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<SEC-DOCUMENT>0001125282-06-001552.txt : 20060310
<SEC-HEADER>0001125282-06-001552.hdr.sgml : 20060310
<ACCEPTANCE-DATETIME>20060310093547
ACCESSION NUMBER:		0001125282-06-001552
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060310
DATE AS OF CHANGE:		20060310
EFFECTIVENESS DATE:		20060310

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:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08266
		FILM NUMBER:		06677678

	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>N-CSR
<SEQUENCE>1
<FILENAME>b411198_ncsr.htm
<DESCRIPTION>FORM N-CSR
<TEXT>
<html>
<head>

<title>Prepared and filed by St Ives Financial</title>
</head>

<body>


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<P align="center"><FONT size="4" face="serif"><b>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION<br>
  <font size="2">Washington, D.C. 20549</font></b></FONT></P>
<hr width="150" size="2" noshade>
<P align="center">  <B><FONT size="5" face="serif">FORM N-CSR</FONT></B></P>
<P align="center"><font size="2">
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br>
INVESTMENT COMPANIES</FONT></B><FONT face="serif"> </FONT></font></P>
<P align="center">
<FONT size="2" face="serif">Investment Company Act file number<b> <u>811-08266</u></b></FONT></P>
<P align="center">
<FONT size="5" face="serif">  <b>THE INDIA FUND, INC.</b></FONT><BR>
<FONT size="2" face="serif">(Exact name of registrant as specified in charter)</FONT><font size="2"><br>
<br>
345 Park Avenue<b><br>
</b></font><FONT size="2" face="serif">New York, NY 10154<br>
(Address of principal executive offices) (Zip code)</FONT></P>
<P align="center"><font size="5" face="serif"><b>SIMPSON THACHER &amp; BARTLETT LLP</b></font><font face="serif"><BR>
<FONT size="2">425 Lexington Avenue </FONT></font><font size="2" face="serif"><BR>
 New York, NY 10017 <BR>
(Name and address of agent for service)</font></P>
<hr width="150" size="2" noshade>
<P align="center">
<FONT size="2" face="serif">Registrant&#146;s telephone number, including area code:<u><b> 212-583-5344</b></u></FONT></P>
<P align="center"><font size="2">
<FONT face="serif">Date of fiscal year end:<b> <U>December 31, 2005</U> </b></FONT></font></P>
<P align="center"><font size="2"><FONT face="serif">Date of reporting period:<b> <U>December 31, 2005</U></b></FONT></font></P>
<div style="text-indent:3%"><P><font size="2">
<FONT face="serif">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under
Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e -1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></font></P></div>
<div style="text-indent:3%"><P><font size="2">
<FONT face="serif">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary,
Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507. </FONT></font></P></div>

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<div style="page-break-before:always"></div>
<page>
<p><B><FONT size="2" face="serif">Item 1.&nbsp;&nbsp;&nbsp; Reports to Stockholders. </FONT></B></p>
<div style="text-indent:3%"><p><font size="2">  <FONT face="serif">The Report to Shareholders is attached herewith.</FONT></font></p>
</div>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div>
<page>

<p align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="right"><font face="serif" size="2">March&nbsp;1, 2006</font></p>
<p align="left"><font face="serif" size="2"><b>Dear Fund Shareholder,</b></font></p>
<div style="text-indent:3%"><p align="left"><font size="2" face="serif">We are
      pleased to provide you with the audited financial statements of The India
      Fund, Inc. (the &#8220;Fund&#8221;) for the fiscal year ended December
      31, 2005.</font></p>
  <p align="left"><font size="2" face="serif">The Fund&#8217;s net asset value
      (&#8220;NAV&#8221;) closed at $34.07 on December 31, 2005, representing
      an increase of 35.12% <b>(</b>after taking the Fund&#8217;s dividends,
      rights issue and estimated tax liability into account<b>)</b> from the
      Fund&#8217;s NAV on December 31, 2004 which was $28.47. This compares to
      the Fund&#8217;s benchmark, the IFC Investable Index, which gained 35.74%
      during the same period.</font></p>
  <p align="left"><font size="2" face="serif">The year 2005 was a memorable year
      for the Indian equity market as one of the top performers in the region.
      In fact, only South Korea and Pakistan outperformed India within Asia.
      Foreign institutional investment surged to a record high of $10 billion,
      all the more impressive when considering the 51% jump in oil prices as
      well as the 200-basis point interest rate hike by the U.S. Federal Reserve
      during the year. </font></p>
  <p align="left"><font size="2" face="serif">India&#8217;s government policy-making
      continued to be progressive and reform-oriented, despite the challenge
      of operating within a democratic coalition administration. Various privatization
      initiatives were announced (e.g., international airports), while in addition
      the groundwork was laid for de-regulating the retail sector and increasing
      the foreign investment ceiling in the telecommunications sector from 49%
      to 74%. We anticipate that these and other measures will help accelerate
      and sustain foreign investment in an economy that is forecast to grow 7-8%
      per year over the next several years. The contribution of services and
      manufacturing in the Indian Gross Domestic Product continues to climb and
      we anticipate that these segments will be key drivers of India&#8217;s
      economic growth going forward. </font></p>
  <p align="left"><font size="2" face="serif">Liquidity and foreign investor
      inflows into India continue to remain strong. Valuations for the broad
      market are not as cheap as they have been and we believe the performance
      of the market from here on will be very stock specific. However, we continue
      to believe the Indian economy is in a secular growth mode.</font></p></div>
<p align="right"><font size="2" face="serif">1</font></p>
<p align="right">&nbsp;</p>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p2"></a>
<p align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<div style="text-indent:3%"><p align="left"><font size="2" face="serif">On behalf
      of the Board of Directors, we thank you for your participation and continued
      support of the Fund. If you have any questions, please do not hesitate
      to visit our website at <u>www.blackstone.com</u> or call our toll-free
      number, 866-800-8933.</font></p>
</div>
<p align="left"><font face="serif" size="2">Sincerely,</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="30%"><img src="melwani.gif" width="50%"></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"></font></p>
<p align="left"><font face="serif" size="2">Prakash Melwani<br>
Director and President</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%"><font face="serif" size="1">*</font></td>
    <td><div align="left"><font face="serif" size="1">Please note that the benchmark is an unmanaged index. Investors cannot directly invest in the index. The index does not reflect transaction costs or manager fees.</font></div></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2"><b>PAST PERFORMANCE IS NO GUARANTEE
      OF FUTURE RESULTS. </b></font><font face="serif" size="2">There is no guarantee
      that the Fund&#146;s or any other investment technique will be effective
      under all market conditions.</font></p>

<p align="left"><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p3"></a>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="2"><b>
Fundamental Periodic Repurchase Policy</b></font></p>
<div style="text-indent:3%"><p align="left"><font face="serif" size="2">The Fund has adopted the following fundamental policy regarding periodic repurchases:</font></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%"><font face="serif" size="2">a)</font></td>
    <td><font face="serif" size="2">The Fund will make offers to repurchase its
        shares at semi-annual intervals pursuant to Rule 23c-3 under the Investment
        Company Act of 1940, as amended from time to time (&#147;Offers&#148;).
        The Board of Directors may place such conditions and limitations on Offers
    as may be permitted under Rule 23c-3.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="serif" size="2">b)</font></td>
    <td><font face="serif" size="2">14 days prior to the last Friday of the Fund&#146;s
        first and third fiscal quarters, or the next business day if such Friday
        is not a business day, will be the deadline (the &#147;Repurchase Request
        Deadline&#148;) by which the Fund must receive repurchase requests submitted
    by stockholders in response to the most recent Offer.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="serif" size="2">c)</font></td>
    <td><font face="serif" size="2">The date on which the repurchase price for
        shares is to be determined (the &#147;Repurchase Pricing Date&#148;)
        shall occur no later than the last Friday of the Fund&#146;s first and
        third fiscal quarters, or the next business day if such day is not a
    business day.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="serif" size="2">d)</font></td>
    <td><font face="serif" size="2">Offers may be suspended or postponed under
    certain circumstances, as provided for in Rule 23c-3.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<div style="text-indent:3%"><p align="left"><font face="serif" size="2">
(For further details, see Note&nbsp;F to the Financial Statements.)</font></p></div>
<p align="right"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE INDIA FUND,
    INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font face="serif" size="4">Schedule of
    Investments</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31, 2005</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2"><b>INDIA (100% of holdings)</b></font></p>
<p align="left"><font face="serif" size="2">COMMON STOCKS (99.89% of holdings)</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td valign="bottom"><font face="serif" size="1"><b>NUMBER</b><br>
    <b>OF SHARES</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td valign="bottom"><hr size="1" noshade></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr size="1" noshade></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr size="1" noshade></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr size="1" noshade></td>
    <td valign="bottom"><hr size="1" noshade></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr size="1" noshade></td>
    <td valign="bottom"><hr size="1" noshade></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Apparel Manufacturers</b></font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.37%</b></font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">550,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="40%" align="left" valign="bottom"><font face="serif" size="2">Crew B.O.S.
    Products, Ltd.</font></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="left" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">2,122,457</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">2,106,643</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">153,606</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Gokaldas Exports,
    Ltd.</font></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,954,516</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,993,022</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>4,076,973</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>4,099,665</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Automobiles &amp; Ancilliaries</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.07%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">200,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">ANG Exports,
    Ltd.<font size="1">+</font></font></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">724,383</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">720,062</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>724,383</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>720,062</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Building &amp; Construction - Miscellaneous</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>1.15%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">4,580,040</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Hindustan Construction
    Co.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,999,665</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12,617,751</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,999,665</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>12,617,751</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Cement</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>1.17%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">394,898</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Associated
    Cement Cos., Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,883,512</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,686,836</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">3,418,380</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Gujarat Ambuja
    Cements, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,360,476</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,045,391</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">927,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">India Cements,
    Ltd.<font size="1">+</font></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,935,248</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,067,781</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>10,179,236</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>12,800,008</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Hardware</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>1.53%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">2,120,560</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">HCL Infosystems,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,930,905</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,047,969</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,010,150</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">NIIT Technologies,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,277,414</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,695,206</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>10,208,319</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>16,743,175</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Services</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.28%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">505,307</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Allsec Technologies
    Ltd.<font size="1">+</font></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,619,751</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,133,330</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,619,751</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,133,330</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Software &amp; Programming</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>14.47%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">859,360</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Geodesic Information
    Systems, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">417,002</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,382,717</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">204,950</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">I-Flex Solutions,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,975,460</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,893,574</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,516,971</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Infosys Technologies,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">32,307,278</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">100,999,397</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">347,964</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">KPIT Cummins
    Infosystems, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,298,558</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,899,056</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">649,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Patni Computer
    Systems, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,343,570</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,143,902</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,606,646</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Satyam Computer
    Services, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">15,213,474</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">26,336,001</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,180,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Wipro, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,379,552</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12,149,989</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>63,934,894</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>158,804,636</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Training</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.18%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">966,171</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">SSI, Ltd.<font size="1">+</font></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,099,351</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,014,556</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,099,351</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,014,556</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA
      FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="3"><b>Schedule
      of Investments (continued)</b></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
    </tr>
  </table>
  <p><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td valign="bottom"><font face="serif" size="1"><b>NUMBER</b><br>
<b>OF SHARES</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Construction/Building Materials</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.75%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">501,836</font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="40%" align="left" valign="bottom"><font face="serif" size="2">IVRCL Infrastructures
    and Projects, Ltd.</font></td>
    <td width="2%" align="right" valign="bottom">&nbsp;</td>
    <td width="10%" align="right" valign="bottom">&nbsp;</td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">4,870,632</font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">8,250,581</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>4,870,632</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>8,250,581</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Consumer Non-Durables</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>6.05%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">6,468,051</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Hindustan Lever, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24,362,219</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">28,345,325</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">12,073,175</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">ITC, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20,276,965</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">38,089,110</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>44,639,184</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>66,434,435</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Diagnostic Equipment</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.14%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">62,176</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Vimta Labs, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,145,737</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,534,715</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,145,737</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,534,715</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Diversified Financial Services</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.29%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">758,200</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Indiabulls
    Financial Service, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,883,042</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,206,473</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,883,042</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,206,473</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Diversified Industries</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>9.34%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">192,032</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">Grasim Industries,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,705,046</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,935,670</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,181,200</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">HEG, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,258,599</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,225,132</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">622,500</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Lakshmi Overseas Industries, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,891,886</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,711,898</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">4,318,443</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Reliance Industries, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">45,707,240</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">85,356,650</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">351,897</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Zen Technologies, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,368,719</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,226,675</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>56,931,490</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>102,456,025</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Electronics &amp; Electrical Equipment</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>8.48%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">236,171</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Bharat Electronics, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,133,402</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,216,383</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,621,462</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Bharat Heavy Electricals, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">15,113,491</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">49,938,940</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">600,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">HBL Nife Power Systems, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,412,893</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,732,504</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">501,392</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Jyoti Structures, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">752,152</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,740,667</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">734,159</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Mather &amp; Platt Pumps, Ltd.<font size="1">+</font></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,629,938</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,262,204</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">282,413</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Salora International, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">998,801</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">675,445</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">187,402</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Siemens India, Ltd.<font size="1">+</font></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,959,566</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">15,034,420</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">500,153</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Sterlite Industries (India), Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,404,673</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,502,630</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>40,404,916</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>93,103,193</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Energy</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.51%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">281,100</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Suzlon Energy, Ltd.<font size="1">+</font></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,260,798</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,585,777</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,260,798</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>5,585,777</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="right"><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%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
            INDIA FUND, INC.</b></font></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="3"><b>Schedule
              of Investments (continued)</b></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
    </tr>
  </table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td valign="bottom"><font face="serif" size="1"><b>NUMBER</b><br>
    <b>OF SHARES</b>&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Engineering</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>6.08%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">263,049</font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="40%" align="left" valign="bottom"><font face="serif" size="2">ABB, Ltd.</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="10%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">3,105,368</font></td>
    <td width="2%" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">11,273,236</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">995,800</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Bharat Earth Movers, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,810,087</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">23,841,899</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">496,795</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Gammon India, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,454,732</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,572,810</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">2,157,231</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Jaiprakash Associates, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,601,096</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18,634,335</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">402,158</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Thermax India, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,481,800</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,409,489</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>21,453,083</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>66,731,769</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Extractive Industries</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>6.74%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">2,656,141</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Oil and Natural Gas Corp., Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,468,006</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">69,336,433</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">205,050</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Sesa Goa, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,447,723</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,611,689</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>50,915,729</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>73,948,122</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Fertilizers</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.19%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">440,560</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Indo Gulf Fertilisers, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">539,287</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,094,642</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>539,287</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,094,642</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Finance</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>15.80%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">422,944</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Corporation Bank</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,980,138</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,395,486</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,427,008</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">HDFC Bank, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14,770,095</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">22,429,167</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,754,202</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Housing Development Finance Corp., Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">17,417,551</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">46,976,836</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">2,133,271</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">ICICI Bank, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,125,045</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">27,712,143</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">42,500</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">ICICI Bank, Ltd. Sponsored ADR</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,172,738</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,224,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">661,700</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Industrial Development Bank of India, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,773,857</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,428,219</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">3,742,065</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Infrastructure Development Finance Co., Ltd.<font size="1">+</font></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,221,531</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,081,583</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">374,076</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Jammu and Kashmir Bank, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,943,631</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,037,877</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">255,996</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Punjab National Bank, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,289,873</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,652,382</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,759,133</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">State Bank of India</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,688,997</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">35,466,013</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">45,550</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">State Bank of India GDR</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">525,435</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,300,275</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">1,221,550</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">UTI Bank, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,320,228</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,771,403</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">500,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">UTI Bank, Ltd. 144A GDR</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,955,000</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,195,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font face="serif" size="2">6,450,386</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2">Vijaya Bank, Ltd.</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">9,478,322</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,720,417</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>82,662,441</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>173,390,801</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA
      FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="3"><b>Schedule
              of Investments (continued)</b></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
    </tr>
  </table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td align="left" valign="bottom"><font face="serif" size="1"><b>NUMBER</b>&nbsp;<br>
<b>OF SHARES</b>&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td align="center"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td align="center"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="bottom"><hr noshade size="1"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr noshade size="1"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><hr noshade size="1"></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td colspan="2" align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td colspan="2" align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="40%" align="left" valign="bottom"><font face="serif" size="2"><b>Food</b></font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%" align="center" valign="bottom"><font face="serif" size="2"><b>0.62%</b></font></td>
    <td width="2%" align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">958,597</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Dhampur Sugar
    Mills, Ltd.+</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,899,171</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,020,953</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,424,065</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Satnam Overseas,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,073,350</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="right" valign="bottom"><font face="serif" size="2">2,757,327</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>5,972,521</b></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="right" valign="bottom"><font face="serif" size="2"><b>6,778,280</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>Hotels &amp; Leisure</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.68%</b></font></td>
    <td align="left"><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>
    <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 align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">797,157</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Hotel Leelaventure,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">755,185</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="right" valign="bottom"><font face="serif" size="2">4,997,064</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">111,823</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Indian Hotels
    Co., Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,558,291</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="right" valign="bottom"><font face="serif" size="2">2,454,715</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,313,476</b></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="right" valign="bottom"><font face="serif" size="2"><b>7,451,779</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>Household Appliances</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.68%</b></font></td>
    <td align="left"><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>
    <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 align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">560,760</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Voltas, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,659,152</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="right" valign="bottom"><font face="serif" size="2">7,471,401</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,659,152</b></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="right" valign="bottom"><font face="serif" size="2"><b>7,471,401</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>Media</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.08%</b></font></td>
    <td align="left"><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>
    <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 align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">279,200</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Balaji Telefilms,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">601,722</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="right" valign="bottom"><font face="serif" size="2">886,418</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>601,722</b></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="right" valign="bottom"><font face="serif" size="2"><b>886,418</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>Metal &#150; Aluminum</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.92%</b></font></td>
    <td align="left"><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>
    <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 align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3,150,858</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Hindalco Industries,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,824,739</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="right" valign="bottom"><font face="serif" size="2">10,038,503</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>8,824,739</b></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="right" valign="bottom"><font face="serif" size="2"><b>10,038,503</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>Metal &#150; Diversified</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.10%</b></font></td>
    <td align="left"><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>
    <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 align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">197,000</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Hindustan Zinc,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,023,726</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="right" valign="bottom"><font face="serif" size="2">1,073,193</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,023,726</b></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="right" valign="bottom"><font face="serif" size="2"><b>1,073,193</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>Petroleum Related</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>1.65%</b></font></td>
    <td align="left"><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>
    <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 align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Bharat Petroleum
    Corp., Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">22</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="right" valign="bottom"><font face="serif" size="2">29</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">381,778</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Hindustan Petroleum
    Corp., Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,894,139</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="right" valign="bottom"><font face="serif" size="2">2,788,481</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,069,724</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Indian Oil
    Corp., Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,731,282</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="right" valign="bottom"><font face="serif" size="2">13,234,299</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">18,650</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Niko Resources,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">353,742</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="right" valign="bottom"><font face="serif" size="2">885,968</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">272,362</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Shiv-Vani Oil &amp; Gas
    Exploration+</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,363,490</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="right" valign="bottom"><font face="serif" size="2">1,213,255</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>10,342,675</b></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="right" valign="bottom"><font face="serif" size="2"><b>18,122,032</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>Pharmaceuticals</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>1.10%</b></font></td>
    <td align="left"><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>
    <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 align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">980,745</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Dishman Pharmaceuticals,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,804,714</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="right" valign="bottom"><font face="serif" size="2">4,183,582</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">292,712</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Sun Pharmaceutical
    Industries, Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,158,389</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="right" valign="bottom"><font face="serif" size="2">4,436,203</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">354,500</font></div></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"><font face="serif" size="2">Wockhardt,
    Ltd.</font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,616,807</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="right" valign="bottom"><font face="serif" size="2">3,504,832</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>7,579,910</b></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="right" valign="bottom"><font face="serif" size="2"><b>12,124,617</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom"><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="right"><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%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
            INDIA FUND, INC.</b></font></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="3"><b>Schedule
              of Investments (continued)</b></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
    </tr>
  </table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td align="left"><font face="serif" size="1"><b>NUMBER</b><br>
    <b>OF SHARES</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td align="center"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center">&nbsp;</td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td align="center"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td colspan="2" align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td colspan="2" align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="35%" align="left"><font face="serif" size="2"><b>Retail Stores</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%" align="center"><font face="serif" size="2"><b>0.39%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">929,400</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">SB&amp;T International,
    Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">1,851,444</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">1,583,759</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">132,757</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Trent, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">467,324</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,660,596</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>2,318,768</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>4,244,355</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Shipping</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>0.89%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,105,400</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Bharati Shipyard,
    Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">4,040,059</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">8,202,702</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">151,577</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">CCL Products
    India, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">933,251</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1,549,109</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>4,973,310</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>9,751,811</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Steel</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>3.25%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">301,947</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Jindal Saw,
    Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,593,375</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,665,599</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">588,042</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Jindal Steel &amp; Power,
    Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14,383,291</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">20,681,415</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,100,000</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Sujana Metals
    Products, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,969,552</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">3,557,543</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,040,991</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Tata Iron and
    Steel Co., Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">9,488,541</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">8,795,576</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>29,434,759</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>35,700,133</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Telecommunications</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>5.07%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">6,772,660</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Bharti Tele-Ventures,
    Ltd.+</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">24,457,284</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">51,912,191</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">443,800</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Videsh Sanchar
    Nigam, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">3,618,954</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">3,772,448</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>28,076,238</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>55,684,639</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Telecommunications Equipment</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>0.00%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Shyam Telecom,
    Ltd.+</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>14</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>2</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Televisions</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>0.20%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">253,590</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Television
    Eighteen India, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,350,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,193,348</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>2,350,000</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>2,193,348</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Textiles-Cotton</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>0.42%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">673,950</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Mahavir Spinning
    Mills, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,119,975</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">4,599,810</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>2,119,975</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>4,599,810</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Transportation</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>1.12%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">387,426</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Container Corp.
    of India, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">4,338,051</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">12,265,764</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>4,338,051</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>12,265,764</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><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%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA
      FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="3"><b>Schedule
              of Investments (concluded)</b></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
    </tr>
  </table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td align="left"><font face="serif" size="1"><b>NUMBER</b><br>
<b>OF SHARES</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td align="center"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center">&nbsp;</td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td align="center"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td colspan="2" align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td colspan="2" align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td width="2%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="40%" align="left"><font face="serif" size="2"><b>Vehicle Components</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%" align="center"><font face="serif" size="2"><b>1.66%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,748,000</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Amtek Auto,
    Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">8,349,625</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">18,190,771</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>8,349,625</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>18,190,771</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Vehicles</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>7.47%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">190,600</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Bajaj Auto,
    Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">5,157,768</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">8,472,617</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,094,538</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Hero Honda
    Motors, Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">13,716,065</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">20,905,895</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,611,470</font></div></td>
    <td align="center">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Mahindra &amp; Mahindra,
    Ltd.</font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">8,996,963</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">18,332,664</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,362,449</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Tata Motors,
    Ltd.</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">25,442,822</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">34,274,143</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>53,313,618</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>81,985,319</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="center">&nbsp;</td>
    <td align="left"><font face="serif" size="2"><b>TOTAL COMMON
    STOCKS</b></font></td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>582,141,190</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>1,096,231,891</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="right" valign="top" bgcolor="#ffffff">
    <td colspan="3" align="left"><font face="serif" size="2">RIGHTS (0.11% of holdings)&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2"><b>Metal &#150; Aluminum</b></font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2"><b>0.11%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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>
    <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 align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,165,239</font></div></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2">Hindalco Industries
    Rights</font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1,227,113</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2"><b>TOTAL RIGHTS</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>0</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2"><b>1,227,113</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font face="serif" size="2"><b>TOTAL INVESTMENTS**</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="center"><font face="serif" size="2"><b>100.00%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">$</font></td>
    <td align="right"><b><font face="serif" size="2">&nbsp;&nbsp;582,141,190</font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font face="serif" size="2">$</font></td>
    <td align="right"><b><font face="serif" size="2">1,097,459,004</font></b></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr valign="top">
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&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 colspan="3"><hr align="left" width="100" size="1" noshade></td>
  </tr>
  <tr align="left" valign="bottom">
    <td colspan="3"><font face="serif" size="2"><b>Footnotes and Abbreviations</b></font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="3%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td><font face="serif" size="1">ADR &#151; American Depository Receipts</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="1">GDR &#151; Global Depository Receipts</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td>&nbsp;</td>
    <td><font face="serif" size="1">+</font></td>
    <td><font face="serif" size="1">Non income producing.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td>&nbsp;</td>
    <td><font face="serif" size="1">**</font></td>
    <td><font face="serif" size="1">As of December 31, 2005, the aggregate cost
        for federal income tax purposes was $583,800,755. The aggregate gross
    unrealized appreciation (depreciation) for all securities was as follows:</font></td>
  </tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:8%"><font size="1" face="serif">Excess of value over tax cost</font></div></td>
    <td width="2%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="1%" valign="bottom"><font face="serif" size="1">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="1">517,527,648</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" valign="bottom"><div style="margin-left:8%"><font size="1" face="serif">Excess of tax cost over value</font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">(3,869,399</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2"><hr noshade size="1">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><b><font face="serif" size="1">$</font></b></td>
    <td align="right" valign="bottom"><b><font face="serif" size="1">513,658,249</font></b></td>
    <td><b><font face="serif" size="2">&nbsp;</font></b></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"><hr noshade size="2">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="right"><font face="serif" size="2">9</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p10"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
          INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font face="serif" size="2"><b><font size="4">Statement
    of Assets and Liabilities</font></b></font><font face="serif" size="4"></font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31, 2005</b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="2"><b>ASSETS</b></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">Investments, at value (Cost $582,141,190)</font></td>
    <td width="1%" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">1,097,459,004</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Cash (including Indian Rupees of $21,373,193, with a cost of $21,342,642)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">124,512,828</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Receivables:</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:4%"><font face="serif" size="2">Dividends</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,588,500</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:4%"><font face="serif" size="2">Interest</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">15,597</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:4%"><font face="serif" size="2">Securities sold</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">30,137,567</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Prepaid expenses</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">311,023</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><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Total Assets</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,254,024,519</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><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>LIABILITIES</b></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">Distributions Payable</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">141,853,145</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accrued tax expense payable</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">25,507,350</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Payable for securities purchased</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,228,370</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Due to Investment Manager</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,000,069</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Due to Administrator</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">203,913</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accrued Custodian fees</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">135,396</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accrued expenses</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">382,026</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><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Total Liabilities</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>170,310,269</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><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Net Assets</b></font></div></td>
    <td valign="bottom"><b><font face="serif" size="2">$</font></b></td>
    <td align="right" valign="bottom"><b><font face="serif" size="2">1,083,714,250</font></b></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>NET ASSET
    VALUE PER SHARE ($1,083,714,250 / 31,805,638</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:14%"><font face="serif" size="2"><b>shares issued and outstanding)</b></font></div></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">34.07</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><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>NET ASSETS CONSIST OF:</b></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">Capital stock, $0.001 par value; 35,178,438 shares issued (100,000,000 shares authorized)</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">35,178</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Paid-in capital</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">560,714,104</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Cost of 3,372,800 shares repurchased</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(50,590,316</font></td>
    <td align="left" valign="bottom" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Undistributed net investment income</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">83,289</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accumulated net realized gain on investments</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">58,045,112</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">Net</font>

      <font face="serif" size="2"> unrealized appreciation in value of investments,
      foreign currency holdings and on translation of other assets and liabilities
    denominated in foreign currency</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">515,426,883</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><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td valign="bottom"><b><font face="serif" size="2">$</font></b></td>
    <td align="right" valign="bottom"><b><font face="serif" size="2">1,083,714,250</font></b></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>

<p align="left"><font face="serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA
      FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="4"><b>Statement
      of Operations</b>&nbsp;</font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
  </table>
<p align="center"><font face="serif" size="2"><b>
</b></font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td rowspan="2">&nbsp;</td>
    <td colspan="6" align="right"><font face="serif" size="1"><b>For the Year Ended</b></font></td>
    <td rowspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="6" align="right"><font face="serif" size="1"><b>December</b>&nbsp;<b>31, 2005</b></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td colspan="6"><hr noshade size="1"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="2"><b>Investment Income</b></font></td>
    <td>&nbsp;</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">Dividends (net of Indian taxes withheld of $7,774)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">15,338,070</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Interest</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">263,848</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Total investment income</b></font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>15,601,918</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>Expenses</b></font></td>
    <td>&nbsp;</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">Management fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10,066,063</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">Administration fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,959,159</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">Custodian fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,493,858</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">Legal fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">291,546</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">Insurance</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">219,661</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">Audit fees and tax fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">158,654</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">Directors&#146; fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">86,448</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">Printing</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">75,200</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">Transfer agent fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">41,502</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">NYSE fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">21,250</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">ICI fees</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">17,693</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">Miscellaneous expenses</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">44,551</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 size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><hr noshade size="1"></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:12%"><font face="serif" size="2"><b>Total expenses</b></font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>14,475,585</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Net investment income</b></font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,126,333</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></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>Net Realized and Unrealized Gain (Loss)
          on Investments, Foreign Currency Holdings and Translation of Other
          Assets and Liabilities Denominated in Foreign Currency:</b></font></div></td>
    <td>&nbsp;</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">Net realized gain (loss) on:</font></td>
    <td>&nbsp;</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><div style="margin-left:4%"><font face="serif" size="2">Security transactions</font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">167,652,674</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:4%"><font face="serif" size="2">Foreign currency related transactions</font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(586,958</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">167,065,716</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></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">Net change in unrealized appreciation in value of investments, foreign currency holdings and translation of other assets and liabilities denominated in foreign currency</font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">197,657,985</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></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">Net realized and unrealized gain on investments, foreign currency holdings and translation of other assets and liabilities denominated in foreign currency</font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">364,723,701</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net
    increase in net assets resulting from operations before income taxes</font></div></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td valign="bottom"><b></b></td>
    <td align="right" valign="bottom"><font face="serif" size="2">365,850,034</font></td>
    <td><b><font face="serif" size="2">&nbsp;</font></b></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp;</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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font face="serif" size="2">
    <div style="margin-left:3%; text-indent:-3%">Income
          tax <font face="serif" size="2">expense</font> relating to 2004 (see
          Note B)</div>
    </font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align="right" valign="bottom"><font face="serif" size="2">(25,507,350</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" valign="bottom"><hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td valign="bottom"><font face="serif" size="2">Net increase in net assets resulting from
        operations after income taxes</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td valign="bottom"><b><font face="serif" size="2">$</font></b></td>
    <td align="right" valign="bottom"><b><font face="serif" size="2">340,342,684</font></b></td>
	<td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" valign="bottom"><hr noshade size="2">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="right"><font face="serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
            INDIA FUND, INC.</b></font></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="4"><b>Statements
      of Changes in Net Assets</b></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  </table>

