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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-09-031175.txt : 20090806
<SEC-HEADER>0000950123-09-031175.hdr.sgml : 20090806
<ACCEPTANCE-DATETIME>20090806161331
ACCESSION NUMBER:		0000950123-09-031175
CONFORMED SUBMISSION TYPE:	497AD
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20090806
DATE AS OF CHANGE:		20090806

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:		497AD
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-159611
		FILM NUMBER:		09991868

	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>497AD
<SEQUENCE>1
<FILENAME>y78706e497ad.htm
<DESCRIPTION>FORM 497
<TEXT>
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<TITLE>e497ad</TITLE>
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Filed
    Pursuant to Rule&#160;497(a)(1)</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>File No.&#160;333-159611</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Rule 482&#160;ad</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE INDIA
    FUND, INC.<BR>
    <FONT style="font-size: 10pt">345 PARK AVENUE<BR>
    NEW YORK, NEW YORK 10154</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">July 31, 2009
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To Stockholders of The India Fund, Inc.:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The India Fund, Inc. (NYSE: IFN; the &#147;Fund&#148;) is
    conducting a rights offering to holders of its common stock (the
    &#147;Offer&#148;). To assist stockholders, certain frequently
    asked questions have been provided below. For further
    information, please refer to the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What are the terms of the Offer?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    You have received one right for each whole share of common stock
    that you held of record as of July&#160;20, 2009. You need three
    rights to purchase one share at the subscription price. The
    rights are non-transferable. The subscription price is equal to
    95% of the net asset value per share of the Fund&#146;s common
    stock at the close of business on the date the Offer expires.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>When does the Offer expire?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The Offer will expire at 5:00&#160;p.m., Eastern daylight time,
    on <B>August&#160;14, 2009</B>, unless extended. You will
    receive acknowledgement of participation by <B>August&#160;26,
    2009</B>, and shares will be delivered on <B>August&#160;28,
    2009</B>. For more information about relevant dates, please
    refer to page&#160;3 of the Prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How do I participate in the Offer?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    If you decide to participate in the Offer, you must instruct
    your broker before the expiration of the Offer on
    August&#160;14, 2009. Your broker should have sent you all the
    information you need to subscribe for the Offer. For additional
    information, please refer to pages 23&#160;&#150; 25 of the
    Prospectus or call 1-866-297-1264.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Where can I obtain the net asset value per share of The India
    Fund?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund updates its net asset value per share on a weekly
    basis. It is available by telephone toll-free at
    <FONT style="white-space: nowrap">1-866-297-1264.</FONT>
    In an effort to provide more information to stockholders, the
    Fund&#146;s net asset value per share will be made available
    daily between August&#160;10, 2009 and August&#160;14, 2009.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Can you provide an example of how the subscription price will
    be calculated?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    On July&#160;24, 2009, the last reported sale price of a share
    of the Fund&#146;s common stock on the New York Stock Exchange
    was $30.60, representing an 11.07% premium to the Fund&#146;s
    net asset value per share of $27.55. Assuming the Offer expired
    at the close of business on July&#160;24, 2009, the subscription
    price would have been $26.17. In this example, the subscription
    price would have been a 14.48% discount to the share price of
    the Fund&#146;s common stock. <B>Although the Fund&#146;s shares
    have recently traded on the New York Stock Exchange at a premium
    to their net asset value, the Fund&#146;s shares have in the
    past and may in the future trade at a discount to net asset
    value.</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Can you provide an example of a potential return from having
    invested in the Fund&#146;s previous rights offerings?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#146;s last rights offering expired on August&#160;4,
    2006. The return to an investor who had subscribed in a newly
    issued share in that rights offering would have been 51.12%
    through July&#160;24, 2009, assuming no reinvestment of
    distributions. If the investor had reinvested distributions in
    accordance with the Fund&#146;s dividend reinvestment plan, the
    return through July&#160;24, 2009 would have been 67.10%%. The
    subscription price of the 2006 offering was $34.00 per share,
    95% of the Fund&#146;s net asset value as of the close of
    business on the expiration date of the offer. On July&#160;24,
    2009, the stock closed on the New&#160;York Stock Exchange at
