<SEC-DOCUMENT>0001104659-09-040332.txt : 20110425
<SEC-HEADER>0001104659-09-040332.hdr.sgml : 20110425

<ACCEPTANCE-DATETIME>20090626133648

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001104659-09-040332

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		11

FILED AS OF DATE:		20090626

DATE AS OF CHANGE:		20090630


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:	333-159091

		FILM NUMBER:		09912167



	BUSINESS ADDRESS:	

		STREET 1:		522 FIFTH AVENUE

		STREET 2:		19TH FLOOR

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10036

		BUSINESS PHONE:		800 869-6397



	MAIL ADDRESS:	

		STREET 1:		522 FIFTH AVENUE

		STREET 2:		19TH FLOOR

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10036



	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:		09912168



	BUSINESS ADDRESS:	

		STREET 1:		522 FIFTH AVENUE

		STREET 2:		19TH FLOOR

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10036

		BUSINESS PHONE:		800 869-6397



	MAIL ADDRESS:	

		STREET 1:		522 FIFTH AVENUE

		STREET 2:		19TH FLOOR

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10036



	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>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>a09-12921_1n2a.htm
<DESCRIPTION>N-2/A
<TEXT>

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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed with the U.S.
Securities and Exchange Commission on June 26, 2009</font></b></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;Securities Act File No.&nbsp;333-159091</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><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>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p align="left" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION
  STATEMENT<br>
  UNDER THE SECURITIES ACT OF 1933</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="3" face="Wingdings" style="font-size:12.0pt;">x</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pre-Effective Amendment
  No. 2</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Post-Effective Amendment No.</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and/or</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION
  STATEMENT UNDER THE INVESTMENT COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="3" face="Wingdings" style="font-size:12.0pt;">x</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendment No.&nbsp;10</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">522 Fifth Avenue<br>
New York, New York 10036</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 296-6970</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stefanie V. Chang Yu,&nbsp;Esq.<br>
</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Morgan Stanley India Investment Fund,&nbsp;Inc.<br>
522 Fifth Avenue<br>
New York, New York 10036</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Carl Frischling</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Kramer Levin
  Naftalis&nbsp;&amp; Frankel LLP</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1177 Avenue of the Americas</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York, New York 10036</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stuart M. Strauss,&nbsp;Esq.<br>
  Clifford Chance US LLP<br>
  31 West 52</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">nd</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&nbsp;Street<br>
  New York, New York 10019<br>
  (212) 878-8000</font></b></p>
  </td>
 </tr>
</table>

</div>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approximate date of proposed public offering:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As soon as practicable after the effective date of this Registration
Statement.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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 size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">It is proposed that this filing will become effective (check
appropriate box):</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#160; </font></b><font size="2" style="font-size:10.0pt;">when declared effective
pursuant to Section&nbsp;8(c)</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>



<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum Offering<br>
  Price Per Unit (1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum<br>
  Aggregate Offering Price (1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of Registration<br>
  Fee</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="22%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:22.92%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
  Stock, par value $0.01 per share</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,142,713
  Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.83</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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 0in 0in 0in;width:1.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">127,952,712</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.48%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,139.76</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.48%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)(2)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="171" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="96" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="132" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="132" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="102" style="border:none;"></td>
  <td width="41" style="border:none;"></td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="1" width="25%" noshade color="black" align="left"></div>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.64%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 June&nbsp;18, 2009.</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.64%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$55.80 of which was previously paid.</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p align="left" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:left;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105735\09-12921-1\task3608640\12921-1-ba.htm',USER='105735',CD='Jun 26 22:23 2009' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;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;page-break-after:avoid;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:avoid;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;page-break-after:avoid;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:avoid;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="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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="48%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.76%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Items&nbsp;in&nbsp;Part&nbsp;A&nbsp;and&nbsp;B&nbsp;of&nbsp;Form&nbsp;N-2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Location&nbsp;in&nbsp;Prospectus</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outside Front Cover</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cover Pages, Other
  Offering Information</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee Table and Synopsis</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee Table</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Highlights</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Highlights</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plan of Distribution</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling Stockholders</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use of Proceeds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus Summary; Use of
  Proceeds</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Description of the
  Registrant</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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; Risk Factors and Special Considerations; Investment
  Restrictions; Common Stock</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management of the Fund;
  Compensation; Portfolio Transactions and Brokerage; Common Stock; Dividend
  Paying Agent, Transfer Agent and Registrar; Custodian; Legal Matters</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Proceedings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cover Page</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Table of Contents</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Information and
  History</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Objective and
  Policies</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus Summary;
  Management of the Fund; Compensation; Code of Ethics; Proxy Voting Policy and
  Procedures</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Advisory and
  Other Services</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus Summary;
  Management of the Fund; Compensation; Custodian; Dividend Paying Agent,
  Transfer Agent and Registrar; Independent Registered Public Accounting Firm</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brokerage Allocation and
  Other Practices</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Transactions and
  Brokerage</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Status</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxation</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.</font></p>
  </td>
  <td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:45.26%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Statements</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.1%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Statements</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.5%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" 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>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<!-- Document name: 09-12921-2.ba-->
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PROSPECTUS</b></font></p>


<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PRELIMINARY PROSPECTUS (Subject to Completion)<BR>Issued June 26, 2009</b></font></p>



<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>4,914,171 Shares</b></font></p>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>MORGAN STANLEY INDIA INVESTMENT FUND, INC.</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Common Stock</b></font></p>
<p align="center"><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Morgan Stanley India Investment Fund, Inc. (the "Fund") is issuing to its common stockholders of record as of June 30, 2009 non-transferable rights. These rights will allow you to subscribe for one share of the Fund's common stock for each four rights held. You will receive one right for each whole share of common stock that you hold of record as of June 30, 2009. You need four rights to purchase one share at the subscription price. The Fund will not issue fractional shares upon the exercise of less than four 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 symbol "IIF." The subscription price per share will be 95% of the average of the last reported sales 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 face="Times New Roman PS, Times New Roman, Times" size="2">THE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK TIME, ON JULY 22, 2009, UNLESS EXTENDED. The Fund announced the offer after the close of business on the New York Stock Exchange on May 8, 2009. The net asset value per share at the close of business on May 8, 2009 and June 30, 2009 was US$15.02 and US$  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, respectively, and the last reported sale price of a share on the New York Stock Exchange on those dates was US$16.62 and US$  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 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 face="Times New Roman PS, Times New Roman, Times" size="2">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 522 Fifth Avenue, New York, New York 10036, and the Fund's telephone number is (800) 231-2608.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><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 face="Times New Roman PS, Times New Roman, Times" size="2"> 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&#151;Risks Related to the Offer" and "The Offer&#151;Terms of the Offer."</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Please read this Prospectus carefully before investing and keep it for future reference. It sets forth concisely important information that a prospective investor should know before investing in the Fund. All questions and inquiries relating to the offer should be directed to the Information Agent, Georgeson Inc., 199 Water Street, 26th Floor, New York, New York 10038 or toll-free at (800) 509-4953. The Fund has filed additional information about the Fund and the offer with the U.S. Securities and Exchange Commission (http://www.sec.gov). Copies of the Fund's annual and semiannual reports may be obtained upon request, without charge, by writing to Morgan Stanley India Investment Fund, Inc., c/o JPMorgan Chase Bank, N.A., 270 Park Avenue, New York, New York 10017, or by calling (800) 231-2608 and also will be made available on the Fund's website at www.morganstanley.com/im. You may also call this toll-free telephone number to request additional information about the Fund or to make stockholder inquiries.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>These securities have not been approved 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="47" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Estimated<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Subscription Price(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sales Load</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Estimated Proceeds<BR></b></font><font face="Times New Roman PS, 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="47" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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="82" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="47" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total (3)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, 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" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="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 face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;The estimated subscription price is based upon the average of the last reported sales price per share of the Fund's common stock on the New York Stock Exchange on June 30, 2009 and the four preceding trading days.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;After deduction of expenses payable by the Fund, estimated at US$275,000.</font></p>

<p><font face="Times New Roman PS, 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><font face="Times New Roman PS, Times New Roman, Times" size="2">         , 2009</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>(continued from previous page)</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Investment Policies.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  It is the policy of the Fund, under normal market conditions, to invest </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>substantially</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> 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) of companies organized in, or for which the principal securities trading market is in, India, (ii) denominated in Indian rupees and issued by companies to finance operations in India or (iii) 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. See "Investment Objective and Policies."</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Risks of Investing in Indian Companies.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  An investment in the Fund should be considered speculative. Investments in Indian companies involve certain risks and special considerations not typically associated with the United States, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Indian government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Indian securities markets are emerging markets characterized by relatively low trading volume, resulting in substantially less liquidity and greater price volatility. Moreover, information available about Indian companies may not be as complete, accurate or timely as information about listed U.S. companies. See "Risk Factors and Special Considerations."</font></p>


<p><font face="Times New Roman PS, 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 (the "Board") have not attempted to verify the statistical information regarding India presented in this Prospectus. In this Prospectus, unless otherwise specified, all references to "U.S. dollars," "US$" or "$" are to United States dollars, and to "rupees" and "Rs." are to Indian rupees. On June 18, 2009, the exchange rate published in The Wall Street Journal was Rs. 47.962 = US$1.00 and, unless otherwise specified, all Indian rupees have been converted to U.S. dollars at that exchange 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&#151;Exchange Rates" 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 31.</font></p>

<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Shares of the Fund do not represent a deposit or obligation of, and are not guaranteed by or endorsed by, any bank or other insured depositary institution, and are not federally insured by the U.S. Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>ii</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TABLE OF CONTENTS</b></font></p>
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<tr>
<td colspan="3" width="395" 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 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Page</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">14</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">14</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">18</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">25</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">35</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">36</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">44</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">47</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">47</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">47</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">47</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="395" align="left" valign="top">


<font face="Times New Roman PS, 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">47</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="395" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Appendix A&#151;The Republic of India</font>

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


&nbsp;

</td>
<td colspan="1" width="32" align="right" valign="top">


<font face="Times New Roman PS, 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="395" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Appendix B&#151;Description of Various Foreign Currency and Interest Rate Hedges and<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Options on Securities and 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="32" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">B-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="395" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Appendix C&#151;Morgan Stanley Investment Management 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="32" align="right" valign="top">


<font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>FORWARD-LOOKING STATEMENTS</b></font></p>
<p><font face="Times New Roman PS, 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," "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 the information presented in this Prospectus after the date of this Prospectus.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>iii</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PROSPECTUS SUMMARY</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Offer at a Glance</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Terms of the Offer</i></b></font></p>


<p><font face="Times New Roman PS, 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 June 30, 2009 (the "Record Date") non-transferable rights (the "Rights") to subscribe for up to an aggregate of 4,914,171 shares (the "Shares") of the common stock, par value $0.01 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 four Rights to purchase one Share at the Subscription Price (as defined herein). The Fund will not issue fractional Shares upon the exercise of less than four Rights. The Rights will not be listed for trading on the New York Stock Exchange (the "NYSE") or any other exchange; however, the Shares issued upon the exercise of the Rights will be listed for trading on the NYSE. Rights may be exercised at any time from July 6, 2009 through 5:00 p.m., New York time, on July 22, 2009, 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 the 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 or her decision. In certain instances described below under "&#151;Over-Subscription 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 align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Over-Subscription Privilege</i></b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Record Date Stockholder who fully exercises all Rights issued to him or her 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 to issue additional Common Stock up to an amount equal to 25% of the Shares available pursuant to the Offer (up to an additional 1,228,542 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>pro rata</i></font><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Subscription Price</i></b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Subscription Price per Share ("Subscription Price") will be 95% of the average of the last reported sales price per share of the Fund's Common Stock on the NYSE 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 NYSE on July 22, 2009, the expiration date of the Offer, unless extended (the "Expiration Date"). The Subscription Price is discussed further under "The Offer&#151;Subscription Price." In addition, information with respect to the quarterly high and low sale prices of the Fund's Common Stock on the NYSE and the quarterly high and low net asset values per share of Common Stock is provided under "Common Stock."</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Exercising Rights</i></b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Rights will be evidenced by Subscription Certificates and may be exercised by delivering to Computershare Trust Company, N.A. (the "Subscription Agent") a completed Subscription Certificate, together with payment, or by delivering </font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">a Notice of Guaranteed Delivery. The Notice of Guaranteed Delivery or Subscription Certificates together with payment should be addressed, if sent by first class mail to Computershare Trust Company, N.A., Corporate Actions Voluntary Offer, P.O. Box 43011, Providence, Rhode Island, 02940-3011 or, if sent by express mail or overnight courier, to Computershare Trust Company, N.A., Corporate Actions Voluntary Offer, 250 Royall Street, Suite V, Canton, Massachusetts 02021. Those Record Date Stockholders who subscribe in the Primary Subscription, </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">, those Record Date Stockholders who exercise their Rights (the "Exercising Rights Holders"), will have no right to rescind a purchase after the Subscription Agent has received a completed Subscription Certificate or Notice of Guaranteed Delivery. See "The Offer&#151;Exercise of Rights" and "The Offer&#151;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 face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Non-Transferability of Rights</i></b></font></p>


<p><font face="Times New Roman PS, 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 NYSE or any other securities exchange. However, the Shares to be issued pursuant to the Offer will be listed for trading on the NYSE, subject to the NYSE being officially notified of the issuance of those Shares.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Foreign Restrictions</i></b></font></p>
<p><font face="Times New Roman PS, 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&#151;Foreign Stockholders."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Purpose of the Offer</i></b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board 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 in India. The Board believes that increasing the size of the Fund may 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&#151;Purpose of the Offer."</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Tax Consequences</i></b></font></p>
<p><font face="Times New Roman PS, 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&#151;U.S. Federal Income Tax Consequences of the Offer."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Use of Proceeds</i></b></font></p>


<p><font face="Times New Roman PS, 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$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, after deducting offering expenses payable by the Fund estimated to be approximately US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The Fund intends to invest the net offering proceeds in equity securities of Indian issuers, in accordance with its investment objective and policies. The Fund anticipates that investment of the net proceeds of the Offer in accordance with the Fund's investment objective and policies may take up to ninety days from their receipt by the Fund, depending on market conditions and the availability of appropriate securities. The Fund may require up to ninety days 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><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">, India. Pending such investment, the proceeds may be invested in equity index futures to gain exposure to equity securities of Indian issuers. See "The Offer&#151;Use of Proceeds."</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Information Agent and Subscription Agent</i></b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Information Agent for the Offer is:</font></p>


<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Georgeson Inc.<BR>199 Water Street, 26th Floor<BR>New York, New York 10038<BR>Toll-Free: (800) 509-4953<BR>or<BR>For banks and brokers: (212) 440-9800</b></font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Subscription Agent for the Offer is:</font></p>


<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Computershare Trust Company, N.A.<BR>250 Royall Street<BR>Canton, Massachusetts 02021</b></font></p>

<p align="left"><font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Event</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Date</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Record Date</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">June 30, 2009</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Subscription Period</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">July 6, 2009 to July 22, 2009*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Expiration Date and pricing date</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">July 22, 2009*</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Subscription Certificates and payment for Shares due**</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">July 22, 2009*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Notice of Guaranteed Delivery due</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">July 22, 2009*</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" align="left" valign="bottom">


<font face="Times New Roman PS, 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="142" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">July 27, 2009*</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Confirmation mailed to participants</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="142" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">July 30, 2009*</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="301" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Final payment for Shares***</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">August 3, 2009*</font>

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

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Unless the Offer is extended.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">**&nbsp;&nbsp;A Record Date Stockholder exercising rights must deliver by the Expiration Date either (i) a Subscription Certificate and payment for Shares or (ii) 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Fund at a Glance</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Information Regarding the Fund</i></b></font></p>
<p><font face="Times New Roman PS, 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 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) of companies organized in, or for which the principal trading market is in, India, (ii) denominated in rupees issued by companies to finance operations in India or (iii) 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. 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 face="Times New Roman PS, Times New Roman, Times" size="2">As of June 30, 2009, the Fund had &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding, which are listed and traded on the NYSE under the symbol "IIF." See "Common Stock." As of June 30, 2009, the net assets of the Fund were US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Information Regarding the Fund's Adviser, Sub-Adviser, Administrator, Sub-Administrator and Custodian</i></b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The investment adviser to the Fund is Morgan Stanley Investment Management Inc. (the "Adviser"), a Delaware corporation, whose address is 522 Fifth Avenue, New York, New York 10036. The Adviser is a wholly-owned subsidiary of Morgan Stanley, a preeminent global financial services firm engaged in securities trading and brokerage activities, as well as providing investment banking, research and analysis, financing and financial advisory services.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. provides certain day-to-day investment management services to the Fund. Under the Investment Advisory and Management Agreement, the Adviser receives an annual fee computed weekly and payable monthly, in an amount equal to 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 March 31, 2009, the Adviser, together with its affiliated asset management companies, had over US$356.0 billion in assets under management or supervision. See "Management of the Fund."</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Morgan Stanley Investment Management Company (the "Sub-Adviser"), a wholly-owned subsidiary of Morgan Stanley, provides investment sub-advisory services to the Fund pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-Adviser. The Sub-Adviser has been retained, subject to the overall supervision of the Adviser and the Directors of the Fund, to continuously furnish investment advice concerning individual security selections, asset allocations and economic trends and to manage the Fund's portfolio.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. also serves as administrator (the "Administrator") to the Fund pursuant to an Administration Agreement. Under the Administration Agreement, the annual administrative fee, payable monthly, is 0.08% of the Fund's average weekly net assets. As approved by the Board, the Administrator has agreed to limit this 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 Administration Agreement covers administrative costs (including out-of-pocket expenses incurred in the ordinary course of providing services under the Administration Agreement, which were previously borne by the Fund), except pricing services and extraordinary expenses.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Under a Sub-Administration Agreement between the Administrator and J.P. Morgan Investor Services Co. ("JPMIS"), a corporate affiliate of JPMorgan Chase Bank, N.A., JPMIS provides certain administrative services to the Fund. For such services, the Administrator pays JPMIS a portion of the fee the Administrator receives from the Fund. Administration costs (including out-of-pocket expenses) incurred in the ordinary course of providing services under the administration agreement, except pricing services and extraordinary expenses, are covered under the administration fee.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Multiconsult, Ltd., whose registered office is in Mauritius, provides 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 face="Times New Roman PS, Times New Roman, Times" size="2">JPMorgan Chase Bank, N.A. (the "Custodian") 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 "Investment Company 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Dividends and Distributions; Dividend Reinvestment and Cash Purchase Plan</i></b></font></p>


<p><font face="Times New Roman PS, 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 Computershare Trust Company, N.A., the Dividend Reinvestment and Cash Purchase Plan Agent (the "Plan Agent"), 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 common 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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Risk Factors and Special Considerations</i></b></font></p>
<p><font face="Times New Roman PS, 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><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Risks Related to the Offer.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> &nbsp;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 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 or she owned prior to the Offer. In addition, if a stockholder does not submit a subscription request pursuant to the Over-Subscription Privilege, he or she may also experience dilution of ownership and voting, as well as dilution of his or her share of any distributions made by the Fund, if the Fund offers additional shares for subscription.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Investment Risk.</i></font><font face="Times New Roman PS, 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 ("FDIC") or any other governmental agency.</font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>Risks of Investing in Equity Securities of Indian companies.</i></font><font face="Times New Roman PS, 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) 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) greater price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets, (c) currency devaluations and other currency exchange rate fluctuations, (d) more substantial governmental involvement in the economy, (e) higher rates of inflation and (f) greater political, economic and social uncertainty. Furthermore, future actions 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, and less enforcement of regulatory provisions relating thereto, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>Investments in Unlisted Securities.</i></font><font face="Times New Roman PS, 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&#151;Illiquid Securities Risk."</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Recent Developments in Financial Markets and Impact on the Fund.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Recent developments in the U.S. and foreign financial markets illustrate that the current environment is one of extraordinary and possibly unprecedented uncertainty. Conditions in the debt and equity capital markets in the United States and abroad have caused firms in the financial services sector to take significant losses relating to, among other things, subprime mortgages and the re-pricing of credit risk in the broadly syndicated loan market. The recent instability in the financial markets has led the U.S. Government and certain foreign governments to take unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. Federal, state and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the securities in which the Fund invests, or the issuers of such securities in which the Fund invests, in unforeseeable ways that could have a material adverse effect on the Fund's business and operations. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Net Asset Value Discount.</i></font><font face="Times New Roman PS, 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&#151;Net Asset Value Discount; Non-Diversification" and "Common Stock."</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Non-Diversification.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  The Fund is classified as a "non-diversified" investment company under the Investment Company Act, which means that the Fund is not limited by the Investment Company 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&#151;Net Asset Value Discount; Non-Diversification."</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Certain Provisions of the Fund's Charter and By-Laws.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  The Fund's Charter and By-Laws 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 the prevailing market prices. See "Risk Factors and Special Considerations&#151;Anti-Takeover Provisions" and "Common Stock."</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>FEE TABLE</b></font></p>
<p><font face="Times New Roman PS, 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="310" bgcolor="#cceeff" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Stockholder Transaction Expenses:</b></font>

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


<font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">0.06</font>

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


<font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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="7" width="310" bgcolor="#cceeff" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Annual Expenses</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> (as a percentage of net assets):</font>

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


<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">1.10</font>

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


<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Other Expenses (1)(2)</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 face="Times New Roman PS, Times New Roman, Times" size="2">0.24</font>

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


<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Total Annual Expenses (2)</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 face="Times New Roman PS, Times New Roman, Times" size="2">1.34</font>

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


<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cumulative Expenses Paid for the Period of:</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="231" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>3 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="44" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>5 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>10 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="231" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">An investor would pay the following expenses on a<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">US$1,000 investment, assuming a 5% annual return<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">throughout the periods (3)</font>

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">US$14</font>

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">US$43</font>

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">US$74</font>

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">US$162</font>

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

<p>&nbsp;</p>


<p><font face="Times New Roman PS, 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 1.34%. 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">The figures provided under "Other Expenses" are calculated on the basis of the Fund's asset size after taking into account the estimated net proceeds of the Offer assuming it is fully subscribed (not taking into account the Over-Subscription Privilege). See "Management of the Fund" for additional information.</font></p>



<p><font face="Times New Roman PS, 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$275,000. 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 face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;The Adviser has voluntarily agreed to waive receipt of a portion of the administration fee so that the administration fee will not exceed 0.02435% of the Fund's average weekly net assets plus $24,000 per annum. The Net Annual Expenses taking into account the fee waiver would be 1.29%.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(3)&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 align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='7',FILE='09-12921-2.ba',USER='jihrke',CD='Jun 26 11:31 2009' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>FINANCIAL HIGHLIGHTS</b></font></p>


<p><font face="Times New Roman PS, 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 nine fiscal years ended December 31, 2008 has been audited by Ernst &amp; Young LLP, the Fund's independent registered public accounting firm. This information for the five fiscal years ended December 31, 2008 is included in the Fund's Annual Report to Stockholders as of December 31, 2008, and which is incorporated by reference into this Prospectus. The year end information in the table for the period ended December 31, 1999 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 incorporated by reference into this Prospectus.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="145" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="39" width="950" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>For the Fiscal Year Ended December 31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2005</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1999</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1095" bgcolor="#cceeff" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Per Share Operating Performance</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Asset Value, Beginning of Period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">56.81</font></td>
<td colspan="1" width="30" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">46.29</font></td>
<td colspan="1" width="30" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37.33</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">29.09</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22.95</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11.98</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10.53</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.92</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22.59</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9.19</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Investment Income (Loss)&#134;</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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.16</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.18</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.06</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.06</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.11</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.16</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.03</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.10</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.02</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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.08</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Realized and Unrealized<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Gain (Loss) on Investments</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 face="Times New Roman PS, Times New Roman, Times" size="1">(33.18</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">27.38</font></td>
<td colspan="1" width="30" 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 face="Times New Roman PS, Times New Roman, Times" size="1">14.32</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 face="Times New Roman PS, Times New Roman, Times" size="1">12.18</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 face="Times New Roman PS, Times New Roman, Times" size="1">6.12</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 face="Times New Roman PS, Times New Roman, Times" size="1">11.01</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 face="Times New Roman PS, Times New Roman, Times" size="1">1.39</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 face="Times New Roman PS, Times New Roman, Times" size="1">(2.43</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(7.93</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">13.33</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total from Investment Operations</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 face="Times New Roman PS, Times New Roman, Times" size="1">(33.34</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">27.20</font></td>
<td colspan="1" width="30" 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 face="Times New Roman PS, Times New Roman, Times" size="1">14.26</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 face="Times New Roman PS, Times New Roman, Times" size="1">12.24</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 face="Times New Roman PS, Times New Roman, Times" size="1">6.23</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 face="Times New Roman PS, Times New Roman, Times" size="1">11.17</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 face="Times New Roman PS, Times New Roman, Times" size="1">1.42</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 face="Times New Roman PS, Times New Roman, Times" size="1">(2.33</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(7.91</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">13.25</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="1095" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions from and/or in Excess of:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.20</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.16</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.28</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.09</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.20</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.01</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.23</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, 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="145" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(10.19</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(16.64</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(5.30</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(3.60</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.84</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(1.60</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(10.39</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(16.80</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(5.30</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(3.88</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.09</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.20</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.01</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(1.07</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(1.60</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dilutive Effect of Shares Issued through<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Rights Offering and Offering Costs</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="30" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="30" 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.12</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Anti-Dilutive Effect of Share<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Repurchase Program</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#135;</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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.12</font></td>
<td colspan="1" width="30" 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.00</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#135;</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.04</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.01</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.84</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 face="Times New Roman PS, Times New Roman, Times" size="1">0.15</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="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Asset Value, End of Period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.08</font></td>
<td colspan="1" width="30" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">56.81</font></td>
<td colspan="1" width="30" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">46.29</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37.33</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">29.09</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22.95</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11.98</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10.53</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.92</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">22.59</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Per Share Market Value, End of Period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12.50</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">54.89</font></td>
<td colspan="1" width="30" 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 face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">50.82</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">37.35</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 face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">30.96</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26.55</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 face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9.94</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8.65</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 face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11.06</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16.50</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="1095" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Investment Return</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Market Value</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 face="Times New Roman PS, Times New Roman, Times" size="1">(64.72</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">45.29</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">51.73</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">32.57</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">17.03</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">169.33</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">15.07</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(11.68</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(23.49</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">144.44</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Asset Value(1)</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 face="Times New Roman PS, Times New Roman, Times" size="1">(64.33</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">65.09</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">38.28</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">41.02</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">27.21</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">93.15</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">13.94</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(14.52</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(29.68</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">145.81</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1095" bgcolor="#cceeff" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ratios, Supplemental Data</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets, End of Period (Thousands)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">256,021</font></td>
<td colspan="1" width="30" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,108,419</font></td>
<td colspan="1" width="30" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">920,926</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">740,050</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">465,448</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">366,984</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">192,309</font></td>
<td colspan="1" width="23" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">205,019</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">390,190</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="42" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">736,343</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratio of Expenses to Average<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Net Assets(2)</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 face="Times New Roman PS, Times New Roman, Times" size="1">1.46</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.33</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.35</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.38</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.40</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.56</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.56</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.77</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.48</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.59</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratio of Net Investment Income (Loss)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">to Average Net Assets(2)</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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.51</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.33</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.13</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.17</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.57</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.10</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.28</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.60</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.12</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.55</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover Rate</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 face="Times New Roman PS, Times New Roman, Times" size="1">60</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">60</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">34</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">32</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">52</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">36</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">23</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">56</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">44</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">34</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1095" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2) Supplemental Information on the<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios to Average Net Assets:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="43" width="1095" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios Before Expenses Waived<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">by Administrator:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratio of Expenses to Average<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">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 face="Times New Roman PS, Times New Roman, Times" size="1">1.51</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.39</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.40</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.43</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">1.41</font></td>
<td colspan="1" width="23" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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="145" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratio of Net Investment<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Income (Loss) to Average&nbsp;</font><BR><font face="Times New Roman PS, Times New Roman, Times" size="1">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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.56</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="48" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.39</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">(0.18</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.12</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">0.56</font></td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">&#134;&nbsp;&nbsp;Per share amount is based on average shares outstanding.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#135;&nbsp;&nbsp;Amount is less than $0.005 per share.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="1">+&nbsp;&nbsp;Reflects rebate of certain Fund expenses in connection with the investments in Morgan Stanley Institutional Liquidity Funds Money Market Portfolio&#151;Institutional Class during the period. As a result of such rebate, the expenses as a percentage of its net assets were effected by less than 0.005%.</font></p>