<p align="center"><font face="serif" size="2"><b>
</b></font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="3" align="center" valign="bottom"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>December 31, 2005</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>For the Year</b><br>
<b>Ended</b><br>
<b>December 31, 2004</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>INCREASE (DECREASE) IN NET ASSETS</b></font></td>
    <td>&nbsp;</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"><b>Operations</b></font></td>
    <td>&nbsp;</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">Net investment income</font></td>
    <td width="2%" valign="bottom">&nbsp;</td>
    <td width="1%" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">1,126,333</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">1,805,278</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">Net realized gain on investments and foreign currency related transactions</font></div></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">167,065,716</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">108,999,515</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">Net change in unrealized appreciation in value of investments, foreign currency holdings and translation of other assets and liabilities denominated in foreign currency</font></div></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">197,657,985</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">29,701,635</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>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Net increase in net assets resulting from
        operations before income taxes</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">365,850,034</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">140,506,428</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>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Income tax expense relating to 2004 (see
        Note B)</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(25,507,350</font></td>
    <td valign="bottom"><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">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr noshade size="1">
    </td>
    <td><hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td><hr noshade size="1">
    </td>
    <td><hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Net increase in net assets resulting from
        operations after income taxes</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">340,342,684</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">140,506,428</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr noshade size="1">
    </td>
    <td><hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td><hr noshade size="1">
    </td>
    <td><hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <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"><b>Distribution to shareholders</b></font></td>
    <td>&nbsp;</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">Net investment income ($0.06 and $0.01 per share, respectively)</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(1,908,338</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(226,410</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Short term capital gains ($0.51 and $0.00 per share, respectively)</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(16,220,875</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Long term capital gains ($3.89 and $1.51 per share, respectively)</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(123,723,932</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(34,187,872</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Increase (Decrease) in net assets resulting from distributions</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(141,853,145</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(34,414,282</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>Capital Share Transactions</b></font></td>
    <td>&nbsp;</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">Reinvestments</font></td>
    <td>&nbsp;</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><div style="margin-left:3%"><font face="serif" size="2">(9,936 shares at $26.49 per share)</font></div></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">263,210</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">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Exercise of Rights</font></td>
    <td>&nbsp;</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><div style="margin-left:3%"><font face="serif" size="2">(9,433,738 shares at $26.50 per share, net of expenses of $572,549)</font></div></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">249,421,508</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">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Shares repurchased under Repurchase Offer</font></td>
    <td>&nbsp;</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><div style="margin-left:3%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">(279,012 and 794,290 shares, respectively) (net of repurchase fee of $179,279 and $368,126, respectively) (including expenses of $347,439 and $193,142, respectively)</font></div></div></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(9,132,159</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(18,231,335</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Net increase (decrease) in net assets resulting from capital share transactions</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">240,552,559</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">(18,231,335</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Total increase in net assets</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">439,042,098</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">87,860,811</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>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>NET ASSETS</b></font></td>
    <td>&nbsp;</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">Beginning of year</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">644,672,152</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">556,811,341</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>&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></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">End of year (including undistributed net investment income of $83,289 and $1,435,771, respectively)</font></div></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,083,714,250</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">644,672,152</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>&nbsp;</td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>

<p align="left"><font face="serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA
      FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="4">Financial
      Highlights</font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><font face="serif" size="2"><b>For a Share
      Outstanding throughout Each Year</b></font></td>
      <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  </table>

<p align="center"><font face="serif" size="2"><b>
</b></font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2005</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2004</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2003</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2002</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2001</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1">
    </td>
    <td align="right"><hr noshade size="1">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1">
    </td>
    <td align="right"><hr noshade size="1">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1">
    </td>
    <td align="right"><hr noshade size="1">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1">
    </td>
    <td align="right"><hr noshade size="1">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1">
    </td>
    <td align="right"><hr noshade size="1">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="15"><font face="serif" size="2"><b>Per Share Operating Performance</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net asset value, beginning of year</font></div></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right"><font face="serif" size="2">28.47</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right"><font face="serif" size="2">23.76</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right"><font face="serif" size="2">12.72</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right"><font face="serif" size="2">11.93</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right"><font face="serif" size="2">16.18</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net investment income</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.04</font></td>
    <td align="left" nowrap><font face="serif" size="2"><sup>2</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.08</font></td>
    <td align="left" nowrap><font face="serif" size="2"><sup>2</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.11</font></td>
    <td align="left" nowrap><font face="serif" size="2"><sup>2</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.09</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.07</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net realized and unrealized gain (loss) on investments, foreign currency holdings, and translation of other assets and liabilities denominated in
foreign currency</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">11.35</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">6.14</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">11.00</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(4.29</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><div style="margin-left:3%; text-indent:-3%">Income tax expense</div></font></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.80</font></td>
    <td valign="bottom"><font face="serif" size="2">)<font face="serif" size="2"><sup>3</sup></font>&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td align="left" valign="bottom" nowrap><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1">
    </td>
    <td align="right" valign="bottom"><hr noshade size="1">
    </td>
    <td align="left" valign="bottom" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net
          increase (decrease) from investment operations after income taxes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10.59</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6.22</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11.11</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.85</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(4.22</font></td>
    <td align="left" valign="bottom" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Less: dividends and distributions</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>
    <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>
    <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>
    <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>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%"><font face="serif" size="2">Dividends from:</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>
    <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>
    <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>
    <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>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:6%"><font face="serif" size="2">Net investment income</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.06</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.01</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.13</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.09</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.07</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:6%"><font face="serif" size="2">Short term capital gains</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.51</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:6%"><font face="serif" size="2">Long term capital gains</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(3.89</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(1.51</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total dividends and distributions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(4.46</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(1.52</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.13</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.09</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.07</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Capital share transactions</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>
    <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>
    <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>
    <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>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Anti-dilutive (dilutive) effect of Share Repurchase Program</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.01</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.01</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.06</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.01</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.04</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Anti-dilutive effect of Tender Offer</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.02</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Dilutive effect of Rights Offer</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.52</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total capital share transactions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.53</font></td>
    <td align="left" nowrap><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.01</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.06</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.03</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.04</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td align="right"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net asset value, end of year</font></div></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">34.07</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">28.47</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">23.76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">12.72</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">11.93</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Per share market value, end of year</font></div></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">39.73</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">29.63</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">25.20</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">10.59</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">9.50</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Total Investment Return Based on Market Value <sup>1</sup></b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">49.32</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">23.51</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">139.04</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">12.36</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(20.69</font></td>
    <td align="left" nowrap><font face="serif" size="2">)%</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%"><font face="serif" size="2"><b>Net Asset Value</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">35.12</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">26.34</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">88.44</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">10.79</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(27.70</font></td>
    <td align="left" nowrap><font face="serif" size="2">)%</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Ratios/Supplemental Data</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>
    <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>
    <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>
    <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>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net
          assets, end
    of period (in 000s)</font></div></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">1,083,714</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">644,672</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">556,811</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">350,838</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">366,491</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><div style="margin-left:3%; text-indent:-3%">Ratios of expenses after income taxes to
        average net assets</div></font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">4.13</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.64</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.76</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.73</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.70</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratios
          of expenses before income taxes to average <br>
net assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.49</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.64</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.76</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.73</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.70</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratios
          of net investment income (loss) to average net assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.12</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.33</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.72</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.65</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.57</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
  </tr>
  <tr>
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Portfolio turnover</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">50.28</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">35.90</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">33.89</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">39.36</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">16.06</font></td>
    <td align="left" nowrap><font face="serif" size="2">%</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>

<p align="right"><font face="serif" size="2">13</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
            INDIA FUND, INC.</b></font></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font size="3" face="serif">Financial
      Highlights (concluded)</font><font size="2" face="serif"></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><font face="serif" size="2"><b>For a Share
            Outstanding throughout Each Year</b></font></td>
      <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  </table>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">1</font></td>
    <td><font face="serif" size="1">Total investment return is calculated assuming
        a purchase of common stock at the market price on the first day and a
        sale at the market price on the last day of each period reported. Dividends
        and distributions, if any, are assumed, for purposes of this calculation,
        to be reinvested at prices
obtained under the Fund&#146;s dividend reinvestment plan. Total investment return
does not reflect brokerage commissions or sales charges and is not annualized.
Past performance is not a guarantee of future results.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="1" face="serif">2</font></td>
    <td><font face="serif" size="1">Based on average shares outstanding.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="1" face="serif">3</font></td>
    <td><font size="1" face="serif">A provision of $25,507,350 has been made
        for U.S. Federal income tax purposes. This provision has been made as
        the Fund may not have qualified as a regulated
investment company (a &#147;RIC&#148;) under Subchapter M of the Internal Revenue Code
for
the taxable year ended December 31, 2004.</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="left"><font face="serif" size="2">14</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA
            FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font size="4" face="serif">Notes to Financial
      Statements&nbsp;</font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>December
            31, 2005</b></font></td>
    </tr>
  </table>

<p><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>A:&nbsp;ORGANIZATION</b></font></p>

<p align="left"><font face="serif" size="2">The India Fund, Inc. (the &#147;Fund&#148;)
    was incorporated in Maryland on December&nbsp;27, 1993, and commenced operations
    on February&nbsp;23, 1994. The Fund operates through a branch in the Republic
    of Mauritius. The Fund is registered under the Investment  Company Act of
    1940, as amended (the &#147;1940 Act&#148;), as a closed-end, non-diversified
    management investment company. The Fund&#146;s investment objective is long-term
    capital appreciation by investing primarily in Indian equity securities.</font></p>

  <p align="left"><font face="serif" size="2"><b>NOTE B:&nbsp;SUMMARY OF SIGNIFICANT
        ACCOUNTING POLICIES</b></font></p>

  <p align="left"><font face="serif" size="2">The following significant accounting
      policies, which are in conformity with accounting principles generally
      accepted in the United States of America and are consistently followed
      by the Fund in the preparation of its financial statements.</font></p>


<p align="left"><font face="serif" size="2">The preparation of financial statements
    in conformity with accounting principles generally accepted in the United
    States of America (&#147;GAAP&#148;) requires management to make estimates
    and assumptions that affect the reported amounts of assets and liabilities
    and  disclosure of contingent assets and liabilities at the date of the financial
    statements and the reported amounts of increases and decreases in net assets
    from operations during the reported period. Actual results could differ from
    those estimates.</font></p>

<p><font face="serif" size="2"><b>Significant accounting policies are as follows:</b></font></p>

<p align="left"><font face="serif" size="2"><b>Portfolio Valuation. </b> Investments
    are stated at value in the accompanying financial statements. All securities
    for which market quotations are readily available are valued at:</font></p>

<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">(i)</font></td>
    <td><div align="left"><font face="serif" size="2">the last sales price prior to the time of determination, if there was a sale on the date of determination,</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>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(ii)</font></td>
    <td><div align="left"><font face="serif" size="2">at the mean between the last current bid and asked prices, if there was no sales price on such date and bid and asked quotations are available, and</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>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(iii)</font></td>
    <td><div align="left"><font face="serif" size="2">at the bid price if there was no sales price on such date and only bid quotations are available.</font></div></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">Securities that are traded over-the-counter
    are valued, if bid and asked quotations are available, at the mean between
    the current bid and asked prices. Securities for which sales prices and bid
    and asked quotations are not available on the date of determination  may
    be valued at the most recently available prices or quotations under policies
    adopted by the Board of Directors. Investments in short-term debt securities
    having a maturity of 60 days or less are valued at amortized cost which approximates
    market value.
Securities for which market values are not readily ascertainable are carried
    at fair value as determined in good faith by or under the supervision of
    the Board of Directors. The net asset value per share of the Fund is calculated
    weekly and at the end of each month.</font></p>


<p align="left"><font face="serif" size="2"><b>Investment Transactions and Investment
      Income. </b>Investment transactions are accounted for on the trade date.
      The cost of investments sold is determined by use of the specific identification
      method for</font></p>

<p align="right"><font face="serif" size="2">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
      INDIA FUND, INC.</b></font></td>
      <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
            Statements&nbsp;(continued)</font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>December
            31, 2005</b></font></td>
    </tr>
  </table>

<p><font face="serif" size="2">both financial reporting and income tax reporting purposes. Interest income is recorded on the accrual basis; dividend income is recorded on the ex-dividend date or, using reasonable
diligence, when known. The collectibility of income receivable from Indian securities is evaluated periodically, and any resulting allowances for uncollectible amounts are reflected currently in
the determination of investment income.</font></p>

<p align="left"><font face="serif" size="2"><b>Tax Status. </b> No provision
    is made for U.S. federal income or excise taxes for 2005 as it is the Fund&#146;s
    intention to continue to qualify as a regulated investment company under
    subchapter M of the Internal Revenue Code and to make the requisite distributions
    to its  shareholders that will be sufficient to relieve it from all or substantially
    all federal income and excise taxes.</font></p>

<p align="left"><font size="2" face="serif">A provision of $25,507,350 has been
    made for U.S. Federal income tax purposes. This provision has been made as
    the Fund may not have qualified as a regulated investment company (a &#8220;RIC&#8221;)
    under Subchapter M of the Internal Revenue Code for the taxable year ended
    December 31, 2004. Section 855(a) of the Internal Revenue Code provides that,
    in order to eliminate taxable income for a taxable year, a RIC may elect
    to treat dividends distributed during the twelve months following the taxable
    year as having been paid during such taxable year. In order to make this
    election a fund must (1) declare such dividend prior to the due date of filing
    its tax return for the taxable year, and (2) distribute the dividend during
    the twelve months following the taxable year. The Fund distributed the appropriate
    dividend within the twelve month timeframe; however the declaration was made
    on December 19, 2005, which was subsequent to the filing deadline for the
    2004 tax return (i.e., September 15, 2005). As such, the Fund may have failed
    to qualify as a RIC under Subchapter M of the Internal Revenue Code for the
taxable year ended December 31, 2004. </font></p>
<p align="left"><font size="2" face="serif">The Fund will make every effort to
    mitigate this issue with the Internal Revenue Service and reduce the liability
    from its estimated provision amount.</font></p>
<p align="left"><font face="serif" size="2">Income and capital gain distributions
      are determined in accordance with federal income tax regulations, which may
      differ from GAAP.</font></p>
<p align="left"><font face="serif" size="2">The tax character of distributions
    paid during the year ended December&nbsp;31, 2005:</font></p>

<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="2">Ordinary income</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18,129,213</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Long term capital gains</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">123,723,932</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">141,853,145</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><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;<b>THE INDIA
          FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">At December&nbsp; 31, 2005, the components
    of net assets (excluding paid in capital) on a tax basis were as follows:</font></p>

<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><font face="serif" size="2">Book and tax ordinary income</font></td>
    <td width="1%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">83,289</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Tax basis capital gain</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="10%" align="right" valign="bottom"><font face="serif" size="2">59,704,680</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><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">Plus/less: cumulative timing differences &#151; wash sales</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(1,659,568</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</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 size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></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">Accumulated net realized gain on investments</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</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="right" valign="bottom"><font face="serif" size="2">58,045,112</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Book unrealized foreign exchange gain</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</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="right" valign="bottom"><font face="serif" size="2">78,518</font></td>
    <td valign="bottom" align="left" nowrap></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Book unrealized appreciation on foreign currencies</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</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="right" valign="bottom"><font face="serif" size="2">30,551</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Tax unrealized appreciation</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">513,658,246</font></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">Plus/less: cumulative timing differences &#151; wash sales</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,659,568</font></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 size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></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">Unrealized appreciation</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</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="right" valign="bottom"><font face="serif" size="2">515,317,814</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Net assets (excluding paid in capital)</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">573,555,284</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><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">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">The differences between book and
    tax basis unrealized appreciation is attributable to wash sales.</font></p>

<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="2">Net asset value</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="10%"><font face="serif" size="2">1,083,714,250</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Paid in capital</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(510,158,966</font></td>
    <td valign="bottom" align="left" nowrap><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Net assets (excluding paid in capital)</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">573,555,284</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">During the period ended December&nbsp;31,
    2005, the Fund reclassified $(586,958) from accumulated net realized gains
    on investments to undistributed net investment income and $(25,523,831) from
      undistributed net investment income to paid in capital as a result of permanent
      book and
    tax differences relating primarily to realized foreign currency losses and
non-deductible excise taxes. Net assets were not affected by the reclassifications.</font></p>
<p align="left"><font face="serif" size="2"><b>Foreign Currency Translation. </b>The
    books and records of the Fund are maintained in U.S. dollars. Foreign currency
    amounts are translated into U.S. dollars on the following basis:</font></p>

<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">(i)</font></td>
    <td><div align="left"><font face="serif" size="2">value of investment securities, assets and liabilities at the prevailing rates of exchange on the valuation date; and</font></div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font face="serif" size="2">(ii)</font></td>
    <td><font face="serif" size="2">purchases and sales of investment securities
        and investment income at the relevant rates of exchange prevailing on
    the respective dates of such transactions.</font></td>
  </tr>
</table>


<p align="left"><font face="serif" size="2">The Fund generally does not isolate
    the effect of fluctuations in foreign exchange rates from the effect of fluctuations
    in the market prices of securities. However, the Fund does isolate the effect
    of fluctuations in foreign currency rates when determining the gain  or loss
    upon the sale of foreign currency denominated debt obligations pursuant to
    U.S. federal income tax regulations; such amounts are</font></p>
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
<p align="right"><font face="serif" size="2">17</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
          INDIA FUND, INC.</b>&nbsp;</font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">categorized as foreign
          currency gains or losses for federal income tax purposes. The Fund reports
          certain realized foreign
      exchange gains and losses as components of realized gains and losses for financial
          reporting purposes, whereas such amounts are treated as ordinary income
        for federal income tax reporting purposes.</font></p>
<p align="left"><font face="serif" size="2">Securities denominated in currencies other than U.S. dollars are subject to changes in value due to fluctuations in foreign exchange rates. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of
domestic origin as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, and the fact that foreign securities markets may be smaller and have less
developed and less reliable settlement and share registration procedures.</font></p>

<p align="left"><font face="serif" size="2"><b>Distribution of Income and Gains. </b> The
    Fund intends to distribute annually to shareholders substantially all of
    its net investment income, including foreign currency gains, and to distribute
    annually any net realized gains after the utilization of available capital
     loss carryovers. An additional distribution may be made to the extent necessary
    to avoid payment of a 4% federal excise tax.</font></p>

<p align="left"><font face="serif" size="2">Distributions to shareholders are
    recorded on the ex-dividend date. The amount of dividends and distributions
    from net investment income and net realized gains are determined in accordance
    with federal income tax regulations, which may differ from  accounting principles
    generally accepted in the United States of America. These &#147;book/tax&#148; differences
    are either considered temporary or permanent in nature. To the extent these
    differences are permanent in nature, such amounts are reclassified at the
    end of  each fiscal year with the capital accounts based on their federal
    tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax
purposes are reported as dividends in excess of net investment income and net realized capital gains. To the extent they exceed net investment income and net realized gains for tax purposes,
they are reported as distributions of additional paid-in capital.</font></p>

<p align="left"><font face="serif" size="2"><b>NOTE C:&nbsp;&nbsp;&nbsp;MANAGEMENT,
      INVESTMENT
ADVISORY, ADMINISTRATIVE SERVICES AND DIRECTOR</b></font></p>

<p align="left"><font face="serif" size="2">Since December&nbsp;4, 2005, Blackstone
    Asia Advisors L.L.C. (&#147;Blackstone Advisors&#148;), an affiliate of The
    Blackstone Group L.P. (&#147;Blackstone&#148;), serves as the Fund&#146;s
    Investment Manager under the terms of an interim management agreement dated
    December&nbsp;4,
2005 (the &#147;Interim Management Agreement&#148;). Also since December&nbsp;4,
2005, Blackstone Fund Services India Private Limited (&#147;Blackstone India&#148;),
an affiliate of Blackstone, serves as the Fund&#146;s Country Adviser under the
terms of an interim country advisory
agreement dated December&nbsp;4, 2005 (the &#147;Interim Country Advisory Agreement&#148;).
Pursuant to the Interim Management Agreement, Blackstone Advisors supervises
the Fund&#146;s investment program and is responsible on a day-to-day basis for
investing the Fund&#146;s
portfolio in accordance with its</font></p>
<p align="left"><font face="serif" size="2">18</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;&nbsp;<b>THE
          INDIA FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">investment objective and policies.
      Pursuant to the Interim Country Advisory Agreement, Blackstone India provides
      statistical
    and factual information and research regarding economic and political factors
    and investment  opportunities in India to Blackstone Advisors. For its services,
    Blackstone Advisors receives monthly fees at an annual rate of: (i) 1.10%
    for the first $500,000,000 of the Fund&#146;s average weekly net assets; (ii) 0.90%
    for the next $500,000,000 of the Fund&#146;s average
    weekly net assets; (iii) 0.85% for the next $500,000,000 of the Fund&#146;s average
    weekly net assets; and (iv) 0.75% of the Fund&#146;s average weekly net assets
    in excess of $1,500,000,000. Blackstone India receives from Blackstone Advisors
    a monthly fee at an annual
    rate of 0.10% of the Fund&#146;s average weekly net assets. For the period December&nbsp;4,
    2005 to December&nbsp;31, 2005, fees earned by Blackstone Advisors amounted
    to $865,681.</font></p>
<p align="left"><font face="serif" size="2">Prior to December&nbsp;4, 2005, Advantage
    Advisers, Inc. (&#147;Advantage&#148;), a subsidiary of Oppenheimer Asset
    Management Inc. and an affiliate of Oppenheimer &amp; Co. Inc. (&#147;Oppenheimer&#148;),
    served as the Fund&#146;s Investment Manager under the terms of a
management agreement dated June&nbsp;5, 2003 (the &#147;Previous Management Agreement&#148;).
Also prior to December&nbsp;4, 2005, Imperial Investment Advisors Private Limited
(&#147;Imperial&#148;), an Indian company and subsidiary of Oppenheimer and Advantage
India, Inc.,
served as the Fund&#146;s Country Adviser under the terms of an amended and restated
country advisory agreement dated October&nbsp;26, 2004 (the &#147;Previous Country
Advisory Agreement&#148;). Pursuant to the Previous Management Agreement, Advantage
supervised the
Fund&#146;s investment program and was responsible on a day-to-day basis for
investing the Fund&#146;s portfolio in accordance with its investment objective
and policies. Pursuant to the Previous Country Advisory Agreement, Imperial provided
statistical and factual  information and research regarding economic and political
factors and investment </font><font face="serif" size="2">opportunities in India
to Advantage. For its services, Advantage received monthly fees at an annual
rate of: (i)
    1.10% of the Fund&#146;s average weekly net assets up to and including
$600,000,000 and (ii) 0.95% of the Fund&#146;s average weekly net assets in excess of $600,000,000. Imperial received from Advantage a monthly fee at an annual rate of 0.10% of the Fund&#146;s
average weekly net assets. For the period January&nbsp;1, 2005 to December&nbsp;4,
2005, fees earned by Advantage amounted to $9,200,382.</font></p>

<p align="left"><font face="serif" size="2">For the year ended December&nbsp;31,
    2005, the Fund paid a total of $10,066,063 in management fees to Blackstone
    Advisors and Advantage.</font></p>

<p align="left"><font face="serif" size="2">Since December&nbsp;4, 2005, Blackstone
    Administrative Services Partnership L.P. (&#147;Blackstone Administrator&#148;),
    an affiliate of Blackstone, serves as the Fund&#146;s Administrator pursuant
    to an administration agreement dated December&nbsp;4, 2005. Blackstone
Administrator provides certain administrative services to the Fund. For its services,
    Blackstone Administrator receives a fee that is computed monthly and paid
    quarterly at an annual rate of: (i) 0.20% of the value of the Fund&#146;s
    average monthly net assets for the
first $1,500,000,000 of the Fund&#146;s average monthly net assets and (ii) 0.15%
of the value of the Fund&#146;s average monthly net assets in excess of $1,500,000,000
of the Fund&#146;s average</font></p>
<p align="left">&nbsp;</p>
<p align="right"><font face="serif" size="2">19</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
          INDIA FUND, INC.</b>&nbsp;</font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">monthly net assets. For the period
          December&nbsp;4,
        2005 to December&nbsp;31, 2005,
        these fees amounted to $177,582. Blackstone Administrator subcontracts
        certain of these services to PFPC Inc.</font></p>
<p align="left"><font face="serif" size="2">Prior to December&nbsp;4, 2005, Oppenheimer, a registered investment adviser and an indirect wholly-owned subsidiary of Oppenheimer Holdings Inc., served as the Fund&#146;s Administrator pursuant to an administration agreement dated June&nbsp;4, 2003.
Oppenheimer provided certain administrative services to the Fund. For its services, Oppenheimer received a monthly fee at an annual rate of 0.20% of the value of the Fund&#146;s average weekly net assets. For the period January&nbsp;1, 2005 to December&nbsp;4, 2005,
these fees amounted to $1,761,134. Oppenheimer subcontracted certain of these services to
PFPC Inc.</font></p>

<p align="left"><font face="serif" size="2">For the year ended December&nbsp;31,
    2005, the Fund paid a total of $1,938,716 in administrative fees to Blackstone
    Administrator and Oppenheimer.</font></p>

<p align="left"><font face="serif" size="2">In addition, Multiconsult Ltd. (the &#147;Mauritius
    Administrator&#148;) provides certain administrative services relating to
    the operation and maintenance of the Fund in Mauritius. The Mauritius Administrator
    receives a monthly fee of $1,500 and is reimbursed for  certain additional
    expenses. For the year ended December&nbsp;31, 2005, fees and expenses of
    the Mauritius Administrator amounted to $20,443.</font></p>

  <p align="left"><font face="serif" size="2">The Fund pays each of its directors
      who is not a director, officer or employee of the Investment Manager, the
      Country Adviser or the Administrator or any affiliate thereof an annual
      fee of $5,000 plus $700 for each in-person Board of Directors meeting and
       $100 for each telephonic Board of Directors meeting attended. In addition,
      the Fund reimburses all directors for travel and out-of-pocket expenses
      incurred in connection with Board of Directors meetings.</font></p>


<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td align="left" valign="bottom"><div align="left"><font face="serif" size="2"><b>NOTE
    D:&nbsp;&nbsp;&nbsp; PORTFOLIO ACTIVITY</b></font></div></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">Purchases and sales of securities,
    other than short-term obligations, aggregated $543,823,514 and $467,387,607
    respectively, for the year ended December&nbsp;31, 2005.</font></p>

<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td align="left" valign="bottom"><div align="left"><font face="serif" size="2"><b>NOTE E:&nbsp;&nbsp;&nbsp; FOREIGN INCOME TAX</b></font></div></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">The Fund conducts its investment
    activities in India as a tax resident of Mauritius and expects to obtain
    benefits under the double taxation treaty between Mauritius and India (the &#147;tax
    treaty&#148; or &#147;treaty&#148;). To obtain benefits under the tax treaty,
    the Fund must  meet certain tests and conditions, including the establishment
    of Mauritius tax residence and related requirements. The Fund has obtained
    a certificate from the Mauritian authorities that it is a resident of Mauritius
    under the tax treaty between Mauritius and
India. Under current regulations, a fund which is a tax resident in Mauritius
    under the treaty, but has no branch or permanent establishment in India,
    will not be subject to capital gains tax in India on the sale of securities
    or to tax on dividends paid by Indian  companies. The Fund is subject to
    and accrues Indian withholding tax on interest earned on Indian securities
    at the rate of 20.91%.</font></p>
<p align="left"><font face="serif" size="2">20</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;<b>THE INDIA
          FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">The Fund will, in any year that it
    has taxable income for Mauritius tax purposes, elect to pay tax on its net
    income for Mauritius tax purposes at any rate between 0% and 35%.</font></p>

<p align="left"><font face="serif" size="2">The Fund continues to: (i) comply
    with the requirements of the tax treaty between India and Mauritius; (ii)
    be a tax resident of Mauritius; and (iii) maintain that its central management
    and control resides in Mauritius, and therefore management believes that
     the Fund will be able to obtain the benefits of the tax treaty between India
    and Mauritius. Accordingly, no provision for Indian income taxes has been
    made in accompanying financial statements of the Fund for taxes related to
    capital gains or dividends.</font></p>

<p align="left"><font face="serif" size="2">The foregoing is based upon current
    interpretation and practice and is subject to future changes in Indian or
    Mauritian tax laws and in the treaty between India and Mauritius.</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>NOTE F:&nbsp;&nbsp;&nbsp; QUARTERLY
            REPURCHASE OFFERS</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In February 2003, the Board of Directors
    approved, subject to stockholder approval, a fundamental policy whereby the
    Fund would adopt an &#147;interval fund&#148; structure pursuant to Rule
    23c-3 under the 1940 Act. Stockholders of the Fund approved the policy on

April&nbsp;30, 2003. As an interval fund, the Fund makes semi-annual repurchase
offers at net asset value (less a 2% repurchase fee) to all Fund stockholders.
The percentage of outstanding shares that the Fund can repurchase in each offer
is established by the Fund&#146;s
Board of Directors shortly before the commencement of each semi-annual offer
and is between 5% and 25% of the Fund&#146;s then-outstanding shares.</font></p></div>
<p align="left">&nbsp;</p>
<p align="right"><font face="serif" size="2">21</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
          INDIA FUND, INC.</b>&nbsp;</font></td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">During the year ended December&nbsp;31,
2005, the results of the semi-annual repurchase offer were as follows:</font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1"><b>Repurchase Offer #4</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1"><b>Repurchase Offer #5</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencement
    Date</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">February 23, 2005</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">August 26, 2005</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration
    Date</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">March 14, 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">September 16, 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase
    Offer Date</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">March 28, 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">September 23, 2005</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
    of Issued and Outstanding Shares of Common Stock</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">5%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">5%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
    Validly Tendered</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">110,112.1312</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">168,899.7396</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final
    Pro-ration Odd Lot Shares</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.00</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.00</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final
    Pro-ration Non-Odd Lot Shares</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
    of Non-Odd Lot Shares Accepted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.00000%</font></td>
    <td nowrap><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.00000%</font></td>
    <td nowrap><font size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
    Accepted for Tender</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">110,112.1312</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">168,899.7396</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
    Asset Value as of Repurchase Offer Date ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">27.20</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">35.34</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase
    Fee per Share ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.5440</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.7068</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase
    Offer Price ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">26.6540</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">34.6347</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase
    Fee ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">59,901</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">119,378</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
    ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">126,781</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">220,658</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td align="left" valign="bottom"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    Cost ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">3,061,709</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">6,070,450</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>

<p align="right">&nbsp;</p>
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
<p align="left"><font face="serif" size="2">22</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA FUND,
          INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
          2005</b></font></td>
  </tr>
</table>
<p align="left"></p>
<p align="left"><font face="serif" size="2">During the year ended December&nbsp;31,
    2004, the results of the semi-annual repurchase offer were as follows:</font></p>

<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="1"><b>Repurchase Offer #2</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1"><b>Repurchase Offer #3</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Commencement Date</font></div></td>
    <td width="15%"><font face="serif" size="2">February 20, 2004</font></td>
    <td width="2%" align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">August 20, 2004</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Expiration Date</font></div></td>
    <td><font face="serif" size="2">March 12, 2004</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">September 10, 2004</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Repurchase Offer Date</font></div></td>
    <td><font face="serif" size="2">March 19, 2004</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">September 17, 2004</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">% of Issued and Outstanding Shares of Common Stock</font></div></td>
    <td><font face="serif" size="2">0.6%</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">2.8%</font></td>
    <td align="left" nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Shares Validly Tendered</font></div></td>
    <td><font face="serif" size="2">132,437.366</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">661,852.704</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Final Pro-ration Odd Lot Shares</font></div></td>
    <td><font face="serif" size="2">607.12</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">989.70</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Final Pro-ration Non-Odd Lot Shares</font></div></td>
    <td><font face="serif" size="2">131,830.166</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">652,393.000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">% of Non-Odd Lot Shares Accepted</font></div></td>
    <td><font face="serif" size="2">11.12700%</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">1.78600%</font></td>
    <td align="left" nowrap>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Shares Accepted for Tender</font></div></td>
    <td><font face="serif" size="2">132,437.366</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">661,852.704</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net Asset Value as of Repurchase Offer Date ($)</font></div></td>
    <td><font face="serif" size="2">22.74</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">23.26</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Repurchase Fee per Share ($)</font></div></td>
    <td><font face="serif" size="2">0.4548</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">0.4652</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Repurchase Offer Price ($)</font></div></td>
    <td><font face="serif" size="2">22.2852</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">22.7948</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Repurchase Fee ($)</font></div></td>
    <td><font face="serif" size="2">60,232</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">307,894</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Expenses ($)</font></div></td>
    <td><font face="serif" size="2">127,333</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">65,809</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total Cost ($)</font></div></td>
    <td><font face="serif" size="2">3,078,726</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">15,152,609</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%"></div>
<p align="right"><font face="serif" size="2">23</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
    INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>December 31,
    2005</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>

