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<SEC-DOCUMENT>0001104659-05-054714.txt : 20051114
<SEC-HEADER>0001104659-05-054714.hdr.sgml : 20051111
<ACCEPTANCE-DATETIME>20051110182625
ACCESSION NUMBER:		0001104659-05-054714
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20051114
DATE AS OF CHANGE:		20051110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INDIA INVESTMENT FUND, INC.
		CENTRAL INDEX KEY:			0000916618
		IRS NUMBER:				132838811
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-128221
		FILM NUMBER:		051195444

	BUSINESS ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		CITY:			BOSTON
		STATE:			MA
		ZIP:			10020
		BUSINESS PHONE:		6175578742

	MAIL ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INDIA INVESTMENT
		DATE OF NAME CHANGE:	20000504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19940127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19931228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INDIA INVESTMENT FUND, INC.
		CENTRAL INDEX KEY:			0000916618
		IRS NUMBER:				132838811
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		051195445

	BUSINESS ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		CITY:			BOSTON
		STATE:			MA
		ZIP:			10020
		BUSINESS PHONE:		6175578742

	MAIL ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INDIA INVESTMENT
		DATE OF NAME CHANGE:	20000504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19940127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19931228
</SEC-HEADER>
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<TYPE>N-2/A
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<FILENAME>a05-15912_1n2a.htm
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<p align="center" style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font style="font-weight:bold;">As filed with the U.S.
Securities and Exchange Commission on November&nbsp;10, 2005</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Securities
Act File No.&nbsp;333-128221</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment
Company Act File No.&nbsp;811-08238</font></b></p>

<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">U.S. SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Check appropriate box or boxes)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Form&nbsp;N-2</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;margin:0in 0in .0001pt;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">&#253;</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</font></b></p>



<p style="font-family:Times New Roman;margin:0in 0in .0001pt;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">&#253;</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-Effective Amendment No.1</font></b></p>



<p style="font-family:Times New Roman;margin:0in 0in .0001pt;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">o</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Post-Effective
Amendment No.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and/or</font></b></p>

<p style="font-family:Times New Roman;margin:0in 0in .0001pt;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">&#253;</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; REGISTRATION
STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</font></b></p>



<p style="font-family:Times New Roman;margin:0in 0in .0001pt;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">&#253;</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amendment No.&nbsp;7</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">MORGAN STANLEY INDIA INVESTMENT FUND, INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as
Specified in Charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1221
Avenue of the Americas</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York,
New York 10020</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive
Offices)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(800)&nbsp;221-6726</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s Telephone Number,
including Area Code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ronald E.
Robison, President</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Morgan
Stanley India Investment Fund,&nbsp;Inc.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1221
Avenue of the Americas</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York,
New York 10020</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and Address of Agent for
Service)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Copies to:</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Leonard B.
Mackey,&nbsp;Jr.,&nbsp;Esq.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Clifford
Chance US LLP</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">31 West 52<sup>nd</sup>
Street</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York,
New York&#160; 10019</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 878-8000</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approximate
date of proposed public offering:</font></b>&#160; As soon as practicable after the effective
date of this Registration Statement.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any of the
securities being registered on this Form&nbsp;are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933,
other than securities offered only in connection with dividend or interest
reinvestment plans, please check this box.&#160;
</font><font face="Wingdings">o</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT
OF 1933</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:32.94%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title
  of Securities Being Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount Being<br>
  Registered</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum<br>
  Offering Price Per<br>
  Unit</font></b><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum<br>
  Aggregate Offering<br>
  Pric</font></b><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">e(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:13.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of<br>
  Registration Fee</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:32.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, par value $0.01 per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">6,668,750 shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:14.1%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">40.945</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">273,051,968.75</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.72%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">29,262.98</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="246" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="88" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
 </tr>
</table>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>





<div style="font-size:10.0pt;margin:0in 0in .0001pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</div>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;">(1)<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated solely for the purpose of calculating the
registration fee in accordance with Rule&nbsp;457(c)&nbsp;under the Securities
Act of 1933, based on the average of the high and low sale prices reported on
the New York Stock Exchange on November&nbsp;9, 2005.</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;">&nbsp;</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;">(2)<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>$26,832 of which was previously paid.</p>



<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Registrant hereby amends this
Registration Statement on such date or dates as may be necessary to delay its
effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become
effective in accordance with Section&nbsp;8(a)&nbsp;of the Securities Act of
1933 or until this Registration Statement shall become effective on such date
as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.</font></b></p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<div align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;N-2</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CROSS-REFERENCE SHEET</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parts A and B of the Prospectus*</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Items in Part&nbsp;A and B of
  Form&nbsp;N-2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Location in Prospectus</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outside
  Front Cover</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outside Front
  Cover Page&nbsp;of Prospectus</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cover Pages,
  Other Offering Information</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inside Front
  and Outside Back Cover Page&nbsp;of Prospectus</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee Table
  and Synopsis</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee Table;
  Prospectus Summary</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Highlights</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus
  Summary; Financial Highlights</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plan of
  Distribution</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outside
  Front Cover Page&nbsp;of Prospectus; Prospectus Summary; The Offer</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling
  Stockholders</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
  Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use of
  Proceeds</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus
  Summary; Use of Proceeds</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General
  Description of the Registrant</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outside
  Front Cover Page&nbsp;of Prospectus; Prospectus Summary; The Fund; Investment
  Objective and Policies; Investment Restrictions; Risk Factors and Special
  Considerations; Common Stock</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management
  of the Fund; Portfolio Transactions and Brokerage; Common Stock; Custodian;
  Dividend Paying Agent, Transfer Agent and Registrar</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital
  Stock, Long-Term Debt, and other Securities</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
  Stock; Dividends and Distributions; Dividend Reinvestment and Cash Purchase
  Plan; Taxation</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Defaults and
  Arrears on Senior Securities</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
  Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal
  Proceedings</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
  Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Table of
  Contents of the Statement of Additional Information</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
  Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cover Page</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
  Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Table of
  Contents</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
  Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General
  Information and History</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus
  Summary; The Fund</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment
  Objective and Policies</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus
  Summary; Investment Objective and Policies; Investment Restrictions</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus
  Summary; Management of the Fund</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Control
  Persons and Principal Holders of Securities</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management
  of the Fund</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment
  Advisory and Other Services</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus
  Summary; Management of the Fund; Custodian; Dividend Paying Agent, Transfer
  Agent and Registrar</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brokerage
  Allocation and Other Practices</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio
  Transactions and Brokerage</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Status</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxation</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.</font></p>
  </td>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Statements</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
  Statements</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pursuant to the General Instructions to Form&nbsp;N-2,
all information required to be set forth in Part&nbsp;B has been included in Part&nbsp;A.
</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information
required to be included in Part&nbsp;C is set forth under the appropriate item,
so numbered in Part&nbsp;C to this Registration Statement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p><font style="font-size: 10pt;font-family: 'B News Gothic Bold';" face="Times New Roman, Times" size="2"><b>Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.</b></font></p>


<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Subject to Completion<BR>Preliminary Prospectus dated November&nbsp;10, 2005</b></font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>PROSPECTUS</b></font></p>


<p align="center"><font style="font-size: 12pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>5,335,000 Shares</b></font></p>

<p align="center"><font style="font-size: 14pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>MORGAN STANLEY INDIA INVESTMENT FUND, INC.</b></font></p>
<p align="center"><font style="font-size: 12pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Common Stock</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Issuable Upon Exercise of Non-Transferable Rights<BR>to Subscribe for Shares of Common Stock</b></font></p>


<p><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morgan Stanley India Investment Fund, Inc. (the "Fund") is issuing to its common stockholders of record as of November&nbsp;17, 2005 non-transferable rights. These rights will allow you to subscribe for one share of the Fund's common stock for each three rights held. You will receive one right for each whole share of common stock that you hold of record as of November 17, 2005. You need three rights to purchase one share at the subscription price. The Fund will not issue fractional shares upon the exercise of less than three rights. If you fully exercise all rights issued to you, you will be entitled to subscribe for additional shares that were not subscribed for by other stockholders. The rights will not be listed for trading on the New York Stock Exchange or any other exchange; however, the shares issued upon the exercise of the rights will be listed for trading on the New York Stock Exchange under the sy
mbol "IIF." The subscription price per share will be 95% of the average&nbsp;of the last reported sales price per share of the Fund's common stock on the New&nbsp;York Stock Exchange on the date on which the offer expires and the four preceding trading days, but in any case not less than the net asset value per share of the Fund's common stock at the close of trading on the New York Stock Exchange on the date on which the offer expires.</font></p>



<p><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">THE OFFER WILL EXPIRE AT 5:00&nbsp;P.M., NEW YORK TIME, ON DECEMBER 12, 2005, UNLESS EXTENDED. The Fund announced the offer after the close of business on the New York Stock Exchange on September&nbsp;9, 2005. The net asset value per share at the close of business on September&nbsp;9, 2005 and November&nbsp;17, 2005 was $36.76 and $[&#149;], respectively. Because the expiration date and the date upon which the price of the rights will be determined will be the same date, stockholders who exercise their rights will not know the purchase price of the shares when they make their investment decision. Once you subscribe for shares and the Fund receives payment or a guarantee of payment, you will not be able to change your decision.</font></p>



<p><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland. The Fund's investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in equity securities of Indian issuers. See "Investment Objective and Policies." There can be no assurance that the Fund's investment objective will be achieved. Morgan Stanley Investment Management Inc. acts as the Fund's Adviser and Administrator. The address of the Fund is 1221 Avenue of the Americas, New York, New&nbsp;York 10020, and the Fund's telephone number is (800) 221-6726.</font></p>



<p><font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Investment in the Fund's common stock involves certain risks that are not typically associated with investments in the securities of U.S. issuers, arising in part from the Fund's investments in securities of Indian companies. See "Risk Factors and Special Considerations."</b></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1"> In addition, as a result of the offer, stockholders of record on the record date who do not fully exercise their rights should expect that they will, upon completion of the offer, own a smaller proportional interest in the Fund than would otherwise be the case. See "Risk Factors and Special Considerations-Risks Related to the Offer" and "The Offer-Terms of the Offer."</font></p>



<p><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Please read this Prospectus carefully before investing and keep it for future reference. It sets forth concisely important information that a prospective investor ought to know before investing in the Fund. All questions and inquiries relating to the offer should be directed to the Information Agent, Georgeson Shareholder Communications Inc., 17&nbsp;State Street, 10th Floor, New York, New York 10004, toll-free at (866) 203-2582, or (212) 440-9800. The Fund has filed additional information about the Fund and the&nbsp;Offer with the U.S. Securities and Exchange Commission (http://www.sec.gov). Copies of the Fund's Annual Report and Semi-Annual Report may be obtained upon request, without charge, by writing to Morgan Stanley India Investment Fund, Inc., c/o JPMorgan Chase Bank, 270 Park Avenue, New York, New York 10017, or by calling (800)&nbsp;221-6726. You may also call this toll-free telephone number to re
quest other information about the Fund or to make shareholder inquiries. The Fund makes available its annual and semi-annual reports, free of charge, on the Fund's website (http://www.morganstanley.com).</font></p>

<p><font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission or any state securities commission nor has the U.S. Securities and Exchange Commission or any state securities commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Estimated<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Subscription Price(1)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Sales Load</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Estimated Proceeds<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>to the Fund(2)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="49" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Per Share</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">[&#149;]</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">[&#149;]</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="49" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Total (3)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="87" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">[&#149;]</font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="52" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="80" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">[&#149;]</font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1)&nbsp;&nbsp;The estimated subscription price is based upon the average of the last reported sales price&nbsp;per share of the Fund's common stock on the New York Stock Exchange on November&nbsp;17, 2005 and the four preceding trading days.</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(2)&nbsp;&nbsp;After deduction of expenses payable by the Fund, estimated at US$600,000.</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(3)&nbsp;&nbsp;Assumes that all rights are exercised in the Primary Subscription (as defined herein).</font></p>



<p align="left"><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">November&nbsp;[&#149;], 2005</font></p>

<hr size="3" width="100%" noshade color="black" align="center">
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<br clear="all" style="page-break-before:always;">


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Investment Policies.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">   It is the policy of the Fund, under normal market conditions, to invest substantially all, but not less than 80%, of its total assets in equity securities of Indian issuers. For purposes of this policy, "equity securities of Indian issuers" means equity securities (i)&nbsp;of companies organized in, or for which the principal securities trading market is in, India, (ii)&nbsp;denominated in Indian rupees and issued by companies to finance operations in India or (iii)&nbsp;of companies that alone or on a consolidated basis derive 50% or more of their annual revenues primarily from either goods produced, sales made or services performed in India. Currently, the Fund relies solely on the factors set forth in (i) and (iii) when investing in equity securities of Indian 
issuers and intends to continue to do so in the future.&nbsp;See "Investment Objective and Policies."</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The information set forth in this Prospectus regarding India, its economy and The Bombay Stock Exchange Limited has been extracted from various government and private publications. The Fund and its Board of Directors have not attempted to verify the statistical information presented in this Prospectus. In this Prospectus, unless otherwise specified, all references to "U.S. dollars,"&nbsp;"US$" or "$" are to United States dollars, and to "rupees" and "Rs." are to Indian rupees. On November&nbsp;17, 2005, the exchange rate published in </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>The Wall Street Journal</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> was Rs. [&#149;] = US$1.00 and, unless otherwise specified, all Indian rupees have been converted to U.S. dollars at that exc
hange rate. No representation is made that the Indian rupee or U.S. dollar amounts in this Prospectus could have been or could be converted into Indian rupee or U.S. dollars, as the case may be, at any particular rate or at all. See "Appendix A: The Republic of India-Foreign Exchange Market" for information regarding historical rates of exchange between the Rupee and the U.S. Dollar. The fiscal years of the Fund referred to in this Prospectus are years ending December&nbsp;31.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Certain numbers and percentages have been rounded for ease of presentation, which may result in amounts not totaling precisely.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this Prospectus. You must not rely on any unauthorized information or representations not contained in this Prospectus as if the Fund had authorized it. The Fund is offering to sell, and seeking offers to buy, shares of common stock only in jurisdictions where offers and sales are permitted. The information contained in this Prospectus is accurate only as of the date of this Prospectus, regardless of the time of delivery of this Prospectus or any sale of common stock. The Fund will amend this&nbsp;Prospectus if, during the period that this Prospectus is required to be delivered, there are any material changes subsequent to the&nbsp;date of this Prospectus.</b></font></p>

<p align="center"><font size="2" face="Times New Roman">ii</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=2,FOLIO='ii',FILE='05-15912-2.ba',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>TABLE OF CONTENTS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Forward-Looking Statements</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">iii</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Prospectus Summary</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Fee Table</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Financial Highlights</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Offer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Use of Proceeds</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Investment Objective and Policies</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Risk Factors and Special Considerations</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Investment Restrictions</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Management of the Fund</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Portfolio Transactions and Brokerage</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">37</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Net Asset Value</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">38</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Dividends and Distributions; Dividend Reinvestment and Cash Purchase Plan</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">39</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Taxation</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">40</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Common Stock</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">46</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Dividend Paying Agent, Transfer Agent and Registrar</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">48</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Custodian</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">48</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Code of Ethics</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">48</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Proxy Voting Policy and Procedures</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">49</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Independent Registered Public Accounting Firm</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">49</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Legal Matters</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">49</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Additional Information</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">49</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Financial Statements</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">49</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Appendix A-The Republic of India</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A-1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Appendix B-Description of Various Foreign Currency and Interest Rate Hedges and Options on <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Securities and Securities Index Futures Contracts and Related Options</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B-1</font>

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&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="413" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Appendix C-Morgan Stanley Investment Management Proxy Voting Policies And Procedures</font>

</td>
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<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="31" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">C-1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The information contained in this prospectus speaks only as of the date of this prospectus unless the information specifically indicates that another date applies. No dealer, salesperson or other person has been authorized to give any information or to make any representations other than those contained in this prospectus in connection with the offer contained herein and, if given or made, such information or representations must not be relied upon as having been authorized by the fund.</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>FORWARD-LOOKING STATEMENTS</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may not claim the safe harbor for forward-looking statements contained in the federal securities laws of the United States because that safe harbor does not apply to investment companies. Nevertheless, you should note that certain statements in this prospectus are prospective in nature, which involve known and unknown risks, uncertainties and other factors that may cause the Fund's actual results or level of performance to be materially different from any future results or level of performance expressed or implied by such forward-looking statements. Such factors include, among others, those listed under "Risk Factors and Special Considerations,"&nbsp;"Appendix A: The Republic of India" and elsewhere in this Prospectus. As a result of these and other factors, the Fund cannot give you any assurances as to its future results or level of performance. To the extent required by law, the Fund undertakes 
to amend or reflect any material changes to it after the date of this Prospectus.</font></p>

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<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>PROSPECTUS SUMMARY</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>The following is qualified in its entirety by the more detailed information included elsewhere in this Prospectus. You should read the entire Prospectus before you decide whether to exercise your rights. In particular, you should carefully read the risks of investing in the Shares, as discussed under "Risk Factors and Special Considerations."</i></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The Offer at a Glance</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Terms of the Offer</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley India Investment Fund, Inc. (the "Fund") is issuing to its common stockholders of record ("Record Date Stockholders") as of the close of business on November&nbsp;17, 2005 (the "Record Date") non-transferable rights (the "Rights") to subscribe for up to an aggregate of 5,335,000 shares (the "Shares") of the common stock, par value $.01 per share (the "Common Stock"), of the Fund (the "Offer"). Each Record Date Stockholder will receive one Right for each whole share of Common Stock owned on the Record Date. Each Record Date Stockholder needs three Rights to purchase one Share at the Subscription Price (as hereinafter defined). The Fund will not issue fractional Shares upon the exercise of less than three Rights. The Rights will not be listed for trading on the New York Stock Exchange or any other exchange; however, the Shares issued upon the exercise of the Rights will be listed for trading o
n the New York Stock Exchange. Rights may be exercised at any time from November 21, 2005 through 5:00&nbsp;p.m., New York time, on December&nbsp;12, 2005, unless extended by the Fund (the "Subscription Period"). The right of a Record Date Stockholder to acquire shares during the Subscription Period is hereinafter referred to as the "Primary Subscription." Since the Subscription Price will be determined after the expiration of the Subscription Period, Record Date Stockholders who exercise their Rights will not know the Subscription Price at the time they exercise their Rights and stockholders should consider the possibility that the Subscription Price could be greater than market price of the Fund's shares at the close of trading on the last day of the Subscription Period. Once a Record Date Stockholder subscribes for Shares and the Fund receives payment or a guarantee of payment, the Record Date Stockholder will not be able to change his decision. In certain instances described below under "-Over-Subscripti
on Privilege," the Fund may increase the number of shares of Common Stock subject to subscription by up to 25% of the Shares. See "The Offer."</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund has not previously conducted a rights offering.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Over-Subscription Privilege</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Each Record Date Stockholder who fully exercises all Rights issued to him is entitled to subscribe for Shares which were not otherwise subscribed for by others in the Primary Subscription (the "Over-Subscription Privilege"). If enough Shares are available, all of these requests will be honored in full. If these requests for Shares exceed the Shares available, the Fund may determine after the expiration of the Offer, in the discretion of the Board of Directors, to issue additional Common Stock up to an amount equal to 25% of the Shares available pursuant to the Offer (up to an additional 1,333,750 shares of Common Stock) in order to cover these requests. Regardless of whether the Fund issues such additional Shares, to the extent Shares are not available to honor all requests, the available Shares will be allocated </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Ro
man, Times" size="2"><i>pro&nbsp;rata</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> among those Record Date Stockholders who over-subscribe based on the number of Rights originally issued to them by the Fund.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Subscription Price</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Subscription Price per Share ("Subscription Price") will be 95% of the average of the last reported sales&nbsp;price per share of the Fund's common stock on the New&nbsp;York Stock Exchange on the date on which the Offer expires and the four preceding trading days, but in any case not less than the net asset value per share of the Fund's common stock at the close of trading on the New York Stock Exchange on December&nbsp;12, 2005, the expiration date of the Offer (the "Expiration Date"). The Subscription Price is discussed further under "The Offer-Subscription Price." In addition, information with respect to the quarterly high and low sale prices of the Fund's Common Stock on the New York Stock Exchange and the quarterly high and low net asset values per share of Common Stock is provided under "Common Stock."</font></p>

<p align="center"><font size="2" face="Times New Roman">1</font></p>
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<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Exercising Rights</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Rights will be evidenced by Subscription Certificates and may be exercised by delivering to the American Stock Transfer&nbsp;&amp; Trust Company (the "Subscription Agent") a completed Subscription Certificate, together with payment, either by means of a Notice of Guaranteed Delivery or a check. The Notice of Guaranteed Delivery or check should be addressed, if sent by first class mail or overnight courier to American Stock Transfer&nbsp;&amp; Trust Company, Operations Center, Attn: Reorganization Department, 6201 15th Avenue, Brooklyn, New York 11219 or, if delivered by hand, to American Stock Transfer&nbsp;&amp; Trust Company, Attn: Reorganization Department, 59 Maiden Lane, New York, New York 10038. Those Record Date Stockholders who subscribe in the Primary Subscription, or Exercising Rights Holders, will have no right to rescind a purchase after the Subscription Agent has received a completed Subscript
ion Certificate or Notice of Guaranteed Delivery. See "The Offer-Exercise of Rights" and "The Offer-Payment for Shares." There is no minimum number of Rights which must be exercised for the Offer to close.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Non-Transferability of Rights</i></b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Rights are non-transferable and, therefore, may not be purchased or sold. Rights not exercised will expire without residual value at the Expiration Date. The Rights will not be listed for trading on the New York Stock Exchange or any other securities exchange. However, the Shares to be issued pursuant to the Offer will be listed for trading on the New York Stock Exchange, subject to the New York Stock Exchange being officially notified of the issuance of those Shares.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Foreign Restrictions</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Subscription Certificates will not be mailed to Record Date Stockholders whose record addresses are outside the United States ("Foreign Record Date Stockholders") (the term "United States" includes its territories and possessions and the District of Columbia). The Rights to which such Subscription Certificates relate will be held by the Subscription Agent for such Foreign Record Date Stockholders' accounts until instructions are received to exercise the Rights. If no instructions are received prior to the Expiration Date, the Rights will expire. See "The Offer-Foreign Stockholders."</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Purpose of the Offer</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of Directors of the Fund has determined that it is in the best interests of the Fund and its stockholders to increase the assets of the Fund available for investment so that the Fund will be in a better position to take full advantage of investment opportunities. The Board of Directors believes that increasing the size of the Fund will increase the liquidity of the Fund's shares of Common Stock and also reduce the Fund's expenses as a proportion of average net assets. In addition, the Offer seeks to reward the Fund's stockholders by giving them the right to purchase additional shares of Common Stock at a price that may be below market without incurring any direct transaction costs. The Offer will benefit both the Fund and its stockholders by providing the Fund with the ability to make additional investments without selling current investments if otherwise not desirable. See "The Offer-Purpose of 
the Offer."</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Tax Consequences</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">For federal income tax purposes, neither the receipt nor the exercise of the rights should result in taxable income to you. You will not realize a taxable loss if your rights expire without being exercised. See "The Offer-Federal Income Tax Consequences of the Offer."</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Use of Proceeds</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The net proceeds of the Offer, assuming all Shares offered hereby are sold, are estimated to be approximately US$[&#149;], after deducting offering expenses payable by the Fund estimated to be approximately US$600,000. The Fund anticipates that investment of the net proceeds of the Offer in accordance with the Fund's investment goal and policies may take up to six months from their receipt by the Fund, depending on market conditions and the availability of appropriate securities. The Fund may require up to six months due to the Fund's need to invest substantially all of its assets in the securities of issuers organized under the laws of a foreign jurisdiction. See "Use of Proceeds."</font></p>

<p align="center"><font size="2" face="Times New Roman">2</font></p>
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<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Information Agent and Subscription Agent</i></b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Information Agent for the Offer is:</font></p>


<p align="center"><font style="font-size: 10pt;font-family: 'B Times Bold';" face="Times New Roman, Times" size="2"><b>Georgeson Shareholder Communications Inc.<BR>17 State Street, 10</b><b><sup>th</sup></b><b> Floor <BR>New York, New York 10004 <BR>Toll Free: (866) 203-2582 <BR>or <BR>For banks and brokers: (212) 440-9800</b></font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Subscription Agent for the Offer is:</font></p>


<p align="center"><font style="font-size: 10pt;font-family: 'B Times Bold';" face="Times New Roman, Times" size="2"><b>American Stock Transfer&nbsp;&amp; Trust Company<BR>59 Maiden Lane<BR>New York, New York 10038</b></font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Important Dates to Remember</i></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="301" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Event</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Date</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Record Date</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">November&nbsp;17, 2005</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Subscription Period</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">November 21, 2005 to December&nbsp;12, 2005*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Expiration Date and pricing date</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">December&nbsp;12, 2005*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Subscription Certificates and payment for Shares due**</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">December 12, 2005*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Notice of Guaranteed Delivery due</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">December 12, 2005*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Subscription Certificate and payment for guarantees of delivery due**</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">December 15, 2005*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Confirmation mailed to participants</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">December 19, 2005*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="301" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Final payment for Shares***</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="193" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">January 3, 2006*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">*&nbsp;&nbsp;Unless the Offer is extended.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">**&nbsp;&nbsp;A Record Date Stockholder exercising rights must deliver by the Expiration Date either (i)&nbsp;a Subscription Certificate and payment for Shares or (ii)&nbsp;a Notice of Guaranteed Delivery. A Notice of Guaranteed Delivery is a form sent by your broker-dealer, bank or trust company that guarantees on your behalf delivery of the Subscription Certificate and payment by the close of business on the third business day after the Expiration Date.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">***&nbsp;&nbsp;Additional amount due (in the event the Subscription Price exceeds the Estimated Subscription Price).</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The Fund at a Glance</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Information Regarding the Fund</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund has been engaged in business as a non-diversified, closed-end management investment company since it first issued its Common Stock to the public on February&nbsp;25, 1994. The Fund is designed for investors desiring to invest a portion of their assets in Indian equity securities. The Fund invests primarily in equity securities (i)&nbsp;of companies organized in, or for which the principal trading market is in, India, (ii)&nbsp;denominated in rupees issued by companies to finance operations in India or (iii)&nbsp;of companies that alone or on a consolidated basis derive 50% or more of their revenues primarily from either goods produced, sales made or services performed in India (collectively, "Indian issuers"). It is the policy of the Fund, under normal market conditions, to invest substantially all, but not less than 80%, of its total assets in equity securities of Indian issuers, which for this p
urpose means common and preferred stock (including convertible preferred stock), bonds, notes and debentures convertible into common or preferred stock, stock purchase warrants and rights, equity interests in trusts and partnerships and American, Global </font></p>

<p align="center"><font size="2" face="Times New Roman">3</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">or other types of Depositary Receipts. See "Investment Objective and Policies." There can be no assurance that the Fund's investment objective will be achieved. See "Risk Factors and Special Considerations."</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As of November&nbsp;10, 2005, the Fund had 16,004,993 shares outstanding, which are listed and traded on the New&nbsp;York Stock Exchange under the symbol "IIF." See "Common Stock." As of November&nbsp;17, 2005, the net assets of the Fund were US$[&#149;].</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Information Regarding the Fund's Adviser, Sub-Adviser, Administrator, Sub-Administrator and Custodian</i></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. provides investment advisory services to the Fund under the terms of an Investment Advisory and Management Agreement. Under the Investment Advisory and Management Agreement, the Adviser is paid a fee computed weekly and payable monthly at an annual rate of 1.10% of the Fund's average weekly net assets. The Adviser is a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of October&nbsp;31, 2005, the Adviser, together with its affiliated advisory entities, was responsible for US$422 billion of assets under management. See "Management of the Fund."</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley Investment Management Company provides sub-advisory services to the Fund under the terms of a Sub-Advisory Agreement with the Adviser.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. also serves as administrator to the Fund pursuant to an Administrative Agreement. Under the Administrative Agreement, the administrative fee is 0.08% of the Fund's average weekly net assets. As approved by the Board of Directors, the Administrator has agreed to limit the new administration fee so that it will be no greater than 0.02435% of the Fund's average weekly net assets plus $24,000 per annum (which was the administration fee prior to November&nbsp;1, 2004). This waiver is voluntary and may be terminated at any time. The Administrative Agreement covers administrative costs (including out-of-pocket expenses incurred in the ordinary course of providing services under the Administrative Agreement, which were previously borne by the&nbsp;Fund), except pricing services and extraordinary expenses.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">J.P. Morgan Investor Services Co. provides fund accounting and other services pursuant to a sub-administrative agreement, dated November&nbsp;1, 2004, with the Administrator and receives compensation from the Administrator for these services.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Multiconsult, Ltd., whose registered office is in Mauritius, provides sub-administrative services to the Fund, including maintaining certain Fund records and preparing certain periodic filings, under an agreement whereby Multiconsult is paid a fee of $22,000 per annum.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">JPMorgan Chase Bank serves as custodian for the Fund. The Custodian holds cash, securities, and other assets of the Fund as required by the Investment Company Act of 1940, as amended (the "1940 Act"). Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Dividends and Distributions; Dividend Reinvestment and Cash Purchase Plan</i></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund intends to distribute to stockholders, at least annually, substantially all of its net investment income and any net realized capital gains. Unless the Fund is otherwise instructed in writing in the manner described under "Dividends and Distributions; Dividend Reinvestment and Cash Purchase Plan," stockholders are presumed to have elected to have all distributions automatically reinvested in shares of the Fund. Stockholders who have distributions automatically reinvested may also make additional payments into the dividend reinvestment and cash purchase plan to purchase shares of the Fund on the open market. See "Dividends and Distributions; Dividend Reinvestment and Cash Purchase Plan."</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Risk Factors and Special Considerations</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>You should carefully consider the following factors, as well as the other information in this Prospectus, before making an investment in the Fund under this Offer.</i></font></p>
<p align="center"><font size="2" face="Times New Roman">4</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Risks Related to the Offer.  </i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Record Date Stockholders who do not fully exercise their Rights should expect that they will, at the completion of the Offer, own a smaller proportional interest in the Fund than would otherwise be the case and may also incur dilution of ownership and voting, as well as dilution of&nbsp;their shares of any distributions made by the Fund, as a result of the Offer. This dilution may occur because a stockholder could own a smaller interest in the Fund after the Offer than he owned prior to the Offer. In addition, if a stockholder does not submit a subscription request pursuant to the over-subscription privilege, he may also experience dilution of ownership and voting, as well as&nbsp;dilution of his share of any distributions made by the Fund, if the Fund offer
s additional shares for subscription.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Investment Risk.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  You may lose money by investing in the Fund, including the possibility that you may lose all of your investment. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other governmental agency.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Among the principal risks of investing in the Fund is market risk, which is the risk that the value of your investment may fluctuate as stock markets fluctuate.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As an investment company that primarily holds common stocks, the Fund's portfolio is subject to the possibility that common stock prices will decline over short or even extended periods. The Fund may remain substantially fully invested during periods when stock prices generally rise and also during periods when they generally decline. Risks are inherent in investments in equities, and Fund stockholders should be able to tolerate significant fluctuations in the value of their investment in the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In addition, the Fund may invest up to 20% of its assets in debt securities whose value will tend to decrease as interest rates rise.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund is intended to be a long-term investment vehicle and is not designed to provide investors with a means of speculating on short-term stock market movements. Investors should not consider the Fund a complete investment program.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Risks of Investing in Equity Securities of Indian companies.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  Investing in securities of Indian companies involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including generally (a)&nbsp;controls on foreign investment and limitations on repatriation of invested capital and on the Fund's ability to exchange Rupees for U.S. dollars, (b)&nbsp;greater price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets, (c)&nbsp;currency devaluations and other currency exchange rate fluctuations, (d)&nbsp;more substantial governmental involvement in the economy, (e)&nbsp;higher rates of inflation and (f)&nbsp;greater political, economic and social uncertainty. Furthermore, future act
ions of the Indian Government or religious and ethnic unrest could have a significant impact on the economy, which could adversely affect private sector companies and the Fund. In addition, accounting, auditing and financial reporting standards in India are different from U.S. standards and, therefore, disclosure of certain material information may not be made, and less information may be available to the Fund and other investors than would be the case if the Fund's investments were restricted to securities of U.S. issuers. There is also generally less governmental regulation of the securities industry in India than in the United States. Moreover, it may be more difficult to obtain a judgment in a court outside the United States. The Fund will be subject to withholding taxes, including withholding taxes imposed on dividends, interest and realized capital gains by the government of India. See "Risk Factors and Special Considerations" and "Taxation."</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Investments in Unlisted Securities.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  While the Fund expects primarily to invest in equity securities of publicly traded Indian issuers, it may invest up to 25% of its total assets in unlisted equity securities of Indian issuers to the extent permitted by any local investment restrictions. These investments may involve a high degree of business and financial risk. Because of the absence of any liquid trading market for these investments, the Fund may take longer to liquidate these positions than it would in the case of listed securities. In addition to financial and business risks, issuers whose securities are not publicly traded may not be subject to the same disclosure requirements applicable to issuers whose securities are publicly traded. See "Risk Factors and Special Considerations-
Investments in Unlisted Securities."</font></p>
<p align="center"><font size="2" face="Times New Roman">5</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Net Asset Value Discount.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  Shares of closed-end investment companies frequently trade at a discount from net asset value. This characteristic is a risk separate and distinct from the risk that the Fund's net asset value will decrease. The Fund cannot predict whether its shares will trade at, above or below net asset value, and the shares of the Fund have traded at a discount for extended periods. Accordingly, the Common Stock of the Fund is designed primarily for long-term investors and should not be considered a vehicle for trading purposes. See "Risk Factors and Special Considerations-Net Asset Value Discount; Non-Diversification" and "Common Stock."</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Non-Diversification.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  The Fund is classified as a "non-diversified" investment company under the 1940 Act, which means that the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities of a single issuer. As a non-diversified investment company, the Fund may invest a greater proportion of its assets in the securities of a smaller number of issuers and, as a result, may be subject to greater risk with respect to portfolio securities. However, the Fund intends to comply with the diversification requirements imposed by the U.S. Internal Revenue Code of 1986, as amended (the "Code"), for qualification as a regulated investment company. See "Risk Factors and Special Considerations-Net Asset Value Discount; Non-Diversification."</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Certain Provisions of the Articles of Incorporation.  </i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's Articles of Incorporation contain certain anti-takeover provisions that may have the effect of inhibiting the Fund's possible conversion to open-end status and limiting the ability of other persons to acquire control of the Fund. In certain circumstances, these provisions might also inhibit the ability of stockholders to sell their shares at a premium over prevailing market prices. See "Risk Factors and Special Considerations-Anti-Takeover Provisions" and "Common Stock."</font></p>
<p align="center"><font size="2" face="Times New Roman">6</font></p>
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<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>FEE TABLE</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following Fee Table is intended to assist prospective investors in understanding the costs and expenses that an investor in the Offer will bear directly or indirectly.</font></p>

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<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Stockholder Transaction Expenses:</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="240" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Sales Load</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">None</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="240" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Expenses of the Offer (as a percentage of offering price)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0.09</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="240" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Dividend Reinvestment and Cash Purchase Plan Fees</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">None</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="240" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Annual Expenses</b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> (as a percentage of net assets):</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="240" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Management Fees</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.10</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="240" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Other Expenses (1)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0.34</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="240" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Total Annual Expenses</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.44</font>

</td>
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<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="231" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="181" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Cumulative Expenses Paid for the Period of:</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
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<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Example</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="44" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1 Year</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="44" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>3 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
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<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>5 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
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<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>10 Years</b></font>

</td>
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</tr>
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<td colspan="3" width="231" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">An investor would pay the following expenses on a<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">US$1,000 investment, assuming a 5% annual return<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">throughout the periods (2)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="44" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">US$15</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="44" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">US$46</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="44" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">US$79</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="49" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">US$172</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Does not include expenses of the Fund incurred in connection with the Offer, estimated at US$600,000. However, these expenses will be borne by the holders of the shares of Common Stock of the Fund and result in a reduction of the net asset value of the shares of Common Stock.</font></p>

<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(2)&nbsp;&nbsp;The Example reflects the expenses of the Fund incurred in connection with the Offer and assumes that all of the Rights are exercised.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Example set forth above assumes reinvestment of all dividends and distributions at net asset value and an expense ratio of 1.44%. The tables above and the assumption in the Example of a 5% annual return are required by U.S. Securities and Exchange Commission (the "SEC") regulations applicable to all investment companies. </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The Example should not be considered a representation of past or future expenses or annual rates of return and actual expenses or annual rates of return may be more or less than those assumed for purposes of the Example.</b></font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The figures provided under "Other Expenses" are based on estimated amounts for the current fiscal year. See "Management of the Fund" for additional information.</font></p>
<p align="center"><font size="2" face="Times New Roman">7</font></p>
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<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>FINANCIAL HIGHLIGHTS</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The table below sets forth selected data for a share of Common Stock outstanding for each period presented. The year end information contained in the table for the five years ended December&nbsp;31, 2004 has been audited by Ernst&nbsp;&amp; Young LLP, the Fund's independent registered public accounting firm, as stated in its report which appears in the Fund's Annual Report to Stockholders as of December&nbsp;31, 2004, and which is incorporated by reference into this Prospectus. The year end information contained in the table for the periods ended prior to December&nbsp;31, 2000 has been audited by the Fund's previous accounting firm. This information should be read in conjunction with the Financial Statements and Notes thereto which appear in the Annual Report and which are also incorporated by reference into this Prospectus.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>For the Six<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Months<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Ended<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>June&nbsp;30,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Unaudited)</b></font></td>
<td colspan="1" width="31" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b><u>Per Share Operating Performance</u></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net asset value, beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29.09</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net investment income (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.07</font></td>
<td colspan="1" width="31" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net realized and unrealized gain (loss) <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.39</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Total (loss) from investment operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.46</font></td>
<td colspan="1" width="31" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Distributions from and/or Excess of:<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.08</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net realized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.14</font></td>
<td colspan="1" width="31" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Total distributions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.22</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Anti-Dilutive Effect of Share<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Repurchase Program</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="31" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net asset value, end of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">31.33</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Per share market price, end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="56" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32.10</font></td>
<td colspan="1" width="31" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b><u>Total Investment Return</u></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="107" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Market Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.37</font></td>
<td colspan="1" width="31" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net Asset Value(1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.41</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%**</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b><u>Ratios and Supplemental Data</u></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net assets, end of year (000's)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">501,277</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of expenses to average net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.41</font></td>
<td colspan="1" width="31" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%*</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of Net Investment Income (Loss) to <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Average Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.46</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%*</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Portfolio turnover rate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">20</font></td>
<td colspan="1" width="31" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%**</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratios Before Expenses Waived <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">by Administrator:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="107" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of Expenses to Average Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.46</font></td>
<td colspan="1" width="31" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%*</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of Net Investment Income (Loss) to <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Average Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.41</font></td>
<td colspan="1" width="31" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%*</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="157" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="39" width="936" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>For the Year Ended December&nbsp;31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2004</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2002</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2001</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2000</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1999</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1998</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1997</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1996</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1995</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1093" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b><u>Per Share Operating Performance</u></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net asset value, beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22.95</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.98</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10.53</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.92</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22.59</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.19</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.83</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.81</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.91</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.94</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net investment income (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.11</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&#134;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.16</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&#134;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.03</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&#134;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.10</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.02</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.08</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.04</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.07</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.08</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.16</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net realized and unrealized gain (loss) <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.12</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.01</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.39</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(2.43</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(7.93</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.33</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.31</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.09</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.02</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(4.92</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Total (loss) from investment operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.23</font></td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.17</font></td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.42</font></td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(2.33</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(7.91</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.25</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.27</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.02</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.10</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(5.08</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Distributions from and/or Excess of:<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.09</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.20</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.01</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.23</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net realized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.84</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1.60</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Total distributions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.09</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.20</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.01</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1.07</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1.60</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Anti-Dilutive Effect of Share<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Repurchase Program</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.00</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">#</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.04</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.01</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.84</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.15</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.09</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net asset value, end of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29.09</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22.95</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.98</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10.53</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.92</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22.59</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.19</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.83</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.81</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.91</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Per share market price, end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">30.96</font></td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">26.55</font></td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.94</font></td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.65</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.06</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">16.50</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.75</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.38</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.50</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.13</font></td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1093" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b><u>Total Investment Return</u></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Market Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17.03</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">169.33</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15.07</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(11.68</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(23.49</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">144.44</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(19.40</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(11.84</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.11</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(18.89</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net Asset Value(1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">27.21</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">93.15</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.94</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(14.52</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(29.68</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">145.81</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.08</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.23</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1.12</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(36.31</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1093" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b><u>Ratios and Supplemental Data</u></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Net assets, end of year (000's)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">465,448</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">366,984</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">192,309</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">205,019</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">390,190</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">736,343</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">314,701</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">315,446</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">314,423</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">318,045</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of expenses to average net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.40</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.56</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.56</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.77</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.48</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.59</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.97</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.06</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.10</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.16</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of Net Investment Income (Loss) to <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Average Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.57</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.10</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.28</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.60</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.12</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.55</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.44</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.70</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(0.85</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1.48</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Portfolio turnover rate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">52</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">36</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">23</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">56</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">44</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">34</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">28</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">28</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1093" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratios Before Expenses Waived <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">by Administrator:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of Expenses to Average Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.41</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="157" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ratio of Net Investment Income (Loss) to <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Average Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.56</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Total investment return based on net asset value per share reflects the effects of changes in net asset value on the performance of the Fund during each period, and assumes dividends and distributions, if any, were reinvested. This percentage is not an indication of the performance of a stockholder's investment in the Fund based on market value due to differences between the market price of the stock and the net asset value per share of the Fund.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&#134;&nbsp;&nbsp;Per share amounts are based on average shares outstanding.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">#&nbsp;&nbsp;Amount is less than $0.005 per share.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">*&nbsp;&nbsp;Annualized.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">**&nbsp;&nbsp;Not annualized.</font></p>
<p align="center"><font size="2" face="Times New Roman">8</font></p>
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<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>THE OFFER</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Terms of the Offer</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund is offering to its Record Date Stockholders non-transferable Rights to subscribe for Shares of the Fund's Common Stock. Each Record Date Stockholder will receive one Right for each whole share of Common Stock owned on the Record Date. Each Record Date Stockholder needs three Rights to purchase one Share at the Subscription Price. The Fund will not issue fractional Shares upon the exercise of less than three Rights. The Rights entitle the holders thereof to acquire at the Subscription Price one Share for each three Rights held. The Rights are evidenced by Subscription Certificates which will be mailed to Record Date Stockholders, other than Foreign Record Date Stockholders. See "-Foreign Stockholders."&nbsp;The Fund does not have the right to withdraw the Offer after the Rights have been issued.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Completed Subscription Certificates may be delivered to the Subscription Agent at any time during the Subscription Period, which commences on November&nbsp;21, 2005 and ends at 5:00&nbsp;p.m., New York time, on December&nbsp;12, 2005, unless extended by the Fund. See "-Expiration of the Offer."</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Each Record Date Stockholder who fully exercises all Rights initially issued to him is entitled to subscribe for Shares which were not otherwise subscribed for by Record Date Stockholders in the Primary Subscription. If enough Shares are available, all of these requests will be honored in full. If these requests for Shares exceed the Shares available, the Fund may determine after the expiration of the Offer, in the discretion of the Board of Directors, to issue additional Common Stock up to an amount equal to 25% of the Shares available pursuant to the Offer (up to an additional 1,333,750 shares of Common Stock) in order to cover these requests. Regardless of whether the Fund issues such additional Common Stock, to the extent Shares are not available to honor all requests, the available Shares will be allocated pro rata among those Record Date Stockholders who over-subscribe based on the number of Rights o
riginally issued to them by the Fund.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Rights will be evidenced by Subscription Certificates and may be exercised by delivering to the Subscription Agent a completed Subscription Certificate, together with payment, either by means of a Notice of Guaranteed Delivery or a check. The method by which Rights may be exercised and Shares paid for is set forth below in "-Exercise of Rights" and "-Payment for Shares." An Exercising Rights Holder will have no right to rescind a purchase after the Subscription Agent has received a completed Subscription Certificate or Notice of Guaranteed Delivery. See "-Payment for Shares" below.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Rights are non-transferable and, therefore, may not be purchased or sold. Rights not exercised will expire without residual value when the Offer expires. The Rights will not be listed for trading on the New York Stock Exchange or any other securities exchange. However, the Shares to be issued pursuant to the Offer will be listed for trading on the New York Stock Exchange, subject to the New York Stock Exchange being officially notified of the issuance of those Shares.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">There is no minimum number of Rights which must be exercised in order for the Offer to close.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Purpose of the Offer</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of Directors of the Fund has determined that it is in the best interests of the Fund and its stockholders to increase the assets of the Fund available for investment so that the Fund will be in a better position to take full advantage of available investment opportunities. Without an infusion of additional capital, the Fund is limited in its ability to take advantage of new investment opportunities. The only practical means of increasing the Fund's assets available for investment other than through the Offer would be through the sale of portfolio securities, which could subject the Fund to certain adverse tax consequences under the Code. The Offer affords the Fund a means of increasing its assets available for investment without requiring the sale of portfolio securities. The Fund also believes that increasing the size of the Fund would increase the liquidity of the Fund's shares of Common Stock 
and reduce the Fund's expenses as a proportion of average net assets. In addition, the Offer seeks to reward the Fund's stockholders by giving existing stockholders the right to purchase additional shares of Common Stock at a price that may be below market without incurring any direct transaction costs.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Prior to reaching this conclusion, the Fund's Board of Directors, in consultation with the Adviser and others, reviewed the structure, timing and terms of this offer, as well as its dilutive effect on both stockholders who exercise </font></p>
<p align="center"><font size="2" face="Times New Roman">9</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">their rights and those who do not and other potentially adverse consequences resulting from the Offer. After careful consideration, the Board of Directors voted unanimously to approve the terms of the Offer. However, there can be no assurance that the Offer will provide any of the benefits listed above.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc., as the adviser and administrator to the Fund, and Morgan Stanley Investment Management Company, as the sub-adviser to the Fund, will benefit from the Offer because their fees as adviser and administrators and sub-adviser, respectively, are based on the average net assets of the Fund. It is not possible to state precisely the amount of additional compensation they will receive as a result of the Offer because it is not known how many Shares will be subscribed for and because the proceeds of the Offer will be invested in additional portfolio securities which will fluctuate in value. However, in the event that all the Rights are exercised in full and on the basis of an Estimated Subscription Price of US$[&#149;] per Share (the "Estimated Subscription Price"), the Adviser, the Administrator and the Sub-Adviser would receive additional annual fees of approximately US$[
&#149;], US$[&#149;] and US$[&#149;], respectively, as a result of the increase in assets under management. See "Management of the Fund."</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may, in the future and at its discretion, choose to make additional rights offerings from time to time for a number of shares of Common Stock and on terms which may or may not be similar to the Offer.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Over-Subscription Privilege</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Shares not subscribed for in the Primary Subscription will be offered, by means of the Over-Subscription Privilege, to the Record Date Stockholders who have exercised all exercisable Rights issued to them and who wish to acquire more than the number of Shares for which the rights issued to them are exercisable. If sufficient Shares are not available after completion of the Primary Subscription to honor all over-subscription requests, the Fund may determine after the expiration of the Offer, in the discretion of the Board of Directors, to issue additional Common Stock up to an amount equal to 25% of the Shares available pursuant to the Offer (up to an additional 1,333,750 shares of Common Stock) in order to cover the over-subscription requests. Regardless of whether the Fund issues such additional Shares, and to the extent shares of Common Stock are not available to honor all over-subscription requests, the
 available Shares will be allocated among those who over-subscribe so that the number of Shares issued to participating Record Date Stockholders will generally be in proportion to the number of Shares owned by such stockholders on the Record Date. The allocation process may involve a series of allocations in order to assure the total number of Shares available for over-subscription are distributed on a pro rata basis. The Fund will not offer or sell any Shares which are not subscribed for pursuant to the Primary Subscription or the Over-Subscription Privilege. For a further description of how to exercise the Over-Subscription Privilege, see "-Exercise of the Over-Subscription Privilege" below.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Subscription Price</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Subscription Price for the Shares to be issued upon exercise of the Rights will be 95% of the average of the last reported sales&nbsp;price per share of the Fund's Common Stock on the New York Stock Exchange on the date on which the Offer expires and the four preceding trading days, but in any case not less than the net asset value per share of the Fund's common stock at the close of trading on the New York Stock Exchange on the date on which the Offer expires.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund announced the Offer on September&nbsp;9, 2005. The net asset value per share of Common Stock at the close of business on September&nbsp;9, 2005 and on November&nbsp;17, 2005 was US$36.76 and US$[&#149;], respectively, and the last reported sale price of a share of the Fund's Common Stock on the New York Stock Exchange on those dates was US$43.20 and US$[&#149;], respectively.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Expiration of the Offer</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Offer will expire at 5:00&nbsp;p.m., New York time, on December&nbsp;12, 2005, unless extended by the Fund (the "Expiration Date"). Rights will expire on the Expiration Date and may not be exercised thereafter.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Subscription Agent</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Subscription Agent is the American Stock Transfer&nbsp;&amp; Trust Company, which will receive for its administrative, processing, invoicing and other services as subscription agent, a fee estimated to be US$25,000, as well as reimbursement for all out-of-pocket expenses related to the Offer. Questions regarding the Subscription </font></p>

