Meeting of Stockholders)</I></font></td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="sans-serif">04 - Prakash A. Melwani <I>(to serve
      as Class III Director until the 2007 Annual Meeting of Stockholders)</I>
      </font></td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td width="97%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="3%" bgcolor="#000000"> <div align="center"><FONT color="#FFFFFF" size="3" face="sans-serif">B</FONT></div></td>
    <td>&nbsp;&nbsp;<B><FONT size="3" face="sans-serif">Issues</FONT></B></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2" face="sans-serif">2.</font></td>
    <td><FONT size=2 face="sans-serif">The persons named as proxies are authorized
      to vote in their discretion on any other business as may properly come before
      the Meeting.</FONT><font size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size=2 face="sans-serif">Mark this box with an X if you plan to
      attend the Meeting.<br>
      Please bring valid identification.</font> </td>
    <td width="2%">&nbsp;</td>
    <td width="4%" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif">Mark this box with an X if you plan to
      make comments.<br>
      <br>
      </font></td>
    <td>&nbsp;</td>
    <td style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif"><b>Comments:</b> </font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr size="2" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td width="97%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="3%" bgcolor="#000000"> <div align="center"><FONT color="#FFFFFF" size="3" face="sans-serif">C</FONT></div></td>
    <td>&nbsp;&nbsp;<B><FONT size="3" face="sans-serif">Authorized Signatures
      - Sign Here - This section must be completed for your instructions to be
      executed.</FONT></B></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td colspan="2"><font size=2 face="sans-serif">Note: Please sign exactly as
      your name appears on this Proxy. If joint owners, EITHER may sign this Proxy.
      When signing as attorney, executor, administrator, trustee, guardian or
      corporate officer, please give your full title. PLEASE SIGN, DATE AND RETURN
      THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</font> </td>
  </tr>
  <tr align="left" valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="31%"><font size=2 face="sans-serif">Signature 1 - Please keep signature
      within the box</font></td>
    <td width="3%">&nbsp;</td>
    <td width="31%"><font size=2 face="sans-serif">Signature 2 - Please keep signature
      within the box</font></td>
    <td width="3%">&nbsp;</td>
    <td width="30%"><font size=1 face="sans-serif">Date (mm/dd/yyyy)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="31%" rowspan="3" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="31%" rowspan="3" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black; border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black; border-left:solid 2pt;border-left-color:black">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-top:solid 2pt;border-top-color:black; border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="2%" bgcolor="#dfdfdf" style="border-left:solid 2pt;border-left-color:black">&nbsp;</td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="1%" bgcolor="#dfdfdf">&nbsp;</td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="3%"><img src="b411769x1x6.jpg" width="100%"></td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="1%" bgcolor="#dfdfdf">&nbsp;</td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="3%"><img src="b411769x1x6.jpg" width="100%"></td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="1%" bgcolor="#dfdfdf">&nbsp;</td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="1%" bgcolor="#dfdfdf">&nbsp;</td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="1%" bgcolor="#dfdfdf">&nbsp;</td>
    <td width="2%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="2%" bgcolor="#dfdfdf" style="border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
    <td bgcolor="#dfdfdf" style="border-right:solid 2pt;border-right-color:black; border-bottom:solid 2pt;border-bottom-color:black;">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><img src="b411769x1x7.jpg" width="100%"></td>
    <td width="30%">&nbsp;</td>
    <td width="20%" align="left" valign="bottom"><font size="2" face="sans-serif">1&nbsp;UPX</font></td>
    <td align="right" valign="bottom"><font color="#ed107e" size="2" face="sans-serif">008453</font></td>
    <td width="10%"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="3%"><img src="b411769x1x2.jpg" width="100%"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td bgcolor="#f3e4f0"> <hr size="2" noshade color="#902373"></td>
  </tr>
  <tr>
    <td bgcolor="#f3e4f0"><B><FONT size=4 face="sans-serif">Proxy - The India
      Fund, Inc.</FONT></B> </td>
  </tr>
  <tr>
    <td bgcolor="#f3e4f0"> <hr size="2" noshade color="#902373"></td>
  </tr>
</table>
<P><B><FONT size="3" face="sans-serif">ANNUAL MEETING OF STOCKHOLDERS&#151;APRIL 28, 2006
  <br>
  THIS PROXY IS SOLICITED ON BEHALF OF THE DIRECTORS</FONT></B> </P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Robert L. Friedman, Joshua B. Rovine and Barbara Pires, and each of them, attorneys and proxies for the undersigned, with full power of substitution and revocation, to represent the undersigned at the Annual Meeting of Stockholders of the Fund to be held at the offices of Simpson Thacher &amp; Bartlett LLP, 425 Lexington Avenue, New York, New York 10017 in Conference Room J on the 30th Floor on Friday, April 28, 2006, at 10:00 a.m., and at any adjournments or postponements thereof, upon the matters set forth in the Notice of Meeting and Proxy Statement dated March 31, 2006 and upon all other matters properly coming before said Meeting.</FONT>
</P>
<P> <FONT size=2 face="sans-serif">Please indicate your vote by an &#147;X&#148;
  in the appropriate box on the reverse side. This Proxy, if properly executed,
  will be voted in the manner directed by the stockholder. </FONT><B><FONT size=2 face="sans-serif">IF
  NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL. </FONT></B><FONT size=2 face="sans-serif">Please
  refer to the Proxy Statement for a discussion of the proposal.</FONT> </P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="center">
<B><FONT size=2 face="sans-serif">(CONTINUED, AND TO BE SIGNED AND DATED, ON THE REVERSE SIDE)</FONT></B>
</P>
<hr noshade align="center" width="100%" size="2">

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-----END PRIVACY-ENHANCED MESSAGE-----