<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE G:&nbsp;&nbsp;&nbsp;RIGHTS OFFER</b></font></div></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">On December&nbsp;17, 2004, the Fund
    commenced a rights offering and issued to stockholders as of December&nbsp;17,
    2004 one right for each share of common stock held. The rights were not transferable
    and, consequently, were not listed on any exchange. The  rights entitled
    holders to subscribe for an aggregate of 7,546,991 shares of the Fund&#146;s
    common stock. In addition, the Fund had the option of issuing additional
    shares in an amount up to 25% of the shares that were available in the primary
    offering, or  1,886,747 shares, for an aggregate total of 9,433,738 shares.
    The offer expired on January&nbsp;31, 2005. The Fund sold 9,433,738 shares
    at the subscription price per share of $26.50 (representing 95% of the Fund&#146;s
    net asset value per share on the expiration date of  the offer). The total
    proceeds of the rights offering were $249,994,057 and the Fund incurred costs
    to date of $572,549.</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>NOTE H:&nbsp;&nbsp;&nbsp;CONCENTRATION
            OF RISKS</b></font></div></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">At December&nbsp;31, 2005, substantially
    all of the Fund&#146;s net assets were invested in Indian securities. The
    Indian securities markets are among other things substantially smaller, less
    developed, less liquid, subject to less regulation and more volatile than
    the  securities markets in the United States. Consequently, and as further
    discussed above, acquisitions and dispositions of securities by the Fund
    involve special risks and considerations not present with respect to U.S.
    securities. At December&nbsp;31, 2005, the Fund has
a concentration of its investment in computer, finance, and diversified industries.
    The values of such investments may be affected by changes in such industry
    sectors.</font></p>

<p align="left"><font face="serif" size="2">Securities denominated in currencies
    other than U.S. dollars are subject to changes in value due to fluctuations
    in foreign exchange. Foreign security and currency transactions involve certain
    considerations and risks not typically associated with those of domestic
     origin as a result of, among other factors, the level of governmental supervision
    and regulation of foreign securities markets and the possibilities of political
    or economic instability, the fact that foreign securities markets may be
    smaller and less developed, and the
fact that securities, tax and corporate laws may have only recently developed
    or are in developing stages, and laws may not exist to cover all contingencies
    or to protect investors adequately.</font></p>

<p align="left"><font face="serif" size="2">In the normal course of business,
    the Fund may enter into contracts that contain a variety of representations
    and warranties and which may provide for general indemnifications. The Fund&#146;s
    maximum exposure under these arrangements is unknown, as this  would involve
    future claims that may be made against the Fund that have not yet occurred.
    However, based on experience, management expects the risk of loss to be remote.</font></p>

<p align="left"><font face="serif" size="2">24</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><b>Report of Independent Registered Public Accounting Firm</b></font></p>

<p align="left"><font face="serif" size="2">To the Board of Directors and Shareholders
    of The India Fund, Inc.:</font></p>


<p align="left"><font face="serif" size="2">In our opinion, the accompanying
    statement of assets and liabilities, including the schedule of investments,
    and the related statements of operations and of changes in net assets and
    the financial highlights present fairly, in all material respects, the financial

position of The India Fund, Inc. (the &#147;Fund&#148;) at December&nbsp;31,
2005, the results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the  period then ended, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as &#147;financial
statements&#148;) are the responsibility of the Fund&#146;s management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United States).
Those  standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the
financial statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of securities
at December&nbsp;31,
2005 by correspondence with the custodian and brokers, provide a reasonable basis
for our opinion.</font></p>

<p align="left"><font face="serif" size="2">PricewaterhouseCoopers LLP<br>
February&nbsp;28, 2006</font></p>
<p align="right"><font face="serif" size="2">25</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>

<p>&nbsp; </p>
<p align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><b><font face="serif" size="4">Approval of the Management Agreements</font></b></p>
<p align="left"><font face="serif" size="2"><b>APPROVAL OF NEW MANAGEMENT ARRANGEMENTS</b></font></p>

<p align="left"><font face="serif" size="2">The Investment Company Act of 1940,
    as amended (the &#147;1940 Act&#148;), requires that the Fund&#146;s Board
    of Directors, including a majority of its Directors who are not affiliated
    with the Fund&#146;s investment adviser (the &#147;Independent Directors&#148;)
    voting separately,
approve the Fund&#146;s advisory agreement and the related fees for its initial
term and on an annual basis thereafter at a meeting called for the purpose of
voting on the agreement&#146;s approval or continuation. At a meeting held in
person on November&nbsp;8, 2005, after
careful consideration of possible alternatives to the Fund&#146;s management
and country advisory arrangements, the Board of Directors, including a majority
of the Independent Directors, determined that it would be in the best interest
of the Fund and its
Stockholders to select Blackstone Asia Advisors L.L.C. (&#147;Blackstone Advisors&#148;)
as the new investment manager and Blackstone Fund Services India Private Limited
(&#147;Blackstone India&#148;) as the new country adviser for the Fund. At this
meeting, the Directors  approved, subject to Stockholder approval, a new management
agreement and a new country advisory agreement. At the meeting, the Board of
Directors also approved an interim management agreement and an interim country
advisory agreement, as permitted
under the 1940 Act, pursuant to which Blackstone Advisors and Blackstone India
have served as interim investment manager and interim country advisor to the
Fund since December&nbsp;4, 2005. In making this decision, the Independent Directors
were represented  by independent counsel who assisted them in their deliberations
prior to and during the Board meeting and in the meeting&#146;s executive session.
The new management agreement and new country advisory agreement will become effective
on the date the  Stockholders of the Fund approve the agreements. In addition,
Blackstone Advisors currently serves as the Fund&#146;s administrator. Blackstone
Advisors hired the Fund&#146;s then-existing portfolio manager and certain other
members of the portfolio management team,  thereby ensuring continuity of day-to-day
management of the Fund&#146;s portfolio.</font></p>

<p align="left"><font face="serif" size="2"><b>BACKGROUND</b></font></p>

<p align="left"><font face="serif" size="2">In the spring of 2005, in light of
    the fact that there was no employment contract in place with the Fund&#146;s
    portfolio manager, the Independent Directors undertook certain actions in
    order to gather information, including the formation of a joint committee
    of the  Boards of various funds and participation in meetings of the joint
    committee to assist in evaluating the then current management. The Independent
    Directors met several times with the then current management and with the
    Fund&#146;s portfolio manager to discuss
the portfolio manager&#146;s employment arrangements and likelihood of continued
employment. The Board of Directors also established a subcommittee to review
various management alternatives. The subcommittee met several times and approached
several  organizations that it believed might have an interest in managing the
Fund. The subcommittee also consulted regularly with counsel to the Independent
Directors.</font></p>
<p align="left"><font face="serif" size="2">In August 2005, the Independent Directors
    met in person to hear presentations and consider proposals from four firms,
    including the then current investment manager, for the management of the
    Fund. At that meeting, representatives of Blackstone made presentations to
    and responded to questions from the Board of Directors and informed the Board
that Blackstone was willing to hire the Fund&#146;s existing</font></p>
<p align="left"><font face="serif" size="2">26</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><b><font face="serif" size="3">Approval of the Management Agreements
(continued</font><font face="serif" size="2">)</font></b></p>

<p align="left"><font face="serif" size="2"> portfolio
    manager and certain other members of the existing management team in order
    to ensure the  continuity of day-to-day management. Subsequently, the Independent
    Directors indicated that it was their intention not to renew the existing
    agreements with the Fund&#146;s former investment manager and country adviser,
    both of which expired on December&nbsp;4,
2005. The Board further indicated that it intended to consider investment advisory
    and administration arrangements with Blackstone at a subsequent meeting and
    invited Blackstone to make an additional presentation. To assist the Board
    in its consideration of  the proposed agreements, Blackstone provided materials
    and information about Blackstone, Blackstone Advisors and Blackstone India
    (collectively referred to as &#147;Blackstone&#148;), which included, among
    other things, descriptions of Blackstone Advisors&#146;
qualifications as an investment manager and Blackstone India&#146;s qualifications
as country adviser and a description of the principal activities in which these
entities anticipated being involved, including and in addition to their services
to the Fund. Blackstone also  provided descriptions of its business, personnel
and operations, services, proposed compensation by the Fund and compliance. In
addition, the Independent Directors consulted with their counsel on numerous
occasions, discussing, among other things, the legal
standards and certain other considerations relevant to the Directors&#146; deliberations.
Fund counsel also provided the Directors with a memorandum outlining the legal
duties of the Board.</font></p>

<p align="left"><font face="serif" size="2">The Independent Directors, through
    their independent legal counsel, requested and received additional information
    from Blackstone, including, among other things, various compliance matters.
    The lead Independent Director and independent counsel held  several conference
    calls with Blackstone to review the actions being taken by Blackstone to
    enable a smooth transition for the Fund. The Independent Directors also requested
    that Blackstone consider modifying and reducing the advisory and administrative
    fees.
On November&nbsp;1, 2005, the Independent Directors met with Blackstone to preliminarily
discuss the materials provided and to further discuss Blackstone&#146;s qualifications
as investment manager, including its proposed compliance program, and its general
plans  and intentions regarding the Fund. Blackstone also gave a detailed presentation
describing the substantial efforts Blackstone had undertaken to ensure a smooth
transition for the Fund. Blackstone also agreed to modify the breakpoints in
the advisory fee so that
reduced fees would begin at $500,000,000, which would have an immediate impact
on fees paid by the Fund. Blackstone further agreed to add a breakpoint to the
administrative fee which, while not having an immediate impact, could reduce
fees if the Fund&#146;s
assets were to grow. The Independent Directors also conferred separately with
their counsel on a number of occasions, including in connection with these meetings.</font></p>
<p align="left"><font face="serif" size="2">At an in-person Board of Directors
    meeting on November&nbsp;8, 2005, the Board of Directors further reviewed
    the material provided by Blackstone and representatives of Blackstone were
    available to respond to questions from the Board of Directors. The Independent
    Directors then met in executive session with their counsel to consider the
    interim management and country advisory agreements as well as the new management,
country advisory and administration agreements.</font></p>
<p align="right"><font face="serif" size="2">27</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp; </p>
<p align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><b><font size="3" face="serif">Approval of the Management Agreements (continued)</font></b></p>

<p align="left"><font face="serif" size="2"><b>FACTORS CONSIDERED</b></font></p>

<p align="left"><font face="serif" size="2">In approving the agreements and determining
    to submit the new management agreement and country advisory agreements to
    Stockholders for approval, the Directors considered a wide variety of factors.
    Among other things, the Directors considered:</font></p>

  <p align="left"><font face="serif" size="2">(i)&nbsp; The qualifications of
       Blackstone Advisors and Blackstone India, including the nature, extent
      and
    quality of services to be provided and the investment performance of the
      portfolio  manager: The Directors first considered whether Blackstone was
      qualified to
    assume the management of the Fund. The Directors considered the various significant
       strengths of and services which could be provided by Blackstone as a firm,

    including Blackstone&#146;s well-capitalized organization with global resources,
     relationships, reputation and financial strength, its access to existing
    shared
    knowledge in capital markets and trends, its private equity, corporate debt,
     real estate, restructuring and corporate advisory services, and its ability

    to attract highly-qualified professional talent. The Board noted particularly
     Blackstone&#146;s considerable experience in managing the assets of various
      clients, including large corporations, pension plans and foundations.</font></p>

<p align="left"><font face="serif" size="2">Next, the Directors considered the
    fact that Blackstone intended to hire the Fund&#146;s existing portfolio
    manager and certain other members of the existing management team, thereby
    ensuring continuity of day-to-day management of the portfolio. The Directors
     noted that the existing investment manager had no employment contract in
    place with the portfolio manager. In particular, the Directors considered
    the performance and track record of the portfolio manager, who had served
    as the Fund&#146;s portfolio manager for
eight years. Among other things, they took into consideration the favorable history
    of the portfolio manager for the Fund, finding that this has had, and would
    likely continue to have, a favorable impact on the success of the Fund, and
    noting particularly the
success of the Fund&#146;s rights offering in early 2005.</font></p>

<p align="left"><font face="serif" size="2">The Directors also took into account
    Blackstone&#146;s methodology for compensating the portfolio manager and
    the rest of the portfolio management, trading and research team and the factors
    that affect their compensation and discussed the portfolio manager&#146;s
     satisfaction with such arrangements. The Directors also discussed with Blackstone
    whether the Fund&#146;s portfolio manager will manage other accounts, and
    Blackstone indicated that there were no current plans for the Fund&#146;s
    portfolio manager to manage any other  accounts other than the Fund and The
    Asia Tigers Fund, Inc.</font></p>
<p align="left"><font face="serif" size="2">The Directors also considered Blackstone&#146;s
    commitment to India, including its plans to make significant private equity
    investments in India, as well as its existing office in Mumbai staffed with
    a combination of Blackstone professionals from New York and investment professionals
    hired locally to facilitate integration with the rest of the firm and to
    ensure adoption of Blackstone best practices in India and thus allow the
Fund access to additional India-based professionals and locally-sourced research.</font></p>
<p align="left"><font face="serif" size="2">28</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><strong><font face="serif" size="3">Approval of the Management
  Agreements (continued)</font></strong></p>

  <p align="left"><font face="serif" size="2">The Directors also considered Blackstone&#146;s
       investment philosophy with respect to and its investment outlook for the
      Fund
    and discussed whether changes would be made to the way investment decisions
       would be made, executed and recorded. The Directors further considered
      the
    strength of Blackstone&#146;s portfolio management activities generally.
    Blackstone  also informed the Directors that it intended to hire an additional
    analyst
    in Boston and in India as well as a trading support professional and assured
     the Directors that it would provide the portfolio management team with such

    additional resources, including improved systems and administrative support,
     as are required or helpful to ensure professional growth and development
    and
    to seek continued market and peer out-performance. The Directors weighed
    these  significant advantages against the fact that that Blackstone had not
    previously
    served as investment adviser to any U.S. registered investment company and
     that Blackstone Advisors and Blackstone India were newly established. The

    Directors therefore particularly examined Blackstone&#146;s capability of
     operating the Fund pursuant to all applicable regulations. The Directors
    were
    advised by Blackstone that it had undertaken all regulatory action necessary
     for Blackstone Advisors to assume the role as investment manager of the
    Fund
    and for Blackstone India to assume the role of country adviser of the Fund,
     including registering Blackstone Advisors with the SEC as an investment
    adviser
    under the Investment Advisers Act of 1940, as amended (the &#147;Advisers
     Act&#148;). Blackstone indicated that Blackstone India&#146;s registration
      with the SEC as an investment adviser under the Advisers Act as well as
     its
    registration with the appropriate Indian authorities were in process and
     would  be complete before December&nbsp;4, 2005, when the existing management
     and  country advisory agreements were due to expire. As of December&nbsp;4,
     2005,  Blackstone Advisors and Blackstone India were registered investment
     advisers
    under the Advisers Act and had completed all necessary registrations with
      the appropriate Indian authorities.</font></p>

  <p align="left"><font face="serif" size="2">The Directors also particularly
       considered whether Blackstone would be able to meet the compliance demands

    set forth under various regulations, noting that Blackstone generally had
       extensive compliance operations (including sixteen registered investment
      advisers)
    with extensive codes of conduct and compliance manuals for each of its business
       groups and had recently developed extensive compliance programs specifically

    designed for their management of registered investment companies. Blackstone
       also indicated to the Directors that it had added to its compliance staff

    to ensure that all of the compliance activities associated with management
       of the Fund are appropriately handled. The Directors also reviewed materials

    regarding Blackstone Advisors&#146; compliance program, including its compliance
    manual, and discussed in detail Blackstone&#146;s methods of dealing with
    potential conflicts of interest. Further, the Directors also noted that while
    Blackstone has no other registered investment company clients, it has extensive
    experience and an elaborate infrastructure to deal with investors.</font></p>

  <p align="left"><font face="serif" size="2">Finally, the Directors also considered
      the administration of the Fund, noting that Blackstone intended to continue
      to use the Fund&#146;s existing sub-administrator and accounting agent,
      transfer agent and custodian to help ensure continuity of high quality
      services to the Fund. Blackstone assured the Directors that as Fund administrator
      it would be fully accountable to the Board for the Fund&#146;s administrative
      operations. Blackstone also indicated that it would regularly monitor the
      performance of all of the Fund&#146;s third party providers and it would
      consider making any changes to the Fund&#146;s administrative operations
      and services to its Stockholders that it believes would benefit the Fund.
      The </font></p>
  <p align="left"><font face="serif" size="2"><br>
    </font></p>
  <p align="right"><font face="serif" size="2">29</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"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><strong><font face="serif" size="3">Approval of the Management
  Agreements (continued)</font></strong></p>
  <p align="left"><font face="serif" size="2">Directors further
    noted Blackstone&#146;s extensive finance, accounting and administrative staff
    which performs those functions for its existing asset management businesses
    and which Blackstone assured the Directors was capable of handling the additional
    needs of the Fund. Blackstone also stated that it planned to add to additional
    administrative staff and would add additional finance, accounting and administrative
    staff in the future if necessary. In addition, Blackstone retained two consultants,
    both of whom previously worked with the Fund, to ensure a smooth transition
    of the Fund&#146;s administrative and compliance functions.</font></p>


  <p align="left"><font face="serif" size="2">Blackstone also noted that it planned
       to implement a new trading/compliance system and a portfolio accounting
      system
    in the future. Blackstone assured the Directors that the systems would allow
       for more efficient trading, compliance and reconciliation processes, as
      the
    systems would link electronically to the custodians and sub-administrator
       systems. These platforms would also allow the portfolio management team
      to
    analyze the Fund&#146;s positions in a more real-time format. Blackstone
    indicated  that it also intended to implement other appropriate changes to
    strengthen
    the operations of the Fund.</font></p>

  <p align="left"><font face="serif" size="2">(ii) The reasonableness of the
      advisory  fees: In evaluating the costs of the services to be provided
      by Blackstone
    Advisors and Blackstone India under the new management and country advisory
       agreements and the profitability of Blackstone Advisors and Blackstone
      India
    with the Fund, the Directors considered, among other things, whether advisory
       (or management) and administrative fees or other expenses would change
      as
    a result of the new agreements. Based on their review of the materials provided
       and the assurances they had received from Blackstone, the Directors determined

    that the new agreements would reduce the total fees payable for advisory
      (or  management) and administrative services at the Fund&#146;s current
      asset levels  and that overall Fund expenses were not expected to increase
      materially.</font></p>

  <p align="left"><font face="serif" size="2">As part of their analysis, the Directors
    gave substantial consideration to the comparisons of fees of the Fund as described
    in the materials provided by Blackstone. The Directors also noted Blackstone&#146;s
    responsiveness to the Directors&#146; request to modify and reduce the advisory
    fee. Under the new management agreement, the Directors
    noted that changes were being made to the Fund&#146;s fee schedule, which
    would have the effect of lowering the Fund&#146;s fees paid at asset levels
    over $500,000,000. Under the new management agreement, the Fund will pay
    the Blackstone Advisors a monthly fee at an annual rate of: (i) 1.10% of
    the Fund&#146;s average weekly net assets for the first $500,000,000; (ii)
    0.90% of the Fund&#146;s average weekly net assets for the next $500,000,000;
    (iii) 0.85% of the Fund&#146;s average weekly net assets for the next $500,000,000;
    and (iv) 0.75% of the Fund&#146;s average weekly net assets in excess of
    $1,500,000,000.</font></p>

  <p align="left"><font face="serif" size="2">Under the previous management agreement,
      the Fund paid a monthly fee at an annual rate of: (i) 1.10% of the Fund&#146;s
      average weekly net assets up to and including $600,000,000 and (ii) 0.95%
      of the Fund&#146;s average weekly net assets in excess of $600,000,000.
      Under the new country advisory agreement, Blackstone Advisors and not the
      Fund will pay Blackstone India a monthly fee equal to an annual rate of
      0.10% of the Fund&#146;s average weekly net assets, unchanged from that
      of the previous country advisory agreement.</font></p>
  <p align="left"><font face="serif" size="2"></font></p>
  <p align="left"><font face="serif" size="2"><br>
    </font></p>
  <p align="left"><font face="serif" size="2">30</font></p>
  <hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>

<p align="left"><strong><font face="serif" size="2">A<font size="3">pproval of the Management
  Agreements (continued)</font></font></strong></p>
  <p align="left"><font face="serif" size="2">The Directors reviewed the past
      investment performance of the Fund under the portfolio manager, now employed
      by Blackstone, during her tenure with the Fund. In particular, the Directors
      focused on the analysis of the Fund&#146;s performance during the past eight
    years, recalling that the Fund&#146;s performance was comparable with that
    of its principal peer fund, and that the Fund outperformed its benchmark over
    the last three years and since inception for both annualized and cumulative
    returns. Further, the Fund&#146;s performance was strong over all periods
    in absolute terms. The Directors recognized that past performance is not
    an
    indicator of future performance, but concluded that the portfolio manager
    had the necessary expertise to continue to manage the Fund in accordance
    with
    its investment objectives and strategies.</font></p>

  <p align="left"><font face="serif" size="2">In reviewing the investment advisory
    fees, the Directors noted that the fee under the new management agreement
    was lower than that of the Fund&#146;s principal peer fund. The Directors
    noted that the Fund&#146;s expense ratio, which was not expected to increase
    as a result of the new agreements, was slightly higher than that of its peer
    fund. Further, the Directors considered the extent to which Blackstone believed
    economies of scale would be realized as the Fund grows and whether the fee
    levels reflect economies of scale for the benefit of the Fund&#146;s Stockholders,
    noting that the breakpoints in the fee structure would have the effect of
    lowering the Fund&#146;s fees paid at certain asset levels. The Directors
    were unable to compare the proposed fees with fees charged by Blackstone to
    other large institutional and other clients with comparable objectives, as
    Blackstone did not have any other clients which have investment objectives
    comparable to those of the Fund.</font></p>

  <p align="left"><font face="serif" size="2">(iii) The operating expenses of
       the Fund: The Directors recalled that they had recently considered the
      operating
    expenses of the Fund against those of its principal peer and concluded that
       the expenses of the Fund were reasonable. In re-evaluating the operating
      expenses,
    the Directors considered, among other things, whether the operating expenses
      were likely to change as a result of the new agreements. Blackstone assured
      the Directors that it did not anticipate that the operating expenses or
      the
  annualized expense ratio would increase as a result of the new agreements.
      The Directors noted that the revised breakpoint in the advisory fee would
      have the
  effect of lowering the Fund&#146;s fees paid at asset levels over $500,000,000.
  The Directors also noted that a new breakpoint would be added to the Fund&#146;s
  new administration agreement with Blackstone Advisors, which could reduce fees
  if the Fund&#146;s assets were to grow. Under the new administration agreement,
  the Fund pays Blackstone Advisors 0.20% of the Fund&#146;s average weekly net
  assets for the first $1,500,000,000 and 0.15% of the Fund&#146;s average weekly
  net assets in excess of $1,500,000,000. The Directors concluded that the expenses
  of the Fund were reasonable.</font></p>
  <p align="left"><font face="serif" size="2">(iv)&nbsp;&nbsp;&nbsp; Portfolio
      transactions: The Directors evaluated the policies and practices of the
      Fund and considered the newly implemented policies and practices of Blackstone
      Advisors in effecting portfolio transactions. The Directors inquired as
      to how Blackstone intended to ensure that portfolio transactions would
      be carried out competently and within the scope of applicable governmental
      and Fund policy limitations. Blackstone also discussed its plan to implement
      a new trading/compliance system in the future, which would help to ensure
      more efficient and compliant portfolio trading. The Directors also inquired
      of Blackstone about anticipated Fund transactions with affiliates, portfolio </font></p>
  <p align="right"><font face="serif" size="2">31</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"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><b><font face="serif" size="3">Approval of the Management Agreements
  (continued)</font></b></p>
<p align="left"><font face="serif" size="2">turnover rates, the recapture
    of brokerage commissions and the consideration of research services in placing
    portfolio transactions. The Directors also noted that Blackstone did not intend
    to use soft dollars in connection with portfolio transactions for the Fund.
    Although Blackstone may receive unsolicited proprietary research reports from
    brokers that execute transactions for the Fund, it will not select brokers
  based on this research.</font></p>

  <p align="left"><font face="serif" size="2">(v)&nbsp;&nbsp;&nbsp; Blackstone
    Advisors and Blackstone India&#146;s management of other Funds and other client
    accounts and fees paid: The Directors also considered Blackstone Advisors&#146;
    and Blackstone India&#146;s management of other funds and other investment
    products and the fees paid in those instances. The Directors noted that Blackstone
    Advisors and Blackstone India did not manage any other similar funds or accounts,
    and, accordingly, a comparison was not possible.</font></p>
  <p align="left"><font face="serif" size="2">(vi)&nbsp;&nbsp;&nbsp; The profitability
       of Blackstone Advisors, Blackstone India and their affiliates with respect

    to their relationship to the Fund: The Directors considered what benefits
       Blackstone would derive from the management of the Fund and whether it
      would
    have a financial interest in the matters that were being considered. The
      Directors  reviewed information regarding the estimated profitability to
      Blackstone Advisors
    and Blackstone India of their relationship with the Fund and considered whether
       the profits would be reasonable. The profitability analysis took into
      consideration
    fall out benefits from Blackstone Advisors&#146; and Blackstone India&#146;s
     relationship with the Fund, including fees received under the agreements
    and
    fees received pursuant to the administration agreement, although the Directors
     noted that any such benefits were difficult to quantify with certainty at

    this time, and indicated that they would continue to evaluate them going
     forward. The Directors found that the estimated profits to be realized by
    Blackstone
  Advisors and Blackstone India from their relationship with the Fund were likely
    to be reasonable and consistent with fiduciary duties. Blackstone also indicated
    that it and its affiliates would receive the benefits of synergies with Blackstone&#146;s
    private equity operations in India.</font></p>

  <p align="left"><font face="serif" size="2">(vii)&nbsp;&nbsp;&nbsp; Blackstone&#146;s
      commitment to the continuity of the Fund: The Directors also considered
      Blackstone&#146;s commitment to the continuity of the Fund. The Directors
      noted the terms and conditions of the new management and country advisory
      agreements were substantially identical to the previous management and
      country advisory agreements. Blackstone Advisors also intended to hire
      the Fund&#146;s existing portfolio manager and certain other members of
      the existing management team, thereby ensuring continuity of day-to-day
      management of the Fund&#146;s portfolio. The Directors also noted the fact
      that Blackstone intended to maintain the Fund&#146;s relationships with
      its service providers, including, among others, the custodian and the transfer
      agent, and intended to maintain the division of responsibilities between
      the adviser and the service providers and the services provided by each
      of them, which would also help to ensure continuity.</font></p>
  <p align="left"><font face="serif" size="2"></font></p>
  <p align="left"><font face="serif" size="2">32</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="3"><b>Approval of the Management Agreements
  (continued)</b></font></p>
<p align="left"><font face="serif" size="2">The Directors lastly noted that
    Blackstone had worked very closely with the portfolio management team and
    the Directors themselves in planning for a potential transition, including
    performing numerous interviews with the portfolio management team, the custodians,
    the administrator, the external accountants and with personnel in Mumbai in
    order to understand the current operations of the Fund and to consider where
  improvements of the operations of the Fund can be made.</font></p>

  <p align="left"><font face="serif" size="2">(viii)&nbsp;&nbsp;&nbsp; Alternatives
    to the agreements: The Board also considered possible alternatives to the
    management and country advisory arrangements from the standpoint of the Fund
    and its Stockholders. As discussed above under &#147;Background&#148;, the
    Directors undertook an extensive review and evaluation of prior management
    and carefully considered a variety of alternatives. The Directors considered
    the relative advantages and disadvantages of retaining a new investment manager
    (or managers) or hiring internal management to perform all or a part of the
    advisory, administrative or operational tasks. In connection with their examination
    of these alternatives, the Directors considered all of the factors described
    above. The Directors further considered whether the Fund would have the ability
    on its own to attract, retain and supervise highly qualified personnel and
    obtain high quality services.</font></p>

  <p align="left"><font face="serif" size="2"><b>APPROVAL AND RECOMMENDATION</b></font></p>
  <p align="left"><font face="serif" size="2">As a result of the considerations
      described above, the Board of Directors determined to consider and approve
      new management and country advisory arrangements with Blackstone. In considering
      whether to approve the new agreements, the Directors did not identify any
      particular information that was all-important or controlling. Nor did the
      Board identify any single factor that was determinative to the decision
      of the Board and each Director may have attributed different weights to
      the various factors. The Directors evaluated all information available
      to them, and their determinations were made separately in respect of each
      agreement. The Directors also considered comparative information received
      in connection with their most recent approval of the continuation of the
      previous management, country advisory and administration agreements in
      addition to information provided by Blackstone in connection with their
      evaluation of the terms and conditions of the new agreements. Based upon
      their discussions which took place throughout the year and at the May&nbsp;17,
      August 9 and November&nbsp;8, 2005 board meetings, as well as on the recommendations
      of the Board&#146;s subcommittee, and after weighing each of the presentations
      of the other firms, the Independent Directors are satisfied that Blackstone
      Advisors and Blackstone India are qualified to manage the Fund&#146;s investment
      portfolio. The Directors, including a majority of Independent Directors,
      concluded that the terms of the new management agreement and the new country
      advisory agreement are fair and reasonable, that the fees stated therein
      are reasonable in light of the services to be provided to the Fund, and
      for these reasons they therefore have concluded that the new management
      agreement and the new country advisory agreement should be approved and
      recommended to Fund Stockholders.</font></p>
  <p align="right"><font face="serif" size="2"></font></p>
  <p align="right"><font face="serif" size="2">33</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"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><b><font face="serif" size="4">Results of Annual Meeting of Stockholders</font></b></p>
<div style="text-indent:3%"><p align="left"><font face="serif" size="2">The Fund held its Annual Meeting of Stockholders on April&nbsp;21, 2005. At the meeting, stockholders elected each of the nominees proposed for election to the Fund&#146;s Board of Directors. The following table provides information concerning the matters voted on
at the meeting:</font></p></div>
<p align="left"><font face="serif" size="2"><b>I. &nbsp;&nbsp;&nbsp;Election of Directors</b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></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>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Votes</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>Non-Voting</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 Voting and</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1"><b>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>Votes For</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>Withheld</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>Shares</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>Non-Voting Shares</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Leslie H. Gelb</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="10%" align="right" valign="bottom"><font face="serif" size="2">25,077,862</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="10%" align="right" valign="bottom"><font face="serif" size="2">482,951</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="10%" align="right" valign="bottom"><font face="serif" size="2">6,523,837</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="10%" align="right" valign="bottom"><font face="serif" size="2">32,084,650</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Stephane R. F. Henry</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">23,828,846</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">1,731,967</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">6,523,837</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">32,084,650</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Luis F. Rubio</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">25,081,070</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">479,742</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">6,523,837</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">32,084,650</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">At December&nbsp;31, 2005, in addition
    to Leslie H. Gelb, Stephane R. F. Henry, and Luis F. Rubio, the other directors
    of the fund were as follows:</font></p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">Lawrence K. Becker<br>
Jean Marc Hardy<br>
Prakash A. Melwani<br>
Peter G. Peterson<br>
Jeswald W. Salacuse</font></td>
  </tr>
</table>