<p align="center"><font size="2" face="Times New Roman">10</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Certificates should be directed to the Information Agent (telephone (866) 203-2582); stockholders may also consult their brokers or nominees. Signed Subscription Certificates should be sent by first class mail or overnight courier to American Stock Transfer&nbsp;&amp; Trust Company, Operations Center, Attn: Reorganization Department, 6201 15th Avenue, Brooklyn, New York 11219 or delivered by hand to American Stock Transfer&nbsp;&amp; Trust Company, Attn: Reorganization Department, 59 Maiden Lane, New York, New York 10038.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Information Agent</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Any questions or requests for assistance may be directed to the Information Agent at its telephone number and address listed below:</font></p>


<p align="center"><font style="font-size: 10pt;font-family: 'B Times Bold';" face="Times New Roman, Times" size="2"><b>Georgeson Shareholder Communications Inc.<BR>17 State Street, 10</b><b><sup>th</sup></b><b> Floor<BR>New York, New York 10004<BR>Toll Free: (866) 203-2582<BR>or<BR>For banks and brokers: (212) 440-9800</b></font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Information Agent will receive a fee estimated to be US$10,000, as well as reimbursement for all out-of-pocket expenses related to the Offer.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Exercise of Rights</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Rights may be exercised by filling in and signing the reverse side of the Subscription Certificate which accompanies this Prospectus and mailing it in the envelope provided, or otherwise delivering the completed and signed Subscription Certificate to the Subscription Agent, together with payment for the Shares as described below under "Payment for Shares." Alternatively, Rights may be exercised by having your bank, trust company or broker (if a member of the New York Stock Exchange) complete and deliver to the Subscription Agent a Notice of Guaranteed Delivery (see below under "Payment for Shares"). Completed Subscription Certificates with payment for the Shares, or a completed Notice of Guaranteed Delivery, must be received by the Subscription Agent prior to 5:00&nbsp;p.m., New York time, on the Expiration Date at the offices of the Subscription Agent at the address set forth above. Rights may also be exe
rcised through an Exercising Rights Holder's broker, who may charge such Exercising Rights Holder a servicing fee. An Exercising Rights Holder will have no right to rescind a purchase after the Subscription Agent has received a completed Subscription Certificate or Notice of Guaranteed Delivery.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Nominees who hold shares of Common Stock for the account of others, such as brokers, trustees or depositories for securities, should notify the respective beneficial owners of such shares as soon as possible to ascertain such beneficial owners' intentions and to obtain instructions with respect to the Rights. If the beneficial owner so instructs, the nominee should complete the Subscription Certificate and submit it to Subscription Agent with the proper payment. In addition, beneficial owners of Common Stock or Rights held through such a nominee should contact the nominee and request the nominee to effect transactions in accordance with the beneficial owner's instructions.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Exercise of the Over-Subscription Privilege</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Record Date Stockholders who fully exercise all Rights issued to them may participate in the Over-Subscription Privilege by indicating on their Subscription Certificate the number of Shares they are willing to acquire pursuant thereto.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">If sufficient Shares are not available after completion of the Primary Subscription to honor all over-subscription requests, the Fund may determine after the expiration of the Offer, in the discretion of the Board of Directors, to issue up to an additional 25% of the Shares available pursuant to the Offer (up to an additional [&#149;] shares of Common Stock) in order to cover the over-subscription requests. Regardless of whether the Fund issues such additional Shares, and to the extent Shares are not available to honor all over-subscription requests, the available Shares will be allocated among those who over-subscribe so that the number of Shares issued to participating Record Date Stockholders will generally be in proportion to the number of Shares owned by such stockholders on the Record Date. The allocation process may involve a series of allocations in order to assure the total number of Shares availa
ble for over-subscription are distributed on a </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>pro rata</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> basis.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Banks, broker-dealers, trustees and other nominee holders of rights will be required to certify to the Subscription Agent, before any Over-Subscription Privilege may be exercised with respect to any particular beneficial owner, as to the aggregate number of Rights exercised pursuant to the Primary Subscription and the number of Shares subscribed for pursuant to the Over-Subscription Privilege by such beneficial owner and that such beneficial owner's primary subscription was exercised in full.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Payment for Shares</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Exercising Rights Holders who acquire Shares pursuant to the Offer may choose between the following methods of payment:</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1)  An Exercising Rights Holder can send the Subscription Certificate, together with payment for the Shares acquired in the Primary Subscription and any additional Shares subscribed for pursuant to the Over-Subscription Privilege, based on the Estimated Subscription Price of US$[&#149;] per Share, to the Subscription Agent. A subscription will be accepted when payment, together with the properly completed and executed Subscription Certificate, is received by the Subscription Agent at any of the addresses set forth above; such payment and Subscription Certificates to be received by the Subscription Agent no later than 5:00&nbsp;p.m., New&nbsp;York time, on the Expiration Date. The Subscription Agent will deposit all checks received by it for the purchase of Shares into a segregated interest-bearing account of the Fund (the interest from which will belong to the Fund) pending proration and distribution of S
hares. Payment pursuant to this method must be made in U.S. dollars by money order or check drawn on a bank located in the United States, payable to </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Morgan Stanley India Investment Fund, Inc.,</b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> and must accompany a properly completed and executed Subscription Certificate for such Subscription Certificate to be accepted and be received by 5:00&nbsp;p.m. on the Expiration Date.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(2)  Alternatively, a subscription will be accepted by the Subscription Agent if, prior to 5:00&nbsp;p.m., New&nbsp;York time, on the Expiration Date, the Subscription Agent has received a Notice of Guaranteed Delivery by facsimile (telecopy) or otherwise from a bank, a trust company or a New York Stock Exchange member guaranteeing delivery of (i)&nbsp;payment of the full Estimated Subscription Price for the Shares subscribed for in the Primary Subscription and any additional Shares subscribed for pursuant to the Over-Subscription Privilege, and (ii)&nbsp;a properly completed and executed Subscription Certificate. The Subscription Agent will not honor a Notice of Guaranteed Delivery unless a properly completed and executed Subscription Certificate and full payment for the Shares is received by the Subscription Agent by the close of business on the third Business Day after the Expiration Date (the "Protect 
Period").</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Within five business days following the Subscription Period (the "Confirmation Date"), the Subscription Agent will send to each Exercising Rights Holder (or, if the Common Stock is held by Cede&nbsp;&amp; Co. or any other depository or nominee, to Cede&nbsp;&amp; Co. or such other depository or nominee), a confirmation. The confirmation will indicate (i)&nbsp;the number of Shares acquired in the Primary Subscription, (ii)&nbsp;the number of Shares, if any, acquired pursuant to the Over-Subscription Privilege, (iii)&nbsp;the Subscription Price per share and total purchase price of the Shares and (iv)&nbsp;any additional amount payable by such Exercising Rights Holder to the Fund or any amount to be refunded by the Fund to such stockholder, in each case based on the Subscription Price. Where an Exercising Rights Holder that is owed a refund in connection with the Primary Subscription exercises his Right to a
cquire Shares pursuant to the Over-Subscription Privilege, such excess payment that would otherwise be refunded to the Record Date Stockholder will, if necessary, be applied by the Fund toward payment for Shares acquired pursuant to the exercise of the Over-Subscription Privilege. Any additional payment required from an Exercising Rights Holder must be received by the Subscription Agent by January 3, 2006 (the "Final Payment Date"), unless the Offer is extended. Any excess payment to be refunded by the Fund to a Record Date Stockholder will be mailed by the Subscription Agent to such Record Date Stockholder as promptly as possible. All payments by a Record Date Stockholder must be in U.S. dollars by money order or check drawn on a bank or branch located in the United States and payable to "</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Morgan Stanley India Investment Fund, Inc</b></font><font style="font-size: 10pt;font-family: 'TimesNewRom
anPS';" face="Times New Roman, Times" size="2">."</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Subscription Agent will deposit all checks received by it prior to the Final Payment Date into a segregated interest-bearing account (which interest will inure to the benefit of the Fund) pending proration and distribution of the Shares. An Exercising Rights Holder will have no right to rescind a purchase after the Subscription Agent has received a completed Subscription Certificate or a Notice of Guaranteed Delivery.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Whichever of the two methods described above is used, issuance of the Shares purchased is subject to collection of checks and actual payment. If a holder of Rights who subscribes for Shares pursuant to the Primary Subscription or Over-Subscription Privilege does not make payment of any amounts due, the Fund and the Subscription Agent reserve the right to take any or all of the following actions: (i)&nbsp;find other stockholders or Rights Holders for such subscribed and unpaid for Shares; (ii)&nbsp;apply any payment actually received by it toward the purchase of the greatest whole number of Shares which could be acquired by such holder upon exercise of the Primary Subscription and/or Over-Subscription Privilege; and/or (iii)&nbsp;exercise any and all other rights or remedies to which the Fund may be entitled, including, without limitation, the right to set off against payments actually received by i
t with respect to such subscribed Shares.</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The method of delivery of Subscription Certificates and payment of the Estimated Subscription Price to the Fund will be at the election and risk of the Exercising Rights Holders, but if sent by mail it is recommended that such certificates and payments be sent by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Subscription Agent and clearance of payment prior to 5:00&nbsp;p.m., New York time, on the Expiration Date. </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Because uncertified personal checks may take five business days to clear, if you plan to pay by personal check you are strongly urged to return your Subscription Certificate and payment at least five business days prior to the Expiration Date.</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">All questions concerning the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will be final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be deemed to have been received or accepted until all irregularities have been waived or cured within such time as the Fund determines in its sole discretion. The Fund will not be under any duty to give notification of any defect or irregularity in connection with the submission of Subscription Certificates or incur any liability for failure to give such notification.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Delivery of Share Certificates</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Certificates representing Shares purchased pursuant to the Primary Subscription will be delivered to Exercising Rights Holders as soon as practicable after the corresponding Rights have been validly exercised and full payment for such Shares has been received and cleared. Certificates representing Shares purchased pursuant to the Over-Subscription Privilege will be mailed as soon as practicable after full payment for such Shares has been received and cleared and after all allocations have been effected. Participants in the Fund's Dividend Reinvestment Plan will have any Shares acquired in the Primary Subscription and pursuant to the Over-Subscription Privilege credited to their accounts under the Dividend Reinvestment Plan. Participants in the Fund's Dividend Reinvestment Plan wishing to exercise Rights issued with respect to the Shares held in their accounts under the Dividend Reinvestment Plan must exerc
ise such rights in accordance with the procedures set forth above. Record Date Stockholders whose Shares are held by Cede&nbsp;&amp; Co. or by any other depository or nominee on their behalf or their broker-dealer's behalf will have any Shares acquired in the Primary Subscription credited to the account of Cede&nbsp;&amp; Co. or such other depository or nominee. Shares acquired pursuant to the Over-Subscription Privilege will be certificated, and certificates representing such Shares will be sent directly to Cede&nbsp;&amp; Co. or such other depository or nominee. Share certificates will not be issued for Shares credited to Dividend Reinvestment Plan accounts. If a&nbsp;Record Date Stockholder holds Shares in the Fund in more than one account, each account will be treated as a separate holder for purposes of the Offer.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Stockholders</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Subscription Certificates will not be mailed to Foreign Record Date Stockholders. The Rights to which such Subscription Certificates relate will be held by the Fund for such Foreign Record Date Stockholders' accounts until instructions are received to exercise the Rights. If no instructions have been received by the Expiration Date, the Rights will expire.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Federal Income Tax Consequences of the Offer</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The U.S. federal income tax consequences to holders of Common Stock with respect to the Offer will be as follows:</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.  The distribution of Rights to Record Date Stockholders will not result in taxable income to such holders nor will such holders realize taxable income as a result of the exercise of the Rights.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.  The basis of a Right will be (a)&nbsp;to a holder of Common Stock to whom it is issued and who exercises the Right (i)&nbsp;if the fair market value of the Right immediately after issuance is less than 15% of the fair market value of the Common Stock with regard to which it is issued, zero (unless the holder elects, by filing a statement with his timely filed federal income tax return for the year in which the Rights are received, to allocate the basis of the Common Stock between the Right and the Common Stock based on their respective fair market values immediately after the Right is issued), and (ii)&nbsp;if the fair market value of the Right immediately after issuance is 15% or more of the fair market value of the Common Stock with regard to which it is issued, a portion of the basis in the Common Stock based upon their respective fair market values immediately after the Right is issued; and (b)&nbs
p;to a holder of Common Stock to whom it is issued and who allows the Right to expire, zero.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.  If the Right is exercised by the Record Date Stockholder, the basis of the Common Stock received will include the basis allocated to the Right, if any, and the amount paid upon exercise of the Right.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.  If the Right is exercised, the holding period of the Common Stock acquired begins on the date the Right is exercised.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund is required to withhold and remit to the U.S. Treasury 28% of reportable payments paid on an amount if the holder of the account provides the Fund with either an incorrect taxpayer identification number or no number at all or fails to certify that he is not subject to such withholding. The 28% withholding tax is not an additional tax. Any amount withheld may be credited against the holder's U.S. federal income tax liability.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The foregoing is only a summary of the applicable federal income tax laws and does not include any state or local tax consequences of the Offer. Exercising Rights Holders should consult their own tax advisers concerning the tax consequences of this transaction. See "Taxation."</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Employee Plan Considerations</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Stockholders that are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") (including corporate savings and 401(k)&nbsp;plans), Keogh plans of self-employed individuals, Individual Retirement Accounts and other plans eligible for special tax treatment under the Code (collectively, "Plans"), should be aware that additional contributions of cash to the Plan (other than rollover contributions or trustee-to-trustee transfers from other Plans) in order to exercise Rights would be treated as Plan contributions and, when taken together with contributions previously made, may subject a Plan to excise taxes for excess or nondeductible contributions. In the case of Plans qualified under Section 401(a)&nbsp;of the Code and certain other plans, additional cash contributions could cause the maximum contribution limitations of Section 415 of the Code or other qualif
ication rules to be violated. Furthermore, it may be a reportable distribution and there may be other adverse tax consequences if Rights are sold or transferred by a Plan to another account. Plans contemplating making additional cash contributions to exercise Rights should consult with their counsel prior to receiving or using such contributions.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Plans and other tax exempt entities, including governmental plans, should also be aware that if they borrow in order to finance their exercise of Rights, they may become subject to the tax on unrelated business taxable income under Section 511 of the Code. If any portion of an IRA is used as security for a loan, the portion so used is also treated as distributed to the IRA depositor.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">ERISA contains fiduciary responsibility requirements, and ERISA and the Code contain prohibited transaction rules, that may impact the exercise or transfer of Rights. Due to the complexity of these rules and the penalties for non-compliance, Plans should consult with their counsel regarding the consequences of their exercise or transfer of Rights under ERISA and the Code.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Notice of Net Asset Value Decline</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund has, as required by the SEC's registration form, undertaken to suspend the Offer until it amends this Prospectus if, subsequent to November&nbsp;[&#149;], 2005 (the effective date of the Fund's Registration Statement), the Fund's net asset value declines more than 10% from its net asset value as of that date.</font></p>

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<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>THE FUND</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley India Investment Fund, Inc., incorporated in Maryland on December&nbsp;22, 1993, is a non-diversified, closed-end management investment company registered under the 1940 Act. The Fund's investment objective is long-term capital appreciation. The Fund seeks to achieve its objective by investing primarily in equity securities of Indian issuers. The Fund invests primarily in equity securities (i)&nbsp;of companies organized in, or for which the principal trading market is in, India, (ii)&nbsp;denominated in Rupees issued by companies to finance operations in India or (iii)&nbsp;of companies that alone or on a consolidated basis derive 50% or more of their revenues primarily from either goods produced, sales made or services performed in India (collectively, "Indian issuers"). It is the policy of the Fund, under normal market conditions, to invest substantially all, but not less than 80%, of its
 total assets in equity securities of Indian issuers, which for this purpose means common and preferred stock (including convertible preferred stock), bonds, notes and debentures convertible into common or preferred stock, stock purchase warrants and rights, equity interests in trusts and partnerships and American, Global or other types of Depositary Receipts. There can be no assurance that the Fund's investment objective will be achieved. Due to the risks inherent in international investments generally and Indian issuers in particular, the Fund should be considered as a vehicle for investing a portion of an investor's assets in foreign securities markets and not as a complete investment program. See "Investment Objective and Policies" and "Risk Factors and Special Considerations."</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund currently has 16,004,993 shares of Common Stock outstanding, which are listed and traded on the New York Stock Exchange under the symbol "IIF." See "Common Stock." As of November&nbsp;17, 2005, the net assets of the Fund were US$[&#149;]. The Fund's principal office is located at 1221 Avenue of the Americas, New York, New York 10020 and its telephone number is (800) 221-6726.</font></p>

<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>USE OF PROCEEDS</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The net proceeds of the Offer, assuming that all Shares offered are subscribed for, are estimated to be approximately $[&#149;] (approximately $[&#149;] if the Board of Directors decides to authorize the full over-subscription), after deducting offering expenses payable by the Fund estimated to be approximately US$600,000. The Fund anticipates that investment of the net proceeds of the Offer in accordance with the Fund's investment goal and policies may take up to six months from their receipt by the Fund, depending on market conditions and the availability of appropriate securities. The Fund may require up to six months due to the Fund's need to invest substantially all of its assets in the securities of issuers organized under the laws of a foreign jurisdiction.</font></p>

<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>INVESTMENT OBJECTIVE AND POLICIES</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The investment objective of the Fund is long-term capital appreciation. The Fund seeks to achieve its objective by investing primarily in equity securities (i)&nbsp;of companies organized in, or for which the principal securities trading market is in, India, (ii)&nbsp;denominated in Rupees and issued by companies to finance operations in India or (iii)&nbsp;of companies that alone or on a consolidated basis derive 50% or more of their annual revenues primarily from either goods produced, sales made or services performed in India (collectively, "Indian issuers"). Currently, the Fund relies solely on the factors set forth in (i) and (iii) when investing in equity securities of Indian issuers and intends to continue to do so in the future.&nbsp;Income is not a consideration in selecting investments or an investment objective.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under normal market conditions, substantially all, but not less than 80%, of the Fund's total assets will be invested in equity securities of Indian issuers. Equity securities are defined as common or preferred stocks (including convertible preferred stock), bonds, notes or debentures convertible into common or preferred stock, stock purchase warrants or rights, equity interests in trusts or partnerships or American, Global or other types of Depositary Receipts. Determinations as to eligibility will be made by the Adviser based on publicly available information and inquiries made to the companies. See "Risk Factors and Special Considerations" for a discussion of the nature of information publicly available for non-U.S. companies. The Fund's investment objective and its 80% policy are fundamental policies of the Fund that may not be changed without the approval of a majority of the Fund's outstanding voting
 securities. As used herein, a "majority of the Fund's outstanding voting securities" means the lesser of (i)&nbsp;67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented, and (ii)&nbsp;more than 50% of the outstanding shares. There is no assurance the Fund will be able to achieve its investment objective.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's definition of Indian issuers includes companies that may have characteristics and business relationships common to companies in other countries. As a result, the value of the securities of these companies may reflect economic and market forces applicable to other countries, as well as in India. The Fund believes, however, that investment in these companies will be appropriate because the Fund will invest only in those companies which, in its view, have sufficiently strong exposure to economic and market forces in India and, therefore, their value will tend to reflect developments in India to a greater extent than developments in other countries. For example, the Fund may invest in companies organized and located outside of India when these companies meet one of the elements of the Fund's definition of Indian issuer and so long as the Fund believes at the time of investment that the value of the 
company's securities will principally reflect conditions in India.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund invests its assets over a broad spectrum of the Indian economy, including, as conditions warrant from time to time, trade, financial and business services, transport and communications, manufacturing, textiles, food processing and construction. In selecting industries and companies for investment, the Adviser will consider overall growth prospects, competitive positions in export markets, technologies, research and development, productivity, labor costs, raw material costs and sources, profit margins, returns on investment, capital resources, government regulation, management and other factors. The Fund does not invest more than 25% of its total assets in any one industry.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">To the extent that the Fund's assets are not invested in equity securities of Indian issuers, the remainder of its assets may be invested in (i)&nbsp;debt securities of Indian issuers, (ii)&nbsp;debt securities issued or guaranteed by the Indian Government or an Indian governmental entity and (iii)&nbsp;short-term and medium-term debt securities of the type described below under "Investment Objective and Policies-Temporary Investments." The Fund's assets may be invested in debt securities when the Fund believes that, based upon factors such as relative interest rate levels and foreign exchange rates, debt securities offer opportunities for long-term capital appreciation. It is likely that many of the debt securities in which the Fund will invest will be unrated and, whether or not rated, the debt securities may have speculative characteristics. The Fund will not, however, invest in debt securities rated be
low investment grade or, if unrated, considered by the Adviser to be of less than investment grade quality. However, there may be no readily available trading market for these securities and the Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell securities if they were more widely traded. Currently, the market in debt securities of Indian issuers, excluding debt securities issued or guaranteed by the Indian government or a government entity, is not significant. In addition, for temporary defensive purposes, the Fund may invest less than 80% of its total assets in equity securities of Indian issuers, in which case the Fund may invest in debt securities of the kind described in "Temporary Investments" below.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may invest indirectly in securities of Indian issuers through sponsored or unsponsored American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other types of Depositary Receipts (which, together with ADRs and GDRs, are hereinafter collectively referred to as "Depositary Receipts"). ADRs are Depositary Receipts typically issued by a U.S. bank or trust company which evidence ownership of underlying securities issued by a foreign corporation, and GDRs and other types of Depositary Receipts are typically issued by foreign banks or trust companies, although they also may be issued by U.S. banks or trust companies, and evidence ownership of underlying securities issued by either a foreign or a U.S. corporation. Generally, Depositary Receipts in registered form are designed for use in the U.S. securities markets and Depositary Receipts in bearer form are designed for use in securit
ies markets outside the United States. Depositary Receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. In addition, the issuers of the stock underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may not be a correlation between such information and the market value of the Depositary Receipts. For purposes of the Fund's investment policies, the Fund's investment in ADRs, GDRs and other types of Depositary Receipts will be deemed to be investments in the underlying securities.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund generally purchases and holds securities for long-term capital appreciation and does not generally trade for short-term gain. Accordingly, it is anticipated that the annual portfolio turnover rate normally will not exceed 50%, although, in any particular year, market conditions could result in portfolio activity at a greater or lesser rate than anticipated. The portfolio turnover rate for a year is calculated by dividing the lesser of sales or purchases of portfolio securities during that year by the average monthly value of the fund's portfolio securities, excluding money market instruments. The rate of portfolio turnover will not be a limiting factor when the Fund deems it appropriate to purchase or sell securities for the Fund.</font></p>

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<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Institutional Investor Authorization</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Foreign institutional investors ("FIIs") may invest in the Indian capital markets pursuant to the provisions of The Securities and Exchange Board of India (Foreign Institutional Investor) Regulations 1995 (as amended from time to time) and the Government of India foreign investment policies. FIIs may invest in exchange-traded securities, unlisted securities, mutual funds, government securities and corporate debt (listed or unlisted) subject to the conditions specified in the SEBI (FII) Regulations (the "Regulations"). The Adviser and the Fund each were granted status as FII by SEBI on April&nbsp;21, 1993 and April&nbsp;15, 1994, respectively and the registration was last renewed on January&nbsp;4, 2001. FIIs are required to apply for registration to the Securities Exchange Board of India (the "SEBI") for permission to trade in Indian securities. SEBI takes into account the track record of the FII, its prof
essional competence, financial soundness, experience and other relevant criteria in considering whether to grant such registration. Further, FIIs seeking registration must be registered with the securities commission or other regulatory organization for stock markets in its own country.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A registered FII is required to observe certain investment restrictions, including a ceiling of 10% of the total issued share capital of any one company. The 10% limitation will apply to each sub-account managed under the Adviser's FII authorization, including the Fund. At present, FII authorizations are granted for five-year periods and may be renewed with the approval of SEBI. Only registered FIIs and offshore mutual funds which comply with certain statutory conditions may make direct portfolio investments in exchange-traded Indian securities. Income, gain and initial capital are freely repatriable subject to payment of applicable Indian taxes, including withholding securities transaction and capital gains tax (wherever applicable).</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Non-Publicly Traded Securities</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Securities in which the Fund may invest include those that are neither listed on a stock exchange nor traded over-the-counter. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which may be applicable if their securities were publicly traded. If such securities are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Although as a general matter
 there is no limitation on the Fund's investments in non-publicly traded securities, the Fund does not intend to invest more than 25% of its total assets in non-publicly traded securities.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Temporary Investments</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">During periods in which the Adviser believes changes in economic, financial or political conditions make it advisable, the Fund may, for temporary defensive purposes, reduce its holdings in equity and other securities and invest in certain short-term (less than 12 months to maturity) and medium-term (not greater than five years to maturity) debt securities or hold cash. The short-term and medium-term debt securities in which the Fund may invest consist of (a)&nbsp;obligations of the U.S. or Indian governments, their respective agencies or instrumentalities; (b)&nbsp;bank deposits and bank obligations (including certificates of deposit, time deposits and bankers' acceptances) of U.S. or Indian banks denominated in any currency; (c)&nbsp;floating rate securities and other instruments denominated in any currency issued by international development agencies; (d)&nbsp;finance company and corporate commercial pa
per and other short-term corporate debt obligations of U.S. and Indian corporations; and (e)&nbsp;repurchase agreements with banks and broker-dealers with respect to such securities. The Fund generally invests for temporary defensive purposes only in short-term and medium-term debt securities that are rated A or better by Standard&nbsp;&amp; Poor's Ratings Group ("S&amp;P") or Moody's Investors Service, Inc. ("Moody's") or that the Adviser believes to be of comparable quality, </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">, subject to relatively low risk of loss of interest or principal. The Fund may invest more than 20% and possibly up to 100% of its assets in temporary investments for temporary defensive purposes, including due to political, market or other factors affecting markets in India.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Repurchase agreements with respect to the securities described in the preceding paragraph are contracts under which a buyer of a security simultaneously commits to resell the security to the seller at an agreed upon price and date. Under a repurchase agreement, the seller is required to maintain the value of the securities subject to the repurchase agreement at not less than their repurchase price. The Adviser monitors the values of such securities daily </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">to determine that the values equal or exceed the repurchase price including accrued interest. Repurchase agreements may involve risks in the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Currency Hedging Transactions, Options and Futures Contracts</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In order to hedge against foreign currency exchange rate risks, the Fund may enter into forward foreign currency exchange contracts and foreign currency futures contracts and may purchase and write (sell) put and call options on foreign currency and on foreign currency futures contracts. The Fund may also seek to hedge against interest rate fluctuations affecting portfolio securities by entering into interest rate futures contracts and options thereon.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may seek to increase its return or hedge all or a portion of its portfolio investments through transactions in options on securities. In addition, the Fund may seek to hedge all or a portion of the investments held by it, or which it intends to acquire, against adverse market fluctuations by entering into stock index futures contracts and options thereon.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Commodity Futures Trading Commission recently eliminated limitations on futures trading by certain regulated entities, including registered investment companies, and consequently registered investment companies may engage in unlimited futures transactions and options thereon provided that the investment adviser to the company claims an exclusion from regulation as a commodity pool operator. In connection with its management of the Fund, the Adviser has claimed such an exclusion from registration as a commodity pool operator under the Commodity Exchange Act (the "CEA"). Therefore, it is not subject to the registration and regulatory requirements of the CEA. Therefore, there are no limitations on the extent to which the Fund may engage in non-hedging transactions involving futures and options thereon except as set forth in the Fund's Prospectus.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund will only engage in transactions in options and futures which are traded on a recognized securities or futures exchange, including non-U.S. exchanges. Moreover, when the Fund purchases a futures contract or a call option thereon or writes a put option thereon, an amount of cash or high quality, liquid securities will be deposited in a segregated account with the Fund's custodian so that the amount so segregated, plus the amount of initial and variation margin held in the account of its broker, equals the market value of the futures contract, thereby assuring that the use of such futures is unleveraged.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">For a description of the recent exchange history of the Rupee and&nbsp;each of the instruments referred to above and an explanation of certain of the associated risks, limitations on use and possible strategies the Fund may utilize in connection therewith, see Appendix  A and&nbsp;Appendix B to this Prospectus.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Lending of Portfolio Securities</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may lend its portfolio securities to brokers, dealers, domestic and foreign banks and other institutional investors. By lending its portfolio securities, the Fund attempts to increase its net investment income through the receipt of interest on the cash collateral with respect to the loan or fees received from the borrower in connection with the loan. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. The Fund employs an agent to implement the securities lending program and the agent receives a fee from the Fund for its services. The Fund will not lend more than 33</font><font style="font-size: 5pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/</font><font style="font-siz
e: 5pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">% of the value of its net assets. The Fund may lend its portfolio securities consistent with the Fund's investment objective&nbsp;so long as the terms, structure and the aggregate amount of such loans are not inconsistent with the 1940 Act or the rules and regulations or interpretations of the SEC thereunder, which currently require that (i)&nbsp;the borrower pledge and maintain with the Fund collateral consisting of liquid, unencumbered assets having a value at all times not less than 100% of the value of the securities loaned; (ii)&nbsp;the borrower add to such collateral whenever the price of the securities loaned rises (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Ti
mes New Roman, Times" size="2">, the borrower "marks to market" on a daily basis); (iii)&nbsp;the loan be made subject to termination by the Fund at any time; and (iv)&nbsp;the Fund receive a reasonable return on the loan (which may include the Fund investing any cash collateral in interest bearing short-term investments), any distributions on the loaned securities and any increase in their market value. In addition, voting rights may pass with the loaned securities, but the Fund will retain the right to call any security in anticipation of a vote that the Adviser deems material to the security on loan.</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">There may be risks of delay in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and when, in the judgment of the Adviser, the consideration which can be earned currently from such securities loans justifies the attendant risk. All relevant facts and circumstances, including the creditworthiness of the broker, dealer or institution, will be considered in making decisions with respect to the lending of securities, subject to review by the Fund's Board of Directors. The Fund also bears the risk that the reinvestment of collateral will result in a principal loss. Finally, there is the risk that the price of the securities will increase while they are on loan and the collateral will not be adequate to cover their value.</font></p>


<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>RISK FACTORS AND SPECIAL CONSIDERATIONS</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">You should carefully consider the risks and other information contained in this Prospectus before you decide to participate in the Offer. The risks described below are not the only risks facing the Fund. Additional risks and uncertainties may also adversely affect and impair the Fund. Investors should also recognize that investing in securities of Indian issuers involves certain special considerations and risk factors, including those set forth below, which are not typically associated with investing in securities of U.S. issuers. See generally "Appendix A: Republic of India" for further information on investing in securities of Indian issuers.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Risks Related to the Offer</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Record Date Stockholders who do not fully exercise their Rights should expect that they will, at the completion of the Offer, own a smaller proportional interest in the Fund then would otherwise be the case and may also incur dilution of ownership and voting, as well as dilution of&nbsp;their share of any distributions made by the Fund,&nbsp;as a result of the Offer. This&nbsp;dilution may occur because a stockholder could own a smaller interest in the Fund after the Offer than he owned prior to the Offer. In addition, if a stockholder does not submit a subscription request pursuant to the over-subscription privilege, he may also experience dilution of ownership and voting, as well as&nbsp;dilution of his share of any distributions made by the Fund, if the Fund offers additional shares for subscription.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Market Risk</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Stockholders may lose money by investing in the Fund, and it is possible that they may lose their entire investment. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other governmental agency.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As an investment company that holds primarily equity securities, the Fund's portfolio is subject to the possibility that equity security prices will decline over short or even extended periods. The Fund may remain substantially fully invested during periods when equity prices generally rise and also during periods when they generally decline. Moreover, as a holder of a company's common stock, the Fund's rights to the assets of the companies in which it invests will be subordinated to such company's holders of preferred stock and debt in the event of a bankruptcy, liquidation or similar proceeding. Accordingly, if such an event were to occur to such a company in which the Fund invests, the Fund would be entitled to such a company's assets only after such company's preferred stockholders and debt holders have been paid. Risks are inherent in investments in equities, and Fund stockholders should be able to to
lerate significant fluctuations in the value of their investment in the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund is intended to be a long-term investment vehicle and is not designed to provide investors with a means of speculating on short-term stock market movements. Investors should not consider the Fund a complete investment program.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Market Characteristics</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Securities of Indian issuers are traded on 23 recognized stock exchanges in India, including the over-the-counter markets. However, the majority of the volume is transacted on The Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange Limited ("NSE"). Regional exchanges have seen a steady drop in volumes since&nbsp;introduction of screen-based trading and the phase-out of the lending/borrowing (badla) system. Average daily volumes on the BSE and NSE are in the region of US$2 billion. The NSE is the dominant exchange, with approximately 65% of the total volume traded here. As of September&nbsp;30, 2005, there were approximately 7,000 companies listed on the BSE and NSE and the aggregate market capitalization of listed equity securities of these companies was approximately US$500 billion.</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">By comparison, on September&nbsp;30, 2005, the global market capitalization of the New York Stock Exchange was $21.0 trillion. The relatively small market capitalizations of, and trading values on, the BSE and NSE may cause the Fund's investments in securities listed on these exchanges to be comparatively less liquid and subject to greater price volatility than comparable U.S. investments.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Indian stock exchanges, including the BSE and the NSE, have in the past experienced substantial fluctuations in the prices of their listed securities. They have also experienced problems such as temporary exchange closures, broker defaults, settlement delays and broker strikes that, if they occur again in the future, could affect the market price and liquidity of the Indian securities in which the Fund invests. In addition, the governing bodies of the various Indian stock exchanges have, from time to time, imposed restrictions on trading in certain securities, limitations on price movements and margin requirements. Disputes have also occurred from time to time among listed companies, the stock exchanges and other regulatory bodies, and in some cases those disputes have had a negative effect on overall market sentiment. In addition, there have been delays and errors in share allotments relating to initial p
ublic offerings, which in turn affect overall market sentiment and lead to fluctuations in the market prices of the securities of those companies and others in which the Fund may invest.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under current Indian law, only companies organized under the laws of India may list their securities on the Indian securities exchanges or over-the-counter markets. If Indian law changes in this regard, the Fund would be able to invest in companies that are principally traded in India but which may be organized outside of India, which could subject the Fund to different risks of the country where they are organized. Similarly, Indian companies may have operations outside of India and, accordingly, may be subject to risks in the various countries where they have operations.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A high proportion of the shares of many Indian issuers are held by a limited number of persons, representing a disproportionately large percentage of market capitalization and trading value, which may limit the number of shares available for investment by the Fund. In addition, further issuances, or the perception that such issuances may occur, of securities by Indian issuers in which the Fund has invested could dilute the earnings per share of the Fund's investment and could adversely affect the market price of such securities. Sales of securities by such issuer's major shareholders, or the perception that such sales may occur, may also significantly and adversely affect the market price of such securities and, in turn, the Fund's investment. The limited liquidity of the Indian securities markets may also affect the Fund's ability to acquire or dispose of securities at the price and time that it desires. 
Therefore, anticipation of the Offer in the Indian securities markets may adversely affect the prices paid by the Fund in purchasing certain securities for its portfolio and may affect the speed with which the Fund can initially invest the proceeds of the Offer in Indian securities. In addition, the small trading volume concentrated in a limited number of the largest companies, combined with certain investment diversification requirements and other restrictions applicable to the Fund, including certain requirements of the 1940 Act and the qualification of the Fund as a regulated investment company under the Code, also may affect the rate at which the Fund can invest the proceeds from the Offer. See "Investment Restrictions."</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In addition to their smaller size, lesser liquidity and greater volatility, Indian securities markets are less developed than U.S. securities markets and securities markets of more developed countries. Disclosure and regulatory standards in emerging market countries, such as India,&nbsp;are, in many respects, less stringent than U.S. standards. Issuers in India are subject to accounting, auditing and financial standards and requirements that differ, in some cases significantly, from those applicable to U.S. issuers. In particular, the assets and profits appearing on the financial statements of an Indian issuer may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with U.S. generally accepted accounting principles. There is substantially less publicly available information about Indian issuers than there i
s about U.S. issuers. In addition, there is less regulation and monitoring of Indian securities markets and the activities of investors, brokers and other participants than in the United States. Accordingly, issuers of securities in India are not subject to the same degree of regulation as are U.S. issuers with respect to such matters as insider trading rules, tender offer regulation, shareholder proxy requirements and the requirements affecting timely disclosure of information. See "Appendix A:&nbsp;The Republic of India."</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Legal principles relating to corporate affairs and the validity of corporate procedures, directors' fiduciary duties and liabilities and shareholders' rights may differ from those that may apply in other jurisdictions. Shareholders' rights under Indian law may not be as extensive as those that exist under the laws of the United </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">States. The Fund may therefore have more difficulty asserting its rights as a shareholder of an Indian company in which it invests than it would as a shareholder of a comparable U.S. company.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Investment and Repatriation Restrictions; Exchange Controls</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Foreign investment in the securities of Indian issuers is restricted or controlled to varying degrees. These restrictions or controls may limit or preclude foreign investment in certain industries or specific Indian issuers and increase the costs and expenses of the Fund. In such industries or issuers, there may be a ceiling on total foreign holdings, against which holdings of FIIs are counted. To the extent that the ceiling has been reached in that industry, further investment by an FII may not be permitted. The Fund makes its investments in India pursuant to an FII authorization granted by SEBI to the Adviser and the FII authorization granted to the Fund. Under the FII authorization, the Fund may be limited in the amount that it may invest in a particular company, or it may be permitted to invest only in a specific class of securities of a company that may have less advantageous terms than the classes av
ailable for purchase by Indians, and investment opportunities in issuers or industries deemed important to national interests may be restricted or prohibited altogether. At present, FII authorizations are granted for five-year periods and may be renewed for consecutive five-year periods with the prior approval of the SEBI. Although the Adviser believes that, upon expiration of the FII authorization used by the Fund, renewal of the authorization should be available, there can be no assurance that renewal will be granted. If renewal of such an FII authorization were not granted, the Fund's investments may be limited to securities of Indian issuers that are traded outside of India, such as American or Global depository receipts of Indian issuers, securities issued by investment funds investing primarily in India or other securities.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In addition, an FII and its sub-accounts, may not, with certain exceptions, hold more than 30% of their total investments in the debt securities of Indian companies.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">FIIs are also limited in their ability to invest in certain industries, such as the print media. In such industries, there is often a ceiling on total foreign holdings, against which holdings of FIIs are counted. To the extent that the ceiling has been reached in that industry, further investment by FIIs may not be permitted.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Accordingly, the ability of the Fund to invest in certain companies may be restricted, and there can be no assurance that additional restrictions on investments permissible for FII will not be imposed in the future. There can be no assurance that the FII guidelines will not be amended, clarified, interpreted by judicial or administrative ruling or superseded in the future in such a way that may adversely affect the Fund.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The ability of the Fund to invest in Indian securities, exchange Rupees into U.S. dollars and repatriate investment income, capital and proceeds of sales realized from its investments in Indian securities is subject to the Indian Foreign Exchange Management Act, 1999 and the rules, regulations and notifications issued thereunder. See "The Stock Markets in India." Under certain circumstances, such as a change in law or regulation or loss of FII authorization, governmental registration or approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors may be required. In addition, if there is a deterioration in India's balance of payments or for other reasons, India may impose temporary restrictions on foreign capital remittances abroad. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repa
triation of capital, as well as by the application to the Fund of any restrictions on investments. The Fund will be subject to withholding and capital gains taxes, as applicable. See "Taxation-Indian Taxation."</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In addition, indirect foreign investment in the securities of companies listed and traded on the stock exchanges in India may be permitted through investment funds which have been specially authorized. The Fund may invest in these investment funds subject to the provisions of the 1940 Act as discussed above under "Investment Restrictions." If the Fund invests in investment funds, the Fund's stockholders will bear not only their proportionate share of the expenses of the Fund (including operating expenses and the fees of the Adviser), but also will indirectly bear similar expenses of the underlying investment funds. See also "Taxation-U.S. Federal Income Taxes-Passive Foreign Investment Companies."</font></p>