    $30.60 per share and the Fund has distributed a total of $20.78
    per share since the 2006 offering.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund also had a rights offering in 2005. The return to an
    investor who had subscribed in a newly issued share in the 2005
    rights offering would have been 114.75% through July&#160;24,
    2009, assuming no reinvestment of distributions. If the investor
    had reinvested distributions in accordance with the Fund&#146;s
    dividend reinvestment plan, the return through July&#160;24,
    2009 would have been 143.66%. The subscription price of the 2005
    offering was $26.50 per share, 95% of the Fund&#146;s net asset
    value as of the close of business on the expiration date of the
    offer. On July&#160;24, 2009, the stock closed on the
    New&#160;York Stock Exchange  at $30.60 per share and the Fund
    has distributed a total of $26.31 per share since the 2005
    offering.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What is the minimum investment?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    There is no minimum investment required.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Is there a minimum holding period for any shares I purchase
    in the Offer?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    There is no minimum holding period for the shares purchased in
    the Offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Can I purchase additional shares after I have exercised all
    of the rights initially issued to me?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes, this is called the over-subscription privilege. If some
    stockholders do not exercise all of the rights initially issued
    to them, any shares for which subscriptions have not been
    received will be offered to those stockholders who have
    exercised all of the rights initially issued to them and who
    wish to acquire additional shares. If stockholders wish to
    purchase additional shares, they should indicate to their broker
    how many shares they are willing to acquire through the
    over-subscription privilege. For more details, please refer to
    pages 21&#160;&#150; 22 of the Prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What are Fund management&#146;s views on the current market
    environment in India?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    In terms of long-term investment potential, Fund management
    believes that India is in a favorable position due to several
    factors.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Political Stability.</I></B>&#160;&#160;Political
    stability in India has increased. The 2009 general election
    results have given the leading party a near majority in the
    Lower House and, for the first time since 1991, a national party
    has won more than 260&#160;seats in a Parliamentary election (a
    majority constitutes 272&#160;seats). Furthermore, national
    issues have begun to gain precedence over state-level issues.
    Fund management believes the key potential benefits from this
    political stability and reform include the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The potential opening up of sectors where Foreign Direct
    Investment restrictions have constrained foreign investment,
    such as insurance, aviation and retail.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Continued emphasis on rural India. The government&#146;s focus
    on rural India has paid rich dividends, and Fund management
    believes that concessions to farmers and rural employment
    guarantee schemes should further boost India&#146;s rural
    economy.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Potential divestment of state-owned enterprises to raise
    resources. Privatizations generally result in share price
    appreciation. In addition, divestment of state-owned companies
    can be viewed positively in terms of fiscal prudence.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Boosting of investor/consumer confidence. Fund management
    believes that a stable government should boost both consumer and
    corporate confidence, resulting in increased spending and
    investment. In addition, the government has reduced taxes for
    middle to lower income households in India.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Decrease in Inflationary and Deflationary
    Concerns.</I></B>&#160;&#160;Inflationary and deflationary
    concerns have generally subsided. Price levels have stabilized
    and are expected to increase only moderately.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Signs of Economic Recovery.</I></B>&#160;&#160;India and
    other emerging market countries have begun to show signs of
    economic recovery. Gross Domestic Product (&#147;GDP&#148;)
    growth in India bottomed at 6.7% in the fiscal year ended
    March&#160;31, 2009, versus 9.0% in fiscal year 2008 and
    economists have upgraded India&#146;s fiscal year 2010 GDP
    growth forecast to a range of 7.0-7.5%. As of May 2009, the ABN
    AMRO Purchasing Managers&#146;
    Index<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    (PMI<SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>)

    (the &#147;India PMI&#148;) was at an eight-month high, rising
    above the expansion-contraction line of 50 to 53.3 in April 2009
    and to 55.7 in May 2009. The India PMI had previously fallen
    below the expansion-contraction line for only five months from
    November 2008 to March 2009, bottoming at 44.4 in December 2008.