<p align="left"><font face="serif" size="2">A description of the policies and
    procedures that the Fund uses to determine how to vote proxies relating to
    portfolio securities is available without charge upon request by calling
    the Fund&#146;s toll free number at 1-866-800-8933 and at the Securities
    and Exchange
Commission website at http://www.sec.gov.</font></p>
<p align="left"><font face="serif" size="2">Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve month period ended December&nbsp;31, 2005 is available after February&nbsp;28, 2006, without charge, upon request, by calling the Fund&#146;s toll free number
at 1-866-800-8933 and at the Securities and Exchange Commission website at http://www.sec.gov.</font></p><p align="left"><font face="serif" size="2">The Fund&#146;s CEO has submitted to the NYSE the required annual certification and, the Fund also has included the certifications of the Fund&#146;s CEO and CFO required by Section&nbsp;302 and Section&nbsp;906 of the Sarbanes-Oxley Act in the Fund&#146;s Form&nbsp;N-CSR
filed with the SEC, for the period of this report.</font></p>
<p align="left"><font face="serif" size="2">34</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="3"><b>Information About Directors and Officers (unaudited)</b></font></p>
<p align="left"><font face="serif" size="2">The business and affairs of the Fund are managed under the direction of the Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below. The Fund&#146;s Statement of Additional Information includes additional
information about the Directors and is available, without charge, upon request by calling 1-866-800-8933.</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td align="center" valign="bottom"><font face="serif" size="1"><br>
<b>Name, Address</b><br>
<b>and Age</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><br>
<br>
<br>
<b>Position(s) Held</b><br>
<b>with Fund<sup>1</sup></b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><br>
<br>
<b>Term of Office</b><br>
<b>and Length of</b><br>
<b>Time Served<sup>1</sup></b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><br>
<br>
<b>Principal</b><br>
<b>Occupation(s)</b><br>
<b>during Past 5 Years</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>Number of Funds</b><br>
<b>in Fund Complex</b><br>
<b>Overseen by</b><br>
<b>Director (including</b><br>
<b>the Fund)</b></font></td>
    <td align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><br>
<br>
<b>Other Board</b><br>
<b>Memberships</b><br>
<b>Held by Director</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="11"><font face="serif" size="2"><b>DISINTERESTED DIRECTORS</b></font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td width="15%">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td width="18%">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td width="15%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Lawrence K. Becker<br>
<br>
8039 Harbor View <br>
Terrace<br>
Brooklyn, N.Y. 11209<br>
<br>
Age: 50</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">Director and <br>
      Member of the <br>
      Audit
Committee <br>
and Nominating <br>
Committee, Class I</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="2">Since 2003</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="18%"><font face="serif" size="2">Private Investor, Real<br>
      Estate Investment <br>
Management (July <br>
2003&#150; Present); <br>
Vice
President, <br>
Controller/Treasurer, National
Financial <br>
Partners (2000&#150; 2003); <br>
Managing Director, <br>
Controller/Treasurer,<br>
Oppenheimer<br>
Capital- PIMCO<br>
(1981&#150;
2000)</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">2</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">Member of Board of<br>
      Trustees or Board of<br>
Managers of<br>
five registered investment<br>
companies advised<br>
by Advantage<br>
Advisers,
L.L.C.<br>
or its affiliates <br>
(&#147;Advantage&#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>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Leslie H. Gelb<br>
<br>
The Counsel on <br>
Foreign Relations<br>
58 East 68th Street<br>
New York, N.Y. 10021<br>
<br>
Age: 68</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and <br>
      Member of the <br>
      Audit
Committee <br>
and Nominating <br>
Committee, Class II</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 align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">President Emeritus, <br>
      The Council on
          <br>
      Foreign Relations <br>
      (2003&#150; Present);
President, <br>
The Council on<br>
Foreign
Relations<br>
(1993&#150; 2003); <br>
Columnist
(1991&#150; 1993),<br>
Deputy Editorial Page<br>
Editor (1985&#150; 1990) <br>
and Editor, Op-Ed
<br>
Page (1988&#150; 1990), <i><br>
The New York Times</i></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 align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Britannica.com;<br>
      Director of 34 <br>
      registered
investment<br>
companies advised <br>
by Salomon
Brothers<br>
Asset Management<br>
Inc (&#147;SBAM&#148;)</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>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">J. Marc Hardy<br>
<br>
c/o Multiconsult <br>
Limited<br>
Frere Felix de Valois <br>
Street<br>
Port Louis, Mauritius<br>
<br>
Age: 51</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and <br>
      Member of the <br>
Nominating <br>
Committee, Class III</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 align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Managing Director, <br>
      Mainstream Ltd. <br>
(independent financial <br>
advisor) and Value <br>
Investors Ltd.
(private<br>
investment
company)</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 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>
</table>
<p align="right"><font face="serif" size="2">35</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"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="2"><b>In<font size="3">formation About Directors and Officers (unaudited)  (continued)</font></b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="bottom">
    <td><font face="serif" size="1"><br>
<b>Name, Address</b><br>
<b>and Age</b></font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><br>
<br>
<br>
<b>Position(s) Held</b><br>
<b>with Fund<sup>1</sup></b></font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><br>
<br>
<b>Term of Office</b><br>
<b>and Length of</b><br>
<b>Time Served<sup>1</sup></b></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"><br>
<br>
<b>Principal</b><br>
<b>Occupation(s)</b><br>
<b>during Past 5 Years</b></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"><b>Number of Funds</b><br>
<b>in Fund Complex</b><br>
<b>Overseen by</b><br>
<b>Director (including</b><br>
<b>the Fund)</b></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"><br>
<br>
<b>Other Board</b><br>
<b>Memberships</b><br>
<b>Held by Director</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td width="1%">&nbsp;</td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td>&nbsp;</td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Stephane R. F. Henry<br>
<br>
c/o Premium Asset <br>
Management Ltd.<br>
Jamalacs, Vieux Conseil <br>
Street
Port Louis, Mauritius<br>
<br>
Age: 39</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">Director and <br>
      Member of the<br>
Nominating <br>
Committee, Class II</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="2">Since 2004</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">Managing Director, <br>
      Premium Asset<br>
Management Ltd., <br>
(1998-Present)</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">1</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">Boyer Allan India <br>
    Fund, Inc.</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>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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">Luis F. Rubio<br>
<br>
Jaime Balmes No. 11, D-2<br>
Los Morales Polanco<br>
Mexico, D.F. 11510<br>
<br>
Age: 50</font></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and <br>
      Member of the <br>
      Audit
Committee <br>
and Nominating <br>
Committee, Class II</font></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 1999</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, Centro de <br>
      Investigacion para el <br>
Desarrollo, A.C. <br>
(Center of Research<br>
for
Development)<br>
(2002&#150; Present)<br>
Director
General, <br>
Centro de Investigacion<br>
para el Desarrollo, A.C.<br>
(1984&#150; 2002); frequent <br>
contributor of op-ed<br>
pieces to <i>The Los <br>
Angeles Times</i> and <i><br>
The Wall Street Journal</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">Member of Board <br>
      of Trustees or <br>
      Board of
Managers <br>
of five registered <br>
investment <br>
companies advised <br>
by Advantage; <br>
Director of certain <br>
other private <br>
investment funds</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>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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">Jeswald W. Salacuse<br>
<br>
The Fletcher School <br>
of Law &amp; Diplomacy at <br>
Tufts University<br>
Medford, MA 02155<br>
<br>
Age: 67</font></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director, Chairman <br>
      of the Board
and <br>
Chairman of the <br>
Audit
Committee <br>
and Nominating <br>
Committee, Class I</font></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Since 1993</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">Henry J. Braker <br>
      Professor of Commercial<br>
Law, The Fletcher <br>
School of Law &amp; <br>
Diplomacy<br>
(1986&#150; Present); Dean,<br>
Fletcher School of <br>
Law &amp; Diplomacy,
<br>
Tufts University <br>
(1986&#150; 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 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">Director of 34 <br>
      registered investment<br>
companies advised<br>
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>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</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 align="center" valign="top" bgcolor="#ffffff">
    <td colspan="16"><font face="serif" size="2"><b>INTERESTED DIRECTORS</b></font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Prakash A. Melwani<br>
<br>
The Blackstone Group L.P.<br>
345 Park Avenue<br>
New York, NY 10154<br>
<br>
Age: 47</font></td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Director and President, Class III</font></td>
    <td>&nbsp;</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 <br>
      Director, Private Equity<br>
Group, Blackstone <br>
(May 2003&#150; Present); <br>
Founder and Chief <br>
Investment Officer, <br>
Vestar Capital Partners<br>
(1998&#150; 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 <br>
      Holdings Limited, <br>
      Texas
Genco LLC <br>
and Kosmos Energy<br>
Holdings
and <br>
Foundation Coal <br>
Holdings, Inc.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">36</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><strong><font face="serif" size="3">Information About Directors
  and Officers (unaudited) (continued)</font></strong></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td valign="bottom"><p>&nbsp;</p>
      <p><font face="serif" size="1"><b>Name, Address</b><br>
    <b>and Age</b></font></p></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><p>&nbsp;</p>
      <p><font face="serif" size="1"><b>Position(s) Held</b><br>
    <b>with Fund<sup>1</sup></b></font></p></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><br>
      <br>
      <b>Term of Office</b><br>
      <b>and Length of</b><br>
    <b>Time Served<sup>1</sup></b></font></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><br>
      <br>
      <b>Principal</b><br>
      <b>Occupation(s)</b><br>
    <b>during Past 5 Years</b></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><b>Number of Funds</b><br>
      <b>in Fund Complex</b><br>
      <b>Overseen by</b><br>
      <b>Director (including</b><br>
    <b>the Fund)</b></font></td>
    <td align="left" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><br>
      <br>
      <b>Other Board</b><br>
      <b>Memberships</b><br>
    <b>Held by Director</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><hr noshade size="1"></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">Peter
        G. Peterson<br>
        <br>
        The Blackstone Group L.P.<br>
        345 Park Avenue<br>
        New York, NY 10154<br>
        <br>
        Age: 79</font></div></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">Director, Class I</font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">Since 2005</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="22%"><font face="serif" size="2">Senior Chairman, The Blackstone
      Group L.P. (since 1985); Chairman, Federal Reserve Bank of New York (2000&#150;
      2004)</font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%" align="center"><font face="serif" size="2">1</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="22%"><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 width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="11">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="11"><font face="serif" size="2"><b>EXECUTIVE OFFICERS WHO ARE
      NOT DIRECTORS</b></font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="11">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Robert
        L. Friedman<br>
        <br>
        The Blackstone Group L.P.<br>
        345 Park Avenue<br>
        New York, N.Y. 10154<br>
        <br>
        Age: 62</font></div></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Chief Legal Officer and Vice President </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><font face="serif" size="2">Chief Administrative Officer and Chief Legal
      Officer, Blackstone (2003&#150; Present); Senior Managing Director, Blackstone
      (1999&#150; Present)</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</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>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Joshua
        B. Rovine<br>
        <br>
        The Blackstone Group L.P.<br>
        345 Park Avenue<br>
        New York, N.Y. 10154<br>
        <br>
        Age: 40</font></div></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Secretary</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><font face="serif" size="2">Managing Director, Finance and Administration
      Group, Blackstone (2003&#150; Present); Partner, Sidley Austin Brown &amp;
      Wood LLP (1994&#150; 2003)</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</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>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Brian
        S. Chase<br>
        <br>
        The Blackstone Group L.P.<br>
        345 Park Avenue<br>
        New York, N.Y. 10154<br>
        <br>
        Age: 28</font></div></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 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><font face="serif" size="2">Vice President and Chief Financial Officer,
      Distressed Securities Advisors Group, Blackstone (May 2005&#150; Present);
      Controller, Fortress Investment Group LLC, (May 2002&#150; May 2005)</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="right"><font face="serif" size="2">37</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"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><strong><font face="serif" size="3">Information About Directors
  and Officers (unaudited) (continued)</font></strong></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td valign="bottom"><p>&nbsp;</p>
      <p><font face="serif" size="1"><b>Name, Address</b><br>
    <b>and Age</b></font></p></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><br>
      <br>
      <br>
      <b>Position(s) Held</b><br>
    <b>with Fund<sup>1</sup></b></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><br>
      <br>
      <b>Term of Office</b><br>
      <b>and Length of</b><br>
    <b>Time Served<sup>1</sup></b></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><br>
      <br>
      <b>Principal</b><br>
      <b>Occupation(s)</b><br>
    <b>during Past 5 Years</b></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><b>Number of Funds</b><br>
      <b>in Fund Complex</b><br>
      <b>Overseen by</b><br>
      <b>Director (including</b><br>
    <b>the Fund)</b></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="1"><br>
      <br>
      <b>Other Board</b><br>
      <b>Memberships</b><br>
    <b>Held by Director</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><hr noshade size="1"></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">Barbara
        Pires<br>
        <br>
        Blackstone Asia Advisors L.L.C.<br>
        345 Park Avenue<br>
        New York, N.Y. 10154<br>
        <br>
        Age: 53</font></div></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">Chief Compliance Officer and Vice
      President</font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">Since 2005</font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="22%"><font face="serif" size="2">Consultant (2005&#150; Present);
      Chief Compliance Officer, The Asia Tigers Fund, Inc. and The India Fund,
      Inc. (2005); Senior Vice President, Oppenheimer Asset Management, Inc. (1996&#150;
      2005)</font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%" align="center"><font face="serif" size="2">N/A</font></td>
    <td width="2%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="22%" align="center"><font face="serif" size="2">N/A</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Punita
        Kumar-Sinha<br>
        <br>
        Blackstone Asia Advisors L.L.C.<br>
        345 Park Avenue<br>
        New York, N.Y. 10154<br>
        <br>
        Age: 43</font></div></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Portfolio Manager and Chief Investment Officer</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 align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Portfolio Manager, The Asia Tigers Fund, Inc.
      and The India Fund, Inc. (1999&#150; Present)</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">N/A</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>
  </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>&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="1">1</font></td>
    <td><div align="left"><font face="serif" size="1">The Fund&#146;s Board of Directors is divided into three classes: Class I, Class II, and Class III. The terms of office of the Class I, Class II, and Class III Directors expire at the Annual Meeting of Stockholders in the year 2006, year 2008, and year 2007, respectively, or thereafter in each case when
their respective successors are duly elected and qualified. The Fund&#146;s executive officers are chosen each year at the first meeting of the Fund&#146;s Board of Directors 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 duly elected and qualified.</font></div></td>
  </tr>
</table>
<div style="margin-left:1%">
<div style="margin-right:1%">
<div style="text-indent:3%"><p align="left"><font face="serif" size="2">
We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.</font></p></div>
</div>
</div>
<div style="margin-left:1%">
<div style="margin-right:1%">
<div style="text-indent:3%"><p align="left"><font face="serif" size="2">
For taxable non-corporate shareholders, 87% of the Fund&#146;s income represents qualified
ordinary income distributions subject to the 15% rate category.</font></p></div>
</div>
</div>
<p align="left"><font face="serif" size="2">38</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><strong>Dividends and Distributions</strong></font></p>
<p align="left"><font face="serif" size="2"><b>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>

<p align="left"><font face="serif" size="2">The Fund intends to distribute annually
    to shareholders substantially all of its net investment income, and to distribute
    any net realized capital gains at least annually. Net investment income for
    this purpose is income other than net realized long and short-term  capital
    gains net of expenses.</font></p>
<p align="left"><font face="serif" size="2">Pursuant to the Dividend Reinvestment and Cash Purchase Plan (the &#147;Plan&#148;), shareholders whose shares of Common Stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by the Plan Agent in
Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive all distributions in cash paid by check in dollars mailed directly to the shareholder by the dividend
paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as
representing the total amount registered in such shareholders&#146; names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should
consult with such nominee as to participation in the Plan through such nominee, and may be required to have their shares registered in their own names in order to participate in the Plan.</font></p><p align="left"><font face="serif" size="2">The Plan Agent serves as agent for the shareholders in administering the Plan. If the directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund&#146;s Common Stock or in cash, nonparticipants in the Plan will receive
cash and participants in the Plan will receive Common Stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share on the valuation date equals or exceeds net asset value per share on that
date, the Fund will issue new shares to participants at net asset value; provided, however, that if the net asset value is less than 95% of the market price on valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the
dividend or distribution payment date or, if that date is not a New York Stock Exchange trading day, the next preceding trading day. If net asset value exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or
capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants&#146; accounts on, or shortly after, the payment date. If, before
the Plan Agent has completed its purchases, the market price exceeds the net asset value of a Fund share, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the Fund&#146;s shares, resulting in the acquisition of fewer shares
than if the distribution had been paid in shares issued by the Fund on the dividend payment date.</font></p>
<p align="right"><font face="serif" size="2">39</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"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="3"><b>Dividends and Distributions (continued)</b></font></p>
<p align="left"><font face="serif" size="2"><b>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>
<p align="left"><font face="serif" size="2">Because of the forgoing difficulty with respect to open market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market
premium during the purchase period, the Plan Agent will cease making open-market purchases and shareholders will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.</font></p><p align="left"><font face="serif" size="2">Participants have the option of making additional cash payments to the Plan Agent, annually, in any amount from $100 to $3,000, for investment in the Fund&#146;s Common Stock. The Plan Agent will use all such funds received from participants to purchase Fund
shares in the open market on or about February 15.</font></p><p align="left"><font face="serif" size="2">Any voluntary cash payment received more than 30 days prior to this date will be returned by the Plan Agent, and interest will not be paid on any uninvested cash payment. To avoid unnecessary cash accumulations, and also to allow ample time for receipt and
processing by the Plan Agent, it is suggested that participants send in voluntary cash payments to be received by the Plan Agent approximately ten days before an applicable purchase date specified above. A participant may withdraw a voluntary cash payment by
written notice, if the notice is received by the Plan Agent not less than 48 hours before such payment is to be invested.</font></p><p align="left"><font face="serif" size="2">The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be
held by the Plan Agent in the name of the participant, and each shareholder&#146;s proxy will include those shares purchased pursuant to the Plan.</font></p><p align="left"><font face="serif" size="2">There is no charge to participants for reinvesting dividends or capital gains distributions or voluntary cash payments. The Plan Agent&#146;s fees for the reinvestment of dividends and capital gains distributions and voluntary cash payments will be paid by the Fund.
There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in stock or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred
with respect to the Plan Agent&#146;s open-market purchases in connection with the reinvestment of dividends and capital gains distributions and voluntary cash payments made by the participant. Brokerage charges for purchasing small amounts of stock for
individual accounts through the Plan are expected to be less than the usual brokerage charges for such transactions, because the Plan Agent will be purchasing stock for all participants in blocks and prorating the lower commissions thus attainable.</font></p>
<p align="left"><font face="serif" size="2">40</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="2"><b>D<font size="3">ividends and Distributions (concluded)</font></b></font></p>
<p align="left"><font face="serif" size="2"><b>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>
<p align="left"><font face="serif" size="2">The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions.</font></p><p align="left"><font face="serif" size="2">Experience under the Plan may indicate that changes in the Plan are desirable. Accordingly, the Fund and the Plan Agent reserve the right to terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to
notice of the termination sent to members of the Plan at least 30 days before the record date for such dividend or distribution. The Plan also may be amended by the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable
law, rules or policies of a regulatory authority) only by at least 30 days&#146; written notice to participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent at P.O. Box 43027, Westborough, Massachusetts 01581.</font></p>
<p align="right"><font face="serif" size="2">41</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"><b>THE INDIA FUND, INC.</b></font></p>
<p align="center"><font face="serif" size="2"><b>PRIVACY POLICY OF<br>
BLACKSTONE ASIA ADVISORS L.L.C.</b></font><font face="serif" size="2"> </font><font face="serif" size="2">&nbsp;</font> </p>
<hr size="1" noshade>
<p><font face="serif" size="2"><b>YOUR PRIVACY IS PROTECTED</b></font></p>
<p align="left"><font face="serif" size="2">An important part of our commitment to you is our respect for your right to privacy. Protecting all the information we are either required to gather or which accumulates in the course of doing business with you is a cornerstone of our relationship with you.
While the range of products and services we offer continues to expand, and the technology we use continues to change, our commitment to maintaining standards and procedures with respect to security remains constant.</font></p>
<p><font face="serif" size="2"><b>COLLECTION OF INFORMATION</b></font></p>
<p align="left"><font face="serif" size="2">The primary reason that we collect and maintain information is to more effectively administer our customer relationship with you. It allows us to identify, improve and develop products and services that we believe could be of benefit. It also permits us to provide
efficient, accurate and responsive service, to help protect you from unauthorized use of your information and to comply with regulatory and other legal requirements. These include those related to institutional risk control and the resolution of disputes or
inquiries.</font></p><p align="left"><font face="serif" size="2">Various sources are used to collect information about you, including (i) information you provide to us at the time you establish a relationship, (ii) information provided in applications, forms or instruction letters completed by you, (iii) information about your
transactions with us or our affiliated companies, and/or (iv) information we receive through an outside source, such as a bank or credit bureau. In order to maintain the integrity of client information, we have procedures in place to update such information, as
well as to delete it when appropriate. We encourage you to communicate such changes whenever necessary.</font></p>
<p><font face="serif" size="2"><b>DISCLOSURE OF INFORMATION</b></font></p>
<p align="left"><font face="serif" size="2">We do not disclose any nonpublic, personal information (such as your name, address or tax identification number) about our clients or former clients to anyone, except as permitted or required by law. We maintain physical, electronic and procedural safeguards
to protect such information, and limit access to such information to those employees who require it in order to provide products or services to you.</font></p><p align="left"><font face="serif" size="2">The law permits us to share client information with companies that are affiliated with us which provide financial, credit, insurance, trust, legal, accounting and administrative services to us or our clients. This allows us to enhance our relationship with you by
providing a broader range of products to better meet your needs and to protect the assets you may hold with us by preserving the safety and soundness of our firm.</font></p>
<p align="left"><font face="serif" size="2">42</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p43"></a>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="center"><font face="serif" size="2"><b>PRIVACY POLICY OF</b><br>
<b>BLACKSTONE ASIA ADVISORS L.L.C.</b></font></p>
<hr noshade size="1">
<p align="left"><font face="serif" size="2">Finally, we are also permitted to disclose nonpublic, personal information to unaffiliated outside parties who assist us with processing, marketing or servicing a financial product, transaction or service requested by you, administering benefits or claims relating to
such a transaction, product or service, and/or providing confirmations, statements, valuations or other records or information produced on our behalf.</font></p><p align="left"><font face="serif" size="2">It may be necessary, under anti-money laundering or other laws, to disclose information about you in order to accept your subscription. Information about you may also be released if you so direct, or if we or an affiliate are compelled to do so by law, or in
connection with any government or self-regulatory organization request or investigation.</font></p>
<p align="left"><font face="serif" size="2">We are committed to upholding this Privacy Policy. We will notify you on an annual basis of our policies and practices in this regard and at any time that there is a material change that would require your consent.</font></p>
<p align="right"><font face="serif" size="2">43</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><div align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Investment Manager:</b><br>
Blackstone Asia Advisors L.L.C.<br>
an affiliate of The Blackstone Group</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Administrator:</b><br>
Blackstone Asia<br>
Advisors L.L.C.</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif" size="2"><b>Sub-Administrator:</b><br>
PFPC Inc.</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="4"><img src="blackstone.jpg" align="bottom"><font size="5"> Asia</font></font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Transfer Agent:</b><br>
PFPC Inc.</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="4">&nbsp;&nbsp;Advisors L.L.C.</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;&nbsp;&nbsp;The India Fund, Inc.</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Custodian:</b><br>
Deutsche Bank AG</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;&nbsp;&nbsp;Annual Report</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;&nbsp;&nbsp;December 31, 2005</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif" size="2">The Fund has adopted the Investment Manager&#146;s
        proxy voting policies and procedures to govern the voting of proxies
        relating to its voting securities. You may obtain a copy of these proxy
        voting procedures, without charge,
by calling<br>
1-866-800-8933 and by visiting the Securities and Exchange Commission&#146;s
website at www.sec.gov.</font></td>
    <td>&nbsp;</td>
    <td rowspan="6"><img src="tajmahal.jpg" width="462" height="364"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif" size="2">The Fund files its complete schedule of portfolio
        holdings with the Securities and Exchange Commission for the first and
        third quarters of its fiscal year on Form N-Q. You may obtain a copy
        of these filings by visiting the Securities and Exchange Commission&#146;s
        website at www.sec.gov or its Public Reference Room in Washington, D.C.
        Information on the operation of the Public Reference Room may be obtained
    by calling 1-800-SEC-0330.</font></td>
    <td rowspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif" size="2">This report is sent to shareholders of the
        Fund for their information. It is not a Prospectus, circular or representation
        intended for use in the purchase or sale of shares of the Fund or of
    any securities mentioned in this report.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="5">The India Fund, Inc.</font></td>
  </tr>
  <tr>
    <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><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><B><FONT size=2 face="serif">Item 2.&nbsp;&nbsp;&nbsp;Code of Ethics.</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top>&nbsp;</TD>
<TD width="3%" valign=top>
<FONT size=2 face="serif">(a)</FONT></TD>
<TD><FONT size=2 face="serif">As of the end of the period covered by this report, the registrant has adopted a Code of Ethics (the &#147;Code of Ethics&#148;) that applies to the registrant&#146;s principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">(b)</FONT>  </TD>
<TD>
<FONT size=2 face="serif">Not Applicable.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">(c)</FONT></TD>
<TD>
<FONT size=2 face="serif">There have been no amendments during the period covered by this report to any provisions of the Code of Ethics.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">(d)</FONT></TD>
<TD>
<FONT size=2 face="serif">The registrant has not granted any waivers during the period covered by this report, including an implicit waiver, from any provisions of the Code of Ethics.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">(e)</FONT></TD>
<TD>
<FONT size=2 face="serif">Not Applicable.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">(f)</FONT></TD>
<TD>
<FONT size=2 face="serif">A copy of the registrant&#146;s Code of Ethics is filed as an exhibit hereto. The registrant undertakes to provide a copy of the Code of Ethics to any person without charge upon request to the registrant at its address at
345 Park Avenue, New York, NY 10154.</FONT></TD>
</TR></TABLE>
<P>
<B><FONT size=2 face="serif">Item 3.&nbsp;&nbsp;&nbsp;Audit Committee Financial Expert.</FONT></B></P>
<P>
<FONT size=2 face="serif">The registrant&#146;s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee, Mr. Lawrence Becker, and that Mr. Becker is "independent." Mr. Becker
was elected as a non-interested Director of the audit committee at a meeting of the board of directors held on October 23, 2003.</FONT></P>
<P>
<B><FONT size=2 face="serif">Item 4.&nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services.</FONT></B></P>
<P>
<FONT size=2 face="serif"><b><i>Audit Fees</i></b></FONT></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td width="3%" valign=top>&nbsp;</td>
    <td width="3%" valign=top> <font size=2 face="serif">(a)</font></td>
    <td> <font size=2 face="serif">The aggregate fees billed for each of the
        last two fiscal years for professional services rendered by the principal
        accountant for the audit of the registrant&#146;s annual financial statements
        or services that are normally provided by the accountant in connection
        with statutory and regulatory filings or engagements for those fiscal
        years are &#36;107,000 for 2004 and &#36;90,000 for 2005.</font> </td>
  </tr>
</table>
<p><FONT size=2 face="serif"><b><i>Audit-Related Fees</i></b></FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top>&nbsp;</TD>
<TD width="3%" valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
<TD>
<FONT size=2 face="serif">The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the
registrant&#146;s financial
statements and are not reported under paragraph (a) of this Item are &#36;0 for 2004 and &#36;0 for 2005.</FONT></TD>
</TR></TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size=2 face="serif"><b><i>Tax Fees</i></b></FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top>&nbsp;</TD>
    <TD width="3%" valign=top> <FONT size=2 face="serif">(c)</FONT></TD>
    <TD width="94%"> <FONT size=2 face="serif">The aggregate fees billed in each
        of the last two fiscal years for professional services rendered by the
        principal accountant for tax compliance, tax advice, and tax planning
        are &#36;60,000 for 2004 and &#36;5,100 for 2005. Specifically, these
        fees were billed for preparation of the Fund&#146;s tax returns and tax services
        relating to the Fund&#146;s operations in India.</FONT> </TD>
  </TR>
</TABLE>
<p><FONT size=2 face="serif"><b><i>All Other Fees</i></b></FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
<TD width="5%" valign=top>
<FONT size=2 face="serif">(d)</FONT> </TD>
<TD colspan="2">
      <FONT size=2 face="serif">The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are &#36;0 for 2004
and &#36;0 for 2005.</FONT></TD>
  </TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top>&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top><font size=2 face="serif">(e)(1)</font></TD>
  <TD colspan="2"> <font size=2 face="serif"> Disclose the audit committee&#146;s pre-approval
      policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation
    S-X.</font></TD>
  </TR>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">THE ASIA TIGERS FUND, INC.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">THE INDIA FUND, INC.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">AUDIT COMMITTEE PRE-APPROVAL POLICIES</FONT></B></P>
<P align="center">
  <FONT size=2 face="serif">As amended on November 29, 2005</FONT></P>
<div style="text-indent:3%"><p><FONT size=2 face="serif">The Audit Committee (the &#147;Committee&#148;) of each of The Asia Tigers Fund, Inc. and The India Fund, Inc. (each, a &#147;Fund&#148;) must pre-approve any independent accounting firm&#146;s
engagement to render audit and/or permissible non-audit (including audit-related) services, as required by law. In evaluating a proposed engagement by the Fund&#146;s independent accountants, the Committee will evaluate the effect that the
engagement might reasonably be expected to have on the accountant&#146;s independence. That evaluation will be based on several factors, including:</FONT></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td>
<FONT size=2 face="serif">a review of the nature of the professional services expected to be</FONT> <FONT size=2 face="serif">provided;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">the fees to be charged in connection with the services expected to be</FONT> <FONT size=2 face="serif">provided;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">a review of the safeguards put into place by the accounting firm to</FONT> <FONT size=2 face="serif">safeguard independence; and</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">periodic meetings with the accounting firm.</FONT></td>
  </tr>
</table>
<P>
<B><FONT size=2 face="serif">I.&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT size=2 face="serif">Policy
for Audit and Non-Audit Services to be Provided to the Fund</FONT></B></P>
<div style="text-indent:3%">
  <p><FONT size=2 face="serif">On an annual basis, the Fund&#146;s Committee will review and pre-approve the scope of the audits of the Fund and proposed audit fees and permitted non-audit services that may be performed by
the Fund&#146;s independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year pursuant to this policy. The term of any pre-approval is twelve
months from the date of pre-approval, unless the Committee specifically provides otherwise. The Committee may modify any pre-approval at its discretion. Fee levels for all services pre-approved under this policy will be established annually by the
Committee.</FONT></p></div>
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<div style="text-indent:3%">
<p><FONT size=2 face="serif">In addition to the Committee&#146;s pre-approval
    of services pursuant to this policy, the engagement of the independent accounting
    firm for any permitted non-audit service provided to the Fund will also require
    the separate written pre-approval of the President of the Fund, who will
    independently confirm that the accounting firm&#146;s engagement will not
    adversely affect the firm&#146;s independence. All non-audit services performed
    by the independent accounting firm will be disclosed, as required, in filings
with the Securities and Exchange Commission (the &#147;SEC&#148;).</FONT></p></div>
<B><FONT size=2 face="serif"><i>A.&nbsp;&nbsp;&nbsp;Audit Services</i></FONT></B><BR>
<div style="text-indent:3%"><p><FONT size=2 face="serif">The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are:</FONT></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td>
<FONT size=2 face="serif">annual Fund financial statement audits (including applicable internal</FONT> <FONT size=2 face="serif">control reports);</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">seed audits (related to new product filings, as required);</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">semiannual financial statement reviews (if applicable); and</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">SEC and regulatory filings and consents issued in connection with any</FONT> <FONT size=2 face="serif">of the above;</FONT></td>
  </tr>
</table>
<p><B><FONT size=2 face="serif"><i>B.&nbsp;&nbsp;&nbsp;Audit-Related Services</i></FONT></B></p>
<div style="text-indent:3%"><p><FONT size=2 face="serif">The following categories of audit-related services are considered to be consistent with the role of the Fund&#146;s independent accountants, and services falling under one of these categories
will be pre-approved by the Committee on an annual basis if the Committee deems the services to be consistent with the accounting firm&#146;s independence: </FONT></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td>
<FONT size=2 face="serif">accounting consultations;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">Fund merger support services;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">agreed-upon procedure reports;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">attestation reports;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">SEC and regulatory filings and consents issued in connection with</FONT> <FONT size=2 face="serif">filings previously authorized by the Board of Directors;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">comfort letters; and</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">internal control reports (other than issued pursuant to annual Fund</FONT> <FONT size=2 face="serif">financial statement audits).</FONT></td>
  </tr>
</table>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process may be pre-approved, if deemed
consistent with the accounting firm&#146;s independence, by the Committee Chairman (or any other Committee member who is a disinterested director under the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;),
to whom this responsibility has been delegated) so long as the estimated fee
for the</FONT></p>
</div>
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<div style="page-break-before:always"></div>
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<p><font size=2 face="serif">services does not exceed &#36;75,000. Any such pre-approval
shall be reported to the full Committee at its next regularly scheduled meeting.</font></p>
<p><b><font size=2 face="serif"><i>C.&nbsp;&nbsp;&nbsp;Tax Services</i></font></b></p>
<div style="text-indent:3%">
  <p><font size=2 face="serif">The following categories of tax and tax compliance
      services are considered to be consistent with the role of the Fund&#146;s
      independent accountants, and services falling </font><FONT size=2 face="serif">under
      one of these categories will be pre-approved by the Committee on an annual
      basis if the Committee deems the services to
be consistent with the accounting firm&#146;s independence:</FONT></p>
</div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td>
<FONT size=2 face="serif">federal, state and local income tax compliance as well as sales and use</FONT> <FONT size=2 face="serif">tax compliance;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">timely &#147;regulated investment company&#148; qualification reviews;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">tax distribution analysis and planning;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">tax authority examination services;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">tax appeals support services;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">accounting methods studies;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">Fund merger support services; and</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">other tax consulting services and related projects.</FONT></td>
  </tr>
</table>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process may be pre-approved, if deemed consistent with
the accounting firm&#146;s independence, by the Committee Chairman (or any other Committee member who is a disinterested director under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for the
services does not exceed &#36;75,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting. </FONT></p></div>
<B><FONT size=2 face="serif"><i>C. &nbsp;&nbsp;&nbsp;Proscribed Services</i></FONT></B><BR>
<div style="text-indent:3%"><p><FONT size=2 face="serif">The Fund&#146;s independent accountants will not render services in the following categories of non-audit services:</FONT></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td>
<FONT size=2 face="serif">bookkeeping or other services related to the accounting records or</FONT> <FONT size=2 face="serif">financial statements of the Fund;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">financial information systems design and implementation;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">appraisal or valuation services, fairness opinions or contribution-in-</FONT> <FONT size=2 face="serif">kind reports;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">actuarial services;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">internal audit outsourcing services;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td>
<FONT size=2 face="serif">management functions or human resources;</FONT></td>
  </tr>
</table>