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Corporate Disclosure, Governance and Regulatory Requirements</b></font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In addition to their smaller size, lesser liquidity and greater volatility, Indian securities markets are less developed than U.S. securities markets. Disclosure and regulatory standards are in many respects less stringent than U.S. standards. Issuers in India are subject to accounting, auditing and financial standards and requirements that </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">differ, in some cases significantly, from those applicable to U.S. issuers. In particular, the assets and profits appearing on the financial statements of an Indian issuer may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with U.S. generally accepted accounting principles. There is substantially less publicly available information about Indian issuers than there is about U.S. issuers.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">There is less regulation and monitoring of Indian securities markets and the activities of investors, brokers and other participants than in the United States. Moreover, issuers of securities in India are not subject to the same degree of regulation as are U.S. issuers with respect to such matters as insider trading rules, tender offer regulation, shareholder proxy requirements and the timely disclosure of information. There is also less publicly available information about Indian companies than U.S. companies. See "Appendix A: The Republic of India."</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Legal principles relating to corporate affairs and the validity of corporate procedures, directors' fiduciary duties and liabilities and shareholders' rights may differ from those that may apply in other jurisdictions. Shareholders' rights under Indian law may not be as extensive as those that exist under the laws of the United States. The Fund may therefore have more difficulty asserting its rights as a shareholder of an Indian company in which it invests than it would as a shareholder of a comparable U.S. company.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Political, Economic, Social and Other Factors</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The value of the Fund's assets may be adversely affected by political, economic, social and other factors, changes in Indian law or regulations and the status of India's relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Agriculture occupies a more prominent position in the Indian economy than in the United States, and the Indian economy therefore is more susceptible to adverse changes in weather. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on
 the Indian economy, which could affect private sector companies and the Fund, market conditions, and prices and yields of securities in the Fund's portfolio.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Since mid-1991, the Indian government has committed itself to implementing an economic structural reform program with the goal of liberalizing India's exchange and trade policies, reducing the fiscal deficit, controlling inflation, promoting a sound monetary policy, reforming the financial sector and relying more heavily on market mechanisms to direct economic activity. A significant component of the program is the promotion of foreign investment in key areas of the economy and the further development of, and the relaxation of restrictions in, the private sector. These policies have been coupled with a plan to redirect the government's central planning function away from the allocation of resources and closer to the issuance of indicative guidelines. While the government's policies have resulted in improved economic performance, there can be no assurance that the economic recovery will be sustained. Moreov
er, there can be no assurance that these economic reforms will persist. In April&nbsp;and May&nbsp;of 2004, general elections took place in India resulting in a change in the ruling coalition government of Prime Minister Atal Bihari Vajpayee, which originally came to power in 1999. There can be no assurance that the newly elected, Congress Party-led government will continue the program of economic liberalization, which may adversely affect Indian laws and policies affecting foreign investment and currency exchange. Uncertainties relating to the recent Indian general elections and the corresponding potential changes in Indian economic policies may cause significant volatility in the price and trading volumes of Indian securities. For example, on May&nbsp;17, 2004, the BSE and NSE recorded their biggest single-day falls ever and trading was temporarily suspended in response to investors' concerns over potential changes in Indian economic policies as a result of the election of a new Congress Party-led governme
nt. Such changes in economic policies, or lack of movement towards economic liberalization, could negatively affect the general business and economic conditions in India, which could in turn affect the Fund's investments.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">There is the possibility of nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war or terrorist attacks) which could affect adversely the economy of India or the value of the Fund's investments.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In addition, it may be difficult to obtain and enforce a judgment in a court in India, including in a case where there is a default with respect to the security of an Indian issuer or with respect to any other claim that the Fund may have against an issuer or its directors and officers. As a result, even if the Fund initiates a suit against the issuer in a U.S. court, it may not be possible for the Fund to effect service of process in India. Furthermore, if the Fund obtains a judgment in a U.S. court, it may be difficult to enforce such judgment in India as India is not a party to any international treaty with respect to the recognition or enforcement of foreign judgments. Provisions of Indian law regulate the enforcement of foreign judgments and such laws contain broad exceptions. In addition, a party seeking to enforce a foreign judgment in India is also required to obtain approval from the Reserve Bank 
of India to execute such judgment or to repatriate any amount recovered outside of India.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Indian population is comprised of diverse religious, linguistic and ethnic groups and religious and border disputes continue to be a problem in India. In 1993, the longstanding disagreements between the Hindu and Muslim populations resulted in communal violence in the aftermath of the destruction of a mosque in Ayodhya by Hindu radicals. More recently, there has been communal violence between Hindus and Muslims in the western Indian state of Gujarat. Moreover, India has, from time to time, experienced civil unrest and hostility with neighboring countries such as Pakistan. The Indian government has confronted separatist movements in several Indian states. The longstanding dispute with Pakistan over the border Indian state of Jammu and Kashmir remains unresolved. If the Indian government is unable to control the violence and disruption associated with these tensions, the results could have a negative aff
ect on the economy and, consequently, adversely affect the Fund's investments. Additionally, since early 2003 there have been military hostilities and civil unrest in Afghanistan, Iraq and other Asian countries. These events could adversely influence the Indian economy and, as a result, negatively affect the Fund's investments. See Appendix A for a further discussion of these issues.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Currency and Hedging Transactions, Options and Futures Contracts</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's assets will be invested primarily in equity securities of Indian issuers and substantially all of the income received by the Fund will be in Rupees. However, the Fund will compute and distribute its income in U.S. dollars, and the computation of income will be made on the date that the income is earned by the Fund at the foreign exchange rate in effect on that date. Therefore, if the value of the Rupee falls relative to the U.S. dollar between the earning of the income and the time at which the Fund converts the Rupees to U.S. dollars, the Fund may be required to liquidate securities in order to make distributions if the Fund has insufficient cash in U.S. dollars to meet distribution requirements. See "Dividends and Distributions; Dividend Reinvestment and Cash Purchase Plan." The liquidation of investments, if required, may also have an adverse impact on the Fund's performance. See "Taxation-U.
S. Federal Income Taxes" and "Appendix A: The Republic of India".</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">For a list of exchange rate movements between U.S. dollars and Rupees in the last several years, see "Appendix&nbsp;A: The Republic of India".</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Furthermore, the Fund may incur costs in connection with conversions between U.S. dollars and Rupees. Foreign exchange dealers realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer normally will offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire immediately to resell that currency to the dealer. The Fund will conduct its foreign currency exchange transactions either on a spot (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">, cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward, futures or options contracts to purchas
e or sell foreign currencies.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">To the extent available, the Fund may seek to protect the value of some portion or all of its portfolio holdings against currency risks by engaging in hedging transactions. The Fund may enter into forward currency exchange contracts and currency futures contracts and options on such futures contracts, as well as purchase put or call options on currencies, in U.S. or foreign markets. In order to hedge against adverse market shifts, the Fund may purchase put and call options on securities, write covered call options on securities and enter into securities index futures contracts and related options. The Fund also may hedge against interest rate fluctuations affecting portfolio securities by entering into interest rate futures contracts and options thereon. For a description of such hedging strategies, see "Investment Objective and Policies-Foreign Currency Hedging Transactions, Options and Futures Contracts"
 and "Appendix B: Description of Various Foreign Currency and Interest Rate Hedges and options on Securities and Securities Index Future Contracts and Related Options."</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Hedging involves special risks, including possible default by the other party to the transaction, illiquidity and, to the extent the Adviser's view as to certain market movements is incorrect, the risk that the use of hedging could result in losses greater than if they had not been used. Use of put and call options could result in losses to the Fund, force the sale or purchase of portfolio securities at inopportune times or for prices higher than (in the case of put options) or lower than (in the case of call options) current market values, or cause the Fund to hold a security that it might otherwise sell. The use of currency transactions could result in the Fund's incurring losses as a result of the imposition of exchange controls, suspension of settlements or the inability to deliver or receive a specified currency.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The use of options and futures transactions entails certain special risks. In particular, the variable degree of correlation between price movements of futures contracts and price movements in the related portfolio position of the Fund could create the possibility that losses on the hedging instrument will be greater than gains in the value of the Fund's position. In addition, futures and options markets could be illiquid in some circumstances, and certain over-the-counter options could have no markets. As a result, in certain markets, the Fund might not be able to close out a position without incurring substantial losses. To the extent that the Fund utilizes futures and options transactions for hedging, such transactions should tend to minimize the risk of loss due to a decline in the value of the hedged position and, at the same time, limit any potential gain to the Fund that might result from an increas
e in value of the position. There is, however, no limit on the amount of the Fund's assets that can be put at risk through the use of futures contracts and options thereon, and the value of the Fund's futures contracts and options thereon may equal  100% of the Fund's total assets. Finally, the daily variation margin requirements for futures contracts create a greater ongoing potential financial risk than would purchases of options, in which case the exposure is limited to the cost of the initial premium and transaction costs. Losses resulting from the use of hedging will reduce the Fund's net asset value, and possibly income, and the losses can be greater than if hedging had not been used. See "Appendix B: Description of Various Foreign Currency and Interest Rate Hedges and options on Securities and Securities Index Future Contracts and Related Options."</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Smaller Company Risk</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund also may invest in the securities of less seasoned and smaller and mid-capitalization Indian companies. Investments in the securities of these companies may present greater opportunities for growth, but also involve greater risks than are customarily associated with investments in securities of more established and larger capitalization companies. The securities of less seasoned and smaller capitalization companies are often traded in the over-the-counter market and have fewer market makers and wider price spreads, which may in turn result in more abrupt and erratic market price movements and make the Fund's investments more vulnerable to adverse general market or economic developments than would investments only in large, more established Indian companies. It is more difficult to obtain information about less seasoned and smaller capitalization companies because they tend to be less well known an
d have shorter operating histories and because they tend not to have significant ownership by large investors or be followed by many securities analysts. Investments in larger and more established companies present certain advantages in that such companies generally have greater financial resources, more extensive research and development, manufacturing, marketing and service capabilities, more stability and greater depth of management and technical personnel.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Illiquid Securities Risk</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may invest in illiquid securities. Illiquid securities are securities that are not readily marketable. The prices of such securities may change abruptly and erratically, and investment of the Fund's assets in illiquid securities may restrict the ability of the Fund to dispose of its investments in a timely fashion and at a price approximating the value at which the Fund carries the securities on its books, as well as restrict its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute in situations in which the Fund's operations require cash, such as when the Fund repurchases shares or pays dividends or distributions, and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses on the sale of illiquid investments. Further, companies whose securities are not publicly traded are not subject to the 
disclosure and other investor protection requirements that would be applicable if their securities were publicly traded.</font></p>
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<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Tax Risk</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">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 taxation treaty between India and Mauritius. Recently, the Supreme Court of India upheld the validity of this tax treaty in response to a challenge in a lower court contesting the treaty's applicability to entities such as the Fund; however, there can be no assurance that any future challenge will result in a favorable outcome. Any change in the provisions of this treaty or in its applicability to the Fund could result in the imposition of withholding and other taxes on the Fund by India, which would reduce the return to the Fund on its investments.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund has historically elected and intends to continue to elect to "pass-through" to the Fund's stockholders as a deduction or credit the amount of foreign taxes paid by the Fund. The taxes passed through to stockholders are included in each stockholder's income. Certain stockholders, including some non-U.S. stockholders, are not entitled to the benefit of a deduction or credit with respect to foreign taxes paid by the Fund. Other foreign taxes, such as transfer taxes, may be imposed on the Fund, but would not give rise to a credit, or be eligible to be passed through to stockholders. See "Taxation."</font></p>


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Net Asset Value Discount; Non-Diversification</b></font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Shares of closed-end investment companies frequently trade at a discount from their net asset values and initial offering price. This characteristic of shares of a closed-end fund is a risk separate and distinct from the risk that a fund's net asset value will decrease. The Fund cannot predict whether its own shares will trade at, below or above net asset value.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Although the Fund's shares of common stock have recently traded on the New York Stock Exchange at a premium to their net asset value, the Fund's shares have traded at a discount to their net asset value in the past. There can also be no assurance that the Fund's shares will trade at a premium in the future or that the present premium is sustainable.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund is classified as a non-diversified investment company under the 1940 Act, which means that the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the obligations of a single issuer. Thus, the Fund may invest a greater proportion of its assets in the securities of a smaller number of issuers and, as a result, will be subject to greater risk of loss with respect to its portfolio securities. The Fund, however, intends to comply with the diversification requirements imposed by the Code for qualification as a regulated investment company. See "Taxation-U.S. Federal Income Taxes" and "Investment Restrictions."</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Anti-Takeover Provisions</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's Articles of Incorporation and Amended and Restated Bylaws contain certain anti-takeover provisions that, among other things, may have the effect of inhibiting the Fund's possible conversion to open-end status and delaying or limiting the ability of other persons to acquire control of the Fund. In certain circumstances, these provisions might also inhibit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. The Fund's Board of Directors has determined that these provisions are in the best interests of stockholders generally. See "Common Stock."</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Higher Operating Expenses</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's estimated annual operating expenses are higher than those of most other investment companies that invest predominately in the securities of U.S. companies, primarily because of the additional time and expense required of the Adviser in pursuing the Fund's objective of long-term capital appreciation through investing in equity securities of Indian issuers. Investments in Indian equity securities require additional time and expense because the available public information regarding such securities is more limited in comparison to, and not as comprehensive as, the information available for U.S. equity securities. In addition, brokerage commissions, custodial fees and other fees are generally higher for investments in foreign securities markets. As a result of these higher expected operating expenses, the Fund needs to generate higher relative returns to provide investors with an equivalent economic
 return.</font></p>
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<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Market Disruptions</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The aftermath of the war in Iraq and the continuing occupation of Iraq, instability in the Middle East and terrorist attacks in the United States and around the world resulted in market volatility and may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund does not know how long the securities markets will continue to be affected by these events and cannot predict the effects of the occupation or similar events in the future on the U.S. and worldwide economies and securities markets.</font></p>


<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>INVESTMENT RESTRICTIONS</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following restrictions are fundamental policies of the Fund that may not be changed without the approval of the holders of a majority of the Fund's outstanding voting securities (as defined in "Investment Objective and Policies"). Except in the case of borrowings, if a percentage restriction on investment or use of assets set forth below is adhered to at the time a transaction is effected, later changes will not be considered a violation of the restriction. Also, if the Fund receives from an issuer of securities held by the Fund subscription rights to purchase securities of that issuer, and if the Fund exercises such subscription rights at a time when the Fund's portfolio holdings of securities of that issuer would otherwise exceed the limits set forth below, it will not constitute a violation if, prior to the time the Fund is considered to be obligated to purchase additional securities upon exercise o
f such rights, the Fund has sold at least as many securities of the same class and value as it would receive on exercise of such rights.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As a matter of fundamental policy:</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1)  The Fund will not invest more than 25% of its total assets in a particular industry (including for this purpose any securities issued by a government other than the U.S. government).</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(2)  The Fund may not make any investment for the purpose of exercising control or management.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(3)  The Fund may not buy or sell commodities or commodity contracts or real estate or interests in real estate, except that it may purchase and sell futures contracts on stock indices and foreign currencies, securities which are secured by real estate or commodities, and securities of companies which invest or deal in real estate or commodities.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(4)  The Fund may not make loans, except that the Fund may (i)&nbsp;buy and hold debt instruments in accordance with its investment objective and policies, (ii)&nbsp;enter into repurchase agreements to the extent permitted under applicable law, and (iii)&nbsp;make loans of portfolio securities.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(5)  The Fund may not act as an underwriter except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under applicable securities laws.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(6)  The Fund may issue senior securities or borrow money in an amount not in excess of 33</font><font style="font-size: 5pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/</font><font style="font-size: 5pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">% of the Fund's total assets (not including the amount borrowed).</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(7)  The Fund may purchase securities on margin and engage in short sales of securities.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In compliance with the 1940 Act, the Fund will not invest 25% or more of its total assets in a particular industry.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As a matter of operating policy, which may be changed by the Fund's Board of Directors without shareholder vote:</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1)  The Fund will not purchase securities on margin, except such short-term credits as may be necessary for clearance of transactions and the maintenance of margin with respect to futures contracts.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(2)  The Fund will not make short sales of securities or maintain a short position (except that the Fund may maintain short positions in foreign currency contracts, options and futures contracts).</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(3)  The Fund will not issue senior securities, borrow money or pledge its assets, except that the Fund may borrow from a lender (i)&nbsp;for temporary or emergency purposes, (ii)&nbsp;for such short-term credits necessary for the clearance or settlement of the transactions, (iii)&nbsp;to finance repurchases of its shares (see "Common Stock") or (iv)&nbsp;to pay any dividends required to be distributed in order for the Fund to maintain its qualification as a regulated investment company under the Code or otherwise to avoid taxation under the Code, in amounts not exceeding 33</font><font style="font-size: 5pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/</font><font style="font-size: 5pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3</font><font 
style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">% (taken at the lower of cost or current value) of its total assets (not including the amount borrowed), provided </font></p>

<p align="center"><font size="2" face="Times New Roman">26</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">that the Fund will not purchase additional portfolio securities when its borrowings exceed 5% of its total assets. The Fund may pledge its total assets to secure borrowings.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Unlike fundamental policies, operating policies of the Fund may be changed by the Directors of the Fund, without a vote of the Fund's stockholders, if the Directors determine such action is warranted. The Fund will notify its stockholders of any change in any of the operating policies set forth above. Such notice shall also include a discussion of the increased risks of investment in the Fund, if any, associated with such a change.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under the 1940 Act, the Fund may invest only up to 10% of its total assets in the aggregate in shares of other investment companies and only up to 5% of its total assets in any one investment company, provided the investment does not represent more than 3% of the voting stock of the acquired investment company at the time such shares are purchased. As a stockholder in any investment company, the Fund will bear its ratable share of that investment company's expenses, and would remain subject to payment of the Fund's management, advisory and administrative fees with respect to assets so invested. See also "Taxation-U.S. Federal Income Taxes-Passive Foreign Investment Companies."</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As a result of legal restrictions or market practices or both, the Fund, as a U.S. entity, may be precluded from purchasing shares in public offerings by certain Indian issuers.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In addition to the foregoing restrictions, the Fund may be subject to investment limitations, portfolio diversification requirements and other restrictions imposed by India.</font></p>

<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>MANAGEMENT OF THE FUND</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Board of Directors of the Fund</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of Directors of the Fund oversees the management of the Fund, but does not itself manage the Fund. The Directors review various services provided by or under the direction of the Adviser to ensure that the Fund's general investment policies and programs are properly carried out. The Directors also conduct their review to ensure that administrative services are provided to the Fund in a satisfactory manner.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under state law, the duties of the Directors are generally characterized as a duty of loyalty and a duty of care. The duty of loyalty requires a Director to exercise his or her powers in the interest of the Fund and not the Director's own interest or the interest of another person or organization. A Director satisfies his or her duty of care by acting in good faith with the care of an ordinarily prudent person and in a manner the Director reasonably believes to be in the best interest of the Fund and its stockholders.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Directors and Officers of the Fund</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of the Fund consists of six Directors. Certain of these individuals also serve as directors or trustees for other funds advised by the Morgan Stanley Investment Advisors Inc. (the "Retail Funds") and certain of the funds advised by the Adviser and Morgan Stanley AIP GP LP (the "Institutional Funds"). Five Directors have no affiliation or business connection with the Adviser or any of its affiliated persons and do not own any stock or other securities issued by the Adviser's parent company, Morgan Stanley. These are the "non-interested" or "Independent" Directors. The other Director (the "Management Director") is affiliated with the Adviser.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Independent Directors of the Fund, his or her age, address, term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex (defined below) overseen by each Independent Director (as of December&nbsp;31, 2004) and other directorships, if any, held by the Directors, are shown below. The Fund Complex includes all open-end and closed-end funds (including all of their portfolios) advised by the Adviser and any funds that have an investment adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley Investment Advisors Inc.).</font></p>
<p align="center"><font size="2" face="Times New Roman">27</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Name, Address, and Age</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Position <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>with <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Fund</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Term of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Office and<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Length of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Time<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Served**</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupations During <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Past Five Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Number of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Portfolios<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>in Fund<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Complex<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Overseen<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>by Director<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>or Nominee<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size
="1"><b>for Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1048" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Other Directorships<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held by Director<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>or Nominee<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>for Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="5298" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Independent Directors</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="218" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Gaetan Bouic&#134;&nbsp;<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Les Jamalacs Building, <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">nd Floor <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Vieux Conseil Street <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Port Louis, Mauritius <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(70</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Class&nbsp;II Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Since 2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Finance Manager of United Basalt Products Ltd. (manufacturing company).</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1048" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mauritius Venture Capital Fund Ltd., Swiss Technology Venture Capital Fund (Private) Ltd., CDC Financial Services (Mauritius) Ltd., Standard Bank Trust Company (Mauritius) Ltd., Harel Mallac&nbsp;&amp; Co., Ltd. (manufacturing company)&nbsp;and Harel Freres Ltd. (sugarcane refining company).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Name, Address, and Age</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Position <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>with <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Fund</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Term of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Office and<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Length of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Time<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Served**</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupations During <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Past Five Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Number of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Portfolios<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>in Fund<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Complex<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Overseen<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>by Director<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>or Nominee<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size
="1"><b>for Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1048" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Other Directorships<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held by Director<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>or Nominee<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>for Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="218" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Joseph J. Kearns <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">c/o Kearns&nbsp;&amp; Associates LLC PMB 754 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">23852 Pacific Coast Highway <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Malibu, California 90265 (63)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Class&nbsp;III Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Since 2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">President, Kearns&nbsp;&amp; Associates LLC (investment consulting); Deputy Chairman of the Audit Committee and Director or Trustee of the Retail Funds (since July&nbsp;2003) and the Institutional Funds (since August&nbsp;1994); previously Chairman of the Audit Committee of the Institutional Funds (October&nbsp;2001&#150;July&nbsp;2003); formerly Chief Financial Officer of The J. Paul Getty Trust.</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">198</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1048" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Director of Electro Rent Corporation (equipment leasing), The Ford Family Foundation and the UCLA Foundation.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="218" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ravindranath Santosh Kumar Hazareesing <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morcellement St Andrews &#150; Rose Hill, Mauritius <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(55</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Class&nbsp;II Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Since 2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Self-employed Management Consultant.</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1048" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">None.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="218" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Marie Joseph Raymond LaMusse <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Le Belvedere <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">De Chazal de Mee Building 10 Frere Felix de Valois Street <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Port Louis, Mauritius (72)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Class&nbsp;III Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Since 2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Independent Financial Controller and Director.</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1048" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Director of Southern Cross Tourist Co. Ltd., Union Sugar Estate Co., Ltd., Jean Vaulbert de Chantilly Limited, Building and Civil Engineering Co., Ltd., Blanche Birger Building Materials Co., Ltd., Miroverre Co., Ltd. System Building Contracting Co., Ltd., Granville Ltd. and B.T.P Holdings Ltd.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="218" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Fergus Reid <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">c/o Lumelite Plastics Corporation <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">85 Charles Colman Boulevard Pawling, <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York 12564 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(73</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Class&nbsp;I Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Since 1995</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Chairman of Lumelite Plastics Corporation; Chairman of the Governance Committee and Director or Trustee of the Retail Funds (since July&nbsp;2003) and the Institutional Funds (since June&nbsp;1992).</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">198</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1048" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Trustee and Director of certain investment companies in the JPMorgan Funds complex managed by J.P. Morgan Investment Management Inc.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">**&nbsp;&nbsp;Each class of Directors has a term of office of three years.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Director who is affiliated with the Adviser or affiliates of the Adviser and executive officers of the Fund, their age, address, term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by the management Director (as of December&nbsp;31, 2004) and the other directorships, if any, held by the Director, is shown below.</font></p>

<p align="center"><font size="2" face="Times New Roman">28</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="218" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Name, Address, and Age</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Position(s) <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>with <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Fund</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Term of <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Office and <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Length of <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Time <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Served**</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupation(s) During <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Past Five Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Number of <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Portfolios <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>in Fund <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Complex <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Overseen <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>by Director <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>or Nominee <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Time
s" size="1"><b>for Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1048" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Other Directorships<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held by Director<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>or Nominee<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>for Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="5298" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Interested Directors</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="218" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ronald E. Robison* <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1221 Avenue of the Americas New York, <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New&nbsp;York 10020 (66)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Class&nbsp;I Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Since 2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">President (since September&nbsp;2005) and Principal Executive Officer of funds in the Fund Complex (since May&nbsp;2003); Managing Director of Morgan Stanley&nbsp;&amp; Co. Incorporated and Morgan Stanley; Managing Director and Director of Morgan Stanley Investment Management Inc., Morgan Stanley Distribution Inc. and Morgan Stanley Distributors Inc.; Managing Director, Chief Administrative Officer and Director of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Services Company Inc.; Chief Executive Officer and Director of Morgan Stanley Trust; Director of Morgan Stanley SICAV (since May&nbsp;2004); President (since September&nbsp;2005) and Principal Executive Officer (since May&nbsp;2003) of the Van Kampen Funds; previously, Executive Vice President (July&nbsp;2003&#150;September&nbsp;2005) of funds in the Fund Complex and the Van Kampen Funds. He was also previously President and Director of the I
nstitutional Funds (March&nbsp;2001&#150;July&nbsp;2003), Chief Global Operations Officer of Morgan Stanley Investment Management Inc. and Chief Executive Officer and Chairman of Van Kampen Investor Services.</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1048" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">None.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">*&nbsp;&nbsp;"Interested person" of the Fund within the meaning of the 1940 Act. Mr.&nbsp;Robison is a Managing Director of Morgan Stanley&nbsp;&amp; Co. Incorporated, the Adviser, Morgan Stanley and Morgan Stanley Investment Advisors.</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">**&nbsp;&nbsp;Each class of Directors has a term of office of three years.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="181" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Name, Address, and Age of <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Executive Officer</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Position(s)<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held with<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Fund</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Term of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Office and<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Length of <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Time<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Served**</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupation(s)&nbsp;During Past Five Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ronald E. Robison <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morgan Stanley Investment Management Inc. <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1221 Avenue of the Americas <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York, New York 10020 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(66</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">President and Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">President and Director since 2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">President (since September&nbsp;2005) and Principal Executive Officer of funds in the Fund Complex (since May&nbsp;2003); Managing Director of Morgan Stanley&nbsp;&amp; Co. Incorporated and Morgan Stanley; Managing Director and Director of Morgan Stanley Investment Management Inc., Morgan Stanley Distribution Inc. and Morgan Stanley Distributors Inc.; Managing Director, Chief Administrative Officer and Director of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Services Company Inc.; Chief Executive Officer and Director of Morgan Stanley Trust; Director of Morgan Stanley SICAV (since May&nbsp;2004); President (since September&nbsp;2005) and Principal Executive Officer (since May&nbsp;2003) of the Van Kampen Funds; previously, Executive Vice President (July&nbsp;2003&#150;September&nbsp;2005) of funds in the Fund Complex and the Van Kampen Funds. He was also previously President and Director of the I
nstitutional Funds (March&nbsp;2001&#150;July&nbsp;2003), Chief Global Operations Officer of Morgan Stanley Investment Management Inc. and Chief Executive Officer and Chairman of Van Kampen Investor Services.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">29</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=33,FOLIO='29',FILE='05-15912-2.fa',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="181" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Name, Address, and Age of <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Executive Officer</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Position(s)<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Held with<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Fund</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Term of<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Office and<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Length of <BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Time<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Served**</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Principal Occupation(s)&nbsp;During Past Five Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Amy R. Doberman <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morgan Stanley Investment Management Inc. <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1221 Avenue of the Americas <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York, New York 10020 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(43</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Vice President</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Vice President since 2004</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Managing Director and General Counsel, U.S. Investment Management; Managing Director of the Adviser and Morgan Stanley Investment Advisors Inc. (since July&nbsp;2004); Vice President of the Retail Funds and the Institutional Funds (since July&nbsp;2004); Vice President of the Van Kampen Funds (since August&nbsp;2004); previously Managing Director and General Counsel-Americas, UBS Global Asset Management (July&nbsp;2000&#150;July&nbsp;2004) and General Counsel, Aeltus Investment Management Inc. (January&nbsp;1997&#150;July&nbsp;2000).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="181" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Carsten Otto <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morgan Stanley Investment Management Inc. <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1221 Avenue of the Americas <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York, New York 10020 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(41</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Chief Compliance Officer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Chief Compliance Officer since 2004</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Executive Director and U.S. Director of Compliance for the Adviser (since October&nbsp;2004); Executive Director of Morgan Stanley Investment Advisors Inc. and the Adviser; formerly Assistant Secretary and Assistant General Counsel of the Retail Funds.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="181" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Stefanie V. Chang <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morgan Stanley Investment Management Inc. <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1221 Avenue of the Americas <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York, New York 10020 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(38</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Vice President</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Vice President since 1997</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Executive Director of Morgan Stanley&nbsp;&amp; Co. Incorporated, the Adviser and Morgan Stanley Investment Advisors Inc.; Vice President of the Institutional Funds (since December&nbsp;1997) and the Retail Funds (since July&nbsp;2003); formerly practiced law with the New York law firm of Rogers&nbsp;&amp; Wells (now Clifford Chance US LLP).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="181" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">James E. Garrett <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morgan Stanley Investment Management Inc. <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1221 Avenue of the Americas <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York, New York 10020 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(36</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Treasurer and Chief Financial Officer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Treasurer since 2002 and Chief Financial Officer since 2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Head of Global Fund Administration of Morgan Stanley Investment Management; Executive Director of Morgan Stanley&nbsp;&amp; Co. Incorporated and the Adviser; Treasurer (since February&nbsp;2002) and Chief Financial Officer (since July&nbsp;2003) of the Institutional Funds; previously with PriceWaterhouse LLP (now PricewaterhouseCoopers LLP).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="181" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Michael J. Leary <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">J.P. Morgan Investor Services Co. <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">73 Tremont Street Boston, Massachusetts 10020 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(38</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Assistant Treasurer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Assistant Treasurer since 2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Assistant Director and Vice President of Fund Administration, JPMorgan Investor Services Co. (formerly Chase Global Funds Services Company); formerly Audit Manager at Ernst&nbsp;&amp; Young LLP.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="181" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mary E. Mullin <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Morgan Stanley Investment Management Inc. <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1221 Avenue of the Americas <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York, New York 10020 <BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(38</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="145" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Secretary</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="221" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Secretary since 1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3829" align="left" valign="top">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Executive Director of Morgan Stanley&nbsp;&amp; Co. Incorporated, the Adviser and Morgan Stanley Investment Advisors Inc.; Secretary of the Institutional Funds (since June&nbsp;1999) and the Retail Funds (since July&nbsp;2003); formerly practiced law with the New York law firms of McDermott, Will&nbsp;&amp; Emery and Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">**&nbsp;&nbsp;Each Officer serves an indefinite term, until his or her successor is elected.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of Directors of the Fund has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A)&nbsp;of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Audit Committee provides assistance to the full Board of Directors with respect to the engagement of independent registered public accounting firm and the qualifications, independence and performance of the independent registered public accounting firm. The Audit Committee also, among other things, reviews with the independent registered public accounting firm, the plan and results of the audit engagement and matters having a material effect on the Fund's financial operations. The Audit Committee of the Fund met two times during the fiscal year ended December&nbsp;31, 2004.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The members of the Fund's Audit Committee are currently Gaetan Bouic, Joseph J. Kearns, Ravindranath Santosh Kumar Hazareesing, Marie Joseph Raymond La Musse and Fergus Reid. None of the members of the Fund's Audit Committees is an "interested person," as defined under the 1940 Act, of the Fund (with such disinterested Directors being "Independent Directors" or individually, an "Independent Director"). Each Independent Director is also "independent" from the Fund as defined under the listing standards of the New York Stock Exchange. The current Chairman of the Audit Committee of the Fund is Joseph J. Kearns.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of Directors of the Fund also has a Governance Committee. The Governance Committee identifies individuals qualified to serve as Independent Directors on the Fund's Board and on committees of the Board and recommends such qualified individuals for nomination by the Fund's Independent Directors as candidates for election as Independent Directors, advises the Fund's Board with respect to Board composition, procedures and committees, develops and recommends to the Fund's Board a set of corporate governance principles applicable to the Fund, monitors and makes recommendations on corporate governance matters and policies and procedures of the Fund's Board of Directors and any committees of the Board and oversees periodic evaluations of the Fund's Board and its committees. A further description of, among other things, the goals and responsibilities of the Governance Committee with respect to Board candi
dates and nominees and Board composition, procedures and committees can be found in the Governance Committee Charter for the Fund, which was attached to the proxy statement for the Fund distributed in 2004. The members of the Fund's Governance Committee are currently Gaetan Bouic, Joseph J. Kearns, Ravindranath Santosh Kumar Hazereesing, Marie Joseph Raymond La Musse and Fergus Reid, each of whom is an Independent Director. The current Chairman of the Governance Committee is Fergus Reid. The Fund's Governance Committee met two times during the fiscal year ended December&nbsp;31, 2004.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund does not have a separate nominating committee. While the Fund's Governance Committee recommends qualified candidates for nominations as Independent Directors, the Board of Directors of the Fund believes that the task of nominating prospective Independent Directors is important enough to require the participation of all current Independent Directors, rather than a separate committee consisting of only certain Independent Directors. Accordingly, each current Independent Director (Gaetan Bouic, Joseph J. Kearns, Ravindranath Santosh Kumar Hazareesing, Marie Joseph Raymond La Musse and Fergus Reid) participates in the election and nomination of candidates for election as Independent Directors for the Fund. Persons recommended by the Fund's Governance Committee as candidates for nomination as Independent Directors shall possess such knowledge, experience, skills, expertise and diversity so as to enhanc
e the Board's ability to manage and direct the affairs and business of the Fund, including, when applicable, to enhance the ability of committees of the Board to fulfill their duties and/or to satisfy any independence requirements imposed by law, regulation or any listing requirements of the New York Stock Exchange. While the Independent Directors of the Fund expect to be able to continue to identify from their own resources an ample number of qualified candidates for the Fund's Board as they deem appropriate, they will consider nominations from stockholders to the Board. Nominations from stockholders should be in writing and sent to the Independent Directors as described below under "-Stockholder Communications."</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">There were four meetings of the Board of Directors of the Fund held during the fiscal year ended December&nbsp;31, 2004. For the 2004 fiscal year, each current Director attended at least seventy-five percent of the aggregate number of meetings of the Board and of any committee on which he served held during the time such Director was a member of the Board.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Stockholder Communications</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Stockholders may send communications to the Fund's Board of Directors. Stockholders should send communications intended for the Fund's Board by addressing the communication directly to that Board (or individual Board members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board members) and by sending the communication to either the Fund's office or directly to such Board member(s)&nbsp;at the address specified for each Director above. Other stockholder communications received by the Fund not directly addressed and sent to the Board will be reviewed and generally responded to by management, and will be forwarded to the Board only at management's discretion based on the matters contained therein.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Remuneration of Directors of the Fund</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The officers of the Fund, together with the Adviser, conduct and supervise the Fund's daily business operations. The Directors review and supervise the actions of the officers and the Adviser and decide general policy.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund pays to each of its Mauritian Directors who is not an officer or employee of the Adviser or its affiliates, in addition to certain out-of-pocket expenses, an annual fee of $7,500 plus $750 for each meeting of the Board of Directors or a committee of the Board attended in person. The Fund pays to each of its non-Mauritian Directors who is not an officer or employee of the Adviser or its affiliates, in addition to certain out-of-pocket expenses, an annual fee of $5,000.</font></p>
<p align="center"><font size="2" face="Times New Roman">31</font></p>
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<br clear="all" style="page-break-before:always;">
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Certain of the Independent Directors have entered into a deferred fee arrangement (the "Fee Arrangement") with the Fund, pursuant to which such Director may defer to a later date the receipt of the Director's fees. The deferred fees owed by the Fund are credited to a bookkeeping account maintained by the Fund on behalf of such Director. Through December&nbsp;31, 2003, such credited amounts accrued income from and after the date of credit in an amount equal to the amount that would have been earned had such fees (and all income earned thereon) been invested and reinvested either (i)&nbsp;in shares of the Fund or (ii)&nbsp;at a rate equal to the prevailing rate applicable to 90-day United States Treasury Bills at the beginning of each calendar quarter for which this rate is in effect, whichever method was elected by the Director. Effective April&nbsp;1, 2004, the Fee Arrangement was modified to allow for amo
unts deferred pursuant to the Fee Arrangement to accrue income from and after such date (or after the date of credit, for amounts subsequently deferred) in an amount that would have been earned had such fees (and all income earned thereon) been invested and reinvested in the shares of one or more (up to a maximum of four) of 15 funds provided as investment options under the Fee Arrangement and selected by the Director.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under the Fee Arrangement, deferred Director's fees (including the return accrued thereon) will become payable by the Fund in cash upon such Director's resignation from the Board of Directors of the Fund in a lump sum or in generally equal annual installments over a period of five years beginning after such Director's separation from service. In the event of a Director's death, remaining amounts payable to him under the Fee Arrangement will thereafter be payable to his designated beneficiary; in all other events, a Director's right to receive payments is non-transferable. In addition, it is possible that there may be accelerated payments of all unpaid amounts in the deferred fee account maintained by the Fund in connection with either a change of control of the Fund or the liquidation, dissolution or winding up of the Fund (or various similar types of events or conditions).</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Set forth below are tables showing the aggregate compensation paid by the Fund to each of its Directors, as well as the total compensation paid to each Director of the Fund by the Fund Complex for their services as Directors of such investment companies for the fiscal year ended December&nbsp;31, 2004. In all cases, there were no pension or retirement benefits accrued as part of the Fund's expenses.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The amounts reflected in the following tables include amounts paid by the Fund Complex for services rendered during the fiscal year ended in 2004 for each fund within the Fund Complex, regardless of whether such amounts were actually received by the Directors and nominees during such fiscal year.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Name of Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="129" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Aggregate Compensation<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>from the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="162" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total Compensation<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>from Funds and Fund<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Complex Paid to<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Directors and<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Number of Other<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Funds and Portfolios<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>in Fund Complex)(2)(3)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Interested Director</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="299" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Robison(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="100" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0</font></td>
<td colspan="1" width="37" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Independent Director</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="7" width="299" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Bouic</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="100" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,500</font></td>
<td colspan="1" width="37" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Kearns(3)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">211,000</font></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(197)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Hazareesing</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="100" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,500</font></td>
<td colspan="1" width="37" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">La Musse</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,500</font></td>
<td colspan="1" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Reid(3)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="100" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">213,000</font></td>
<td colspan="1" width="37" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(197)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1)&nbsp;&nbsp;"Interested person" of the Fund within the meaning of the 1940 Act.</font></p>
<p align="left"><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(2)&nbsp;&nbsp;Amounts shown in this column also include amounts received by each Director for service on the Board of other funds affiliated with the Fund, which are part of the Fund Complex.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(3)&nbsp;&nbsp;Amounts shown in this table include certain amounts deferred by Messrs.&nbsp;Kearns and Reid pursuant to the Fee Arrangement described above. For the amounts deferred by Messrs.&nbsp;Kearns and Reid, please refer to the table below.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following table sets forth information regarding amounts deferred by certain Directors of their aggregate compensation from the Fund and the Fund Complex, in each case pursuant to the Fee Arrangement described above.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Name of Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="129" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total Deferred <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Compensation from<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="162" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total Deferred <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Compensation from <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Fund and Fund Complex</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Kearns</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">584,856</font></td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Reid</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="100" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">55</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="104" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">667,002</font></td>
<td colspan="1" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As of October 31, 2005, the Directors and officers of the Fund as a group owned beneficially and of record less than 1% of the Fund's outstanding shares.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of Directors is divided into three classes, each class having a term of three years. Each year the term of one class will expire and is elected at the annual meeting of stockholders. See "Common Stock."</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Articles of Incorporation and the By-Laws of the Fund provide that the Fund will indemnify directors, officers, employees or agents of the Fund to the fullest extent permitted by the Maryland General Corporation Law (the "MGCL") and the 1940 Act. Under Maryland law, a corporation may indemnify any director or officer made a party to any proceeding by reason of service in that capacity unless it is established that (1)&nbsp;the act or omission of the director or officer was material to the matter giving rise to the proceeding and (A)&nbsp;was committed in bad faith or (B)&nbsp;was the result of active and deliberate dishonesty; (2)&nbsp;the director or officer actually received an improper personal benefit in money, property or services; or (3)&nbsp;in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. The Articles of Incor
poration further provide that to the fullest extent permitted by the MGCL, and subject to the requirements of the 1940 Act, no director or officer will be liable to the Fund or its stockholders for money damages. Under Maryland law, a corporation may restrict or limit the liability of directors or officers to the corporation or its stockholders for money damages, except to the extent that such liability results from (1)&nbsp;the actual receipt of an improper benefit or profit in money, property, or services, or (2)&nbsp;active and deliberate dishonesty established by a final judgment as being material to the cause of action adjudicated in the proceeding. Nothing in the Articles of Incorporation or the By-Laws of the Fund protects or indemnifies a director, officer, employee or agent against any liability to which he would otherwise be subject by reason of acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or protects or indemnifies a director or officer
 of the Fund against any liability to the Fund or its stockholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">To the knowledge of the management of the Fund, no person owned beneficially more than 5% of the Fund's outstanding shares as of October 31, 2005.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The Adviser and Sub-Adviser</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. (the "Adviser") provides investment advisory services to the Fund under the terms of an Investment Advisory and Management Agreement. The Adviser is a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser provides portfolio management services to taxable and nontaxable institutions, international organizations and individuals investing in United States and international equity and fixed income securities. As of October&nbsp;31, 2005, the Adviser was responsible for US$422 billion of assets under management. The Adviser's principal address is 1221 Avenue of the Americas, New York, New York 10020.&nbsp;The Adviser currently acts as adviser for 89 investment funds, including 89 funds registered under the 1940 Act. </font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Adviser was one of the first non-Indian institutional investors to enter the Indian capital market in 1989. The Adviser has a Mumbai office which employs 11 professionals and is currently one of the largest portfolio managers in India.</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Adviser emphasizes a global investment strategy and benefits from research coverage of a broad spectrum of equity investment opportunities worldwide. The Adviser draws upon the capabilities of its asset management specialists located in its various offices throughout the world, including New York, London, Singapore, Tokyo and Mumbai. It also draws upon the research capabilities of Morgan Stanley and its other affiliates, as well as the research and investment ideas of other companies whose brokerage services the Adviser utilizes.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The sub-adviser is Morgan Stanley Investment Management Company (the "Sub-Adviser"), a wholly-owned subsidiary of Morgan Stanley, whose address is 23 Church Street, 16-01 Capital Square, Singapore 049481.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Investment Advisory and Management Agreement; Sub-Advisory Agreement</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under the terms of the Investment Advisory and Management Agreement, the Adviser will make all investment decisions, prepare and make available research and statistical data, and supervise the purchase and sale of securities on behalf of the Fund, including the selection of brokers and dealers to carry out the transactions, all in accordance with the Fund's investment objective and policies, under the direction and control of the Fund's Board of Directors. The Adviser also will be responsible for maintaining records and furnishing or causing to be furnished all required records or other information of the Fund to the extent such records, reports and other information are not maintained or furnished by the Fund's administrators, custodians or other agents. The Adviser will pay the salaries and expenses of the Fund's officers and employees, as well as the fees and expenses of the Fund's Directors, who are di
rectors, officers or employees of the Adviser or any of its affiliates. However, the Fund will bear travel expenses or an appropriate fraction thereof of officers and Directors of the Fund who are directors, officers or employees of the Adviser to the extent that such expenses relate to attendance at meetings of the Fund's Board of Directors or any committee thereof.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund will pay all of its other expenses, including, among others, organization expenses (but not the overhead or employee costs of the Adviser); legal fees and expenses of counsel to the Fund; auditing and accounting expenses; taxes and governmental fees; listing fees; dues and expenses incurred in connection with membership in investment company organizations; fees and expenses of the Fund's custodians, subcustodians, transfer agents and registrars; fees and expenses with respect to administration, except as may be provided otherwise pursuant to administration agreements; expenses for portfolio pricing services by a pricing agent, if any; expenses of preparing share certificates and other expenses in connection with the issuance, offering and underwriting of shares issued by the Fund; expenses relating to investor and public relations; expenses of registering or qualifying securities of the Fund for p
ublic sale; freight, insurance and other charges in connection with the shipment of the Fund's portfolio securities; brokerage commissions and other costs of acquiring or disposing of any portfolio holding of the Fund; expenses of preparation and distribution of reports, notices and dividends to stockholders; expenses of the dividend reinvestment and share purchase plan (except for brokerage expenses paid by participants in such plan); costs of stationery; any litigation expenses; and costs of stockholders' and other meetings.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">For services under the Investment Advisory and Management Agreement, the Adviser is paid a fee computed weekly and payable monthly at an annual rate of 1.10% of the Fund's average weekly net assets. The Fund's advisory fees are higher than advisory fees paid by most U.S. investment companies investing exclusively in the securities of U.S. issuers, primarily because of the additional time and expense required of the Adviser in pursuing the Fund's objective by investing in securities of Indian issuers. This investment objective entails additional time and expense because available public information concerning securities of Indian issuers is limited in comparison to that available for U.S. companies and accounting standards are more flexible. In addition, available research concerning Indian issuers is not comparable to available research concerning U.S. companies.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under the Investment Advisory and Management Agreement, the Adviser is permitted to provide investment advisory services to other clients, including clients who may invest in emerging country equity securities. Conversely, information furnished by others to the Adviser in the course of providing services to clients other than the Fund may be useful to the Adviser in providing services to the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Investment Advisory and Management Agreement continues in effect from year to year provided such continuance is specifically approved at least annually by (i)&nbsp;a vote of a majority of those members of the Board of Directors who are not "interested persons" of the Adviser or the Fund, cast in person at a meeting called for the purpose of voting on such approval, and (ii)&nbsp;by a majority vote of either the Fund's Board of Directors or the Fund's outstanding voting securities. The Investment Advisory and Management Agreement may be terminated at any time </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">without payment of penalty by the Fund or by the Adviser upon 60 days' written notice. The Investment Advisory and Management Agreement will automatically terminate in the event of its assignment, as defined under the 1940 Act.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Investment Advisory and Management Agreement provides that the Adviser will not be liable for any act or omission, error of judgment or mistake of law, or for any loss suffered by the Fund in connection with matters to which the Investment Advisory and Management Agreement relates, except for a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard by it of its obligations and duties under the Investment Advisory and Management Agreement.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A discussion regarding the basis for the Board of Directors' approval of the Investment Advisory and Management Agreement is available in the Fund's semi-annual report to shareholders for the period ended June&nbsp;30, 2005.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Pursuant to the Sub-Advisory Agreement, the Sub-Adviser has been retained, subject to the overall supervision of the Adviser, to continuously furnish investment advice concerning individual security selections, asset allocations and overall economic trends with respect to Indian issuers and to manage the portion of the Fund's portfolio invested in securities issued by issuers located in India. The Adviser pays the Sub-Adviser on a monthly basis a portion of the advisory fees the Adviser receives from the Fund.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board reviewed and considered the nature and extent of the investment advisory services to be provided by the Sub-Adviser under the Sub-Advisory Agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed and considered the qualifications of the portfolio manager, the senior administrative managers and other key personnel of the Sub-Adviser who would provide the investment advisory services to the Fund. The Board noted that the portfolio manager at the Sub-Adviser who would manage the Fund was previously employed by the Adviser and managing the Fund. The Board determined that the Sub-Adviser's portfolio manager and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the investment advisory servic
es to be provided by the Sub-Adviser were necessary and appropriate for the conduct of the business and investment activities of the Fund.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Performance Relative to Comparable Funds Managed by Other Advisers.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp; The Board also noted the Fund's performance for the one-, three- and five-year periods ended March&nbsp;31, 2005, as shown in reports provided by Lipper (the "Lipper Reports"), compared to the performance of comparable funds selected by Lipper (the "performance peer group"), and noted that the Fund's performance was better than its performance peer group average for all three periods. The Board concluded that the Fund's performance was satisfactory.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Fees and Expenses Relati</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>ve to Comparable Funds Managed by Other Advisers.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp; The Board reviewed the investment advisory fee, including the fee paid to the Adviser and the Sub-Adviser, and administrative fees paid to the Administrator (together, the "management fee") paid by the Fund and the total expense ratio of the Fund. The Board noted that: (i)&nbsp;the Fund's management fee rate was higher than the average management fee rate for funds, selected by Lipper (the "expense peer group"), managed by other advisers with investment strategies comparable to those of the Fund, as shown in the Lipper Report for the Fund; but (ii)&nbsp;the Fund's total expense ratio was 
lower than the average total expense ratio of the funds included in the Fund's expense peer group. The Board concluded that the Fund's management fee rate was competitive in light of the fact that the Adviser, in the past, had managed the Fund so that the total expense ratio of the Fund was less than the total expense ratio of the funds in the expense peer group average.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Breakpoints and Economies of Scale.&nbsp;&nbsp;</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board then reviewed the structure of the Fund's management fee and noted that it does not include any breakpoints. The Board considered that the Fund is closed-end and, therefore, that the Fund's assets are not likely to grow over time with new sales. The Board concluded that economies of scale for this Fund were not a factor that needed to be considered at this time.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Sub-Adviser Financially Sound and Financially Capable of Meeting the Fund's Needs.&nbsp;&nbsp;</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board considered whether the Sub-Adviser is financially sound and has the resources necessary to perform its obligations under the Sub-Advisory Agreement. The Board noted that the Sub-Adviser's operations remain profitable, although increased expenses in recent years have reduced the Sub-Adviser's profitability. The Board concluded that the Sub-Adviser has the financial resources necessary to fulfill its obligations under the Sub-Advisory Agreement.</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Other Factors and Current Trends.&nbsp;&nbsp;</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board considered the controls and procedures adopted and implemented by the Sub-Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Sub-Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">After considering and weighing all of the above factors, the Board concluded it would be in the best interest of the Fund and its stockholders to approve the Sub-Advisory Agreement.</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Portfolio Manager</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's assets are managed within the Adviser's Emerging Markets Equity Team. The members of the team who are currently responsible for the day-to-day management of the Fund are Ruchir Sharma and Narayan Ramachandran, each a Managing Director of the Adviser. Ruchir Sharma has worked for the Adviser since 1996 and has been managing the Fund since January 2001. Narayan Ramachandran has worked for the Adviser since 1996 and has been managing the Fund since October 2005. The individual portfolio managers do not make unilateral investment decisions. The portfolio managers make all investment decisions collaboratively. At least two of the portfolio managers must agree on an investment decision before it is implemented. If the Fund is managed by only two portfolio managers, both must agree on any purchase or sale decision.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Adviser's Emerging Markets Equity team is comprised of 15 dedicated portfolio manager/analysts that have extensive experience in analyzing emerging markets equity securities for investors. The Adviser's regional teams (Asia ex Japan, Latin America, Emerging Europe, Middle East, Africa and India Sub-Continent) are responsible for stock selection. Ruchir Sharma and Narayan Ramachandran serve as co-lead portfolio managers, and as such are ultimately responsible for overall portfolio performance and construction.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Other Accounts Managed by the Portfolio Managers.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  As of June&nbsp;30, 2005, Ruchir Sharma managed six mutual funds with a total of $3.1 billion in assets; four pooled investment vehicles other than mutual funds with a total of $1.4 billion in assets; and two other accounts with a total of $523 million in assets. Narayan Ramachandran managed seven mutual funds with a total of $3.1 billion in assets; six pooled investment vehicles other than mutual funds with a total of $3.8 billion in assets; and 28 other accounts with a total of $5.2 billion in assets. Of these 28 other accounts, six accounts with a total of $1.5 billion had performance-based fees.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Securities Ownership of Portfolio Managers.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  As of December&nbsp;31, 2004, the dollar range of securities beneficially owned by each of Ruchir Sharma and Narayan Ramachandran in the Fund was $0 and $50,001-$100,000, respectively.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Portfolio Manager Compensation Structure.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  The portfolio managers receive a combination of base compensation and discretionary compensation, comprising a cash bonus and several deferred compensation programs described below. The methodology used to determine portfolio manager compensation is applied across all accounts managed by the portfolio managers.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Base Salary Compensation.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  Generally, the portfolio managers receive base salary compensation based on the level of his or her position with the Adviser.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Discretionary Compensation.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">  In addition to base compensation, the portfolio managers may receive discretionary compensation. Discretionary compensation can include:</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Cash Bonus;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Morgan Stanley's Equity Incentive Compensation Program (EICP) Awards-a mandatory program that defers a portion of discretionary year-end compensation into restricted stock units or other awards based on Morgan Stanley common stock that are subject to vesting and other conditions;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Investment Management Deferred Compensation Plan (IMDCP) Awards-a mandatory program that defers a portion of discretionary year-end compensation and notionally invests it in designated funds advised by the Adviser or its affiliates. The award is subject to vesting and other conditions. A portfolio manager must notionally invest a minimum of 25% to a maximum of 50% of the IMDCP deferral into a combination of the designated funds he or she manages that are included in the IMDCP fund menu, which may or may not include the Fund;</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Voluntary Deferred Compensation Plans-voluntary programs that permit certain employees to elect to defer a portion of their discretionary year-end compensation and directly or notionally invest the deferred amount: (1)&nbsp;across a range of designated investment funds, including funds advised by the Adviser or its affiliates; and/or (2)&nbsp;in Morgan Stanley stock units.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Several factors determine discretionary compensation, which can vary by portfolio management team and circumstances. In order of relative importance, these factors include:</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Investment performance. A portfolio manager's compensation is linked to the pre-tax investment performance of the funds/accounts managed by the portfolio manager. Investment performance is calculated for the&nbsp;one-, three- and five-year periods measured against an appropriate securities market index (or indices) for the funds/accounts managed by the portfolio manager. In the case of the Fund, the Fund's investment performance is measured against the Bombay Stock Exchange (BSE) National Index. Other funds/accounts managed by the same portfolio manager may be measured against this same index, if appropriate, or against another index (or indices) that is deemed a more appropriate size-and/or style-specific to such fund/account as disclosed in such fund's/account's disclosure materials or guidelines. The assets managed by the portfolio managers in funds, pooled investment vehicles and othe
r accounts is described above under "Other Accounts Managed by the Portfolio Managers." Generally, the greatest weight is placed on the three- and five-year periods;</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Contribution to the business objectives of the Adviser;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;The dollar amount of assets managed by the portfolio manager;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Market compensation survey research by independent third parties;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Other qualitative factors, such as contributions to client objectives; and</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;Performance of Morgan Stanley and Morgan Stanley Investment Management, and the overall performance of the Global Investor Group, a department within Morgan Stanley Investment Management that includes all investment professionals.</font></p>