    Fund management believes this rising trend may be possibly due
    to inventory restocking and increased demand fueled by higher
    government spending.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Strong Underlying Fundamentals.</I></B>&#160;&#160;Fund
    management believes the underlying fundamentals of India&#146;s
    economy continue to remain strong. Domestic consumption is
    rising. There is also a growing trend of population migration
    from rural areas to urban centers. Furthermore, as a former
    British colony, India has a large English-speaking population.
    There has also been an increase in credit for both retail and
    home loans and, in recent years, India has seen an increased
    demand from other countries for high-value added services as a
    result of outsourcing, such as medical tourism, legal
    outsourcing and other high-end services. It is further expected
    that the government will continue to invest strongly in
    infrastructure.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Attractive Market.</I></B>&#160;&#160;On a
    <FONT style="white-space: nowrap">Growth-to-PE</FONT>
    basis, the Indian market is more attractive than the
    U.S.&#160;market. For the 2010 calendar year, the consensus
    estimate is for an earnings per share (&#147;EPS&#148;) growth
    of 15.7% and a
    <FONT style="white-space: nowrap">price-to-earnings</FONT>
    multiple of 13.8x for the IFC Investable India Index. This
    compares to a calendar year 2010 estimate of 10.7% EPS growth
    and a
    <FONT style="white-space: nowrap">price-to-earnings</FONT>
    multiple of 12.5x for the Standard&#160;&#038; Poor&#146;s 500
    Index. While the markets have rallied and valuations may now
    appear fairly-priced, Fund management believes a stable
    government has the potential to accelerate EPS growth.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Low Interest Rates.</I></B>&#160;&#160;Fund management
    believes that interest rates will likely remain at current
    levels for the foreseeable future, unless inflation rises. From
    September 2008 through June 2009, the Reserve Bank of India
    (&#147;RBI&#148;) cut the repo and the reverse repo rates by
    425&#160;basis points and 275&#160;basis points, respectively
    and the overnight rate has declined by 575&#160;basis points.
    The RBI has also slashed the cash reserve ratio by
    400&#160;basis points. In addition, Fund management believes
    that it still early for the RBI to either begin withdrawing
    liquidity or to increase policy rates. This injection of
    liquidity should help stimulate investment and consumer spending.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Influx of Foreign Institutional
    Investors.</I></B>&#160;&#160;Foreign institutional investors
    (&#147;FIIs&#148;) have begun to invest in India. FIIs invested
    more than $17.6&#160;billion in 2007 and withdrew
    $12.0&#160;billion in 2008. As of June&#160;30, 2009, total
    inflow
    <FONT style="white-space: nowrap">year-to-date</FONT>
    has been $5.0&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Identifiable Risks.</I></B>&#160;&#160;The key hindrances
    to market performance include the following: poor monsoon
    season, a surge in crude oil prices which can impact fiscal
    deficit, failure on policy execution and potential equity
    dilution by Indian companies. The risk factor section in the
    Prospectus contains additional disclosure regarding the
    political, economic, social and other factors in India that may
    adversely affect the Fund&#146;s performance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Where can I obtain more information about the Offer?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Your broker is responsible for mailing the materials to you. For
    further information regarding the Offer, please read the
    Prospectus or contact Georgeson Inc., the Fund&#146;s
    information agent, at 1-866-297-1264.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Where can I obtain more information about the Fund?</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The most current information about the Fund can be found in the
    Prospectus and the Fund&#146;s annual report. You can obtain
    additional copies of these documents by calling 1-866-297-1264.