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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>THE OFFER</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Terms of the Offer</b></font></p>
<p><font face="Times New Roman PS, 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 four Rights to purchase one Share at the Subscription Price. The Fund will not issue fractional Shares upon the exercise of less than four Rights. The Rights entitle the holders thereof to acquire at the Subscription Price one Share for each four Rights held. The Rights are evidenced by Subscription Certificates which will be mailed to Record Date Stockholders, other than Foreign Record Date Stockholders. See "&#151;Foreign Stockholders." The Fund does not have the right to withdraw the Offer after the Rights have been issued.</font></p>


<p><font face="Times New Roman PS, 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 July 6, 2009 and ends at 5:00 p.m., New York time, July 22, 2009, unless extended by the Fund. See "&#151;Expiration of the Offer."</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Record Date Stockholder who fully exercises all Rights initially issued to him or her 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 to issue additional Common Stock up to an amount equal to 25% of the Shares available pursuant to the Offer (up to an additional 1,228,542 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 </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>pro rata</i></font><font face="Times New Roman PS, 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><font face="Times New Roman PS, 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, or by delivery of a Notice of Guaranteed Delivery. The method by which Rights may be exercised and Shares paid for is set forth below in "&#151;Exercise of Rights" and "&#151;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 "&#151;Payment for Shares" below.</font></p>


<p><font face="Times New Roman PS, 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 NYSE or any other securities exchange. However, the Shares to be issued pursuant to the Offer will be listed for trading on the NYSE, subject to the NYSE being officially notified of the issuance of those Shares.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">There is no minimum number of Rights that must be exercised in order for the Offer to close.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Purpose of the Offer</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board 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 in India. Without an infusion of additional capital, the Fund is limited in its ability to take advantage of new investment opportunities. 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 may 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 face="Times New Roman PS, Times New Roman, Times" size="2">Prior to reaching this conclusion, the Fund's Board, 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 their rights and those who do not and other potentially adverse consequences resulting from the Offer. After careful consideration, the Board 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 face="Times New Roman PS, 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 administrator, 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 </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per Share (the "Estimated Subscription Price"), the Adviser and the Administrator would receive additional annual fees of approximately US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, respectively, as a result of the increase in assets under management. See "Management of the Fund."</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Although the Fund has no present intention to do so, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Over-Subscription Privilege</b></font></p>


<p><font face="Times New Roman PS, 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, to issue additional Common Stock up to an amount equal to 25% of the Shares available pursuant to the Offer (up to an additional 1,228,542 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 </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>pro rata</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> 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 "&#151;Exercise of the Over-Subscription Privilege" below.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Subscription Price</b></font></p>


<p><font face="Times New Roman PS, 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 price per share of the Fund's Common Stock on the NYSE 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 NYSE on the date on which the Offer expires.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund announced the Offer on May 8, 2009. The net asset value per share of Common Stock at the close of business on May 8, 2009 and on June 30, 2009 was US$15.02 and US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, respectively, and the last reported sale price of a share of the Fund's Common Stock on the NYSE on those dates was US$16.62 and US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, respectively.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Subscription Price for the Shares to be issued upon exercise of the Rights will be determined on the Expiration Date of the Offer. Because the Subscription Price for the Shares will not be determined at the time that Exercising Rights Holders make payment for such Shares, the price of the Shares payable by an Exercising Rights Holder will be based on the Estimated Subscription Price. See "Payment for Shares" below for a further discussion of the methods of payment.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Expiration of the Offer</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Offer will expire at 5:00 p.m., New York time, on July 22, 2009, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Subscription Agent</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Subscription Agent is Computershare Trust Company, N.A., which will receive for its administrative, processing, invoicing and other services as subscription agent, a fee estimated to be US$16,000, as well as reimbursement for all out-of-pocket expenses related to the Offer. Questions regarding the Subscription Certificates should be directed to the Information Agent (telephone (800) 509-4953); stockholders may also consult their brokers or nominees. Signed Subscription Certificates should be sent by first class mail or overnight courier to Computershare Trust Company, N.A., Corporate Actions Voluntary Offer, 250 Royall Street, Suite V, Canton, Massachusetts 02021.</font></p>

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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Information Agent</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Georgeson Inc.<BR>199 Water Street, 26th Floor<BR>New York, New York 10038<BR>Toll-Free: (800) 509-4953<BR>or<BR>For banks and brokers: (212) 440-9800</b></font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Information Agent will receive a fee estimated to be US$5,500, as well as reimbursement for all out-of-pocket expenses related to the Offer.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Exercise of Rights</b></font></p>


<p><font face="Times New Roman PS, 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 NYSE) 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 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 exercised 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 face="Times New Roman PS, 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 the 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Exercise of the Over-Subscription Privilege</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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, to issue up to an additional 25% of the Shares available pursuant to the Offer (up to an additional 1,228,542 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 available for over-subscription are distributed on a </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>pro rata</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> basis.</font></p>

<p><font face="Times New Roman PS, 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>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Payment for Shares</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">(1)&nbsp;&nbsp;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$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 must be received by the Subscription Agent no later than 5:00 p.m., New 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 Shares. 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Morgan Stanley India Investment Fund, Inc.</b></font><font face="Times New Roman PS, 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 p.m. on the Expiration Date.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(2)&nbsp;&nbsp;Alternatively, a subscription will be accepted by the Subscription Agent if, prior to 5:00 p.m., New York time, on the Expiration Date, the Subscription Agent has received a Notice of Guaranteed Delivery from a bank, a trust company or a NYSE member guaranteeing delivery of (i) 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) 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 face="Times New Roman PS, Times New Roman, Times" size="2">Within five business days following the Subscription Period (the "Confirmation Date"), the Subscription Agent will send a confirmation to each Exercising Rights Holder (or, if the Common Stock is held by Cede &amp; Co. or any other depository or nominee (a "Nominee") to such Nominee). The confirmation will indicate (i) the number of Shares acquired in the Primary Subscription, (ii) the number of Shares, if any, acquired pursuant to the Over-Subscription Privilege, (iii) the Subscription Price per share and total purchase price of the Shares and (iv) 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. In the event that the Estimated Subscription Price is greater than the actual Subscription Price determined at the close of the Subscription Period, a refund is owed to the Exercising Rights Holder. Where an Exercising Rights Holder that is owed a refund in connection with the Primary Subscription exercises his or her Right to acquire 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 August 3, 2009 (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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Morgan Stanley India Investment Fund, Inc.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2">"</font></p>

<p><font face="Times New Roman PS, 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>
<p><font face="Times New Roman PS, 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) find other stockholders or Rights Holders for such subscribed and unpaid for Shares; (ii) 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) exercise any and all other rights or remedies </b></font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>to which the Fund may be entitled, including, without limitation, the right to set off against payments actually received by it with respect to such subscribed Shares.</b></font></p>
<p><font face="Times New Roman PS, 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 p.m., New York time, on the Expiration Date.</font><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Foreign Stockholders</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>U.S. Federal Income Tax Consequences of the Offer</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;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>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;The basis of a Right will be (a) to a holder of Common Stock to whom it is issued and who exercises the Right (i) 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) 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) to a holder of Common Stock to whom it is issued and who allows the Right to expire, zero.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;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 face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;&nbsp;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 face="Times New Roman PS, 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 or she 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 face="Times New Roman PS, Times New Roman, Times" size="2">The foregoing is only a summary of the applicable U.S. 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 advisors concerning the tax consequences of this transaction. See "Taxation."</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Employee Plan Considerations</b></font></p>


<p><font face="Times New Roman PS, 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) 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) of the Code and certain other plans, additional cash contributions could cause the maximum contribution limitations of Section 415 of the Code or other qualification rules to be violated. 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Notice of Net Asset Value Decline</b></font></p>


<p><font face="Times New Roman PS, 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 [June 30], 2009 (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>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>THE FUND</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Morgan Stanley India Investment Fund, Inc. was incorporated under the laws of the state of Maryland on December 22, 1993 and is a non-diversified, closed-end management investment company registered under the Investment Company 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) of companies organized in, or for which the principal trading market is in, India, (ii) denominated in Rupees issued by companies to finance operations in India or (iii) 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 face="Times New Roman PS, Times New Roman, Times" size="2">As of June 30, 2009 the Fund had  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Common Stock outstanding, which are listed and traded on the NYSE under the symbol "IIF." See "Common Stock." As of June 30, 2009, the net assets of the Fund were US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The Fund's principal office is located at 522 Fifth Avenue, New York, New York 10036, and its telephone number is (800) 231-2608.</font></p>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>USE OF PROCEEDS</b></font></p>


<p><font face="Times New Roman PS, 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 US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (approximately US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Board decides to authorize the full over-subscription), after deducting offering expenses payable by the Fund estimated to be approximately US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The Fund intends to invest the net proceeds in equity securities of Indian issuers, in accordance with its investment objective and policies. The Fund anticipates that investment of the net proceeds of the Offer in accordance with the Fund's investment objective and </font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">policies may take up to ninety days from their receipt by the Fund, depending on market conditions and the availability of appropriate securities. The Fund may require up to ninety days 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><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">, India. Pending such investment, the proceeds may be invested in equity index futures to gain exposure to equity securities of Indian issuers.</font></p>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INVESTMENT OBJECTIVE AND POLICIES</b></font></p>
<p><font face="Times New Roman PS, 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) of companies organized in, or for which the principal securities trading market is in, India, (ii) denominated in Rupees and issued by companies to finance operations in India or (iii) 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. Income is not a consideration in selecting investments or an investment objective.</font></p>
<p><font face="Times New Roman PS, 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) 67% of the shares represented at a meeting at which holders of more than 50% of the outstanding shares are represented, and (ii) more than 50% of the outstanding shares. There is no assurance the Fund will be able to achieve its investment objective.</font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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) debt securities of Indian issuers, (ii) debt securities issued or guaranteed by the Indian Government or an Indian governmental entity and (iii) short-term and medium-term debt securities of the type described below under "Investment Objective and Policies&#151;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 below 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 align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<p><font face="Times New Roman PS, 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"), to the extent such Depositary Receipts become available. Depositary Receipts may not necessarily be denominated in the same currency as the underlying securities. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. ADRs are dollar-denominated Depositary Receipts typically issued by a U.S. financial institution which evidence an ownership interest in a security or pool of securities issued by a foreign corporation. ADRs are listed and traded in the United States. 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. financial institutions, and evidence ownership interests in a security or pool of 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 market and Depositary Receipts in bearer form are designed for use in securities markets outside the United States. Depositary Receipts may be "sponsored" or "unsponsored." Sponsored Depositary Receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored Depositary Receipts may be established by a depositary without participation by the underlying issuer. Holders of unsponsored Depositary Receipts generally bear all the costs associated with establishing unsponsored Depositary Receipts. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and 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 investments in Depositary Receipts will be deemed to be an investment in the underlying securities, except that ADRs may be deemed to be issued by a U.S. issuer.</font></p>

<p><font face="Times New Roman PS, 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 60%, 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>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Foreign Institutional Investor Authorization</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A foreign investor is permitted to invest in India either under the foreign direct investment ("FDI") route or under the foreign venture capital route as a foreign venture capital fund or under foreign portfolio investment route as a foreign institutional investor ("FII"). An FII is permitted to invest in the Indian primary and secondary market as per the provisions of the Securities and Exchange Board of India (Foreign Institutional Investor) Regulations 1995 (as amended from time to time) (the "Regulations") and the Government of India guidelines issued by the Ministry of Finance on September 14, 1992, only after obtaining registration as an FII. The Regulations provide detailed guidelines relating to the registration process of FIIs and sub-accounts. At the time of granting a certificate of registration, the Securities and Exchange Board of India ("SEBI") takes into account among others, the track record of the FII and its professional competence and financial soundness. Further, FIIs seeking registration must be registered with the securities commission or any other regulatory organization for stock markets in its home jurisdiction. Pursuant to a recent amendment to the Regulations in May 2008, the FII and sub-account registration is made permanent unless suspended or cancelled by SEBI. Also, an FII and a sub-account which has been registered with SEBI prior to the said amendment is required to file information in Form A and in Form AA in the case of an FII and sub-account respectively, at least three months prior to the date of expiry of the earlier license.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Adviser and the Fund each obtained a registration certificate from SEBI on April 21, 1993 and April 15, 1994, respectively, and each registration was last renewed in January 2006. The registration of the Adviser and the Fund is valid until January 25, 2011.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A registered FII is permitted to invest in securities which are listed or to be listed on the primary and secondary market, exchange-traded funds, unlisted securities, mutual funds, government securities and corporate debts (listed or unlisted ) or such other securities and on such terms and conditions as provided in the Regulations. The Regulations also provide for certain investment restrictions, including a ceiling of 10% of the total issued share capital of any one company subject to a ceiling of aggregate investment by all FIIs of 24% of the total issued share capital of the company. This limit of 24% may be increased to the relevant sectoral cap/ceiling of FDI in respect of the said company with the passing of a special resolution, voted favorably on by at least three-fourths of the shareholders present and voting, by the company in a general meeting. The 10% limitation will apply to each sub-account managed under the Adviser's FII authorization, including the Fund. Only </font></p>

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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">registered FIIs and offshore mutual funds which comply with certain statutory conditions may make direct portfolio investments in exchange traded Indian securities. Income, gains 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Non-Publicly Traded Securities</b></font></p>

<p><font face="Times New Roman PS, 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 ("OTC"). 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Investment Companies</b></font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may invest its assets in securities of other open- and closed-end investment companies. As a stockholder in an investment company, the Fund will bear its ratable share of that investment company's expenses, and will remain subject to payment of the Fund's advisory and other fees and expenses with respect to assets so invested. Holders of common shares will therefore be subject to duplicative expenses to the extent that the Fund invests in other investment companies. Expenses will be taken into account when evaluating the investment merits of an investment in an investment company relative to available investments. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to certain leverage risks. The net asset value and market value of leveraged securities will be more volatile and the yield to stockholders will tend to fluctuate more than the yield generated by unleveraged securities. Investment companies may have investment policies that differ from those of the Fund.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Temporary Investments</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">During periods in which the Adviser believes that 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) obligations of the U.S. or Indian governments, their respective agencies or instrumentalities; (b) 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) floating rate securities and other instruments denominated in any currency issued by international development agencies; (d) finance company and corporate commercial paper and other short-term corporate debt obligations of U.S. and Indian corporations; and (e) repurchase agreements with banks and broker-dealers with respect to such securities. The Fund intends to invest for temporary defensive purposes only in short-term and medium-term debt securities that are rated A or better by Standard &amp; Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. ("S&amp;P"), or Moody's Investors Service, Inc. ("Moody's") or that the Adviser believes to be of comparable quality, </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Foreign Currency Hedging Transactions, Options and Futures Contracts</b></font></p>
<p><font face="Times New Roman PS, 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>
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<p><font face="Times New Roman PS, 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 futures contracts and options thereon.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Commodity Futures Trading Commission 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 ("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 herein.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may use futures contracts in order to manage its exposure to the stock and bond markets, to hedge against unfavorable changes in the value of securities or to remain fully invested and to reduce transaction costs. 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 face="Times New Roman PS, Times New Roman, Times" size="2">For a description of the recent exchange history of the Rupee and 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 Appendix B to this Prospectus.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Loans of Portfolio Securities</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may lend its portfolio securities to brokers, dealers, 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 face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="2">% of the value of its net assets.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may lend its portfolio securities consistent with the Fund's investment objective so long as the terms, structure and the aggregate amount of such loans are not inconsistent with the Investment Company Act or the rules and regulations or interpretations of the SEC thereunder, which currently require that (i) 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) the borrower add to such collateral whenever the price of the securities loaned rises (</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">, the borrower "marks to market" on a daily basis); (iii) the loan be made subject to termination by the Fund at any time; and (iv) the Fund receives 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>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">There may be risks of delay and costs involved in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. These delays and costs could be greater for foreign securities. However, loans will be made only to borrowers deemed by the Adviser to be creditworthy and when, in the judgment of the Adviser, the income which can be earned 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. 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>RISK FACTORS AND SPECIAL CONSIDERATIONS</b></font></p>
<p><font face="Times New Roman PS, 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: The Republic of India" for further information on investing in securities of Indian issuers.</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Risks Related to the Offer</b></font></p>


<p><font face="Times New Roman PS, 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 their share 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 or she owned prior to the Offer. In addition, if a stockholder does not submit a subscription request pursuant to the Over-Subscription Privilege, he or she may also experience dilution of ownership and voting, as well as dilution of his or her share of any distributions made by the Fund, if the Fund offers additional shares for subscription.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Market Risk</b></font></p>
<p><font face="Times New Roman PS, 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 FDIC or any other governmental agency.</font></p>
<p><font face="Times New Roman PS, 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 tolerate significant fluctuations in the value of their investment in the Fund.</font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Market Characteristics</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Securities of Indian issuers are traded on several regional stock exchanges in India, including the OTC 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 introduction of screen-based trading and the phase-out of the lending/borrowing (badla) system. In March 2009, average daily volumes on the BSE and NSE were in the region of US$2.7 billion. The NSE is the dominant exchange, with approximately 73% of the total traded volume. As of March 31, 2009, there were approximately 6,349 companies listed on the BSE and NSE and the aggregate market capitalization of listed equity securities of these companies was approximately US$610 billion. As of March 31, 2009, the ten largest companies on the NSE represented 37% of the exchange's market capitalization.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">By comparison, on March 31, 2009, the global market capitalization of the NYSE was approximately $10.0 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 face="Times New Roman PS, 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. 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.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Recent amendments allow Indian stock exchanges to list Indian Depository Receipts of companies organized or incorporated under the laws outside India. 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 face="Times New Roman PS, 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 </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 Investment Company 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 face="Times New Roman PS, 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, 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 is 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, stockholder proxy requirements and the requirements affecting timely disclosure of information. See "Appendix A: The Republic of India."</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Legal principles relating to corporate affairs and the validity of corporate procedures, directors' fiduciary duties and liabilities and stockholders' rights may differ from those that may apply in other jurisdictions. Stockholders' 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 stockholder of an Indian company in which it invests than it would as a stockholder of a comparable U.S. company.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment and Repatriation Restrictions; Exchange Controls</b></font></p>


<p><font face="Times New Roman PS, 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 registration granted by SEBI to the Adviser and the FII registration granted to the Fund. Under the FII registration, 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 available for purchase by Indians, and investment opportunities in issuers or industries deemed important to national interests may be restricted or prohibited altogether. Pursuant to a recent amendment to the Regulations, any FII entity which has been registered with SEBI prior to the said amendment is required to renew its license at least three months prior to the date of expiry of the license. Although the Adviser believes that, upon expiration of the FII license used by the Fund, renewal of the license should be available, there can be no assurance that renewal will be granted. If renewal of such an FII license were not granted, the Fund's investments may be limited to securities of Indian issuers that are traded outside of India, such as ADRs or GDRs of Indian issuers, securities issued by investment funds investing primarily in India or other securities.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">FIIs are also limited in their ability to invest in certain industries, such as the print media, etc. 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 face="Times New Roman PS, 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 an FII will not be imposed in the future. There can be no assurance that the Regulations or any other guidelines applicable to FIIs 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 face="Times New Roman PS, 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 "Appendix A: The Republic of India&#151;Legal and Regulatory Considerations." Under certain circumstances, such as a change in law or </font></p>

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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 repatriation 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 also "Taxation&#151;Indian Taxation."</font></p>
<p><font face="Times New Roman PS, 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 Investment Company 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&#151;U.S. Federal Income Taxes&#151;Passive Foreign Investment Companies."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Corporate Disclosure, Governance and Regulatory Requirements</b></font></p>
<p><font face="Times New Roman PS, 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 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 face="Times New Roman PS, 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, stockholder 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 face="Times New Roman PS, Times New Roman, Times" size="2">Legal principles relating to corporate affairs and the validity of corporate procedures, directors' fiduciary duties and liabilities and stockholders' rights may differ from those that may apply in other jurisdictions. Stockholders' 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 stockholder of an Indian company in which it invests than it would as a stockholder of a comparable U.S. company.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Political, Economic, Social and Other Factors</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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. Moreover, there can be no assurance that these economic reforms will persist. Economic growth in India is constrained by inadequate infrastructure, a cumbersome bureaucracy, corruption, labor market rigidities, regulatory and foreign investment controls, the "reservation" of key products for small-scale industries and high fiscal deficits. In addition, changes in economic policies, </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>21</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, 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>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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. As recently as 2002, there has been communal violence between Hindus and Muslims in the western Indian state of Gujarat. Moreover, in late November 2008, terrorists killed at least 164 people in a series of coordinated attacks around Mumbai.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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. In addition, the Mumbai terrorist attacks in November 2008 have increased tensions between India and Pakistan. If the Indian government is unable to control the violence and disruption associated with these tensions, the results could have a negative affect 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: The Republic of India" for a further discussion of these issues.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Foreign Currency and Hedging Transactions, Options and Futures Contracts</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's assets will be invested primarily in the equity securities of Indian issuers and substantially all of the income received by the Fund will be principally in Rupees. Meanwhile, the Fund will compute and expects to 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 certain positions in order to make distributions if the Fund has insufficient cash in U.S. dollars to meet distribution requirements under the Code. 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&#151;U.S. Federal Income Taxes" and "Appendix A: The Republic of India."</font></p>
<p><font face="Times New Roman PS, 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 A: The Republic of India."</font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, 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 purchase or sell foreign currencies.</font></p>
<p><font face="Times New Roman PS, 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 </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 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&#151;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 Futures Contracts and Related Options."</font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 OTC 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 increase in value of the position. There is 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. In addition, 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 Futures Contracts and Related Options."</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Smaller Company Risk</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">While the Fund will primarily invest in large capitalization securities, it also may invest some portion of its assets in the securities of 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. It is more difficult to obtain information about less seasoned and smaller capitalization companies because they tend to be less well known and 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Illiquid Securities Risk</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may invest without limit 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>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Tax Risk</b></font></p>
<p><font face="Times New Roman PS, 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 </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Net Asset Value Discount; Non-Diversification</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Although the Fund's Shares have recently traded on the NYSE 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 face="Times New Roman PS, Times New Roman, Times" size="2">The Fund is classified as a non-diversified investment company under the Investment Company Act, which means that the Fund is not limited by the Investment Company 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&#151;U.S. Federal Income Taxes" and "Investment Restrictions."</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Risks of Investing in Other Investment Companies</b></font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may acquire shares in other investment companies including foreign investment companies. The market value of the shares of other investment companies may differ from the net asset value of the particular fund. As a stockholder in an investment company, the Fund would bear its ratable share of that entity's expenses, including its investment advisory and administration fees. At the same time, the Fund would continue to pay its own advisory and administration fees and other expenses. As a result, the Fund and its stockholders, in effect, will be absorbing duplicate levels of fees with respect to investments in other investment companies.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Leverage Risk</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Certain of the Fund's investment techniques may be deemed to create "senior securities" under the Investment Company Act. Senior securities have a prior fixed dollar claim on the Fund's assets and income. Any gain in the value of securities purchased or any income received in excess of the cost of the amount borrowed or interest or dividends payable causes the net asset value of the Fund's Common Stock, or the income available to it, to increase more than otherwise would be the case. Conversely, if the value of securities purchased declines or if income received on them is less than the associated costs, then the net asset value of the Common Stock, or the income available to it, will decline more sharply than would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create investment opportunity, but they also increase exposure to risk. This influence ordinarily is called "leverage."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Anti-Takeover Provisions</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Charter and By-Laws 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 stockholders 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 Board of the Fund has determined that these provisions are in the best interests of stockholders generally. See "Common Stock."</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>24</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Higher Operating Expenses</b></font></p>
<p><font face="Times New Roman PS, 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 primarily 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>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Market Disruption and Geopolitical Risk</b></font></p>
<p><font face="Times New Roman PS, 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 around the world, as well as concerns over the outbreak of infectious diseases, have 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>INVESTMENT RESTRICTIONS</b></font></p>
<p><font face="Times New Roman PS, 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 of 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 face="Times New Roman PS, Times New Roman, Times" size="2">As a matter of fundamental policy:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;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 face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;The Fund may not make any investment for the purpose of exercising control or management.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;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 face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;&nbsp;The Fund may not make loans, except that the Fund may (i) buy and hold debt instruments in accordance with its investment objective and policies, (ii) enter into repurchase agreements to the extent permitted under applicable law, and (iii) make loans of portfolio securities.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">5.&nbsp;&nbsp;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 face="Times New Roman PS, Times New Roman, Times" size="2">6.&nbsp;&nbsp;The Fund may issue senior securities or borrow money in an amount not in excess of 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="2">% of the Fund's total assets (not including the amount borrowed).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">7.&nbsp;&nbsp;The Fund may purchase securities on margin and engage in short sales of securities.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In compliance with the Investment Company Act, the Fund will not invest 25% or more of its total assets in a particular industry.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As a matter of operating policy, which may be changed by the Fund's Board without stockholder vote:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;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 face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;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 align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>25</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;The Fund will not issue senior securities, borrow money or pledge its assets, except that the Fund may borrow from a lender (i) for temporary or emergency purposes, (ii) for such short-term credits necessary for the clearance or settlement of the transactions, (iii) to finance repurchases of its shares (see "Common Stock") or (iv) 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 face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, 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 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Under the Investment Company 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&#151;U.S. Federal Income Taxes&#151;Passive Foreign Investment Companies."</font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>MANAGEMENT OF THE FUND</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board of Directors of the Fund</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Directors and Officers of the Fund</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Directors are divided into three classes. Directors serve for a three-year term and until their successors have been duly elected and qualify. The Board of the Fund consists of six Directors. Certain of these individuals also serve as directors or trustees for certain of the funds advised by the Adviser and Morgan Stanley AIP GP LP (the "Institutional Funds") and by Morgan Stanley Investment Advisors Inc. (the "Retail 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 "Interested Director") is affiliated with the Adviser.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Independent Directors 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 (defined below) overseen by each Independent Director (effective December 31, 2008) 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 PS, Times New Roman, Times"><br>26</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="173" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Age and Address of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Independent Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Registrant</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served*</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During Past 5 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios in <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Independent <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="852" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Independent Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="4537" align="left" valign="top">