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The Administrator</b></font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. serves as administrator to the Fund pursuant to the Administrative Agreement. Under the Administrative Agreement, the administrative fee is 0.08% of the Fund's average weekly net assets. As approved by the Board of Directors, Morgan Stanley Investment Management Inc. has agreed to limit the administration fee so that it will be no greater than 0.02435% of the Fund's average weekly net assets plus $24,000 per annum. This waiver is voluntary and may be terminated at any time. The Administrative Agreement covers administrative costs (including out-of-pocket expenses incurred in the ordinary course of providing services under the Administrative Agreement, which were previously borne by Fund), except pricing services and extraordinary expenses.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Multiconsult, Ltd., whose registered office is in Mauritius, provides sub-administrative services to the Fund, including maintaining certain Fund records and preparing certain periodic filings, under an agreement whereby Multiconsult is paid a fee of $22,000 per annum.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">J.P. Morgan Investor Services Co. provides fund accounting and other services pursuant to a sub-administrative agreement, dated November&nbsp;1, 2004, with Morgan Stanley Investment Management Inc. and receives compensation from Morgan Stanley Investment Management Inc. for these services.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>PORTFOLIO TRANSACTIONS AND BROKERAGE</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Adviser places orders for securities to be purchased by the Fund. The primary objective of the Adviser in choosing brokers for the purchase and sale of securities for the Fund's portfolio will be to obtain the most favorable net results taking into account such factors as price, commission, size of order, difficulty of execution, and the degree of skill required of the broker-dealer. The capability and financial condition of the broker may also be criteria for </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">the choice of that broker. The placing and execution of orders for the Fund also is subject to restrictions under U.S. securities laws, including certain prohibitions against trading among the Fund and its affiliates (including the Adviser or its affiliates). The Fund may utilize affiliates of the Adviser in connection with the purchase or sale of securities in accordance with rules adopted or exemptive orders granted by the SEC when the Adviser believes that the charge for the transaction does not exceed usual and customary levels. In addition, the Fund may purchase securities in a placement for which affiliates of the Adviser have acted as agent to or for issuers, consistent with applicable rules adopted by the SEC or regulatory authorization, if necessary. The Fund will not purchase securities from or sell securities to any affiliate of the Adviser acting as principal.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Adviser on behalf of the Fund may place brokerage transactions through brokers, including Morgan Stanley&nbsp;&amp; Co. Incorporated and its affiliates, who provide it with investment research services, including market and statistical information and quotations for the Fund's portfolio valuation purposes. The terms "investment research" and "market and statistical information and quotations" include advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities and potential buyers or sellers of securities, as well as the furnishing of analyses and reports concerning issuers, industries, securities, economic factors and trends, and portfolio strategy, each and all as consistent with those services mentioned in Section 28(e)&nbsp;of the Exchange Act.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Research provided to the Adviser in advising the Fund is in addition to and not in lieu of the services required to be performed by the Adviser itself, and the Adviser's fees are not reduced as a result of the receipt of such supplemental information. It is the opinion of the management of the Fund that such information is only supplementary to the Adviser's own research efforts, since the information must still be analyzed, weighed and reviewed by the Adviser's staff. Such information may be useful to the Adviser in providing services to clients other than the Fund, and not all such information is necessarily used by the Adviser in connection with the Fund. Conversely, information provided to the Adviser by brokers and dealers through whom other clients of the Adviser effect securities transactions may prove useful to the Adviser in providing services to the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's Board of Directors reviews at least annually the commissions allocated by the Adviser on behalf of the Fund to determine if such allocations were reasonable in relation to the benefits inuring to the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Brokerage commissions paid by the Fund for the fiscal years ended December&nbsp;31, 2002, 2003 and 2004 were US$215,451, US$638,295 and US$1,323,350, respectively. For the fiscal years ended December&nbsp;31, 2002 and 2003 the Fund paid US$38,000 and US$8,300, respectively, to affiliates. The Fund did not pay any brokerage commissions to affiliates for the fiscal year ended December&nbsp;31, 2004.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>NET ASSET VALUE</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund determines its net asset value no less frequently than the close of business on the last business day of each week by dividing the value of the net assets of the Fund (the value of its assets less its liabilities) by the total number of shares of Common Stock outstanding. In valuing the Fund's assets, equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Securities listed on a foreign exchange are valued at their closing price. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available are valued at the mean between the current bid and asked prices obtained from reputable brokers. Debt securities purchased with remaining maturities of 60 day
s or less are valued at amortized cost, if it approximates value.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board of Directors, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Most foreign markets close before the New York Stock Exchange. Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">are determined (that is, close of the foreign market on which the securities trade) and the close of business on the New York Stock Exchange. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the New York Stock Exchange, as determined in good faith under procedures established by the Board of Directors. All assets or liabilities of the Fund not denominated in U.S. dollars are initially valued in the currency in which they are denominated and then are translated into U.S. dollars at the prevailing foreign exchange rate on the date of valuation. The Fund's obligation to pay any local taxes, such as withholding taxes on remittances from India, are booked as a liability on the date the Fund recognizes income or marks-to-market its assets and has the effect of reducing the Fund's net asset va
lue.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>DIVIDENDS AND DISTRIBUTIONS;<BR>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund distributes to stockholders, at least annually, substantially all of its net investment income from dividends and interest earnings and any net realized capital gains. See "Taxation-U.S. Federal Income Taxes." The Fund may elect annually to retain for reinvestment any net realized long-term capital gains.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Pursuant to the Dividend Reinvestment and Cash Purchase Plan (the "Plan"), each stockholder is deemed to have elected, unless the Plan Agent is otherwise instructed by the stockholder in writing, to have all distributions automatically reinvested by American Stock Transfer&nbsp;&amp; Trust Company (the "Plan Agent"), in Fund shares pursuant to the Plan. Stockholders who do not participate in the Plan receive all distributions in cash paid by check in U.S. dollars mailed directly to the stockholder by American Stock Transfer&nbsp;&amp; Trust Company, as paying agent. Stockholders who do not wish to have distributions automatically reinvested should notify the Fund, c/o the Plan Agent for Morgan Stanley India Investment Fund, Inc.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Plan Agent serves as agent for the stockholders in administering the Plan. If the Directors of the Fund declare an income dividend or realized capital gains distribution payable either in the Fund's Common Stock or in cash, as stockholders may have elected, non-participants in the Plan will receive cash and participants in the Plan will receive Common Stock, to be issued by the Fund or to be purchased in the open market by the Plan Agent. 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 unless the net asset value is less than 95% of the market price on the valuation date, in which case, at 95% of the market price. The valuation date will be the dividend or distribution payment date or, if that date is not a trading day on the exchange on which the Fund's shares are then listed,
 the next preceding trading day. If the net asset value exceeds the market price of Fund shares at such time, or if the Fund should declare a dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy the Fund's shares in the open market, or elsewhere, with the cash in respect of the dividend or distribution, for the participants' account on, or shortly after, the payment date.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Participants in the Plan have the option of making additional payments to the Plan Agent, annually, in any amount from $100 to $3,000, for investment in the Fund's Common Stock. The Plan Agent uses all funds received from participants (as well as any dividends and capital gains distributions received in cash) to purchase Fund shares in the open market on or about January&nbsp;15 of each year. No participant has any authority to direct the time or price at which the Plan Agent may purchase the Common Stock on its behalf. Any voluntary cash payments received more than thirty days prior to January&nbsp;15 will be returned by the Plan Agent, and interest will not be paid on any uninvested cash payments. 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 A
gent approximately ten days before January&nbsp;15. A participant may withdraw a voluntary cash payment by written notice, if the notice is received by the Plan Agent not less than forty-eight hours before such payment is to be invested. All voluntary cash payments should be made by check drawn on a U.S. bank (or a non-U.S. bank, if U.S. currency is imprinted on the check) made payable to American Stock Transfer&nbsp;&amp; Trust Company payable in U.S. dollars and should be mailed to the Plan Agent for Morgan Stanley India Investment Fund, Inc. at American Stock Transfer&nbsp;&amp; Trust Company, Dividend Reinvestment and Cash Purchase Plan, 59 Maiden Lane, New York, New York 10030.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Plan Agent maintains all stockholder accounts in the Plan and furnishes written confirmations of all transactions in the account, including information needed by stockholders for personal and tax records. Shares in the account of each Plan participant are held by the Plan Agent in non-certificated form in the name of the participant, and each stockholder's proxy includes those shares purchased pursuant to the Plan.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In the case of stockholders, such as banks, brokers or nominees, which hold shares for others who are the beneficial owners, the Plan Agent administers the Plan on the basis of the number of shares certified from time to time by the stockholder as representing the total amount registered in the stockholder's name and held for the account of beneficial owners who are participating in the Plan.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">There is no charge to participants for reinvesting dividends or distributions. The Plan Agent's fees for the handling of the reinvestment of dividends and distributions are paid by the Fund. However, each participant's account is charged a </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>pro rata</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> share of brokerage commissions incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of dividends or capital gains distributions. A participant also pays brokerage commissions incurred in purchases from voluntary cash payments made by the participant. Brokerage charges for purchasing small amounts of stock for individual accounts through the Plan are generally less than the usual brokerage c
harges, because the Plan Agent purchases stock for all participants in blocks and prorates the lower commission thus attainable.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The automatic reinvestment of dividends and distributions does not relieve participants of any income tax which may be payable on such dividends and distributions. See "Taxation-U.S. Federal Income Taxes."</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Experience under the Plan indicates that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payment made and any dividend or distribution paid subsequent to notice of the change sent to all stockholders at least 90 days before the record date for the dividend or distribution. The Plan also may be amended or terminated by the Plan Agent by at least 90 days' written notice to all stockholders. All correspondence concerning the Plan should be directed to the Plan Agent for Morgan Stanley India Investment Fund, Inc. at American Stock Transfer&nbsp;&amp; Trust Company, Dividend Reinvestment and Cash Purchase Plan, 59 Maiden Lane, New York, New York 10030.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>TAXATION</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>U.S. Federal Income Taxes</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Rights</i></b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The receipt and the exercise of the Rights should not be taxable for U.S. federal income tax purposes. In general, if exercised, the tax basis of the Rights received should be determined by allocating to the Rights a portion of the recipient's existing tax basis in its shares with respect to which the distribution is made. However, if the Rights have a fair market value, at the time of the distribution, of less than 15% of the fair market value of the shares with respect to which the distribution is made, the Rights will have a basis of zero unless the recipient elects otherwise.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Generally, a stockholder will have a tax basis in any shares acquired upon exercise of the Rights equal to the Subscription Price plus the tax basis in the Rights, if any. The holding period of the shares will commence on the date of the exercise.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>The Fund</i></b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following discussion is a brief summary of certain U.S. federal income tax considerations affecting the Fund and its shareholders. The discussion reflects applicable tax laws of the United States as of the date of this prospectus, which tax laws may be changed or subject to new interpretations by the courts or the IRS retroactively or prospectively. No attempt is made to present a detailed explanation of all U.S. federal, state, local and foreign tax concerns affecting the Fund and its shareholders (including shareholders owning large positions in the Fund). The discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisors to determine the tax consequences to them of investing in the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund intends to continue to qualify as a "regulated investment company" under Subchapter M of the Code. In order to qualify as a regulated investment company under Subchapter M of the Code, which qualification this discussion assumes, the Fund must, among other things: (a)&nbsp;derive at least 90% of its gross income for each taxable year from (i)&nbsp;dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies and (ii)&nbsp;net income derived from an interest in a "qualified publicly traded partnership," as defined in the Code; (b)&nbsp;diversify </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">its holdings so that, at close of each quarter of the Fund's taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items (including receivables), U.S. Government securities, securities of other regulated investment companies, and securities of other issuers as to which the Fund must not have invested more than 5% of the value of the Fund's total assets in securities of any one such issuer and as to which the Fund must not have held more than 10% of the outstanding voting securities of any one such issuer which includes for these purposes equity securities of a qualified publicly traded partnership, no more than 25% of the value of its total assets may be invested in the securities (other than U.S. Government securities and securities of other regulated investment companies) of any one issuer, or of two or more issuers which the Fund controls and which are engaged in the
 same or similar or related trades or businesses, and no more than 25% of the value of a regulated investment company's total assets may be invested in the securities of one or more qualified publicly traded partnerships. In addition, the separate treatment for publicly traded partnerships under the passive loss rules of the Code applies to a regulated investment company holding an interest in a qualified publicly traded partnership, with respect to items attributable to such interest.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">For purposes of the 90% of gross income requirement described above, the Code expressly provides the U.S. Treasury with authority to issue regulations that would exclude foreign currency gains from qualifying income if such gains are not directly related to the Fund's business of investing in stock or securities. While to date the U.S. Treasury has not exercised this regulatory authority, there can be no assurance that it will not issue regulations in the future (possibly with retroactive application) that would treat some or all of the Fund's foreign currency gains as non-qualifying income.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As a regulated investment company, the Fund will not be subject to U.S. federal income tax on its investment company taxable income that it distributes to its stockholders, provided that at least 90% of its investment company taxable income for the taxable year is distributed to its stockholders; however, the Fund will be subject to tax on its income and gains, to the extent that it does not distribute to its stockholders an amount equal to such income and gains. Investment company taxable income includes dividends, interest and net short-term capital gains in excess of net long-term capital losses, but does not include net long-term capital gains in excess of net short-term capital losses. The Fund intends to distribute annually to its stockholders substantially all of its investment company taxable income. If necessary, the Fund intends to borrow money or liquidate assets to make such distributions. If t
he Fund fails to satisfy the 90% distribution requirement or fails to qualify as a regulated investment company in any taxable year, it will be subject to tax in such year on all of its taxable income, whether or not the Fund makes any distributions to its stockholders.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Stockholders normally will be subject to federal income taxes, and any state and/or local income taxes, on the dividends and other distributions they receive from the Fund. Such dividends and distributions, to the extent that they are derived from net investment income or short-term capital gains, are generally taxable to the shareholder as ordinary income regardless of whether the stockholder receives such payments in additional shares or in cash. For taxable years beginning on or before December&nbsp;31, 2008, the Fund may designate distributions of investment income derived from dividends of U.S. corporations or "qualified foreign corporations" as "qualified dividend income," provided holding period and other requirements are met by the Fund. Qualified dividend income will be taxed at the same rate as long-term capital gains. "Qualified foreign corporations" are corporations that are either eligible for
 benefits of a comprehensive income tax treaty with the United States or a corporation whose stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States To be eligible for the reduced rate, a corporation paying the dividend cannot be a passive foreign investment company ("PFIC') in the year of distribution or the prior year.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A dividend paid by the Fund to a stockholder will not be treated as qualified dividend income of the shareholder if (1)&nbsp;the dividend is received with respect to any share held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (2)&nbsp;to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property or (3)&nbsp;if the recipient elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Since the Fund will not invest in the stock of domestic corporations, distributions to corporate stockholders of the Fund will not be entitled to the deduction for dividends received by corporations.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As a regulated investment company, the Fund also will not be subject to U.S. federal income tax on its net long-term capital gains in excess of net short-term capital losses and capital loss carryovers, if any, that it distributes to </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">its stockholders. If the Fund retains for reinvestment or otherwise an amount of such net long-term capital gains, it will be subject to a tax of up to 35% of the amount retained. The Board of Directors of the Fund will determine at least once a year whether to distribute any net long-term capital gains in excess of net short-term capital losses and capital loss carryovers from prior years. The Fund expects to designate amounts retained as undistributed capital gains in a notice to its stockholders who are stockholders of record as of the close of a taxable year of the Fund who, if subject to U.S. federal income taxation (a)&nbsp;will be required to include in income for U.S. federal income tax purposes, as long-term capital gains, their proportionate shares of the undistributed amount, and (b)&nbsp;will be entitled to credit against their U.S. federal income tax liabilities their proportionate shares of t
he tax paid by the Fund on the undistributed amount and to claim refunds to the extent that their credits exceed their liabilities. For U.S. federal income tax purposes, the basis of shares owned by a stockholder of the Fund will be increased by an amount equal to 65% of the amount of undistributed capital gains included in the stockholder's income. Distributions of net long-term capital gains, if any, by the Fund are taxable to its stockholders as long-term capital gains whether paid in cash or in shares and regardless of how long the stockholder has held the Fund's shares. Such distributions of net long-term capital gains are not eligible for the dividends received deduction. Under the Code, net long-term capital gains will be taxed at a rate no greater than 28% for individuals and 35% for corporations. Stockholders will be notified annually as to the U.S. federal income tax status of their dividends and distributions.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Stockholders receiving dividends or distributions in the form of additional shares pursuant to the Plan should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the stockholders receiving cash dividends or distributions will receive, and should have a cost basis in the shares equal to such amount.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">If the net asset value of shares is reduced below a stockholder's cost as a result of a distribution by the Fund, the distribution will be taxable even though it, in effect, represents a return of invested capital. Investors considering buying shares just prior to a dividend or capital gain distribution payment date should be aware that, although the price of shares purchased at that time may reflect the amount of the forthcoming distribution, those who purchase just prior to the record date for a distribution will receive a distribution which will be taxable to them. The amount of capital gains realized and distributed (which from an investment standpoint may represent a partial return of capital rather than income) in any given year will be the result of action taken for the best investment of the principal of the Fund, and may therefore vary from year to year.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">If the Fund is the holder of record of any stock on the record date for any dividends payable with respect to such stock, such dividends are included in the Fund's gross income not as of the date received but as of the later of (a)&nbsp;the date such stock became ex-dividend with respect to such dividends (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">, the date on which a buyer of the stock would not be entitled to receive the declared, but unpaid, dividends) or (b)&nbsp;the date the Fund acquired such stock. Accordingly, in order to satisfy its income distribution requirements, the Fund may be required to pay dividends based on anticipated income, and stockholders may receive dividends in an earlier year than would othe
rwise be the case.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Under the Code, the Fund may be subject to a 4% excise tax on a portion of its undistributed income. To avoid the tax, the Fund must distribute annually at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year and at least 98% of its capital gain net income for the 12-month period ending, as a general rule, on October&nbsp;31 of the calendar year. For this purpose, any income or gain retained by the Fund that is subject to corporate income tax will be treated as having been distributed at year-end. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any under distribution or over distribution, as the case may be, in the previous year. For a distribution to qualify under the foregoing test, the distribution generally must be declared and paid during the year. Any dividen
d declared by the Fund in October, November&nbsp;or December&nbsp;of any year and payable to stockholders of record on a specified date in such a month shall be deemed to have been received by each stockholder on December&nbsp;31 of such year and to have been paid by the Fund not later than December&nbsp;31 of such year, provided that such dividend is actually paid by the Fund during January&nbsp;of the following year.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund will maintain accounts and calculate income by reference to the U.S. dollar for U.S. federal income tax purposes. The majority of the Fund's investments will be maintained and income therefrom calculated by reference to Rupees, and such calculations will not necessarily correspond to the Fund's distributable income and capital gains for U.S. federal income tax purposes as a result of fluctuations in currency exchange rates. Furthermore, exchange control regulations may restrict the ability of the Fund to repatriate investment income or the proceeds of </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">sales of securities. These restrictions and limitations may limit the Fund's ability to make sufficient distributions to satisfy the 90% distribution requirement and avoid the 4% excise tax.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's transactions in foreign currencies, forward contracts, options and futures contracts (including options and futures contracts on foreign currencies) will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund, defer Fund losses, and affect the determination of whether capital gains and losses are characterized as long-term or short-term capital gains or losses. These rules could therefore affect the character, amount and timing of distributions to stockholders. These provisions 
also may require the Fund to mark-to-market certain types of the positions in its portfolio (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">, treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% and 98% distribution requirements for avoiding income and excise taxes. The Fund will monitor its transactions, will make the appropriate tax elections, and will make the appropriate entries in its books and records when it acquires any foreign currency, option, futures contract, forward contract, or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund as a regulated investment company and minimize the imposition of income and excise taxes.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Amounts paid by the Fund to individuals and certain other stockholders who have not provided the Fund with their correct taxpayer identification number ("TIN") and certain certifications required by the IRS as well as stockholders with respect to whom the Fund has received certain information from the IRS or a broker may be subject to "backup" withholding of federal income tax arising from the Fund's taxable dividends and other distributions as well as the gross proceeds of sales of shares, at a rate equal to the fourth highest rate of tax applicable to a single individual (currently, 28%). An individual's TIN is generally his or her social security number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments made to a Shareholder may be refunded or credited against such Shareholder's U.S. federal income tax liability, if any, provided that the 
required information is furnished to the IRS.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Upon the sale or exchange of its shares, a stockholder will realize a taxable gain or loss depending upon the amount realized and the stockholder's basis in the shares. Such gain or loss will be treated as capital gain or loss if the shares are capital assets in the stockholder's hands, and will be long-term if the stockholder's holding period for the shares is more than 12 months and otherwise will be short-term. Long-term capital gain rates applicable to individuals have been reduced, in general, to 15% (or 5% for individuals in the 10% or 15% rate brackets); however, such rates are set to expire after December&nbsp;31, 2008 absent further legislation. Any loss realized on a sale or exchange will be disallowed to the extent that the shares disposed of are replaced (including replacement through the reinvesting of dividends and capital gains distributions in the Fund) within a period of 61 days beginning 
30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a stockholder on the sale of Fund shares held by the stockholder for six months or less will be treated for federal income tax purposes as a long-term capital loss to the extent of any distributions of long-term capital gains received by the stockholder with respect to such shares.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A repurchase by the Fund of shares generally will be treated as a sale of the shares by a stockholder provided that after the repurchase the stockholder does not own, either directly or by attribution under Section 318 of the Code, any shares. If, after a repurchase a stockholder continues to own, directly or by attribution, any shares, and has not experienced a meaningful reduction in its proportionate interest in the Fund, it is possible that any amounts received in the repurchase by such stockholder will be taxable as a dividend to such stockholder. If, in addition, the Fund has made such repurchases as part of a series of redemptions, there is a risk that stockholders who do not have any of their shares repurchased would be treated as having received a dividend distribution as a result of their proportionate increase in the ownership of the Fund.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Passive Foreign Investment Companies</i></b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">If the Fund acquires any equity interest in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or that hold at least 50% of their assets in investments producing such passive income, the Fund could be subject to U.S. federal income tax and additional interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">to its shareholders. The Fund would not be able to pass through to its stockholders any credit or deduction for such a tax. An election may generally be available that would ameliorate these adverse tax consequences, but any such election could require the Fund to recognize taxable income or gain (subject to tax distribution requirements) without the concurrent receipt of cash and would require certain information to be furnished by the foreign corporation, which may not be provided. These investments could also result in the treatment of associated capital gains as ordinary income. The Fund may limit and/or manage its holdings in PFICs to limit its tax liability or maximize its return from these investments. Dividends paid by PFICs will not qualify as qualified dividend income eligible for taxation at reduced tax rates.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Foreign Tax Credits</i></b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Income and gains received by the Fund from sources outside the United States will be subject to withholding and other taxes imposed by India and possibly other foreign countries. If the Fund qualifies as a regulated investment company, if certain distribution requirements are satisfied and if, as expected, more than 50% of the value of the Fund's total assets at the close of any taxable year consists of stocks or securities of Indian or other foreign corporations (which should include obligations issued by Indian or other government issuers), the Fund may elect, for U.S. federal income tax purposes, to treat any foreign country's income or withholding taxes paid by the Fund that can be treated as income taxes under United States income tax principles, as paid by its stockholders. The Fund expects to make this election. As a consequence, each stockholder will be required to include in its income an amount e
qual to its allocable share of such income taxes paid by the Fund to a foreign country's government and the stockholders will be entitled, subject to certain limitations, to credit their portions of these amounts against their U.S. federal income tax due, if any, or to deduct their portions from their U.S. taxable income, if any. Stockholders that are exempt from tax under Section 501(a)&nbsp;of the Code, such as pension plans, generally will derive no benefit from the Fund's election. However, these stockholders should not be disadvantaged either because the amount of additional income they are deemed to receive equal to their allocable share of such foreign countries' income taxes paid by the Fund generally will not be subject to U.S. federal income tax.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The amount of foreign taxes that may be credited against a stockholder's U.S. federal income tax liability will generally be limited, however, to an amount equal to the stockholder's United States federal income tax rate multiplied by its foreign source taxable income. In addition, this limitation must be applied separately to certain categories of foreign source income, one of which is foreign source "passive income." For this purpose, foreign source "passive income" includes dividends, interest, capital gains and certain foreign currency gains. As a consequence, certain stockholders may not be able to claim a foreign tax credit for the full amount of their proportionate share of foreign taxes paid by the Fund. Shareholders should consult their own tax advisers with respect to making this election. Each stockholder will be notified within 60 days after the close of the Fund's taxable year whether, pursuan
t to the election described above, the foreign taxes paid by the Fund will be treated as paid by its stockholders for that year and, if so, the notification will designate (i)&nbsp;the stockholder's portion of the foreign taxes paid to each country and (ii)&nbsp;the portion of the Fund's dividends and distributions that represents income derived from sources within the country. The U.S. foreign tax credit rules are complex. Stockholders should consult their own tax advisors concerning the U.S. foreign tax credit rules and the applicability of any relevant treaty rules.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Foreign Stockholders</i></b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Taxation of a stockholder who, as to the United States, is a foreign investor depends, in part, on whether the stockholder's income from the Fund is "effectively connected" with a United States trade or business carried on by the stockholder.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">In general, distributions (other than capital gain dividends) that are treated as dividends under the Code that are paid to a shareholder that is not a "U.S. person" within the meaning of the Code (such shareholder, a "foreign person") are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). However, effective for taxable years of the Fund beginning before January&nbsp;1, 2008, the Fund generally will not be required to withhold any amounts with respect to distributions of (i)&nbsp;U.S.-source interest income that would not be subject to U.S. federal income tax if earned directly by an individual foreign person (the Fund at this time does not anticipate to generate a significant amount of qualified U.S. interest investment income) and (ii)&nbsp;net short-term capital gains in excess of net long-term capital losses, in each case to the extent such distributio
ns are properly designated by the Fund. In addition distributions from the Fund that are paid to a foreign person and are attributable to gain from "U.S. real property interests" ("USRPIs"), which the Code defines to include direct holdings of U.S. real property </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">and interests (other than solely as a creditor) in "U.S. real property holding corporations," will be treated as effectively connected income and generally subject to the rules discussed below. In respect of dividends paid or deemed paid on or before December&nbsp;31, 2007, distributions to foreign persons attributable to gains from the sale or exchange of USRPIs may give rise to an obligation for those foreign persons to file a U.S. tax return and pay tax and may be subject to withholding under future regulations.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">If a foreign investor is a resident alien or if dividends or distributions from the Fund are effectively connected with a United States trade or business carried on by the foreign investor, dividends of net investment income, distributions of net short-term and long-term capital gains, amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale of shares of the Fund will be subject to United States income tax at the rates applicable to United States citizens or domestic corporations. If the income from the Fund is effectively connected with a United States trade or business carried on by a foreign investor that is a corporation, then such foreign investor also may be subject to the 30% branch profits tax.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The tax consequences to a foreign stockholder entitled to claim the benefits of an applicable tax treaty may be different from those described in this section. Stockholders may be required to provide appropriate documentation to establish their entitlement to the benefits of such a treaty. Foreign investors are advised to consult their own tax advisers with respect to (a)&nbsp;whether their income from the Fund is or is not effectively connected with a United States trade or business carried on by them, (b)&nbsp;whether they may claim the benefits of an applicable tax treaty and (c)&nbsp;any other tax consequences to them of an investment in the Fund.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS BoldItalic';" face="Times New Roman, Times" size="2"><b><i>Notices</i></b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Stockholders will be notified annually by the Fund as to the United States federal income tax status of the dividends, distributions and deemed distributions made by the Fund to its stockholders. Furthermore, stockholders will be sent, if appropriate, various written notices after the close of the Fund's taxable year as to the United States federal income tax status of certain dividends, distributions and deemed distributions that were paid (or that were treated as having been paid) by the Fund to its stockholders during the preceding taxable year.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Indian Taxation</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Effective October&nbsp;1, 2004, for transactions conducted through a recognized stock exchange, there is no capital gains tax in India for long-term investments and the rate of capital gains tax for short-term investments is 10.455% (earlier,&nbsp;the capital gains rates were 10.455% for long-term investments and 31.365% for short-term investments, which will continue to apply to non-stock exchange transactions). The Fund invests in India through a registered branch office established in Mauritius and, as a result, obtains the benefits under the double taxation treaty between Mauritius and India ("Treaty"). To obtain benefits under the Treaty, the Fund must meet certain tests and conditions, including the establishment of Mauritius tax residence and related requirements. The Fund has obtained a tax residence certification from the Mauritian authorities and believes such certification is determinative of it
s resident status for Treaty purposes. An entity 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, but is subject to a 15% (under Article&nbsp;10 of the Treaty) withholding tax on dividends declared, distributed or paid by an Indian company prior to June&nbsp;1, 1997 and for the period from April&nbsp;1, 2002 through March&nbsp;31, 2003. During the period June&nbsp;1, 1997 through March&nbsp;31, 2002 and after April&nbsp;1, 2003, dividend income from Indian companies was exempt from Indian income tax. Under the Treaty, the Fund currently is not subject to and does not accrue Indian withholding tax on interest earned on Indian securities. The Treaty benefits accorded to foreign investors were challenged by a non-governmental organization and the matter was litigated before India's Supreme Court (the highest court in India). In October&nbsp;2003, India's Supreme Court upheld th
e validity of Treaty benefits accorded to foreign investors on the basis of a certificate of residence issued by Mauritian authorities (such as the one obtained by the Fund).</font></p>