    Additional information regarding the Fund, including asset
    allocation by sector as of June 30, 2009 and performance
    history, can be found on Blackstone&#146;s website
    (http://www.blackstone.com).</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    Sincerely,
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <IMG src="y78706melwani.gif" alt="-s- PRAKASH MELWANI">
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <IMG src="y78706s7859705.gif" alt="-s- PUNITA KUMAR-SINHAI">
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Prakash Melwani,<BR>
    <I>Director and President</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Punita Kumar-Sinha<BR>
    <I>Chief Investment Officer and<BR>
    Portfolio Manager</I>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the Fund&#146;s common stock involves certain
    risks, including risks arising from investing in securities of
    Indian companies. An investor should consider the Fund&#146;s
    investment objective, risks, and charges and expenses carefully
    before investing. The Prospectus contains this and other
    information about the Fund. The information above is qualified
    in its entirety by reference to the Prospectus. Additional
    copies of the Prospectus can be obtained by calling
    1-866-297-1264. You should carefully read the Prospectus before
    participating in the Offer.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">(Continued
    on next page)</FONT></I>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Important
    Risk Disclosure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>There is no assurance that the Fund will achieve its
    investment objective.</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Dilution Risk.</I></B>&#160;&#160;Because the subscription
    price will be less than the net asset value per share, the Offer
    will result in an immediate dilution of the net asset value per
    share of all stockholders, and stockholders who do not fully
    exercise their rights will own a smaller proportional interest
    in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Market Risk.</I></B>&#160;&#160;The value of your
    investment may fluctuate as stock markets fluctuate and the
    value of your Fund shares may be less than what you paid for
    them. You could lose money investing in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Investing in India.</I></B>&#160;&#160;Investing in an
    emerging market such as India involves certain risks and special
    considerations not typically associated with investing in the
    securities of established U.S.&#160;companies, including:
    (i)&#160;greater political, economic and social uncertainty;
    (ii)&#160;significantly greater price volatility, substantially
    less liquidity and much smaller market capitalization of
    securities markets; (iii)&#160;less developed corporate
    disclosure and governance standards; (iv)&#160;greater
    difficulty in enforcing judgments; (v)&#160;restrictions on
    foreign investment and repatriation of capital;
    (vi)&#160;exchange control regulations; (vii)&#160;currency
    devaluations and exchange rate fluctuations; (viii)&#160;higher
    rates of inflation; (ix)&#160;greater governmental involvement
    in the economy; and (x)&#160;accounting, auditing and financial
    reporting standards in India differ from U.S.&#160;standards, so
    less information may be available to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Illiquid Securities.</I></B>&#160;&#160;The Fund may
    invest up to 20% of its total assets in illiquid securities, for
    which there may be no or only a limited trading market, which
    may in turn result in abrupt and erratic price movements and
    delays and losses in reselling.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Concentration.</I></B>&#160;&#160;From time to time, the
    Fund may invest a greater proportion of its assets in the
    securities of companies that are part of specific sectors and
    related industries of the Indian economy, subjecting the Fund to
    greater risk of loss with respect to its portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Tax Status.</I></B>&#160;&#160;The Fund currently operates
    through a branch in the Republic of Mauritius to take advantage
    of favorable tax treatment by the Indian government pursuant to
    a treaty between India and Mauritius. Any change in the
    provision of this treaty or in its applicability to the Fund
    could result in the imposition of certain taxes on the Fund by
    India, which would reduce the return to the Fund on its
    investments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Interval Fund.</I></B>&#160;&#160;The Fund&#146;s required
    semi-annual repurchases are likely to decrease the overall size
    of the Fund which could, among other things, increase the
    Fund&#146;s expense ratio as the Fund&#146;s assets decrease
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</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Non-Diversification Risk.</I></B>&#160;&#160;The Fund may
    invest a greater proportion of its assets in the securities of a
    smaller number of issuers and, as a result, is subject to
    greater risk of loss with respect to its portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Hedging.</I></B>&#160;&#160;The Fund is permitted to
    purchase and sell options, enter into financial futures
    contracts; enter into interest rate, currency, equity swap and
    related transactions; enter into securities transactions on a
    when-issued or delayed delivery basis; enter into repurchase
    agreements; sell securities short; and lend portfolio
    securities. Hedging involves special risks, including possible
    default by the other party to the transaction, illiquidity and
    the risks that the use of hedging could result in losses greater
    than if they had not been used.
</DIV>

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