<font face="Times New Roman PS, 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="173" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gaetan Bouic (74) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Coast Road, Poste Lafayette <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Poste de Flacq, Mauritius</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman of the Board and Class II Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since June 2001</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Business Consultant.</font>

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


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="top">


<font face="Times New Roman PS, 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="852" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Director of Swiss Technology Venture Capital Fund (Private) Ltd.; CDC Financial Services (Mauritius) Ltd.; Cim Foreign Equity Fund Ltd. (commercial property fund); Aureos Capital Ltd. (private equity fund); CDC-PTL Holdings Ltd (investment firm).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="173" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Joseph J. Kearns (66)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">c/o Kearns &amp; Associates LLC <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">PMB754 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">23852 Pacific Coast Highway <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Malibu, CA 90265</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Class III Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since July 2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">President, Kearns &amp; Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of the Retail Funds (since July 2003) and Institutional Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of the Institutional Funds (October 2001-July 2003); CFO 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="62" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">171</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="852" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Director of Electro Rent Corporation (equipment leasing) and The Ford Family Foundation.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="173" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Ravindranath Santosh Kumar Hazareesing (59) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Morcellement St Andrews <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Rose Hill <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Mauritius</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Class II Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since July 2003</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="left" valign="top">


<font face="Times New Roman PS, 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="62" align="right" valign="top">


<font face="Times New Roman PS, 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="852" align="left" valign="top">


<font face="Times New Roman PS, 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="173" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">M.J. Marcel Vivian Descroizilles (60)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Coast Rd, Pointe-aux-Canonniers, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Mauritius</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Class III Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since April 2006</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Business Consultant since 2006, Managing Director of ExxonMobil affiliate in Mauritius until end of 2005.</font>

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


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="top">


<font face="Times New Roman PS, 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="852" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Independent director on a number of companies in Mauritius, including publicly quoted Roger &amp; Co. Ltd.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="173" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Fergus Reid (76) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">c/o Lumelite Plastics Corporation <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">85 Charles Colman Blvd. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Pawling, NY 12564</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Class I Director</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since June 1995</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman, Lumelite Plastics Corporation; Chairperson of the Governance Committee and Director or Trustee of the Retail Funds (since July 2003) and Institutional Funds (since June 1992).</font>

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


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">171</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="852" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee and Director of certain investment companies in the JPMorgan Funds complex managed by JP 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 face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Each Director serves for a three-year term and until his or her respective successor is duly elected and qualifies.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Director who is affiliated with the Adviser or affiliates of the Adviser (as set forth below) 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 Interested Director (as of December 31, 2008) and the other directorships, if any, held by the Interested Director, are shown below.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>27</font></p>
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<tr>
<td colspan="3" width="173" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Age and Address of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Interested Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Registrant</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served*</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During Past 5 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios in <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Interested <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="852" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Interested Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="4537" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Interested Director</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="173" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Randy Takian (34) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Morgan Stanley Investment Management Inc. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">522 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Fifth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10036</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Class I Director, President and Principal Executive Officer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since September 2008</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3135" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Principal Executive Officer (since September 2008) of funds in the Fund Complex; President and Chief Executive Officer of Morgan Stanley Services Company Inc. (since September 2008). President of Morgan Stanley Investment Advisors Inc. (since July 2008). Head of the Retail and Intermediary business within Morgan Stanley Investment Management (since July 2008). Head of Liquidity and Bank Trust business (since July 2008) and the Latin American franchise (since July 2008) at Morgan Stanley Investment Management. Managing Director, Director and/or Officer of the Adviser and various entities affiliated with the Adviser. Formerly, Head of Strategy and Product Development for the Alternatives Group and Senior Loan Investment Management. Formerly with Bank of America (July 1996-March 2006),most recently as Head of the Strategy, Mergers and Acquisitions team for Global Wealth and Investment Management.</font>

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


&nbsp;

</td>
<td colspan="1" width="62" align="right" valign="top">


<font face="Times New Roman PS, 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="852" align="left" valign="top">


<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Each Director serves for a three-year term and until his or her respective successor is duly elected and qualifies.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Age and Address of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Executive Officer</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Registrant</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served*</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3332" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s) During Past 5 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="3802" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Executive Officers:</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="110" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Randy Takian (34) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">522 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Fifth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10036</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Principal Executive Officer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since September 2008</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3332" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Principal Executive Officer (since September 2008) of funds in the Fund Complex; President and Chief Executive Officer of Morgan Stanley Services Company Inc. (since September 2008). President of Morgan Stanley Investment Advisors Inc. (since July 2008). Head of the Retail and Intermediary business within Morgan Stanley Investment Management (since July 2008). Head of Liquidity and Bank Trust business (since July 2008) and the Latin American franchise (since July 2008) at Morgan Stanley Investment Management. Managing Director, Director and/or Officer of Morgan Stanley Investment Advisors Inc. and various entities affiliated with Morgan Stanley Investment Advisors Inc. Formerly Head of Strategy and Product Development for the Alternatives Group and Senior Loan Investment Management. Formerly with Bank of America (July 1996-March 2006), most recently as Head of the Strategy, Mergers and Acquisitions team for Global Wealth and Investment Management.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="110" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Kevin Klingert (46) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">522 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Fifth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10036</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since June 2008</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3332" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Global Head, Chief Operating Officer and acting Chief Investment Officer of the Global Fixed Income Group of Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Advisors Inc. (since April 2008). Head of Global Liquidity Portfolio Management and co-Head of Liquidity Credit Research of Morgan Stanley Investment Management (since December 2007). Managing Director of Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Advisors Inc. (since December 2007). Previously, Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock (October 1991 to January 2007).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="110" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Carsten Otto (45) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">522 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Fifth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10036</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Chief Compliance Officer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since August 2006</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3332" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director and Global Head of Compliance for Morgan Stanley Investment Management (since April 2007) and Chief Compliance Officer of the Retail Funds and Institutional Funds (since October 2004). Formerly, U.S. Director of Compliance (October 2004-April 2007) and 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>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Age and Address of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Executive Officer</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Registrant</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served*</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3332" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s) During Past 5 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="3802" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Executive Officers:</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="110" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Stefanie V. Chang Yu (42) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">522 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Fifth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10036</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since 1997</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3332" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director of the Adviser and various entities affiliated with the Adviser; Vice President of the Retail Funds (since July 2002) and Institutional Funds (since December 1997); Secretary of various entities affiliated with the Adviser.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="110" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Mary E. Mullin (42) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">522 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Fifth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10036</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Secretary</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Since 1999</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3332" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Executive Director of the Adviser and various entities affiliated with the Adviser; Secretary of the Retail Funds (since July 2003) and Institutional Funds (since June 1999).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="110" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">James E. Garrett (40) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">522 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Fifth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10036</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Treasurer and Chief Financial Officer</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="211" align="left" valign="top">


<font face="Times New Roman PS, 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="3332" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Head of Global Fund Administration; Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer and Chief Financial Officer of the Institutional Funds.</font>

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

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Each Executive officer serves an indefinite term, until his or her successor is elected.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">For each Director, the dollar range of equity securities beneficially owned by the Director in the Fund and in the Family of Investment Companies (Family of Investment Companies includes all of the registered investment companies advised by the Adviser, Morgan Stanley Investment Advisors Inc. and Morgan Stanley AIP GP LP) for the calendar year ended December 31, 2008, is set forth in the table below.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="191" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name of Director</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dollar Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in the Fund <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(As of December 31, 2008)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Range of Equity <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in All <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Registered Investment <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Companies Overseen by <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director in Family of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Investment Companies <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(As of December 31, 2008)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="399" bgcolor="#cceeff" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Independent:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Gaetan Bouic</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">M.J. Marcel Vivian Descroizilles</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Joseph J. Kearns(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">over $100,000</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Ravindranath Santosh Kumar Hazareesing</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Fergus Reid(1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">over $100,000</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Randy Takian</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">None</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">over $100,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Includes the total amount of compensation deferred by the Director at his election pursuant to a deferred compensation plan. Such deferred compensation is placed in a deferral account and deemed to be invested in one or more of the Retail Funds or Institutional Funds (or portfolio thereof) that are offered as investment options under the plan.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As to each Independent Director and his immediate family members, no person owned beneficially or of record securities in an investment adviser or principal underwriter of the Fund, or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with an investment adviser or principal underwriter of the Fund.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Independent Directors and the Committees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Law and regulation establish both general guidelines and specific duties for the Independent Directors. The Fund seeks as Independent Directors individuals of distinction and experience in business and finance, government service or academia; these are people whose advice and counsel are in demand by others and for whom there is often competition. To accept a position on the Fund's Board, such individuals may reject other attractive assignments because the Fund makes substantial demands on their time. The Board has two committees: (1) Audit Committee and (2) Governance Committee. Five of the Independent Directors serve as members of the Audit Committee and five Independent Directors serve as members of the Governance Committee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Independent Directors are charged with recommending to the full Board approval of management, advisory and administration contracts and distribution and underwriting agreements, continually reviewing fund performance, checking on the pricing of portfolio securities, brokerage commissions, transfer agent costs and performance and trading among funds in the same complex; and approving fidelity bond and related insurance coverage and allocations, as well as other matters that arise from time to time.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>29</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Audit Committee is charged with recommending to the full Board the engagement or discharge of the Fund's independent registered public accounting firm; directing investigations into matters within the scope of the independent registered public accounting firm's duties, including the power to retain outside specialists; reviewing with the independent registered public accounting firm the audit plan and results of the auditing engagement; approving professional services provided by the independent registered public accounting firm and other accounting firms prior to the performance of the services; reviewing the independence of the independent registered public accounting firm; considering the range of audit and non-audit fees; reviewing the adequacy of the Fund's system of internal controls; reviewing the valuation process; and preparing and submitting committee meeting minutes to the full Board. The Fund has adopted a formal, written Audit Committee Charter.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The members of the Audit Committee of the Fund are currently Gaetan Bouic, M. J. Marcel Vivian Descroizilles, Ravindranath Santosh Kumar Hazareesing, Joseph J. Kearns and Fergus Reid. None of the members of the Fund's Audit Committee is an "interested person," as defined under the Investment Company Act, of the Fund (with such disinterested Directors being "Independent Directors" or individually, "Independent Director"). Each Independent Director is also "independent" from the Fund as defined under the listing standards of the NYSE. The Chairperson of the Audit Committee of the Fund is Joseph J. Kearns.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board 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 such 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 and any Board committees and oversees periodic evaluations of the Fund's Board and its committees. The members of the Governance Committee of the Fund are Gaetan Bouic, M. J. Marcel Vivian Descroizilles, Ravindranath Santosh Kumar Hazareesing, Joseph J. Kearns and Fergus Reid, each of whom is an Independent Director. The Chairperson of the Governance Committee is Fergus Reid.</font></p>



<p><font face="Times New Roman PS, 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 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 Independent Director (Gaetan Bouic, M. J. Marcel Vivian Descroizilles, Ravindranath Santosh Kumar Hazareesing, Joseph J. Kearns 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 enhance 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 NYSE. 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 the caption "&#151;Stockholder Communications."</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">During the Fund's fiscal year ended December 31, 2008, the Board held the following meetings:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="111" 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 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of meetings:</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Board of Directors</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 face="Times New Roman PS, 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="7" width="214" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Committee/Sub-Committee:</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Audit Committee</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 face="Times New Roman PS, 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="111" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Governance Committee</font>

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


&nbsp;

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


<font face="Times New Roman PS, 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>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Stockholder Communications</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Stockholders may send communications to the Fund's Board. Stockholders should send communications intended for the Fund's Board by addressing the communication directly to the Board (or individual Board members) and/or </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>30</font></p>
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<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 the Board member(s) at the address specified on the previous pages for each Director. 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Compensation</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Prior to April 1, 2008, the Fund paid each of its Mauritian Independent Directors an annual fee of $10,000 and all other Independent Directors an annual fee of $7,500. Additionally, each Mauritian Independent Director was paid a fee of $750 for each Board Meeting attended. Effective April 1, 2008, the Independent Directors of the Fund receive an annual fee of $15,000.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund also reimburses Independent Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings. Directors of the Fund who are employed by the Adviser receive no compensation or expense reimbursement from the Fund for their services as Director.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund has a Deferred Compensation Plan (the "DC Plan"), which allows each Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board throughout the year. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Retail Funds or Institutional Funds (or portfolios thereof) that are offered as investment options under the DC Plan. At the Director's election, distributions are either in one lump sum payment, or in the form of equal annual installments over a period of five years. The rights of an eligible Director and the beneficiaries to the amounts held under the DC Plan are unsecured and such amounts are subject to the claims of the creditors of the Fund.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Prior to April 1, 2004, the Institutional Funds maintained a similar Deferred Compensation Plan (the "Prior DC Plan"), which also allowed each Independent Director to defer payment of all, or a portion, of the fees he or she received for serving on the Board throughout the year. Generally, the DC Plan amends and supersedes the Prior DC Plan and all amounts payable under the Prior DC Plan are now subject to the terms of the DC Plan (except for amounts paid during the calendar year 2004, which remain subject to the terms of the Prior DC Plan).</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table shows aggregate compensation payable to each of the Fund's Directors from the Fund for the fiscal year ended December 31, 2008 and the aggregate compensation payable to each of the Funds' Directors by the Fund Complex (which includes all of the Retail Funds and Institutional Funds) for the calendar year ended December 31, 2008.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>COMPENSATION(1)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="191" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate Compensation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>from the Fund(2)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Compensation <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>from Fund and <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund Complex <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Paid to Directors(3)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="449" bgcolor="#cceeff" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Name of Independent Director:</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Gaetan Bouic</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="104" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">13,250 </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 face="Times New Roman PS, Times New Roman, Times" size="2">$</font>

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">13,250 </font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">M.J. Marcel Vivian Descroizilles</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">13,250 </font>

</td>
<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" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">13,250 </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="191" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Joseph J. Kearns(2)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="104" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">11,250 </font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">286,250</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Ravindranath Santosh Kumar Hazareesing</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">13,250 </font>

</td>
<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" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">13,250 </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="191" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Fergus Reid</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="104" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">11,250 </font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">241,250</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="449" bgcolor="#cceeff" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Name of Interested Director:</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="191" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Randy Takian</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="104" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">&#151; </font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="88" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">&#151; </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 face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Includes all amounts paid for serving as director/trustee of the funds, as well as serving as Chairperson of the Boards or a Chairperson of a Committee or Sub-Committee.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;The amounts shown in this column represent the aggregate compensation before deferral with respect to the Fund's fiscal year. The following Director deferred compensation from the Fund during the fiscal year ended December 31, 2008: Mr. Kearns, $3,658.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(3)&nbsp;&nbsp;The amounts shown in this column represent the aggregate compensation paid by all of the funds in the Fund Complex as of December 31, 2008 before deferral by the Directors under the DC Plan. As of December 31, 2008, the value (including interest) of the deferral accounts across the Fund Complex for Messrs. Kearns and Reid pursuant to the deferred compensation plan was $761,543 and $474,242, respectively. Because the funds in the Fund Complex have different fiscal year ends, the amounts shown in this column are presented on a calendar year basis.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board is divided into three classes, each class having a term of three years. Each year the term of one class will expire and a new class is elected at the annual meeting of stockholders. See "Common Stock."</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Control Persons and Principal Holders of Securities</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">To the knowledge of the management of the Fund, no persons owned beneficially more than 5% of the Fund's outstanding shares as of the date of this Prospectus. This information is based on publicly available Schedule 13D and 13G disclosures filed with the SEC.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As of the date of this Prospectus, 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 face="Times New Roman PS, Times New Roman, Times" size="2">The Charter 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 Investment Company 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) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (A) was committed in bad faith or (B) was the result of active and deliberate dishonesty; (2) the director or officer actually received an improper personal benefit in money, property or services; or (3) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. The Charter further provides that to the fullest extent permitted by the MGCL, and subject to the requirements of the Investment Company 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) the actual receipt of an improper benefit or profit in money, property, or services, or (2) active and deliberate dishonesty established by a final judgment as being material to the cause of action adjudicated in the proceeding. Nothing in the Charter 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 or her office.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Adviser and Sub-Adviser</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. serves as the Fund's investment adviser. The Adviser provides investment advisory services to the Fund under the terms of an Investment Advisory 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 March 31, 2009, the Adviser, together with its affiliated asset management companies, had over US$356.0 billion of assets under management or supervision. The Adviser's principal address is 522 Fifth Avenue, New York, New York 10036. The Adviser currently acts as adviser for 69 funds registered under the Investment Company Act.</font></p>



<p><font face="Times New Roman PS, 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. An affiliate of the Adviser has several offices throughout India that employ over 40 professionals.</font></p>

<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">The sub-adviser is Morgan Stanley Investment Management Company, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Advisory and Management Agreement; Sub-Advisory Agreement</b></font></p>
<p><font face="Times New Roman PS, 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. The Adviser also will be </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 directors, 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 or any committee thereof.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund pays all of its other expenses, including, among others, 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; 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 public 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 cash 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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. 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 face="Times New Roman PS, 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) a vote of a majority of those members of the Board 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) by a majority vote of either the Fund's Board or the Fund's outstanding voting securities. The Investment Advisory and Management Agreement may be terminated at any time 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 Investment Company Act.</font></p>


<p><font face="Times New Roman PS, 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. For the fiscal years ended December 31, 2006, 2007 and 2008 the Fund paid the Adviser fees of approximately US$</font><font face="Times New Roman PS, Times New Roman, Times" size="2">9,617,000</font><font face="Times New Roman PS, Times New Roman, Times" size="2">, US$11,510,000 and US$6,735,000, respectively.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser has been retained, subject to the overall supervision of the Adviser and the Directors of the Fund, to continuously furnish investment advice concerning individual security selections, asset allocations and economic trends and to manage the Fund's portfolio. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A discussion regarding the Board's approval of the Investment Advisory and Management Agreement and Sub-Advisory Agreement is available in the Fund's Semi-Annual Report to Stockholders for the period ended June 30, 2008.</font></p>

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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Portfolio Managers</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund is managed within the Adviser's Emerging Markets Equity team. The team consists of portfolio managers and analysts. Current members of the team who are primarily responsible for the day-to-day management of the Fund's portfolio are James Cheng and Ruchir Sharma. Mr. Cheng is a Managing Director of the Sub-Adviser and Mr. Sharma is a Managing Director of the Adviser. Mr. Cheng has been associated with the Sub-Adviser in an investment management capacity since July 2006 and joined the team managing the Fund in February 2009. Prior to July 2006, Mr. Cheng worked in an investment management capacity at Invesco Asia Limited, Asia Strategic Investment Management Limited and Munich Re Asia Capital Management. Mr. Sharma has been associated with the Adviser in an investment management capacity since 1996 and joined the team managing the Fund in January 2001.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Because the portfolio managers may manage assets for other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser and/or Sub-Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. The Adviser and Sub-Adviser have adopted trade allocation and other policies and procedures that they believe are reasonably designed to address these and other conflicts of interest.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Other Accounts Managed by the Portfolio Managers.  </i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">As of December 31, 2008, Mr. Cheng managed eight registered investment companies with a total of approximately $3 billion in assets; one pooled investment vehicle other than registered investment companies with a total of $8 million in assets; and five other accounts with a total of approximately $3.9 billion in assets. Of these other accounts, one account with a total of approximately $302.8 million in assets had performance-based fees. As of December 31, 2008, Mr. Sharma managed 14 registered investment companies with a total of approximately $4.1 billion in assets; five pooled investment vehicles other than registered investment companies with a total of approximately $1.7 billion in assets; and 23 other accounts with a total of approximately $7.3 billion in assets. Of these other accounts, four accounts with a total of approximately $1.1 billion in assets, had performance-based fees.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Portfolio Manager Compensation Structure.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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 funds/accounts managed by the portfolio managers.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Base Salary Compensation.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser and/or Sub-Adviser.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Discretionary Compensation.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  In addition to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation can include:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Cash Bonus.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Morgan Stanley's Long Term Incentive Compensation awards&#151;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 or other investments that are subject to vesting and other conditions.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Investment Management Alignment Plan (IMAP) awards&#151;a mandatory program that defers a portion of discretionary year-end compensation and notionally invests it in designated funds advised by the Adviser and/or Sub-Adviser or its affiliates. The award is subject to vesting and other conditions. Portfolio managers must notionally invest a minimum of 25% to a maximum of 100% of their IMAP deferral account into a combination of the designated funds they manage that are included in the IMAP fund menu, which may or may not include the Fund. For 2008 awards, a clawback provision was implemented that could be triggered if the individual engages in conduct detrimental to the Adviser or its affiliates.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Voluntary Deferred Compensation Plans&#151; voluntary programs that permit certain employees to elect to defer a portion of their discretionary year-end compensation and notionally invest the deferred amount across a range of designated investment funds, including funds advised by the Investment Adviser and/or Sub-Adviser or its affiliates.</font></p>
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<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&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 one-, three- and five-year periods measured against a fund's/account's primary benchmark (as set forth in the fund's prospectus), indices and/or peer groups where applicable. In the case of the Fund, the Fund's investment performance is measured against the Bombay Stock Exchange (BSE) National Index. Generally, the greatest weight is placed on the three- and five-year periods.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Contribution to the business objectives of the Adviser and/or Sub-Adviser.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;The dollar amount of assets managed by the portfolio manager.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Market compensation survey research by independent third parties.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Other qualitative factors, such as contributions to client objectives.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Performance of Morgan Stanley and Morgan Stanley Investment Management, and the overall performance of the investment team(s) of which the portfolio manager is a member.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Securities Ownership of Portfolio Managers.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  As of May 8, 2009, the dollar range of securities beneficially owned by each of Messrs. Sharma and Cheng in the Fund was $0.00 and $0.00, respectively.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Administrator</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Morgan Stanley Investment Management Inc. serves as administrator to the Fund pursuant to the Administration Agreement. Under the Administration Agreement, the administrative fee is 0.08% of the Fund's average weekly net assets. As approved by the Board, the Adviser 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 Administration Agreement covers administrative costs (including out-of-pocket expenses incurred in the ordinary course of providing services under the Administration Agreement, which were previously borne by the Fund), except pricing services and extraordinary expenses.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Under a sub-administration agreement between the Administrator and JPMIS, a corporate affiliate of JPMorgan Chase Bank, N.A., JPMIS provides certain administrative services to the Fund. For such services, the Administrator pays JPMIS a portion of the fee the Administrator receives from the Fund. Administration costs (including out-of-pocket expenses) incurred in the ordinary course of providing services under the administration agreement, except pricing services and extraordinary expenses, are covered under the administration fee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Multiconsult, Ltd., whose registered office is in Mauritius, provides 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 align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PORTFOLIO TRANSACTIONS AND BROKERAGE</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Subject to the general supervision of the Board, the Adviser is responsible for decisions to buy and sell securities for the Fund, the selection of brokers and dealers to effect the transactions and the negotiation of brokerage commissions, if any. Purchases and sales of securities on a stock exchange are effected through brokers who charge a commission for their services. In the over-the-counter market, securities are generally traded on a "net" basis with non-affiliated dealers acting as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the dealer. The Fund also expects that securities will be purchased at times in underwritten offerings where the price includes a fixed amount of compensation, generally referred to as the underwriter's concession or discount. Options and futures transactions will usually be effected through a broker and a commission will be charged. On occasion, the Fund may also purchase certain money market instruments directly from an issuer, in which case no commissions or discounts are paid.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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. The Adviser is prohibited from directing brokerage transactions on the basis of the referral of clients or the sale of shares of advised investment companies.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">With respect to all transactions in securities, the policy of the Fund regarding purchases and sales of securities for its portfolio is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Fund's policy is to pay commissions that are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Fund believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund and the Adviser from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser relies upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage and research services received from the broker effecting the transaction. These determinations are necessarily subjective and imprecise, as in most cases an exact dollar value for those services is not ascertainable.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="2">With respect to all transactions in securities, in seeking to implement the Fund's policies, the Adviser effects transactions with those brokers who the Adviser believes provide the most favorable prices and are capable of providing efficient executions. If the Adviser believes the prices and executions are obtainable from more than one broker, it may give consideration to placing portfolio transactions with that broker who also furnishes research and other services to the Fund or the Adviser. The services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical or factual information or opinions pertaining to investment; wire services; and appraisals or evaluations of portfolio securities. The information and services received by the Adviser from brokers and dealers may be utilized by the Adviser and any of its asset management affiliates in the management of accounts of some of their other clients and may not in all cases benefit the Fund directly.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Adviser and certain of its affiliates currently serves as investment adviser to a number of clients, including other investment companies, and may in the future act as investment adviser to others. It is the practice of the Adviser and its affiliates to cause purchase and sale transactions to be allocated among clients whose assets they manage (including the Fund) in such manner they deem equitable. In making such allocations among the Fund and other client accounts, various factors may be considered, including the respective investment objective, the relative size of portfolio holdings of the same or comparable securities, the availability of cash for investment, the size of investment commitments generally held and the opinions of the persons responsible for managing the portfolios of the Fund and other client accounts. The Adviser and its affiliates may operate one or more order placement facilities and each facility will implement order allocation in accordance with the procedures described above. From time to time, each facility may transact in a security at the same time as other facilities are trading in that security.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Brokerage commissions paid by the Fund for the fiscal years ended December 31, 2006, 2007 and 2008 were US$1,770,419, US$4,083,737 and US$2,387,520, respectively.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">For the fiscal years ended December 31, 2006, 2007 and 2008, the Fund paid a total of US$117,040, US$135,779 and US$82,840, respectively, in brokerage commissions to Morgan Stanley &amp; Co. During the fiscal year ended December 31, 2008, the brokerage commissions paid to Morgan Stanley &amp; Co. represented approximately 3.45% of the total brokerage commissions paid by the Fund during 2008 and were paid on account of transactions having an aggregate dollar value equal to approximately 0.87% of the aggregate dollar value of all portfolio transactions of the Fund during 2008 for which commissions were paid.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NET ASSET VALUE</b></font></p>
<p><font face="Times New Roman PS, 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 the NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Securities listed on a foreign exchange are </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 days or less are valued at amortized cost, if it approximates value.</font></p>
<p><font face="Times New Roman PS, 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, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Most foreign markets close before the NYSE. Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the fair value as of the close of the NYSE, as determined in good faith under procedures established by the Board. 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 value.</font></p>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DIVIDENDS AND DISTRIBUTIONS;<BR>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>
<p><font face="Times New Roman PS, 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&#151;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 face="Times New Roman PS, 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 Computershare Trust Company, N.A. (the "Plan Agent") is otherwise instructed by the stockholder in writing, to have all distributions automatically reinvested 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 Computershare Trust Company, N.A., 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">Participants in the Plan have the option of making additional voluntary cash payments to the Plan Agent, annually, in any amount from $100 to $3,000, for investment in Fund shares. 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 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 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 Agent approximately ten days </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>37</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">before January 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 Computershare Trust Company N.A. in U.S. dollars and should be mailed to the Plan Agent for Morgan Stanley India Investment Fund, Inc. at Dividend Reinvestment and Cash Purchase Plan, Computershare Shareholder Services, Inc., P.O. Box 43078, Providence, Rhode Island 09240-3078.</font></p>