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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td> <FONT size=2 face="serif">broker/dealer, investment adviser or investment
        banking services;</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td> <FONT size=2 face="serif">legal and other expert services unrelated
        to the audit; and</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td> <font size=2 face="serif">any other service that the Public Company
        Accounting Oversight</font> <font size=2 face="serif">Board determines,
        by regulation, is impermissible.</font></td>
  </tr>
</table>
<P>
<B><FONT size=2 face="serif">II. </FONT></B><B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Pre-Approval of Non-Audit Services Provided to Other Entities within the Investment Company Complex</FONT></B></P>
<div style="text-indent:3%"><p><FONT size=2 face="serif">The Committee will pre-approve annually any permitted non-audit services to be provided to Blackstone Asia Advisors L.L.C. or any other investment manager to the Fund (but not including any
sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the &#147; Investment Manager&#148;) and any entity controlling, controlled by or under common control with the Investment Manager that
provides ongoing services to the Fund (including affiliated sub-advisers to the Funds), provided that, in each case, the engagement relates directly to the operations and financial reporting of the Fund (such entities, including the Investment
Manager, shall be referred to herein as the &#147;Service Affiliates&#148;). Individual projects that are not presented to the Committee as part of the annual pre-approval process may be pre-approved, if deemed consistent with the accounting
firm&#146;s independence, by the Committee Chairman (or any other Committee member who is a disinterested director under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for the services does
not exceed &#36;100,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.</FONT></p><p><FONT size=2 face="serif">The Committee will also receive an annual report from the Fund&#146;s independent accounting firm showing the aggregate fees for all services provided to the Service Affiliates.</FONT></p></div>
<P>
<B><FONT size=2 face="serif">III.&nbsp;&nbsp;<i>&nbsp;</i></FONT></B><i><FONT size=2 face="serif"><b>De Minimus</b></FONT></i><b>
<FONT size=2 face="serif">Exception to Requirement of Pre-Approval of Non-Audit Services</FONT></b><FONT size=2 face="serif"><B>
</B></FONT></P>
<div style="text-indent:3%"><p><FONT size=2 face="serif">With respect to the provision of permitted non-audit services to a Fund or Service Affiliates, the pre-approval requirement is waived if each of the following requirements is met:</FONT></p></div>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="3%" valign=top>&nbsp;</TD>
<TD width="3%" valign=top>
<FONT size=2 face="serif">(1)</FONT></TD>
<TD>
<FONT size=2 face="serif">The aggregate amount of all non-approved permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Fund, five percent (5%) of the total amount of revenues paid by the
Fund to its independent accountant during the fiscal year in which such services are provided and (ii) with respect to such services provided to Service Affiliates, five percent (5%) of the total amount of revenues paid to the Fund&#146;s
independent accountant by the Fund and the Service Affiliates during the fiscal year in which such services are provided;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">(2)</FONT></TD>
<TD>
<FONT size=2 face="serif">Such services were not recognized by the Fund at the time of the engagement for such services to be non-audit services; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">(3)</FONT></TD>
<TD>
<FONT size=2 face="serif">Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested
director under the Investment Company Act to whom this</FONT> <FONT size=2 face="serif">responsibility
has been delegated). Any approval by the Committee</FONT>&nbsp;<FONT size=2 face="serif">Chairman
or other delegate shall be reported to the full Committee at</FONT>&nbsp;<FONT size=2 face="serif">its
next regularly scheduled meeting.</FONT></TD>
</TR></TABLE>

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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="serif">(e)(2)</font></td>
    <td colspan="2"> <font size=2 face="serif"> The percentage of services described in each
        of
paragraphs (b) through (d)</font> <font size=2 face="serif">of this
Item that were approved by the audit committee pursuant to</font> <font size=2 face="serif">paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td><font size=2 face="serif">(b)</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;<font size=2 face="serif">N/A</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;<font size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100%</font>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;<font size=2 face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</font></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">(f)</font></td>
    <td colspan="2"> <font size=2 face="serif">The percentage of hours expended on the principal
        accountant&#146;s engagement to</font>&nbsp;<font size=2 face="serif">audit
        the registrant&#146;s financial statements for the most recent fiscal year
        that</font>&nbsp;<font size=2 face="serif">were attributed to work performed
        by persons other than the principal</font>&nbsp;<font size=2 face="serif">accountant&#146;s
    full-time, permanent employees was less than fifty percent.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">(g)</font></td>
    <td colspan="2"> <font size=2 face="serif"> The aggregate non-audit fees billed by the
        registrant&#146;s
accountant for services</font>&nbsp;<font size=2 face="serif">rendered to the registrant, and rendered to the registrant&#146;s
investment adviser</font>&nbsp;<font size=2 face="serif">(not including any sub-adviser whose role is primarily
portfolio management</font>&nbsp;<font size=2 face="serif">and is subcontracted with or overseen by another investment
adviser), and any</font>&nbsp;<font size=2 face="serif">entity controlling, controlled by, or under common
control with the adviser</font>&nbsp; <font size=2 face="serif">that provides
ongoing services to the registrant for each of the last two fiscal</font>&nbsp;<font size=2 face="serif">years of the registrant was &#36;50,000 for 2004 and &#36;4,609,200
for 2005.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">(h)</font></td>
    <td colspan="2"> <font size=2 face="serif"> The registrant&#146;s audit committee of the board
        of directors
has considered</font> <font size=2 face="serif">whether the provision of non-audit
services that were
rendered to the</font>&nbsp; <font size=2 face="serif">registrant&#146;s investment
adviser (not including any sub-adviser whose role is</font>&nbsp;<font size=2 face="serif">primarily portfolio management and is subcontracted
with or overseen by</font>&nbsp;<font size=2 face="serif">another investment adviser), and any entity controlling,
controlled by, or under</font>&nbsp;<font size=2 face="serif">common control with the investment adviser that provides
ongoing services to</font>&nbsp;<font size=2 face="serif">the registrant that were not pre-approved pursuant
to paragraph (c)(7)(ii) of</font>&nbsp;<font size=2 face="serif">Rule 2-01 of Regulation S-X is compatible with maintaining
the principal</font>&nbsp;<font size=2 face="serif">accountant&#146;s independence.</font></td>
  </tr>
</table>
<p><B><FONT size=2 face="serif">Item 5.&nbsp;&nbsp;&nbsp;Audit Committee of Listed registrants.</FONT></B></p>

<P>
<FONT size=2 face="serif">The registrant has a separately-designated audit committee
consisting of all the independent directors of the registrant. The members of
the audit committee are Lawrence K. Becker, Leslie H. Gelb, Luis F. Rubio, and
Jeswald
W. Salacuse.</FONT></P>
<P>
<B><FONT size=2 face="serif">Item 6.&nbsp;&nbsp;&nbsp;Schedule of Investments.</FONT></B></P>

<P>
<FONT size=2 face="serif">Schedule of Investments in securities of unaffiliated
issuers as of the close of the reporting period is included as part of the report
to shareholders filed under Item 1 of this form.</FONT></P>

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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<p><b><font size=2 face="serif">Item 7.&nbsp;&nbsp;&nbsp;Disclosure of Proxy Voting Policies and
Procedures for Closed-End Management Investment Companies.</font></b></p>
<p> <font size=2 face="serif">The Proxy Voting Policies are attached herewith.</font></p>


<P align="center">
<B><FONT size=2 face="serif">APPENDIX F</FONT></B></P>
<P align="center"><B><FONT size=2 face="serif">PROXY</FONT></B><B><FONT size=1 face="serif"> </FONT></B><B><FONT size=2 face="serif">VOTING</FONT></B><B><FONT size=1 face="serif"> </FONT></B><B><FONT size=2 face="serif">PROCEDURES:
<br>
BLACKSTONE ASIA ADVISORS, LLC</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<a name="contents"></a>
<p align="center"><font size=2 face="serif"><b>TABLE
      OF CONTENTS</b></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="8%" align=left>&nbsp;</TD>
<TD align=left>&nbsp;

</TD>
<TD align=center>
      <FONT size=1 face="serif"><b>Page</b></FONT><font size="1">&nbsp;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p4">
  <B><FONT size=2 face="serif">INTRODUCTION</FONT></B></a></TD>
<TD width="5%" align=right><a href="#p4">
    <B><FONT size=2 face="serif">4</FONT></B></a></TD>
    <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="12%" align=left><a href="#p5"><b><font size=2 face="serif">CHAPTER 1</font></b></a></TD>
<TD align=left><a href="#p5">
    <B><FONT size=2 face="serif"> BOARD OF DIRECTORS</FONT></B></a></TD>
<TD align=right><a href="#p5">
    <B><FONT size=2 face="serif">5</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p5a">
    <FONT size=2 face="serif">Voting on Director Nominees In Uncontested Elections</FONT></a></TD>
<TD align=right><a href="#p5a">
    <FONT size=2 face="serif">5</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p5b">
    <FONT size=2 face="serif">Chairman and CEO are the same person</FONT></a></TD>
<TD align=right><a href="#p5b">
    <FONT size=2 face="serif">5</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p6">
    <FONT size=2 face="serif">Independence of Directors</FONT></a></TD>
<TD align=right><a href="#p6">
    <FONT size=2 face="serif">6</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p7">
    <FONT size=2 face="serif">Stock Ownership Requirements</FONT></a></TD>
<TD align=right><a href="#p7">
    <FONT size=2 face="serif">7</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p8">
    <FONT size=2 face="serif">Charitable Contributions</FONT></a></TD>
<TD align=right><a href="#p8">
    <FONT size=2 face="serif">8</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p9">
    <FONT size=2 face="serif">Director and Officer Indemnification And Liability Protection</FONT></a></TD>
<TD align=right><a href="#p9">
    <FONT size=2 face="serif">9</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font face="serif">&nbsp;</FONT></TD>
<TD align=left><a href="#p11">
    <FONT size=2 face="serif">Size of the Board</FONT></a></TD>
<TD align=right><a href="#p11">
    <FONT size=2 face="serif">11</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p12">
    <FONT size=2 face="serif">Voting on Director Nominees in Contested Elections</FONT></a></TD>
<TD align=right><a href="#p12">
    <FONT size=2 face="serif">12</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p13">
    <FONT size=2 face="serif">Term Of Office</FONT></a></TD>
<TD align=right><a href="#p13">
    <FONT size=2 face="serif">13</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p14">
    <FONT size=2 face="serif">Compensation Disclosure</FONT></a></TD>
<TD align=right><a href="#p14">
    <FONT size=2 face="serif">14</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><a href="#p15"><b><font size=2 face="serif">CHAPTER 2</font></b></a></TD>
<TD align=left><a href="#p15">
    <B><FONT size=2 face="serif"> AUDITORS</FONT></B></a></TD>
<TD align=right><a href="#p15">
    <B><FONT size=2 face="serif">15</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p16">
    <FONT size=2 face="serif">Ratifying Auditors</FONT></a></TD>
<TD align=right><a href="#p16">
    <FONT size=2 face="serif">16</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><a href="#p17"><b><font size=2 face="serif">CHAPTER 3</font></b></a></TD>
<TD align=left><a href="#p17">
    <B><FONT size=2 face="serif"> TENDER OFFER DEFENSES</FONT></B></a></TD>
<TD align=right><a href="#p17">
    <B><FONT size=2 face="serif">17</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p18">
    <FONT size=2 face="serif">Poison Pills</FONT></a></TD>
<TD align=right><a href="#p18">
    <FONT size=2 face="serif">18</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p19">
    <FONT size=2 face="serif">Greenmail</FONT></a></TD>
<TD align=right><a href="#p19">
    <FONT size=2 face="serif">19</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p20">
    <FONT size=2 face="serif">Supermajority Vote</FONT></a></TD>
<TD align=right><a href="#p20">
    <FONT size=2 face="serif">20</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><a href="#p21"><b><font size=2 face="serif">CHAPTER 4</font></b></a></TD>
<TD align=left><a href="#p21">
    <B><FONT size=2 face="serif"> MERGERS AND CORPORATE RESTRUCTURING</FONT></B></a></TD>
<TD align=right><a href="#p21">
    <B><FONT size=2 face="serif">21</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p22">
    <FONT size=2 face="serif">Changing Corporate Name</FONT></a></TD>
<TD align=right><a href="#p22">
    <FONT size=2 face="serif">22</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p23">
    <FONT size=2 face="serif">Reincorporation</FONT></a></TD>
<TD align=right><a href="#p23">
    <FONT size=2 face="serif">23</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><a href="#p24"><b><font size=2 face="serif">CHAPTER 5</font></b></a></TD>
<TD align=left><a href="#p24">
    <B><FONT size=2 face="serif"> PROXY CONTEST DEFENSES</FONT></B></a></TD>
<TD align=right><a href="#p24">
    <B><FONT size=2 face="serif">24</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p25">
    <FONT size=2 face="serif">Board Structure: Staggered vs. Annual Elections</FONT></a></TD>
<TD align=right><a href="#p25">
    <FONT size=2 face="serif">25</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>

<p align="center"><font size=2 face="serif">i</font> </p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=8% align=left>&nbsp;</TD>
    <TD align=left><a href="#p26"> <FONT size=2 face="serif">Cumulative
        Voting</FONT></a></TD>
    <TD width=5% align=right><a href="#p26"> <FONT size=2 face="serif">26</FONT></a></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p27"> <FONT size=2 face="serif">Shareholders&#146; Ability
        to Call Special Meeting</FONT></a></TD>
    <TD align=right><a href="#p27"> <FONT size=2 face="serif">27</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p28"> <FONT size=2 face="serif">Shareholders&#146; Ability
        to Alter Size of the Board</FONT></a></TD>
    <TD align=right><a href="#p28"> <FONT size=2 face="serif">28</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="12%" align=left><a href="#p29"><b><font size=2 face="serif">CHAPTER 6</font></b></a></TD>
<TD align=left><a href="#p29">
    <B><FONT size=2 face="serif"> MISCELLANEOUS CORPORATE GOVERNANCE PROVISIONS</FONT></B></a></TD>
<TD align=right><a href="#p29">
    <B><FONT size=2 face="serif">29</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p30">
    <FONT size=2 face="serif">Confidential Voting</FONT></a></TD>
<TD align=right><a href="#p30">
    <FONT size=2 face="serif">30</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p31">
    <FONT size=2 face="serif">Shareholder Advisory Committees</FONT></a></TD>
<TD align=right><a href="#p31">
    <FONT size=2 face="serif">31</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p32">
    <FONT size=2 face="serif">Foreign Corporate Matters</FONT></a></TD>
<TD align=right><a href="#p32">
    <FONT size=2 face="serif">32</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p33">
    <FONT size=2 face="serif">Government Service List</FONT></a></TD>
<TD align=right><a href="#p33">
    <FONT size=2 face="serif">33</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><a href="#p34"><b><font size=2 face="serif">CHAPTER 7</font></b></a></TD>
<TD align=left><a href="#p34">
    <B><FONT size=2 face="serif"> SOCIAL AND ENVIRONMENTAL ISSUES</FONT></B></a></TD>
<TD align=right><a href="#p34">
    <B><FONT size=2 face="serif">34</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p35">
    <FONT size=2 face="serif">Energy and Environmental Issues (CERES Principles)</FONT></a></TD>
<TD align=right><a href="#p35">
    <FONT size=2 face="serif">35</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p36">
    <FONT size=2 face="serif">Northern Ireland (MacBride Principles)</FONT></a></TD>
<TD align=right><a href="#p36">
    <FONT size=2 face="serif">36</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p37">
    <FONT size=2 face="serif">Maquiladora Standards and International Operations and Policies</FONT></a></TD>
<TD align=right><a href="#p37">
    <FONT size=2 face="serif">37</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p38">
    <FONT size=2 face="serif">Equal Employment Opportunity And Discrimination</FONT></a></TD>
<TD align=right><a href="#p38">
    <FONT size=2 face="serif">38</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p39">
    <FONT size=2 face="serif">Animal Rights</FONT></a></TD>
<TD align=right><a href="#p39">
    <FONT size=2 face="serif">39</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><a href="#p40"><b><font size=2 face="serif">CHAPTER 8 </font></b></a></TD>
<TD align=left><a href="#p40">
    <B><FONT size=2 face="serif">CAPITAL STRUCTURE</FONT></B></a></TD>
<TD align=right><a href="#p40">
    <B><FONT size=2 face="serif">40</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p41">
    <FONT size=2 face="serif">Common Stock Authorization</FONT></a></TD>
<TD align=right><a href="#p41">
    <FONT size=2 face="serif">41</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p42">
    <FONT size=2 face="serif">Blank Check Preferred Stock</FONT></a></TD>
<TD align=right><a href="#p42">
    <FONT size=2 face="serif">42</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p43">
    <FONT size=2 face="serif">Preemptive Rights</FONT></a></TD>
<TD align=right><a href="#p43">
    <FONT size=2 face="serif">43</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p44">
    <FONT size=2 face="serif">Stock Distributions: Splits and Dividends</FONT></a></TD>
<TD align=right><a href="#p44">
    <FONT size=2 face="serif">44</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p44a">
    <FONT size=2 face="serif">Stock Splits</FONT></a></TD>
<TD align=right><a href="#p44a">
    <FONT size=2 face="serif">44</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p45">
    <FONT size=2 face="serif">Reverse Stock Splits</FONT></a></TD>
<TD align=right><a href="#p45">
    <FONT size=2 face="serif">45</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p46">
    <FONT size=2 face="serif">Adjustments to Par Value of Common Stock</FONT></a></TD>
<TD align=right><a href="#p46">
    <FONT size=2 face="serif">46</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p47">
    <FONT size=2 face="serif">Debt Restructurings</FONT></a></TD>
<TD align=right><a href="#p47">
    <FONT size=2 face="serif">47</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><a href="#p48"><b><font size=2 face="serif">CHAPTER 9</font></b></a></TD>
<TD align=left><a href="#p48">
    <B><FONT size=2 face="serif"> EXECUTIVE AND DIRECTOR COMPENSATION</FONT></B></a></TD>
<TD align=right><a href="#p48">
    <B><FONT size=2 face="serif">48</FONT></B></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
<TD align=left><a href="#p49">
    <FONT size=2 face="serif">Director Compensation</FONT></a></TD>
<TD align=right><a href="#p49">
    <FONT size=2 face="serif">49</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">ii</FONT></P>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=left>&nbsp;</TD>
    <TD align=left><a href="#p50"><FONT size=2 face="serif">Shareholder Proposal
          to Limit Executive and Director Pay</FONT></a></TD>
    <TD width="5%" align=right><a href="#p50"> <FONT size=2 face="serif">50</FONT></a></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p51"> <FONT size=2 face="serif">Employee
        Stock Ownership Plans (ESOPs)</FONT></a></TD>
    <TD align=right><a href="#p51"> <FONT size=2 face="serif">51</FONT></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p52"> <FONT size=2 face="serif">Options
        Expensing</FONT></a></TD>
    <TD align=right><a href="#p52"> <FONT size=2 face="serif">52</FONT></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p53"> <FONT size=2 face="serif">Golden
        Parachutes</FONT></a></TD>
    <TD align=right><a href="#p53"> <FONT size=2 face="serif">53</FONT></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p54"> <FONT size=2 face="serif">Proposal
        to Ban Golden Parachutes</FONT> </a></TD>
    <TD align=right><a href="#p54"> <FONT size=2 face="serif">54</FONT> </a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p55"> <FONT size=2 face="serif">Outside
        Directors&#146; Retirement Compensation</FONT>&nbsp; </a></TD>
    <TD align=right><a href="#p55"> <FONT size=2 face="serif">55</FONT> </a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="12%" align=left><a href="#p56"> <b><font size=2 face="serif">CHAPTER 10</font></b></a></TD>
    <TD align=left><a href="#p56"> <b><font size=2 face="serif">STATE OF INCORPORATION</font></b>&nbsp; </a></TD>
    <TD align=right><a href="#p56"><font size=2 face="serif"><b>56</b></font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p57"> <font size=2 face="serif">Control Share Acquisition Statutes</font>&nbsp; </a></TD>
    <TD align=right><a href="#p57"><font size=2 face="serif">57</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p58"> <font size=2 face="serif">Opt-Out of State Takeover Statutes</font>&nbsp; </a></TD>
    <TD align=right><a href="#p58"><font size=2 face="serif">58</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p59"> <font size=2 face="serif">Corporate Restructuring, Spin-Offs
    Asset Sales, Liquidations</font>&nbsp; </a></TD>
    <TD align=right><a href="#p59"><font size=2 face="serif">59</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><a href="#p60"><b><font size=2 face="serif">CHAPTER 11</font></b></a></TD>
    <TD align=left><a href="#p60"> <b><font size=2 face="serif">CONFLICTS OF INTEREST</font></b>&nbsp; </a></TD>
    <TD align=right><a href="#p60"><font size=2 face="serif"><b>60</b></font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p61"><font size=2 face="serif">Conflicts</font></a></TD>
    <TD align=right><a href="#p61"><font size=2 face="serif">61</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><a href="#p63"><b><font size=2 face="serif">CHAPTER 12</font></b></a></TD>
    <TD align=left><a href="#p63"> <b><font size=2 face="serif">GOVERNANCE COMMITTEE AND PROXY
    MANAGERS</font></b>&nbsp; </a></TD>
    <TD align=right><a href="#p63"><font size=2 face="serif"><b>63</b></font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p64"><font size=2 face="serif">Governance Committee</font></a></TD>
    <TD align=right><a href="#p64"><font size=2 face="serif">64</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p65"><font size=2 face="serif">Proxy Managers</font></a></TD>
    <TD align=right><a href="#p65"><font size=2 face="serif">65</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><a href="#p66"><b><font size=2 face="serif">CHAPTER 13</font></b></a></TD>
    <TD align=left><a href="#p66"> <b><font size=2 face="serif">SPECIAL ISSUES WITH VOTING FOREIGN
    PROXIES</font></b>&nbsp; </a></TD>
    <TD align=right><a href="#p66"><font size=2 face="serif"><b>66</b></font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p67"> <font size=2 face="serif">Special
    Issues with Voting Foreign Proxies</font> </a></TD>
    <TD align=right><a href="#p67"><font size=2 face="serif">67</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><a href="#p68"><b><font size=2 face="serif">CHAPTER 14</font></b></a></TD>
    <TD align=left><a href="#p68"> <b><font size=2 face="serif">RECORD KEEPING</font></b>&nbsp; </a></TD>
    <TD align=right><a href="#p68"><font size=2 face="serif"><b>68</b></font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><a href="#p69"><font size=2 face="serif">Record Keeping</font></a></TD>
    <TD align=right><a href="#p69"><font size=2 face="serif">69</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">iii</FONT></P>

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<B><FONT size=2 face="serif">INTRODUCTION</FONT></B>

<P><FONT size=2 face="serif">Rule 206(4)-6 ( the &#147;Rule&#148;) adopted under
    the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;)
    requires all registered investment advisers that exercise voting discretion
    over securities  held in client portfolios to adopt proxy voting policies
    and procedures.</FONT></P>

<P><FONT size=2 face="serif">Blackstone Asia Advisors, LLC (the &#147;Adviser&#148;)
    is a registered investment adviser under the Advisers Act and is therefore
    required to adopt proxy voting policies and procedures pursuant to the Rule.</FONT></P>


<P><FONT size=2 face="serif">When the Adviser has investment discretion over
    a client&#146;s investment portfolio, then the Adviser votes proxies for
    the Account pursuant to the policies and procedures set forth herein.</FONT></P>

<P align="center">
<FONT size=2 face="serif">4</FONT></P>

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<P align="center">
<FONT size=2 face="serif"><b>CHAPTER 1</b></FONT><b>
</b></P>
<P align="center"><b>
<FONT size=2 face="serif">BOARD OF DIRECTORS</FONT></b>
</P>
<FONT size=2 face="serif"><a name="p5a"></a><b>Voting on Director Nominees In Uncontested
Elections</b></FONT>

<P><FONT size=2 face="serif">These proposals seek shareholder votes for persons
    who have been nominated by a corporation&#146;s board of directors to stand
    for election to serve as members of that board. No candidates are opposing
    these board  nominees.</FONT></P>

<P><FONT size=2 face="serif">In each analysis of an uncontested election of directors you should review:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
<TD>
<FONT size=2 face="serif">Company performance</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=3>&nbsp;</TD></TR><TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
<TD>
<FONT size=2 face="serif">Composition of the board and key board committees</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=3>&nbsp;</TD></TR><TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
<TD>
<FONT size=2 face="serif">Attendance at board meetings</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=3>&nbsp;</TD></TR><TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">(4)</FONT></TD>
<TD>
<FONT size=2 face="serif">Corporate governance provisions and takeover activity</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=3>&nbsp;</TD></TR></TABLE>
<p><FONT size=2 face="serif">We may also consider:</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
<TD>
<FONT size=2 face="serif">Board decisions concerning executive compensation</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=3>&nbsp;</TD></TR><TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">(2)</FONT></TD>
<TD>
<FONT size=2 face="serif">Number of other board seats held by the nominee</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=3>&nbsp;</TD></TR><TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">(3)</FONT></TD>
<TD>
<FONT size=2 face="serif">Interlocking directorships</FONT></TD>
</TR>
<TR valign="bottom"><TD colspan=3>&nbsp;</TD></TR></TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">It is our policy to vote </font><b><font size=2 face="serif">IN
          FAVOR </font></b><font size=2 face="serif">of<br>
          the candidates proposed
          by the
board.</font> </td>
  </tr>
</table>

<P><FONT size=2 face="serif">We will look carefully at each candidate&#146;s
    background contained in the proxy statement. In the absence of unusual circumstances
    suggesting a nominee is clearly not qualified to serve as a member of the
    board, we will  vote with management.</FONT></P>

<p><FONT size=2 face="serif"><a name="p5b"></a><b>C</b>hairman and CEO are the
same person</FONT></p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td> <font size=2 face="serif">Shareholders may propose that different persons
    hold the positions of the chairman and the CEO.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">We would evaluate these proposals on a case
        by case basis depending on the size of the company and performance of
    management.</font></td>
  </tr>
</table>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

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<p><font size=2 face="serif">Independence of Directors</font></p>

<P><FONT size=2 face="serif">Shareholders may request that the board be comprised
    of a majority of independent directors and that audit, compensation and nominating
    committees of the Board consists exclusively of independent directors. We
    believe that
independent directors are important to corporate governance.</FONT></P>

<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B></p>
<div style="margin-left:52%">
<p><FONT size=2 face="serif">It is our policy to vote </FONT><B><FONT size=2 face="serif">FOR </FONT></B><FONT size=2 face="serif">proposals
    requesting that a majority of the Board be independent and that the audit,
    compensation and nominating committees of the board include only independent
    directors.</FONT></p>
</div>
<P align="center"><FONT size=2 face="serif">6</FONT></P>

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<p><font size=2 face="serif">Stock Ownership Requirements</font></p>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Shareholders may propose that directors be required to own a minimum amount of company stock or that directors should be paid in company stock, not cash. This proposal is based on the view that
directors will align themselves with the interest of shareholders if they are shareholders themselves. We believe that directors are required to exercise their fiduciary duty to the company and its shareholders whether or not they own shares in the
company and should be allowed to invest in company stock based on their own personal considerations.</FONT></p></div>
<B><FONT size=2 face="serif">Vote Recommendation</FONT></B>
<div style="margin-left:52%">
<P><FONT size=2 face="serif">Vote <B>AGAINST </B>proposals
    that require director stock ownership.</FONT></P>
</div><P align="center"><FONT size=2 face="serif">7</FONT></P>

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<p><b><font size=2 face="serif">Charitable Contributions</font></b></p>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Charitable contributions by companies are generally useful for assisting worthwhile causes and for creating goodwill between the company and its community. Moreover, there may be certain
long-term financial benefits to companies from certain charitable contributions generated from, for example, movies spent helping educational efforts in the firm&#146;s primary employment areas. Shareholders should not decide what the most
worthwhile charities are.</FONT></p></div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B></p>
<div style="margin-left:52%">
<p><FONT size=2 face="serif">(Shareholders Proposals)<br>
  Vote <B>AGAINST </B>proposals
    regarding charitable contribution.</FONT></p>
</div>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Shareholders have differing and equally sincere views as to which charities the company should contribute to, and the amount it should contribute. In the absence of bad faith, self-dealing, or
gross negligence, management should determine which contributions are in the best interest of the company.</FONT></p></div>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

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<P align="left">
<B><FONT size=2 face="serif">Director and Officer Indemnification And Liability Protection</FONT></B></P>
<div style="text-indent:3%">
  <p> <font size=2 face="serif">These proposals typically provide for protection
    (or additional protection) which is to be afforded to the directors of a corporation
    in the form of indemnification by the corporation, insurance coverage or limitations
    upon their liability in connection with their responsibilities as directors.</font></p>