<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Other Taxation</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Distributions also may be subject to additional state, local and foreign taxes depending on each stockholder's particular position.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>THE U.S. FEDERAL AND INDIAN INCOME TAX DISCUSSION SET FORTH ABOVE IS A SUMMARY INCLUDED FOR GENERAL INFORMATION PURPOSES ONLY. IN VIEW OF THE INDIVIDUAL NATURE OF TAX CONSEQUENCES, EACH STOCKHOLDER IS ADVISED TO CONSULT HIS OWN TAX ADVISER WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES TO HIM OF PARTICIPATION IN THE FUND, INCLUDING THE EFFECT AND APPLICABILITY OF STATE, LOCAL, FOREIGN, AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>COMMON STOCK</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The authorized capital stock of the Fund is 100,000,000 shares of Common Stock, $0.01 par value. Shares of the Fund, when issued in exchange for payment of the consideration therefor, will be fully paid and nonassessable and will have no conversion, preemptive or other subscription rights. Holders of Common Stock are entitled to one vote per share on all matters to be voted upon by stockholders and may not cumulate their votes in the election of Directors. Thus, holders of more than 50% of the shares voting for the election of Directors have the power to elect 100% of the Directors. All shares are equal as to assets, earnings and the receipt of dividends and distributions, if any, as may be declared by the Board of Directors out of funds available therefor; however, the Fund's Board of Directors has the authority to classify and reclassify any authorized but unissued shares of capital stock and to establis
h the rights and preferences of such unclassified shares. In the event of liquidation, dissolution or winding up of the Fund, each share of Common Stock is entitled to receive its proportion of the Fund's assets remaining after payment of all debts and expenses and the amounts to which holders of any class of stock hereafter classified or reclassified having a preference on distributions in liquidation, dissolution or winding up of the Fund may be entitled.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Set forth below is information with respect to the Fund's Common Stock as of November 10, 2005:</font></p>

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<tr>
<td colspan="3" width="150" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Title of Issue</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="119" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Authorized</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Outstanding</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="159" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Amount Held by the Fund<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>or for its Account</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="150" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Common Stock, $0.01 par value</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">100,000,000</font>

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">shares</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16,004,993</font>

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">shares</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="107" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0</font>

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">shares</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund does not presently intend to offer additional shares of Common Stock other than pursuant to the Offer, except that additional Common Stock may be issued under the Plan. Any other offerings of the Fund's shares will require approval of the Fund's Board of Directors and will be subject to the requirements of the 1940 Act, including the requirement that shares may not be sold at a price below the then current net asset value (exclusive of underwriting discounts and commissions) except in connection with an offering to existing stockholders or with the consent of a majority of the Fund's shares.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's shares are listed and traded on the New York Stock Exchange. The following table shows the high and low closing prices on the New York Stock Exchange per share of Common Stock and the high and low net asset value per share for each quarter since September&nbsp;2003.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="97" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="144" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Market Price(1)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="144" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Net Asset Value(2)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Quarter Ended</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">September&nbsp;30, 2003</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.23</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11.73</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.92</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.86</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">December&nbsp;31, 2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.95</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.33</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22.95</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18.01</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">March&nbsp;31, 2004</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29.30</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22.75</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24.62</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.64</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">June&nbsp;30, 2004</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">28.40</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.20</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25.10</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18.51</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">September&nbsp;30, 2004</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.55</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.58</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22.65</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.44</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">December&nbsp;31, 2004</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.42</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.01</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29.09</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22.81</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">March&nbsp;31, 2005</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.32</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.07</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">30.67</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26.71</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">June&nbsp;30, 2005</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.50</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.40</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.41</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.89</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">September&nbsp;30, 2005</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">46.15</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32.51</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">38.45</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">30.35</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1)&nbsp;&nbsp;As reported by the New York Stock Exchange.</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(2)&nbsp;&nbsp;Based on the Fund's computations.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The closing market price and net asset value per share of the Fund's Common Stock on November&nbsp;17, 2005 were US$[&#149;] and US$[&#149;], respectively, which represents a market price premium above net asset value of [&#149;]%.</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund is a closed-end investment company, and as such its stockholders do not have the right to cause the Fund to redeem their shares of Common Stock. The Fund, however, may repurchase shares of Common Stock from time to time in the open market or in private transactions when it can do so at prices at or below the current net asset value per share on terms that represent a favorable investment opportunity. Subject to its investment limitations and to applicable provisions of the MGCL, the Fund may borrow to finance the repurchase of shares. The payment of interest on borrowings will increase the Fund's expenses and consequently reduce net income. In addition, the Fund is required under the 1940 Act to maintain "asset coverage" of not less than 300% of its "senior securities representing indebtedness" as such terms are defined in the 1940 Act.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's shares of Common Stock will trade in the open market at a price which is a function of several factors, including their net asset value and yield. The shares of closed-end investment companies frequently sell at a discount from, but sometimes at a premium over, their net asset values. See "Risk Factors and Special Considerations." There can be no assurance that it will be possible for investors to resell shares of the Fund at or above the price at which shares are offered by this Prospectus or that the market price of the Fund's shares will equal or exceed net asset value. The Fund may from time to time repurchase its shares at prices below their net asset value or make a tender offer for its shares. While this may have the effect of increasing the net asset value of those shares that remain outstanding, the effect of such repurchases on the market price of the remaining shares cannot be predict
ed.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Any offer by the Fund to repurchase shares will be made at a price based upon the net asset value of the shares at the close of business on or within 14 days after the last date of the offer. Each offer will be made and stockholders notified in accordance with the requirements of the Exchange Act and the 1940 Act, either by publication or mailing or both. Each offering document will contain such information as is prescribed by such laws and the rules and regulations promulgated thereunder. When a repurchase offer is authorized by the Fund's Board of Directors, a stockholder wishing to accept the offer may be required to offer to sell all (but not less than all) of the shares owned by such stockholder (or attributed to him for federal income tax purposes under Section 318 of the Code). The Fund will purchase all shares tendered in accordance with the terms of the offer unless it determines to accept none of
 them (based upon one of the conditions set forth below). Persons tendering shares may be required to pay a service charge to help defray certain costs of the transfer agent. Any service charges will not be deducted from the consideration paid for the tendered shares. During the period of a repurchase offer, the Fund's stockholders will be able to determine the Fund's current net asset value (which will be calculated weekly) by use of a toll free telephone number.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's Articles of Incorporation and By-Laws include provisions that could limit the ability of others to acquire control of the Fund, to modify the structure of the Fund or to cause it to engage in certain transactions. These provisions, described below, also could have the effect of depriving stockholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control of the Fund in a tender offer or similar transaction. In the opinion of the Fund, however, these provisions offer several possible advantages. They potentially require persons seeking control of the Fund to negotiate with its management regarding the price to be paid for the shares required to obtain such control, they promote continuity and stability and they enhance the Fund's ability to pursue long-term strategies that are consistent with its investment ob
jective.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's Articles of Incorporation, as well as the Fund's By-laws, provide that the Fund's Board of Directors have the sole power to adopt, alter or repeal the Fund's By-Laws. The Directors will be divided into three classes, each having a term of three years, with the term of one class expiring each year. In addition, a Director may be removed from office only with cause and only by the affirmative vote of a majority of all votes entitled to be cast by Fund's stockholders, generally for the election of directors, and the affirmative vote of 75% or more of the Fund's outstanding shares is required to amend, alter or repeal the provisions in the Fund's Articles of Incorporation relating to amendments to the Fund's By-Laws and to removal of Directors. See "Management of the Fund-Directors and Officers of the Fund." These provisions could delay the replacement of a majority of the Directors and have the eff
ect of making changes in the Board of Directors more difficult than if such provisions were not in place.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The affirmative vote of the holders of 75% or more of the outstanding shares is required to (1)&nbsp;convert the Fund from a closed-end to an open-end investment company, (2)&nbsp;merge or consolidate with any other entity or enter into a share exchange transaction in which the Fund is not the successor corporation, (3)&nbsp;dissolve or liquidate the Fund, (4)&nbsp;sell all or substantially all of its assets, (5)&nbsp;cease to be an investment company registered under the 1940 Act, </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(6)&nbsp;issue to any person securities in exchange for property worth $1,000,000 or more, exclusive of sales of securities in connection with a public offering, issuance of securities pursuant to a dividend reinvestment plan or other stock dividend or issuance of securities upon the exercise of any stock subscription rights or (7)&nbsp;amend, alter or repeal the above provisions in the Fund's Articles of Incorporation. However, if such action has been approved or authorized by the affirmative vote of at least 70% of the entire Board of Directors, the affirmative vote of only a majority of the outstanding shares would be required for approval, except in the case of the issuance of securities, in which no stockholder vote would be required unless otherwise required by applicable law. The principal purpose of the above provisions is to increase the Fund's ability to resist takeover attempts and attempts to c
hange the fundamental nature of the business of the Fund that are not supported by either the Board of Directors or a large majority of the stockholders. These provisions make it more difficult to liquidate, take over or open-end the Fund and thereby are intended to discourage investors from purchasing its shares with the hope of making a quick profit by forcing the Fund to change its structure. These provisions, however, would apply to all actions proposed by anyone, including management, and would make changes in the Fund's structure accomplished through a transaction covered by the provisions more difficult to achieve. The foregoing provisions also could impede or prevent transactions in which holders of shares of Common Stock might obtain prices for their shares in excess of the current market prices at which the Fund's shares were then trading. Although these provisions could have the effect of depriving stockholders of an opportunity to sell their shares at a premium over prevailing market prices by di
scouraging a third party from seeking to obtain control of the Fund, the Fund believes the conversion of the Fund from a closed-end to an open-end investment company to eliminate the discount may not be desired by stockholders, who purchased their Common Stock in preference to stock of the many mutual funds available.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund holds annual meetings as required by the rules of the New York Stock Exchange. Under Maryland law and the Fund's By-Laws, the Fund is required to call a&nbsp;special meeting of its stockholders upon the written request of stockholders entitled to cast at least 25% of all the votes entitled to be cast at such special meeting. Any request for such a special meeting must state the purpose of the meeting and the matters proposed to be acted on at it. The Secretary of the Fund shall (i)&nbsp;inform the stockholders who make the request of the reasonably estimated cost of preparing and mailing a notice of the meeting, and (ii)&nbsp;on payment of these costs to the Fund notify each stockholder entitled to notice of the meeting. Notwithstanding the above, under Maryland law and the Fund's By-Laws, unless requested by stockholders entitled to cast a majority of all the votes entitled to be cast at the meet
ing, a special meeting need not be called to consider any matter which is substantially the same as a matter voted on at any special meeting of the stockholders held during the preceding 12 months.</font></p>

<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>DIVIDEND PAYING AGENT, TRANSFER AGENT AND REGISTRAR</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">American Stock Transfer&nbsp;&amp; Trust Company (the "Transfer Agent") acts as the Fund's dividend paying agent, transfer agent and the registrar for the Fund's Common Stock. The principal address of the Transfer Agent is 59&nbsp;Maiden Lane, New York, New York 10030.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>CUSTODIAN</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">JPMorgan Chase Bank serves as custodian for the Fund. The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. The principal business address of the Custodian is 270 Park Avenue, New York, New York 10017.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>CODE OF ETHICS</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's Board of Directors approved a Code of Ethics under Rule&nbsp;17j-1 of the 1940 Act that covers the Fund. The Adviser is subject to a Codes of Ethics under Rule&nbsp;17j-1. Each Code of Ethics establishes policies and procedures for personal investing by employees and restricts certain transactions. Employees subject to the Code of Ethics may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The Codes of Ethics may be viewed and copied at the SEC's Public Reference Room&nbsp;in Washington, D.C. Information about the SEC's Public Reference Room&nbsp;may be obtained by calling the SEC at (202) 551-8090. The Codes of Ethics also may be available on the Edgar Database on the SEC's Website, </b><b><u>http://www.sec.gov</u></b><b>, or be obtained, after paying a duplicating fee, by electronic request to </b><b><u>publicinfo@sec.gov</u></b><b>, or by writing to: SEC's Public Reference Section, 100 F Street, NE, Washington, D.C. 20549. This reference to the website does not incorporate the contents of the website into this Prospectus.</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>PROXY VOTING POLICY AND PROCEDURES</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Board of Directors has delegated to the Adviser authority to vote all proxies relating to the Fund's portfolio securities pursuant to the Fund's proxy voting policies and procedures, which are set out in Appendix C to this Prospectus. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June&nbsp;30 of each year is available, without charge, upon request, by calling 1-800-548-1786 or by visiting our website at <u>http://www.morganstanley.com/im</u>. This information is also available on the SEC's website at <u>http://www.sec.gov</u>. This reference to the website does not incorporate the contents of the website into this Prospectus.</font></p>

<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The financial statements included in the Fund's Annual Report to Stockholders as of December&nbsp;31, 2004 have been incorporated by reference into this Prospectus in reliance on the report of Ernst&nbsp;&amp; Young LLP, the Fund's independent registered public accounting firm, given on the authority of that firm, as experts in accounting and auditing. Ernst&nbsp;&amp; Young LLP's principal address is 200 Clarendon Street, Boston, Massachusetts 02116.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>LEGAL MATTERS</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">With respect to matters of United States law, the validity of the Shares offered hereby will be passed on for the Fund by Clifford Chance US LLP, New York, New York. Counsel for the Fund will rely, as to matters of Maryland law, on Ballard Spahr Andrews&nbsp;&amp; Ingersoll, LLP Baltimore, Maryland. Certain matters concerning Indian law will be passed on by Little&nbsp;&amp; Co., Mumbai, India.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">It is likely that foreign persons, such as foreign or non-resident Directors of the Fund, do not have assets in the United States that could be attached in connection with any U.S. action, suit or proceeding. The Fund has been advised that there is substantial doubt as to the enforceability in the countries in which such persons reside of the civil remedies and criminal penalties afforded by the U.S. federal securities laws. It is also unclear if extradition treaties now in effect between the United States and any such countries would subject such persons to effective enforcement of criminal penalties. Such persons have irrevocably appointed the Fund as their agent for service of process in any action, suit or proceeding under the provisions of the U.S. securities laws.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The books and records of the Fund required under U.S. law are maintained at an office of the Fund in the United States and are subject to inspection by the SEC.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Further information concerning these securities and the Fund may be found in the Registration Statement, of which this Prospectus constitutes a part, which is on file with the SEC.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>FINANCIAL STATEMENTS</b></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund's Annual Report for the fiscal year ended December&nbsp;31, 2004 (the "Annual Report") and the Fund's Semi-Annual Report for the period ended June 30, 2005 (the&nbsp;"Semi-Annual Report"), are incorporated herein by reference with respect to all information other than the information set forth in the Chairman's Statement included therein. The Fund will furnish, without charge, a copy of its Annual Report and Semi-Annual Report, upon request by writing to Morgan Stanley India Investment Fund, Inc., c/o JPMorgan Chase Bank, 270 Park Avenue, New York, New York 10017, or by calling (800) 221-6726.</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>APPENDIX A</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>The information set forth in this Appendix A has been extracted from various government and private publications. The Fund, its Board of Directors and the Adviser make no representation as to the accuracy of the information, nor has the Fund or its Board of Directors attempted to verify the statistical information presented in this Appendix A. Furthermore, no representation is made that any correlation exists between the Republic of India or its economy in general and the performance of the Fund.</i></font></p>



<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>THE REPUBLIC OF INDIA</b></font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>General</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Republic of India ("India") is located in Southern Asia, bordering the Arabian Sea and the Bay of Bengal. India shares its borders with Bangladesh, Bhutan, China, Myanmar, Nepal and Pakistan. Sri Lanka is located in the Indian Ocean off the southeastern tip of India, separated from India by a narrow strait.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">India is the seventh largest country in the world, with a land area of over 1.3 million square miles, and is approximately one-third the size of the United States. India is the second most populous country in the world after China, with a population of approximately 1.03 billion (as per the census of 2001). Approximately one third of the population is below the age of 14 years. The current annual growth rate of population is 1.67%. As per the last census (2001) 27.8% of the population lived in urban areas.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">There are 22 languages recognized by the Indian Constitution. The most widely used </font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>official</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> languages in India are Hindi and English, with Hindi the most widely spoken and English the dominant language for business communication, higher education and government.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Political Overview</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">India obtained its independence from the United Kingdom in 1947, in the aftermath of World War II. The present Constitution of India was adopted in November&nbsp;1949 and came into force on January&nbsp;26, 1950. The Constitution of India draws from Western legal traditions in the way that it outlines the principles of liberal democracy. It provides for a bicameral parliament (a lower house and an upper house) along the lines of the British parliamentary system. It contains the Fundamental Rights, similar to the Bill of Rights contained in the United States Constitution. The government has a federal structure, comprised of twenty-eight states, six union territories and one National Capital Territory.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The federal government consists of an executive and legislative branch. The executive branch is headed by the President, who exercises his powers upon the advice of a council of ministers headed by the Prime Minister. The President is elected by an electoral college comprised of members of Parliament and the state legislatures. The President has a five-year term and is eligible for reelection. The President is the Head of State and the Commander in Chief of the Armed Forces. The current President is Dr.&nbsp;A. P. J. Abdul Kalam. The Parliament consists of two chambers, the Council of States (Rajya Sabha) and the House of the People (Lok Sabha). The Council of States has 250 members, of whom the President nominates 12 and the rest are elected by the state legislatures. The House of the People has 545 members, almost all of whom are directly elected. The Prime Minister is elected by the members of the large
st political party represented in Parliament. The current Prime Minister is Dr.&nbsp;Manmohan Singh, a member of the Congress (I)&nbsp;Party, which is the largest party in the ruling coalition of parties. Parliamentary elections occur every five years.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The states have their own legislative assemblies and in some cases, a second legislative council. All members of the legislative assemblies are elected. Each state is administered by a Governor who is appointed by the President for a five-year term.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The judiciary is independent of the executive. The Supreme Court is the highest judicial tribunal positioned at the top of a single unified system for the whole country. Each state has its own High Court.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>International Relations</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">India is a member of the United Nations and its related organizations, and is a member of the British Commonwealth of Nations. During the cold-war period, India was generally seen as a non-aligned nation, receiving </font></p>

<p align="center"><font size="2" face="Times New Roman">A-1</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=54,FOLIO='A-1',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">aid in the form of financial and military assistance from both the United States and the Soviet Union. India has projected itself as a regional power, and has been involved in various regional disputes since 1947, including armed hostilities with Pakistan in 1947, 1965 and 1971 and China in 1962, and military intervention on behalf of the government in Sri Lanka against the Tamil separatist movement in 1987.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The long-standing border disputes between India and Pakistan have resulted in three armed conflicts since 1947. The partition of British India into India, Pakistan and East Pakistan (now Bangladesh) in 1947 erupted in hostilities between India and Pakistan, resulting in 200,000 deaths and the migration of millions. The second conflict erupted in 1965 due to border disputes over Kashmir province. The third conflict occurred following the mass migration of Bengali refugees into India from East Pakistan in 1971. This conflict resulted in the establishment of the country of Bangladesh in former East Pakistan.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Relations between India and Pakistan have improved in the past year. In 2003, former Prime Minister Atal Bihari Vajpayee announced his willingness to commence a dialogue between the countries, and the Pakistani prime minister responded positively to Prime Minister Vajpayee's offer. Ambassadorial ties and land and air-traffic ties have been restored. Pakistan announced a cease-fire along the India-Pakistan border, and the ensuing truce between the two nations led to an end to cross-border hostilities for the first time since an insurgency began in 1989. The Indian cricket team visited Pakistan in 2004 in yet another step toward the thawing of relations between the two countries.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Gross Domestic Product</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The table given below highlights the changes in India's Gross Domestic Product ("GDP") since 1972.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Changes in Gross Domestic Product</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="55" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Nominal <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP (Rs bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Average <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Rs/US$Rate</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Nominal <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP (US$bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Nominal <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP Growth</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Real <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP Growth</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1972</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">489</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">65</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1973</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">539</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">70</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1974</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">656</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.8</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">84</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1975</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">775</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.9</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">98</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1976</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">833</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">96</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1977</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">897</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">100</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1978</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,016</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8.6</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">118</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1979</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,101</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">134</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1980</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,208</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8.1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">149</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(5.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1981</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,438</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.9</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">182</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1982</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,686</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">188</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1983</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,883</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">195</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1984</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,195</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10.3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">212</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1985</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,455</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11.9</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">207</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1986</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,780</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12.2</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">227</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1987</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,112</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12.8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">244</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1988</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,543</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">273</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1989</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,216</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">291</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1990</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,862</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.6</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">292</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1991</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,687</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.9</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">317</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1992</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,531</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24.5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">267</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1993</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7,484</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">30.6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">244</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1994</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8,592</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">274</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1995</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,128</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">323</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1996</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11,880</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">355</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1997</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13,682</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">35.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">385</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1998</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15,225</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">37.2</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">410</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17,410</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">42.1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">414</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F2000</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19,368</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">43.3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">447</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">A-2</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=55,FOLIO='A-2',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="55" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Nominal <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP (Rs bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Average <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Rs/US$Rate</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Nominal <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP (US$bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Nominal <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP Growth</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Real <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>GDP Growth</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F2001</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20,895</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">45.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">457</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F2002</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22,720</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47.7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">479</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F2003</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24,633</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">48.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">509</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F2004</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">46.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">601</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F2005RE</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31,055</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">45.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">691</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">RE= Government's Revised Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>GDP Composition</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Indian economy can be divided into three sectors: the primary sector comprising agriculture, forestry, fishing, mining and quarrying; the secondary sector comprising manufacturing, construction and utilities (such as electricity and gas supply); and the tertiary sector comprising transport, communications, financial, government and other services. The following table shows the share of GDP contributed by each sector of the economy during the past four decades and for the most recent five years for which information is available:</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Segmental Breakdown of GDP</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="82" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>FY ended March&nbsp;31</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1971</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1981</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1991</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2005</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Primary</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">46</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">40</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="82" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Secondary</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Tertiary</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">38</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">43</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">46</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">54</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">54</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">56</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">57</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">58</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Sources: Reserve Bank of India; Central Statistical Organisation</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>REAL GROSS DOMESTIC PRODUCT (At 1993-94 prices)&nbsp;&nbsp;(Per cent)</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Sector</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="360" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Growth Rate</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="323" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Share in real GDP</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2004-05#</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003.04*</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2002-03@</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2001-02</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1998-99 To<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003-04</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2004-05#</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003-04*</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2002-03@</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2001-02</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Agriculture and Allied  <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Activities</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.6</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-7.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.6</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">20.5</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21.7</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21.5</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24.0</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(3.6</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(24.3</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(42.2</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(26.0</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">of which:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Agriculture</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N.A.</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10.3</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-8.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N.A.</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">19.8</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">19.5</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22.0</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Industry</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.3</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21.9</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21.6</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22.0</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21.5</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(25.9</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(16.9</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(34.7</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(13.4</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">of which:</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">a) Mining and quarrying</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.3</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.3</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.4</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.3</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">b) Manufacturing</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.9</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17.4</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17.0</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17.3</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">16.9</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">c) Electricity gas and <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">water supply</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.3</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.3</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.4</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.4</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Services</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.6</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.8</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">57.6</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">56.7</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">56.5</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">54.4</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(70.5</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(58.9</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(107.5</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(60.7</font>

</td>
<td colspan="1" width="18" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">of which:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">a) Construction</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.3</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.1</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.2</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.3</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.1</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">b) Trade, hotels and <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">restaurants</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.8</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.2</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">26.6</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15.7</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15.6</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15.0</font>

</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">c) Transport, storage and <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">communication</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N.A.</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12.6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">N.A.</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.9</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.2</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.5</font>

</td>
<td colspan="1" width="18" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">A-3</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=56,FOLIO='A-3',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>REAL GROSS DOMESTIC PRODUCT (At 1993-94 prices)&nbsp;&nbsp;(Per cent)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Sector</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="360" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Growth Rate</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="323" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Share in real GDP</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2004-05#</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003.04*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2002-03@</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2001-02</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>1998-99 To<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003-04</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2004-05#</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003-04*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2002-03@</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2001-02</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">d) Financing, insurance, <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">real estate</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">and business services</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.1</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.1</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.7</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.5</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12.9</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12.8</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.0</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12.4</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">e) Community, social <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">and personal services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.9</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.8</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.9</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.1</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.1</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12.9</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.0</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.4</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13.4</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Gross Domestic Product <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">at Factor Cost</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.9</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.5</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.0</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.8</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.9</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p align="left"><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1"># Revised Estimates; * Quick Estimates; @ Provisional Estimates; N.A. Not available </font></p>

<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">$ Corresponds to 'trade, hotels and restaurants' and 'transport, storage and communication'.</font></p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Note: Figures in parenthesis indicate relative contribution of the sectors to the real GDP growth.</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Central Statistical Organisation</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Manufacturing Sector</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The manufacturing sector recorded a growth of 9.0% during 2004-05.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Services Sector</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The growth of the services sector in 2004-05 at 8.6% was higher than the average growth of 7.5% during the last five years. The services sector's contribution to GDP growth has been more than 50% since 1997-98. The share of the services sector in the GDP at 57.6% in 2004-05 was higher than in other developing countries as a group.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Inflation</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Average annual WPI inflation decelerated from 10.6% in the first half of the 1990s to 4.1% during the 2001-02 to 2003-04. The trend was reversed in 2004-05.</font></p>

<p align="center"><img src="j05159122_image001.jpg" width="75%"></p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-4</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<br clear="all" style="page-break-before:always;">


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Indian Federal Government Budget: revenues and expenditures</b></font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Consolidated National Government Finances</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="129" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Rs bn)<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005RE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="54" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="54" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="54" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F1996</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F1991</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="40" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>-</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>% of GDP<BR></b></font><font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005RE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F1996</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 7pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F1991</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Gross Fiscal Deficit</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2581</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2329</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2349</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">777</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">536</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.3</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.4</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.5</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.5</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.4</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Revenue Deficit</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1284</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1595</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1631</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">379</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">239</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.1</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.8</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.6</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.2</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.2</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Total Receipts</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9401</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8466</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7305</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2966</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1524</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">30.2</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">30.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">25.0</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">26.8</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Revenue Receipts</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6167</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5111</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4505</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2175</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1058</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">19.8</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18.5</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18.3</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18.3</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18.6</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-Tax Receipts</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4891</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4096</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3579</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1749</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">876</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">14.8</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">14.5</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">14.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15.4</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-Non-Tax Receipts</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1276</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1015</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">926</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">427</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">182</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.1</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.7</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.8</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.6</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.2</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Capital Receipts</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3234</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3355</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2800</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">791</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">466</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10.4</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12.2</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11.4</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8.2</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">a) Non-Debt Capital Receipts</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">180</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">433</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">161</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">70</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.6</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.6</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.7</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.6</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.6</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">b) Debt Capital Receipts</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3054</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2922</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2640</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">721</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">434</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9.8</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10.6</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.1</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.6</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Aggregate Expenditure</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8928</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7872</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7261</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3022</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1629</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">28.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">28.5</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29.5</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">25.4</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">28.6</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1) Revenue Expenditure</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7451</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6706</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6135</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2555</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1296</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24.0</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24.3</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24.9</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21.5</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22.8</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2) Capital Outlay</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1214</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">852</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">653</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">326</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">214</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.9</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.1</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.7</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.8</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3) Loans&nbsp;&amp; Advances</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">263</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">314</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">226</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">141</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">119</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.8</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.1</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0.9</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.2</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.1</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">GDP</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">31,086</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">27,600</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24,633</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11,880</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,687</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="34" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">100.0</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India; Central Statistical Organisation</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Exchange Market</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following table shows the exchange rate movement between the Rupee and the US Dollar from 1993-94 to present.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Exchange Rate Movement vs. US Dollar</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Year</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Average Rs/US$ Rate</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1993</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1994</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.366</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1994</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1995</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.399</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1995</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1996</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.450</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1996</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1997</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">35.500</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1997</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1998</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">37.165</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1998</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">42.071</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1999</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2000</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">43.333</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2000</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">45.684</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2001</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2002</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47.692</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2002</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">48.395</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2003</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2004</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">45.952</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2004</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2005 (1)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">44.932</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Provisional Numbers</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-5</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=58,FOLIO='A-5',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>External Sector</b></font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Merchandise Trade</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following table sets forth changes in the composition of India's trade balance during the period 1998/1999 through 2003/2004:</font></p>



<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>FOREIGN TRADE BALANCE</b></font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Trade Balance</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="70" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="135" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>% Change in</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Trade Deficit as</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Imports</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Exports</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Balance</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Imports</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Exports</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>% of Exports</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Rs. Billion</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="23" width="437" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1998</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,783</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,398</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(386</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.4</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1999</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2000</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,152</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,596</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(557</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14.2</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">34.9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2000</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,309</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,036</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(273</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.3</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.6</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2001</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2002</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,452</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,090</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(362</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.2</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.7</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2002</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,972</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,551</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(421</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2003</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2004</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,540</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,916</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(624</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14.3</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2004</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2005</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,811</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,561</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1,250</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">35.9</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">35.1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>US$. Billion</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="23" width="437" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1998</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">42.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(9.2</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0.7</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1999</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2000</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">49.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">36.8</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(12.8</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.2</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10.8</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">34.9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2000</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">50.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">44.6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(6.0</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.0</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2001</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2002</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">51.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">43.8</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(7.6</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.6</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2002</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">61.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">52.7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(8.7</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.3</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2003</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2004</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">78.1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">63.8</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(14.3</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.4</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="70" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2004</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/2005P</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">107.1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">79.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(27.8</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">39.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24.9</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="68" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">35.1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">P: Provisional Government Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-6</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=59,FOLIO='A-6',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following tables set forth the composition of India's imports and exports during the indicated periods:</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Commodity Breakdown of Imports</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="228" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="241" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Rs Billion</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="256" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>US$ million</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">I.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Bulk Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">966</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,176</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,354</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,882</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">20,263</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24,300</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29,461</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">41,880</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">A.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Petroleum, Petroleum Products&nbsp;&amp; Related <BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Material</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">668</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">854</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">945</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,341</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">14,000</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17,640</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">20,569</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29,844</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">B.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Bulk Consumption Goods</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">97</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">117</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">141</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">135</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,043</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,411</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,073</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,014</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Cereals&nbsp;&amp; Cereal Preparations</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">19</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">25</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Edible Oil</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">65</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">88</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">117</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">108</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,356</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,814</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,543</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,394</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Pulses</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">27</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">23</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">663</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">566</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">497</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">383</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Sugar</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">14</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">212</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">C.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Other Bulk Items</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">201</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">206</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">267</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">405</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,220</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,249</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,819</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9,022</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Fertilizers</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">30</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">33</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">55</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">679</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">626</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">721</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,231</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Non-Ferrous Metals</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">31</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">44</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">56</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">647</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">667</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">949</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,253</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Paper, Paperboard&nbsp;&amp; mgfd. Incl. Newsprint</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">30</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">447</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">449</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">658</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">702</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Crude Rubber, Incl. Synthetic&nbsp;&amp; Reclaimed</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">174</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">182</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">281</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">395</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Pulp&nbsp;&amp; Waste Paper</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">14</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">19</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">295</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">343</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">409</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">473</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Metalliferrous Ores&nbsp;&amp; Metal Scrap</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">55</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">50</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">60</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">107</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,144</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,038</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,296</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,370</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Iron&nbsp;&amp; Steel</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">40</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">46</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">69</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">117</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">834</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">944</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,506</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,597</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">II.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Non-Bulk Imports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,486</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,796</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,237</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,929</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">31,150</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">37,113</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">48,688</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">65,186</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">A.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Capital Goods</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">471</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">653</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">840</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,014</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9,882</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13,498</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18,279</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22,567</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Manufactures of Metals</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">19</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">24</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">40</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">407</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">488</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">690</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">887</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Machine Tools</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">27</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">193</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">247</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">460</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">592</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Machinery Except Electrical&nbsp;&amp; Electronics</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">142</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">173</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">218</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">294</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,971</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,566</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,744</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,551</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Electrical Machinery Except Electronics</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">28</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">40</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">51</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">594</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">664</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">872</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,144</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Electronic Goods Incl. Computer Software</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">191</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">295</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">363</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">467</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,999</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,093</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7,889</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10,389</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Transport Equipment</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">55</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">92</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">148</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">109</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,149</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,897</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,228</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,423</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Project Goods</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">27</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">26</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">26</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">569</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">543</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">396</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">582</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">B.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mainly Export Related Items</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">394</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">499</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">584</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">748</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8,260</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10,314</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12,717</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">16,649</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Pearls, Precious&nbsp;&amp; Semi-Precious Stones</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">220</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">293</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">328</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">423</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,623</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,063</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7,129</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9,423</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Chemicals, Organic&nbsp;&amp; Inorganic</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">134</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">146</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">185</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">240</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,800</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,025</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,032</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,335</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Textile Yarn, Fabric, etc.</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">36</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">47</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">58</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">67</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">747</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">970</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,258</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,499</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Cashew Nuts, Raw</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">14</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">90</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">255</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">299</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">391</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">C.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Others</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">620</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">644</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">813</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,167</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13,008</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13,301</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17,692</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">25,970</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="35" width="733" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">of which:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total Imports</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2,452</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2,972</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>3,591</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>4,811</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>51,413</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>61,412</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>78,149</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>107,066</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">P: Provisional Government Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-7</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=60,FOLIO='A-7',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Commodity Breakdown of Imports (% year-on-year)</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">I.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Bulk Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(2.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">42.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Petroleum, Petroleum Products&nbsp;&amp; Related Material</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(10.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">45.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Bulk Consumption Goods</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(40.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">41.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Cereals&nbsp;&amp; Cereal Preparations</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(91.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(4.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(20.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Edible Oil</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(29.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">40.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(5.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Pulses</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">507.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(14.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(12.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(22.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Sugar</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(97.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">NR</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">NR</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">C.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Other Bulk Items</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(19.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">36.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">55.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Fertilizers</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(46.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(9.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(7.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">70.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Non-Ferrous Metals</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(2.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">42.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Paper, Paperboard&nbsp;&amp; mgfd. Incl. Newsprint</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">46.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Crude Rubber, Incl. Synthetic&nbsp;&amp; Reclaimed</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">54.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">40.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Pulp&nbsp;&amp; Waste Paper</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Metalliferrous Ores&nbsp;&amp; Metal Scrap</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(9.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">82.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Iron&nbsp;&amp; Steel</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(18.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">59.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">72.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">II.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Non-Bulk Imports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Capital Goods</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(0.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">36.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">35.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Manufactures of Metals</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(3.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">41.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">28.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Machine Tools</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(16.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">86.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">28.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Machinery Except Electrical&nbsp;&amp; Electronics</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">38.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Electrical Machinery Except Electronics</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Electronic Goods Incl. Computer Software</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">52.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Transport Equipment</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(38.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">64.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">65.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">70.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(24.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Project Goods</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(24.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(23.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(4.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(27.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Mainly Export Related Items</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">30.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Pearls, Precious&nbsp;&amp; Semi-Precious Stones</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(3.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Chemicals, Organic&nbsp;&amp; Inorganic</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(14.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Textile Yarn, Fabric, etc.</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Cashew Nuts, Raw</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(23.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(57.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">182.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">30.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">C.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Others</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">33.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">46.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Total Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">19.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">37.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">P: Provisional Government Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-8</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=61,FOLIO='A-8',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Commodity Breakdown of Exports</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="228" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="241" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Rs Billion</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="256" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>US$ million</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">I.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Primary Products</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">342</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">421</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">455</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">548</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7,164</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8,706</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9,902</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12,198</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">A.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Agricultural&nbsp;&amp; Allied Products</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">281</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">325</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">346</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">360</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,901</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,710</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7,533</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8,004</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="35" width="733" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">of which:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Tea</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">16</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">18</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">361</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">341</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">356</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">397</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Coffee</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">230</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">205</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">236</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">224</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Rice</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">58</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">42</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">66</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">666</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,205</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">907</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,478</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Oil Meal</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">23</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">33</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">31</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">475</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">307</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">729</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">690</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Marine Products</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">59</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">69</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">61</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">57</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,237</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,432</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,329</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,268</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">B.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Ores&nbsp;&amp; Minerals</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">60</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">97</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">109</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">188</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,262</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,996</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,369</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,193</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">II.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Manufactured Goods</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,591</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,948</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,228</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,614</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">33,370</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">40,245</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">48,492</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">58,168</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="35" width="733" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">of which:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">A.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Leather&nbsp;&amp; Manufactures</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">91</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">89</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">99</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">103</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,910</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,848</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,163</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,289</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">B.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Chemicals&nbsp;&amp; Related Products</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">289</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">361</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">434</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">533</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,052</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7,455</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9,446</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11,873</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">C.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Engineering Goods</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">332</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">437</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">570</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">739</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,958</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9,033</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12,405</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">16,441</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">D.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Textiles and Textile Products</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">487</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">562</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">588</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">567</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9,665</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11,617</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12,792</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">12,614</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">E.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Gems and Jewellery</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">348</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">437</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">486</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">616</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7,306</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10,207</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10,573</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">13,705</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">F.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Handicrafts</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">26</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">38</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">23</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">549</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">785</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">500</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">344</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">III.&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Petroleum, Crude&nbsp;&amp; Products</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">101</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">125</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">164</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">305</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,119</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,577</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,568</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,792</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">IV&nbsp;</font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Others</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">56</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">58</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">86</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">94</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,174</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,192</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,880</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,089</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="228" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total Exports (I+II+III+IV)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2,090</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2,551</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2,934</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>3,561</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>43,827</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>52,719</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>63,843</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>79,247</b></font>

</td>
<td colspan="1" width="8" valign="bottom" style="border:none; border-top:solid windowtext .5pt; padding:0in 0in 0in 0in;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">P: Provisional Government Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Commodity Breakdown of Exports (% year-on-year)</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">I.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Primary Products</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">0.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Agricultural&nbsp;&amp; Allied Products</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="709" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">of which:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Tea</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(4.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(7.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(5.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Coffee</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(21.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(10.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(5.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Rice</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">81.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(24.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">63.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Oil Meal</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(35.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">137.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(5.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Marine Products</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.9</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(7.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(4.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Ores&nbsp;&amp; Minerals</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25.9</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">58.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">18.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">77.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">II.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Manufactured Goods</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(2.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="709" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">of which:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Leather&nbsp;&amp; Manufactures</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(3.2</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Chemicals&nbsp;&amp; Related Products</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">C.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Engineering Goods</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29.8</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">37.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">D.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Textiles and Textile Products</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.8</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(9.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.2</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">E.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Gems and Jewellery</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">F.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Handicrafts</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(17.0</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">43.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(36.3</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(31.4</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">III.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Petroleum, Crude&nbsp;&amp; Products</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4709.7</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">38.5</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">90.4</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">IV.&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Others</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">125.6</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(4.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1.5</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">57.7</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11.1</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Total Exports (I+II+III+IV)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.0</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(1.6</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.3</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">24.1</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">P: Provisional Government Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-9</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=62,FOLIO='A-9',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The United States has remained India's main trading partner, followed by the United Kingdom and Belgium. The following table shows the direction of foreign trade in US$ between India and the above-mentioned countries, regions and organizations from 2001 to 2005.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Direction of Foreign Trade</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="62" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(US$ million)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="491" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>OECD countries</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Exports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23473.6</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21622.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26382.6</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29629.2</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">34851.4</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20157.9</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20640.6</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23301.1</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29572.1</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">37544.0</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Balance</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3315.7</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">981.4</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3081.5</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">57.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(2692.6</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="491" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>OPEC</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Exports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4850.0</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5224.5</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6884.6</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9544.4</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12715.2</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2688.8</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2965.8</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3479.4</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5609.2</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9755.9</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Balance</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2161.2</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2258.7</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3405.2</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3935.2</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2959.3</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="491" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Eastern Europe</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Exports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1317.8</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1254.8</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1248.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1555.4</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1702.7</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">850.2</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">946.8</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1139.9</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1628.9</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2391.9</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Balance</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">467.6</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">307.9</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">108.2</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(73.5</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(689.2</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="491" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Developing countries</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Exports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13012.6</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13535.5</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17862.3</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22784.3</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29569.5</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11156.2</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12776.4</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15688.2</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20567.2</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27163.8</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Balance</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1856.4</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">759.0</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2174.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2217.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2405.7</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="491" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Others/unspecified</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Exports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1906.3</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2189.8</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">341.8</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">329.3</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">408.1</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15683.4</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14083.7</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17803.5</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20771.7</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">30210.5</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Balance</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(13777.1</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

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<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(11893.9</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
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&nbsp;

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<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(17461.7</font>

</td>
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<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

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<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(20442.4</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

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<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(29802.4</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="491" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Total trade</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Exports</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">44560.3</font>

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<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

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<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">43826.7</font>

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<td colspan="1" width="19" valign="bottom">


&nbsp;

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<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

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<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">52719.4</font>

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<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
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<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">63842.6</font>

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<td colspan="1" width="19" valign="bottom">


&nbsp;

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<td colspan="1" width="8">&nbsp;</td>
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<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">79247.0</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Imports</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">50536.5</font>

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<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">51413.3</font>

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<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

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<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">61412.1</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">78149.1</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">107066.1</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Balance</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(5976.2</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(7586.6</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(8692.7</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(14306.5</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(27819.1</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">P: Provisional Government Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Direction of Foreign Trade (% Share in Total)</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="101" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

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<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004P</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Exports</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="309" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">OECD countries</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">53</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">49</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">50</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">OPEC</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Eastern Europe</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Developing countries</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">34</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">36</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Others/unspecified</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Imports</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="309" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">OECD countries</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">40</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">40</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">38</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">38</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">OPEC</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Eastern Europe</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Developing countries</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="101" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Others/unspecified</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">P: Provisional Government Estimates</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-10</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=63,FOLIO='A-10',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Software Services and ITES-BPO</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As shown in the table below, exports of software and IT-Enabled Services recorded growth of 34.4% to reach US $17.2 billion in 2004-05. The table below shows the amount of software and services exports of India in US$ from 1995-96 to 2004-05.</font></p>