<p><font face="Times New Roman PS, 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>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Participants in the 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 Plan wishing to exercise Rights issued with respect to the Shares held in their accounts under the Plan must exercise such rights in accordance with the procedures set forth herein. Record Date Stockholders whose Shares are held by a Nominee on their behalf or their broker-dealer's behalf will have any Shares acquired in the Primary Subscription credited to the account of such Nominee.</font></p>

<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>pro rata</i></font><font face="Times New Roman PS, 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. Brokerage charges for purchasing small amounts of stock for individual accounts through the Plan are generally less than the usual brokerage charges, because the Plan Agent purchases stock for all participants in blocks and prorates the lower commission thus attainable.</font></p>

<p><font face="Times New Roman PS, 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&#151;U.S. Federal Income Taxes."</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund reserves the right to amend, suspend 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 30 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 30 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 Dividend Reinvestment and Cash Purchase Plan, Computershare Shareholder Services, Inc., P.O. Box 43078, Providence, Rhode Island 09240-3078.</font></p>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TAXATION</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>U.S. Federal Income Taxes</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Rights</i></b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>38</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>The Fund</i></b></font></p>
<p><font face="Times New Roman PS, 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 stockholders. 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 U.S. Internal Revenue Service ("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 stockholders (including stockholders 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 face="Times New Roman PS, 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) derive at least 90% of its gross income for each taxable year from (i) 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) net income derived from an interest in a "qualified publicly traded partnership," as defined in the Code; (b) diversify 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 the 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 on all of its taxable income at regular corporate income tax rates without any deduction for distributions to its stockholders, and such distributions generally will be taxable to stockholders as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits.</font></p>
<p><font face="Times New Roman PS, 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 stockholder 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 31, 2010, 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. Generally, "qualified foreign corporations" are corporations that are either eligible for benefits of a </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>39</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, 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 stockholder if (1) 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) 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) 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 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 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) 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) will be entitled to credit against their U.S. federal income tax liabilities their proportionate shares of the 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 generally will be increased by an amount equal to 65% (the difference between the amount of includable capital gains from the dividend and the tax that the stockholder is deemed to have paid) 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 generally will be taxed at a rate no greater than 15% 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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) the date such stock became ex-dividend with respect to such dividends (</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, 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) 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 otherwise be the case.</font></p>
<p><font face="Times New Roman PS, 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 </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>40</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 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 dividend declared by the Fund in October, November or December of any year and payable to stockholders of record of such month in January shall be deemed to have been received by each stockholder on December 31 of such year and to have been paid by the Fund not later than December 31 of such year.</font></p>
<p><font face="Times New Roman PS, 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 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 stockholder may be refunded or credited against such stockholder's U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS.</font></p>
<p><font face="Times New Roman PS, 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. The long-term capital gain rate applicable to individuals generally is 15% (or 5% for individuals in lower tax rate brackets); however, such rates are set to expire after December 31, 2010 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 face="Times New Roman PS, 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, either directly or by attribution under Section 318 of the Code, (i) does not own any </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>41</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">shares, or (ii) has not experienced a meaningful reduction in its proportionate interest in the Fund. 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Passive Foreign Investment Companies</i></b></font></p>
<p><font face="Times New Roman PS, 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 to its stockholders. 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 may reduce 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 may 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Foreign Tax Credits</i></b></font></p>
<p><font face="Times New Roman PS, 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 U.S. 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 equal 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) of the Code, such as pension plans, generally will derive no benefit from the Fund's election. However, these stockholders generally 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 face="Times New Roman PS, 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 U.S. 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. Stockholders 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, pursuant 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) the stockholder's portion of the foreign taxes paid to each country and (ii) 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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>42</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Foreign Stockholders</i></b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 stockholder that is not a "U.S. person" within the meaning of the Code (such stockholder, 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 1, 2010, the Fund generally will not be required to withhold any amounts with respect to distributions of (i) 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) net short-term capital gains in excess of net long-term capital losses, in each case to the extent such distributions are properly designated by the Fund.</font></p>
<p><font face="Times New Roman PS, 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 U.S. 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 U.S. income tax at the rates applicable to U.S. citizens or domestic corporations. If the income from the Fund is effectively connected with a U.S. 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 face="Times New Roman PS, 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) whether their income from the Fund is or is not effectively connected with a United States trade or business carried on by them, (b) whether they may claim the benefits of an applicable tax treaty and (c) any other tax consequences to them of an investment in the Fund.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Notices</i></b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Stockholders will be notified annually by the Fund as to the U.S. 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 U.S. 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Indian Taxation</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Effective October 1, 2004, for transactions conducted through a recognized stock exchange, there is no capital gains tax in India for long-term investments. Such transactions are however subject to securities transactional tax. The rate of capital gains tax for short-term investments is 15%. With respect to transactions that are not conducted through a recognized stock exchange, long-term capital gains tax will be paid at the rate of 10% and short-term capital gains tax will be paid at the rate of 30% (exclusive of surcharge and education tax). In addition, under applicable India law, such transactions are also subject to stamp duty. 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 (the "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 its 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 10 of the Treaty) withholding tax on dividends declared, distributed or paid by an Indian company prior to June 1, 1997 and for the period from April 1, 2002 through March 31, 2003. During the period June 1, 1997 through March 31, 2002 and after April 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 2003, India's Supreme Court upheld the 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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>43</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=46,FOLIO='43',FILE='09-12921-2.ca',USER='kkerber',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Taxation</b></font></p>
<p><font face="Times New Roman PS, 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>


<p><font face="Times New Roman PS, 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 or her own tax adviser with respect to the specific tax consequences to him or her 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>COMMON STOCK</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The authorized capital stock of the Fund is 100,000,000 shares of Common Stock, par value $0.01 per share. 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 out of funds available therefor; however, the Fund's Board has the authority to classify and reclassify any authorized but unissued shares of capital stock and to establish 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 face="Times New Roman PS, Times New Roman, Times" size="2">Set forth below is information with respect to the Fund's Common Stock as of June 30, 2009:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="150" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Title of Issue</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Authorized</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Outstanding</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Amount Held by the Fund <BR></b></font><font face="Times New Roman PS, 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" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Common Stock, $0.01 par value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">100,000,000</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="2">shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"></font><font face="Times New Roman PS, Times New Roman, Times" size="2">shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"></font><font face="Times New Roman PS, Times New Roman, Times" size="2"></font><font face="Times New Roman PS, Times New Roman, Times" size="2"></font><font face="Times New Roman PS, Times New Roman, Times" size="2">shares</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, 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 and will be subject to the requirements of the Investment Company 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 face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's shares are listed and traded on the NYSE. The following table shows the high and low closing prices on the NYSE per share of Common Stock and the high and low net asset value per share for each quarter since March 2007.</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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Market Price</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="144" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Net Asset Value</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Discount/Premium</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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Low</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>to NAV</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2007</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">24.47</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">19.79</font></td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">25.13</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">21.23</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="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2.02</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">June 30, 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">23.76</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">20.30</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">27.49</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">21.78</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#150;10.17</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">September 30, 2007</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">26.92</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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">21.50</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">31.85</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">26.12</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="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#150;12.02</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">36.01</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">26.98</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">38.42</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">31.88</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#150;10.75</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2008</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">36.37</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">22.66</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">39.07</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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">25.55</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="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#150;6.49</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">June 30, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">28.59</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">19.76</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">30.35</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">21.47</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="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#150;5.44</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">September 30, 2008</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">24.58</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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">16.53</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">24.38</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="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">17.24</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">&#150;2.62</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">17.91</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.31</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">18.59</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10.89</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="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#150;4.18</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">13.85</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.59</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">13.66</font></td>
<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" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10.18</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="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0.27</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="1">As reported by Bloomberg LLP.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The closing market price and net asset value per share of the Fund's Common Stock on June 30, 2009 were US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, respectively, which represents a market price premium above net asset value of  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>44</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Unlike open-end funds, closed-end funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a stockholder determines to buy additional shares or sell shares already held, the stockholder may do so by trading through a broker on the NYSE or otherwise. Shares of closed-end investment companies frequently trade on an exchange at prices lower than net asset value. Because the market value of the shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), dividend stability, net asset value, relative demand for and supply of such shares in the market, general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure you that shares will trade at a price equal to or higher than net asset value in the future. See "Risk Factors and Special Consideration." The shares are designed primarily for long-term investors and you should not purchase the shares if you intend to sell them soon after purchase.</font></p>

<p><font face="Times New Roman PS, 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 Investment Company Act to maintain "asset coverage" of not less than 300% of its "senior securities representing indebtedness" as such terms are defined in the Investment Company Act.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Repurchase of Fund Shares.</i></font><font face="Times New Roman PS, 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 predicted.</font></p>


<p><font face="Times New Roman PS, 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 Investment Company 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, 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 or her 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>Anti-Takeover Provisions in the Charter Documents.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  The Fund's Charter 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 objective.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Charter, as well as the Fund's By-Laws, provide that the Fund's Board has the sole power to adopt, alter or repeal the Fund's By-Laws. The Fund's Directors are 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 Charter relating to amendments to the Fund's By-Laws and to removal of Directors. See </font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>45</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">"Management of the Fund&#151;Directors and Officers of the Fund." These provisions could delay the replacement of a majority of the Directors and have the effect of making changes in the Board more difficult than if such provisions were not in place.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The affirmative vote of the holders of 75% or more of the outstanding shares is required to (1) convert the Fund from a closed-end to an open-end investment company, (2) merge or consolidate with any other entity or enter into a share exchange transaction in which the Fund is not the successor corporation, (3) dissolve or liquidate the Fund, (4) sell all or substantially all of its assets, (5) cease to be an investment company registered under the Investment Company Act, (6) 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) amend, alter or repeal the above provisions in the Fund's Charter. However, if such action has been approved or authorized by the affirmative vote of at least 70% of the entire Board, 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 change the fundamental nature of the business of the Fund that are not supported by either the Board 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 discouraging 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 face="Times New Roman PS, Times New Roman, Times" size="2">The Fund holds annual meetings as required by the rules of the NYSE. Under Maryland law and the Fund's By-Laws, the Fund is required to call a 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) inform the stockholders who make the request of the reasonably estimated cost of preparing and mailing a notice of the meeting, and (ii) 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 meeting, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>DIVIDEND PAYING AGENT, TRANSFER AGENT AND REGISTRAR</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Computershare Shareholder Services, Inc. and Computershare Trust Company, N.A. (collectively, the "Transfer Agent") act 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 Computershare Trust Company, N.A., 250 Royall Street, Canton, Massachusetts 02021.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>CUSTODIAN</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">JPMorgan Chase Bank, N.A. serves as custodian for the Fund (the "Custodian"). The Custodian holds cash, securities, and other assets of the Fund as required by the Investment Company 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>CODE OF ETHICS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Board approved a Code of Ethics under Rule 17j-1 of the Investment Company Act that covers the Fund. The Adviser is subject to a Code of Ethics under Rule 17j-1. Each Code of Ethics establishes policies and procedures for </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>46</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Codes of Ethics may be viewed and copied at the SEC's Public Reference Room in Washington, D.C. Information about the SEC's Public Reference Room 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, http://www.sec.gov, or be obtained, after paying a duplicating fee, by electronic request to publicinfo@sec.gov, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>PROXY VOTING POLICY AND PROCEDURES</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board 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. A copy of the Proxy Policy, as well as the Fund's most recent proxy voting record for the 12-month period ended June 30 filed with the SEC and are available without charge on our website at www.morganstanley.com/im. The Fund's proxy voting record is also available without charge on the SEC's web site at www.sec.gov. This reference to the website does not incorporate the contents of the website into this Prospectus.</font></p>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>LEGAL MATTERS</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">With respect to matters of U.S. law, the validity of the shares offered hereby will be passed on for the Fund by Clifford Chance US LLP, New York, New York. Clifford Chance US LLP will rely, as to matters of Maryland law, on the opinion of Ballard Spahr Andrews &amp; Ingersoll, LLP, Baltimore, Maryland. Certain matters concerning Indian law will be passed on by J. Sagar Associates, Mumbai, India.</font></p>

<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The financial statements included in the Fund's Annual Report to Stockholders as of December 31, 2008 are incorporated by reference into this Prospectus in reliance on the report of Ernst &amp; Young LLP, the Fund's independent registered public accounting firm, given on their authority as experts in accounting and auditing. The principal address of Ernst &amp; Young LLP is 200 Clarendon Street, Boston, Massachusetts 02116.</font></p>

<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>FINANCIAL STATEMENTS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Annual Report for the fiscal year ended December 31, 2008 (the "Annual Report") [is incorporated herein by reference] with respect to all information other than the information set forth in the President's Statement included therein. The Fund will furnish, without charge, a copy of its 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) 221-2608.</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>APPENDIX A</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>The information set forth in this Appendix A has been extracted from publications of various governments, multi-national institutions and stock exchanges. The Fund, its Board and the Adviser make no representation as to the accuracy of the information, nor has the Fund or its Board 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>THE REPUBLIC OF INDIA</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>General</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Republic of India ("India") is located in Southern Asia, bordering the Indian Ocean, Arabian Sea and the Bay of Bengal. India shares its borders with Bangladesh, Bhutan, China, Myanmar, Nepal and Pakistan. 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 1.166 billion (as per the Central Intelligence Agency's (the "CIA") July 2009 estimate). There are 22 languages recognized by the Indian Constitution. The most widely used </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>official</i></font><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Political Overview</b></font></p>
<p><font face="Times New Roman PS, 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 came into force on January 26, 1950. The Indian Constitution draws from Western legal traditions and is established on 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 American Bill of Rights. The government has a federal structure, comprised of twenty-eight states, six union territories and one National Capital Territory.</font></p>


<p><font face="Times New Roman PS, 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 Pratibha Patil. 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, 12 of whom are appointed by the President and the rest elected by the state and territorial assemblies. The House of the People has 545 members, almost all of whom are directly elected every five years by the citizens of India. The Prime Minister is elected by the members of the largest political party represented in Parliament. The current Prime Minister is Dr. Manmohan Singh, a member of the Indian National Congress (I), which is the largest party in the ruling coalition of parties.</font></p>

<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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, or group of states, has a High Court.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Economic System</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Economic Structure:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  In 1991, India began a series of liberalizing economic reforms that have transformed it into a more market based economy. In recent years, the government has lessened controls on foreign trade and investment. Foreign direct investment for certain key sectors, such as telecommunications, has been allowed at much higher levels than in the past. In the fiscal year 2007-2008, in the midst of the global economic crisis, approximately $32.4 billion of foreign direct investment dollars flowed into the country. In addition, a steady reduction in tariff rates and deregulation in key industries has contributed to India's impressive economic growth. It has become a global player in key industries such as information technology, business process outsourcing, telecommunications and pharmaceuticals. According to a recent Ernst &amp; Young report on the business climate in India, the Indian government has been able to provide continued macroeconomic stability with respect to other important parameters such as foreign exchange reserves, exchange rates, inflation and interest rates throughout this period of rapid economic development.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-1</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Recent Economic Performance:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  India's economy has achieved an average growth rate of more than 7% per year in the decade since 1997. In 2006, India achieved a 8.5% growth GDP, 9.0% in 2007 and 7.3% in 2008. In the past decade, the poverty rate has been reduced by 10 percentage points. According to the World Bank, since 1991 it has been among the top 10% of the world's countries in terms of economic growth.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">While India has a diverse economy with comprised of traditional farming, modern agriculture, modern industries and services, over half of the labor force works in agriculture and agriculture related jobs. The service industry has been the main propeller of India's recent growth, creating over half of India's output with less than one third of its labor force. According to the India Reserve Bank, the growth of the services sector in 2007-08 was estimated at 9.6%, which was higher than the sector's average growth of 7.8% from 1999 to 2004. The services sector constituted 62.9% of the total national GDP in 2007-08. In particular, India has benefited from its crop of young and well educated workers to become a globally important exporter of software services and software workers.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The extent to which the global economic crisis has affected India is not clear. It has pushed growth from over 9% in the previous four years down to 5.3% in the last quarter of 2008. The coalition government, led by the Congress Party, has argued that India has weathered the economic crisis surprisingly well and will be one of the first countries to emerge and lead an economic resurgence. Indian home minister P.</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="2">Chidambaram predicted on February 24, 2009, that India's economy would begin to show improvement in October of 2009.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Select Macroeconomic and Financial Indicators</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="286" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Item</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1990-91<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>to <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1999-2000 <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(10 years)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2000-01 <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>to <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2007-08 <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(8 years)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2003-04</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2004-05</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2005-06</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2006-07</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2007-08</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">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="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6</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 face="Times New Roman PS, Times New Roman, Times" size="2">7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">8</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Real GDP (% change)</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 face="Times New Roman PS, Times New Roman, Times" size="2">5.7</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.3</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">8.5</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 face="Times New Roman PS, Times New Roman, Times" size="2">7.5</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.4</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">PE</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 face="Times New Roman PS, Times New Roman, Times" size="2">9.6</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">QE</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 face="Times New Roman PS, Times New Roman, Times" size="2">9.0</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Agriculture (% change)</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 face="Times New Roman PS, Times New Roman, Times" size="2">3.2</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2.9</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">10.0</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0.0</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.9</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 face="Times New Roman PS, Times New Roman, Times" size="2">3.8</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">4.5</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Industry (% change)</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 face="Times New Roman PS, Times New Roman, Times" size="2">5.7</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.1</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">6.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">8.5</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.0</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">10.6</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">8.1</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">c) Services (% change)</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 face="Times New Roman PS, Times New Roman, Times" size="2">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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.0</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, Times New Roman, Times" size="2">9.9</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">11.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">11.2</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">10.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Per Capita Income (% change)</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 face="Times New Roman PS, Times New Roman, Times" size="2">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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.5</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, Times New Roman, Times" size="2">5.5</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.9</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">PE</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 face="Times New Roman PS, Times New Roman, Times" size="2">8.1</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">QE</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 face="Times New Roman PS, Times New Roman, Times" size="2">7.8</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Foodgrains Production <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">(Million tonnes)</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 face="Times New Roman PS, Times New Roman, Times" size="2">188.6</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">206.1</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">213.2</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">198.4</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">208.6</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 face="Times New Roman PS, Times New Roman, Times" size="2">217.3</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">230.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Gross Domestic Saving Rate <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">(% GDP)</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 face="Times New Roman PS, Times New Roman, Times" size="2">23.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">29.2</font></td>
<td colspan="1" width="21" align="left" valign="bottom">
<font face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">29.8</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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">31.8</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">34.3</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">PE</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 face="Times New Roman PS, Times New Roman, Times" size="2">34.8</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">QE</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 face="Times New Roman PS, Times New Roman, Times" size="2">&#151;</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Gross Domestic Investment <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Rate (% GDP)</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 face="Times New Roman PS, Times New Roman, Times" size="2">24.4</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">29.2</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">28.2</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">32.2</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">35.5</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">PE</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 face="Times New Roman PS, Times New Roman, Times" size="2">35.9</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">QE</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 face="Times New Roman PS, Times New Roman, Times" size="2">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Central Government Finances <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">(% GDP)</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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Total Revenue Receipts</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 face="Times New Roman PS, Times New Roman, Times" size="2">9.2</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.8</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, Times New Roman, Times" size="2">9.7</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.7</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 face="Times New Roman PS, Times New Roman, Times" size="2">10.5</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">11.1</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Total Expenditure</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 face="Times New Roman PS, Times New Roman, Times" size="2">16.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">15.5</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">17.1</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 face="Times New Roman PS, Times New Roman, Times" size="2">15.8</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">14.1</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">14.1</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">15.1</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">c) Revenue Deficit</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 face="Times New Roman PS, Times New Roman, Times" size="2">3.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">3.1</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">3.6</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 face="Times New Roman PS, Times New Roman, Times" size="2">2.5</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2.6</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 face="Times New Roman PS, Times New Roman, Times" size="2">1.9</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">1.4</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">d) Fiscal Deficit</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 face="Times New Roman PS, Times New Roman, Times" size="2">5.9</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.6</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.0</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.1</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3.5</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3.1</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">e) Net RBI Credit to Centre</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 face="Times New Roman PS, Times New Roman, Times" size="2">0.7</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 face="Times New Roman PS, Times New Roman, Times" size="2">-0.9</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">-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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">-1.9</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">0.8</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 face="Times New Roman PS, Times New Roman, Times" size="2">-0.1</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">-2.5</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">f) Interest Payments</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 face="Times New Roman PS, Times New Roman, Times" size="2">4.2</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.2</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.0</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3.7</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3.6</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3.6</font></td>
<td colspan="1" width="29" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">g) Domestic 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 face="Times New Roman PS, Times New Roman, Times" size="2">48.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">58.9</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">61.4</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 face="Times New Roman PS, Times New Roman, Times" size="2">61.4</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">60.5</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 face="Times New Roman PS, Times New Roman, Times" size="2">58.8</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">59.1</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">RE</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Monetary Aggregate (% change)</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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Broad Money (M</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="2">)</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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">16.5</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">16.7</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 face="Times New Roman PS, Times New Roman, Times" size="2">12.1</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">17.0</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">21.5</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">20.8</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Narrow Money (M</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>1</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="2">)</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 face="Times New Roman PS, Times New Roman, Times" size="2">15.6</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">15.7</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">22.2</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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">11.9</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">21.1</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">16.9</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">19.1</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">c) Reserve Money</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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">16.4</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">18.3</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12.1</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">17.2</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 face="Times New Roman PS, Times New Roman, Times" size="2">23.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">30.9</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">d) Bank Credit to Commercial <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Sector (% of GDP)</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 face="Times New Roman PS, Times New Roman, Times" size="2">28.8</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 face="Times New Roman PS, Times New Roman, Times" size="2">41.6</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">36.9</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 face="Times New Roman PS, Times New Roman, Times" size="2">40.7</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">47.3</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">51.4</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">54.5</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Scheduled Commercial Bank <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">(% change)</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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Aggregate Deposits</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 face="Times New Roman PS, Times New Roman, Times" size="2">17.2</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">17.6</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">17.5</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 face="Times New Roman PS, Times New Roman, Times" size="2">12.8</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">18.1</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">23.8</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">22.4</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Bank Credit</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 face="Times New Roman PS, Times New Roman, Times" size="2">15.9</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">21.5</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">15.3</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">27.0</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">30.8</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">28.1</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">22.3</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">c) Non-Food 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 face="Times New Roman PS, Times New Roman, Times" size="2">15.4</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">22.0</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">18.4</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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">27.5</font></td>
<td colspan="1" width="25" align="left" valign="bottom">
<font face="Times New Roman PS, 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="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">31.8</font></td>
<td colspan="1" width="28" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">28.5</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">23.0</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">d) Investments in Government <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Securities &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">20.9</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">16.9</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">25.1</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 face="Times New Roman PS, Times New Roman, Times" size="2">7.9</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">-2.7</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">10.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">23.5</font></td>
<td colspan="1" width="29" 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 PS, Times New Roman, Times"><br>A-2</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=52,FOLIO='A-2',FILE='09-12921-2.da',USER='rwaldoc',CD='' -->
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="286" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Item</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1990-91<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>to <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1999-2000 <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(10 years)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2000-01 <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>to <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2007-08 <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(8 years)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2003-04</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2004-05</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2005-06</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2006-07</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2007-08</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Wholesale Price Index (% change)</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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Point-to-Point</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 face="Times New Roman PS, Times New Roman, Times" size="2">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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.1</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">4.6</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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.1</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.1</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">5.9</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">7.7</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Average</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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.1</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">5.4</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 face="Times New Roman PS, Times New Roman, Times" size="2">6.4</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.4</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 face="Times New Roman PS, Times New Roman, Times" size="2">5.4</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">4.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Consumer Price Index -<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Industrial Workers (% change)</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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Point-to-Point</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 face="Times New Roman PS, Times New Roman, Times" size="2">9.4</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.9</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">3.5</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 face="Times New Roman PS, Times New Roman, Times" size="2">4.2</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.9</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 face="Times New Roman PS, Times New Roman, Times" size="2">6.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">7.9</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Average</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 face="Times New Roman PS, Times New Roman, Times" size="2">9.5</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.6</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3.9</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 face="Times New Roman PS, Times New Roman, Times" size="2">3.8</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.4</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">6.7</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">6.2</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">11.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">BSE Sensitive Index (% change)</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 face="Times New Roman PS, Times New Roman, Times" size="2">37.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">20.2</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">83.4</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 face="Times New Roman PS, Times New Roman, Times" size="2">16.1</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">73.7</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 face="Times New Roman PS, Times New Roman, Times" size="2">15.9</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">19.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Trade and Balance of Payments</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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Exports in U.S.$ (% change)</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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">20.1</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">23.3</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">28.5</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">23.4</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 face="Times New Roman PS, Times New Roman, Times" size="2">21.8</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">23.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Imports in U.S.$ (% change)</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 face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">21.6</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">24.1</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 face="Times New Roman PS, Times New Roman, Times" size="2">48.6</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">32.1</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">21.8</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">29.9</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">c) Current Account (% of GDP)</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 face="Times New Roman PS, Times New Roman, Times" size="2">-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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">-0.1</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">-0.4</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">-1.2</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 face="Times New Roman PS, Times New Roman, Times" size="2">-1.1</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">-1.5</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">d) Capital Account (% of GDP)</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 face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3.7</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.0</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3.1</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">5.0</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">9.2</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">13.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Foreign Exchange Reserves*<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">(U.S.% Billion)</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 face="Times New Roman PS, Times New Roman, Times" size="2">&#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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">113.0</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">141.5</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">151.6</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 face="Times New Roman PS, Times New Roman, Times" size="2">199.1</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">309.7</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">14.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">External Debt* (U.S.% Billion)</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 face="Times New Roman PS, Times New Roman, Times" size="2">92.7</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">122.5</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">111.6</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="49" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">133.0</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">138.1</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">169.7</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">221.2</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) Debt-GDP Ratio</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 face="Times New Roman PS, Times New Roman, Times" size="2">29.0</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 face="Times New Roman PS, Times New Roman, Times" size="2">19.3</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">17.8</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 face="Times New Roman PS, Times New Roman, Times" size="2">18.6</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">17.2</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 face="Times New Roman PS, Times New Roman, Times" size="2">17.8</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">18.8</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Debt-Service 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 face="Times New Roman PS, Times New Roman, Times" size="2">24.9</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">11.1</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">16.1</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 face="Times New Roman PS, Times New Roman, Times" size="2">6.1</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.9</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">4.8</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">5.4</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">15.&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">Exchange Rate (Rupee/U.S.$)</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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"> </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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2"> </font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">a) High</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 face="Times New Roman PS, Times New Roman, Times" size="2">&#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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#151;</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">43.45</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">43.36</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">43.30</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">43.14</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">39.26</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">b) Low &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">47.46</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="49" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">46.46</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">46.33</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 face="Times New Roman PS, Times New Roman, Times" size="2">46.97</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">43.15</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">PE&nbsp;&nbsp;=&nbsp;&nbsp;Provisional Estimates</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">..&nbsp;&nbsp;=&nbsp;&nbsp;Not available/Not Applicable</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">@&nbsp;&nbsp;=&nbsp;&nbsp;Adjusted for the mergers and conversions in the banking system</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">^&nbsp;&nbsp;=&nbsp;&nbsp;Average for the period 2000-01 to 2006-07</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">RE&nbsp;&nbsp;=&nbsp;&nbsp;Revised Estimates</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;=&nbsp;&nbsp;As at the end of the period</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">#&nbsp;&nbsp;=&nbsp;&nbsp;Variation over April 1, 2005</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>Source</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">: Reserve Bank of India Annual Report 2007-2008, Central Statistical Organisation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Inflation</b></font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Inflation, as measured by year-on-year variations in the wholesale price index (WPI), fell by more than half from its intra-year peak of 12.91% on August 2, 2008 to 5.60% by January 10, 2009. While prices of primary articles and manufactured products increased, fuel prices declined (see table below). In terms of relative contribution to decelerating headline inflation between August 2, 2008 and January 10, 2009, petroleum and basic metals (combined weight of 13.2% in WPI) together accounted for 79.4%.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Annual Inflation Rate (%)</b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="177" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Wholesale Price Index (WPI)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>January 12, 2008</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>January 10, 2009</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(y-o-y)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(y-o-y)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">WPI - All Commodities</font>