</div>
<div style="text-indent:3%">
  <p> <font size=2 face="serif">When a corporation indemnifies its directors and
    officers, it means the corporation promises to reimburse them for certain
    legal expenses, damages, and judgments incurred as a result of lawsuits relating
    to their corporate actions. The corporation becomes the insurer for its officers
    and directors.</font></p>

</div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%"><font size=2 face="serif">Vote <b>AGAINST </b>proposals that
      eliminate entirely director and officers&#146; liability for monetary damages
      for violating the duty of care.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote <b>AGAINST </b>indemnification proposals
      that would expand coverage beyond just legal expenses to acts, such as negligence,
      that are more serious violations of fiduciary obligations than mere carelessness.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote <b>FOR </b>only those proposals providing
      such expanded coverage in cases when a director&#146;s or officer&#146;s
      legal defense was unsuccessful if: a) the director was found to have acted
      in good faith, and b) only if the director&#146;s legal expenses would be
      covered.</font></td>
  </tr>
</table>
<div style="text-indent:3%">
  <p><font size=2 face="serif">The following factors should be considered:</font>
  </p>

</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top>&nbsp;</TD>
    <TD width="3%" valign=top> <FONT size=2 face="serif">(A)</FONT></TD>
    <TD> <FONT size=2 face="serif">The present environment in which directors
      operate provides substantial risk of claims or suits against them in their
      individual capacities arising out of the discharge of their duties.</FONT>
    </TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">9</FONT></P>

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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="3%"><font size=2 face="serif">(B)</font></td>
    <td><font size=2 face="serif"> Attracting and retaining the most qualified
      directors enhances shareholder value.</font></td>
  </tr>
</table>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

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<B><FONT size=2 face="serif">Size of the Board</FONT></B>
<div style="text-indent:3%">
  <p> <font size=2 face="serif">Typically there are three reasons for changing
    the size of the board. The first reason may be to permit inclusion into the
    board of additional individuals who, by virtue of their ability and experience,
    would benefit the corporation. The second reason may be to reduce the size
    of the board due to expiration of terms, resignation of sitting directors
    or, thirdly, to accommodate the corporation&#146;s changing needs.</font></p>

</div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%"> <font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR
      </font></b><font size=2 face="serif">the board&#146;s recommendation to
      increase or decrease the size of the board.</font> </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p><font size=2 face="serif">The following factors should be considered:</font>
  </p>

</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top>&nbsp;</TD>
    <TD width="3%" valign=top> <FONT size=2 face="serif">1.</FONT></TD>
    <TD> <FONT size=2 face="serif">These proposals may aim at reducing or increasing
      the influence of certain groups of individuals.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT size=2 face="serif">2.</FONT></TD>
    <TD> <FONT size=2 face="serif">This is an issue with which the board of directors
      is uniquely qualified to deal, since they have the most experience in sitting
      on a board and are up-to-date on the specific needs of the corporation.</FONT>
    </TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">11</FONT></P>

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<P><b><FONT size=2 face="serif">Voting on Director Nominees in Contested Elections</FONT></b></P>

<div style="text-indent:3%"><P> <FONT size=2 face="serif">Votes in contested elections of directors are evaluated
  on a </FONT><font size="2"><B><FONT face="serif">CASE-BY-CASE </FONT></B><FONT face="serif">basis.</FONT></font></P></div>
<div style="text-indent:3%"><P> <FONT size=2 face="serif">The following factors are considered:</FONT></P></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top nowrap>&nbsp;</TD>
    <TD width="3%" valign=top nowrap> <FONT size=2 face="serif">1.</FONT></TD>
    <TD> <FONT size=2 face="serif">management&#146;s track record</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">2.</FONT></TD>
    <TD> <FONT size=2 face="serif">background to the proxy contest</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">3.</FONT></TD>
    <TD> <FONT size=2 face="serif">qualifications of director nominees</FONT>
    </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">12</FONT></P>
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<B><FONT face="serif">Term Of Office</FONT></B> </font>

<P> <FONT size=2 face="serif">This is a shareholder&#146;s proposal to limit
    the  tenure of outside directors. This requirement may not be an appropriate
    one.
  It is an artificial imposition on the board, and may have the result of removing
     knowledgeable directors from the board.</FONT></P>

<p><font size="2" face="serif"><B>Vote Recommendation</B></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size=2 face="serif">Vote
      </font><font size="2"><b><font face="serif">AGAINST </font></b><font face="serif">shareholder
      proposals to limit the tenure of outside directors.</font></font> </td>
  </tr>
</table>
<div style="text-indent:3%"><p><FONT size=2 face="serif">The following factors should be considered:</FONT></p>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top nowrap>&nbsp;</TD>
    <TD width="3%" valign=top nowrap> <FONT size=2 face="serif">1.</FONT></TD>
    <TD> <FONT size=2 face="serif">An experienced director should not be disqualified
      because he or she has served a certain number of years.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">2.</FONT></TD>
    <TD> <FONT size=2 face="serif">The nominating committee is in the best position
      to judge the directors&#146; terms in office due to their understanding
      of a corporation&#146;s needs and a director&#146;s abilities and experience.</FONT>
    </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">3.</FONT></TD>
    <TD> <FONT size=2 face="serif">If shareholders are not satisfied with the
      job a director is doing, they can vote him/her off the board when the term
      is up.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">13</FONT></P>
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<div style="page-break-before:always"></div>
<font size="2"><page><a name="p14"></a>
<p><a href="#contents">Back to Contents</a></p>
<B><FONT face="serif">Compensation Disclosure</FONT></B> </font>
<div style="text-indent:3%"><P> <FONT size=2 face="serif">These proposals seek shareholder approval of a request
  that the board of directors disclose the amount of compensation paid to officers
  and employees, in addition to the disclosure of such information in the proxy
  statement as required by the SEC regulations.</FONT></P></div>
<p><font size="2" face="serif"><B>Vote Recommendation</B></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="serif"> (shareholders
        policy)<br>
Vote <b>AGAINST </b>these proposals that require disclosure, unless we have reason
to believe that mandated disclosures are insufficient to give an accurate and
meaningful account of senior management compensation. </font></td>
  </tr>
</table>
<div style="text-indent:3%"><p><font size="2" face="serif">The following factors
      should be considered:</font>
</p>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top nowrap>&nbsp;</TD>
    <TD width="3%" valign=top nowrap> <FONT size=2 face="serif">1.</FONT></TD>
    <TD> <FONT size=2 face="serif">Federal securities laws require disclosure
      in corporate proxy statements of the compensation paid to corporate directors
      and officers.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">2.</FONT></TD>
    <TD> <FONT size=2 face="serif">Employees other than executive officers and
      directors are typically not in policy-making roles where they have the ability
      to determine, in a significant way, the amount of their own compensation.</FONT>
    </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">3.</FONT></TD>
    <TD> <FONT size=2 face="serif">The disclosure of compensation of lower-level
      officers and employees infringes upon their privacy and might create morale
      problems.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">14</FONT></P>
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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 2</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">AUDITORS</FONT></B></P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

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<FONT size=2 face="serif">Ratifying Auditors</FONT>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">Shareholders must make certain that auditors are responsibly examining the financial statements of a company, that their reports adequately express any legitimate financial concerns, and that the auditor is independent of
the company it is serving.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="left" valign="middle"><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%" align="right" valign="bottom">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"> <font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">proposal
    to ratify auditors.</font> </td>
  </tr>
</table>
<div style="text-indent:3%">
<p> <FONT size=2 face="serif">The following factors should be considered:</FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">Although lawsuits are sometimes filed against accounting firms, including those nationally recognized, these firms typically complete their assignments in a lawful and professional manner.</FONT></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR><TR valign="top">
<TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">Sometimes it may be appropriate for a corporation to change accounting firms, but the board of directors is in the best position to judge the advantages of any such change and any disagreements with former auditors must be
fully disclosed to shareholders.</FONT></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR><TR valign="top">
<TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD><font size="2" face="serif">
    If there is a reason to believe the independent auditor has rendered an opinion
    which is neither accurate nor indicative of the company&#146;s financial
    position, then in this case vote <B>AGAINST </B>ratification.</font></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">16</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 3</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">TENDER OFFER DEFENSES</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">17</FONT></P>

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<p align="left"><B><FONT size=2 face="serif">Poison Pills</FONT></B></p>

<P>
<FONT size=2 face="serif">Poison pills are corporate-sponsored financial devices
that, when triggered by potential acquirers, do one or more of the following:
a) dilute the acquirer&#146;s equity in the target company, b) dilute the acquirer&#146;s

voting interests in the target company, or c) dilute the acquirer&#146;s equity
holdings in the post-merger company. Generally, poison pills accomplish these
tasks by issuing rights or warrants to shareholders that are essentially worthless
unless
triggered by a hostile acquisition attempt.</FONT></P>

<P>
<FONT size=2 face="serif">A poison pill should contain a redemption clause that
would allow the board to redeem it even after a potential acquirer has surpassed
the ownership threshold. Poison pills may be adopted by the board without shareholder
 approval. But shareholders must have the opportunity to ratify or reject them
at least every two years.</FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="50%"><font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">shareholder
        proposals asking that a company submit its poison pill for shareholder
    ratification.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote on a </font><b><font size=2 face="serif">CASE-BY-CASE </font></b><font size=2 face="serif">basis
    regarding shareholder proposals to redeem a company&#146;s poison pill.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote
        on a </font><b><font size=2 face="serif">CASE-BY-CASE </font></b><font size=2 face="serif">basis
    regarding management proposals to ratify a poison pill.</font> </td>
  </tr>
</table>
<P align="center">
<FONT size=2 face="serif">18</FONT></P>

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<p align="left"><B><FONT size=2 face="serif">Greenmail</FONT></B>
</p>

<P>
<FONT size=2 face="serif">Greenmail payments are targeted share repurchases by
management of company stock from individuals or groups seeking control of the
company. Since only the hostile party receives payment, usually at a substantial
premium
over the market, the practice discriminates against all other shareholders.</FONT></P>

<P>
<FONT size=2 face="serif">Greenmail payments usually expose the company to negative
press and may result in lawsuits by shareholders. When a company&#146;s name
is associated with such a practice, company customers may think twice about future

purchases made at the expense of the shareholders.</FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">proposals
        to adopt anti Greenmail or bylaw amendments or otherwise restrict a company&#146;s
    ability to make Greenmail payments</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote on a </font><b><font size=2 face="serif">CASE-BY-CASE </font></b><font size=2 face="serif">basis
        regarding anti- Greenmail proposals when they are bundled with other
    charter or bylaw amendments. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<div style="text-indent:3%">
<p><font size=2 face="serif">The following factors should be considered:</font></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">While studies by the SEC and others show that Greenmail devalues the company&#146;s stock price, an argument can be made that a payment can enable the company to pursue plans that may provide long-term gains to the
shareholders.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

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<p align="left"><B><FONT size=2 face="serif">Supermajority Vote</FONT></B>
</p>

  <p><FONT size=2 face="serif">Supermajority provisions violate the principle
      that a simple majority of voting shares should be all that is necessary
      to effect change regarding a company and its corporate governance provisions.
      These proposals seek  shareholder approval to exceed the normal level of
      shareholder participation and approval from a simple majority of the outstanding
      shares to a much higher percentage.</FONT></p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendations</font></b></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST </font></b><font size=2 face="serif">management
        proposals to require a Supermajority shareholder vote to approve mergers
    and other significant business combinations.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">shareholder
        proposals to lower Supermajority vote requirements for mergers and other
    significant business combinations.</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p><FONT size=2 face="serif">The following
    factors should be considered:</FONT>
</p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">Supermajority requirements ensure broad agreement on issues that may have a significant impact on the future of the company.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">Supermajority vote may make action all but impossible.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">Supermajority requirements are counter to the principle of majority rule.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">20</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 4</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">MERGERS AND CORPORATE RESTRUCTURING</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">21</FONT></P>
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<B><FONT size=2 face="serif">Changing Corporate Name</FONT></B>

<P>
<FONT size=2 face="serif">This proposal seeks shareholder approval to change
the corporation&#146;s name. It is probably better to vote for the proposed name
change before management goes back to the drawing board and spends another small
fortune
attempting again to change the name.</FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%"><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Vote </FONT><B><FONT size=2 face="serif">FOR </FONT></B><FONT size=2 face="serif">changing
    the corporate name.</FONT> </td>
  </tr>
</table>


<div style="text-indent:3%"><p><FONT size=2 face="serif">The following factors should be considered:</FONT>
</p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
<TD width="3%" valign=top nowrap>&nbsp;</TD>
<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">A name of a corporation symbolizes its substance.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">There are many reasons a corporation may have for changing its name, including an intention to change the direction of the business or to have a contemporary corporate image.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">The board of directors is well-positioned to determine the best name for the corporation because, among other reasons, it usually seeks professional advice on such matters.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">22</FONT></P>

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<B><FONT size=2 face="serif">Reincorporation</FONT></B>

<P>
<FONT size=2 face="serif">These proposals seek shareholder approval to change
the state in which a company is incorporated. Sometimes this is done to accommodate
the company&#146;s most active operations or headquarters. More often, however,
the  companies want to reincorporate in a state with more stringent anti-takeover
provisions. Delaware&#146;s state laws, for instance, including liability and
anti-takeover provisions, are more favorable to corporations.</FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%"><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Vote on a </FONT><B><FONT size=2 face="serif">CASE-BY-CASE </FONT></B><FONT size=2 face="serif">basis,
        carefully reviewing the new state&#146;s laws and any significant changes
    the company makes in its charter and by- laws.</FONT></td>
  </tr>
</table>

<div style="text-indent:3%"><p><FONT size=2 face="serif">The following factors should
      be considered:</FONT>
</p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
<TD width="3%" valign=top nowrap>&nbsp;</TD>
<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">The board is in the best position to determine the company&#146;s need to incorporate.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">Reincorporation may have considerable implications for shareholders, affecting a company&#146;s takeover defenses, its corporate structure or governance features.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">Reincorporation in a state with stronger anti-takeover laws may harm shareholder value.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">23</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 5</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">PROXY CONTEST DEFENSES</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">24</FONT></P>

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<p align="left"><B><FONT size=2 face="serif">Board Structure: Staggered vs. Annual Elections</FONT></B>
</p>

<P>
<FONT size=2 face="serif">A ompany that has a classified, or staggered, board is one in which directors are typically divided into three classes, with each class serving three-year terms; each class&#146;s reelection occurs in different years. In
contrast, all directors of an annually elected board serve one year and the entire board stands for election each year.</FONT></P>

<P>
<FONT size=2 face="serif">Classifying the board makes it more difficult to change
control of a company through a proxy contest involving election of directors.
Because only a minority of the directors are elected each year, it will be more
difficult
to win control of the board in a single election.</FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendations</font></b></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST </font></b><font size=2 face="serif">proposals
        to classify the board. Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">proposals
    to repeal classified boards and to elect all directors annually.</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p><FONT size=2 face="serif"> The following factors should be considered:</FONT></p>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">The annual election of directors provides an extra check on management&#146;s performance. A director who is doing a good job should not fear an annual review of his/her directorship.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">25</FONT></P>

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<p align="left"><B><FONT size=2 face="serif">Cumulative Voting</FONT></B>
</p>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">Most companies provide that shareholders are entitled to cast one vote for each share owned, the so-called &#147;one share, one vote&#148; standard. This proposal seeks to allow each shareholder to cast votes in the
election of directors proportionate to the number of directors times the number of shares owned by each shareholder for one nominee.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST </font></b><font size=2 face="serif">proposals
    that permit cumulative voting.</font> </td>
  </tr>
</table>
<div style="text-indent:3%">
<P align="left"><FONT size=2 face="serif">The following factors should be considered:</FONT>
</P></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >
<FONT size=2 face="serif">1.</FONT></TD>
<TD valign="top">
<FONT size=2 face="serif">Cumulative voting would allow a minority owner to create an impact disproportionate to his/her holdings.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD valign="top">
<FONT size=2 face="serif">Cumulative voting can be used to elect a director who would represent special interests and not those of the corporation and its shareholders.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
<TD valign="top">
<FONT size=2 face="serif">Cumulative voting can allow a minority to have representation.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD valign=top>&nbsp;</TD>
<TD valign=top>&nbsp;</TD>
<TD valign=top>
<FONT size=2 face="serif">4.</FONT></TD>
<TD valign="top">
<FONT size=2 face="serif">Cumulative Voting can lead to a conflict within the board which could interfere with its ability to serve the shareholders&#146; best interests.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">26</FONT></P>

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<B><FONT face="serif" size="2">Shareholders&#146; Ability to Call Special Meeting</FONT></B>
<div style="text-indent:3%"><P> <FONT size=2 face="serif">Most state corporation statutes allow shareholders
  to call a special meeting when they want to take action on certain matters that
  arise between regularly scheduled annual meetings.</FONT></P></div>
<p><font size="2" face="serif"><B>Vote Recommendation</B> </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="serif">Vote <b>AGAINST </b>proposals
      to restrict or prohibit shareholder ability to call special meetings. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><font size="2" face="serif">Vote <b>FOR </b>proposals
        that remove restrictions on the right of shareholders to act independently
      of management.</font> </td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="serif">27</FONT></P>
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<B><FONT face="serif">Shareholders&#146; Ability to Alter Size of the Board</FONT></B>
</font>
<div style="text-indent:3%"><P> <FONT size=2 face="serif">Proposals which would allow management to increase
  or decrease the size of the board at its own discretion are often used by companies
  as a takeover defense.</FONT></P></div>
<div style="text-indent:3%"><P> <FONT size=2 face="serif">Shareholders should support management proposals
  to fix the size of the board at a specific number of directors, preventing management
  from increasing the size of the board without shareholder approval. By increasing
  the size of the board, management can make it more difficult for dissidents
  to gain control of the board.</FONT></P></div>
<p><font size="2" face="serif"><B>Vote Recommendations</B></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="serif">Vote <b>FOR </b>proposal
      which seek to fix the size of the board. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><font size="2" face="serif">Vote <b>AGAINST </b>proposals
        which give management the ability to alter the size of the board without
      shareholder approval.</font> </td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="serif">28</FONT></P>
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</font>
<P align="center"> <font size="2" face="serif"><B>CHAPTER 6</B></font></P>
<P align="center"> <font size="2" face="serif"><B>MISCELLANEOUS CORPORATE GOVERNANCE
  PROVISIONS</B></font></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"> <FONT size=2 face="serif">29</FONT></P>
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<B><FONT size=2 face="serif">Confidential Voting</FONT></B>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">Confidential voting, also known as voting by secret
    ballot, is one of the key structural issues in the proxy system. All proxies,
    ballots, and voting tabulations that identify individual shareholders are
    kept  confidential.</FONT></P>
</div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%"><b><font size=2 face="serif">Vote Recommendations</font></b></td>
    <td width="4%">&nbsp;</td>
    <td width="48%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">Vote <b>FOR </b>shareholder proposals
    requesting that corporations adopt confidential voting.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote <b>FOR </b>management proposals to adopt
    confidential voting. </font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p><font size=2 face="serif">The following factors should be considered:</font></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
<TD width="3%" nowrap>&nbsp;</TD>
<TD width=3%><font size=2 face="serif">1.</font></TD>
    <TD> <font size=2 face="serif">Some shareholders elect to have the
    board not know how they voted on certain issues.</font> </TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
<TD nowrap>&nbsp;</TD>
<TD><font size=2 face="serif">2.</font></TD>
    <TD> <font size=2 face="serif">Should the board be aware of how a shareholder
        voted, the board could attempt to influence the shareholder to change
        his/her vote, giving itself an advantage over those that do not have
        access to this
information.</font> </TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
<TD nowrap>&nbsp;</TD>
<TD><font size=2 face="serif">3.</font></TD>
    <TD> <font size=2 face="serif">Confidential voting is an important element
    of corporate democracy which should be available to the shareholder.</font> </TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">30</FONT></P>

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<B><FONT size=2 face="serif">Shareholder Advisory Committees</FONT></B>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">These proposals request that the corporation establish a shareholder advisory committee to review the board&#146;s performance. In some instances, it would have a budget funded by the corporation and would be composed of
  salaried committee members with authority to hire outside experts and to include reports in the annual proxy statement.</FONT></P></div>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="48%"><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
    <td width="4%">&nbsp;</td>
    <td width="48%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST </font></b><font size=2 face="serif">proposals
    to establish a shareholder advisory committee.</font> </td>
  </tr>
</table>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">The following factors should be considered:</FONT></P></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
<TD width="3%" nowrap>&nbsp;</TD>
<TD width=3%><font size=2 face="serif">1.</font></TD>
    <TD> <font size=2 face="serif">Directors already have fiduciary
        responsibility to represent shareholders and are accountable to them
    by law, thus rendering shareholder advisory committees unnecessary.</font> </TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
<TD nowrap>&nbsp;</TD>
<TD><font size=2 face="serif">2.</font></TD>
    <TD> <font size=2 face="serif">Adding another layer to the current corporate
    governance system would be expensive and unproductive.</font> </TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">31</FONT></P>

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<B><FONT size=2 face="serif">Foreign Corporate Matters</FONT></B>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">These proposals are usually submitted by companies incorporated outside of the United States seeking shareholder approval for actions which are considered ordinary business and do not require shareholder approval in the
United States (i.e., declaration of dividends, approval of financial statements, etc.).</FONT></P></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%"><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
    <td width="4%">&nbsp;</td>
    <td width="48%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">proposals
    that concern foreign companies incorporated outside of the United States.</font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<div style="text-indent:3%">
<p><FONT size=2 face="serif">The following factors should be considered:</FONT>
</p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">The laws and regulations of various countries differ widely as to those issues on which shareholder approval is needed, usually requiring consent for actions which are considered routine in the United States.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD></TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">The board of directors is well positioned to determine whether or not these types of actions are in the best interest of the corporation&#146;s shareholders.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">32</FONT></P>

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<p><b><font size=2 face="serif">Government Service List</font></b></p>
<div style="text-indent:3%"><P><FONT size=2 face="serif">This proposal requests that the board of directors prepare a list of employees or consultants to the company who have been employed by the government within a specified period of time and the substance of their
involvement.</FONT></P></div>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">Solicitation of customers and negotiation of contractual or other business relationships is traditionally the responsibility of management. Compilation of such a list does not seem to serve a useful purpose, primarily
because existing laws and regulations serve as a checklist on conflicts of interest.</FONT></P>
</div>
<P><b><font size=2 face="serif">Vote Recommendation</font></b></P>
<div style="margin-left:52%">
<P><font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST </font></b><font size=2 face="serif">these
      proposals which request a list of employees having been employed by the
    government.</font></P>
</div>
<div style="text-indent:3%"><p><font size=2 face="serif">The following factors should be considered:</font></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">For certain companies, employing individuals familiar with the regulatory agencies and procedures is essential and, therefore, is in the best interests of the shareholders.</FONT></TD>
</TR>
<TR valign="top"><TD colspan=3>&nbsp;</TD></TR><TR valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">Existing laws and regulations require enough disclosure and serve as a check on conflicts of interest.</FONT></TD>
</TR>
<TR valign="top"><TD colspan=3>&nbsp;</TD></TR><TR valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">Additional disclosure would be an unreasonable invasion of such individual&#146;s privacy.</FONT></TD>
</TR>
<TR valign="top"><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">33</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 7</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">SOCIAL AND ENVIRONMENTAL ISSUES</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">34</FONT></P>

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<p><B><FONT size=2 face="serif">Energy and Environmental Issues<br>
(CERES Principles)</FONT></B></p>
<div style="text-indent:3%"><P><FONT size=2 face="serif">CERES proposals ask management to sign or report on process toward compliance with ten principles committing the company to environmental stewardship. Principle 10 directs companies to fill out the CERES report. This report
requires companies to disclose information about environmental policies, toxic emissions, hazardous waste management, workplace safety, energy use, and environmental audits.</FONT></P></div>
<p><b><font size=2 face="serif">Vote Recommendation</font></b></p>
<div style="margin-left:52%">
<P><FONT size=2 face="serif">Vote </FONT><B><FONT size=2 face="serif">AGAINST </FONT></B><FONT size=2 face="serif">proposals requesting that companies sign the CERES Principles.</FONT></P>
</div>
<div style="text-indent:3%"><p><font size=2 face="serif">The following factors should be considered:</font></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">We do not believe a concrete business case is made for this proposal. In our opinion, the company will be best served by continuing to carry on its business as it did before the proposal was made.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">35</FONT></P>

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<p align="left"><B><FONT size=2 face="serif">Northern Ireland</FONT></B>
  <B><FONT size=2 face="serif">(MacBride Principles)</FONT></B>
</p>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">It is well documented that Northern Ireland&#146;s Catholic community faces much higher unemployment figures then the Protestant community. Most proposals ask companies to endorse or report on progress with respect to the
MacBride Principles.</FONT></P></div>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">In evaluating a proposal to adopt the MacBride Principles, you must decide if the principles will cause the company to divest, and worsen unemployment problems.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font size=2 face="serif">REFRAIN </font></b><font size=2 face="serif">from
    voting on proposals that request companies to adopt the MacBride Principles.</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<P align="left"><FONT size=2 face="serif">The following factors should be considered:</FONT>
</P></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top >&nbsp;</TD>
  <TD width="3%" valign=top >&nbsp;</TD>
<TD width="3%" valign=top >
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">We believe that human and political rights are of the utmost importance for their own sake as well as for the enhancement of economic potential of a nation.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD  valign=top>&nbsp;</TD>
  <TD  valign=top>&nbsp;</TD>
<TD  valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">We do not believe a concrete business case has been made for this proposal. We will refrain from making social or political statements by voting for these proposals. We will only vote on proposals that maximize the value of
the issuers&#146; status without regard to (i.e., we will not pass judgement upon) the non-economic considerations.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">36</FONT></P>

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<p align="left"><B><FONT size=2 face="serif">Maquiladora Standards and</FONT></B>
  <B><FONT size=2 face="serif">International Operations and Policies</FONT></B>
</p>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">Proposals in this area generally request companies to report on or to adopt certain principles regarding their operations in foreign countries.</FONT></P></div>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">The Maquiladora Standards are a set of guidelines that outline how U.S. companies should conduct operations in Maquiladora facilities just across the U.S.-Mexican border. These standards cover such topics as community
development, environmental policies, health and safety policies, and fair employment practices.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font size=2 face="serif">ABSTAIN </font></b><font size=2 face="serif">from
        providing a Vote Recommendation on proposals regarding the Maquiladora
        Standards and international
    operating policies.</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p><FONT size=2 face="serif">The following factors should be considered:</FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%"  valign=top>&nbsp;</TD>
  <TD width="3%"  valign=top>&nbsp;</TD>
<TD width="3%"  valign=top>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">We believe that human rights are of the utmost importance for their own sake as well as for the enhancement of economic potential of a nation.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD  valign=top>&nbsp;</TD>
  <TD  valign=top>&nbsp;</TD>
<TD  valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">We do not believe that a concrete business case has been made for these proposals. We will refrain from making social statements by voting for these proposals. We will not only vote on proposals that maximize the value of
the issuers&#146; securities without regard to (i.e., we will not pass judgement upon) the non-economic considerations.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>

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<a name="p38"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><B><FONT size=2 face="serif">Equal Employment Opportunity</FONT></B>
  <B><FONT size=2 face="serif">And Discrimination</FONT></B>
</p>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">In regards to equal employment and discrimination,
companies without comprehensive EEO programs will find it hard to recruit qualified
employees and find them at a long-term competitive disadvantage.
Companies who are not carefully watching their human resource practices could
also face lawsuits.</FONT></P>
</div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <b><font size=2 face="serif">REFRAIN </font></b><font size=2 face="serif">from
        voting on any proposals regarding equal employment opportunities and
    discrimination.</font> </td>
  </tr>
</table>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">The following factors should be considered:</FONT></P></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%"  valign=top>&nbsp;</TD>
  <TD width="3%"  valign=top>&nbsp;</TD>
<TD width="3%"  valign=top>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">We feel that the hiring and promotion of employees should be free from prohibited discriminatory practices. We also feel that many of these issues are already subject to significant state and federal
regulations.</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>

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<B><FONT size=2 face="serif">Animal Rights</FONT></B>
<div style="text-indent:3%">
  <p> <font size=2 face="serif">A Corporation is requested to issue a report on
    its progress towards reducing reliance on animal tests for consumer product
    safety.</font></p>

</div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%"> <b><font size=2 face="serif">REFRAIN </font></b><font size=2 face="serif">from
      making Vote Recommendations on proposals regarding animal rights.</font>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p><font size=2 face="serif">The following factors should be considered:</font></p>

</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top>&nbsp;</TD>
    <TD width="3%" valign=top> <FONT size=2 face="serif">1.</FONT></TD>
    <TD> <FONT size=2 face="serif">Needless cruelty to animals should never be
      tolerated. However, the testing of products on animals may be very important
      to the health and safety of consumers.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT size=2 face="serif">2.</FONT></TD>
    <TD> <FONT size=2 face="serif">We also feel that this issue is already subject
      to significant state and federal regulation.</FONT> </TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">39</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 8</FONT></B></P>
<P align="center"> <B><FONT size=2 face="serif">CAPITAL STRUCTURE</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">40</FONT></P>

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<B><FONT size=2 face="serif">Common Stock Authorization</FONT></B>
<div style="text-indent:3%">
  <p> <font size=2 face="serif">The ability to increase the number of authorized
    shares could accommodate the sale of equity, stock splits, dividends, compensation-based
    plans, etc. The board can usually be trusted to use additional shares for
    capital-raising and other transactions that are in the corporation&#146;s
    best interests.</font></p>

</div>
<div style="text-indent:3%">
  <p> <font size=2 face="serif">However, excessive escalation in the number of
    authorized shares may allow the board to radically change the corporation&#146;s
    direction without shareholder approval. Be careful to view that the increased
    number of shares will not enable the company to activate a poison pill.</font></p>

</div>
<p><b><font size=2 face="serif">Vote Recommendation</font></b></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="48%"><font size=2 face="serif">Vote </font><b><font size=2 face="serif">Case-By-Case
      </font></b><font size=2 face="serif">on proposals to increase the number
      of shares of common stock authorized for issue.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST
      </font></b><font size=2 face="serif">proposed common share authorization
      that increase existing authorization by more then 100 percent unless a clear
      need for the excess shares is presented by the company.</font></td>
  </tr>
</table>
<div style="text-indent:3%">
  <p> <font size=2 face="serif"> The
    following factors should be considered:</font></p>

</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top>&nbsp;</TD>
    <TD width="3%" valign=top> <FONT size=2 face="serif">1.</FONT></TD>
    <TD> <FONT size=2 face="serif">Is this company going to make frequent business
      acquisitions over a period of time?</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT size=2 face="serif">2.</FONT></TD>
    <TD> <FONT size=2 face="serif">Is the company expanding its operations?</FONT>
    </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT size=2 face="serif">3.</FONT></TD>
    <TD> <FONT size=2 face="serif">Within the company, are there any debt structuring
      or prepackaged bankruptcy plans?</FONT> </TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">41</FONT></P>