<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Software and Services Exports of India<BR></b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(US $ million)</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Year</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>IT Services</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>ITES-BPO</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total Software</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1995-96</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">754</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">754</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2000-01</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,287</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">930</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="65" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,217</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2003-04</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9,200</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,600</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12,800</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2004-05</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12,000</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,200</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="65" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17,200</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">ITES: IT-Enabled Services. BPO: Business Process Outsourcing.</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: National Association of Software and Service Companies.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>FOREIGN EXCHANGE RESERVES</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">India's foreign exchange reserves comprising foreign currency assets, gold, SDRs and the reserve position with the IMF increased by as much as US $28.6 billion during 2004-05 and stood at US $141.5 billion as on March&nbsp;31, 2005.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following table shows India's foreign exchange reserves since March&nbsp;1994:</font></p>



<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>FOREIGN EXCHANGE RESERVES</b></font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Trend in India's Foreign Exchange Reserves</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="42" valign="bottom">


&nbsp;

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<td colspan="1">&nbsp;</td>
<td colspan="19" width="311" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Rs bn</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="324" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>US$mn</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="51" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>SDRs</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Gold</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="66" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Foreign <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Currency <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Assets</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Reserve <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Tranche <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Position<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>in IMF</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="51" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>SDRs</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="52" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Gold</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="66" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Foreign<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Currency <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Assets</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Reserve <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Tranche <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Position <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>in IMF</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-94</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">128</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">473</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">614</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">108</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,078</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">15,068</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">299</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">19,553</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-95</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">138</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">660</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">808</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,370</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">20,809</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">331</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">25,517</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-96</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">157</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">584</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">754</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">82</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,561</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">17,044</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">310</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">21,997</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-97</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">146</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">804</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">960</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,054</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">22,367</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">291</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">26,714</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-98</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">134</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,025</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">11</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,170</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,391</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">25,975</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">283</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29,650</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-99</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">126</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,254</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">28</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,408</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,960</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29,522</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">663</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">33,153</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-00</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">130</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,529</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,688</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,974</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">35,058</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">658</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">38,694</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-01</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">127</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,845</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">29</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,001</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,725</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">39,554</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">616</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">42,897</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-02</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">149</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,491</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">30</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2,670</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">10</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,047</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">51,049</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">610</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">54,716</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-03</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">168</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,415</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">32</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,615</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,534</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">71,890</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">672</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">76,100</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Jun-03</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">172</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,650</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">45</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,867</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,698</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">78,546</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">976</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">83,221</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Sep-03</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">180</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,999</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">55</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,234</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3,919</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">87,213</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,203</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">92,339</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Dec-03</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">192</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,452</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">60</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,705</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,215</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">97,617</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,316</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">103,151</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-04</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">182</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,662</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">57</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,901</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,198</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">107,448</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,311</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">112,959</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Jun-04</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">187</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,249</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">60</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,495</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">2</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,057</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">114,151</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,301</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">119,511</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Sep-04</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">193</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,266</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">60</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,520</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,192</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">114,083</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,303</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">119,579</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Dec-04</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">200</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,455</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">62</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,717</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,582</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">125,164</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,427</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">131,178</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Mar-05</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">197</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,931</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">63</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,191</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,500</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">135,571</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,438</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">141,514</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="42" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Jun-05</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">194</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">5,759</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">68</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6,020</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="35" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="36" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">4,453</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">132,352</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">1,561</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">138,370</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Reserve Bank of India</font></p>

<p align="center"><font size="2" face="Times New Roman">A-11</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=64,FOLIO='A-11',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Investment</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The table below sets forth trends in foreign institutional investment in India since 1994-1995:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Period</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Purchases</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Sales</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Net Investment</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Cumulative Net<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Investment</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Net Investment</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Cumulative Net<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Investment</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Rs.Mn.)</b></font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Rs.Mn.)</b></font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Rs.Mn.)</b></font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Rs.Mn.)</b></font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(US$Mn.)</b></font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(US$Mn.)</b></font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1994-95</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">76,311</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">28,348</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47,963</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47,963</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,528</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,167</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1995-96</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">96,935</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27,516</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">69,420</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">117,384</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,036</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,202</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1996-97</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">155,539</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">69,794</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">85,745</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">203,129</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,432</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7,634</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1997-98</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">186,947</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">127,372</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">59,574</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">262,703</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,650</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9,284</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1998-99</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">161,150</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">176,994</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(15,845</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">246,857</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(386</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8,898</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1999-00</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">568,555</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">467,335</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">101,219</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">348,077</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,339</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11,237</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2000-01</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">740,506</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">641,164</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">99,342</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">447,419</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,159</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13,396</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2001-02</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">499,199</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">411,650</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">87,552</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">534,972</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,846</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15,242</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2002-03</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">470,601</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">443,710</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26,889</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">561,861</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">562</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15,804</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2003-04</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,448,575</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">990,940</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">457,645</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,019,506</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9,949</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">25,754</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2004-05</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,005,816</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,596,084</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">409,732</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,429,238</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="67" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9,100</font>

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="69" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">34,854</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Sources: NSE, BSE, Bloomberg, Reserve Bank of India.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>External Debt</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following table shows the levels and components of India's external debt since 2002.</font></p>



<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>EXTERNAL DEBT</b></font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>India's External Debt</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="223" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(US$million)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>F2005P</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">I. Multilateral</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31,899.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">30,002.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29,288.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31,763.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A. Government Borrowing</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">28,290.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">27,271.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26,826.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">29,143.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B. Non-Government borrowing</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,609.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,731.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,462.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,620.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">II. Bilateral</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15,323.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16,802.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17,278.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17,222.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A. Government borrowing</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11,540.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12,664.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12,988.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13,067.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B. Non-Government borrowing</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,783.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,138.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,290.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,155.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">III. International Monetary Fund</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">IV. Trade Credit</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,368.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,973.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,680.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,960.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">V. Commercial Borrowing</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23,320.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22,530.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">22,101.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">26,942.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">VI. NRI and FC (B and O) Deposits <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(above one-year maturity)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17,154.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23,160.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">31,216.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">32,599.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">VII. Rupee Debt</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,034.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,822.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,721.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,300.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">VIII. Total Long-term Debt (I to VII)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">96,098.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">100,289.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">107,284.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">115,786.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">IX. Short-term Debt</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,745.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,669.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,431.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7,524.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">X. GRAND TOTAL</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">98,843.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">104,958.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">111,715.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">123,310.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Debt Indicators:</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="15" width="311" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1. Debt Stock - GDP Ratio</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">21.1</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">20.3</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">17.4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="223" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2. Debt-Service Ratio (Including debt-servicing on <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">non-civilian credits)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13.9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16.3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6.2</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">A-12</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=65,FOLIO='A-12',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>THE STOCK MARKETS IN INDIA</b></font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Indian Stock Exchanges</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">India has two principal exchanges, The Bombay Stock Exchange Limited ("BSE") and The National Stock Exchange of India Limited ("NSE").</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following is a historical snapshot of the levels of popular indices in the Indian market</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="79" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>BSE 100 Index</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>OPEN</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>HIGH</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>LOW</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>CLOSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/29/1984</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">105</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">126</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">101</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">118</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/28/1985</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">122</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">252</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">122</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">233</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/27/1986</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">246</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">283</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">224</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">251</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/26/1987</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">258</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">267</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">211</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">229</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1988</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">243</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">361</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">207</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">340</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/22/1989</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">339</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">423</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">324</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">419</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1990</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">426</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">775</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">369</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">529</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1991</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">524</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">931</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">490</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">893</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1992</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">905</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,049</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">902</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,185</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1993</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,195</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,659</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">912</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,614</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1994</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,676</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,193</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,672</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,864</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/22/1995</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,870</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,870</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,333</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,431</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1996</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,432</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,865</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,203</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,363</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/26/1997</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,367</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,007</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,367</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,575</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1998</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,581</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,909</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,227</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,314</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/30/1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,332</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,624</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,332</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,624</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/29/2000</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,734</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,906</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,760</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,032</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,042</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,303</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,210</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,557</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2002</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,557</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,813</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,411</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,665</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,668</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,111</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,447</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,075</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2004</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,090</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,589</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,226</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,580</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/22/2005</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,594</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,538</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,269</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,351</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source-ASA</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="79" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>BSE Sensex Index</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>OPEN</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>HIGH</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>LOW</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>CLOSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1980</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">126</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">148</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">118</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">148</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1981</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">152</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">228</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">147</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">228</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1982</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">253</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">253</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">205</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">236</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1983</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">237</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">253</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">207</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">253</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/21/1984</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">256</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">280</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">233</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">272</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1985</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">286</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">540</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">273</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">527</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1986</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">598</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">665</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">482</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">524</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1987</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">562</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">579</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">406</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">442</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1988</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">472</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">719</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">390</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">666</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/22/1989</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">667</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">799</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">625</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">779</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1990</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">796</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,603</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">659</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,048</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1991</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,027</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,955</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">947</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,909</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1992</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,957</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,547</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,945</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,615</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1993</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,618</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,459</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,980</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,346</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1994</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,437</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,643</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,406</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,927</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/22/1995</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,910</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,944</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,891</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,110</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1996</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,114</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,131</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,713</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,085</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/26/1997</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,097</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,605</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,097</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,633</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/1998</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,658</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,322</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,741</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,055</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">A-13</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=66,FOLIO='A-13',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="79" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>BSE Sensex Index</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>OPEN</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>HIGH</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>LOW</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>CLOSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/30/1999</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,065</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,151</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,042</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,006</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/29/2000</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,210</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,151</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,492</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,972</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2001</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,991</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,462</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,595</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,262</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2002</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,262</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,758</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,828</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,377</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2003</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,384</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,921</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,904</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,839</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2004</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,872</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,617</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4,228</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,603</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/19/2005</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,626</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8,461</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,069</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8,445</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source-ASA</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="79" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>NSE 50 (Nifty)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>OPEN</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>HIGH</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>LOW</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>CLOSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1990</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">279</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">480</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">279</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">331</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1991</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">319</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">572</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">306</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">559</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1992</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">573</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,281</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">573</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">761</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/24/1993</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">745</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,070</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,043</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/23/1994</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,084</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,385</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,083</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,182</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/29/1995</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,182</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,182</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">844</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">909</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/26/1996</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">908</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,203</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">775</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">912</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/26/1997</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">918</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,297</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">896</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,061</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/1998</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,079</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,247</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">800</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">884</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/30/1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">887</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,523</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">883</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,480</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/29/2000</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,482</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,818</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,108</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,264</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,264</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,423</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">850</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,059</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2002</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,059</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,206</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">920</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,094</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,094</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,914</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">920</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,880</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/31/2004</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,880</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,088</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,292</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,081</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="79" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">/19/2005</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,080</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,580</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="39" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,894</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,567</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source-ASA</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Market Activity and Liquidity</b></font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following table sets forth the cumulative trading volume on the exchanges over the last six fiscal years.</font></p>



<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>TRADING VOLUME OF BOTH STOCK EXCHANGES</b></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="75" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="209" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Cumulative volumes</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Average<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>exchange<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>rate</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="161" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Cumulative volumes</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="75" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>NSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>BSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(Rs to US$)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>NSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>BSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Total</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="75" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="209" align="center" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Rs billion</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="161" align="center" valign="bottom">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>US$ billion</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1999-2000</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8,390.52</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,850</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">15,241</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">43.3327</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">194</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">158</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">352</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2000-2001</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">13,395.10</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,000</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">23,395</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="55" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">45.6844</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">293</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">219</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="33" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">512</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2001-2002</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,131.67</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,073</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8,205</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">47.6919</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">108</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">64</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">172</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2002-2003</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6,179.89</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3,141</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9,321</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="55" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">48.3953</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">128</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">65</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="33" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">193</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2003-2004</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10,995.35</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,026</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16,022</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">45.9516</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">239</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">109</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">349</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="59" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2004-2005</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="57" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11,400.71</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5,187</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">16,588</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="55" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">44.9315</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">254</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">115</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="33" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">369</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Sources: DSP Merrill Lynch, NSE, BSE.</font></p>



<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Totals may not add due to rounding.</font></p>

<p align="center"><font size="2" face="Times New Roman">A-14</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=67,FOLIO='A-14',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Indian stock exchanges are among the global stock exchanges with the highest number of transactions. In 2002, the NSE displaced Shanghai to take third place and BSE moved up from eighth rank in 2001 to rank fifth in 2003, and retained these rankings in 2004 (table below).</font></p>



<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Biggest exchanges by number of transactions in 2004</b></font></p>



<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Rank by number of transaction</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="78" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="48" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">NASDAQ</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">NYSE</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">NSE</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Shanghai</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">BSE</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Korea</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Taiwan</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Shenzhen</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" bgcolor="#cceeff" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Deutsche Borse</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="78" align="left" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">London</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">14</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">12</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">11</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: Economic Survey 2004-05.</font></p>



<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The table below sets forth the market capitalization in US$ of the BSE and NSE for the last ten fiscal years.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="97" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Financial Year</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>BSE <BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(US$bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>NSE<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>(US$bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1996-97</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">159.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">118.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1997-98</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">136.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">130.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1998-99</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">150.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">117.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1999-00</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">143.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">236.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2000-01</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">200.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">144.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2001-02</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">120.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">134.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2002-03</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">119.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">111.0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2003-04</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">267.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">249.0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2004-05</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">388.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">363.7</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="81" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">August&nbsp;31,2005</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">492.8</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="44" align="right" valign="bottom">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">455.2</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Sources: DSP Merrill Lynch, NSE, BSE.</font></p>

<p align="center"><font size="2" face="Times New Roman">A-15</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=68,FOLIO='A-15',FILE='05-15912-2.ga',USER='Unknown',CD='Nov 10 16:33 2005' -->

<br clear="all" style="page-break-before:always;">


<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Comparison of the India's two Major Stock Exchanges</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="26" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>&nbsp;</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Particulars</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>National Stock Exchange (NSE)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">


<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Bombay Stock Exchange (BSE)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>A</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>In business since</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="694" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1994</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="684" align="right" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1875</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>B</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Regulation</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">First demutualised stock exchange, a public limited company owned by certain leading financial institutions, such as IDBI, SBI, IFCI, etc. Professional management</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Pre-2005 a self regulatory organization, owned by members, governed by a 20-board of governors from August&nbsp;2005, a limited company, professional management</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>C</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Listed Scrips</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Approx. 987 listed scrips</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Approx. 7,097 listed scrips</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>D</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Automated Trading System</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">National Exchange for Automated Trading (NEAT)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">BSE On Line Trading (BOLT)</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>E</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Number of Members</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">More than 850</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">More than 781</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>F</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Market Capitalization</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">USD 455.189 bn (As on September&nbsp;5, 2005)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">USD 492.75 bn (As on September&nbsp;5, 2005)</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>G</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Average Number of Trades</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2,195,876 per day (Jan 2004 &#150; Dec 2004) 2,089,110 per day (Jan 2005 &#150; July&nbsp;2005)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1,157,985 per day (Jan 2004 &#150; Dec 2004) 974,162 per day (Jan 2005 &#150; July&nbsp;2005)</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>H</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Average Daily Turnover</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">USD 1377.00 MN (Jan 2004&nbsp;&#150;&nbsp;Dec 2004) USD 1128.49 MN (Jan 2004&nbsp;&#150;&nbsp;July&nbsp;2005)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">USD 632.00 MN (Jan 2004&nbsp;&#150;&nbsp;Dec 2004)&nbsp;USD 558.32 MN (Jan 2005&nbsp;&#150;&nbsp;July&nbsp;2005)</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>I</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Average Daily Traded Volume</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">364.51 MN shares (Jan 2004&nbsp;&#150;&nbsp;Dec 2004) 354.36 MN shares (Jan 2005&nbsp;&#150;&nbsp;July&nbsp;2005)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">204.93 MN shares (Jan 2004&nbsp;&#150;&nbsp;Dec 2004) 262.94 MN shares (Jan 2005&nbsp;&#150;&nbsp;July&nbsp;2005)</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>J</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Market Timings</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">09:55&nbsp;a.m. IST to 3:30&nbsp;p.m. IST</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">09:55&nbsp;a.m. IST to 3:30&nbsp;p.m. IST</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>K</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Index Futures&nbsp;&amp; Options</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149; Nifty Futures&nbsp;&#150;&nbsp;June&nbsp;12, 2000 <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149; Nifty Options&nbsp;&#150;&nbsp;June&nbsp;04, 2001<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149; Single Stock Options&nbsp;&#150;&nbsp;July&nbsp;2, 2001&nbsp;&#149; Single Stock Futures&nbsp;&#150;&nbsp;Nov 9, 2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149; Sensex Futures&nbsp;&#150;&nbsp;June&nbsp;09, 2000<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149; Sensex Options&nbsp;&#150;&nbsp;June&nbsp;01, 2001<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149; Single Stock Options&nbsp;&#150;&nbsp;July&nbsp;9, 2001<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&#149; Single Stock Futures&nbsp;&#150;&nbsp;Nov 9, 2001</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>L</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Investor Protection Fund</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Yes (Nominal)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Yes (Nominal)</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>M</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Broker Insurance</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Yes (Mandatory)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Yes (Mandatory)</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>N</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Membership Card</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">To be surrendered</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Can be sold/ transferred</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="26" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>O</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Trade Guarantee</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="710" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Settlement Guarantee Fund of Clearing Corporation guarantees Financial Settlement up to Pay out</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="700" align="left" valign="top">


<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Settlement Guarantee Fund of Clearing Corporation guarantees Financial Settlement up to Pay out.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>


<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Source: DSP Merrill Lynch, NSE, BSE.</font></p>

<p align="center"><font size="2" face="Times New Roman">A-16</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>APPENDIX B</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>DESCRIPTION OF VARIOUS FOREIGN CURRENCY AND<BR>INTEREST RATE HEDGES AND OPTIONS ON SECURITIES<BR>AND SECURITIES INDEX FUTURES CONTRACTS AND RELATED OPTIONS</b></font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Foreign Currency Hedging Transactions</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Foreign Currency Forward Contracts.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;A foreign currency forward contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between currency traders (usually large commercial banks).</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Foreign Currency Futures Contract.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;A foreign currency futures contract is a standardized contract for the future delivery of a specified amount of a foreign currency at a future date at a price set at the time of the contract. Foreign currency futures contracts traded in the United States are traded on regulated exchanges. Parties to a futures contract must make initial "margin" deposits to secure performance of the contract, which generally range from 2% to 5% of the contract price. There also are requirements to make "variation" margin deposits as the value of the futures contract fluctuates. The Fund may enter into foreign currency futures contracts (or futures contracts with respect to interest rates or securities indexes (described below)) or related options only if (i)&nbsp;s
uch transactions are entered into solely for bona fide hedging purposes, or (ii)&nbsp;if any such transactions are entered into for non-hedging purposes, the aggregate amount of initial margin deposits and option premiums on the Fund's then existing futures and related options positions would not exceed 5% of the fair market value of the Fund's total assets.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may purchase and write call and put options on foreign currency futures contracts. An option on a foreign currency futures contract, as contrasted with the direct investment in such a contract, gives the purchaser the right, in return for the premium paid, to assume a position in a foreign currency futures contract at a specified exercise price at any time on or before the expiration date of the option. The potential loss related to the purchase of an option on a futures contract is limited to the premium paid for the option (plus transaction costs). Because the value of the option is fixed at the point of sale, there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option does change daily. To the extent the Fund purchases an option on a foreign currency futures contract any change in the value of such option would b
e reflected in the net asset value of the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Options on Currencies.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;A put option purchased by the Fund on a currency gives the Fund the right to sell the currency at the exercise price until or at the expiration of the option. A call option purchased by the Fund gives the Fund the right to purchase a currency at the exercise price until or at the expiration of the option.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Currency Hedging Strategies.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The Fund may enter into forward foreign currency exchange contracts and foreign currency futures contracts and related options in several circumstances. For example, when the Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when the Fund anticipates the receipt in a foreign currency of dividends or interest payments on such a security which it holds, the Fund may desire to "lock in" the dollar price of the security or the dollar equivalent of such dividend or interest payment, as the case may be. In addition, when the Adviser believes that the currency of a particular foreign country may suffer a substantial decline against the dollar, it may enter into a forward or futures contract to sell, for a 
fixed amount of dollars, the amount of foreign currency approximating the value of some or all of the Fund's portfolio securities denominated in such foreign currency.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">At the maturity of a forward or futures contract, the Fund may either accept or make delivery of the currency specified in the contract or, prior to maturity, enter into an offsetting contract. Such offsetting transactions with respect to forward contracts must be effected with the currency trader who is a party to the original forward contract. Offsetting transactions with respect to futures contracts are effected on the same exchange on which the initial transaction occurred. The Fund will enter into such futures contracts and related options if it is expected that there will be a liquid market in which to close out such contract. There can, however, be no assurance that such a liquid market will exist in which to close a futures contract or related option or that the opposite party to the forward contract will agree to the offset, in which case the Fund may suffer a loss.</font></p>
<p align="center"><font size="2" face="Times New Roman">B-1</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund does not intend to enter into such forward or futures contracts to protect the value of its portfolio securities on a regular basis, and will not do so if, as a result, the Fund will have more than 20% of the value of its total assets committed to the performance of such contracts. The Fund also will not enter into such forward or futures contracts or maintain a net exposure to such contracts where the performance of the contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund's portfolio securities or other assets denominated in that currency. Further, the Fund generally will not enter into a forward or futures contract with a term of greater than one year.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may attempt to accomplish objectives similar to those described above with respect to forward and futures contracts for currency by means of purchasing put or call options on foreign currencies on exchanges. A put option gives the Fund the right to sell a currency at the exercise price until the expiration of the option. A call option gives the Fund the right to purchase a currency at the exercise price until the expiration of the option.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">While the Fund may enter into forward, futures and options contracts to reduce currency exchange rate risks, changes in currency prices may result in a poorer overall performance for the Fund than if it had not engaged in any such transaction. Moreover, there may be an imperfect correlation between the Fund's portfolio holdings of securities denominated in a particular currency and forward, futures or options contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of foreign exchange loss.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Certain provisions of the Code may limit the extent to which the Fund may enter into forward or futures contracts or engage in options transactions. These transactions may also affect the character and timing of income and the amount of gain or loss recognized by the Fund and its stockholders for U.S. federal income tax purposes. See "Taxation-U.S. Federal Income Taxes."</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Interest Rate Futures and Options Thereon</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Interest Rate Futures Contracts.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The Fund may enter into futures contracts on government debt securities for the purpose of hedging its portfolio against the adverse effects of anticipated movements in interest rates. For example, the Fund may enter into futures contracts to sell U.S. Government Treasury Bills (take a "short position") in anticipation of an increase in interest rates. Generally, as interest rates rise, the market value of any fixed-income securities held by the Fund will fall, thus reducing the net asset value of the Fund. However, the value of the Fund's short position in the futures contracts will also tend to increase, thus offsetting all or a portion of the depreciation in the market value of the Fund's fixed-income investments which are being hedged. The Fund 
may also enter into futures contracts to purchase government debt securities (take a "long position") in anticipation of a decline in interest rates. The Fund might employ this strategy in order to offset entirely or in part an increase in the cost of any fixed-income securities it intends to subsequently purchase.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Options on Futures Contracts.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The Fund may purchase and write call and put options on interest rate futures contracts which are traded on recognized exchanges and enter into closing transactions with respect to such options to terminate an existing position. The Fund may use such options in connection with its hedging strategies. Generally, these strategies would be employed under the same market and market sector conditions in which the Fund enters into futures contracts. An option on an interest rate futures contract operates in the same manner as an option on a foreign currency futures contract (described above), except that it gives the purchaser the right, in return for the premium paid, to assume a position in an interest rate futures contract instead of a currency futures co
ntract. The Fund may purchase put options on futures contracts rather than taking a short position in the underlying futures contract in anticipation of an increase in interest rates. Similarly, the Fund may purchase call options on futures contracts as a substitute for taking a long position in futures contracts to hedge against the increased cost resulting from a decline in interest rates of fixed-income securities which the Fund intends to purchase. The Fund also may write a call option on a futures contract rather than taking a short position in the underlying futures contract, or write a put option on a futures contract rather than taking a long position in the underlying futures contracts. The writing of an option, however, will only constitute a partial hedge, since the Fund could be required to enter into a futures contract at an unfavorable price and will in any event be able to benefit only to the extent of the premium received.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Risk Factors in Transactions in Interest Rate Futures Contracts and Options Thereon.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The Fund's ability to effectively hedge all or a portion of its fixed income securities through the use of interest rate futures contracts and options thereon depends in part on the degree to which price movements in the securities underlying the option or futures contract correlate with price movements of the fixed-income securities held by the Fund. In addition, disparities in the average maturity or the quality of the Fund's investments as compared to the financial instrument </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">underlying an option or futures contract may also reduce the correlation in price movements. Transactions in options on futures contracts involve similar risks, as well as the additional risk that movements in the price of the option will not correlate with movements in the price of the underlying futures contract.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Options on Securities and Securities Index Futures Contracts and Related Options</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Options on Securities.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;In order to hedge against market shifts, the Fund may purchase put and call options on securities. In addition, the Fund may seek to increase its income or may hedge a portion of its portfolio investments through writing (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">, selling) covered call options. A put option gives the holder the right to sell to the writer of the option an underlying security at a specified price at any time during or at the end of the option period. In contrast, a call option gives the purchaser the right to buy the underlying security covered by the op
tion from the writer of the option at the stated exercise price. A "covered" call option means that so long as the Fund is obligated as the writer of the option, it will own (i)&nbsp;the underlying securities subject to the option, or (ii)&nbsp;securities convertible or exchangeable without the payment of any consideration into the securities subject to the option. As a matter of operating policy, the value of the underlying securities on which options will be written at any one time will not exceed 5% of the total assets of the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund will receive a premium from writing call options, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed out at a profit. By writing a call, the Fund will limit its opportunity to profit from an increase in the market value of the underlying security above the exercise price of the option for as long as the Fund's obligation as writer of the option continues. Thus, in some periods the Fund will receive less total return and in other periods greater total return from writing covered call options than it would have received from its underlying securities had it not written call options.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may purchase options on securities that are listed on securities exchanges or traded over the counter. In purchasing a put option, the Fund will seek to benefit from a decline in the market price of the underlying security, while in purchasing a call option, the Fund will seek to benefit from an increase in the market price of the underlying security. If an option purchased is not sold or exercised when it has remaining value, or if the market price of the underlying security remains equal to or greater than the exercise price, in the case of a put, or remains equal to or below the exercise price, in the case of a call, during the life of the option, the Fund will lose its investment in the option. For the purchase of an option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price, in the case of a put, and must increase significantly abov
e the exercise price, in the case of a call, to cover the premium and transaction costs. Because premiums paid by the Fund on options are small in relation to the market value of the investments underlying the options, buying options can result in large amounts of leverage. The leverage offered by trading in options could cause the Fund's net asset value to be subject to more frequent and wider fluctuation than would be the case if the Fund did not invest in options.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Securities Index Futures Contracts and Related Options.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The Fund may, for hedging purposes, enter into securities index futures contracts and purchase and write put and call options on stock index futures contracts, in each case that are traded on regulated exchanges, including non-U.S. exchanges to the extent permitted by the CFTC. A securities index futures contract is an agreement to take or make delivery of an amount of cash equal to the difference between the value of the index at the beginning and at the end of the contract period. Successful use of securities index futures will be subject to the Adviser's ability to predict correctly movements in the direction of the relevant securities market. No assurance can be given that the Adviser's judgment in this respect will be cor
rect.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may enter into securities index futures contracts to sell a securities index in anticipation of or during a market decline to attempt to offset the decrease in market value of securities in its portfolio that might otherwise result. When the Fund is not fully invested in accordance with its investment objectives and policies and anticipates a significant market advance, it may enter into futures contracts to purchase the index in order to gain rapid market exposure that may in part or entirely offset increases in the cost of securities that it intends to purchase. In a substantial majority of these transactions, the Fund will purchase such securities upon termination of the futures position but, under unusual market conditions, a futures position may be terminated without the corresponding purchase of securities.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The Fund may purchase and write put and call options on securities index futures contracts in order to hedge all or a portion of its investments and may enter into closing purchase transactions with respect to written options in order to terminate existing positions. There is no guarantee that such closing transactions can be effected. An option on a securities index futures contract operates in the same manner as an option on a foreign currency futures contract (described below), except that it gives the purchaser the right, in return for the premium paid, to assume a position in a securities index futures contract instead of a currency futures contract.</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>APPENDIX C</b></font></p>

<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>MORGAN STANLEY INVESTMENT MANAGEMENT<BR>PROXY VOTING POLICY AND PROCEDURES</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>I.&nbsp;&nbsp;Policy Statement</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Introduction</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-Morgan Stanley Investment Management's ("MSIM") policy and procedures for voting proxies ("Policy") with respect to securities held in the accounts of clients applies to those MSIM entities that provide discretionary investment management services and for which a MSIM entity has authority to vote proxies. The Policy will be reviewed and, updated, as necessary, to address new or revised proxy voting issues. The MSIM entities covered by the Policy currently include the following: Morgan Stanley Investment Advisors Inc., Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Asset&nbsp;&amp; Investment Trust Management Co., Limited, Morgan Stanley Investment
 Management Private Limited, Morgan Stanley Hedge Fund Partners GP LP, Morgan Stanley Hedge Fund Partners LP, Van Kampen Asset Management, and Van Kampen Advisors Inc. (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates").</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Each MSIM Affiliate will use its best efforts to vote proxies as part of its authority to manage, acquire and dispose of account assets. With respect to the MSIM registered management investment companies (Van Kampen, Institutional and Advisor Funds)(collectively referred to herein as the "MSIM Funds"), each MSIM Affiliate will vote proxies pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board of Directors or Trustees of the MSIM Funds. A MSIM Affiliate will not vote proxies if the "named fiduciary" for an ERISA account has reserved the authority for itself, or in the case of an account not governed by ERISA, the investment management or investment advisory agreement does not authorize the MSIM Affiliate to vote proxies. MSIM Affiliates will, in a prudent and diligent manner, vote proxies in the best interests of cl
ients, including beneficiaries of and participants in a client's benefit plan(s)&nbsp;for which the MSIM Affiliates manage assets, consistent with the objective of maximizing long-term investment returns ("Client Proxy Standard"). In certain situations, a client or its fiduciary may provide a MSIM Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client's policy unless to do so would be inconsistent with applicable laws or regulations or the MSIM Affiliate's fiduciary responsibility.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Proxy Research Services</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-Institutional Shareholder Services ("ISS") and Glass Lewis (together with other proxy research providers as MSIM Affiliates may retain from time to time, the "Research Providers") are independent advisers that specialize in providing a variety of fiduciary-level proxy-related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. The services provided include in-depth research, global issuer analysis, and voting recommendations. While the MSIM Affiliates may review and utilize the recommendations of the Research Providers in making proxy voting decisions, they are in no way obligated to follow such recommendations. In addition to research, ISS provides vote execution, reporting, and recordkeeping.
 MSIM's Proxy Review Committee (see Section IV.A. below) will carefully monitor and supervise the services provided by the Research Providers.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Voting Proxies for Certain Non-U.S. Companies</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">-While the proxy voting process is well established in the United States and other developed markets with a number of tools and services available to assist an investment manager, voting proxies of non-U.S. companies located in certain jurisdictions, particularly emerging markets, may involve a number of problems that may restrict or prevent a MSIM Affiliate's ability to vote such proxies. These problems include, but are not limited to: (i)&nbsp;proxy statements and ballots being written in a language other than English; (ii)&nbsp;untimely and/or inadequate notice of shareholder meetings; (iii)&nbsp;restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes; (iv)&nbsp;requirements to vote proxie
s in person, (v)&nbsp;the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi)&nbsp;requirements to provide local agents with power of attorney to facilitate the MSIM Affiliate's voting instructions. As a result, clients' non-U.S. proxies will be voted on a best efforts basis only, after weighing the costs and benefits to MSIM's clients of voting such proxies, consistent with the Client Proxy Standard. ISS has been retained to provide assistance to the MSIM Affiliates in connection with voting their clients' non-U.S. proxies.</font></p>

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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>II.&nbsp;&nbsp;GENERAL PROXY VOTING GUIDELINES</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">To ensure consistency in voting proxies on behalf of its clients, MSIM Affiliates will follow (subject to any exception set forth herein) this Policy, including the guidelines set forth below. These guidelines address a broad range of issues, including board size and composition, executive compensation, anti-takeover proposals, capital structure proposals and social responsibility issues and are meant to be general voting parameters on issues that arise most frequently. The MSIM Affiliates, however, may, pursuant to the procedures set forth in Section IV. below, vote in a manner that is not in accordance with the following general guidelines, provided the vote is approved by the Proxy Review Committee and is consistent with the Client Proxy Standard. A MSIM Affiliate will not generally vote a proxy if it has sold the affected security between the record date and the meeting date.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>III.&nbsp;&nbsp;GUIDELINES</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>A.&nbsp;&nbsp;Corporate Governance Matters.</b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> The following proposals will generally be voted as indicated below, unless otherwise determined by the Proxy Review Committee.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">i.&nbsp;&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>General.</i></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;Generally, routine management proposals will be supported. The following are examples of routine management proposals:</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Approval of financial statements, director and auditor reports.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;General updating/corrective amendments to the charter.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals related to the conduct of the annual meeting, except those proposals that relate to the "transaction of such other business which may come before the meeting."</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;Proposals to eliminate cumulative voting generally will be supported; proposals to establish cumulative voting in the election of directors will not be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;3.&nbsp;&nbsp;Proposals requiring confidential voting and independent tabulation of voting results will be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;4.&nbsp;&nbsp;Proposals requiring a U.S. company to have a separate Chairman and CEO will not be supported. Proposals requiring non-U.S. companies to have a separate Chairman and CEO will be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;5.&nbsp;&nbsp;Proposals by management of non-U.S. companies regarding items that are clearly related to the regular course of business will be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;6.&nbsp;&nbsp;Proposals to require the company to expense stock options will be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;7.&nbsp;&nbsp;Open-ended requests for adjournment generally will not be supported. However, where management specifically states the reason for requesting an adjournment and the requested adjournment is necessary to permit a proposal that would otherwise be supported under this Policy to be carried out (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> an uncontested corporate transaction), the adjournment request will be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;8.&nbsp;&nbsp;Proposals to declassify the Board of Directors (if management supports a classified board) generally will not be supported.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;9.&nbsp;&nbsp;Proposal requiring that the company prepare reports that are costly to provide or that would require duplicative efforts or expenditures that are of a non-business nature or would provide no pertinent information from the perspective of institutional shareholders generally will not be supported.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">ii.&nbsp;&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Election of Directors.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;In situations where no conflict exists and where no specific governance deficiency has been noted, unless otherwise determined by the Proxy Review Committee, proxies will be voted in support of nominees of management.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;The following proposals generally will be supported:</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals requiring that a certain percentage (up to 66 2/3%) of the company's board members be independent directors.</font></p>
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<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals requiring that members of the company's compensation, nominating and audit committees be comprised of independent or unaffiliated directors.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;Unless otherwise determined by the Proxy Review Committee, a withhold vote will be made in the following circumstances:</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(a)&nbsp;&nbsp;If a company's board is not comprised of a majority of disinsterested directors, a withhold vote will be made for interested directors. A director nominee may be deemed to be interested if the nominee has, or any time during the previous five years had, a relationship with the issuer (e.g., investment banker, counsel or other professional service provider, or familial relationship with a senior officer of the issuer) that may impair his or her independence;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(b)&nbsp;&nbsp;If a nominee who is interested is standing for election as a member of the company's compensation, nominating or audit committees;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(c)&nbsp;&nbsp;A direct conflict exists between the interests of the nominee and the public shareholders;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(d)&nbsp;&nbsp;Where the nominees standing for election have not taken action to implement generally accepted governance practices for which there is a "bright line" test. These would include elimination of dead hand or slow hand poison pills, requiring audit, compensation or nominating committees to be composed of independent directors and requiring a majority independent board;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(e)&nbsp;&nbsp;A nominee has failed to attend at least 75% of board meetings within a given year without a reasonable excuse; or</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(f)&nbsp;&nbsp;A nominee serves on the board of directors for more than six companies (excluding investment companies).</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">iii.&nbsp;&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Auditors</i></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;Generally, management proposals for selection or ratification of auditors will be supported. However, such proposals may not be supported if the audit fees are excessive. Generally, to determine if audit fees are excessive, a 50% test will be applied for audit fees in excess of $1 million: if audit fees are $1 million or more, non-audit fees should less than 50% of the total fees paid to the auditor. If audit fees are less than $1 million, the fees will be reviewed case by case by the Proxy Review Committee.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;Proposals requiring auditors to attend the annual meeting of shareholders will be supported.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;3.&nbsp;&nbsp;Proposals to indemnify auditors will not be supported.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">iv.&nbsp;&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Anti-Takeover Matters</i></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;Proposals to modify or rescind existing supermajority vote requirements to amend the charter or bylaws will be supported; proposals to amend by-laws to require a supermajority shareholder vote to pass or repeal certain provisions will not be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;Proposals relating to the adoption of anti-greenmail provisions will be supported, provided that the proposal: (i)&nbsp;defines greenmail; (ii)&nbsp;prohibits buyback offers to large block holders (holders of at least 1% of the outstanding shares and in certain cases, a greater amount, as determined by the Proxy Review Committee) not made to all shareholders or not approved by disinterested shareholders; and (iii)&nbsp;contains no anti-takeover measures or other provisions restricting the rights of shareholders.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;3.&nbsp;&nbsp;Proposals requiring shareholder approval or ratification of a shareholder rights plan or poison pill will be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>B.&nbsp;&nbsp;Capitalization changes.</b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The following proposals generally will be voted as indicated below, unless otherwise determined by the Proxy Review Committee.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;The following proposals generally will be supported:</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to capitalization changes that eliminate other classes of stock and/or eliminate unequal voting rights.</font></p>
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<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to increase the authorization of existing classes of common stock (or securities convertible into common stock) if: (i)&nbsp;a clear and legitimate business purpose is stated; (ii)&nbsp;the number of shares requested is reasonable in relation to the purpose for which authorization is requested; and (iii)&nbsp;the authorization does not exceed 100% of shares currently authorized and at least 30% of the new authorization will be outstanding.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to create a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals for share repurchase plans.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred stock.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to effect stock splits.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to effect reverse stock splits if management proportionately reduces the authorized share amount set forth in the corporate charter. Reverse stock splits that do not adjust proportionately to the authorized share amount generally will be approved if the resulting increase in authorized shares coincides with the proxy guidelines set forth above for common stock increases.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;The following proposals generally will not be supported (notwithstanding management support).</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to capitalization changes that add classes of stock which substantially dilute the voting interests of existing shareholders.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to increase the authorized number of shares of existing classes of stock that carry preemptive rights or supervoting rights.</font></p>


<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to create "blank check" preferred stock.</font></p>

<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to changes in capitalization by 100% or more.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>C.&nbsp;&nbsp;Compensation.</b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The following proposals generally will be voted as indicated below, unless otherwise determined by the Proxy Review Committee.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;The following proposals generally will be supported:</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to director fees, provided the amounts are not excessive relative to other companies in the country or industry.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals for employee stock purchase plans that permit discounts up to 15%, but only for grants that are part of a broad-based employee plan, including all non-executive employees.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals for the establishment of employee stock option plans and other employee ownership plans, provided that our research does not indicate that approval of the plan would be against shareholder interest.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals for the establishment of employee retirement and severance plans, provided that our research does not indicate that approval of the plan would be against shareholder interest.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;Blanket proposals requiring shareholder approval of all severance agreements will not be supported, however, proposals that require shareholder approval for agreements in excess of three times the annual compensation (salary and bonus) generally will be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;3.&nbsp;&nbsp;Blanket proposals requiring shareholder approval of executive compensation generally will not be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;4.&nbsp;&nbsp;Proposals that request or require disclosure of executive compensation in addition to the disclosure required by the Securities and Exchange Commission ("SEC") regulations generally will not be supported.</font></p>
<p align="center"><font size="2" face="Times New Roman">C-4</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>D.&nbsp;&nbsp;Other Recurring Items.</b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;The following proposals generally will be voted as indicated below, unless otherwise determined by the Proxy Review Committee.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;Proposals to add restrictions related to social, political, environmental or special interest issues that do not relate directly to the business of the company and which do not appear to be directed specifically to the business or financial interest of the company generally will not be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;Proposals requiring adherence to workplace standards that are not required or customary in market(s)&nbsp;to which the proposals relate will not be supported.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>E.&nbsp;&nbsp;Items to be reviewed by the Proxy Review Committee</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The following types of non-routine proposals, which potentially may have a substantive financial or best interest impact on an issuer, will be voted as determined by the Proxy Review Committee.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">i.&nbsp;&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Corporate Transactions</i></font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;&nbsp;&nbsp;Proposals relating to mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) will be examined on a case-by-case basis. In all cases, Research Providers' research and analysis will be used along with MSIM Affiliates' research and analysis, including, among other things, MSIM internal company-specific knowledge. Proposals for mergers or other significant transactions that are friendly, approved by the Research Providers, and where there is no portfolio manager objection, generally will be supported.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">ii.&nbsp;&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Compensation</i></font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to change-in-control provisions in non-salary compensation plans, employment contracts, and severance agreements that benefit management and would be costly to shareholders if triggered. With respect to proposals related to severance and change of control situations, MSIM Affiliates will support a maximum of three times salary and bonus.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to Executive/Director stock option plans. Generally, stock option plans should be incentive based. The Proxy Review Committee will evaluate the the quantitative criteria used by a Research Provider when considering such Research Provider's recommendation. If the Proxy Review Committee determines that the criteria used by the Research Provider is reasonable, the proposal will be supported if it falls within a 5% band above the Research Provider's threshold.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Compensation proposals that allow for discounted stock options that have not been offered to employees in general.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">iii.&nbsp;&nbsp;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>Other</i></font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals for higher dividend payouts.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals recommending set retirement ages or requiring specific levels of stock ownership by directors.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals for election of directors, where a director nominee is related to MSIM (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> on an MSIM Fund's Board of Directors/Trustees or part of MSIM senior management) must be considered by the Proxy Review Committee. If the proposal relates to a director nominee who is on a Van Kampen Fund's Board of Directors/Trustees, to the extent that the shares of the relevant company are held by a Van Kampen Fund, the Van Kampen Board shall vote the proxies with respect to those shares, to the extent practicable. In the event that the Committee cannot con
tact the Van Kampen Board in advance of the shareholder meeting, the Committee will vote such shares pursuant to the Proxy Voting Policy.</font></p>
<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals requiring diversity of board membership relating to broad based social, religious or ethnic groups.</font></p>
<p align="center"><font size="2" face="Times New Roman">C-5</font></p>
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<p><font style="font-size: 12pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;&#149;</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to limit directors' liability and/or broaden indemnification of directors. Generally, the Proxy Review Committee will support such proposals provided that the officers and directors are eligible for indemnification and liability protection if they have acted in good faith on company business and were found innocent of any civil or criminal charges for duties performed on behalf of the company.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>IV.&nbsp;&nbsp;ADMINISTRATION OF POLICY</b></font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>A.&nbsp;&nbsp;Proxy Review Committee</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;The MSIM Proxy Review Committee ("Committee") is responsible for creating and implementing the Policy and, in this regard, has expressly adopted it.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(a)&nbsp;&nbsp;The Committee, which is appointed by MSIM's Chief Investment Officer ("CIO"), consists of senior investment professionals who represent the different investment disciplines and geographic locations of the firm. The Committee is responsible for establishing MSIM's Policy and determining how MSIM will vote proxies on an ongoing basis.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(b)&nbsp;&nbsp;The Committee will periodically review and have the authority to amend, as necessary, the Policy and establish and direct voting positions consistent with the Client Proxy Standard.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(c)&nbsp;&nbsp;The Committee will meet at least monthly to (among other matters): (1)&nbsp;address any outstanding issues relating to the Policy and (2)&nbsp;review proposals at upcoming shareholder meetings of MSIM portfolio companies in accordance with this Policy including, as appropriate, the voting results of prior shareholder meetings of the same issuer where a similar proposal was presented to shareholders. The Committee, or its designee, will timely communicate to ISS MSIM's Policy (and any amendments to them and/or any additional guidelines or procedures it may adopt).</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(d)&nbsp;&nbsp;The Committee will meet on an ad hoc basis to (among other matters): (1)&nbsp;authorize "split voting" (i.e.,&nbsp;allowing certain shares of the same issuer that are the subject of the same proxy solicitation and held by one or more MSIM portfolios to be voted differently than other shares) and/or "override voting" (</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>i.e.</i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">, voting all MSIM portfolio shares in a manner contrary to the Policy); (2)&nbsp;review and approve upcoming votes, as appropriate, for matters for which specific direction has been provided in this Policy; and (3)&nbsp;determine how to vote matters for which specific direction has not been provided in this Policy. Split votes generally 
will not be approved within a single Global Investor Group investment team. The Committee may take into account Research Providers' recommendations and research as well as any other relevant information they may request or receive, including portfolio manager and/or analyst research, as applicable. Generally, proxies related to securities held in accounts that are managed pursuant to quantitative, index or index-like strategies ("Index Strategies") will be voted in the same manner as those held in actively managed accounts. Because accounts managed using Index Strategies are passively managed accounts, research from portfolio managers and/or analysts related to securities held in these accounts may not be available. If the affected securities are held only in accounts that are managed pursuant to Index Strategies, and the proxy relates to a matter that is not described in this Policy, the Committee will consider all available information from the Research Providers, and to the extent that the holdings are si
gnificant, from the portfolio managers and/or analysts.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(e)&nbsp;&nbsp;In addition to the procedures discussed above, if the Committee determines that an issue raises a potential material conflict of interest, or gives rise to the appearance of a potential material conflict of interest, the Committee will request a special committee to review, and recommend a course of action with respect to, the conflict(s)&nbsp;in question ("Special Committee"). The Special Committee shall be comprised of the Chairperson of the Proxy Review Committee, the Compliance Director for the area of the firm involved or his/her designee, a senior portfolio manager (if practicable, one who is a member of the Proxy Review Committee) designated by the Proxy Review Committee, and MSIM's Chief Investment Officer or his/her designee. The Special Committee may request the assistance of MSIM's General Counsel or his/her designee and will have sole discretion to cast a vote. In add
ition to the research provided by Research </font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Providers, the Special Committee may request analysis from MSIM Affiliate investment professionals and outside sources to the extent it deems appropriate.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(f)&nbsp;&nbsp;The Committee and the Special Committee, or their designee(s), will document in writing all of their decisions and actions, which documentation will be maintained by the Committee and the Special Committee, or their designee(s), for a period of at least 6 years. To the extent these decisions relate to a security held by a MSIM U.S. registered investment company, the Committee and Special Committee, or their designee(s), will report their decisions to each applicable Board of Trustees/Directors of those investment companies at each Board's next regularly scheduled Board meeting. The report will contain information concerning decisions made by the Committee and Special Committee during the most recently ended calendar quarter immediately preceding the Board meeting.</font></p>