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


&nbsp;

</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">4.36</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">5.60</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="177" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">WPI - Primary Articles</font>

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


&nbsp;

</td>
<td colspan="1" width="74" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">4.49</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="74" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">11.64</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">WPI - Fuel Group</font>

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


&nbsp;

</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">3.69</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="74" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">-1.32</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="177" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">WPI - Manufactured Products</font>

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


&nbsp;

</td>
<td colspan="1" width="74" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">4.57</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="74" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">5.90</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">WPI - Excluding Fuel</font>

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


&nbsp;

</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">4.55</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="74" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.53</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="177" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">WPI - Excluding Food and Fuel</font>

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


&nbsp;

</td>
<td colspan="1" width="74" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">5.21</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="74" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.52</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 face="Times New Roman PS, Times New Roman, Times" size="1"><i>Source</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">: Reserve Bank of India, Macroeconomic and Monetary Developments: Third Quarter Review 2008-2009</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=53,FOLIO='A-3',FILE='09-12921-2.da',USER='rwaldoc',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Exchange Rates</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table shows the exchange rate movement between the Rupee and the US Dollar from December 31, 1998 to March 31, 2009.</font></p>
<p align="left"><font face="Times New Roman PS, 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="94" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Year</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Average Rs/<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>US$ Rate</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 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="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">43.5500</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="94" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">46.6750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 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="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">48.2450</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="94" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2002</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">47.9750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 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="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">45.6250</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="94" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2004</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">43.4600</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 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="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">45.0500</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="94" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">44,2700</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2007</font></td>
<td colspan="1" 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 face="Times New Roman PS, Times New Roman, Times" size="2">39,4125</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="94" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">48,8025</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2009</font></td>
<td colspan="1" 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 face="Times New Roman PS, Times New Roman, Times" size="2">49,7978</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 face="Times New Roman PS, Times New Roman, Times" size="1"><i>Source</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">: Bloomberg</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Indian Stock Exchanges</b></font></p>
<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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="62" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE 100<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Index<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>HIGH</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE 100<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Index<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>LOW</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="62" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE 100<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Index<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CLOSE</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sensex<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>HIGH</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sensex<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>LOW</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sensex<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CLOSE</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="55" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>50<BR></b></font><font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>50<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>LOW</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>50<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CLOSE</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, 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="46" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2,624</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">1,332</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">2,624</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,523</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">883</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">1,480</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="62" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, 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="46" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,906</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">1,760</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">2,032</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,818</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">1,108</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, 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>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, 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="46" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2,303</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">1,210</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,423</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, 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>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, 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="46" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">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="46" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,411</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">1,665</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">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="39" align="right" valign="bottom">
<font face="Times New Roman PS, 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="44" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, 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="46" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,111</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">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="46" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,075</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,914</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, 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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
</tr>
<tr>
<td colspan="3" width="62" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, 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="46" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,589</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">2,226</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3,580</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6,608</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">6,507</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">6,523</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 face="Times New Roman PS, Times New Roman, Times" size="2">2,088</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">1,292</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">2,081</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, Times New Roman, Times" size="2">/30/2005</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4,967</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">4,905</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="46" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4,953</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">9,427</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,312</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">9,398</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">2,846</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">2,813</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2,837</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="62" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, Times New Roman, Times" size="2">/29/2006</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 face="Times New Roman PS, Times New Roman, Times" size="2">7,039</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">6,973</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">6,983</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">13,929</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">13,770</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">13,787</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3,992</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">3,960</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,966</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, Times New Roman, Times" size="2">/28/2007</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 face="Times New Roman PS, Times New Roman, Times" size="2">11,077</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="46" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,923</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">11,069</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">20,484</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">20,240</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">20,287</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">6,168</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">6,095</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">6,139</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="62" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</font><font face="Times New Roman PS, Times New Roman, Times" size="2">/31/2008</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 face="Times New Roman PS, Times New Roman, Times" size="2">5,073</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">4958</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">4988</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">9,826</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">9,588</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="44" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,647</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="39" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,003</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">2,937</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">2,959</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="62" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">03</font><font face="Times New Roman PS, Times New Roman, Times" size="2">/31/2009</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 face="Times New Roman PS, Times New Roman, Times" size="2">5,397</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">4,123</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">4,943</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">10,470</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">8,047</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,709</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">3,147</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">2,539</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">3,021</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 face="Times New Roman PS, Times New Roman, Times" size="1"><i>Sources</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">: ASA, Bloomberg</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Market Activity and Liquidity</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table sets forth the cumulative trading volume on the exchanges for the last ten fiscal years.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TRADING VOLUME OF BOTH STOCK EXCHANGES</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="286" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="217" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cumulative Volumes</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Exchange<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rate</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="257" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cumulative Volumes</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Rs to $)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Rs bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(US$ bn)</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, 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="52" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">8,391</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="44" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6,850</font>

</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<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 face="Times New Roman PS, 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="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">43.4</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="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">193</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 face="Times New Roman PS, Times New Roman, Times" size="2">158</font>

</td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">351</font>

</td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">F2001</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 face="Times New Roman PS, Times New Roman, Times" size="2">13,395</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="44" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">9,989</font>

</td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">23,384</font>

</td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">45.8</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="47" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">292</font>

</td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">218</font>

</td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">510</font>

</td>
<td colspan="1" width="29" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">F2002</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 face="Times New Roman PS, Times New Roman, Times" size="2">5,132</font>

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


&nbsp;

</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">3,073</font>

</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<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 face="Times New Roman PS, 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="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">47.8</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="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">107</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 face="Times New Roman PS, Times New Roman, Times" size="2">64</font>

</td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">172</font>

</td>
<td colspan="1" width="29" 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 PS, Times New Roman, Times"><br>A-4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=54,FOLIO='A-4',FILE='09-12921-2.da',USER='rwaldoc',CD='' -->
<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="286" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="217" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cumulative Volumes</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Exchange<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rate</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="257" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cumulative Volumes</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, 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 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Rs to $)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Rs bn)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(US$ bn)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, 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="52" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6,180</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,141</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">9,321</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">48.4</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">128</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 face="Times New Roman PS, Times New Roman, Times" size="2">65</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">193</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, 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="52" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10,995</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">5,026</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">16,022</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">45.8</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">240</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">110</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">350</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">F2005</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 face="Times New Roman PS, Times New Roman, Times" size="2">11,401</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">5,178</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">16,579</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">44.7</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">255</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 face="Times New Roman PS, Times New Roman, Times" size="2">116</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">371</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">F2006</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 face="Times New Roman PS, Times New Roman, Times" size="2">15,696</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">8,161</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">23,856</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">44.3</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">354</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">184</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">538</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">F2007</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 face="Times New Roman PS, Times New Roman, Times" size="2">19,453</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="44" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9,562</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">29,015</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">41.3</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">446</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 face="Times New Roman PS, Times New Roman, Times" size="2">212</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">658</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">F2008</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 face="Times New Roman PS, Times New Roman, Times" size="2">35,510</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">15,788</font></td>
<td colspan="1" width="21" 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 face="Times New Roman PS, Times New Roman, Times" size="2">51,298</font></td>
<td colspan="1" width="8" 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 face="Times New Roman PS, Times New Roman, Times" size="2">43.7</font></td>
<td colspan="1" width="25" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">888</font></td>
<td colspan="1" width="28" 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 face="Times New Roman PS, Times New Roman, Times" size="2">394</font></td>
<td colspan="1" width="29" 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 face="Times New Roman PS, Times New Roman, Times" size="2">1,282</font></td>
<td colspan="1" width="29" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="286" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">F2009*</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 face="Times New Roman PS, Times New Roman, Times" size="2">5,442</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">1,947</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">7,389</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">49.8</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">109</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 face="Times New Roman PS, Times New Roman, Times" size="2">39</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<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 face="Times New Roman PS, Times New Roman, Times" size="2">148</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>Source</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">: NSE, BSE, Morgan Stanley Research</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Up to March 31, 2009</font></p>
<p><font face="Times New Roman PS, 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 years.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Market Capitalization in US$ of the BSE and NSE for the Last Ten Years</b></font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Year</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BSE<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(US$ bn)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NSE<BR></b></font><font face="Times New Roman PS, 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="148" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2000</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, 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="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">163</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="148" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2001</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">110</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, 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>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="148" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2002</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">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="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">140</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="148" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2003</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">279</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">256</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="148" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2004</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">388</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">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="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="148" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2005</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">553</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">516</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="148" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2006</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">819</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">774</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="148" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2007</font></td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,819</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="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,660</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="148" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2008</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">646</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">599</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="148" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">2009</font></td>
<td colspan="1" width="21" align="left" valign="bottom">
<font face="Times New Roman PS, 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="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">608</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">571</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 face="Times New Roman PS, Times New Roman, Times" size="1"><i>Source</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">: Bloomberg</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;As of March 31, 2009</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Comparison of India's Two Major Stock Exchanges</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="145" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Particulars</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>National Stock Exchange<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(NSE)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bombay Stock Exchange<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(BSE)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>A In business since</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1994 </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1875 </font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>B Regulation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, 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="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Pre-2005 a self regulatory organization, owned by members, governed by a 20-board of governors from August 2005, a limited company, professional management</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>C Listed Companies</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Approx. 1,425 as of February 28, 2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Approx. 4,924 as of February 28, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>D Automated Trading System</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">National Exchange for Automated Trading (NEAT)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">BSE On Line Trading (BOLT)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>E Number of Members</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">More than 1,075 as of March 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">More than 1,008 as of February 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>F Market Capitalization</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">USD 660 bn as of April 13, 2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">USD 704 bn as of April 13, 2009</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>G Average Daily Turnover</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">USD</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> 1920 </font><font face="Times New Roman PS, Times New Roman, Times" size="2">mn </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">USD</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> 686 </font><font face="Times New Roman PS, Times New Roman, Times" size="2">mn </font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=55,FOLIO='A-5',FILE='09-12921-2.da',USER='rwaldoc',CD='' -->
<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="145" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Particulars</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>National Stock Exchange<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(NSE)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bombay Stock Exchange<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(BSE)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(YTD March 31, 2009)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b> </b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>H Market Timings</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">09:55 a.m. IST to 3:30 p.m. IST</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">09:55 a.m. IST to 3:30 p.m. IST</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>I Index Futures &amp; Options</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Nifty Futures&#151;June 12, 2000 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Nifty Options&#151;June 04, 2001<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Single Stock Options&#151;July 2, 2001<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Single Stock Futures&#151;Nov 9, 2001</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Sensex Futures&#151;June 09, 2000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Sensex Options&#151;June 01, 2001<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Single Stock Options&#151;July 9, 2001<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; Single Stock Futures&#151;Nov 9, 2001</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>J Investor Protection Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Yes (Nominal)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Yes (Nominal)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>K Broker Insurance</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Yes (Mandatory)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Yes (Mandatory)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>L Membership Card</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">To be surrendered</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="684" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Can be sold/ transferred</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="145" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>M TRADE GUARANTEE</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="694" align="left" valign="top">
<font face="Times New Roman PS, 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="684" align="left" valign="top">
<font face="Times New Roman PS, 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="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>Source</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">: DSP Merrill Lynch, Bloomberg, NSE, BSE and Morgan Stanley.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Market Regulation</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Securities and Exchange Board of India (the "SEBI") was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act. According to the Preamble of the SEBI, its mission is "...to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto." The SEBI is chaired by Chandrasekhar Bhaskar Bhave, who was elected as chairman on February 16, 2008.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The SEBI drafts regulations, conducts investigations and enforcement action and passes rulings and orders in its judicial capacity. Mutual funds, stock brokers, insider trading and takeovers are just some of the market activities regulated by the SEBI. The SEBI has the ability to impose fines for violations relating to the failure to present required information to the body or to address investor grievances. The appeals process is conducted by the Securities Appellate Tribunal, a three member tribunal presently headed by Mr. Justice NK Sodhi, a former Chief Justice of a High court. A second appeal would lead directly to the Supreme Court.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Legal and Regulatory Considerations</b></font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Regulations:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  An FII is permitted to invest in the Indian primary and secondary market as per the provisions of the Regulations and the Government of India guidelines issued by the Ministry of Finance on September 14, 1992, only after obtaining the a registration as an FII. The Regulations provide for detailed guidelines relating to the registration process of FIIs and sub-accounts. At the time of granting a certificate of registration, the SEBI takes into account among others, the track record of the FII and its professional competence and financial soundness. Further, FIIs seeking registration must be registered with the securities commission or any other regulatory organization of its home jurisdiction. Pursuant to the recent amendment to the Regulations in May 2008, the FII registration is made permanent unless suspended or cancelled by SEBI. However, an FII which has been registered with the SEBI prior to the said amendment will have to apply for renewal of certificate of registration at least three months prior to the date of expiry of the earlier license.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A registered FII is permitted to invest in securities which are listed or to be listed on the primary and secondary market, exchange-traded funds, unlisted securities, mutual funds, government securities and corporate debts (listed or unlisted ) or such other securities and on such terms and conditions as provided in the Regulations. Regulations also provides for certain investment restrictions, including a ceiling of 10% of the total issued share capital of any one company subject to ceiling of aggregate investment by all FIIs of 24% of the total issued share capital of the company. </font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-6</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Further, this limit of 24% may be increased to the relevant sectoral cap/ceiling of FDI in respect of the said company with the passing of a special resolution, voted favorably on by at least three-fourths of the shareholders present and voting, by the company in a general meeting.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Takeover Regulations:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Once the Indian companies in which an FII has invested are listed or if an FII invests in securities of a listed company, the provisions of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 ("Takeover Code") may apply to the FII.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Under the provisions of the Takeover Code, any acquirer who acquires more than 5%, 10%, 14%, 54% or 74% of the shares or voting rights of a publicly listed Indian company is required to notify the company and the stock exchanges on which the shares of such company are listed about its holding. Furthermore, the acquirer is required to inform the company and the stock exchange about any change in its holding beyond 2% of the paid-up capital of the company.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Upon the acquisition of 15% of more of such shares of voting rights or an acquisition of control of the company, whether direct or indirect, the purchaser/acquirer is required to make an open offer to the other shareholders offering to purchase at least 20% of all the outstanding shares of the company at a minimum offer price as determined pursuant to the provisions of the Takeover Code ("Open Offer"). Further, under the provisions of the Takeover Code, any existing shareholder of a listed public Indian company, holding 15% or more but less than 55% of the shares of the company, is entitled to acquire an additional 5% of shares of the company, in any period of 12 months without making a public offer for such an acquisition. For any acquisition of shares beyond 55%, shareholder will be required to make an Open Offer.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">There are certain exemptions under the Takeover Code from the public offer provisions in certain specific instances such as an interested transfer of shares among the existing promoters of the Indian company, transfer of shares pursuant to scheme of arrangement or reconstruction including amalgamation or merger or demerger under any law or regulation, Indian or foreign, etc.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Prevention of Money-Laundering Act, 2005:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  The Prevention of Money Laundering Act, 2005 (the "PMLA"), which came into force on July 1, 2005, embodies India's legislative commitment to the elimination and prevention of money laundering. The main objectives of PMLA are (i) the prevention and control of activities concerning money laundering and (ii) the confiscation of property derived or involved in money laundering.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Under the PMLA, a person is guilty of an offence of "</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>money laundering</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">" if that person "directly or indirectly attempts or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property". The term "</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>proceeds of crime</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">" has been defined under the PMLA to mean property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to an offence listed in the schedule to the PMLA.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The PMLA mandates certain entities such as banks, financial institutions and intermediaries (dealing in securities) to maintain records of all transactions above a certain value or of a suspicious nature, as prescribed in the rules framed under the PMLA. The transactions so prescribed may be a single transaction or a series of inter-connected transactions which take place within one month ("Transactions"). The institution must provide information relating to such Transactions to the director appointed under the PMLA within the prescribed time limit. These institutions also must verify and maintain the records of identity of their clients in the manner prescribed in the rules under the PMLA. The PMLA also confers discretionary power on the principal officer of a bank, financial institution or intermediary to report Transactions that have been valued below the prescribed limits to escape scrutiny.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Foreign Exchange Management Act, 1999.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Foreign investment in Indian securities is regulated by the Foreign Exchange Management Act 1999 (the "FEMA"). As per Section 6(3)(b) of FEMA, the Reserve Bank of India (the "RBI") has been given the authority to prohibit, restrict or regulate the transfer or issue of any Indian security by a person outside India. Accordingly, the RBI prescribed the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations in 2000, pursuant to which no person resident outside India and no company that is not incorporated in India (other than a banking company) can purchase the shares of any company carrying on any trading, commercial or industrial activity in India without the permission of the RBI.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2">FEMA provides the statutory framework that governs India's system of controls on foreign exchange dealings. Through it the government of India exercises its policy with respect to foreign private investment in India and all dealings by residents of India with non-residents and with foreign currency. Without permission (general or special) from the RBI, residents of India cannot undertake any transaction with persons outside India, sell, buy, lend or borrow foreign currency, issue or transfer </font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-7</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">securities to non-residents or acquire or dispose of any foreign security. As per the Foreign Direct Investment Policy of India, a registered FII is permitted to invest in India on such terms and conditions as provided in the Regulations.</font></p>