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<B><FONT size=2 face="serif">Blank Check Preferred Stock</FONT></B>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">The terms of blank check preferred stock give the board of directors the power to issue shares of preferred stock at their discretion, with voting, conversion, distribution and other rights to be determined by the board at
the time of the issue.</FONT></P></div>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">Blank check preferred stock can provide corporations with the flexibility to meet changing financial conditions. However, once the blank check preferred stock has been authorized, the shareholders have no further power over
how or when it will be allocated.</FONT></P></div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B> </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="40%"><FONT size=2 face="serif">Vote </FONT><B><FONT size=2 face="serif">AGAINST </FONT></B><FONT size=2 face="serif">proposals
        authorizing the creation of new classes of preferred stock with unspecified
    voting, conversion, dividend distribution, and other rights.</FONT></td>
  </tr>
</table>
<p>&nbsp;    </p>
<div style="text-indent:3%">
<p><FONT size=2 face="serif"> The following factors should be considered:</FONT>
</p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%"><font size=2 face="serif">1.</font></TD>
<TD>
<FONT size=2 face="serif">Blank check preferred stock can be used as the vehicle for a poison pill defense against hostile suitors, or it may be placed in friendly hands to help block a takeover bid.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">42</FONT></P>

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<B><FONT size=2 face="serif">Preemptive Rights</FONT></B>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">These proposals request that the corporation provide existing shareholders with an opportunity to acquire additional shares in proportion to their existing holdings whenever new shares are issued. In companies with a large
shareholder base and ease in which shareholders could preserve their relative interest through purchases of shares on the open market, the cost of implementing preemptive rights does not seem justifiable in relation to the benefits.</FONT></P></div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B>
</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="40%"><FONT size=2 face="serif">Vote </FONT><B><FONT size=2 face="serif">AGAINST </FONT></B><FONT size=2 face="serif">proposals
    seeking preemptive rights.</FONT></td>
  </tr>
</table>
<div style="text-indent:3%">
<p><FONT size=2 face="serif">The following factors should be considered:</FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap><font size=2 face="serif">1.</font></TD>
<TD>
<FONT size=2 face="serif">The existence of preemptive rights can considerably slow down the process of issuing new shares due to the logistics involved in protecting such rights.</FONT></TD>
</TR>
<TR valign="top"><TD colspan=4>&nbsp;</TD></TR><TR valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>&nbsp;</TD>
<TD nowrap><font size=2 face="serif">2.</font></TD>
<TD>
<FONT size=2 face="serif">Preemptive rights are not necessary for the shareholder in today&#146;s corporations, whose stock is held by a wide range of owners and is, in most cases, highly liquid.</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">43</FONT></P>

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<p><b><FONT size=2 face="serif">Stock Distributions: Splits and Dividends</FONT></b></p>
<div style="text-indent:3%"><p><i><b><FONT size=2 face="serif"><a name="p44a"></a>Stock Splits</FONT>
</b></i></p>
</div>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">The corporation requests authorization for a stock split.</FONT></P></div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B>
</p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="40%"><FONT size=2 face="serif">Vote </FONT><B><FONT size=2 face="serif">FOR </FONT></B><FONT size=2 face="serif">management
        proposal to authorize stock splits unless the split will result in an
        increase of authorized but unissued shares of more than 100% after giving
    effect to the shares needed for the split.</FONT> </td>
  </tr>
</table>
<p align="center"><FONT size=2 face="serif">44</FONT></p>
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<div style="text-indent:3%"><p><b><i><font size=2 face="serif">Reverse Stock Splits</font></i></b></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><B><FONT size=2 face="serif">Vote Recommendation</FONT></B></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Vote </FONT><B><FONT size=2 face="serif">FOR </FONT></B><FONT size=2 face="serif">management
        proposal to authorize reverse stock split unless the reverse stock split
        results in an increase of authorized but unissued shares of more than
    100% after giving effect to the shares needed for the reverse split.</FONT> </td>
  </tr>
</table>

<P align="center">
<FONT size=2 face="serif">45</FONT></P>

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<div align="left"><B><FONT size=2 face="serif">Adjustments to Par Value of Common Stock</FONT></B>
</div>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">The purpose of par value stock is to establish the maximum responsibility of stockholder in the event that a corporation becomes insolvent. It represents the maximum amount that a shareholder must pay the corporation if the
stock is to be fully paid when issued.</FONT></P></div>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">The corporation requests permission to reduce the par value of its stock. In most cases, adjusting par value is a routine financing decision and should be supported.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><B><FONT size=2 face="serif">Vote Recommendation</FONT></B> </td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">management
    proposals to reduce the par value of common stock.</font> </td>
  </tr>
</table>

<div style="text-indent:3%">
<p><FONT size=2 face="serif">The following factors should be considered:</FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">State laws sometimes prohibit issuance of new stock priced below that of the outstanding shares.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR><TR>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">A corporation may be unable to raise capital if the par value is overstated.</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">46</FONT></P>

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<b><FONT size=2 face="serif">Debt Restructurings</FONT></b>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">The corporation may propose to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">It is our policy to vote </font><b><font size=2 face="serif">CASE-BY-CASE </font></b><font size=2 face="serif">on
    debt restructuring.</font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">The following factors should be considered:</FONT></p>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">Dilution &#150; How much will ownership interest of
existing shareholders be reduced and how extreme will dilution to future earnings
be?</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=4>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">Change in Control &#150; Will the transaction result in a change of control of the company?</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=4>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">Bankruptcy &#150; Is the threat of bankruptcy, which would result in severe losses in shareholder value, the main factor driving the debt restructuring?</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">47</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 9</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">EXECUTIVE AND DIRECTOR COMPENSATION</FONT></B></P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<P align="center">
<FONT size=2 face="serif">48</FONT></P>

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<B><FONT size=2 face="serif">Director Compensation</FONT></B>


<div style="text-indent:3%">
<P><FONT size=2 face="serif">Directors represent shareholders and are responsible for protecting shareholder interests. Companies state in the proxy material that they pay directors well in order to attract the most qualified candidates. All
  compensation packages for any executive, director or employee should include a pay-for-performance component.</FONT></P></div>
<p><B><FONT size=2 face="serif">Vote Recommendation</FONT></B>
</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td width="25%" align="left"><FONT size=2 face="serif">Vote on a </FONT><B><FONT size=2 face="serif">CASE-BY-CASE </FONT></B><FONT size=2 face="serif">basis
    for director compensation.</FONT> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left"><FONT size=2 face="serif">&nbsp; </FONT></td>
  </tr>
</table>
<div style="text-indent:3%">
<p><FONT size=2 face="serif">The following factors should be considered:</FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top>&nbsp;</TD>
<TD width="3%" valign=top>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">As directors take an increasingly active role in corporate decision-making and governance, their compensation is becoming more performance-based.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">49</FONT></P>

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<P align="left">
<B><FONT size=2 face="serif">Shareholder Proposal to Limit Executive and Director Pay</FONT></B></P>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">Shareholder compensation proposals that set limits or reduce executive compensation should be closely scrutinized. Many of these proposals may be flawed in their emphasis on an absolute dollar figure in
compensation.</FONT></P></div>
<B><FONT size=2 face="serif">Vote Recommendation</FONT></B>
<P align="right">
<FONT size=2 face="serif">Vote on a </FONT><B><FONT size=2 face="serif">CASE-BY-CASE </FONT></B><FONT size=2 face="serif">basis.</FONT>
</P>
<FONT size=2 face="serif">The following factors should be considered:</FONT>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD valign=top>&nbsp;</TD>
  <TD valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="3%" valign=top>&nbsp;</TD>
<TD width="3%" valign=top>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">Executive compensation is established by a committee that consists of independent directors who have fiduciary responsibility to act in the best interest of the shareholders and who are best placed to make compensation
decisions.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">50</FONT></P>

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<B><FONT size=2 face="serif">Employee Stock Ownership Plans (ESOPs)</FONT></B>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">These proposals ask for stockholder endorsement of compensation plans for key employees which involve the issuance of company shares by granting of stock options, SARs, restricted stock, etc. These plans help attract and
retain best-qualified corporate personnel and tie their interests more closely to those of the shareholders.</FONT></P></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%"><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">proposals
        to adopt share-based compensation plans when the following items are
    involved:</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">The exercise price for stock options is less than 85% of fair market value on the date of the grant.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">It is an omnibus stock plan which gives directors broad discretion in deciding how much and what kind of stock to award, when and to whom.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">The shares for issue exceed 8% of the company&#146;s outstanding shares; or, in the case of the evergreen plans, the amount of increase exceeds 1.5% of the total number of shares outstanding.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="40%"><font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST </font></b><font size=2 face="serif">proposals
        adopting share based compensation plans when the following items are
    involved:</font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">Re-load options (new options issued for any exercised).</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">The plan would allow for management to pyramid their holdings by using stock to purchase more stock, without having to lay out cash. Vote </FONT><B><FONT size=2 face="serif">YES </FONT></B><FONT size=2 face="serif">if this
is for directors.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">51</FONT></P>

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<p><B><FONT size=2 face="serif">Options Expensing</FONT></B>
</p>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Shareholder proposal to expense options.</FONT></p></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="60%">&nbsp;</td>
    <td width="40%"><FONT size=2 face="serif">It is our policy to vote </FONT><B><FONT size=2 face="serif">FOR </FONT></B><FONT size=2 face="serif">proposals
    to expense options.</FONT> </td>
  </tr>
</table>

  <P align="center">
<FONT size=2 face="serif">52</FONT></P>

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<B><FONT size=2 face="serif">Golden Parachutes</FONT></B>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">Golden parachutes are designed to protect the employees of a corporation in the event of a change in control. The change in control agreement will specify the exact payments to be made under the golden parachutes. The
calculation for payout is usually based on some multiple of an employee&#146;s annual or monthly compensation. Golden parachutes are generally given to employees whose annual compensation exceeds &#36;112,000.</FONT></P></div>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">Recent experience has shown a willingness of many managements to treat severance agreements as equal to equity investments and to reward themselves as if substantial amounts of equity were at risk.</FONT></P></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="60%"><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="40%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">proposals
    which seek to limit additional compensation payments.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">FOR </font></b><font size=2 face="serif">shareholder
    proposals to have golden parachutes submitted for shareholder ratification.</font></td>
  </tr>
</table>

<div style="text-indent:3%"><p><FONT size=2 face="serif"> The
    following factors should be considered:</FONT>
</p>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">The stability of management may be affected by an attempted acquisition of the corporation.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">There is a tendency on the part of an entrenched management to overstate the value of their continuing control of and influence on the day-to-day functions of a corporation.</FONT></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">53</FONT></P>

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<page>
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<p><a href="#contents">Back to Contents</a></p>
<p><B><FONT face="serif">Proposal to Ban Golden Parachutes</FONT></B> </p>
</font>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Based on the foregoing information:</FONT> </p></div>
<p><font size="2" face="serif"><B>Vote Recommendation</B> </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size=2 face="serif">We
      are </font><font size="2"><b><font face="serif">FOR </font></b><font face="serif">this
      proposal, which essentially bans golden parachutes, because we feel management&#146;s
      compensation should be solely based on real-time contributions to the corporation
      while they are serving it. Deferred current compensation is viewed differently
      than future, contingent compensation for current services.</font></font>
    </td>
  </tr>
</table>
<p align="center"><FONT size=2 face="serif">54</FONT></p>
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<p><B><FONT face="serif">Outside Directors&#146; Retirement Compensation</FONT></B>
</p>
</font>
<div style="text-indent:3%"><P> <FONT size=2 face="serif">We believe that directors should only be compensated
  while serving the company.</FONT></P></div>
<p><font size="2" face="serif"><B>Vote Recommendations</B> </font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="48%" align="left" valign="bottom"><font size="2" face="serif">Vote <b>AGAINST </b>proposals
      establishing outside directors&#146; retirement compensation. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><font size="2" face="serif">Vote <b>FOR </b>proposals
        that revoke outside directors&#146; retirement compensation.</font>
    </td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="serif">55</FONT></P>
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</font>
<P align="center"> <font size="2" face="serif"><B>CHAPTER 10</B></font></P>
<P align="center"> <font size="2" face="serif"><B>STATE OF INCORPORATION</B></font></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"> <FONT size=2 face="serif">56</FONT></P>
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<div align="left"><B><FONT size=2 face="serif">Control Share Acquisition Statutes</FONT></B>
</div>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">These proposals suggest that the board of directors solicit shareholder approval before committing acquisitions or divestiture of a business exceeding stipulated threshold levels. Such statutes function by denying shares
  their voting rights when they contribute to ownership in excess of certain thresholds.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b></td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote </font><b><font size=2 face="serif">AGAINST </font></b><font size=2 face="serif">proposals
        which request the board to seek shareholder approval before committing
    to an acquisition. </font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p><font size=2 face="serif">The following factors should be considered:</font></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">These proposals deprive the board of directors of its ability to act quickly in propitious circumstances.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">Conforming to these requirements can be expensive.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">The board of directors is uniquely qualified and positioned to be able to make these decisions without prior shareholder approval.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">4.</FONT></TD>
<TD>
<FONT size=2 face="serif">The threshold levels usually imposed by these proposals are much more stringent than required by law.</FONT></TD>
</TR>
<TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">57</FONT></P>

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<div align="left"><B><FONT size=2 face="serif">Opt-Out of State Takeover Statutes</FONT></B>
</div>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">These proposals seek shareholder approval to opt-out (not be governed by) certain provisions of the anti-takeover laws of various states. Delaware law, for instance, dictates that a bidder has to acquire at least 85% of a
company&#146;s stock before exercising control, unless he or she has board approval. This means that a company may thwart an otherwise successful bidder by securing 15% of its stock in friendly hands.</FONT></P></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font size=2 face="serif">Vote Recommendation</font></b> </td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Vote on a </font><b><font size=2 face="serif">CASE-BY-CASE </font></b><font size=2 face="serif">basis
    for these proposals.</font> </td>
  </tr>
</table>
<div style="text-indent:3%"><p><FONT size=2 face="serif">The following factors should be considered:</FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">It is the directors&#146; responsibility to act on behalf of the shareholders in opposing coercive takeover attempts.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">Creating deterrents to corporate takeovers may allow for entrenchment of inefficient management.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">These statutes strengthen the board&#146;s ability to deal with potential buyers on fair and reasonable terms.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">4.</FONT></TD>
<TD>
<FONT size=2 face="serif">Shareholders should have the final say on whether the company should be merged or acquired.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">58</FONT></P>

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<P><b>
<FONT size=2 face="serif">Corporate Restructuring, Spin-Offs Asset Sales, Liquidations</FONT></b></P>

<div style="text-indent:3%"><P>
<FONT size=2 face="serif">Votes on corporate restructuring, spin-offs, asset sales and liquidations are evaluated on a </FONT><B><FONT size=2 face="serif">case by case </FONT></B><FONT size=2 face="serif">basis.</FONT></P></div>
<P align="center">
<FONT size=2 face="serif">59</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 11</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CONFLICTS OF INTEREST</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">60</FONT></P>

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<b><FONT size=2 face="serif">Conflicts</FONT>
</b>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">From time to time, proxy voting proposals may raise conflicts between the interests of the Advisers clients and the interests of the Adviser, its affiliates and its employees. Conflicts of interest may arise when:</FONT></P></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap><font size="2">&nbsp;</font></TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">Proxy votes regarding non-routine matters are solicited by an issuer that may have a separate account relationship with an affiliate of the Adviser.</FONT></TD>
</TR>
<TR align="left" valign="top">
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR><TR align="left" valign="top">
<TD nowrap><font size="2">&nbsp;</font></TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">A proponent of a proxy proposal has a business relationship with the Adviser or one of its affiliates or the Adviser or one of its affiliates has a business relationship with participants in proxy contests, corporate
directors or director candidates.</FONT></TD>
</TR>
<TR align="left" valign="top">
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR><TR align="left" valign="top">
<TD nowrap><font size="2">&nbsp;</font></TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">An employee of the Adviser has a personal interest in the outcome of a particular matter before shareholders.</FONT></TD>
</TR>
<TR align="left" valign="top">
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR></TABLE>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">If the Adviser receives a proxy that to the knowledge of the Proxy Manager raises a conflict of interest, the Proxy Manager shall advise the Governance Committee which shall determine whether the conflict is
&#147;material&#148; to any specific proposal involved in the proxy. The Governance Committee will determine whether the proposal is material as follows:</FONT></P></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="3%" nowrap><font size="2">&nbsp;</font></TD>
<TD width="3%" valign="top"><FONT size=2 face="serif">1.</FONT></TD>
<TD valign="bottom"><FONT size=2 face="serif">Routine proxy proposals are presumed not to involve a material conflict of interest.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD><font size="2">&nbsp;</font></TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
</TR><TR valign="bottom">
<TD nowrap><font size="2">&nbsp;</font></TD>
<TD valign="top" nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD valign="top">
<FONT size=2 face="serif">Non-routine proxy proposals. Proxy proposals that are &#147;non-routine&#148; will be presumed to involve a material conflict of interest unless the Governance Committee determines that the conflict is unrelated to the
proposal. Non-routine proposals would include a merger, compensation matters for management and contested elections of directors.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD><font size="2">&nbsp;</font></TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">61</FONT></P>

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<p><B><FONT size=2 face="serif">Conflicts cont&#146;d</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width="3%" nowrap><font size="2">&nbsp;</font></TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD colspan=2>
<FONT size=2 face="serif">The Governance Committee may determine on a case-by-case basis that particular non- routine proposals do not involve a material conflict of interest because the proposal is not directly related to the Adviser&#146;s
conflict vis-&agrave;-vis the issue. The Governance Committee will record the basis for any such determination. With respect to any proposal that the Governance Committee determines presents a material conflict of interest, the Adviser may vote
regarding that proposal in any of the following ways:</FONT></TD>
</TR>
<TR valign="top">
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD width="3%"><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR><TR valign="top">
<TD><font size="2">&nbsp;</font></TD>
<TD><font size="2">&nbsp;</font></TD><TD nowrap>
<FONT size=2 face="serif">a)</FONT></TD>
<TD>
<FONT size=2 face="serif">Obtain instructions from the client on how to vote.</FONT></TD>
</TR>
<TR valign="top">
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR><TR valign="top">
<TD><font size="2">&nbsp;</font></TD>
<TD><font size="2">&nbsp;</font></TD><TD nowrap>
<FONT size=2 face="serif">b)</FONT></TD>
<TD>
<FONT size=2 face="serif">Use existing proxy guidelines if the policy with respect to the proposal is specifically addressed and does not involve a case-by-case analysis.</FONT></TD>
</TR>
<TR valign="top">
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR><TR valign="top">
<TD><font size="2">&nbsp;</font></TD>
<TD><font size="2">&nbsp;</font></TD><TD nowrap>
<FONT size=2 face="serif">c)</FONT></TD>
<TD>
<FONT size=2 face="serif">Vote the proposal that involves the conflict according to the recommendations of an independent third party such as Institutional Share Services Inc. or Investor Responsibility Research Center.</FONT></TD>
</TR>
<TR valign="top">
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">62</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 12</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">GOVERNANCE COMMITTEE<br>
AND<br>
</FONT></B><B><FONT size=2 face="serif">PROXY MANAGERS</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">63</FONT></P>

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<p><FONT size=2 face="serif"><b>Governance Committee</b></FONT>
</p>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">The Governance Committee is responsible for the maintenance of the Proxy Voting Policies and Procedures and will determine whether any conflict between the interest of clients and the Advisers in voting proxies is material.
The Governance Committee includes the following: (1) Brian Chase, (2) Barbara Pires, and (3) Punita Kumar-Sinha.</FONT></P></div>
<P align="center">
<FONT size=2 face="serif">64</FONT></P>

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<p><FONT size=2 face="serif"><b>Proxy Managers</b></FONT>
</p>
<div style="text-indent:3%">
<P>
<FONT size=2 face="serif">The Proxy Manager for the Adviser is Punita Kumar-Sinha, Portfolio Manager. The Proxy Manager will determine how votes will be cast on proposals that are evaluated on a case-by case basis.</FONT></P></div>
<P align="center">
<FONT size=2 face="serif">65</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 13</FONT></B></P>
<P align="center"> <B><FONT size=2 face="serif">SPECIAL ISSUES WITH VOTING<br>
  FOREIGN
       PROXIES</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">66</FONT></P>

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  <p><b><font size="2" face="serif">Special Issues with Voting Foreign Proxies</font>
  </b></p>
  <div style="text-indent:3%">
  <p> <font size=2 face="serif">Voting proxies with respect to shares of foreign
    stock may involve significantly greater effort and corresponding cost than
    voting proxies in the U.S domestic market. Issues in voting foreign proxies
    include the following:</font></p>

</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%"> <FONT size=2 face="serif">1.</FONT></TD>
    <TD> <FONT size=2 face="serif">Each country has its own rules and practices
      regarding shareholder notification, voting restrictions, registration conditions
      and share blocking.</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">2.</FONT></TD>
    <TD> <FONT size=2 face="serif">In some foreign countries shares may be &#147;blocked&#148;
      by custodian or depository or bearer shares deposited with specific financial
      institutions for a certain number of days before or after the shareholders
      meeting. When blocked, shares typically may not be traded until the day
      after the blocking period. Blackstone may refrain from voting shares of
      foreign stocks subject to blocking restrictions where in the Adviser&#146;s
      judgment the benefit from voting the shares is outweighed by the interest
      in maintaining client liquidity in the shares. This decision is made on
      a case-by-case basis based on a relevant factors including the length of
      the blocking period, the significance of the holding and whether the stock
      is considered by a long- term holding.</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">3.</FONT></TD>
    <TD> <FONT size=2 face="serif">Time frames between shareholder notification,
      distribution of proxy materials, book closures and the actual meeting date
      may be too short to allow timely action.</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">4.</FONT></TD>
    <TD> <FONT size=2 face="serif">In certain countries, applicable regulations
      require that votes must be made in person at the shareholder meeting. The
      Adviser will weigh the costs and benefits of voting on proxy proposals in
      countries that require in-person voting on a case-by-case basis and make
      decisions on whether voting on a given proxy proposal is prudent. Generally,
      the Adviser will not vote shares in countries that require in person voting
      on routine matters such as uncontested elections of directors, ratification
      of auditors.</FONT> </TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">67</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">CHAPTER 14</FONT></B></P>
<P align="center"> <B><FONT size=2 face="serif">RECORD KEEPING</FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">68</FONT></P>

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<p><b><FONT size=2 face="serif">Record Keeping</FONT></b></p>
<div style="text-indent:3%"><p><FONT size=2 face="serif">Blackstone will maintain the following
    records:</FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD width="3%" nowrap>&nbsp;</TD>
<TD width="3%" nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
<TD>
<FONT size=2 face="serif">Copies of these policies</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD></TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
<TD>
<FONT size=2 face="serif">A copy of each proxy statement that the Adviser receives regarding client securities. The Adviser may satisfy this requirement by relying on a third party to keep copies of proxy statements provided that the Adviser has an
undertaking from the third party to provide a copy of the proxy statement promptly upon request.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD></TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
<TD>
<FONT size=2 face="serif">A record of each vote cast on behalf of a client. A third party may keep these voting records provided that the Adviser has an undertaking from the third party to provide a copy of the record promptly upon
request.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD></TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">4.</FONT></TD>
<TD>
<FONT size=2 face="serif">A copy of any document created by the Adviser that was material to making a decision on how to vote proxies or that memorializes the basis for that decision.</FONT></TD>
</TR>
<TR align="left" valign="top"><TD colspan=3>&nbsp;</TD></TR><TR align="left" valign="top">
  <TD nowrap>&nbsp;</TD>
<TD nowrap>
<FONT size=2 face="serif">5.</FONT></TD>
<TD>
<FONT size=2 face="serif">A copy of each written client request for information on how an Adviser voted proxies on behalf of the client and a copy of written response by the Adviser to any client request for information on how the Adviser voted
proxies on behalf of the client.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div style="text-indent:3%">
<P><FONT size=2 face="serif">The above records shall be maintained for five years from the end of the fiscal year during which the last entry was made on such record, the first two years in an appropriate office of the Adviser.</FONT></P></div>
<P align="center">
<FONT size=2 face="serif">69</FONT></P>

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<P>
<B><FONT size=2 face="serif">Item 8. &nbsp;&nbsp;&nbsp;Portfolio Managers of Closed-End Management Investment Companies. </FONT></B></P>
<P><B><FONT size=2 face="serif">PORTFOLIO MANAGER DISCLOSURE</FONT></B></P>
<div style="text-indent:3%"><p><B><FONT size=2 face="serif">Portfolio Manager. </FONT></B><FONT size=2 face="serif">As of December 31, 2005, the Fund is managed by Punita Kumar-Sinha, who has primary responsibility for the day-to-day implementation
of the Fund&#146;s investment strategies. Ms. Kumar-Sinha has been the portfolio manager for the Fund since 1997. Ms Kumar-Sinha has been a Managing Director of Blackstone Asia Advisors L.L.C. (the &#147;Investment Manager&#148;) since December
2005. Prior to joining the Investment Manager, Ms. Kumar-Sinha was a Managing Director and Senior Portfolio Manager at Oppenheimer Asset Management Inc. and CIBC World Markets, where she was also the portfolio manager for the Fund. </FONT></p></div>
<div style="text-indent:3%"><p><B><FONT size=2 face="serif">Other Accounts Managed by Portfolio Manager.</FONT></B><FONT size=2 face="serif">  In addition to managing the Fund, Ms. Kumar-Sinha also is primarily responsible for the day-to-day
portfolio management of The Asia Tigers Fund, Inc. As of December 31, 2005, the total assets of The Asia Tigers Fund, Inc. were &#36;90,177,941.74. The Asia Tigers Fund, Inc. is a closed-end management investment company registered under the
Investment Company Act of 1940, as amended, that primarily invests in Asian securities. Aside from the Fund and The Asia Tigers Fund, Inc., Ms. Kumar-Sinha manages no other registered investment companies, pooled investment vehicles or accounts.
Neither the Fund nor The Asia Tigers Fund, Inc. have fees based on performance. </FONT></p></div>
<div style="text-indent:3%"><p><B><FONT size=2 face="serif">Portfolio Manager Compensation. </FONT></B><FONT size=2 face="serif">The portfolio manager&#146;s overall compensation is determined by Blackstone&#146;s Management Committee.
Blackstone&#146;s compensation structure is designed to pay competitive salaries to attract and retain top quality investment professionals. Ms. Kumar-Sinha&#146;s compensation consists of two elements&#151;base salary and bonus.</FONT></p></div>
<div style="text-indent:3%"><p><I><FONT size=2 face="serif">Base salary. </FONT></I><FONT size=2 face="serif">The base salary is generally a fixed amount. The base salary is reviewed annually and may be adjusted based on a variety of factors,
including competitive market factors and the skill, experience and responsibilities of the individual. While investment performance is a factor in determining the portfolio manager&#146;s compensation, it is not necessarily a decisive
factor.</FONT></p></div>
<div style="text-indent:3%"><p><I><FONT size=2 face="serif">Bonus.</FONT></I><FONT size=2 face="serif">  Ms. Kumar-Sinha is also eligible to receive an annual cash bonus. The level of this bonus is based upon evaluations and determinations made by
the portfolio manager&#146;s supervisor. These reviews and evaluations often take into account a variety of factors, including the effectiveness of the portfolio manager&#146;s investment strategies, the performance of the accounts for which she
serves as portfolio manager relative to any benchmarks established for those accounts, the amount of the Investment Manager&#146;s total assets under management, her ability to work with colleagues and to supervise her investment staff and her
overall contribution to the Investment Manager in achieving its business objectives.</FONT></p></div>
<div style="text-indent:3%">
<p><B><FONT size=2 face="serif">Potential Conflicts of Interest.</FONT></B><FONT size=2 face="serif">  Potential
    conflicts of interest may arise when a fund&#146;s portfolio manager has
    day-to-day management  responsibilities with respect to one or more other
    funds or other accounts, as is the case for Ms. Kumar-Sinha. Ms. Kumar-Sinha&#146;s
    simultaneous management of the Fund and The Asia Tigers Fund, Inc. may present
    actual or apparent conflicts of
interest with respect to the allocation of Ms. Kumar-Sinha&#146;s time and attention
as well as with respect to the allocation and aggregation of securities orders
placed on behalf of the two funds. The Fund and The Asia Tigers Fund, Inc. have
partially overlapping investment objectives since both may invest in Indian</FONT></p>
</div>

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<P>
<FONT size=2 face="serif"> securities. Potential conflicts may arise, for example,
when there is a limited quantity of an investment that may be suitable for both
funds and the investment must be allocated between them. It is also possible
that, in light of different objectives, benchmarks, industry and sector exposures
and time horizons, the portfolio manager may take differing positions in the
two funds. The Adviser believes that such
potential conflicts are mitigated by the fact that the Adviser has adopted policies
that address potential conflicts of interest, including strict adherence to investment
objectives, policies and guidelines as well as best execution and trade allocation
policies that are designed to ensure (1) that portfolio management is seeking
the best price for portfolio securities under the circumstances, (2) fair and
equitable allocation of investment opportunities among accounts over time and
(3)
compliance with applicable regulatory requirements.  All accounts are treated
in a non-preferential manner, such that allocations are not based upon account
performance, fee structure or preference of the portfolio manager.</FONT></P>
<div style="text-indent:3%"><p><B><FONT size=2 face="serif">Portfolio Manager Securities Ownership. </FONT></B><FONT size=2 face="serif">As of December 31, 2005, Ms. Kumar-Sinha beneficially owned between &#36;10,001 and &#36;50,000 in the common
stock of the Fund.</FONT></p></div>
<P>
<B><FONT size=2 face="serif">Item 9. &nbsp;&nbsp;&nbsp;Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">REGISTRANT PURCHASES OF EQUITY SECURITIES</FONT></B></P>
<TABLE width="100%" border=1 cellpadding=0 cellspacing=0 bordercolor="#000000">
<TR align="center" valign="bottom">
  <TD align="left"><font size="1">
    <B><FONT face="serif">Period</FONT></B>&nbsp;
    </font></TD>
<TD><div align="center">

</div>
  <div align="center"><B><FONT size=1 face="serif">(a) Total Number<br>
of Shares (or<br>
Units) Purchased</FONT></B></div></TD>
<TD>&nbsp;
  <div align="center">

</div>
  <div align="center"><font size="1">
    <B><FONT face="serif">(b) Average</FONT></B>&nbsp;
    </font></div>  <div align="center"><font size="1">
    <B><FONT face="serif">Price Paid</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
 &nbsp;<B><FONT face="serif">per Share</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">(or Unit)</FONT></B>&nbsp;
    </font></div></TD>
<TD><div align="center">

</div>
<div align="center"><font size="1">
    <B><FONT face="serif">(c) Total Number of</FONT></B>&nbsp;
    </font></div><div align="center"><font size="1">
    <B><FONT face="serif">Shares (or Units)</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">Purchased as Part of</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">Publicly Announced</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">Plans or Programs</FONT></B>&nbsp;
    </font></div></TD>
<TD><div align="center"><font size="1">
  <B><FONT face="serif">(d) Maximum Number (or</FONT></B>&nbsp;
    </font></div>  <div align="center"><font size="1">
    <B><FONT face="serif">Approximate Dollar Value)</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">of Shares (or Units) that</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">May Yet Be Purchased</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">Under the Plans or</FONT></B>&nbsp;
    </font></div>    <div align="center"><font size="1">
    <B><FONT face="serif">Programs</FONT></B>&nbsp;
    </font></div></TD>
</TR>