<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(g)&nbsp;&nbsp;The Committee and Special Committee, or their designee(s), will timely communicate to applicable portfolio managers, the Compliance Departments and, as necessary, to ISS, decisions of the Committee and Special Committee so that, among other things, ISS will vote proxies consistent with their decisions.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>B.&nbsp;&nbsp;Identification of Material Conflicts of Interest</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;1.&nbsp;&nbsp;If there is a possibility that a vote may involve a material conflict of interest, the vote must be decided by the Special Committee in consultation with MSIM's General Counsel or his/her designee.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;2.&nbsp;&nbsp;A material conflict of interest could exist in the following situations, among others:</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(a)&nbsp;&nbsp;The issuer soliciting the vote is a client of MSIM or an affiliate of MSIM and the vote is on a material matter affecting the issuer;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(b)&nbsp;&nbsp;The proxy relates to Morgan Stanley common stock or any other security issued by Morgan Stanley or its affiliates; or</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(c)&nbsp;&nbsp;Morgan Stanley has a material pecuniary interest in the matter submitted for a vote (e.g., acting as a financial advisor to a party to a merger or acquisition for which Morgan Stanley will be paid a success fee if completed).</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>C.&nbsp;&nbsp;Proxy Voting Reports</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(a)&nbsp;&nbsp;MSIM will promptly provide a copy of this Policy to any client requesting them. MSIM will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account.</font></p>


<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;&nbsp;(b)&nbsp;&nbsp;MSIM's legal department is responsible for filing an annual Form N-PX on behalf of each registered management investment company for which such filing is required, indicating how all proxies were voted with respect to such investment company's holdings.</font></p>

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<p align="center"><font style="font-size: 18pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="3"><b>Morgan Stanley<BR>India Investment Fund, Inc.</b></font></p>
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<div>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;C&#151;OTHER INFORMATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
25.&nbsp;&nbsp;Financial Statements and Exhibits</font></b></h1>

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  <p align="left" style="margin:0in 0in .0001pt 34.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; Financial Statements:</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule&nbsp;of Investments at June&nbsp;30, 2005
  (unaudited).&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Assets and Liabilities at June&nbsp;30,
  2005 (unaudited).&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Operations for the six months ended
  June&nbsp;30, 2005 (unaudited).&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Changes in Net Assets for the six
  months ended June&nbsp;30, 2005 (unaudited) and the fiscal year ended
  December&nbsp;31, 2004 (unaudited).&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Highlights.&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes to Financial Statements.&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule&nbsp;of Investments at December&nbsp;31,
  2004.&#134;&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Assets and Liabilities at
  December&nbsp;31, 2004.&#134;&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Operations for the fiscal year ended
  December&nbsp;31, 2004.&#134;&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Changes in Net Assets for the year
  ended December&nbsp;31, 2004 and the fiscal year ended December&nbsp;31,
  2003.&#134;&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Highlights.&#134;&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes to Financial Statements.&#134;&#134;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.74%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report of Independent Registered Public Accounting
  Firm, dated February&nbsp;11, 2005.&#134;&#134;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#134;&#160;&#160;&#160;&#160;&#160; Incorporated
by reference from the Fund&#146;s Semi-Annual Report for the Period Ended June&nbsp;30,
2005, filed on September&nbsp;6, 2005.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#134;&#134;&#160;&#160;&#160; Incorporated
by reference from the Fund&#146;s Annual Report for the Year Ended December&nbsp;31,
2004, filed on March&nbsp;8, 2005.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; Exhibits:</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Incorporation*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Amendment*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated By-Laws**</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen certificate for
  Common Stock, par value $.01 per share*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Subscription
  Certificate ***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Notice of
  Guaranteed Delivery ***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Nominee Holder
  Over-Subscription Exercise Form***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend Reinvestment and Cash Purchase Plan*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt 8.1pt;text-align:left;text-indent:-8.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Advisory and Management Agreement with
  the Investment Manager*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Retail Underwriting Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 49.5pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Institutional Underwriting Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 49.5pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Master Agreement Among Underwriters*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 49.5pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Master Dealer Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of International Custodian Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 46.35pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Custodian Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement for Stock Transfer Services*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Administration Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information Agent Agreement***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Subscription Agent Agreement***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of Clifford Chance US LLP***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 51.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of Ballard
  Spahr Andrews &amp; Ingersoll, LLP***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.92%;">
  <p align="left" style="margin:0in 0in .0001pt 51.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of Little
  &amp; Co.***</font></p>
  </td>
 </tr>
</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Ernst&nbsp;&amp;
  Young LLP, Independent Registered Public Accounting Firm***</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Investment Letter*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code of Ethics of Morgan Stanley Investment
  Management*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp; (2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code of Ethics of the Morgan Stanley Funds*</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of Attorney*</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>



<p align="left" style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">*&#160;&#160;&#160;&#160;&#160; Incorporated by reference from the Form N-2 filed on September
9, 2005.</p>





<p align="left" style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">**&#160;&#160; Incorporated by reference from Amendment No.&nbsp;5 to the Fund&#146;s
Registration Statement on Form&nbsp;N-2, filed on August&nbsp;28, 2003.</p>





<p align="left" style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">*** Filed herewith.</p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
26.&nbsp;&nbsp;Marketing Arrangements</font></b></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Exhibit&nbsp;2(h)&nbsp;to
this Registration Statement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
27.&nbsp;&nbsp;Other Expenses of Issuance and Distribution</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:22.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
table sets forth the estimated expenses to be incurred in connection with the
offering described in this Registration Statement.</font></p>



<p align="left" style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:22.3pt;">&nbsp;</p>





<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.0%;">
 <tr>
  <td width="84%" colspan="3" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S Securities and
  Exchange Commission Registration fees</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.4%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,262.98</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York Stock Exchange listing fee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,010</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" colspan="3" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Printing (other than stock certificates)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60,000</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>

 <tr>
  <td width="84%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting
  fees and expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,500</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" colspan="3" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal fees and expenses</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">150,000</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>

 <tr>
  <td width="84%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information Agent&#146;s fees and expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" colspan="3" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscription Agent&#146;s fees and expenses</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NASD fee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" colspan="3" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">293,567.02</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman"></font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:84.44%;">
  <p align="left" style="margin:0in 0in .0001pt 40.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.4%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="9%" colspan="3" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">600,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="1" style="border:none;"></td>
  <td width="566" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
 </tr>
</table>





<p align="left" style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>



<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160; To be
filed by amendment.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
28.&nbsp;&nbsp;Persons Controlled by or Under Common Control with Registrant</font></b></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 29.&nbsp;&nbsp;Number of Holders of Securities
(as of September&nbsp;30, 2005)</font></b></h1>



<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="80%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:80.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title
  of Class</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of Record<br>
  Holders</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:80.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, $0.01 par value</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,630</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
30.&nbsp;&nbsp;Indemnification</font></b></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2-418 of the
General Corporation Law of the State of Maryland, Article&nbsp;SEVENTH of the
Fund&#146;s Articles of Incorporation, Article&nbsp;VII of the Fund&#146;s Amended and
Restated By-laws, the Investment Advisory and Management Agreement, the Retail
Underwriting Agreement, the Institutional Underwriting Agreement and the
Administration Agreement provide for indemnification.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maryland law permits a Maryland corporation to include
in its charter a provision limiting the liability of its directors and officers
to the corporation and its stockholders for money damages except for liability
resulting from (a)&nbsp;actual receipt of an improper benefit or profit in
money, property or services or (b)&nbsp;active and deliberate dishonesty
established by a final judgment and which is material to the cause of action.
The Registrant&#146;s charter contains such a provision which eliminates directors&#146;
and officers&#146; liability to the maximum extent permitted by Maryland law,
subject to the requirements of the Investment Company Act of 1940, as amended
(the &#147;1940 Act&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our charter authorizes us, to the fullest extent
permitted by Maryland law and subject to the requirements of the 1940 Act, to
indemnify any present or former director or officer or any individual from and
against any claim or liability to which that person may become subject or which
that person may incur by reason of his or her status as a present or former
director or officer and to pay or reimburse their reasonable expenses in
advance of final disposition of a proceeding. Our by-laws obligate us, to the
maximum extent permitted by Maryland law and subject to the requirements of the
1940 Act, to indemnify any present or former director or officer or any
individual who is made a party to the proceeding by reason of his service in
that capacity from and against any claim or liability to which that person may
become subject or which that person may incur by reason of his or her status as
a present or former director or officer and to pay or reimburse their
reasonable expenses in advance of final disposition of a proceeding.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Advisory and Management Agreement
provides that, absent willful misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of the reckless disregard of its duties
and obligations, the Investment Adviser and its officers, directors, employees,
agents and controlling persons are entitled to indemnification from the Fund
for any losses, costs and expenses arising from the rendering of the Investment
Adviser&#146;s services under the Investment Advisory Agreement or otherwise as an
investment adviser of the Fund.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Retail Underwriting Agreement and the
Institutional Underwriting Agreement each provides that each retail underwriter
and each institutional underwriter, and each person who controls any
underwriter within the meaning of either Section&nbsp;15 of the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;) or Section&nbsp;20 of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) (a &#147;controlling person&#148;),
are entitled to indemnification from the Fund and the Investment Adviser,
jointly and severally, for any losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred
by any underwriter or any such controlling person in connection with defending
or investigating any such action or claim) caused by any untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement or any amendment thereof, any preliminary prospectus or the Prospectuses
(as amended or supplemented if the Fund shall have furnished any amendments or
supplements thereto), or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, except insofar as such losses, claims,
damages or liabilities are caused by any such untrue statement or omission
based upon information relating to any underwriter furnished to the Fund in
writing by any underwriter.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Administration Agreement provides that, absent
willful misfeasance, bad faith or negligence in the performance of its duties
or by reason of the reckless disregard of its duties and obligations, the
Administrator and its officers, directors, partners, employees and agents are
entitled to indemnification from the Fund for any losses, damages, costs,
reasonable attorneys&#146; fees and expenses, payments, expenses and liabilities
arising from the rendering of the Administrator&#146;s services under the
Administration Agreement or otherwise as administrator for the Fund.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insofar as indemnification for liabilities arising
under the Securities Act, may be permitted to directors, officers and
controlling persons of the Fund, pursuant to the foregoing provisions or
otherwise, the Fund has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the Fund of expenses incurred or paid by a director, officer or controlling
person of the Fund in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with
the securities being registered, the Fund will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 31.&nbsp;&nbsp;Business and Other Connections
of Investment Adviser</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The description of the business of Morgan Stanley
Investment Management Inc. is set forth under the caption &#147;Management of the
Fund&#148; in the Prospectus forming part of this Registration Statement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information as to the directors and officers of
Morgan Stanley Investment Management Inc. set forth in Morgan Stanley
Investment Management Inc.&#146;s Form&nbsp;ADV filed with the Securities and
Exchange Commission on December&nbsp;15, 1981 (File No.&nbsp;801-15757) and as
amended through the date hereof is incorporated herein by reference.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
32.&nbsp;&nbsp;Location of Accounts and Records</font></b></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All accounts, books and other documents required to be
maintained by Section&nbsp;31(a)&nbsp;of the 1940 Act, and the rules&nbsp;thereunder,
are maintained at the offices of:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;the Registrant, Morgan Stanley India
Investment Fund,&nbsp;Inc., c/o Morgan Stanley Investment Management Inc., 1221
Avenue of the Americas, New York, New York 10020;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;the Custodian, JPMorgan Chase Bank, 270 Park
Avenue, New York, New York 10017;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;the Stockholder Servicing Agent, American
Stock Transfer&nbsp;&amp; Trust Company, 59 Maiden Lane, New York, New York
10030; and</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;the Investment Adviser, Morgan Stanley
Investment Management Inc., 1221 Avenue of the Americas, New York, New York
10020.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
33.&nbsp;&nbsp;Management Services</font></b></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
34.&nbsp;&nbsp;Undertakings</font></b></h1>

<h1 align="left" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;Registrant
undertakes to suspend the offering of its shares until it amends its prospectus
if:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;subsequent to the effective date of this
Registration Statement, the net asset value per share declines more than 10%
from its net asset value per share as of the effective date of this
Registration Statement; or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;the net asset value increases to an amount
greater than its net proceeds as stated in the Prospectus.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Registrant
hereby undertakes:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;to file, during
any period in which offers or sales are being made, a post-effective amendment
to this Registration Statement:</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;to include any
prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act of
1933;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;to reflect in
the prospectus any facts or events after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement; and</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;to include any
material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such
information in the Registration Statement;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;that for the
purpose of determining any liability under the Securities Act of 1933, each
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <i><font style="font-style:italic;">bona fide</font></i>
offering thereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;to remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering; and</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;that for
purposes of determining any liability under the Securities Act of 1933, the
information omitted from the form of prospectus filed as part of this
Registration Statement in reliance upon Rule&nbsp;430A and contained in a form
of prospectus filed by the Registrant pursuant to Rule&nbsp;497(h)&nbsp;under
the Securities Act shall be deemed to be part of this Registration Statement as
of the time it was declared effective.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;To comply with
the restrictions on indemnification set forth in the Investment Company Act
Release No.&nbsp;IC-11330, September&nbsp;2, 1980.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act
of 1933, as amended, and the Investment Company Act of 1940, as amended, the
Registrant has duly caused this Amendment to its Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of New York, State of New York, on the 10th day of
November, 2005.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MORGAN STANLEY INDIA INVESTMENT FUND, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:52.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ RONALD E. ROBISON</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.28%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Ronald E. Robison</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:57.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:24.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;President and Director</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="354" style="border:none;"></td>
  <td width="76" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
  <td width="167" style="border:none;"></td>
  <td width="127" style="border:none;"></td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, as amended, this Amendment to the
Registrant&#146;s Registration Statement has been signed by the following persons in
the capacities and on the dates indicated.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signatures</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ RONALD E. ROBISON</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Director
  (Principal<br>
  Executive Officer)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 10, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ronald E. Robison</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ JAMES W. GARRETT</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief
  Financial<br>
  Officer (Principal Financial<br>
  Officer)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 10,
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James W. Garrett</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ GAETAN BOUIC</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 10,
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gaetan Bouic</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ JOSEPH J. KEARNS</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 10,
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph J. Kearns</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ RAVINDRANATH SANTOSH<br>
  KUMAR HAZAREESING</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 10,
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ravindranath Santosh<br>
  Kumar Hazareesing</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ MARIE JOSEPH<br>
  RAYMOND LAMUSSE</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 10,
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marie Joseph<br>
  Raymond Lamusse</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ FERGUS REID</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November 10,
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fergus Reid</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:33.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:2.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:21.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="74%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Incorporation*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Amendment*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated By-Laws**</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen certificate for Common Stock, par value
  $.01 per share*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Subscription Certificate***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Notice of
  Guaranteed Delivery ***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Nominee Holder
  Over-Subscription Exercise Form ***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend Reinvestment and Cash Purchase Plan*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt 8.1pt;text-align:left;text-indent:-8.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Advisory and Management Agreement with
  the Investment Manager*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Retail Underwriting Agreement*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 49.5pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Institutional Underwriting Agreement*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 49.5pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Master Agreement Among Underwriters*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 49.5pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Master Dealer Agreement*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of International Custodian Agreement*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 46.35pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Custodian Agreement*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement for Stock Transfer Services*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Administration Agreement*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information Agent Agreement***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 48.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Subscription Agent Agreement***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of
  Clifford Chance US LLP***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 51.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of Ballard
  Spahr Andrews &amp; Ingersoll, LLP***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt 51.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of Little
  &amp; Co.***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Ernst&nbsp;&amp; Young LLP, Independent
  Registered Public Accounting Firm***</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Investment Letter*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code of Ethics of Morgan Stanley Investment
  Management*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp; (2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code of Ethics of the Morgan Stanley Funds*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
  <p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.68%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of Attorney*</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;">*&#160;&#160;&#160;&#160;&#160; Incorporated by reference from the Form N-2 filed on September
9, 2005.</p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;">**&#160;&#160; Incorporated by reference from the Post-Effective Amendment No. 5
to the Fund&#146;s Registration Statement on Form N-2, filed on August 28, 2003.</p>





<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*** Filed herewith.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)(2)
<SEQUENCE>2
<FILENAME>a05-15912_1ex99dd2.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-99.(d)(2)</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS
  PAYMENT IS NON-TRANSFERABLE</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Account #</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" rowspan="7" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PAYMENT
  MUST BE IN U.S. DOLLARS. ONLY MONEY ORDERS OR CHECKS DRAWN ON A BANK LOCATED
  IN THE CONTINENTAL UNITED STATES AND MADE PAYABLE TO MORGAN STANLEY INDIA
  INVESTMENT FUND, INC. WILL BE ACCEPTED. PLEASE REFERENCE YOUR RIGHTS CARD
  CONTROL NUMBER ON YOUR CHECK, MONEY ORDER OR NOTICE OF GUARANTEED DELIVERY. YOU
  MAY&nbsp;REQUEST THAT YOUR BANK, TRUST COMPANY OR BROKER (IF A MEMBER OF THE
  NEW YORK STOCK EXCHANGE) SUBMIT A NOTICE OF GUARANTEED DELIVERY ON YOUR
  BEHALF BY 5:00 P.M. ON THE EXPIRATION DATE.</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate for</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RIGHTS</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Morgan Stanley India Investment Fund,&nbsp;Inc.</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUBSCRIPTION RIGHTS FOR COMMON STOCK</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subscription Certificate</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">These Rights are Non-Transferrable</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subscription Price:&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VOID IF NOT RECEIVED BY THE SUBSCRIPTION AGENT BEFORE
  5:00 p.m. NEW YORK TIME ON THE EXPIRATION DATE:[&nbsp;&nbsp;&nbsp;], 2005</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="64" style="border:none;"></td>
  <td width="64" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="243" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
  <td width="118" style="border:none;"></td>
  <td width="20" style="border:none;"></td>
  <td width="118" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGISTERED
OWNER:</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As the registered owner of
the Subscription Certificate below, you are entitled to subscribe for the
number</font>  </font>of shares of Common
Stock, $.01 par value per share, of Morgan Stanley India Investment Fund,&nbsp;Inc.
(the &#147;Fund&#148;), shown above
pursuant to the Primary Subscription Right and upon the terms and conditions
and at the Subscription Price for
each share of Common Stock specified in the Prospectus relating thereto. The
Rights represented hereby include the Over-Subscription Privilege for Rights
Holders, as described in the Prospectus.
Each Record Date Stockholder who fully exercises all Rights issued to him is
entitled to subscribe for Shares
which were not otherwise subscribed for by others in the Primary Subscription
(the &#147;Over- Subscription
Privilege&#148;). If enough Shares are available, or if the Board of the Fund
approves the distribution of
additional Shares, all of these requests will be honored in full. Regardless of
whether the Fund issues such
additional Shares, to the extent Shares are not available to honor all
requests, the available Shares will
be allocated pro rata among those Record Date Stockholders who over-subscribe
based on the number of Rights
originally issued to them by the Fund.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Stock certificates for
primary share subscriptions will be delivered as soon as practicable after
receipt of</font>  </font>the required
completed Subscription Certificate and after full payment has been received and
cleared. Stock certificates for
over-subscriptions will be delivered as soon as practicable after full payment
for such Shares have been received
and cleared and after all allocations have been effected.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The registered owner of this
Subscription Certificate named below, or assigns, is entitled to the number of</font>
</font>Rights shown above to subscribe
for the Common Stock, $.01 par value, of Morgan Stanley India InvestmentFund,&nbsp;Inc. (the &#147;Fund&#148;), in the
ratio of one share of Common Stock for each three Rights, pursuant to the Offer and upon the terms and conditions
and at the price for each share of Common Stock specified in the Prospectus relating thereto. The Rights
represented hereby include the Over-Subscription Privilege for Record Date Stockholders only, as described in
the Prospectus. Under this Privilege, each Record Date Stockholder who fully exercises all Rights
issued to him is entitled to subscribe for Shares which were not otherwise subscribed for by others in the
Primary Subscription, or additional Shares issued by the Fund subject to Board approval, and subject to pro rata
allocation if in sufficient additional Shares are available. Stock certificates for the shares subscribed for
pursuant to the Primary Subscription Right will be delivered as soon as practicable after receipt of the required
completed Subscription Certificate and after full payment has been received and cleared. Stock certificates
for the shares subscribed for pursuant to the Over-Subscription Privilege will be delivered as soon as
practicable after full payment has been received and cleared and after all allocations have been effected. Any
additional payment required from a Record Date Stockholder must be received by the Subscription Agent by
[], 2005, unless the Offer is extended. Any excess payment to be refunded by the Fund to a Record Date
Stockholder will be delivered as soon as practicable after the Expiration Date. To subscribe pursuant to the Primary
Subscription Right, three Rights and the Subscription Price are required for each share of Common
Stock. To subscribe for additional Shares pursuant to the Over-Subscription Privilege, the Subscription
Price is required for each share of Common Stock, subject to the terms of the Over-Subscription Privilege
as described in the Prospectus. Payment of the Estimated Subscription Price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
per share must accompany the Subscription Certificate. See reverse side ofform.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="42" valign="top" style="padding:0in 0in 0in 0in;width:31.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="381" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:285.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="297" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:222.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="42" valign="top" style="padding:0in 0in 0in 0in;width:31.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="381" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:285.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="297" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:222.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="42" valign="top" style="padding:0in 0in 0in 0in;width:31.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="381" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:285.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="297" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:222.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="42" valign="top" style="padding:0in 0in 0in 0in;width:31.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="208" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:155.8pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="173" valign="top" style="padding:0in 0in 0in 0in;width:129.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="224" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:167.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73" valign="top" style="padding:0in 0in 0in 0in;width:55.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="42" valign="top" style="padding:0in 0in 0in 0in;width:31.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="208" valign="top" style="padding:0in 0in 0in 0in;width:155.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Chief Executive Officer</font></b></p>
  </td>
  <td width="173" valign="top" style="padding:0in 0in 0in 0in;width:129.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="224" valign="top" style="padding:0in 0in 0in 0in;width:167.75pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Secretary</font></b></p>
  </td>
  <td width="73" valign="top" style="padding:0in 0in 0in 0in;width:55.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COUNTERSIGNED AND
  REGISTERED:</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY,</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="193" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:145.0pt;">
  <p style="margin:0in 0in .0001pt 60.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(New York, N.Y.)</font></b></p>
  </td>
  <td width="527" valign="top" style="padding:0in 0in 0in 0in;width:395.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TRANSFER
  AGENT</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="193" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:145.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="527" valign="top" style="padding:0in 0in 0in 0in;width:395.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;AND
  REGISTRAR</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="193" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:145.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="527" valign="top" style="padding:0in 0in 0in 0in;width:395.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By:</font></b></p>
  </td>
  <td width="167" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:125.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="527" valign="top" style="padding:0in 0in 0in 0in;width:395.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="167" valign="top" style="padding:0in 0in 0in 0in;width:125.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="527" valign="top" style="padding:0in 0in 0in 0in;width:395.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27" valign="top" style="padding:0in 0in 0in 0in;width:20.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="693" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:520.0pt;">
  <p style="margin:0in 0in .0001pt 118.1pt;text-autospace:none;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED SIGNATURE</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rdesika\05-15912-7\task657692\15912-7-mm.htm',USER='rndesikan',CD='Nov 11 01:47 2005' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE COMPLETE ALL APPLICABLE INFORMATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="239" valign="top" style="padding:0in 0in 0in 0in;width:179.1pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:9.5pt;font-style:italic;">BY MAIL:</font></i></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:180.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:9.5pt;font-style:italic;">BY OVERNIGHT COURIER:</font></i></p>
  </td>
  <td width="240" valign="top" style="padding:0in 0in 0in 0in;width:2.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:9.5pt;font-style:italic;">BY HAND:</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="239" valign="top" style="padding:0in 0in 0in 0in;width:179.1pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">American Stock Transfer&nbsp;&amp; Trust Company</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:180.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">American Stock Transfer&nbsp;&amp; Trust Company</font></p>
  </td>
  <td width="240" valign="top" style="padding:0in 0in 0in 0in;width:2.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">American Stock Transfer&nbsp;&amp; Trust Company</font></p>
  </td>
 </tr>
 <tr>
  <td width="239" valign="top" style="padding:0in 0in 0in 0in;width:179.1pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Operation Center</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:180.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Operation Center</font></p>
  </td>
  <td width="240" valign="top" style="padding:0in 0in 0in 0in;width:2.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Attn: Reorganization Department</font></p>
  </td>
 </tr>
 <tr>
  <td width="239" valign="top" style="padding:0in 0in 0in 0in;width:179.1pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Attn: Reorganization Department</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:180.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Attn: Reorganization Department</font></p>
  </td>
  <td width="240" valign="top" style="padding:0in 0in 0in 0in;width:2.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">59 Maiden Lane</font></p>
  </td>
 </tr>
 <tr>
  <td width="239" valign="top" style="padding:0in 0in 0in 0in;width:179.1pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">6201 15th Avenue</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:180.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">6201 15th Avenue</font></p>
  </td>
  <td width="240" valign="top" style="padding:0in 0in 0in 0in;width:2.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">New York, New York 10038</font></p>
  </td>
 </tr>
 <tr>
  <td width="239" valign="top" style="padding:0in 0in 0in 0in;width:179.1pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Brooklyn, NY 11219</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:180.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Brooklyn, NY 11219</font></p>
  </td>
  <td width="240" valign="top" style="padding:0in 0in 0in 0in;width:2.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To subscribe for your primary
shares please complete line &#147;A&#148; on the card below.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Example:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">90 shares = 90 rights</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">90 rights divided by 3 = 30
primary shares</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum number of primary
subscription shares would be 30</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="50%" style="border-collapse:collapse;width:50.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font></p>
  </td>
  <td width="29%" valign="bottom" style="padding:0in 0in 0in 0in;width:29.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">x $</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">=$</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To subscribe for any
over-subscription shares please complete line &#147;B&#148; below.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Please Note:</font></b> Only Record Date Stockholders who have
exercised their Primary Subscription in full may apply for shares pursuant to
the Over-Subscription Privilege.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Payment of Shares:</font></b> Full payment for both the primary and
over-subscription shares or a notice of guaranteed delivery must accompany this
subscription. Please reference your rights card control number on your check,
money order or notice of guaranteed delivery.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the aggregate Estimated
Subscription Price paid by a Record Date Stockholder is insufficient to
purchase, at the Estimated Subscription Price, the number of shares of Common
Stock that the holder indicates are being subscribed for, or if a Record Date
Stockholder does not specify the number of shares of Common Stock to be
purchased, then the Record Date Stockholder will be deemed to have exercised
first, the Primary Subscription Right (if not already fully exercised) and
second, the Over-Subscription Privilege to purchase shares of Common Stock to
the full extent of the payment rendered. If the aggregate Estimated
Subscription Price paid by a Record Date Stockholder exceeds the amount
necessary to purchase, at the Estimated Subscription Price, the number of
shares of Common Stock for which the Record Date Stockholder has indicted an
intention to subscribe, then the Record Date Stockholder will be deemed to have
exercised first, the Primary Subscription Right (if not already fully
exercised) and second, the Over-Subscription Privilege to the full extent of
the excess payment tendered.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="298" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:223.65pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="103" valign="top" style="padding:0in 0in 0in 0in;width:76.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expiration Date ([</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.3pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="239" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:179.1pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">], 2005 unless extended)</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="218" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:163.65pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&nbsp;Primary Subscription</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="103" valign="top" style="padding:0in 0in 0in 0in;width:76.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="90" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">=</font></p>
  </td>
  <td width="229" valign="top" style="padding:0in 0in 0in 0in;width:171.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3 Rights = 1
  share)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(No.&nbsp;of
  Shares)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Estimated
  Subscription Price)</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="218" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:163.65pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&nbsp;Over-Subscription
  Privilege</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="103" valign="top" style="padding:0in 0in 0in 0in;width:76.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="90" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">=</font></p>
  </td>
  <td width="229" valign="top" style="padding:0in 0in 0in 0in;width:171.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr>
  <td width="218" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:163.65pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="103" valign="top" style="padding:0in 0in 0in 0in;width:76.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="229" valign="top" style="padding:0in 0in 0in 0in;width:171.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="197" valign="top" style="padding:0in 0in 0in 0in;width:2.05in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="523" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:5.45in;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(Shares)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>(Estimated Subscription Price)</p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="218" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:163.65pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&nbsp;Amount of Check
  Enclosed</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">=</font></p>
  </td>
  <td width="103" valign="top" style="padding:0in 0in 0in 0in;width:76.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="90" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="229" valign="top" style="padding:0in 0in 0in 0in;width:171.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="218" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:163.65pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="103" valign="top" style="padding:0in 0in 0in 0in;width:76.95pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="229" valign="top" style="padding:0in 0in 0in 0in;width:171.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="401" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:300.6pt;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(or amount in Notice of Guaranteed Delivery)</font></p>
  </td>
  <td width="90" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.5pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="229" valign="top" style="padding:0in 0in 0in 0in;width:171.9pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="197" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="80" style="border:none;"></td>
  <td width="103" style="border:none;"></td>
  <td width="80" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="229" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TO SUBSCRIBE: I hereby
irrevocably subscribe for the number of shares of Common Stock indicated as the
total of A and B hereon upon the terms and conditions specified in the
Prospectus relating thereto, receipt of which is acknowledged. I hereby agree
that if I fail to pay for the shares of Common Stock for which I have
subscribed (or are deemed to have subscribed for as set forth above), the Fund
may exercise any of the remedies set forth in the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature(s) of
  Subscriber(s)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address for delivery of
  Shares if other than shown on front</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If permanent change of
  address, check here </font><font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please give your telephone
  number: (&nbsp;&nbsp;&nbsp;)</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please give your e-mail
  address:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="229" style="border:none;"></td>
  <td width="145" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="285" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)(3)
<SEQUENCE>3
<FILENAME>a05-15912_1ex99dd3.htm
<DESCRIPTION>EX-99.(D)(3)
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Exhibit 99.(d)(3)</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>[Form of Notice of Guaranteed Delivery]</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>NOTICE OF GUARANTEED DELIVERY<BR>For Shares of Common Stock of</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>MORGAN STANLEY INDIA INVESTMENT FUND, INC.<BR>Subscribed for under Primary Subscription<BR>and the Over-Subscription Privilege</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">As set forth in the Prospectus, this form or one substantially equivalent hereto may be used as a means of effecting subscription and payment for all shares of the Fund's Common Stock (the "Shares") subscribed for under the Primary Subscription and the Over-Subscription Privilege. Such form may be delivered by hand or sent by facsimile transmission, overnight courier or first class mail to the Subscription Agent.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>The Subscription Agent is:</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">American Stock Transfer and Trust Company</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
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<td colspan="3" width="196" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>By&nbsp;Mail <BR></i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">American Stock Transfer &amp; Trust Company <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Operation Center <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Attn: Reorganization Department <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6201</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> 15th Avenue <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Brooklyn, NY 11219 </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="196" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>By Hand: <BR></i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">American Stock Transfer &amp; Trust Company <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Attn: Reorganization Department <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">59 Maiden Lane <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">New York, New York 10038<BR></font></td>
<td colspan="1">&nbsp;</td>
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<tr height="8"><td colspan="8" height="8"></td></tr>
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<td colspan="3" width="196" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Italic';" face="Times New Roman, Times" size="2"><i>By Overnight Courier: <BR></i></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">American Stock Transfer &amp; Trust Company <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Operation Center <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Attn: Reorganization Department <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6201</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> 15th Avenue <BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Brooklyn, NY 11219</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="196" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">DELIVERY OF THIS INSTRUMENT TO AN ADDRESS, OR TRANSMISSION OF INSTRUCTIONS VIA A TELECOPY FACSIMILE NUMBER, OTHER THAN AS SET FORTH ABOVE, DOES NOT CONSTITUTE A VALID DELIVERY.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The New York Stock Exchange member firm or bank or trust company which completes this form must communicate this guarantee and the number of Shares subscribed for in connection with this guarantee (separately disclosed as to the Primary Subscription and the Over-Subscription Privilege) to the Subscription Agent and must deliver this Notice of Guaranteed Delivery, to the Subscription Agent, prior to 5:00&nbsp;p.m., New York time, on the Expiration Date, unless extended, guaranteeing delivery of (a)&nbsp;payment in full for all subscribed Shares and (b)&nbsp;a properly completed and signed copy of the Subscription Certificate (which certificate and full payment must then be delivered to the Subscription Agent no later than the close of business of the third business day after the Expiration Date, unless extended). Failure to do so will result in a forfeiture of the Rights.</font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>GUARANTEE</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The undersigned, a member firm of the New York Stock Exchange or a bank or trust company having an office or correspondent in the United States, guarantees delivery to the Subscription Agent by no later than 5:00&nbsp;p.m., New York City time, on the third Business Day after the Expiration Date (December 12, 2005, unless extended as described in the Prospectus) of (a)&nbsp;a properly completed and executed Subscription Certificate and (b)&nbsp;payment of the full Subscription Price for Shares subscribed for on Primary Subscription and for any additional Shares subscribed for pursuant to the Over-Subscription Privilege, as subscription for such Shares is indicated herein or in the Subscription Certificate.</font></p>
<p align="center"><font size="2" face="Times New Roman">D-1</font></p>
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Broker Assigned Control #</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>MORGAN STANLEY INDIA INVESTMENT FUND, INC.</b></font></p>
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<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1. Primary Subscription</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="178" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Number of Rights to be exercised</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="427" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Number of Primary Shares requested for which you are guaranteeing delivery of Rights and Payment</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="284" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Payment to be made in connection with Primary Shares</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
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<td colspan="3" width="167" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="178" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Rights</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="427" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Shares<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">(Rights /3)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="284" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
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<tr height="8"><td colspan="16" height="8"></td></tr>
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<td colspan="3" width="167" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2. Over-Subscription</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="178" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="427" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Number of Over-Subscription Shares requested for which you are guaranteeing payment</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="284" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Payment to be made in connection with Over-Subscription Shares</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="167" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="178" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="427" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="284" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="114" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3.</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> Totals</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="178" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Total Number of Rights to be Delivered</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="427" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Total Number of Shares to be Delivered</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="284" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="167" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="178" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Rights</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="427" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="284" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">$</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;<BR></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Total Payment</font></td>
<td colspan="1">&nbsp;</td>
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<tr height="8"><td colspan="16" height="8"></td></tr>
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<p>&nbsp;</p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Method of delivery (circle one)</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">A.&nbsp;&nbsp;Through DTC</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">B.&nbsp;&nbsp;Direct to American Stock Transfer&nbsp;&amp; Trust Company, as Subscription Agent. Please reference below the registration of the Rights to be delivered.</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Please assign a unique control number for each guarantee submitted.</b></font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> This number needs to be referenced on any direct delivery of Rights or any delivery through DTC.</font></p>
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<td colspan="3" width="119" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Name of Firm</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Authorized Signature</font></td>
<td colspan="1">&nbsp;</td>
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<tr height="8"><td colspan="8" height="8"></td></tr>
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<td colspan="3" width="119" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">DTC Participant Number</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Title</font></td>
<td colspan="1">&nbsp;</td>
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<tr height="8"><td colspan="8" height="8"></td></tr>
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<td colspan="3" width="119" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Address</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Name (Please Type or Print)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="119" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Zip Code</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Phone Number</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="119" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Contact Name</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="132" align="left" valign="top">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Date</font></td>
<td colspan="1">&nbsp;</td>
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<tr height="8"><td colspan="8" height="8"></td></tr>
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<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman">D-2</font></p>
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<TYPE>EX-99.(D)(4)
<SEQUENCE>4
<FILENAME>a05-15912_1ex99dd4.htm
<DESCRIPTION>EX-99.(D)(4)
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<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>Exhibit 99.(d)(4)</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>[Form of Nominee Holder Over-Subscription Exercise Form]</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>MORGAN STANLEY INDIA INVESTMENT FUND, INC.<BR>RIGHTS OFFERING</b></font></p>
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>NOMINEE HOLDER OVER-SUBSCRIPTION EXERCISE FORM<BR>PLEASE COMPLETE ALL APPLICABLE INFORMATION</b></font></p>
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<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>BY MAIL:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="165" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>BY OVERNIGHT COURIER:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="165" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>BY HAND:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
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<td colspan="3" width="165" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">American Stock Transfer &amp; Trust Company<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Operation Center<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Attn: Reorganization Department<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6201</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1"> 15th Avenue<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Brooklyn, NY 11219</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="165" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">American Stock Transfer &amp; Trust Company<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Attn: Reorganization Department<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">59 Maiden Lane<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">New York, New York 10038</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="165" align="left" valign="top">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">American Stock Transfer &amp; Trust Company<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Operation</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1"> Center<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Attn: Reorganization Department<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">6201</font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1"> 15th Avenue<BR></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Brooklyn, NY 11219</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
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<p>&nbsp;</p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">THIS FORM IS TO BE USED ONLY BY NOMINEE HOLDERS TO EXERCISE THE OVER-SUBSCRIPTION PRIVILEGE IN RESPECT OF RIGHTS WITH RESPECT TO WHICH THE PRIMARY SUBSCRIPTION RIGHT WAS EXERCISED AND DELIVERED THROUGH THE FACILITIES OF A COMMON DEPOSITORY. ALL OTHER EXERCISES OF OVER-SUBSCRIPTION PRIVILEGES MUST BE EFFECTED BY THE DELIVERY OF THE SUBSCRIPTION CERTIFICATES.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE FUND'S PROSPECTUS DATED NOVEMBER&nbsp;[&#149;], 2005 (THE "PROSPECTUS") AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM THE FUND.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">VOID UNLESS RECEIVED BY THE SUBSCRIPTION AGENT WITH PAYMENT IN FULL BY 5:00 PM, NEW YORK TIME, ON DECEMBER 12, 2005, UNLESS EXTENDED BY THE FUND (THE "EXPIRATION DATE").</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1. The undersigned hereby certifies to the Subscription Agent that it is a participant in [Name of Depository] (the "Depository") and that it has either (i)&nbsp;exercised the Primary Subscription Right in respect of Rights and delivered such exercised Rights to the Subscription Agent by means of transfer to the Depository Account of the Fund or (ii)&nbsp;delivered to the Subscription Agent a Notice of Guaranteed Delivery in respect of the exercise of the Primary Subscription Right and will deliver the Rights called for in such Notice of Guaranteed Delivery to the Subscription Agent by means of transfer to such Depository Account of the Fund.</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2. With respect to Record Date Stockholders, the undersigned hereby exercises the Over-Subscription Privilege to purchase, to the extent available,      shares of Common Stock and certifies to the Subscription Agent that such Over-Subscription Privilege is being exercised for the account or accounts of persons (which may include the undersigned) on whose behalf all Primary Subscription Rights have been exercised. (*)</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3. The undersigned understands that payment of the Estimated Subscription Price of $[&#149;] per share of each share of Common Stock subscribed for pursuant to the Over-Subscription Privilege must be received by the Subscription Agent at or before 5:00&nbsp;p.m., New York time, on the Expiration Date and represents that such payment, in the aggregate amount of $     , either (check the appropriate box):</font></p>
<p><font style="font-size: 10pt;font-family: 'Wingdings';" face="Times New Roman, Times" size="2">o</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> has been or is being delivered to the Subscription Agent pursuant to the Notice of Guaranteed Delivery referred to above</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">or</font></p>
<p><font style="font-size: 10pt;font-family: 'Wingdings';" face="Times New Roman, Times" size="2">o</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> is being delivered to the Subscription Agent herewith,</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">or</font></p>
<p><font style="font-size: 10pt;font-family: 'Wingdings';" face="Times New Roman, Times" size="2">o</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> has been delivered separately to the Subscription Agent;</font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">and, in the case of funds not delivered pursuant to a Notice of Guaranteed Delivery, is or was delivered in the manner set forth below (check the appropriate box and complete the information relating thereto)</font></p>
<p><font style="font-size: 10pt;font-family: 'Wingdings';" face="Times New Roman, Times" size="2">o</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> uncertified check</font></p>
<p><font style="font-size: 10pt;font-family: 'Wingdings';" face="Times New Roman, Times" size="2">o</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> certified check</font></p>
<p><font style="font-size: 10pt;font-family: 'Wingdings';" face="Times New Roman, Times" size="2">o</font><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2"> bank draft</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Depository Primary Subscription Confirmation Number(s)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Name of Nominee Holder</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Depository Participant Number</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Address</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">City                   State               Zip Code</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">By:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;<BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Name:<BR></font><font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Title:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Contact Name&nbsp;&nbsp;</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Phone Number:&nbsp;&nbsp;</font></p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Dated      , 2005</font></p>
<p><font style="font-size: 8pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">*&nbsp;&nbsp;PLEASE COMPLETE THE BENEFICIAL OWNER CERTIFICATION ON THE BACK HEREOF CONTAINING THE RECORD DATE SHARE POSITION, THE NUMBER OF PRIMARY SHARES SUBSCRIBED FOR AND THE NUMBER OF SHARES REQUESTED PURSUANT TO THE OVER-SUBSCRIPTION PRIVILEGE BY EACH SUCH OWNER.</font></p>
<p align="center"><font size="2" face="Times New Roman">E-1</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
<!-- SEQ.=1,FOLIO='E-1',FILE='05-15912-6.ba',USER='Unknown',CD='Nov 10 15:07 2005' -->