<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>The above is only a brief and general summary of various legal and regulatory considerations and consequences in India. The legal and regulatory provisions summarized above may undergo changes from time to time. Each stockholder is urged to consult their own advisors in this regard.</b></font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-8</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>APPENDIX B</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DESCRIPTION OF VARIOUS FOREIGN CURRENCY AND<BR>INTEREST RATE HEDGES AND OPTIONS ON SECURITIES<BR>AND FUTURES CONTRACTS AND RELATED OPTIONS</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Foreign Currency Hedging Transactions</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Forward Foreign Currency Exchange Contracts.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  A 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. Forward contracts are traded in the interbank market conducted directly between currency traders (usually large, commercial and investment banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Foreign Currency Futures Contract.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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.</font></p>
<p><font face="Times New Roman PS, 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 be reflected in the net asset value of the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Options on Currencies.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>Currency Hedging Strategies.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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 face="Times New Roman PS, 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><font face="Times New Roman PS, 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 align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>B-1</font></p>
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<p><font face="Times New Roman PS, 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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&#151;U.S. Federal Income Taxes."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interest Rate Futures and Options Thereon</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Interest Rate Futures Contracts.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>Options on Futures Contracts.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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 contract. 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>Risk Factors in Transactions in Interest Rate Futures Contracts and Options Thereon.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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 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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>B-2</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Options on Securities and Futures Contracts and Related Options</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Options on Securities.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e</i></font><font face="Times New Roman PS, 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 option 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) the underlying securities subject to the option, or (ii) 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 face="Times New Roman PS, 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 face="Times New Roman PS, 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 above 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 face="Times New Roman PS, Times New Roman, Times" size="2"><i>Futures Contracts and Related Options.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  The Fund may, for hedging purposes, enter into futures contracts and purchase and write put and call options on futures contracts, in each case that are traded on regulated exchanges, including non-U.S. exchanges to the extent permitted by the CFTC. Futures contracts provide for the sale by one party and purchase by another party of a specified amount of a specified security, index, instrument or basket of instruments. Successful use of futures transactions 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 correct.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may enter into futures contracts to sell a security, index instrument or basket of instruments 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 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 face="Times New Roman PS, Times New Roman, Times" size="2">The Fund may purchase and write put and call options on 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 futures contract operates in the same manner as an option on a foreign currency futures contract, except that it gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract instead of a currency futures contract.</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>APPENDIX C</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>MORGAN STANLEY INVESTMENT MANAGEMENT<BR>PROXY VOTING POLICY AND PROCEDURES</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>I.&nbsp;&nbsp;POLICY STATEMENT</b></font></p>
<p><font face="Times New Roman PS, 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 an MSIM entity has authority to vote proxies. This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues and standards.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The MSIM entities covered by this 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 &amp; Investment Trust Management Co., Limited, Morgan Stanley Investment Management Private Limited, Van Kampen Asset Management, and Van Kampen Advisors Inc. (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below).</font></p>
<p><font face="Times New Roman PS, 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&#151;collectively referred to herein as the "MSIM Funds"), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board/Trustees of the MSIM Funds. An 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 vote proxies in a prudent and diligent manner and in the best interests of clients, including beneficiaries of and participants in a client's benefit plan(s) 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 an MSIM Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client's policy.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Proxy Research Services</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#151;RiskMetrics Group ISS Governance Services ("ISS") and Glass Lewis (together with other proxy research providers as we 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 we may review and utilize the recommendations of the Research Providers in making proxy voting decisions, we are in no way obligated to follow such recommendations. In addition to research, ISS provides vote execution, reporting, and recordkeeping services.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Voting Proxies for Certain Non-U.S. Companies</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#151;Voting proxies of companies located in some jurisdictions, particularly emerging markets, may involve several problems that can restrict or prevent the ability to vote such proxies or entail significant costs. These problems include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions. As a result, we vote clients' non-U.S. proxies on a best efforts basis only, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard. ISS has been retained to provide assistance in connection with voting non-U.S. proxies.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>II.&nbsp;&nbsp;GENERAL PROXY VOTING GUIDELINES</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">To promote consistency in voting proxies on behalf of its clients, we follow this Policy (subject to any exception set forth herein). The Policy addresses a broad range of issues, and provides general voting parameters on proposals that arise most frequently. However, details of specific proposals vary, and those details affect particular voting decisions, as do factors specific to a given company. Pursuant to the procedures set forth herein, we may vote in a manner that is not in accordance with the following general guidelines, provided the vote is approved by the Proxy Review Committee (see </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Section III for description) and is consistent with the Client Proxy Standard. Morgan Stanley AIP GP LP will follow the procedures as described in Appendix A.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We endeavor to integrate governance and proxy voting policy with investment goals, using the vote to encourage portfolio companies to enhance long-term shareholder value and to provide a high standard of transparency such that equity markets can value corporate assets appropriately.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We seek to follow the Client Proxy Standard for each client. At times, this may result in split votes, for example when different clients have varying economic interests in the outcome of a particular voting matter (such as a case in which varied ownership interests in two companies involved in a merger result in different stakes in the outcome). We also may split votes at times based on differing views of portfolio managers.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We may abstain on matters for which disclosure is inadequate.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>A.&nbsp;&nbsp;Routine Matters.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We generally support routine management proposals. The following are examples of routine management proposals:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Approval of financial statements and auditor reports if delivered with an unqualified auditor's opinion.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;General updating/corrective amendments to the charter, articles of association or bylaws, unless we believe that such amendments would diminish shareholder rights.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Most proposals related to the conduct of the annual meeting, with the following exceptions. We generally oppose proposals that relate to "the transaction of such other business which may come before the meeting," and open-ended requests for adjournment. However, where management specifically states the reason for requesting an adjournment and the requested adjournment would facilitate passage of a proposal that would otherwise be supported under this Policy (i.e. an uncontested corporate transaction), the adjournment request will be supported.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We generally support shareholder proposals advocating confidential voting procedures and independent tabulation of voting results.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>B.&nbsp;&nbsp;Board of Directors.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Election of directors:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Votes on board nominees can involve balancing a variety of considerations. In balancing various factors in uncontested elections, we may take into consideration whether the company has a majority voting policy in place that we believe makes the director vote more meaningful. In the absence of a proxy contest, we generally support the board's nominees for director except as follows:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(a)&nbsp;&nbsp;We consider withholding support from or voting against interested directors if the company's board does not meet market standards for director independence, or if otherwise we believe board independence is insufficient. We refer to prevalent market standards as promulgated by a stock exchange or other authority within a given market (e.g., New York Stock Exchange or Nasdaq rules for most U.S. companies, and The Combined Code on Corporate Governance in the United Kingdom). Thus, for an NYSE company with no controlling shareholder, we would expect that at a minimum a majority of directors should be independent as defined by NYSE. Where we view market standards as inadequate, we may withhold votes based on stronger independence standards. Market standards notwithstanding, we generally do not view long board tenure alone as a basis to classify a director as non-independent, although lack of board turnover and fresh perspective can be a negative factor in voting on directors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(i)&nbsp;&nbsp;At a company with a shareholder or group that controls the company by virtue of a majority economic interest in the company, we have a reduced expectation for board independence, although we believe the presence of independent directors can be helpful, particularly in staffing the audit committee, and at times we may withhold support from or vote against a nominee on the view the board or its committees are not sufficiently independent.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(ii)&nbsp;&nbsp;We consider withholding support from or voting against a nominee if he or she is affiliated with a major shareholder that has representation on a board disproportionate to its economic interest.</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(b)&nbsp;&nbsp;Depending on market standards, we consider withholding support from or voting against a nominee who is interested and who is standing for election as a member of the company's compensation, nominating or audit committee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(c)&nbsp;&nbsp;We consider withholding support from or voting against a nominee if we believe a direct conflict exists between the interests of the nominee and the public shareholders, including failure to meet fiduciary standards of care and/or loyalty. We may oppose directors where we conclude that actions of directors are unlawful, unethical or negligent. We consider opposing individual board members or an entire slate if we believe the board is entrenched and/or dealing inadequately with performance problems, and/or acting with insufficient independence between the board and management.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(d)&nbsp;&nbsp;We consider withholding support from or voting against a nominee standing for election if the board has not taken action to implement generally accepted governance practices for which there is a "bright line" test. For example, in the context of the U.S. market, failure to eliminate a dead hand or slow hand poison pill would be seen as a basis for opposing one or more incumbent nominees.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(e)&nbsp;&nbsp;In markets that encourage designated audit committee financial experts, we consider voting against members of an audit committee if no members are designated as such. We also may not support the audit committee members if the company has faced financial reporting issues and/or does not put the auditor up for ratification by shareholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(f)&nbsp;&nbsp;We believe investors should have the ability to vote on individual nominees, and may abstain or vote against a slate of nominees where we are not given the opportunity to vote on individual nominees.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(g)&nbsp;&nbsp;We consider withholding support from or voting against a nominee who has failed to attend at least 75% of the nominee's board and board committee meetings within a given year without a reasonable excuse. We also consider opposing nominees if the company does not meet market standards for disclosure on attendance.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(h)&nbsp;&nbsp;We consider withholding support from or voting against a nominee who appears overcommitted, particularly through service on an excessive number of boards.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Market expectations are incorporated into this analysis; for U.S. boards, we generally oppose election of a nominee who serves on more than six public company boards (excluding investment companies).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Discharge of directors' duties:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  In markets where an annual discharge of directors' responsibility is a routine agenda item, we generally support such discharge. However, we may vote against discharge or abstain from voting where there are serious findings of fraud or other unethical behavior for which the individual bears responsibility. The annual discharge of responsibility represents shareholder approval of actions taken by the board during the year and may make future shareholder action against the board difficult to pursue.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Board independence:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We generally support U.S. shareholder proposals requiring that a certain percentage (up to 66</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>2</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="2">%) of the company's board members be independent directors, and promoting all-independent audit, compensation and nominating/governance committees.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Board diversity:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We consider on a case-by-case basis shareholder proposals urging diversity of board membership with respect to social, religious or ethnic group.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">5.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Majority voting:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We generally support proposals requesting or requiring majority voting policies in election of directors, so long as there is a carve-out for plurality voting in the case of contested elections.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">6.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Proxy access:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We consider on a case-by-case basis shareholder proposals to provide procedures for inclusion of shareholder nominees in company proxy statements.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">7.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Proposals to elect all directors annually:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We generally support proposals to elect all directors annually at public companies (to "declassify" the Board) where such action is supported by the board, and otherwise consider the issue on a case-by-case basis based in part on overall takeover defenses at a company.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">8.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Cumulative voting:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We generally support proposals to eliminate cumulative voting in the U.S. market context. (Cumulative voting provides that shareholders may concentrate their votes for one or a handful of candidates, a </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">system that can enable a minority bloc to place representation on a board.) U.S. proposals to establish cumulative voting in the election of directors generally will not be supported.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">9.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Separation of Chairman and CEO positions:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We vote on shareholder proposals to separate the Chairman and CEO positions and/or to appoint a non-executive Chairman based in part on prevailing practice in particular markets, since the context for such a practice varies. In many non-U.S. markets, we view separation of the roles as a market standard practice, and support division of the roles in that context.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">10.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Director retirement age and term limits:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Proposals recommending set director retirement ages or director term limits are voted on a case-by-case basis.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">11.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Proposals to limit directors' liability and/or broaden indemnification of officers and directors.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Generally, we will support such proposals provided that an individual is eligible only if he or she has not acted in bad faith, gross negligence or reckless disregard of their duties.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>C.&nbsp;&nbsp;Statutory Auditor Boards.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The statutory auditor board, which is separate from the main board of directors, plays a role in corporate governance in several markets. These boards are elected by shareholders to provide assurance on compliance with legal and accounting standards and the company's articles of association. We generally vote for statutory auditor nominees if they meet independence standards. In markets that require disclosure on attendance by internal statutory auditors, however, we consider voting against nominees for these positions who failed to attend at least 75% of meetings in the previous year. We also consider opposing nominees if the company does not meet market standards for disclosure on attendance.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>D.&nbsp;&nbsp;Corporate Transactions and Proxy Fights.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We examine proposals relating to mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) on a case-by-case basis in the interests of each fund or other account. Proposals for mergers or other significant transactions that are friendly and approved by the Research Providers usually are supported if there is no portfolio manager objection. We also analyze proxy contests on a case-by-case basis.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>E.&nbsp;&nbsp;Changes in Capital Structure.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;We generally support the following:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management and shareholder proposals aimed at eliminating unequal voting rights, assuming fair economic treatment of classes of shares we hold.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management proposals to increase the authorization of existing classes of common stock (or securities convertible into common stock) if: (i) a clear business purpose is stated that we can support and the number of shares requested is reasonable in relation to the purpose for which authorization is requested; and/or (ii) the authorization does not exceed 100% of shares currently authorized and at least 30% of the total new authorization will be outstanding. (We consider proposals that do not meet these criteria on a case-by-case basis.)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management proposals to create a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital, unless we have concerns about use of the authority for anti-takeover purposes.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management proposals to authorize share repurchase plans, except in some cases in which we believe there are insufficient protections against use of an authorization for anti-takeover purposes.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred stock.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management proposals to effect stock splits.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management 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>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Management dividend payout proposals, except where we perceive company payouts to shareholders as inadequate.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;We generally oppose the following (notwithstanding management support):</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to add classes of stock that would substantially dilute the voting interests of existing shareholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals to increase the authorized or issued number of shares of existing classes of stock that are unreasonably dilutive, particularly if there are no preemptive rights for existing shareholders. However, depending on market practices, we consider voting for proposals giving general authorization for issuance of shares not subject to pre-emptive rights if the authority is limited.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals that authorize share issuance at a discount to market rates, except where authority for such issuance is de minimis, or if there is a special situation that we believe justifies such authorization (as may be the case, for example, at a company under severe stress and risk of bankruptcy).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to changes in capitalization by 100% or more.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We consider on a case-by-case basis shareholder proposals to increase dividend payout ratios, in light of market practice and perceived market weaknesses, as well as individual company payout history and current circumstances. For example, currently we perceive low payouts to shareholders as a concern at some Japanese companies, but may deem a low payout ratio as appropriate for a growth company making good use of its cash, notwithstanding the broader market concern.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>F.&nbsp;&nbsp;Takeover Defenses and Shareholder Rights.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Shareholder rights plans:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We generally support proposals to require shareholder approval or ratification of shareholder rights plans (poison pills). In voting on rights plans or similar takeover defenses, we consider on a case-by-case basis whether the company has demonstrated a need for the defense in the context of promoting long-term share value; whether provisions of the defense are in line with generally accepted governance principles in the market (and specifically the presence of an adequate qualified offer provision that would exempt offers meeting certain conditions from the pill); and the specific context if the proposal is made in the midst of a takeover bid or contest for control.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Supermajority voting requirements:  </i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">We generally oppose requirements for supermajority votes to amend the charter or bylaws, unless the provisions protect minority shareholders where there is a large shareholder. In line with this view, in the absence of a large shareholder we support reasonable shareholder proposals to limit such supermajority voting requirements.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Shareholder rights to call meetings:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We consider proposals to enhance shareholder rights to call meetings on a case-by-case basis.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Reincorporation:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We consider management and shareholder proposals to reincorporate to a different jurisdiction on a case-by-case basis. We oppose such proposals if we believe the main purpose is to take advantage of laws or judicial precedents that reduce shareholder rights.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">5.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Anti-greenmail provisions:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  Proposals relating to the adoption of anti-greenmail provisions will be supported, provided that the proposal: (i) defines greenmail; (ii) 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) contains no anti-takeover measures or other provisions restricting the rights of shareholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">6.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Bundled proposals:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">  We may consider opposing or abstaining on proposals if disparate issues are "bundled" and presented for a single vote.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>G.&nbsp;&nbsp;Auditors.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We generally support management proposals for selection or ratification of independent auditors. However, we may consider opposing such proposals with reference to incumbent audit firms if the company has suffered from serious accounting irregularities and we believe rotation of the audit firm is appropriate, or if fees paid to the auditor for non-audit-related services are excessive. Generally, to determine if non-audit fees are excessive, a 50% test will be applied </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(i.e., non-audit-related fees should be less than 50% of the total fees paid to the auditor). We generally vote against proposals to indemnify auditors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>H.&nbsp;&nbsp;Executive and Director Remuneration.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;We generally support the following:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals for employee equity compensation plans and other employee ownership plans, provided that our research does not indicate that approval of the plan would be against shareholder interest. Such approval may be against shareholder interest if it authorizes excessive dilution and shareholder cost, particularly in the context of high usage ("run rate") of equity compensation in the recent past; or if there are objectionable plan design and provisions.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Proposals relating to fees to outside directors, provided the amounts are not excessive relative to other companies in the country or industry, and provided that the structure is appropriate within the market context. While stock-based compensation to outside directors is positive if moderate and appropriately structured, we are wary of significant stock option awards or other performance-based awards for outside directors, as well as provisions that could result in significant forfeiture of value on a director's decision to resign from a board (such forfeiture can undercut director independence).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="3">&#149;</font><font face="Times New Roman PS, 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 face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;We generally oppose retirement plans and bonuses for non-executive directors and independent statutory auditors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;Shareholder proposals requiring shareholder approval of all severance agreements will not be supported, but proposals that require shareholder approval for agreements in excess of three times the annual compensation (salary and bonus) generally will be supported. We generally oppose shareholder proposals that would establish arbitrary caps on pay. We consider on a case-by-case basis shareholder proposals that seek to limit Supplemental Executive Retirement Plans (SERPs), but support such proposals where we consider SERPs to be excessive.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;&nbsp;Shareholder proposals advocating stronger and/or particular pay-for-performance models will be evaluated on a case-by-case basis, with consideration of the merits of the individual proposal within the context of the particular company and its labor markets, and the company's current and past practices. While we generally support emphasis on long-term components of senior executive pay and strong linkage of pay to performance, we consider whether a proposal may be overly prescriptive, and the impact of the proposal, if implemented as written, on recruitment and retention.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">5.&nbsp;&nbsp;We consider shareholder proposals for U.K.-style advisory votes on pay on a case-by-case basis.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">6.&nbsp;&nbsp;We generally support proposals advocating reasonable senior executive and director stock ownership guidelines and holding requirements for shares gained in executive equity compensation programs.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">7.&nbsp;&nbsp;We generally support shareholder proposals for reasonable "claw-back" provisions that provide for company recovery of senior executive bonuses to the extent they were based on achieving financial benchmarks that were not actually met in light of subsequent restatements.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">8.&nbsp;&nbsp;Management proposals effectively to re-price stock options are considered on a case-by-case basis. Considerations include the company's reasons and justifications for a re-pricing, the company's competitive position, whether senior executives and outside directors are excluded, potential cost to shareholders, whether the re-pricing or share exchange is on a value-for-value basis, and whether vesting requirements are extended.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>I.&nbsp;&nbsp;Social, Political and Environmental Issues.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We consider proposals relating to social, political and environmental issues on a case-by-case basis to determine likely financial impacts on shareholder value, balancing concerns on reputational and other risks that may be raised in a proposal against costs of implementation. We may abstain from voting on proposals that do not have a readily determinable financial impact on shareholder value. While we support proposals that we believe will enhance useful </font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">disclosure, we generally vote against proposals requesting reports that we believe are duplicative, related to matters not material to the business, or that would impose unnecessary or excessive costs. We believe that certain social and environmental shareholder proposals may intrude excessively on management prerogatives, which can lead us to oppose them.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>J.&nbsp;&nbsp;Fund of Funds.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Certain Funds advised by an MSIM Affiliate invest only in other MSIM Funds. If an underlying fund has a shareholder meeting, in order to avoid any potential conflict of interest, such proposals will be voted in the same proportion as the votes of the other shareholders of the underlying fund, unless otherwise determined by the Proxy Review Committee.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>III.&nbsp;&nbsp;ADMINISTRATION OF POLICY</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The MSIM Proxy Review Committee (the "Committee") has overall responsibility for the Policy. The Committee, which is appointed by MSIM's Chief Investment Officer of Global Equities ("CIO") or senior officer, consists of senior investment professionals who represent the different investment disciplines and geographic locations of the firm, and is chaired by the director of the Corporate Governance Team ("CGT"). Because proxy voting is an investment responsibility and impacts shareholder value, and because of their knowledge of companies and markets, portfolio managers and other members of investment staff play a key role in proxy voting, although the Committee has final authority over proxy votes.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The CGT Director is responsible for identifying issues that require Committee deliberation or ratification. The CGT, working with advice of investment teams and the Committee, is responsible for voting on routine items and on matters that can be addressed in line with these Policy guidelines. The CGT has responsibility for voting case-by-case where guidelines and precedent provide adequate guidance.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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 face="Times New Roman PS, Times New Roman, Times" size="2">CGT and members of 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 comments and 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, unless economic interests of the accounts differ. 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 CGT will consider all available information from the Research Providers, and to the extent that the holdings are significant, from the portfolio managers and/or analysts.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>A.&nbsp;&nbsp;Committee Procedures</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committee meets at least annually to review and consider changes to the Policy. The Committee will appoint a subcommittee (the "Subcommittee") to meet as needed between Committee meetings to address any outstanding issues relating to the Policy or its implementation.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Subcommittee will meet on an ad hoc basis to (among other functions): (1) monitor and ratify "split voting" (i.e., 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" (i.e., voting all MSIM portfolio shares in a manner contrary to the Policy); (2) review and approve upcoming votes, as appropriate, for matters as requested by CGT.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committee reserves the right to review voting decisions at any time and to make voting decisions as necessary to ensure the independence and integrity of the votes. The Committee or the Subcommittee are provided with reports on at least a monthly basis detailing specific key votes cast by CGT.</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>B.&nbsp;&nbsp;Material Conflicts of Interest</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition to the procedures discussed above, if the CGT Director determines that an issue raises a material conflict of interest, the CGT Director will request a special committee to review, and recommend a course of action with respect to, the conflict(s) in question ("Special Committee").</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A potential material conflict of interest could exist in the following situations, among others:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;The issuer soliciting the vote is a client of MSIM or an affiliate of MSIM and the vote is on a matter that materially affects the issuer.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;The proxy relates to Morgan Stanley common stock or any other security issued by Morgan Stanley or its affiliates except if echo voting is used, as with MSIM Funds, as described herein.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&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 face="Times New Roman PS, Times New Roman, Times" size="2">If the CGT Director determines that an issue raises a potential material conflict of interest, depending on the facts and circumstances, the issue will be addressed as follows:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;If the matter relates to a topic that is discussed in this Policy, the proposal will be voted as per the Policy.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;If the matter is not discussed in this Policy or the Policy indicates that the issue is to be decided case-by-case, the proposal will be voted in a manner consistent with the Research Providers, provided that all the Research Providers have the same recommendation, no portfolio manager objects to that vote, and the vote is consistent with MSIM's Client Proxy Standard.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;If the Research Providers' recommendations differ, the CGT Director will refer the matter to the Subcommittee or a Special Committee to vote on the proposal, as appropriate.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Special Committee shall be comprised of the CGT Director, the Chief Compliance Officer 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 relevant Chief Investment Officer or his/her designee, and any other persons deemed necessary by the CGT Director. The CGT Director may request non-voting participation by MSIM's General Counsel or his/her designee. In addition to the research provided by Research 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>C.&nbsp;&nbsp;Proxy Voting Reporting</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The CGT will document in writing all Committee, Subcommittee and Special Committee decisions and actions, which documentation will be maintained by the CGT for a period of at least six years. To the extent these decisions relate to a security held by an MSIM Fund, the CGT will report the decisions to each applicable Board of Trustees/Directors of those Funds at each Board's next regularly scheduled Board meeting. The report will contain information concerning decisions made during the most recently ended calendar quarter immediately preceding the Board meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">MSIM will promptly provide a copy of this Policy to any client requesting it. 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 face="Times New Roman PS, Times New Roman, Times" size="2">MSIM's Legal Department is responsible for filing an annual Form N-PX on behalf of each MSIM Fund for which such filing is required, indicating how all proxies were voted with respect to such Fund's holdings.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">[APPENDIX A and APPENDIX B of the Proxy Voting Policy intentionally omitted.]</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Revised February 25, 2009.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>C-8</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;C&#151;OTHER INFORMATION</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 25.&#160;
Financial Statements and Exhibits</font></b></p>

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

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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Statements:<br>
  Included in Part&nbsp;A:<br>
  Not applicable.</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Included in Part&nbsp;B:</font></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio of Investments at December&nbsp;31, 2008.&#134;</font></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Assets and Liabilities at December&nbsp;31, 2008.&#134;</font></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Operations for the fiscal year ended December&nbsp;31,
  2008.&#134;</font></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statements of Changes in Net Assets for the fiscal year ended December&nbsp;31,
  2007 and the fiscal year ended December&nbsp;31, 2008.&#134;</font></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Highlights. &#134;</font></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Notes to Financial Statements.
  &#134;</font></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report of Independent Registered Public Accounting Firm, dated December&nbsp;31,
  2008.&#134;</font></p>
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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#134;&#160; Incorporated by reference from the Fund&#146;s
Annual Report for the Year Ended December&nbsp;31, 2008, filed on March&nbsp;10,
2009.</font></p>



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

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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibits:</font></p>
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 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Incorporation*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Amendment*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bylaws**</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specimen
  certificate for Common Stock, par value $.01 per share*</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of Subscription Certificate****</font></p>
  </td>
 </tr>
 <tr height="10" style="height:.1in;">
  <td width="81" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of Notice of Guaranteed Delivery****</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt .1pt;text-align:left;text-justify:inter-ideograph;"><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="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of Retail
  Underwriting Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of
  Institutional Underwriting Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of Master
  Agreement Among Underwriters*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of Master
  Dealer Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of
  International Custodian Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Custodian
  Agreement*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement for Stock
  Transfer Services*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration
  Agreement*</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Agent Agreement</font><font size="2" style="font-size:10.0pt;">****</font></p>
  </td>
 </tr>
</table>



<p style="line-height:1.0pt;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;of
  Subscription Agent Agreement</font><font size="2" style="font-size:10.0pt;">****</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-1</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='C-1',FILE='C:\JMS\jmathew\09-12921-1\task3604526\12921-1-bi.htm',USER='105205',CD='Jun 25 00:23 2009' -->


<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-justify:inter-ideograph;"><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="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opinion and Consent
  of Clifford Chance US LLP****</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opinion and
  Consent of Ballard Spahr Andrews&nbsp;&amp; Ingersoll, LLP****</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt .1pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent of
  Independent Registered Public Accounting Firm****</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent of J. Sagar Associates, Indian counsel for the
  Fund****</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt .1pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt .1pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Letter*</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics of
  Morgan Stanley Investment Management***</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics of
  the Morgan Stanley Funds**</font></p>
  </td>
 </tr>
 <tr>
  <td width="81" valign="top" style="padding:0in 0in 0in 0in;width:60.7pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font></p>
  </td>
  <td width="639" valign="top" style="padding:0in 0in 0in 0in;width:479.3pt;">
  <p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of Attorney***</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 5.5in .0001pt 0in;text-align:left;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;text-justify:inter-ideograph;"><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;">Incorporated by reference from the Form&nbsp;N-2
filed on September&nbsp;9, 2005.</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;text-justify:inter-ideograph;"><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; </font><font size="2" style="font-size:10.0pt;">I</font><font size="2" style="font-size:10.0pt;">ncorporated 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.</font></p>



<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">***</font><font size="1" style="font-size:3.0pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Incorporated by reference
from Amendment No.9 to the Fund&#146;s Registration Statement to Form N-2, filed on May
11, 2009.</font></p>





<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">**** Filed herewith.</font></p>



<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:-.25in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 26.&#160; Marketing Arrangements</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Exhibit&nbsp;2(h)(1)&nbsp;to
this Registration Statement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 27.&#160; Other Expenses of Issuance and Distribution</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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 style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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 0in 0in 0in;width:1.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,503</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,500</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Printing</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Auditing
  and accounting fees and expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,500</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer
  Agent fees and expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">National
  Association of Securities Dealers,&nbsp;Inc. fee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">90,840</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,657</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">275,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 28.&#160; Persons Controlled by or Under Common Control</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 29.&#160; Number of Holders of
Securities (as of April 13, 2009)</font></b></p>



<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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="85%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><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 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Record Holders</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="85%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:85.0%;">
  <p align="left" style="margin:0in 0in .0001pt 10.0pt;text-align:left;text-indent:-10.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares
  of Common Stock, $0.01 par value</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,970</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 30.&#160; Indemnification</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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 </font></p>

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

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management Agreement, the
Retail Underwriting Agreement, the Institutional Underwriting Agreement and the
Administration Agreement provide for indemnification.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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 </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-3</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 31.&#160; Business and Other Connections of Investment
Adviser</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 32.&#160; Location of Accounts and Records</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Registrant, Morgan Stanley India Investment Fund,&nbsp;Inc., c/o Morgan Stanley
Investment Management Inc., 522 Fifth Avenue, New York, New York 10036;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; JPMorgan
Chase Bank, N.A. is 101 Barclay Street, New York, New York 10171 (records
relating to its function as custodian);</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Morgan
Stanley Trust, Harborside Financial Center, Plaza Two, 2</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">nd</font><font size="2" style="font-size:10.0pt;">&#160;Floor, Jersey
City, New Jersey 07311 (records relating to its function as transfer agent and
dividend disbursing agent); and</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Morgan
Stanley Investment Management Inc., 522 Fifth Avenue, New York, New York 10036
(records relating to its function as investment adviser).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 33.&#160; Management Services</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 34.&#160; Undertakings</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not
applicable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not
applicable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not
applicable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Registrant undertakes that:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-4</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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:0in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 of 1933 shall be
deemed to be part of this Registration Statement as of the time it was declared
effective; and</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">bona
fide </font></i><font size="2" style="font-size:10.0pt;">offering thereof.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-5</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='C-5',FILE='C:\JMS\jmathew\09-12921-1\task3604526\12921-1-bi.htm',USER='105205',CD='Jun 25 00:23 2009' -->



<br clear="all" style="page-break-before:always;">
<div>

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

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



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><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
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 26th day of
June, 2009.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:49.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Randy Takian</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <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="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Randy Takian</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <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="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Principal
  Executive Officer</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt 3.25in;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;text-justify:inter-ideograph;"><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 Registration Statement has been signed by the following
persons in the capacities and on the dates indicated.</font></p>

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

<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><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="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;Principal
  Executive Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Randy Takian</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Principal Executive Officer and </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 26, 2009</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Randy Takian</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;Principal
  Financial Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  James Garrett</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief Financial Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 26, 2009</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James Garrett</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;Majority
  of the Directors</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEPENDENT DIRECTORS</font></u></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gaetan Bouic</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M.J. Marcel Vivian Descroizilles</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph J. Kearns</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ravindranath Santhosh Kumar Hazareesing</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fergus Reid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Carl Frischling</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: Carl Frischling</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 26, 2009</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attorney-In-Fact for the</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent Directors</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:32.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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</div>

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

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<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></b></p>

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

<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

  <tr>
   <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.68%;">
   <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-justify:inter-ideograph;"><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:2.0%;">
   <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
   </td>
   <td width="86%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.32%;">
   <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-justify:inter-ideograph;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
   </td>
  </tr>
  <tr>
   <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
   </td>
   <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Subscription
   Certificate</font></p>
   </td>
  </tr>
  <tr>
   <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
   Guaranteed Delivery</font></p>
   </td>
  </tr>
  <tr>
   <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font></p>
   </td>
   <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information Agent
   Agreement</font></p>
   </td>
  </tr>
  <tr>
   <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Subscription
   Agent Agreement</font></p>
   </td>
  </tr>
  <tr>
   <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font></p>
   </td>
   <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion and Consent of
   Ballard Spahr Andrews&nbsp; &amp;
   Ingersoll, LLP</font></p>
   </td>
  </tr>
  <tr>
   <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Independent
   Registered Public Accounting Firm</font></p>
   </td>
  </tr>
  <tr>
   <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><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:2.0%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
   </td>
   <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.56%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
   </td>
   <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.76%;">
   <p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of J. Sagar
   Associates, Indian counsel for the Fund</font></p>
   </td>
  </tr>

</table>



</div>

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

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<DOCUMENT>
<TYPE>EX-99.(D)(2)
<SEQUENCE>2
<FILENAME>a09-12921_1ex99dd2.htm
<DESCRIPTION>EX-99.(D)(1)
<TEXT>

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<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.(d)(2)</font></b></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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <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="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computershare</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <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="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250
  Royall Street, Suite&nbsp;V</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <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="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canton
  MA 02021</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <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="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone
  800 280 0819</font></p>
  </td>
 </tr>
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  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <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="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.computershare.com</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <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="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <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>
  </td>
 </tr>
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  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MR
  A SAMPLE</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESIGNATION
  (IF ANY)</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADD
  1</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADD
  2</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADD
  3</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="left" style="margin:0in 0in .0001pt 118.1pt;text-align:left;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C 1234567890 J N T</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADD
  4</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADD
  5</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADD
  6</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.06%;">
  <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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Primary
Subscription Rights 12345678901234</font></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 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;">MORGAN STANLEY INDIA INVESTMENT FUND, INC. RIGHTS
OFFERING</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>

<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;">THIS RIGHTS OFFERING EXPIRES AT 5:00&nbsp;P.M., NEW YORK
TIME, ON JULY&nbsp;[XX], 2009, UNLESS EXTENDED (SUCH DATE AND TIME, AS IT MAY&nbsp;BE
EXTENDED, THE &#147;EXPIRATION DATE&#148;).</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan
Stanley India Investment Fund,&nbsp;Inc. (the &#147;Fund&#148;) has distributed, at no
charge, to each common stockholder of record (each a &#147;<u>Record Date Stockholder</u>&#148;) as of June&nbsp;[XX], 2009
(the &#147;<u>Record Date</u>&#148;), one
non-transferable right (the &#147;Rights&#148;) for each whole share of common stock held
as of the Record Date. &#160;Four rights can
be used to purchase one share of common stock of the Fund at $X.XX per whole share.
&#160;The terms and conditions of the Rights Offering
are set forth in the Fund&#146;s Prospectus dated June&nbsp;[XX], 2009 (as may be
amended or supplemented, the &#147;<u>Prospectus</u>&#148;),
which are incorporated into this Subscription Certificate by reference.&#160; Capitalized terms used but not defined herein
have the meanings set forth in the Prospectus.&#160;
The owner of this certificate is entitled to the number of Rights, and
is entitled to exercise the Rights for the number of shares, shown on this Subscription
Certificate.</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 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;">THE SUBSCRIPTION RIGHTS ARE
NON-TRANSFERABLE</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>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Rights are non-transferable.&#160; The Rights
will not be listed on the New York Stock Exchange or any other securities
exchange or quoted on any automated quotation system.</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 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;">EXERCISE PRICE</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>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
subscription price for the Rights is $X.XX per whole share. Fractional shares
of common stock will not be issued in this Rights Offering.</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 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;">METHOD OF EXERCISE OF RIGHTS</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>