<TR align="right" valign="bottom">
  <TD align=left>
<FONT size=2 face="serif"><br>
07/01/2005</FONT>&nbsp;<FONT size=2 face="serif">to<br>
07/31/2005</FONT></TD>
<TD width="20%" align="center">
<FONT size=2 face="serif">None</FONT>
</TD>
<TD width="20%" align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD width="20%" align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD width="20%" align="center">
<FONT size=2 face="serif">None</FONT></TD>
</TR>
<TR align="right" valign="bottom">
  <TD align=left>
<FONT size=2 face="serif"><br>
08/01/2005</FONT>&nbsp;<FONT size=2 face="serif">to<br>
08/31/2005
</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT>
</TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
</TR>
<TR align="right" valign="bottom">
  <TD align=left>
<FONT size=2 face="serif"><br>
09/01/2005</FONT>&nbsp;<FONT size=2 face="serif">to</FONT>
<br>
<FONT size=2 face="serif">09/30/2005</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">168,899.7396 (1)</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">34.6347</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">168,899.7396</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
</TR>
<TR align="right" valign="bottom">
  <TD align=left>
<FONT size=2 face="serif"><br>
10/01/2005</FONT> <FONT size=2 face="serif">to<br>
10/31/2005</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT>
</TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT>
</TD>
</TR>
<TR align="right" valign="bottom">
  <TD align=left>
<FONT size=2 face="serif"><br>
11/01/2005</FONT>&nbsp;<FONT size=2 face="serif">to</FONT>
<br>
<FONT size=2 face="serif">11/30/2005</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT>
</TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
</TR>
<TR align="right" valign="bottom">
  <TD align=left>
<FONT size=2 face="serif"><br>
12/01/2005</FONT>&nbsp;<FONT size=2 face="serif">to</FONT><br>
<FONT size=2 face="serif">12/31/2005</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT>
</TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
</TR>
<TR align="right" valign="bottom">
  <TD align=left>
<FONT size=2 face="serif"><br>
Total</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">168,899.7396&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
</TD>
<TD align="center">
<FONT size=2 face="serif">34.6347</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">168,899.7396</FONT></TD>
<TD align="center">
<FONT size=2 face="serif">None</FONT></TD>
</TR>
</TABLE>
<BR>

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<div style="text-indent:3%"><P>
<FONT size=2 face="serif">(1) These shares were purchased in connection with the Fund&#146;s regular, semi-annual repurchase offer announced on August 26, 2005 that expired on September 16, 2005. In connection with this offer, the Fund offered to
repurchase up to 5% of its outstanding shares of common stock. 168,899.7396 shares were validly tendered for cash at a price approximately equal to the Fund&#146;s net asset value of September 23, 2005.</FONT></P></div>
<P>
<B><FONT size=2 face="serif">Item 10.&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security
Holders.</FONT></B></P>
<div style="text-indent:3%"><P>
<FONT size=2 face="serif">There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant&#146;s board of directors, where those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a -101), or this Item. </FONT></P></div>
<p><B><FONT size=2 face="serif">Item 11.&nbsp;&nbsp;&nbsp;Controls and Procedures.</FONT></B></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td align="left" width="3%">&nbsp;</td>
<td align="left" width="3%"><font size="2" face="serif">(a) </font></td>
<td align="left"><font size="2" face="serif">The registrant&#146;s principal executive
    and principal financial officers, or persons performing similar functions,
    have concluded that the registrant&#146;s disclosure controls and procedures (as
    defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended
    (the &#147;1940 Act&#148;) (17 CFR 270.30a-3(c))) are effective, as of a
    date within 90 days of the filing date of the report that includes the disclosure
    required by this paragraph, based on their evaluation of these controls and
    procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b))
    and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
    as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)), except that the registrant&#146;s
    independent auditors identified material weaknesses (as defined in PCAOB
    Auditing Standard No. 2) in the registrant&#146;s internal control over financial
    reporting and its operation because management did not maintain effective
    control over the process to identify a potential tax liability in the registrant.
    Specifically, prior to the time that Blackstone Asia Advisors L.L.C. assumed
    management of the registrant, as a result of the registrant&#146;s failure to
    declare its spillback distribution of accumulated income and realized gains
    for its 2004 calendar year prior to filing its 2004 Federal income tax return
    on or before September 15, 2005, the registrant did not meet the requirements
    under Subchapter M of the Internal Revenue Code to be considered a regulated
    investment company for the 2004 calendar year. This
control deficiency resulted in an adjustment to the Fund&#146;s 2005 financial statements.
    Additionally, this control deficiency could have resulted in a misstatement
    to tax expense and tax liability that would have resulted in a material misstatement
    of financial statements that would not have been be prevented or detected.
    The registrant has revised its compliance calendar to address its dividend
    declaration policies to assure that it is always in compliance with Subchapter
    M of the Internal Revenue Code.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">(b) </font></td>
<td align="left"><font size="2" face="serif">There were no changes in the registrant&#146;s
    internal control over financial reporting (as defined in Rule 30a-3(d) under
    the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant&#146;s
    second fiscal quarter of the period covered by this report that has materially
    affected, or is reasonably likely to materially affect, the registrant&#146;s
    internal control over financial reporting. However, subsequent to the period
    covered by this report, the registrant has made the changes in its internal
    control over financial reporting described in (a) above.</font></td>
</tr>
</table>
<P>
<B><FONT size=2 face="serif">Item 12.&nbsp;&nbsp;&nbsp;Exhibits.</FONT></B></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="5%"><font size=2 face="serif">(a)(1)</font></td>
    <td><font size=2 face="serif">Code of ethics, or any amendment thereto, that
        is
the subject of disclosure required by Item 2 is attached hereto.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="serif">(a)(2)</font></td>
    <td><font size=2 face="serif">Certifications pursuant to Rule 30a-2(a) under
        the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached
    hereto.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="serif">(a)(3)</font></td>
    <td><font size=2 face="serif">Not applicable.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="serif">(b)</font></td>
    <td><font size=2 face="serif">Certifications pursuant to Rule 30a-2(a) under
        the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached
    hereto.</font></td>
  </tr>
</table>
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<P align="center">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B></P>
<P>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
<TD colspan="3" align=left><FONT size=2 face="serif">(registrant)&nbsp;&nbsp;<b>The India Fund, Inc.</b></FONT></TD>
<TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="20%" align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="25%" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align=left><FONT size=2 face="serif">By (Signature and Title)*</FONT></TD>
<TD align=left>&nbsp;</TD>
<TD align=left><FONT size=2 face="serif">/s/ Prakash A. Melwani</FONT></TD>
<TD align=left><FONT size=2 face="serif">&nbsp; </FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr noshade size="1">
    </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align=left>&nbsp;</TD>
<TD align=left>&nbsp;</TD>
<TD colspan="2" align=left><FONT size=2 face="serif">Prakash A. Melwani, President</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font size=2 face="serif">(principal
    executive officer)</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD colspan="4" align=left><FONT size=2 face="serif">Date 3/8/2006</FONT></TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated.</FONT></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td width="20%" align=left><font size=2 face="serif">By (Signature and Title)*</font></td>
    <td width="1%" align=left>&nbsp;</td>
    <td width="25%" align=left><font size=2 face="serif">/s/ Prakash A. Melwani</font></td>
    <td align=left><font size=2 face="serif">&nbsp; </font></td>
  </tr>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr noshade size="1">
    </TD>
  <TD align=left>&nbsp;</TD>
</TR>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td colspan="2" align=left><font size=2 face="serif">Prakash
    A. Melwani, President</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td colspan="2" align=left><font size=2 face="serif">(principal
    executive officer)</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size=2 face="serif">Date 3/8/2006</font></td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align=left><FONT size=2 face="serif">By (Signature and Title)*</FONT></TD>
<TD align=left>&nbsp;</TD>
<TD align=left><FONT size=2 face="serif">/s/ Brian S. Chase</FONT></TD>
<TD align=left><FONT size=2 face="serif">&nbsp; </FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr noshade size="1">
    </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp; </TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font size=2 face="serif">Brian
    S. Chase, Treasurer</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp; </TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><FONT size=2 face="serif">(principal financial officer)</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp; </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">Date 3/7/2006</FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr align="left" width="100" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>
      <font size="1"><sup><font face="serif">* </font></sup><font face="serif">Print
    the name and title of each signing officer under his or her signature.</font> </font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
</body>

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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>5
<FILENAME>b411198ex-a1.htm
<DESCRIPTION>EXHIBIT 99.CODE ETH
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Financial</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<div align="right">
<p><font size="2"> </font></p>
</div>
<P align="right"><font size="2"><FONT face="serif">July 2003, as revised December 4, 2005</FONT></font></P>
<P align="center"><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">CODE OF
        ETHICS FOR PRINCIPAL EXECUTIVE AND<br>
  SENIOR FINANCIAL OFFICERS ADOPTED PURSUANT
        TO RULES<br>
  PROMULGATED UNDER SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="serif"><b>I.</b></font></td>
    <td><font size="2" face="serif"><b>Covered Officers/Purpose of the Code</b></font></td>
  </tr>
</table>
<div style="text-indent:3%">
  <p><FONT size="2" face="serif">This code of ethics
      (the &#147;Code&#148;) of the registered investment companies set forth in
      Exhibit A (collectively, the &#147;Funds&#148; and each, a &#147;Fund&#148;) applies to each
      Fund&#146;s principal executive officer,  principal financial officer and principal
      accounting officer (the &#147;Covered Officers&#148; each
of whom are set forth in Exhibit B) for the purpose of promoting:</FONT></p>
</div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td><font size="2"><font face="serif">honest and ethical conduct, including
          the ethical handling of actual or apparent conflicts</font> <font face="serif">of
    interest between personal and professional relationships;</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2"> <font face="serif">full, fair, accurate, timely and understandable
          disclosure in reports and documents that</font> <font face="serif">the
          Fund files with, or submits to, the Securities and Exchange Commission
          (&#147;SEC&#148;)
and</font> <font face="serif">in
other public communications made by the Fund;</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif">compliance with applicable laws and governmental
    rules and regulations;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2"><font face="serif">the prompt internal reporting of violations
          of the Code to an appropriate person or</font> <font face="serif">persons
    identified in the Code; and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif"> accountability for adherence to the Code.</font></td>
  </tr>
</table>

<div style="text-indent:3%"><p><FONT size="2" face="serif">Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.</FONT></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="serif"><b>II.</b></font></td>
    <td><font size="2"><b><font face="serif">Covered Officers Should Handle Ethically
    Actual and Apparent Conflicts of Interest</font></b><font face="serif"> </font></font></td>
  </tr>
</table>
<div style="text-indent:3%"><p><font size="2"><B><FONT face="serif">Overview. </FONT></B><FONT face="serif">A
        &#147;conflict of interest&#148; occurs when a Covered Officer&#146;s private interest
        interferes with the interests
        of, or the Covered Officer&#146;s service to, a Fund. For example, a conflict
        of interest would arise if a Covered Officer, or a member of the Covered
        Officer&#146;s family, receives improper personal benefits as a result of
the Covered Officer&#146;s position with the Fund.</FONT></font></p></div>
<div style="text-indent:3%"><p><FONT size="2" face="serif">Certain conflicts
      of interest arise out of the relationships between Covered Officers and
      a Fund and already are subject to conflict of interest provisions in the
      Investment Company Act of 1940
(&#147;Investment Company Act&#148;) and the Investment Advisers Act of 1940 (&#147;Investment Advisers Act&#148;). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a
Fund because of their status as &#147;affiliated persons&#148; of the Fund. Each Fund&#146;s
and its investment adviser&#146;s compliance programs and procedures are designed
to prevent, or identify and correct, violations of these provisions. This Code
does not, and is not intended to, repeat or replace these programs and procedures,
and such conflicts fall outside of the parameters of this Code. Although typically
not presenting an opportunity for improper personal benefit, conflicts arise
from, or as
a</FONT></p></div>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>

<P>
  <FONT face="serif" size="2">result of, the contractual relationship between a Fund and
  its investment adviser or a third party service provider of which the Covered
  Officers are also officers or employees. As a result, this Code recognizes
  that the Covered Officers will, in the normal course of their duties (whether
  formally for the Funds or for its investment adviser or a third party service
  provider, or for one or more of them), be involved in establishing policies
  and implementing decisions that
  will have different effects on the adviser, third party service provider and
  the Funds. The participation of the Covered Officers in such activities is
  inherent in the contractual relationship between the Company and the adviser
  or third party service provider and is consistent with the performance by the
  Covered Officers of their duties as officers of the Fund. Thus, if performed
  in conformity with the provisions of the Investment Company Act and the Investment
  Advisers Act, such
  activities will be deemed to have been handled ethically. In addition, it is
  recognized by the Funds&#146; Boards of Directors (the &#147;Boards&#148;) that the Covered
  Officers may also be officers or employees of one or more other investment
companies covered by this or other codes.</FONT></P>
<div style="text-indent:3%"><p><FONT size="2" face="serif">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. </FONT></p></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
<TD width="3%" valign=top nowrap><font size="2">
<B><FONT face="serif">III.</FONT></B></font></TD>
<TD colspan=2><font size="2" face="serif">
    <B>Disclosure and Compliance</B></font></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td><font size="2" face="serif">Each Covered Officer of a Fund should become familiar with the disclosure
    requirements generally applicable to the Fund;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif">each Covered Officer of a Fund should not knowingly misrepresent,
        or cause others to misrepresent, facts about the Fund to others, whether
        within or outside the Fund, including to the Fund&#146;s Directors and
        auditors, and to
governmental regulators and self- regulatory organizations;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif">each Covered Officer of a Fund should, to the extent appropriate
        within the Covered Officer&#146;s area of responsibility, consult with
        other officers and employees of the Fund and its investment adviser with
        the goal of promoting full, fair, accurate, timely and understandable
        disclosure in the reports and documents the Fund files with, or submits
    to, the SEC and in other public communications made by the Fund; and</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif">it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="serif"><b>IV.</b></font></td>
    <td colspan="2"><font size="2" face="serif"><b>Reporting and Accountability</b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif">Each Covered Officer of a Fund must:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif">upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands the Code;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2" face="serif">annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of the Code;</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page>

</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td><font size="2"><font face="serif">not retaliate against any other Covered
          Officer or any employee of the Fund or its</font> <font face="serif">affiliated
          persons for reports of potential violations that are made in good faith;
    and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2"><font face="serif">notify the Compliance Officer of the
          Fund promptly if the Covered Officer knows of any</font> <font face="serif">violation
    of this Code. Failure to do so is itself a violation of this Code. </font></font></td>
  </tr>
</table>

<div style="text-indent:3%"><P>    <font size="2" face="serif">The Compliance
      Officer of a Fund is responsible for applying this Code to specific situations
      in which questions are presented under it and has the authority to interpret
      this Code in any particular situation. The Compliance Officer of the Fund
      is authorized to consult, as appropriate, with counsel to the Fund and
      counsel to the Directors of the Fund who are not &#147;interested persons,&#148; as
      defined by Section 2(a)(19) of the Investment Company Act, of the Fund
      (the &#147;Independent Directors&#148;), and is encouraged to do so.
      However, any approvals or
waivers<SUP>1</SUP> will be considered by Independent Directors.</font></P>
</div>
<div style="text-indent:3%"><P><font size="2" face="serif">
Each Fund will follow these procedures in investigating and enforcing this Code:</font></P>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&#149;</td>
    <td><font size="2"><font face="serif">the Compliance Officer will take all
          appropriate action to investigate any reported</font> <font face="serif">potential
    violations;</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2"><font face="serif">if, after such investigation, the Compliance
          Officer believes that no violation has</font> <font face="serif">occurred,
    the Compliance Officer is not required to take any further action;</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2"><font face="serif">any matter that the Compliance Officer
          believes is a violation will be reported to the</font> <font face="serif">Independent
    Directors;</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2"> <font face="serif">if the Independent Directors concur
          that a violation has occurred, it will inform and make</font> <font face="serif">a
          recommendation to the Board, which will consider appropriate action,
          which may</font> <font
face="serif">include review of, and appropriate modifications to, applicable
          policies and procedures;</font> <font face="serif">notification to
          appropriate personnel of the Fund&#146;s investment adviser or Board;
    or a</font> <font
face="serif">recommendation to dismiss the Covered Officer; and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td><font size="2"> <font face="serif">any changes to or waivers of this
          Code will, to the extent required, be disclosed as</font> <font face="serif">provided
    by SEC rules.</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="serif"><b>V.</b></font></td>
    <td><font size="2" face="serif"><b>Other Policies and Procedures</b></font></td>
  </tr>
</table>
<div style="text-indent:3%"><p><FONT size="2" face="serif">This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies
thereunder. Insofar as other policies or procedures of each Fund, the Fund&#146;s investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this
Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The code of ethics under Rule 17j-1 under the Investment Company Act of each Fund, its</FONT></p></div>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="100" size="1" noshade></TD>
  </TR>
<TR>
<TD nowrap valign=top><font size="2">
<FONT face="serif">1</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
<TD width=100%><font size="2" face="serif">
    For this purpose, the term &#147;waiver&#148; includes the approval by
    the Fund of a material departure from a provision of the code of ethics or
    the Fund&#146;s failure to take action within a reasonable period of time
    regarding a material departure from a provision of the code of ethics that
    has been made known to Fund management.</font></TD>
</TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page>

</font>
<P><font size="2" face="serif">
investment adviser and principal underwriter is a separate requirement applying
to the Covered Officers and others, and is not part of this Code.</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="4%"><font size="2" face="serif"><b>VI.</b></font></td>
    <td><font size="2" face="serif"><b>Amendments</b></font></td>
  </tr>
</table>
<div style="text-indent:3%"><p><FONT size="2" face="serif">Any amendments to this Code, other than amendments to Exhibit A or B, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Directors. </FONT></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="4%"><font size="2" face="serif"><b>VII.&nbsp;</b></font></td>
    <td><font size="2" face="serif"><b>Confidentiality</b></font></td>
  </tr>
</table>

<div style="text-indent:3%"><p><FONT size="2" face="serif">All reports and records relating to a Fund prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required
by law or this Code, such matters shall not be disclosed to anyone other than the Fund&#146;s investment adviser or Board, counsel to the Fund and counsel to the Independent Directors. </FONT></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2" face="serif"><b>VIII.</b></font> </td>
    <td><font size="2" face="serif"><b>Internal Use</b></font></td>
  </tr>
</table>

<div style="text-indent:3%"><p><FONT size="2" face="serif">The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion. </FONT></p></div>
<p><FONT size="2" face="serif">Date: July 2003, as revised December 4, 2005</FONT></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page>

</font>
<p align="center"><font size="2" face="serif"><B>Exhibit A</B></font></p>
<P align="center"><font size="2" face="serif"> <B>Funds Covered by this Code
of Ethics</B></font></P>
<p><FONT size="2" face="serif">The Asia Tigers Fund, Inc.</FONT></p>
<p><font size="2" face="serif">
The India Fund, Inc. </font></p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page>

</font>
<P align="center"><font size="2" face="serif"><B>Exhibit B </B></font></P>
<P align="center"><font size="2">
<B><FONT face="serif">Persons Covered by this Code of Ethics</FONT></B></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
<TD width=50% align=left><font size="1">
<B><FONT face="serif">Name of Covered Officer</FONT></B>&nbsp;
</font></TD>
<TD align=left><font size="1">&nbsp;</font></TD>
<TD align=left><font size="1">
<B><FONT face="serif">Position With Funds</FONT></B>&nbsp;
</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr align="left" width="50%" size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr align="left" width="50%" size="1" noshade></TD>
</TR>
<TR valign="bottom">
<TD align=left><font size="2">
<FONT face="serif">Prakash A. Melwani</FONT>&nbsp;
</font></TD>
<TD width=2% align=left>&nbsp;</TD>
<TD align=left><font size="2">
<FONT face="serif">President (Principal Executive Officer)</FONT>&nbsp;
</font></TD>
</TR>
<TR valign="bottom">
<TD align=left><font size="2">
<FONT face="serif">Brain S. Chase</FONT>&nbsp;
</font></TD>
<TD align=left>&nbsp;</TD>
<TD align=left><font size="2">
<FONT face="serif">Treasurer (Principal Financial Officer)</FONT>&nbsp;
</font></TD>
</TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>b411198ex-a2.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Financial</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<p align="right">&nbsp;</p>
<P align="center"><B><FONT face="serif" size="2">Certification Pursuant to Rule 30a-2(a) under the 1940 Act and</FONT></B><FONT face="serif"> <B>Section 302 of the Sarbanes-Oxley Act </B></FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="3" valign=top><font size="2" face="serif">I, Prakash A. Melwani,
    certify that:</font><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD colspan=2 valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" valign=top><font size="2"> <FONT face="serif">1.</FONT>&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD colspan=2 valign="top"><font size="2" face="serif"> I have reviewed this
      report on Form N-CSR of The India Fund, Inc.;</font></TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD colspan=2 valign="top">&nbsp;</TD>
  </TR>

  <TR>
    <TD valign=top><font size="2"> <FONT face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;
      </font></TD>
    <TD colspan=2 valign="top"><font size="2" face="serif"> Based on my knowledge,
        this report does not contain any untrue statement of a material fact
        or omit to state a material fact necessary to make the statements made,
        in light of the circumstances under which such statements were made,
      not misleading with respect to the period covered by this report; </font></TD>
  </TR>
  <TR>
    <TD colspan=3 valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top><font size="2"> <FONT face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;
      </font></TD>
    <TD colspan=2 valign="top"><font size="2" face="serif"> Based on my knowledge,
        the financial statements, and other financial information included in
        this report, fairly present in all material respects the financial condition,
        results of operations, changes in net assets, and cash flows (if the
        financial statements are required to include a statement of cash flows)
      of the registrant as of, and for, the periods presented in this report; </font></TD>
  </TR>
  <TR>
    <TD colspan=3 valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top><font size="2"> <FONT face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;
      </font></TD>
    <TD colspan=2 valign="top"><font size="2" face="serif"> The registrant&#146;s
        other certifying officer(s) and I are responsible for establishing and
        maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
        under the Investment Company Act of 1940) and internal control over financial
        reporting (as defined in Rule 30a-3(d) under the Investment Company Act
      of 1940) for the registrant and have: </font></TD>
  </TR>
  <TR>
    <TD colspan=3 valign="top">&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD width="3%"><font size="2"> <FONT face="serif">(a)</FONT>&nbsp; &nbsp;
      &nbsp; </font></TD>
    <TD><font size="2" face="serif"> Designed such disclosure controls and procedures,
        or caused such disclosure controls and procedures to be designed under
        our supervision, to ensure that material information relating to the
        registrant, including its consolidated subsidiaries, is made known to
        us by others within those entities, particularly during the period in
      which this report is being prepared; </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD><font size="2" face="serif"> Designed such internal control over financial
        reporting, or caused such internal control over financial reporting to
        be designed under our supervision, to provide reasonable assurance regarding
        the reliability of financial reporting and the preparation of financial
        statements for external purposes in accordance with generally accepted
      accounting principles; </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD><font size="2" face="serif"> Evaluated the effectiveness of the registrant&#146;s
        disclosure controls and procedures and presented in this report our conclusions
        about the effectiveness of the disclosure controls and procedures, as
        of a date within 90 days prior to the filing date of this report based
      on such evaluation; and </font></TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page>

</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2" face="serif">(d)</font></TD>
    <TD><font size="2"> <FONT face="serif">Disclosed in this report any change
          in the registrant&#146;s internal control over financial reporting
          that occurred during the second fiscal quarter of the period covered
          by this</FONT> <FONT face="serif">report that has materially affected,
          or is reasonably likely to materially affect, the registrant&#146;s
    internal control over financial reporting; and</FONT> </font></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"> <FONT face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD colspan=2><font size="2" face="serif"> The registrant&#146;s other certifying
        officer(s) and I have disclosed to the registrant&#146;s auditors and
        the audit committee of the registrant&#146;s board of directors (or
      persons performing the equivalent functions): </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD width="3%"><font size="2"> <FONT face="serif">(a)</FONT>&nbsp; &nbsp;
      &nbsp; </font></TD>
    <TD><font size="2" face="serif"> All significant deficiencies and material
        weaknesses in the design or operation of internal control over financial
        reporting which are reasonably likely to adversely affect the registrant&#146;s
        ability to record, process, summarize, and report financial information;
      and </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD><font size="2" face="serif"> Any fraud, whether or not material, that
        involves management or other employees who have a significant role in
        the registrant&#146;s internal control over financial reporting.
      </font></TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width=5% align=left valign="bottom"><font size="2" face="serif"> Date:
      </font></TD>
    <TD width=30% align=left valign="bottom"><font size="2" face="serif">3/8/2006</font> </TD>
    <TD width=3% align=left valign="bottom"><font size="2" face="serif">/s/</font></TD>
    <TD align=left valign="bottom"><font size="2"> <FONT face="serif"> Prakash
      A. Melwani</FONT>&nbsp; </font></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"><HR align="left" width="150" size=1 noshade></TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">
<HR align="left" width="150" size=1 noshade></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"><font size="2"> <FONT face="serif">Prakash
      A. Melwani, President</FONT>&nbsp; </font></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(principal executive officer)</FONT>&nbsp;
      </font></TD>
  </TR>
</TABLE>
<font size="2"><BR>

</font>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<P align="center">
<B><FONT face="serif" size="2">Certification Pursuant to Rule 30a-2(a) under the 1940 Act and</FONT></B><FONT face="serif"> <B>Section 302 of the Sarbanes-Oxley Act</B></FONT><br>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD colspan="3"><FONT size="2" face="serif">I, Brian S. Chase, certify that:</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD width="3%"><font size="2"> <FONT face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;
      </font></TD>
    <TD colspan=2><font size="2" face="serif"> I have reviewed this report on
      Form N-CSR of The India Fund, Inc.; </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"> <FONT face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD colspan=2><font size="2" face="serif"> Based on my knowledge, this report
        does not contain any untrue statement of a material fact or omit to state
        a material fact necessary to make the statements made, in light of the
        circumstances under which such statements were made, not misleading with
      respect to the period covered by this report; </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"> <FONT face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD colspan=2><font size="2" face="serif"> Based on my knowledge, the financial
        statements, and other financial information included in this report,
        fairly present in all material respects the financial condition, results
        of operations, changes in net assets, and cash flows (if the financial
        statements are required to include a statement of cash flows) of the
      registrant as of, and for, the periods presented in this report; </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"> <FONT face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD colspan=2><font size="2" face="serif"> The registrant&#146;s other certifying
        officer(s) and I are responsible for establishing and maintaining disclosure
        controls and procedures (as defined in Rule 30a-3(c) under the Investment
        Company Act of 1940) and internal control over financial reporting (as
        defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
      the registrant and have: </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD width="3%"><font size="2"> <FONT face="serif">(a)</FONT>&nbsp; &nbsp;
      &nbsp; </font></TD>
    <TD><font size="2" face="serif"> Designed such disclosure controls and procedures,
        or caused such disclosure controls and procedures to be designed under
        our supervision, to ensure that material information relating to the
        registrant, including its consolidated subsidiaries, is made known to
        us by others within those entities, particularly during the period in
      which this report is being prepared; </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD><font size="2" face="serif"> Designed such internal control over financial
        reporting, or caused such internal control over financial reporting to
        be designed under our supervision, to provide reasonable assurance regarding
        the reliability of financial reporting and the preparation of financial
        statements for external purposes in accordance with generally accepted
      accounting principles; </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
    <TD><font size="2" face="serif"> Evaluated the effectiveness of the registrant&#146;s
        disclosure controls and procedures and presented in this report our conclusions
        about the effectiveness of the disclosure controls and procedures, as
        of a date within 90 days prior to the filing date of this report based
      on such evaluation; and </font></TD>
  </TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page>

</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%"><font size="2"> <FONT face="serif">(d)</FONT>&nbsp; &nbsp;
      &nbsp; </font></TD>
<TD><font size="2" face="serif"> Disclosed in this report any change in the
    registrant&#146;s internal control over financial reporting that occurred
    during the second fiscal quarter of the period covered by this report that
    has materially affected, or is reasonably likely to materially affect, the
    registrant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       &#146;s i
nternal control over financial reporting; and </font></TD>
</TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"> <FONT face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
<TD colspan=2><font size="2" face="serif"> The registrant&#146;s other certifying
    officer(s) and I have disclosed to the registrant&#146;s auditors and the
    audit committee of the registrant&#146;s board of directors (or persons
    performing the equivalent functions):
                  </font></TD>
</TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
<TD><font size="2" face="serif"> All significant deficiencies and material weaknesses
    in the design or operation of internal control over financial reporting
    which are reasonably likely to adversely affect the registrant&#146;s ability
    to record, process, summarize, and report financial information; and
                                                 </font></TD>
</TR>
  <TR valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
<TD><font size="2" face="serif"> Any fraud, whether or not material, that involves
    management or other employees who have a significant role in the registrant&#146;s
    internal control over financial reporting.
      </font></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width=5%><font size="2" face="serif"> Date:</font></TD>
    <TD width=30%><font size="2" face="serif">3/7/2006</font> </TD>
    <TD width=3%><font size="2" face="serif">/s/</font></TD>
    <TD><font size="2"> <FONT face="serif"> Brian S. Chase</FONT>&nbsp; </font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR align="left" width="150" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD><HR align="left" width="150" size=1 noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">Brian S. Chase, Treasurer</FONT>&nbsp;
      </font></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(principal financial officer)</FONT>&nbsp;
      </font></TD>
  </TR>
</TABLE>
<font size="2"><BR>

</font>
<hr noshade align="center" width="100%" size="2">


</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>b411198ex-b.htm
<DESCRIPTION>EXHIBIT 99.906CERT
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Financial</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2">
</font><font size="2"><B><FONT face="serif">Certification Pursuant to Rule 30a-2(b)
  under the 1940 Act and</FONT></B><FONT face="serif"> <B>Section 906 of the Sarbanes-Oxley
Act </B></FONT></font></p>
<P><font size="2"> <FONT face="serif">I, Prakash A. Melwani, President of The
  India Fund, Inc. (the &#147;Registrant&#148;), certify that:</FONT></font></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width="3%"><font size="2"> <FONT face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;
      </font></TD>
<TD><font size="2" face="serif"> The Form N-CSR of the Registrant (the &#147;Report&#148;)
    fully complies with the requirements of Section 13(a) or 15(d) of the Securities
    Exchange Act of 1934, as amended; and
      </font></TD>
</TR>
  <TR valign="top">
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"> <FONT face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
<TD><font size="2" face="serif"> The information contained in the Report fairly
    presents, in all material respects, the financial condition and results
    of operations of the Registrant.
             </font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width=5%><font size="2" face="serif"> Date:</font></TD>
    <TD width=30%><font size="2" face="serif">3/8/2006</font> </TD>
    <TD width=3%><font size="2" face="serif">/s/</font></TD>
    <TD><font size="2"> <FONT face="serif"> Prakash A. Melwani</FONT>&nbsp; </font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR align="left" width="150" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD>
<HR align="left" width="150" size=1 noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">Prakash A. Melwani, President</FONT>&nbsp;
      </font></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(principal executive officer)</FONT>&nbsp;
      </font></TD>
  </TR>
</TABLE>
<P>
  <FONT face="serif" size="2">I, Brian S. Chase, Treasurer of The India Fund, Inc. (the &#147;Registrant&#148;),
certify that:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width="3%"><font size="2"> <FONT face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;
      </font></TD>
<TD><font size="2" face="serif"> The Form N-CSR of the Registrant (the &#147;Report&#148;)
    fully complies with the requirements of Section 13(a) or 15(d) of the Securities
    Exchange Act of 1934, as amended; and
      </font></TD>
</TR>
  <TR valign="top">
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"> <FONT face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; </font></TD>
<TD><font size="2" face="serif"> The information contained in the Report fairly
    presents, in all material respects, the financial condition and results
    of operations of the Registrant.
             </font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width=5%><font size="2" face="serif"> Date:</font></TD>
    <TD width=30%><font size="2" face="serif">3/7/2006</font> </TD>
    <TD width=3%><font size="2" face="serif">/s/</font></TD>
    <TD><font size="2" face="serif"> Brian S. Chase</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR align="left" width="150" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD>
<HR align="left" width="150" size=1 noshade></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">Brian S. Chase, Treasurer</FONT>&nbsp;
      </font></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"> <FONT face="serif">(principal financial officer)</FONT>&nbsp;
      </font></TD>
  </TR>
</TABLE>
<font size="2"><BR>

</font>
<hr noshade align="center" width="100%" size="2">

</body>

</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