<br clear="all" style="page-break-before:always;">
<p align="center"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="2"><b>MORGAN STANLEY INDIA INVESTMENT FUND, INC.<BR>BENEFICIAL OWNER CERTIFICATE</b></font></p>
<p><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">The undersigned, a bank, broker or other nominee holder of Rights ("Rights") to purchase shares of Common Stock, $0.01 par value ("Common Stock"), of Morgan Stanley India Investment Fund, Inc. (the "Fund") pursuant to the Rights offering (the "Offer") described and provided for in the Fund's Prospectus dated November&nbsp;[&#149;], 2005 (the "Prospectus") hereby certifies to the Fund and to American Stock Transfer&nbsp;&amp; Trust Company, as Subscription Agent for such Offer, that for each numbered line filled in below the undersigned has exercised, on behalf of the beneficial owner thereof (which may be the undersigned), the number of Rights specified on such line in the Primary Subscription (as defined in the Prospectus) and such beneficial owner wishes to subscribe for the purchase of additional shares of Common Stock pursuant to the Over-Subscription Privilege (as defined in the Prospectus), in the am
ounts set forth in the third and fourth column of such line:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="53" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Record Date Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Number of Rights Exercised in the<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Primary Subscription</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext .5pt; padding:0in 0in 0in 0in;">
<font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Number of Shares Requested<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Pursuant to the Over-Subscription<BR></b></font><font style="font-size: 8pt;font-family: 'TimesNewRomanPS Bold';" face="Times New Roman, Times" size="1"><b>Privilege</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">1</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">2</font></td>
<td colspan="1" width="19" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">3</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">4</font></td>
<td colspan="1" width="19" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">5</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">6</font></td>
<td colspan="1" width="19" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">7</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">8</font></td>
<td colspan="1" width="19" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">9</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="133" bgcolor="#cceeff" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">10</font></td>
<td colspan="1" width="19" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="left" valign="bottom">
<font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Name of Nominee Holder</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Depository Participant Number</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">By: </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Name:</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Depository&nbsp;Primary&nbsp;Subscription&nbsp;Confirmation&nbsp;Number(s)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="238" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">Title:</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="234" align="left" valign="top">
<font style="font-size: 9pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="1">&nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font style="font-size: 10pt;font-family: 'TimesNewRomanPS';" face="Times New Roman, Times" size="2">Dated:      , 2005</font></p>
<p align="center"><font size="2" face="Times New Roman">E-2</font></p>
<hr size="3" width="100%" noshade color="black" align="center">
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<DOCUMENT>
<TYPE>EX-99.(K)(3)
<SEQUENCE>5
<FILENAME>a05-15912_1ex99dk3.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>

<head>





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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.(k)(3)</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="360" height="53" src="g159123moi001.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">London</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rome</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sydney</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Johannesburg</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;26, 2005</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India
Investment Fund,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1221 Avenue of the
Americas</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10020</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:&#160;&#160; <u>Letter of Agreement</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Letter of Agreement,
including the Appendix attached hereto (collectively, this &#147;Agreement&#148;), sets
forth the terms and conditions of the engagement of Georgeson Shareholder
Communications Inc. (&#147;GSC&#148;) by Morgan Stanley India Investment Fund,&nbsp;Inc.
(the &#147;Fund&#148;) to act as Information Agent in connection with its upcoming Rights
Offer (the &#147;Offer&#148;).&#160; The term of the
Agreement shall be the term of the Offer, including any extensions thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Services.</font></i> GSC shall perform the services described in the
Fees&nbsp;&amp; Services Schedule&nbsp;attached hereto as Appendix I
(collectively, the &#147;Services&#148;).</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Fees.</font></i>&#160; In
consideration of GSC&#146;s performance of the Services, the Fund shall pay GSC the
amounts, and pursuant to the terms, set forth on the Fees&nbsp;&amp; Services Schedule&nbsp;attached
hereto as Appendix I.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Expenses.</font></i>&#160; In
connection with GSC&#146;s performance of the Services, and in addition to the fees
and charges discussed in paragraphs (b)&nbsp;and (d)&nbsp;hereof, the Fund
agrees that it shall be solely responsible for the following costs and
expenses, and that the Fund shall, at GSC&#146;s sole discretion, (i)&nbsp;reimburse
GSC for such costs and expenses actually incurred by GSC, (ii)&nbsp;pay such
costs and expenses directly and/or (iii)&nbsp;advance sufficient funds to GSC
for payment of such costs and expenses:</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>expenses incidental to the Offer,
including postage and freight charges incurred in delivering Offer materials;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>expenses incurred by GSC in working
with its agents or other parties involved in the Offer, including charges for
bank threshold lists, data processing, telephone directory assistance,
facsimile transmissions or other forms of electronic communication;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17 State Street, New York, NY 10004&#160;
Tel 212.440.9800&#160; Fax 212.440.9009</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>expenses incurred by GSC at the Fund&#146;s
request or for the Fund&#146;s convenience, including copying expenses, and expenses
relating to the printing of additional and/or supplemental material;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other fees and expenses
authorized by the Fund and resulting from extraordinary contingencies which
arise during the course of the Offer, including fees and expenses for
advertising (including production and posting), media relations, stock watch
and analytical services.</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Custodial Charges.</font></i>&#160; GSC
agrees to check, itemize and pay on the Fund&#146;s behalf the charges of brokers
and banks, with the exception of ADP Proxy Services which will bill the Fund
directly, for forwarding the Fund&#146;s offering material to beneficial
owners.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Compliance with Applicable Laws.</font></i>&#160; The Fund and GSC hereby represent to one
another that each shall use its best efforts to comply with all applicable laws
relating to the Offer, including, without limitation, the Securities Exchange
Act of 1934, as amended, and the rules&nbsp;and regulations promulgated
thereunder.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Indemnification.</font></i>&#160; The Fund
agrees to indemnify and hold harmless GSC and its stockholders, officers,
directors, employees, agents and affiliates against any and all claims, costs,
damages, liabilities, judgments and expenses, including the reasonable fees,
costs and expenses of counsel retained by GSC, which result from claims,
actions, suits, subpoenas, demands or other proceedings brought against or
involving GSC which directly relate to or arise out of GSC&#146;s performance of the
Services (except for costs, damages, liabilities, judgments or expenses which
shall have been determined by a court of law pursuant to a final and
nonappealable judgment to have directly
resulted from GSC&#146;s negligence or misconduct).&#160;
GSC agrees to advise the Fund of any claim or liability promptly after
receipt of any notice thereof. &#160;The Fund
shall not be liable for any settlement without its written consent.&#160; At its election, the Fund may assume the
defense of any such action.&#160;&#160; GSC agrees
to indemnify, hold harmless, reimburse and defend the Fund and its officers,
agents and employees, against all claims or threatened claims, costs,
liabilities, obligations, losses, or damages (including reasonable legal fees
and expenses) of any nature, incurred by or imposed upon the Fund or any of its
officers, agents or employees which results, arises out of or is based upon
services rendered to the Fund with negligence, misconduct, bad faith or
reckless disregard on the part of GSC or its officers, agents or employees. In
addition, the prevailing party shall be entitled to reasonable attorneys&#146; fees
and court costs in any action between the parties to enforce the provisions of
this Agreement, including the indemnification rights contained in this
paragraph. The indemnity obligations set forth in this paragraph shall survive
the termination of this Agreement.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Governing Law.</font></i>&#160; This
Agreement shall be governed by the substantive laws of the State of New York
without regard to its principles of conflicts of laws, and shall not be
modified in any way, unless pursuant to a written agreement which has been
executed by each of the parties hereto.&#160;
The parties agree that any and all disputes, controversies or claims
arising out of or relating to this Agreement (including any breach hereof)
shall be subject to the jurisdiction of the federal and state courts in New
York County, New York and the parties hereby waive any defenses on the grounds
of lack of personal jurisdiction of such courts, improper venue or <i><font style="font-style:italic;">forum non conveniens</font></i>.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Exclusivity.</font></i>&#160; The Fund
agrees and acknowledges that GSC shall be the sole Information Agent retained
by the Fund in connection with the Offer, and that the Fund shall refrain from
engaging any other Information Agent to render any Services, in a consultative
capacity or otherwise, in relation to the Offer.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Additional Services.</font></i>&#160;
In addition to the Services, the Fund may from time to time request that
GSC provide it with certain additional consulting or other services.&#160; The Fund agrees that GSC&#146;s provision of such
additional services shall be governed by the terms of a separate agreement to
be entered into by the parties at such time or times, and that the fees charged
in connection therewith shall be at GSC&#146;s then-current rates.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Confidentiality.</font></i>&#160; GSC
agrees to preserve the confidentiality of (i)&nbsp;all material non-public
information provided by the Fund or its agents for GSC&#146;s use in fulfilling its
obligations hereunder and (ii)&nbsp;any information developed by GSC based upon
such material non-public information (collectively, &#147;Confidential Information&#148;).&#160; For purposes of this Agreement, Confidential
Information shall not be deemed to include any information which (a)&nbsp;is or
becomes generally available to the public in accordance with law other than as
a result of a disclosure by GSC or any of its officers, directors, employees,
agents or affiliates; (b)&nbsp;was available to GSC on a non-confidential basis
and in accordance with law prior to its disclosure to GSC by the Fund; (c)&nbsp;becomes
available to GSC on a nonconfidential basis and in accordance with law from a
person other than the Fund or any of its officers, directors, employees, agents
or affiliates who is not otherwise bound by a confidentiality agreement with
the Fund or is not otherwise prohibited from transmitting such information to a
third party; or (d)&nbsp;was independently and lawfully developed by GSC based
on information described in clauses (a), (b)&nbsp;or (c)&nbsp;of this
paragraph. The Fund agrees that all reports, documents and other work product
provided to the Fund by GSC pursuant to the terms of this Agreement are for the
exclusive use of the Fund and may not be disclosed to any other person or
entity without the prior written consent of GSC. The confidentiality
obligations set forth in this paragraph shall survive the termination of this
Agreement.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Entire Agreement; Appendix.</font></i>&#160;
This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties hereto
with respect to the subject matter hereof.&#160;
The Appendix to this Agreement shall be deemed to be incorporated herein
by reference as if fully set forth herein.&#160;
This Agreement shall be binding upon all successors to the Fund (by
operation of law or otherwise).</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If the
above is agreed to by you, please execute and return the enclosed duplicate of
this Agreement to Georgeson Shareholder Communications Inc., 17 State Street &#150;
10<sup>th</sup> Floor, New York, New York 10004, Attention: Marcy Roth,
Contract Administrator.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GEORGESON SHAREHOLDER COMMUNICATIONS INC.</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher M. Hayden</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christopher M.
  Hayden</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managing Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreed to and accepted as of</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the date first set forth above:</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MORGAN STANLEY INDIA INVESTMENT<br>
  FUND, INC.</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="16%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ James W. Garrett</font></p>
  </td>
  <td width="56%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:56.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:73.36%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James W. Garrett</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="69%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:69.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="72%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:72.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief Financial Officer</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="33" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="98" style="border:none;"></td>
  <td width="217" style="border:none;"></td>
  <td width="48" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
  <td width="108" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="163" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\msounda\05-15912-3\task620872\15912-3-mo.htm',USER='mssoundararaj',CD='Oct 25 17:19 2005' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX I</font></u></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FEES&nbsp;&amp; SERVICES SCHEDULE</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">BASE SERVICES</font></u></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$10,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;&nbsp;&nbsp;&nbsp;&nbsp; </font>Advance
  review of Offer documents</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;&nbsp;&nbsp;&nbsp;&nbsp; </font>Advice
  and consultation with respect to set-up and progress of Offer</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;&nbsp;&nbsp;&nbsp;&nbsp; </font>Strategic
  advice relating to the Offer</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;&nbsp;&nbsp;&nbsp;&nbsp; </font>Assistance
  in preparation of advertisements and news releases</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;&nbsp;&nbsp;&nbsp;&nbsp; </font>Dissemination
  of Offer documents to bank and broker community</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;&nbsp;&nbsp;&nbsp;&nbsp; </font>Communication
  with bank and broker community during Offer period</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL
  SERVICES</font></u></p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;&nbsp;&nbsp;&nbsp;&nbsp; </font>Direct
  telephone communication with retail (i.e., registered and NOBO shareholders)</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TBD</font></p>
  </td>
 </tr>
 <tr>
  <td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.08%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&nbsp;&nbsp; $5.00 per completed call (incoming and
  outgoing)</p>
  </td>
  <td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE: The foregoing fees
are <u>exclusive</u> of reasonable reimbursable expenses and custodial charges as
described in paragraphs (c)&nbsp;and (d)&nbsp;of this Agreement.&#160; In addition, the Fund will be charged a fee
of $1,000 if the Offer is extended for any reason.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FEE PAYMENT INSTRUCTIONS</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall pay GSC
as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon execution of this Agreement, the
Fund shall pay GSC $10,000, which amount is in consideration of GSC&#146;s
commitment to represent the Fund and is non-refundable;</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If applicable, immediately prior to
the commencement of the mailing, the Fund shall advance to GSC a portion of
anticipated custodial charges; and</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon completion of the Offer, the
Fund shall pay GSC the sum of (i)&nbsp;any variable fees for Additional
Services (<i><font style="font-style:italic;">e.g.,</font></i> telephone calls) which shall have
accrued over the course of the Offer, and (ii)&nbsp;all reimbursable expenses.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GSC will send the Fund an
invoice for each of the foregoing payments.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(4)
<SEQUENCE>6
<FILENAME>a05-15912_1ex99dk4.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>

<head>





</head>

<body lang="EN-US" style="text-justify-trim:punctuation">

<div style="font-family:Times New Roman;">

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.(k)(4)</font></b></p>

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUBSCRIPTION AGENT AGREEMENT</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">American Stock
Transfer&nbsp;&amp; Trust Company</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59 Maiden Lane</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New
York 10038</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection
with your appointment as Subscription Agent in the transaction described
herein, Morgan Stanley India Investment Fund,&nbsp;Inc. (the Company), hereby
confirms its arrangements with you as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Rights Offering</font></u></b> - The Company is
offering (the Rights offering&#148;) to the holders of shares of its Common Stock,
par value $ .01 per share (&#147;Common Stock&#148;), on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005 (the &#147;Record Date&#148;), the right (&#147;Rights&#148;) to subscribe for Units (&#147;Units&#148;),
each Unit consisting of three rights.&#160; Except
as set forth under Paragraphs 6 and 7 below, Rights shall cease to be
exercisable at 5:00&nbsp;p.m., New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005 or such later date of which the Company notifies you orally and confirms
in writing (the &#147;Expiration Date&#148;). One Right is being issued for each share of
Common Stock held on the Record Date. Three Rights and payment in full of the
subscription price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the
&#147;Subscription Price&#148;) are required to subscribe for one Unit.&#160; Rights are evidenced by non-transferable
subscription certificates in registered form (&#147;Subscription Certificates&#148;).
Each holder of Subscription Certificates who exercises the holder&#146;s right to
subscribe for all Units that can be subscribed for with the Rights evidenced by
such Subscription Certificates (the &#147;Basic Subscription Right&#148;) will have the
right to subscribe for additional Units, if any, available as a result of any
unexercised Rights (such additional subscription right being referred to
hereafter as the &#147;Additional Subscription Privilege&#148;).&#160; The Rights Offering will be conducted in the
manner and upon the terms set forth in the Company&#146;s Prospectus dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005 (the &#147;Prospectus&#148;), which is incorporated herein by reference and made a
part hereof as if set forth in full herein.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Appointment of Subscription Agent</font></u></b> -
You are hereby appointed as Subscription Agent to effect the Rights offering in
accordance with the Prospectus. Each reference to you in this letter is to you
in your capacity as Subscription Agent unless the context indicates otherwise.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Delivery of Documents</font></u></b> - Enclosed
herewith are the following, the receipt of which you acknowledge by your
execution hereof:</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;a copy of the Prospectus;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;the form of Subscription Certificate (with instructions);</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;resolutions adopted by the Board of
Directors of the Company in connection with the Rights Offering, certified by
the secretary of the Company; and</font></p>

<p style="margin:0in 0in .0001pt 58.5pt;text-autospace:none;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Notice of Guaranteed Delivery.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As soon as is reasonably practical, you shall mail or cause to be
mailed to each record holder of Common Stock at the close of business on the
Record Date a Subscription Certificate evidencing the Rights to which such
holder is entitled, a Notice of Guaranteed Delivery, a Prospectus and an envelope
addressed to you. Prior to mailing, the Company will provide you with blank
Subscription Certificates which you will prepare and issue in the names of
holders of Common Stock of record at the close of business on the Record Date
and for the number of Rights to which they are entitled.&#160; The Company will also provide you with a
sufficient number of copies of each of the documents to be mailed with the
Subscription Certificates.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Subscription Procedure</font></u></b> -</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;Upon your receipt prior to 5:00&nbsp;p.m., New York City time,
on the Expiration Date (by mail or delivery), as Subscription Agent, of (i)&nbsp;any
Subscription Certificate completed and endorsed for exercise, as provided on
the reverse side of the Subscription Certificate (except as provided in
paragraph 8 hereof), and (ii)&nbsp;payment in full of the Subscription Price in
U.S. funds by check, bank draft or money<i><font style="font-style:italic;"> </font></i>order payable
at par (without deduction for bank service charges or otherwise) to the order
of American Stock Transfer<b><font style="font-weight:bold;">&nbsp;&amp;</font></b>
Trust Company, you shall as soon as practicable after the Expiration Date, but
after performing the procedures described in subparagraphs (b)&nbsp;and (c)&nbsp;below,
mail to the subscriber&#146;s registered address on the books of the Company
certificates representing the securities underlying each Unit duly subscribed
for (pursuant to the Basic Subscription Right and the Additional Subscription
Privilege) and furnish a list of all such information to the Company.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;As soon as practicable after the Expiration Date you shall
calculate the number of Units to which each subscriber is entitled pursuant to
the Additional Subscription Privilege. The Additional Subscription Privilege
may only be exercised by holders who subscribe to all the Units that can be
subscribed for under the Basic Subscription Right.&#160; The Units available for additional
subscriptions will be those that have not been subscribed and paid for pursuant
to the Basic Subscription Right (the &#147;Remaining Units&#148;).&#160; Where there are sufficient Remaining Units to
satisfy all additional subscriptions by holders exercising their rights under
the Additional Subscription Privilege, each holder shall be allotted the number
of Additional Units subscribed for. If the aggregate number of Units subscribed
for under the Additional Subscription Privilege exceeds the number of Remaining
Units, the number of Remaining Units allotted to each participant in the
Additional Subscription Privilege shall be the product (disregarding fractions)
obtained by multiplying the number of Remaining Units by a fraction of which
the numerator is the number of Units subscribed for by that participant under
the Additional Subscription Privilege and the denominator is the aggregate
number of Remaining Units subscribed for by all participants under the
Additional Subscription Privilege. Any fractional Unit to which persons
exercising their Additional Subscription Privilege would otherwise be entitled
pursuant to such allocation shall be rounded to the next whole Unit.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;Upon calculating the number of Units to which each subscriber
is entitled pursuant to the Additional Subscription Privilege and the amount
overpaid, if any, by each subscriber, you shall, as soon as practicable,
furnish a list of all such information to the Company.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Upon calculating the number of Units to which each subscriber
is entitled pursuant to the Additional Subscription Privilege and assuming
payment for the additional Units subscribed for has been delivered, you shall
mail, as contemplated in subparagraph (a)&nbsp;above, the certificates
representing the additional securities which the subscriber has been allotted.
If a lesser number of Units is allotted to a subscriber under the Additional
Subscription Privilege than the subscriber has tendered payment for, you shall
remit the difference to the subscriber without interest or deduction at the
same time as certificates representing the securities allotted pursuant to the
Additional Subscription Privilege are mailed.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;Funds received by you pursuant to the Basic Subscription Right
and the Additional Subscription Privilege shall be held by you in a segregated interest-bearing
account (which interest will inure to the benefit of the Fund). Upon mailing
certificates representing the securities and refunding subscribers for
additional Units subscribed for but not allocated, if any, you shall promptly
remit to the Company all funds received in payment of the Subscription Price
for Units sold in the Rights Offering.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Defective Exercise of Rights Lost Subscription
Certificates</font></u></b> - The Company shall have the absolute right to
reject any defective exercise of Rights or to waive any defect in exercise.
Unless requested to do so by the Company, you shall not be under any duty to
give notification to holders of Subscription Certificates of any defects or
irregularities in subscriptions. Subscriptions will not be deemed to have been
made until any such defects or irregularities have been cured or waived within
such time as the Company shall determine. You shall as soon as practicable
return Subscription Certificates with the defects or irregularities which have
not been cured or waived to the holder of the Rights. If any Subscription
Certificate is alleged to have been lost, stolen or destroyed, you should
follow the same procedures followed for lost stock certificates representing
Common Stock you use in your capacity as transfer agent for the Company&#146;s
Common Stock.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Late Delivery</font></u>  </b>-&#160; If prior to 5:00&nbsp;p.m., New York City
time, on the Expiration Date you receive (i)&nbsp;payment in full of the
Subscription Price for the Units being subscribed for and (ii)&nbsp;a guarantee
notice substantially in the form of the Notice of Guaranteed Delivery delivered
with the Subscription Certificate, from a financial institution having an
office or correspondent in the United States, or a member firm of any
registered United States national securities exchange or of the National
Association of Securities Dealers,&nbsp;Inc. stating the certificate number of
the Subscription Certificate relating to the Rights, the name and address of
the exercising subscriber, the number of Rights represented by the Subscription
Certificate held by such exercising subscriber, the number of Units being
subscribed for pursuant to the Rights and guaranteeing the delivery to you of
the Subscription Certificate evidencing such Rights within three business days
following the date of the Notice of Guaranteed Delivery, then the Rights may be
exercised even though the Subscription Certificate was not delivered to you
prior to 5:00&nbsp;p.m., New York City time, on the Expiration Date, provided
that within three business days following the date of the Notice of Guaranteed
Delivery you receive the properly completed Subscription Certificate evidencing
the Rights being exercised, with signatures guaranteed if required.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Delivery</font></u></b> - You shall deliver to the
Company the exercised Subscription Certificates in accordance with written
directions received from the Company and shall deliver to the subscribers who
have duly exercised Rights at their registered addresses certificates
representing the securities subscribed for as instructed on the reverse side of
the Subscription Certificates.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reports</u>
</b>- You shall notify the Company by telephone on and before the close of
business of each business day during the period commencing 5 business days
after the mailing of the Rights and ending at the Expiration Date (and in the
case of guaranteed deliveries ending three business days after the Expiration
Date) (a &#147;daily notice&#148;), which notice shall thereafter be confirmed in
writing, of (i)&nbsp;the number of Rights exercised on the day covered by such
daily notice, (ii)&nbsp;the number of Rights subject to guaranteed exercises on
the day covered by such daily notice, (iii)&nbsp;the number of Rights for which
defective exercises have been received on the day covered by such daily notice,
and (iv)&nbsp;the cumulative total of the information set forth in clauses (i)&nbsp;through
(iii)&nbsp;above.&#160; At or before 5:00&nbsp;p.m.,
New York City time, on the first business day following the Expiration Date you
shall certify in writing to the Company the cumulative total through the
Expiration Date of all the information set forth in clauses (i)&nbsp;through (iii)&nbsp;above.
At or before 10:00&nbsp;a.m., New York City time, on the fifth business day
following the Expiration Date you will execute and deliver to the Company a
certificate setting forth the number of Rights exercised pursuant to a Notice
of Guaranteed Delivery and as to which Subscription Certificates have been
timely received. You shall also maintain and update a listing of holders who
have fully or partially exercised their Rights, holders who have transferred
their Rights and their transferees, and holders who have not exercised their
Rights.&#160; You shall provide the Company or
its designees with such information compiled by you pursuant to this paragraph 8
as any of them shall request.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Future Instructions</font></u></b> &#150; With respect
to notices or instructions to be<b><font style="font-weight:bold;"> </font></b>provided by
the Company hereunder, you may rely and act on any written instruction signed
by any one or more of the following authorized officers or employees of the
Company:</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><a name="TableHead"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fund
Officers</font></u></b></a></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ronald Robison, President and
PEO</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stefanie Chang, Vice
President</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amy Doberman, Vice President</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mary Mullin, Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James Garrett, Treasurer and
CFO</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael Leary, Assistant
Treasurer</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carsten Otto - CCO</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joanne Antico, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph Benedetti, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel Burton, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joanne Doldo, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tara Farrelly, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alice Gerstel, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric
Griffith, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LouAnne McInnis, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ed
Meehan, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elisa Mitchell, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elizabeth Nelson, Asst.
Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debra Rubano, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rita Rubin, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheri
Schreck, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julien Yoo, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mumbai</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clifford D&#146;Souza</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amay Hattangadi</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chetan Jain</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suresh Nair</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sridhar Sivaram</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bhavesh Soni</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JP Morgan (Fund Administration)</font></u></b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Melissa Araujo</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James
Byrne</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lauren Cleckley</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joyce Duran</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gina Fitzpatrick</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael Gaudette</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moses Kimani</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dan
Kinsella</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert Kubilis</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark LaVallee</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christina Luong</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sharon Otis</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ellen O&#146;Brien</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Poussard</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scott Piche</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Seymour</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nick Tuberosa</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christopher Wright</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jon Wuebker</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Morgan Stanley Operations</font></u></b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen Atkins</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lisa Meyerberg</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note</font></u>: Only
officers can sign for any purpose. Others are authorized for custody purposes.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Payment
of Expenses</font></u></b> - The Company will pay you compensation for acting
in your capacity as Subscription Agent hereunder in the amount of $25,000 plus
your reasonable out-of-pocket expenses.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Indemnification</font></u></b>
- - The Company covenants and agrees to indemnify and hold you harmless against
any costs, expenses (including reasonable fees of legal counsel), losses or
damages, which may be paid, incurred or suffered by or to which you may become
subject arising from or out of, directly or indirectly, any claim or liability
resulting from your actions as Subscription Agent pursuant hereto; provided
that such covenant and agreement does not extend to such costs, expenses,
losses and damages incurred or suffered by you as a result of, or arising out
of, your own negligence, misconduct or bad faith or that of any employees,
agents or independent contractors used by you in connection with performance of
your duties as Subscription Agent hereunder.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In no case shall the Company be liable with
respect to any claim against you unless you have notified the Company in
writing of the assertion of a claim against it promptly after you have notice
of a claim or have been served with a summons or other legal process giving
information as to the nature and basis of the claim.&#160; The Company shall be entitled to control the
defense of any suit brought to enforce any such claim and you agree not to settle
or compromise any claim or threatened litigation or proceeding without
providing the Company adequate written notice of any such proposed settlement
or compromise and without the prior written consent of the Company.&#160; In no event shall the Company be liable for
the fees and expenses of any additional counsel that you may retain.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Notices</font></u>
</b>-&#160; Unless otherwise provided herein,
all reports, notices and other communications required or permitted to be given
hereunder shall be in writing and delivered by hand or confirmed telecopy or by
first class U.S. mail, postage prepaid, shall be deemed given if by hand or
telecopy, upon receipt or if by U.S. mail, three business days after deposit in
the U.S. mail and shall be addressed as follows</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.25pt;text-autospace:none;text-indent:-20.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If to the Company, to:</p>

<p style="margin:0in 0in .0001pt 56.25pt;text-autospace:none;text-indent:-20.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley
India Investment Fund,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Morgan
Stanley Investment Management</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1221 Avenue of
the Americas</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York,
NY&#160; 10020</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160;&#160; Joseph C. Benedetti,&nbsp;Esq.</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160; (212) 762-5295</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:
(212) 507-5663</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.25pt;text-autospace:none;text-indent:-20.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
to you, to:</p>

<p style="margin:0in 0in .0001pt 56.25pt;text-autospace:none;text-indent:-20.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">American Stock
Transfer<b><font style="font-weight:bold;">&nbsp;&amp;</font></b> Trust Company</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59 Maiden Lane</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, N.Y.
10038</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:
George Karfunkel</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:
(718) 921-8200</font></p>

<p style="margin:0in 0in .0001pt 20.25pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy:
(718) 236-4588</font></p>

<p style="margin:0in 0in .0001pt 2.0in;text-autospace:none;text-indent:-2.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Assignment and Delegation</font></u> - </b>Neither
this Agreement nor any rights or obligations hereunder may be assigned or
delegated by either party without the prior written consent of the other
party.&#160; This Agreement shall inure to the
benefit of and be binding upon the parties and their respective successors and assigns.&#160; Nothing in this Agreement is intended or
shall be construed to confer upon any other person any duty, liability or obligation.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Governing Law</font></u></b> &#150; The validity,
interpretation and performance of this Agreement shall be governed by the laws
of the State of New York, without regard to its principles of conflicts of
law.&#160; The parties agree that with respect
to all unresolved disputes arising out of this Agreement they shall submit to
the jurisdiction of any state or federal court sitting in New York, New York.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Severability</font></u></b> &#150; The parties hereto
agree that if any of the provisions contained in this Agreement shall be
determined invalid, unlawful or unenforceable to any extent, such provisions
shall be deemed modified to the extent necessary to render such provisions
enforceable.&#160; The parties hereto further
agree that this Agreement shall be deemed severable, and the invalidity,
unlawfulness or enforceability of any term or provision thereof shall not
affect the validity, legality or enforceability of this Agreement or of any
term or provision hereof.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Counterparts</font></u></b> &#150; This Agreement may
be executed in one or more counterparts, each of which shall be deemed an
original and all of which together shall be considered one and the same
Agreement.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Captions</font></u></b> &#150; The captions and
descriptive headings herein are for the convenience of the parties only.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font style="font-weight:bold;">Facsimile Signatures</font></u></b> &#150; Any
facsimile signature of any party hereto shall constitute a legal, valid and
binding execution hereof by such party.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties have hereunto
set their hands and seals as of the day and year first above written.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MORGAN STANLEY INDIA INVESTMENT FUND, INC.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST
COMPANY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)(1)
<SEQUENCE>7
<FILENAME>a05-15912_1ex99dl1.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>

<head>





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<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.(l)(1)</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[CLIFFORD CHANCE US LLP
LETTERHEAD]</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;10, 2005</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India
Investment Fund,&nbsp;Inc.<br>
1221 Avenue of the Americas<br>
New York, New York 10020</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as counsel
for Morgan Stanley India Investment Fund,&nbsp;Inc., a Maryland corporation
(the &#147;Fund&#148;), in connection with the preparation and filing with the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the &#147;1933
Act&#148;), and the Investment Company Act of 1940, as amended, of a Registration
Statement on Form&nbsp;N-2 (File Nos.&nbsp;333-128221 and 811-08238) (the &#147;Registration
Statement&#148;) relating to the issuance by the Fund of transferable rights (the &#147;Rights&#148;)
to subscribe for up to 6,668,750 shares of Common Stock of the Fund, par value
$0.01 (the &#147;Shares&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In so acting, we have
examined and relied upon originals or copies, certified or otherwise identified
to our satisfaction, of such corporate records, documents, certificates and
other instruments as in our judgment are necessary or appropriate to enable us
to render the opinions expressed below.&#160;
Based upon the foregoing, and such examination of law as we have deemed
necessary, we are of the opinion that:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Fund is a corporation duly incorporated and validly
existing as a corporation in good standing under the laws of the State of
Maryland.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shares have been duly authorized for issuance and,
when such Shares are issued and delivered by the Fund as contemplated by the
Registration Statement, in exchange for payment of the consideration therefor
as described in the resolutions adopted by the Board of Directors of the Fund
and the Registration Statement, such Shares will be validly issued, fully paid
and nonassessable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the
filing of this opinion with the Securities and Exchange Commission as an Exhibit&nbsp;to
the Registration Statement and to the reference to us under the heading &#147;Legal
Matters&#148; in the prospectus forming a part of the Registration Statement.&#160; In giving this consent, we do not admit that
we are within the category of persons whose consent is required under Section&nbsp;7
of the 1933 Act or the rules&nbsp;and regulations of the Securities and
Exchange Commission thereunder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our opinion is limited to
the laws of the State of New York and the Federal laws of the United
States.&#160; As to certain matters governed
by the laws of the State of Maryland, we have relied on the opinion of Ballard
Spahr Andrews&nbsp;&amp; Ingersoll, LLP, a copy of which is attached hereto.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.26%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Clifford Chance US
  LLP</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.76%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)(2)
<SEQUENCE>8
<FILENAME>a05-15912_1ex99dl2.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.(l)(2)</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[LETTERHEAD
OF BALLARD SPAHR ANDREWS&nbsp;&amp; INGERSOLL, LLP]</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;10, 2005</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India Investment Fund,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1221 Avenue of the Americas, 22<sup>nd</sup> Floor</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York&#160; 10020</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:42.55pt;width:90.12%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>
  </td>
  <td width="93%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:93.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India Investment
  Fund,&nbsp;Inc., a Maryland corporation (the &#147;Fund&#148;) &#150; Registration Statement
  on Form&nbsp;N-2 (Securities Act File No.&nbsp;333-128221 and Investment
  Company Act File No.&nbsp;88238), as amended (the &#147;Registration Statement&#148;),
  pertaining to 6,668,750 shares (the &#147;Shares&#148;) of the common stock of the
  Fund, par value $0.01 per share (&#147;Common Stock&#148;)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as Maryland corporate counsel
to the Fund in connection with the registration of the Shares under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;), by the Fund pursuant
to the Registration Statement, which was originally filed with the Securities
and Exchange Commission (the &#147;Commission&#148;) on or about September&nbsp;9,
2005.&#160; The Shares are to be issued
pursuant to the exercise of rights (the &#147;Rights&#148;) issued to the stockholders of
record of outstanding shares of Common Stock of the Fund as of the close of
business on November&nbsp;17, 2005 and entitle such stockholders to purchase
one share of the Common Stock of the Fund for each three Rights held.&#160; You have requested our opinion with respect
to the matters set forth below.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In our capacity as Maryland corporate counsel
to the Fund and for the purposes of this opinion, we have examined originals,
or copies certified or otherwise identified to our satisfaction, of the
following documents (collectively, the &#147;Documents&#148;):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the corporate charter of the
Fund, represented by Articles of Incorporation filed with the State Department
of Assessments and Taxation of Maryland (the &#147;Department&#148;) on December&nbsp;22,
1993, and articles of amendment filed with the Department on June&nbsp;27,
1994, June&nbsp;23, 1999 and May&nbsp;1, 2001, respectively (collectively, the &#147;Charter&#148;);</h1>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h1>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Amended and Restated Bylaws of the Fund dated July&nbsp;31,
2003 (the &#147;Bylaws&#148;);</h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Resolutions adopted by the Board of Directors of the Fund,
or committees thereof dated as of September&nbsp;8, 2005 and October&nbsp;27,
2005 (the &#147;Directors&#146; Resolutions&#148;);</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registration Statement;</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a status certificate of the Department, dated November&nbsp;8,
2005, to the effect that the Fund is duly incorporated and existing under the
laws of the State of Maryland;</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a certificate of Amy R. Doberman, the Vice President of the
Fund, and Stephanie V. Chang, the Vice President of the Fund, of even date
herewith (the &#147;Officers&#146; Certificate&#148;), to the effect that, among other things,
the Charter, the Bylaws and the Directors&#146; Resolutions are true, correct and
complete, and that the Charter, the Bylaws and the Directors&#146; Resolutions have
not been rescinded or modified and are in full force and effect as of the date
of the Officers&#146; Certificate, and certifying, among other things, as to the
manner of adoption of the Directors&#146; Resolutions, the number of issued and
outstanding shares of Common Stock, and the authorization for issuance of the
Shares; and</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such other laws, records, documents, certificates, opinions
and instruments as we have deemed necessary to render this opinion, subject to
the limitations, assumptions and qualifications noted below.</h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In reaching the opinion set forth below, we
have assumed the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>each person executing any of the Documents on behalf of a
party (other than the Fund) is duly authorized to do so;</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>each natural person executing any of the Documents is
legally competent to do so;</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Officers&#146; Certificate
and all other certificates submitted to us are true and correct when made and
as of the date hereof and without regard to any knowledge qualifiers contained
therein;</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any of the Documents submitted to us as originals are
authentic; the form and content of any Documents submitted to us as unexecuted
drafts do not differ in any respect relevant to this opinion from the form and
content of such documents as executed and delivered; any of the Documents
submitted to us as certified or photostatic copies conform to the original</h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">documents; all signatures on all of the
Documents are genuine; all public records reviewed or relied upon by us or on
our behalf are true and complete; all representations, certifications,
statements and information contained in the Documents are true and complete;
there has been no modification of, or amendment to, any of the Documents, and
there has been no waiver of any provision of any of the Documents by action or
omission of the parties or otherwise; and</font></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no action will be taken by the Fund between the date hereof
and the date of issuance of the Shares that will result in the total number of
shares of Common Stock of the Fund outstanding, after giving effect to issuance
of the Shares, exceeding the total number of shares of Common Stock that the
Fund is authorized to issue under its Charter.</h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the foregoing, and subject to the
assumptions and qualifications set forth herein, it is our opinion that, as of
the date of this letter:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund is a corporation duly incorporated and validly
existing as a corporation in good standing under the laws of the State of
Maryland.</h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Shares have been duly authorized for issuance, and when
such Shares are issued and delivered by the Fund, as contemplated by the
Registration Statement, in exchange for payment of the consideration therefore
as described in the Directors&#146; Resolutions and the Registration Statement, such
Shares will be validly issued, fully paid and nonassessable.</h3>

<h3 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;">&nbsp;</h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing opinion is limited to the laws
of the State of Maryland, and we do not express any opinion herein concerning
any other law.&#160; We express no opinion as
to the applicability or effect of the Investment Company Act of 1940, the
Securities Act or any other federal or state securities laws, including the
securities laws of the State of Maryland, or as to federal or state laws
regarding fraudulent transfers.&#160; To the
extent that any matter as to which our opinion is expressed herein would be
governed by any jurisdiction other than the State of Maryland, we do not
express any opinion on such matter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion letter is issued as of the date
hereof and is necessarily limited to laws now in effect and facts and circumstances
presently existing and brought to our attention.&#160; We assume no obligation to supplement this
opinion letter if any applicable laws change after the date hereof, or if we
become aware of any facts or circumstances that now exist or that occur or
arise in the future and may change the opinions expressed herein after the date
hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clifford Chance US LLP may rely upon this
opinion, in its capacity as securities counsel to the Fund, in connection with
the filing of the Registration Statement and in rendering its opinion to the
Fund in connection therewith.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to your filing this opinion as an
exhibit to the Registration Statement.&#160;
We also consent to the identification of our firm as Maryland counsel to
the Fund in the section&nbsp;of the Registration Statement entitled &#147;Legal
Matters.&#148;&#160; In giving this consent, we do
not admit that we are within the category of persons whose consent is required
by Section&nbsp;7 of the Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ballard Spahr Andrews&nbsp;&amp;
  Ingersoll, LLP</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<DOCUMENT>
<TYPE>EX-99.(L)(3)
<SEQUENCE>9
<FILENAME>a05-15912_1ex99dl3.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.(l)(3)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[LITTLE&nbsp;&amp; CO. LETTERHEAD]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;10, 2005</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India
Investment Fund,&nbsp;Inc.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1221 Avenue of the
Americas</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10020</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as Indian
counsel for Morgan Stanley India Investment Fund,&nbsp;Inc., a Maryland
corporation (the &#147;Fund&#148;), in connection with the preparation and filing of a
Registration Statement on Form&nbsp;N-2 (File Nos.&nbsp;333-128221 and 811-08238)
(the &#147;Registration Statement&#148;) relating to the issuance by the Fund of
transferable rights to subscribe for up to 6,668,750 shares of Common Stock of
the Fund, par value $0.01.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We confirm that the
statements in the Registration Statement under the headings &#147;Taxation&#151;Indian
Taxation&#148; contained therein, to the extent that they constitute statements of
law or legal conclusions, are true and correct and accurately reflect our
opinion on the matters covered thereby.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we hereby
consent to the filing of this opinion as an Exhibit&nbsp;to the Registration
Statement and further consent to the references to Little&nbsp;&amp; Co.
contained in the Prospectus filed as part of the Registration Statement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.76%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Little&nbsp;&amp;
  Co.</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.42%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>10
<FILENAME>a05-15912_1ex99dn.htm
<DESCRIPTION>EX-99.(N)
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.(n)</font></b></p>

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Independent Registered Public Accounting
Firm</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the
references to our firm under the captions &#147;Financial Highlights&#148; and &#147;Independent
Registered Public Accounting Firm&#148; in the Registration Statement (Form&nbsp;N-2)
and related Prospectus of Morgan Stanley India Investment Fund,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also consent to the
incorporation by reference into the Prospectus of our report, dated February&nbsp;11,
2005, with respect to the financial statements of Morgan Stanley India
Investment Fund,&nbsp;Inc. included in the Annual Report to Stockholders for
the fiscal year ended December&nbsp;31, 2004.</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.76%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ ERNST&nbsp;&amp;
  YOUNG LLP</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston,
  Massachusetts</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;8,
  2005</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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