<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;">IN
ORDER TO EXERCISE YOUR RIGHTS, YOU MUST PROPERLY COMPLETE AND SIGN THIS SUBSCRIPTION
CERTIFICATE ON THE BACK AND RETURN IT IN THE ENVELOPE PROVIDED TO COMPUTERSHARE
TRUST COMPANY, N.A., TOGETHER WITH PAYMENT IN FULL FOR AN AMOUNT EQUAL TO THE
APPLICABLE SUBSCRIPTION PRICE MULTIPLIED BY THE TOTAL NUMBER OF SHARES OF
COMMON STOCK THAT YOU ARE REQUESTING TO PURCHASE TO THE SUBSCRIPTION AGENT,
COMPUTERSHARE TRUST COMPANY, N.A., BEFORE THE EXPIRATION DATE (DEFINED ABOVE).</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Full
payment of the subscription price for each share of common stock you wish to
purchase must be made in U.S. dollars by (1)&nbsp;check or bank draft drawn
upon a U.S. bank or postal, telegraphic or express money order payable to the Subscription
Agent in accordance with the &#147;Instructions As To Use of Morgan Stanley India
Investment Fund Subscription Certificates&#148; that accompanied the mailing of the
Prospectus. Payments of the exercise price for the common stock may be
withdrawn by the Fund at any time after receipt and, in any event, will be
distributed to the Fund no later than 10 Business Days following the Expiration
Date, unless the Fund terminates the Rights Offering. &#160;No interest will be paid to you on the funds
you deposit with the Subscription Agent. &#160;You will not receive any interest on the
payments held by the Subscription Agent before your shares have been issued to
you or your payment is returned to you because your exercise has not been
satisfied for any reason.</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="97%" style="border-collapse:collapse;width:97.08%;">
 <tr>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.14%;">
  <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;">Holder
  ID</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.98%;">
  <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="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.14%;">
  <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;">COY</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.98%;">
  <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="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.68%;">
  <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;">Class</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.98%;">
  <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="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.9%;">
  <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;">Rights
  Qty Issued</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.98%;">
  <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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;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;">Rights
  Cert #</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.14%;">
  <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="padding:0in 0in 0in 0in;width:2.98%;">
  <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="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.14%;">
  <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="padding:0in 0in 0in 0in;width:2.98%;">
  <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="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.68%;">
  <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="padding:0in 0in 0in 0in;width:2.98%;">
  <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="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.9%;">
  <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="padding:0in 0in 0in 0in;width:2.98%;">
  <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="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.18%;">
  <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="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">123456789</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
  <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>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XXXX</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
  <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>
  <td width="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscription
  Rights</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
  <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>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XXX.XXXXXX</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.98%;">
  <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>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12345678</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>

<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;width:97.92%;">
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  of Owner and U.S. Person for Tax Certification</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <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="padding:0in 0in 0in 0in;width:33.26%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  of Co-Owner<br>
  (if more than one registered holder listed)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.54%;">
  <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" style="padding:0in 0in 0in 0in;width:16.18%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date
  (mm/dd/yyyy)</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.96%;">
  <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="padding:0in 0in 0in 0in;width:2.06%;">
  <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="padding:0in 0in 0in 0in;width:33.26%;">
  <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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.54%;">
  <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="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.18%;">
  <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="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.96%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><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:2.06%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.26%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><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:2.54%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.18%;">
  <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>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


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

<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="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;">PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1: &#160;<b>OFFERING
INSTRUCTIONS</b> (check the appropriate boxes)</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IF YOU WISH TO SUBSCRIBE FOR YOUR FULL ENTITLEMENT OF RIGHTS:</font></b></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="93%" style="border-collapse:collapse;width:93.5%;">
 <tr>
  <td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp; I apply for ALL of my entitlement of new
  shares pursuant to the Rights</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.56%;">
  <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;">(no.
  of subscription&nbsp;rights)</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#247;
  4 =</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
  <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;">(no.
  of new shares)</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">x
  $&nbsp;</font><font size="2" style="font-size:10.0pt;">X.XX</font><font size="2" style="font-size:10.0pt;"><br>
  = (per share)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.94%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </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 .25in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXAMPLE: If you own 1,000 shares of common
stock, your Right permits the purchase of 250 shares for</font><font size="2" style="font-size:10.0pt;"> $X.XX</font><font size="2" style="font-size:10.0pt;">. [1,000 purchase rights &#247; 4 = 250 shares: 250 shares *</font><font size="2" style="font-size:10.0pt;"> $X.XX/</font><font size="2" style="font-size:10.0pt;">share =</font><font size="2" style="font-size:10.0pt;"> $X.XX</font><font size="2" style="font-size:10.0pt;">]</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IF YOU DO NOT WISH TO APPLY FOR YOUR FULL ENTITLEMENT OF
RIGHTS:</font></b></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="94%" style="border-collapse:collapse;width:94.42%;">
 <tr>
  <td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp; I apply for</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
  <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>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(no.
  of new shares)</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">x
  $&nbsp;</font><font size="2" style="font-size:10.0pt;">X.XX</font><font size="2" style="font-size:10.0pt;"> = (per&nbsp;share)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.46%;">
  <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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
  <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="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
  <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="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
  <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="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
  <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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.6%;">
  <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="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.46%;">
  <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="49%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:49.94%;">
  <p align="left" style="margin:0in 0in .0001pt 66.6pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount of Check or money order enclosed</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.6%;">
  <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>
 </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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IF YOU DO NOT WISH TO EXERCISE YOUR RIGHT TO SUBSCRIBE:</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please
disregard this mailing.</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;">SECTION&nbsp;2:
<b>SUBSCRIPTION AUTHORIZATION:</b></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;">I
acknowledge that I have received the Prospectus for this offering of Rights and
I hereby subscribe for the number of shares indicated above on the terms and
conditions specified in the Prospectus relating to the primary subscription in
the Rights Offering.</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>

<table border="0" cellspacing="0" cellpadding="0" width="94%" style="border-collapse:collapse;width:94.42%;">
 <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;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  of Subscriber(s)</font></p>
  </td>
 </tr>
 <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;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <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>
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <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>
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <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>
 <tr>
  <td width="100%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(and
  address if different than that listed on this Subscription Certificate)</font></p>
  </td>
 </tr>
 <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;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone
  number (including area code)</font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.86%;">
  <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="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.04%;">
  <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="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="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;">By First Class&nbsp;Mail Only:</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;">Computershare<br>
c/o Voluntary Corporate Actions<br>
P.O.&nbsp;Box 43011<br>
Providence, RI 02941-3011</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="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;">By Overnight Courier:</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;">Computershare<br>
c/o Voluntary Corporate Actions<br>
Suite&nbsp;V<br>
250 Royall Street<br>
Canton, MA 02021</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="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;">DELIVERY OF THIS SUBSCRIPTION CERTIFICATE TO AN ADDRESS OTHER
THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY.</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="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;">Any questions regarding this Subscription Certificate and
Subscription Rights Offering may be directed t</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">o <br>
</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Georgeson Inc. toll free at</font></b><font size="2" style="font-size:10.0pt;"> (800) 509 - 4953 <b>or for banks and
brokers at</b> (212) 440-9800</font><font size="2" style="font-size:10.0pt;">.</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<DOCUMENT>
<TYPE>EX-99.(D)(3)
<SEQUENCE>3
<FILENAME>a09-12921_1ex99dd3.htm
<DESCRIPTION>EX-99.(D)(2)
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;page-break-after:auto;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.(d)(3)</font></b></p>

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

<p style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice
of Guaranteed Delivery<br>
For Shares of Common Stock of<br>
Morgan Stanley India Investment Fund,&nbsp;Inc.<br>
Subscribed for Under Primary Subscription<br>
and the Over-Subscription Privilege</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;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;">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&#146;s Common
Stock (the &#147;<u>Shares</u>&#148;) subscribed for under the Primary Subscription and
the Over-Subscription Privilege. &#160;Such
form may be delivered by first class mail, express mail or overnight courier to
the Subscription Agent.&#160; <i>Please note that Rights that are beneficially held should be presented
through DTC&#146;s Automated PSOP System and not sent directly to the Subscription
Agent.</i></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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE SUBSCRIPTION AGENT IS:</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 style="page-break-inside:avoid;">
  <td width="230" valign="top" style="padding:0in 0in 0in 0in;width:172.35pt;">
  <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;">BY
  MAIL:</font></b></p>
  </td>
  <td width="298" valign="top" style="padding:0in 0in 0in 0in;width:223.25pt;">
  <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;">BY
  EXPRESS MAIL OR</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;">OVERNIGHT
  COURIER:</font></b></p>
  </td>
  <td width="193" valign="top" style="padding:0in 0in 0in 0in;width:144.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="230" valign="top" style="padding:0in 0in 0in 0in;width:172.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computershare Trust Company, N.A.</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;">Corporate Actions Voluntary Offer</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;">P.O.&nbsp;Box 43011</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;">Providence, Rhode Island 02940-3011</font></p>
  </td>
  <td width="298" valign="top" style="padding:0in 0in 0in 0in;width:223.25pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computershare Trust Company, N.A.</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;">Corporate Actions Voluntary Offer</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;">250 Royall Street</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;">Suite&nbsp;V</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;">Canton, Massachusetts 02021</font></p>
  </td>
  <td width="193" valign="top" style="padding:0in 0in 0in 0in;width:144.4pt;">
  <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>
</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;">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 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 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). &#160;Failure to do so will
result in a forfeiture of the Rights.</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 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GUARANTEE</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:auto;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;">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 (July&nbsp;22, 2009, 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="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>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BROKER ASSIGNED CONTROL #</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 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MORGAN
STANLEY INDIA INVESTMENT FUND, INC.</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="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">1. Primary Subscription</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Rights to be exercised</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Primary Shares requested for which you are guaranteeing
  delivery of Rights and Payment</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment to be made in connection with Primary Shares</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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;&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;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Rights/4)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">2. Over-Subscription</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Over-Subscription Shares requested for which you are
  guaranteeing payment</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment to be made in connection with Over-Subscription Shares</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <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="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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;&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;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">3. Totals</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Number of Rights to be Delivered</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Number of Shares to be Delivered</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="padding:0in 0in 0in 0in;width:22.34%;">
  <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="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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;&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;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.84%;">
  <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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <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%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.1%;">
  <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="bottom" style="padding:0in 0in 0in 0in;width:22.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Payment</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <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="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;">Please reference below the
registration of the Rights to be delivered.</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;">PLEASE ASSIGN A UNIQUE
CONTROL NUMBER FOR EACH GUARANTEE SUBMITTED. &#160;This number needs to be referenced on any
direct delivery of Rights or any delivery through DTC.</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="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Firm</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.46%;">
  <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="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <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="50%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.14%;">
  <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="11%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.46%;">
  <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="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <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="50%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signature</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.22%;">
  <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="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <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="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.14%;">
  <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="45%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.22%;">
  <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="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <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="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.14%;">
  <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="19%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:19.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC Participant Number</font></p>
  </td>
  <td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.84%;">
  <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="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <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="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.62%;">
  <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="19%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:19.38%;">
  <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="25%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:25.84%;">
  <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="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.64%;">
  <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="50%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:50.14%;">
  <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="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address</font></p>
  </td>
  <td width="37%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.56%;">
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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:10.0pt;">Zip Code</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:10.0pt;">Phone Number</font></p>
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  <td width="38%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.04%;">
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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:10.0pt;">Contact Name</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:10.0pt;">Date</font></p>
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<TYPE>EX-99.(K)(3)
<SEQUENCE>4
<FILENAME>a09-12921_1ex99dk3.htm
<DESCRIPTION>EX-99.(K)(3)
<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.(k)(3)</font></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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="200" height="50" src="g129213mni001.gif" alt="GRAPHIC"></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;">Georgeson Inc</font></b><font size="2" style="font-size:10.0pt;">.</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">199 Water Street, 26</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;floor</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10038</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;">T</font></b><font size="2" style="font-size:10.0pt;"> 212 440 9800</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;">F</font></b><font size="2" style="font-size:10.0pt;"> 212 440 9009</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.georgeson.com</font></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 23, 2009</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;">522
Fifth Avenue, 19</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;Floor</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New
York, NY 10036</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;">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 Inc. (&#147;Georgeson&#148;) by the Morgan Stanley India Investment Fund,&nbsp;Inc.
(the &#147;Company&#148;) to act as Information Agent in connection with its rights offer
to purchase shares of its own Common Stock (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="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 size="2" style="font-size:10.0pt;font-style:italic;">Services.</font></i><font size="2" style="font-size:10.0pt;"> Georgeson
shall perform the services described in the Fees&nbsp;&amp; Services Schedule
attached hereto as Appendix I (collectively, the &#147;Services&#148;).</font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Fees.</font></i><font size="2" style="font-size:10.0pt;">&#160; In consideration of Georgeson&#146;s performance
of the Services, the Company shall pay Georgeson the amounts, and pursuant to the
terms, set forth on the Fees&nbsp;&amp; Services Schedule attached hereto as
Appendix I.</font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Expenses.</font></i><font size="2" style="font-size:10.0pt;">&#160; In connection with Georgeson&#146;s performance of
the Services, and in addition to the fees and charges discussed in paragraphs (b)&nbsp;and
(d)&nbsp;hereof, the Company agrees that it shall be solely responsible for the
following costs and expenses, and that the Company shall, at Georgeson&#146;s sole
discretion, (i)&nbsp;reimburse Georgeson for such costs and expenses actually
incurred by Georgeson, (ii)&nbsp;pay such costs and expenses directly and/or (iii)&nbsp;advance
sufficient funds to Georgeson for payment of such costs and expenses:</font></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 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</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><font size="2" style="font-size:10.0pt;">expenses
incidental to the Offer, including postage and freight charges incurred in
delivering Offer materials;</font></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="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</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><font size="2" style="font-size:10.0pt;">expenses
incurred by Georgeson 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;</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>

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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="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</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><font size="2" style="font-size:10.0pt;">expenses incurred by Georgeson at the Company&#146;s
request or for the Company&#146;s convenience, including copying expenses, expenses
relating to the printing of additional and/or supplemental material and travel
expenses of Georgeson&#146;s executives;</font></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="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</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><font size="2" style="font-size:10.0pt;">any other fees
and expenses authorized by the Company 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.</font></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="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 size="2" style="font-size:10.0pt;font-style:italic;">Custodial Charges.</font></i><font size="2" style="font-size:10.0pt;">&#160; </font><font size="2" style="font-size:10.0pt;">Georgeson will direct banks and brokers to invoice the
Company directly for expenses resulting from the forwarding of offering
materials to beneficial owners.&nbsp; The Company will reimburse banks and
brokers for invoiced expenses directly but&nbsp;may require Georgeson&#146;s
assistance with validation of said invoices.</font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Compliance with Applicable Laws.</font></i><font size="2" style="font-size:10.0pt;">&#160; The Company and Georgeson 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.</font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Indemnification.</font></i><font size="2" style="font-size:10.0pt;">&#160; Georgeson shall at all times act in good
faith and agrees to use its best efforts to carry out all services performed
under this Agreement.&#160; The Company agrees
to indemnify and hold harmless Georgeson and its stockholders, officers,
directors, employees, agents and affiliates against any and all claims, costs,
damages, liabilities, judgments and expenses, including the fees, costs and
expenses of counsel retained by Georgeson, which result from claims, actions,
suits, subpoenas, demands or other proceedings brought against or involving
Georgeson (collectively, &#147;Claims&#148;) which directly relate to or arise out of
Georgeson&#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 Georgeson&#146;s gross negligence or intentional misconduct).&#160; After receipt of notice of any Claim,
Georgeson shall promptly notify the Company in writing, if, in any respect, the
Claim is made against the Company.&#160; The
Company shall be entitled to participate at its own expense in the defense of
such Claim.&#160; 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.&#160; Neither party to this
Agreement shall be liable to the other party for any consequential, indirect,
special or incidental damages under any provisions of this Agreement or for any
consequential, indirect, penal, special or incidental damages arising out of
any act or failure to act hereunder even if that party has been advised of or
has foreseen the possibility of such damages.</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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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="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 size="2" style="font-size:10.0pt;font-style:italic;">Governing Law.</font></i><font size="2" style="font-size:10.0pt;">&#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>forum non conveniens</i>.&#160; <b>THE PARTIES
UNCONDITIONALLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL FOR ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS
AGREEMENT.</b></font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Exclusivity.</font></i><font size="2" style="font-size:10.0pt;">&#160; The Company agrees and acknowledges that
Georgeson shall be the sole Information Agent retained by the Company in
connection with the Offer, and that the Company shall refrain from engaging any
other Information Agent to render any Services, in a consultative capacity or
otherwise, in relation to the Offer.</font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Additional Services.</font></i><font size="2" style="font-size:10.0pt;">&#160; In addition to the Services, the Company may
from time to time request that Georgeson provide it with certain additional
consulting or other services.&#160; The
Company agrees that Georgeson&#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 Georgeson&#146;s then-current rates.</font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Confidentiality.</font></i><font size="2" style="font-size:10.0pt;">&#160; Georgeson agrees to preserve the confidentiality
of (i)&nbsp;all material non-public information provided by the Company or its
agents for Georgeson&#146;s use in fulfilling its obligations hereunder and (ii)&nbsp;any
information developed by Georgeson 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 (w)&nbsp;is or
becomes generally available to the public in accordance with law other than as
a result of a disclosure by Georgeson or any of its officers, directors,
employees, agents or affiliates; (x)&nbsp;was available to Georgeson on a
nonconfidential basis and in accordance with law prior to its disclosure to
Georgeson by the Company; (y)&nbsp;becomes available to Georgeson on a
nonconfidential basis and in accordance with law from a person other than the
Company or any of its officers, directors, employees, agents or affiliates who
is not otherwise bound by a confidentiality agreement with the Company or is
not otherwise prohibited from transmitting such information to a third party;
or (z)&nbsp;was independently and lawfully developed by Georgeson based on
information described in clauses (w), (x)&nbsp;or (y)&nbsp;of this paragraph.
The Company agrees that all reports, documents and other work product provided
to the Company by Georgeson pursuant to the terms of this Agreement are for the
exclusive use of the Company and may not be disclosed to any other person 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>

<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;"><hr size="3" width="100%" noshade color="#010101" align="left"></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="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">entity
without the prior written consent of Georgeson. The confidentiality obligations
set forth in this paragraph shall survive the termination of this Agreement.</font></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 .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 size="2" style="font-size:10.0pt;font-style:italic;">Entire Agreement; Appendix.</font></i><font size="2" style="font-size:10.0pt;">&#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 Company or Georgeson (by operation of law or
otherwise).</font></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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Assignment/Delegation.</font></i><font size="2" style="font-size:10.0pt;">&#160; Neither this Agreement nor any rights or
obligations hereunder may be assigned or delegated by either party without the
written consent of the other party.</font></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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Severability.</font></i><font size="2" style="font-size:10.0pt;">&#160; If any provision of this Agreement shall be
held invalid, unlawful or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired.</font></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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Counterparts</font></i><font size="2" style="font-size:10.0pt;">.&#160; 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.</font></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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Merger
of Agreement.</font></i><font size="2" style="font-size:10.0pt;">&#160; This
Agreement constitutes the entire agreement between the parties hereto and
supercedes any prior agreement with respect to the subject matter hereof
whether oral or written.</font></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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">No
Publicity</font></i><font size="2" style="font-size:10.0pt;">.&#160; Georgeson
agrees not to disclose the identity of Company or its Affiliates or any of
their directors, officers, managers, employees, consultants or agents as a
customer or prospective customer of Georgeson or the existence or nature of
this Agreement.&#160; The obligations set
forth in this paragraph shall survive the termination of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Amendment</font></i><font size="2" style="font-size:10.0pt;">.&#160; This Agreement may be amended or modified
only by written agreement between the parties hereto and, to the extent
required, authorized or approved by a resolution of the Board of Directors of
the Company.</font></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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Termination</font></i><font size="2" style="font-size:10.0pt;">.&#160; This Agreement may be terminated: (a)&nbsp;by
either party upon a material breach of this Agreement which remains uncured for
30 days after written notice of such breach has been provided; or (b)&nbsp;30
days&#146; written notice has been provided by either party to the other.</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="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;"><hr size="3" width="100%" noshade color="#010101" align="left"></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="margin:0in 0in .0001pt;"><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 Inc., 199 Water Street &#150; 26</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#160;Floor, New York, New York 10038, Attention:
Jason W. Alexander.</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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GEORGESON INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <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="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jason W. Alexander</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jason W. Alexander</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <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;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <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;">Title:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managing Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <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="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <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="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MORGAN STANLEY</font><font size="2" style="font-size:10.0pt;"><br>
  </font><font size="2" style="font-size:10.0pt;">INDIA INVESTMENT FUND, INC.</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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%" 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="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stefanie V. Chang Yu</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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="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;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.42%;">
  <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:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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%" 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;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.42%;">
  <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:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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%" 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;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.32%;">
  <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" 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;">5</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></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" 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 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="88%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.14%;">
  <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="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;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="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advance
  review of Offer documents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Strategic
  advice relating to the Offer</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistance
  in preparation of advertisements and news releases</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dissemination
  of Offer documents to bank and broker community</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Communication
  with bank and broker community during Offer period</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="88%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.14%;">
  <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="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Direct
  telephone communication with retail (i.e., registered and NOBO shareholders)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="79%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:79.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$5.00
  per completed call (incoming and outgoing)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="88%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.14%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXPENSES</font></u></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone
  expenses not to exceed $5,000 without management approval</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approximate
  mailing expenses not to exceed $4,000 without management approval</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="3%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>
  </td>
  <td width="84%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:84.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous
  out-of-pocket expenses not to exceed $2,400 without management approval</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <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%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.8%;">
  <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="25" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="597" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="64" style="border:none;"></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 reimbursable expenses and custodial
charges as described in paragraphs (c)&nbsp;and (d)&nbsp;of this
Agreement.&#160; In addition, the Company 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 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 Georgeson 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="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</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><font size="2" style="font-size:10.0pt;">Upon execution of this Agreement, the Company
shall pay Georgeson $6,000, which amount is in consideration of Georgeson&#146;s
commitment to represent the Company and is non-refundable;</font></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 .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</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><font size="2" style="font-size:10.0pt;">If applicable,
immediately prior to the commencement of the mailing, the Company shall advance
to Georgeson a portion of anticipated custodial charges; and</font></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 .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</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><font size="2" style="font-size:10.0pt;">Upon completion
of the Offer, the Company shall pay Georgeson (i)&nbsp;any variable fees for
Additional Services (<i>e.g.,</i> telephone
calls) which shall have accrued over the course of the Offer and (ii)&nbsp;all
reimbursable expenses.</font></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;">Georgeson
will send the Company an invoice for each of the foregoing payments</font><font size="2" style="font-size:10.0pt;">, which invoice will include wire
transfer instructions</font><font size="2" style="font-size:10.0pt;">.</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<DOCUMENT>
<TYPE>EX-99.(K)(4)
<SEQUENCE>5
<FILENAME>a09-12921_1ex99dk4.htm
<DESCRIPTION>EX-99.(K)(4)
<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.(k)(4)</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;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUBSCRIPTION
AGENT AGREEMENT</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Subscription Agent Agreement (the &#147;Agreement&#148;) is
made as of&#160; June&nbsp;[&#160;&#160; ] , 2009 between Morgan Stanley India
Investment Fund,&nbsp;Inc. (the &#147;Company&#148;), Computershare Inc., a Delaware
corporation and its fully owned subsidiary Computershare Trust Company, N.A., a
national banking (collectively, the &#147;Agent&#148; or individually &#147;Computershare&#148; and
the &#147;Trust Company&#148;, respectively).&#160; All
terms not defined herein shall have the meaning given in the prospectus (the &#147;Prospectus&#148;)
included in the (Registration Statement on Form&nbsp;N-2, File No.&nbsp;333-15901
filed by the Company with the Securities and Exchange Commission on May&nbsp;8,
2009, as amended by any amendment filed with respect thereto (the &#147;Registration
Statement&#148;).</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company proposes to make subscription
offer by issuing certificates or other evidences of subscription rights, in the
form designated by the Company (the &#147;Subscription Certificates&#148;) to
shareholders of record (the &#147;Shareholders&#148;) of its Common Stock, par value
$0.01 per share (&#147;Common Stock&#148;), as of a record date specified by the Company
(the &#147;Record Date&#148;), pursuant to which each Shareholder will have certain
rights (the &#147;Rights&#148;) to subscribe for shares of Common Stock, as described in
and upon such terms as are set forth in the Prospectus, a final copy of which
has been or, upon availability will promptly be, delivered to the Agent; and</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company wishes the Agent to perform
certain acts on behalf of the Company, and the Agent is willing to so act, in
connection with the distribution of the Subscription Certificates and the
issuance and exercise of the Rights to subscribe therein set forth, all upon
the terms and conditions set forth herein.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the foregoing and
of the mutual agreements set forth herein, the parties agree 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="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Appointment.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company hereby appoints the Agent to act as
subscription agent in connection with the distribution of Subscription
Certificates and the issuance and exercise of the Rights in accordance with the
terms set forth in this Agreement and the Agent hereby accepts such
appointment.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;and Execution of
Subscription Certificates.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160; Each
Subscription Certificate shall be irrevocable and non-transferable.&#160; The Agent shall, in its capacity as Transfer
Agent of the Company, maintain a register of Subscription Certificates and the
holders of record thereof (each of whom shall be deemed a &#147;Shareholder&#148;
hereunder for purposes of determining the rights of holders of Subscription
Certificates).&#160; Each Subscription
Certificate shall, subject to the provisions thereof, entitle the Shareholder
in whose name it is recorded to the following:</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;">(1)&nbsp; With respect to Record Date Shareholders
only, the right to acquire during the Subscription Period, as defined in the
Prospectus, at the Subscription Price, as defined in the Prospectus, a number
of shares of Common Stock equal to one share of Common Stock for every four
Rights (the &#147;Primary Subscription Right&#148;); and</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; With respect to Record Date Shareholders
only, the right to subscribe for additional shares of Common Stock, subject to
the availability of such shares and to the allotment of such shares as may be
available among Record Date Shareholders who exercise Over-Subscription Rights
on the basis specified in the Prospectus; provided, however, that such Record
Date Shareholder has exercised all Primary Subscription Rights issued to him or
her (the &#147;Over-Subscription Privilege&#148;).</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Rights and Issuance of
Subscription Certificates</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160; Each
Subscription Certificate shall evidence the Rights of the Shareholder therein
named to purchase Common Stock upon the terms and conditions therein and herein
set forth.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; Upon the
written advice of the Company, signed by any of its duly authorized officers,
as to the Record Date, the Agent shall, from a list of the Company Shareholders
as of the Record Date to be prepared by the Agent in its capacity as Transfer
Agent of the Company, prepare and record Subscription Certificates in the names
of the Shareholders, setting forth the number of Rights to subscribe for the
Company&#146;s Common Stock calculated on the basis of four Rights for one share of
Common Stock recorded on the books in the name of each such Shareholder as of
the Record Date.&#160; The number of Rights
that are issued to Record Date Shareholders will be rounded down, by the Agent,
to the nearest number of Full Rights as Fractional Rights will not be
issued.&#160; Each Subscription Certificate
shall be dated as of the Record Date and shall be executed manually or by
facsimile signature of a duly authorized officer of the Subscription
Agent.&#160; Upon the written advice, signed
as aforesaid, as to the effective date of the Registration Statement, the Agent
shall promptly countersign and deliver the Subscription Certificates, together
with a copy of the Prospectus, instruction letter and any other document as the
Company deems necessary or appropriate, to all Shareholders with record addresses
in the United States (including its territories and possessions and the
District of Columbia).&#160; Delivery shall be
by first class mail (without registration or insurance), except for those
Shareholders having a registered address outside the United States (who will
only receive copies of the Prospectus, instruction letter and other documents
as the Company deems necessary or appropriate, if any), delivery shall be by
air mail (without registration or insurance) and by first class mail (without
registration or insurance) to those Shareholders having APO or FPO
addresses.&#160; No Subscription Certificate
shall be valid for any purpose unless so executed.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160; The Agent
will mail a copy of the Prospectus, instruction letter, a special notice and
other documents as the Company deems necessary or appropriate, if any, but not
Subscription Certificates to Record Date Shareholders whose record addresses
are outside the United States (including its territories and possessions and
the District of Columbia ) (&#147;Foreign Record Date Shareholders&#148;).&#160; The Rights to which such Subscription
Certificates relate will be held by the Agent for such Foreign Record Date
Shareholders&#146; accounts until instructions are received to exercise, sell or
transfer the Rights.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Exercise</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A. &#160;Record Date
Shareholders may acquire shares of Common Stock on Primary Subscription and
pursuant to the Over-Subscription Privilege by delivery to the Agent as
specified in the Prospectus of (i)&nbsp;the Subscription Certificate with
respect thereto, duly executed by such Shareholder in accordance with and as
provided by the terms and conditions of the Subscription Certificate,</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">together
with (ii)&nbsp;the estimated purchase price, as disclosed in the Prospectus, for
each share of Common Stock subscribed for by exercise of such Rights, in U.S.
dollars by money order or check drawn on a bank in the United States, in each
case payable to the order of the Company or Computershare.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; Rights may
be exercised at any time after the date of issuance of the Subscription
Certificates with respect thereto but no later than 5:00&nbsp;P.M. New York
time on such date as the Company shall designate to the Agent in writing (the &#147;Expiration
Date&#148;).&#160; For the purpose of determining
the time of the exercise of any Rights, delivery of any material to the Agent
shall be deemed to occur when such materials are received at the Shareholder
Services Division of the Agent specified in the Prospectus.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;
Notwithstanding the provisions of Section&nbsp;4 (a)&nbsp;and 4 (b)&nbsp;regarding
delivery of an executed Subscription Certificate to the Agent prior to 5:00&nbsp;P.M.
New York time on the Expiration Date, if prior to such time the Agent receives
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 Subscription Price for the shares of Common
Stock subscribed for on Primary Subscription and any additional shares of
Common Stock subscribed for pursuant to the Over-Subscription Privilege, and (ii)&nbsp;a
properly completed and executed Subscription Certificate, then such exercise of
Primary Subscription Rights and Over-Subscription Rights shall be regarded as
timely, subject, however, to receipt of the duly executed Subscription
Certificate and full payment for the Common Stock by the Agent within three
Business Days (as defined below) after the Expiration Date (the &#147;Protect Period&#148;)
and full payment for their Common Stock within ten Business Days after the
Confirmation Date (as defined in Section&nbsp;4(d)).&#160; For the purposes of the Prospectus and this
Agreement, &#147;Business Day&#148; shall mean any day on which trading is conducted on
the New York Stock Exchange.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.&#160; As soon as
practicable after the Expiration Date (the &#147;Confirm Date&#148;), Computershare shall
send to each exercising shareholder (or, if shares of Common Stock on the
Record Date are 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
showing the number of shares of Common Stock acquired pursuant to the Primary
Subscription, and, if applicable, the Over-Subscription Privilege, the per
share and total purchase price for such shares, and any additional amount
payable to the Company by such shareholder or any excess to be refunded by the
Company to such shareholder in the form of a check and stub, along with a
letter explaining the allocation of shares of Common Stock pursuant to the
Over-Subscription Privilege.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.&#160; Any
additional payment required from a shareholder must be received by
Computershare within ten Business Days after the Confirmation Date and any
excess payment to be refunded by the Company to a shareholder will be mailed by
Computershare within ten Business Days after the Confirmation Date.&#160; If a shareholder does not make timely payment
of any additional amounts due in accordance with Section&nbsp;4(D),
Computershare will consult with the Company in accordance with Section&nbsp;5
as to the appropriate action to be taken.&#160;
Computershare will not issue or deliver certificates&#160; or Statements of Holding for shares
subscribed for until payment in full therefore has been received, including
collection of checks and payment pursuant to notices of guaranteed delivery.</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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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="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Validity of Subscriptions</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Irregular subscriptions not otherwise covered by
specific instructions herein shall be submitted to Pam Massey, Walter Gray or
Brian Drummond of the Company and handled in accordance with his or her
instructions.&#160; Such instructions will be
documented by the Agent indicating the instructing officer and the date
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="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Over-Subscription</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, after allocation of shares of Common Stock to
Record Date Shareholders, there remain unexercised Rights, then the Agent shall
allot the shares issuable upon exercise of such unexercised Rights (the &#147;Remaining
Shares&#148;) to shareholders who have exercised all the Rights initially issued to
them and who wish to acquire more than the number of shares for which the
Rights issued to them are exercisable.&#160;
Shares subscribed for pursuant to the Over-Subscription Privilege will
be allocated in the amounts of such over-subscriptions.&#160; If the number of shares for which the
Over-Subscription Privilege has been exercised is greater than the Remaining
Shares, the Agent shall allocate the Remaining Shares to Record Date
Shareholders exercising Over-Subscription Privilege based on the number of
shares of Common Stock owned by them on the Record Date.&#160; Rights are not transferrable.&#160; The percentage of Remaining Shares each
over-subscribing Record Date Shareholder or other Rights holder may acquire
will be rounded up or down to result in delivery of whole shares of Common
Stock.&#160; The Agent shall advise the
Company immediately upon the completion of the allocation set forth above as to
the total number of shares subscribed and distributable.</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 .75in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.</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; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Delivery of Shares</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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;&#160; </font><font size="2" style="font-size:10.0pt;">Clifford Chance LLP, legal counsel to the
Company, shall allow Agent to rely on the opinion it shall provide to the
Company.&#160; The opinion shall state the
following:</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; the Company is a corporation duly
incorporated and validly existing as a corporation in good standing under the
laws of the State of Maryland; and</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&#160; the
Shares are registered under the Securities Act of 1933, as amended, and have
been duly authorized for issuance and, when the Shares are issued and delivered
by the Company, 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 Company and the Registration Statement, the
Shares will be validly issued, fully paid and nonassessable.</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:.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;&#160; </font><font size="2" style="font-size:10.0pt;">The Agent will deliver (i)&nbsp;certificates
or Statement of Holding reflecting new shares of Company Common Stock in the
Direct Registration System, representing those shares of Common Stock purchased
pursuant to exercise of Primary Subscription Rights as soon as practicable
after the corresponding Rights have been validly exercised and full payment for
such shares has been received and cleared and (ii)&nbsp;certificates or
Statements of Holding representing those shares purchased pursuant to the
exercise of the Over-Subscription Privilege as soon as practicable after the
Expiration Date and after all allocations have been effected.</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="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;"><hr size="3" width="100%" noshade color="#010101" align="left"></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="margin:0in 0in .0001pt;"><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:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Holding Proceeds of Rights
Offering.</font></u></b></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:.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;&#160; </font><font size="2" style="font-size:10.0pt;">All proceeds received by Computershare
from Shareholders in respect of the exercise of Rights shall be held by
Computershare, on behalf of the Company, in a segregated interest-bearing
account (the &#147;Account&#148;), which interest shall inure to the benefit of the
Company at the Federal Funds rate.</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:.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;&#160; </font><font size="2" style="font-size:10.0pt;">Computershare shall deliver all proceeds
received in respect of the exercise of Rights to the Company as promptly as
practicable, but in no event later than ten business days after the
Confirmation Date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">9.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Reports</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daily, upon commencement of offering and until
termination of the Subscription Period, the Agent will report by telephone,
email or telecopier, confirmed by letter, to an Officer of the Company, data
regarding Rights exercised, the total number of shares of Common Stock
subscribed for, and payments received therefor, bringing forward the figures
from the previous day&#146;s report in each case so as to show the cumulative totals
and any such other information as may be mutually determined by the Company and
the Agent.</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;">Daily
Reports shall be provided via email to:</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian
Drummond</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Loss or Mutilation</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Subscription Certificate is lost, stolen,
mutilated or destroyed, the Agent may, on such terms which will indemnify and
protect the Company and the Agent as the Agent may in its discretion impose
(which shall, in the case of a mutilated Subscription Certificate include the
surrender and cancellation thereof), issue a new Subscription Certificate of
like denomination in substitution for the Subscription Certificate so lost,
stolen, mutilated or destroyed.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Compensation for Services</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company agrees to pay to the Agent compensation
for its services hereunder in accordance with its Fee Schedule to act as Agent
attached hereto as Exhibit&nbsp;A.&#160; The
Company further agrees that it will reimburse the Agent for its reasonable
out-of-pocket expenses incurred in the performance of its duties as such.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">12.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Instructions, Indemnification and Limitation of
Liability.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent undertakes the duties and obligations
imposed by this Agreement with reasonable care and in good faith upon the
following terms and conditions:</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="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.&#160; The Agent shall be entitled to rely upon any
instructions or directions furnished to it, in writing, by an authorized
officer of the Company, which authorized officers are listed on the attached Exhibit&nbsp;B,
whether in conformity with the provisions of this Agreement or constituting a
modification hereof or a supplement hereto.&#160;
Without limiting the generality of the foregoing or any other provision
of this Agreement, the Agent, in connection with its duties hereunder, shall
not be under any duty or obligation to inquire into the validity or invalidity
or authority or lack thereof of any instruction 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>

<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>

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</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">direction from an officer of the Company which
conforms to the applicable requirements of this Agreement and which the Agent
reasonably believes to be genuine and shall not be liable for any delays,
errors or loss of data occurring by reason of circumstances beyond the Agent&#146;s
control.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; The Company
will indemnify the Agent and its nominees against, and hold it harmless from,
all liability and expense which may arise out of or in connection with the
services described in this Agreement or the instructions or directions
furnished to the Agent relating to this Agreement by an authorized officer of
the Company, which authorized officers are listed on the attached Exhibit&nbsp;B,
except for any liability or expense which shall arise out of the gross
negligence, bad faith or willful misconduct of the Agent or such nominees.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Promptly
after the receipt by the Agent of notice of any demand or claim or the
commencement of any action, suit, proceeding or investigation, the Agent shall,
if a claim in respect thereof is to be made against the Company, notify the
Company thereof in writing.&#160;&#160; The Company
shall be entitled to participate at its own expense in the defense of any such
claim or proceeding, and, if it so elects at any time after receipt of such
notice, it may assume the defense of any suit brought to enforce any such claim
or of any other legal action or proceeding. For the purposes of this Section&nbsp;12,
the term &#147;expense or loss&#148; means any amount paid or payable to satisfy any
claim, demand, action, suit or proceeding settled with the express written
consent of the Agent, and all reasonable costs and expenses, including, but not
limited to, reasonable counsel fees and disbursements, paid or incurred in
investigating or defending against any such claim, demand, action, suit,
proceeding or investigation.</font></p>

<p style="margin:0in 0in .0001pt;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:32.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160; The Agent shall be responsible for and shall
indemnify and hold the Company harmless from and against any and all losses,
damages, costs, charges, counsel fees, payments, expenses and liability arising
out of or attributable to Agent&#146;s refusal or failure to comply with the terms
of this Agreement, or which arise out of Agent&#146;s negligence or willful
misconduct or which arise out of the breach of any representation or warranty
of Agent hereunder, for which&#160; Agent is
not entitled to indemnification under this Agreement; provided however, that
Agent&#146;s aggregate liability during any term of this Agreement with respect to,
arising from, or arising in connection with this Agreement or from all services
provided or omitted to be provided under this Agreement, whether in contract,
or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid
hereunder by the Company to Agent as fees and charges, but not including
reimbursable expenses.&#160; Notwithstanding
the foregoing, any claim arising in whole or in part out of or relating to the
Agent&#146;s breach of confidentiality obligations will be limited to $1,000,000.00
(one million dollars) and no limitation or exclusion of Agent&#146;s liability will
apply with respect to any claim arising out of or relating to Agent&#146;s willful
misconduct or gross negligence (<i>i.e.,</i> willful
misconduct and gross negligence are not subject to the above-referenced
$1,000,000.00 breach of confidentiality limitation).</font></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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Changes in Subscription Certificate</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent may, without the consent or concurrence of
the Shareholders in whose names Subscription Certificates are registered, by
supplemental agreement or otherwise, concur with the&#160; Company in making any changes or corrections
in a Subscription Certificate that it shall have been advised by counsel (who
may be counsel for the Company) is appropriate to cure any ambiguity or to
correct any defective or inconsistent provision or clerical omission or mistake
or manifest error</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="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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">therein
or herein contained, and which shall not be inconsistent with the provision of
the Subscription Certificate except insofar as any such change may confer
additional rights upon the Shareholders.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">14.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Assignment/Delegation</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160; Except as
provided in Section&nbsp;14(B)&nbsp;below, neither this Agreement nor any
rights or obligations hereunder may be assigned or delegated by either party
without the written consent of the other party.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; The Agent may not, without prior written
consent on the part of the Company, subcontract with other subcontractors for
systems, processing, telephone and mailing services, and post-exchange
activities, as may be required from time to time;<b>  </b>provided,
however, that the Agent shall be as fully responsible to the Company for the acts
and omissions of any subcontractor as it is for its own acts and omissions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">15.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">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>forum non conveniens</i>.&#160; <b>THE PARTIES UNCONDITIONALLY
WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL FOR ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS AGREEMENT.</b></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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">16.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Third Party Beneficiaries</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A. This Agreement does not constitute an agreement for
a partnership or joint venture between the Agent and the Company.&#160; Neither party shall make any commitments with
third parties that are binding on the other party without the other party&#146;s
prior written consent and</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.
Nothing under this Agreement shall be construed to give any rights or benefits
in this Agreement to anyone other than the Agent and the Company and the duties
and responsibilities undertaken pursuant to this Agreement shall be for the
sole and exclusive benefit of the Agent and the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">17.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Force Majeure</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event either party is unable to perform its
obligations under the terms of this Agreement because of acts of God, strikes,
terrorist acts, equipment or transmission failure or damage reasonably beyond
its control, or other cause reasonably beyond its control, such party shall not
be liabile for damages to the other for any damages resulting from such failure
to perform or otherwise from such causes.&#160;
Performance under this Agreement shall resume when the affected party or
parties are able to perform substantially that party&#146;s duties.</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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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="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">18.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Consequential Damages</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither party to this Agreement shall be liable to the
other party for any consequential, indirect, special or incidental damages under
any provisions of this Agreement or for any consequential, indirect, penal,
special or incidential damages arising out of any act or failure to act
hereunder even if that party has been advised of or has foreseen the
possibility of such damages.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Severability</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any provision of this Agreement shall be held
invalid, unlawful, or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Counterparts</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">21.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Captions.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The captions and descriptive headings herein are for
the convenience of the parties only.&#160;
They do not in any way modify, amplify, alter or give full notice of the
provisions hereof.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">22.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Confidentiality</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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="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
Agent and the Company agree that all books, records, information and data
pertaining to the business of the other party which are exchanged or received
pursuant to the negotiation or the carrying out of this Agreement including the
fees for services set forth in the attached schedule shall remain confidential,
(collectively, &#147;Confidential Information&#148;) and shall not be voluntarily disclosed
to any other person, except as may be required by law.&#160; If disclosure is required by law, then the
party in possession of the Confidential Information (the &#147;Receiving Party&#148;)
shall, to the extent permitted by law, provide prompt notice of such legal
requirement to the other party so that party may seek an appropriate protective
order or other appropriate remedy or waive compliance with the provisions of
this Agreement provided that such notice is not otherwise prohibited by
applicable law or court order.&#160; If that
party is not successful in obtaining a protective order or other appropriate
remedy and the Receiving Party is, in the opinion of its counsel, compelled to
disclose such Confidential Information under pain of liability for contempt of
court or other censure or liability, or if the other party waives compliance
with the provisions of this Agreement in writing, then the Receiving Party may
disclose, without liability hereunder, such Confidential Information in
accordance with, but solely to the extent necessary, in the opinion of its
counsel, to comply with, the legal requirement.</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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">23.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Term and Termination.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Agreement shall remain in effect until the earlier of (a)&nbsp;thirty (30) days
after the Expiration Date; (b)&nbsp;it is terminated by either party upon a
material breach of this Agreement which remains uncured for 30 days after
written notice of such breach has been provided; or (c)&nbsp;30 days&#146; written
notice has been provided by either party to the other. Upon termination of the
Agreement, the Agent shall retain all canceled Certificates and related
documentation as required by applicable law.</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></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="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">24.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Notices.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until further notice in writing by either party hereto
to the other party, all written reports, notices and other communications
between the Agent and the&#160; Company
required or permitted&#160; hereunder shall be
delivered or mailed by first class mail, postage prepaid, telecopier or
overnight courier guaranteeing next day delivery,addressed 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="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Company, to:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley &#160;India
Investment Fund,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">522 Fifth Avenue, 19</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;Floor</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10036</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&nbsp;&nbsp;Stefanie Chang Yu,</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President of the
Fund</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Agent, to:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computershare Trust Company, N.A.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Computershare,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250 Royall Street</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canton, MA 02021</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&nbsp;&nbsp;Reorganization Department</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">25.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Survival</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of Paragraphs 12, 15, 17-19, 22, and
24-27 shall survive any termination, for any reason, of this Agreement.</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><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">(Remainder
of this page&nbsp;intentionally left blank)</font></i></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;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></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="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">26.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Merger of Agreement.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement constitutes the entire agreement
between the parties hereto and supercedes any prior agreement with respect to
the subject matter hereof whether oral or written.</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">27.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">No Publicity</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agent agrees not to disclose the identity of Company
or its Affiliates or any of their directors, officers, managers, employees,
consultants or agents as a customer or prospective customer of Agent or the
existence or nature of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">28.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Amendment</font></u></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">.</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 style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be amended or modified only by
written agreement between the parties hereto and, to the extent required,
authorized or approved by a resolution of the Board of Directors of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:40.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">29.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font size="2" style="font-size:10.0pt;font-weight:bold;">Successors.</font></u></b></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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The rights and obligations of the parties created
hereunder shall insure to, and be binding upon, the successors and permitted
assigns of the parties hereto.</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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their respective officers, hereunto duly
authorized, as of the day and year first above written.</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPUTERSHARE
  TRUST COMPANY, N.A.</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPANY</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.26%;">
  <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="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:42.26%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.26%;">
  <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="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:42.26%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.26%;">
  <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="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPUTERSHARE
  INC.</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.44%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.02%;">
  <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:2.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.9%;">
  <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" 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;">10</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<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 B</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LIST OF AUTHORIZED OFFICERS AND SIGNATORIES</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;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fund Officers</font></u></b></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;">Gaetan
Bouic, Chairman</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Randy
Takian, President and PEO</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stefanie
Chang Yu, VP</font></p>

<p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mary
E. Mullin, Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bud
Rein, Asst. Treasurer</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric
Marmoll, Asst. Treasurer</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rob
Creaney, Asst. Treasurer</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carsten
Otto, CCO</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel
Burton, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debra
Rubano, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ed
Meehan, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elisa
Mitchell, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elizabeth
Nelson, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric
Griffith, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joanne
Antico, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph
Benedetti, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julien
Yoo, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LouAnne
McInnis, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheri
Schreck, Asst. Secretary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tara
Farrelly, Asst. Secretary</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;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York</font></u></b></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;">Joseph
Pollaro</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert
Serafin</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;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fund Administration</font></u></b></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;">Cristina
Teques</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kenneth
Paek</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;">Robert
Rizza</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steven
Ross</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></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="margin:0in 0in .0001pt;"><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;"><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;">Bart
Downs</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ellen
O&#146;Brien</font></p>

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas
Perugini</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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<TYPE>EX-99.(L)(1)
<SEQUENCE>6
<FILENAME>a09-12921_1ex99dl1.htm
<DESCRIPTION>EX-99.(L)(1)
<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)(1)</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:3.5in;"><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[LETTERHEAD OF CLIFFORD CHANCE US LLP]</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:3.5in;"><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:3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25, 2009</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;">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;">522 Fifth Avenue</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 10036</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;"><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. 333-159091 and
811-08238) (the &#147;Registration Statement&#148;) relating to the issuance by the Fund
of non-transferable rights (the &#147;Rights&#148;) to subscribe for up to 6,202,713
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;"><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;">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;"><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;">1. 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;"><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;">2. The Shares have been duly authorized for issuance by the Fund and,
when the 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 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;"><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;">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. 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;"><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;">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, dated June&nbsp;25,
2009.</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>

<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 align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ CLIFFORD CHANCE US LLP</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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>
 </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>

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<DOCUMENT>
<TYPE>EX-99.(L)(2)
<SEQUENCE>7
<FILENAME>a09-12921_1ex99dl2.htm
<DESCRIPTION>EX-99.(L)(2)
<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;">Exhibit 99.(1)(2)</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;"><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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25,
2009</font></p>

<p style="margin:0in 0in .0001pt 3.0in;"><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;">522 Fifth Avenue</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;
10036</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="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:1.0in;width:86.66%;">
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>
  </td>
  <td width="92%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:92.3%;">
  <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;) &#151; Registration Statement on Form&nbsp;N-2
  (Securities Act File No.&nbsp;333-159091 and Investment Company Act File No.&nbsp;811-08238),
  as amended (the &#147;Registration Statement&#148;), pertaining to 6,142,713 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 1.5in;text-indent:-.5in;"><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;">Ladies and 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;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 May&nbsp;8, 2009.&#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 June&nbsp;30,
2009 and entitle such stockholders to purchase one share of the Common Stock of
the Fund for each four 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" 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;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="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: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><font size="2" style="font-size:10.0pt;">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;);</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="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: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><font size="2" style="font-size:10.0pt;">the Amended and
Restated Bylaws of the Fund dated July&nbsp;31, 2003 (the &#147;Bylaws&#148;);</font></h1>

<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;"><hr size="3" width="100%" noshade color="#010101" align="left"></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>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;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><font size="2" style="font-size:10.0pt;">Resolutions
adopted by the Board of Directors of the Fund, or committees thereof dated as
of February&nbsp;25, 2009 and June&nbsp;19, 2009 (the &#147;Directors&#146; Resolutions&#148;);</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><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><font size="2" style="font-size:10.0pt;">the
Registration Statement;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;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><font size="2" style="font-size:10.0pt;">a status
certificate of the Department, dated June&nbsp;22, 2009, to the effect that the
Fund is duly incorporated and existing under the laws of the State of Maryland;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;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><font size="2" style="font-size:10.0pt;">a certificate
of Stefanie V. Chang Yu, a Vice President of the Fund, and Mary E. Mullin, the
Secretary of the Fund, dated as of a recent date (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</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;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><font size="2" style="font-size:10.0pt;">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.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="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: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; </font><font size="2" style="font-size:10.0pt;">each person
executing any of the Documents on behalf of a party (other than the Fund) is
duly authorized to do so;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="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: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><font size="2" style="font-size:10.0pt;">each natural
person executing any of the Documents is legally competent to do so;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="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: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; </font><font size="2" style="font-size:10.0pt;">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;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="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: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><font size="2" style="font-size:10.0pt;">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 documents; all signatures on all of
the Documents are genuine; all public</font></h2>

<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;"><hr size="3" width="100%" noshade color="#010101" align="left"></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>

<h2 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="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: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; </font><font size="2" style="font-size:10.0pt;">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.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="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: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; </font><font size="2" style="font-size:10.0pt;">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></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="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: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; </font><font size="2" style="font-size:10.0pt;">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
Directors&#146; Resolutions and the Registration Statement, such Shares will be
validly issued, fully paid and nonassessable.</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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" 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;">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 style="margin:0in 0in .0001pt;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-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 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;"><hr size="3" width="100%" noshade color="#010101" align="left"></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 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 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:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><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;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <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;">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%" 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="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;">/s/ Ballard Spahr
  Andrews&nbsp;&amp; Ingersoll, LLP</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>

<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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)(1)
<SEQUENCE>8
<FILENAME>a09-12921_1ex99dn1.htm
<DESCRIPTION>EX-99.(N)(1)
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div>

<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 99.(n)(1)</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;">&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;">&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 Prospectus included in Pre-Effective Amendment
No.&nbsp;2 to the Registration Statement (Form&nbsp;N-2, No.&nbsp;333-159091)
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;25,
2009, 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, 2008.</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>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:4.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ernst&nbsp;&amp;
Young LLP</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;">Boston, Massachusetts</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;">June&nbsp;22, 2009</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>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)(2)
<SEQUENCE>9
<FILENAME>a09-12921_1ex99dn2.htm
<DESCRIPTION>EX-99.(N)(2)
<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;">Exhibit 99.(n)(2)</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;text-indent:3.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[LETTERHEAD OF J. SAGAR
ASSOCIATES]</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;">June&nbsp;22, 2009</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;">Morgan Stanley India </font><font size="2" style="font-size:10.0pt;">Investment</font><font size="2" style="font-size:10.0pt;"> Fund,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">522, </font><font size="2" style="font-size:10.0pt;">Fifth
Avenue</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York 10036</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;">Dear Sirs,</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="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="left" style="border:none;font-style:italic;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">Proposed
issue of non-transferable rights to subscribe for shares of common stock of
Morgan Stanley India Investment Fund,&nbsp;Inc.&#160;
(&#147;Company&#148;) (the &#147;Issue&#148;)</font></i></b></p>

</div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We, the undersigned, hereby consent to act as Legal Counsel to the
Company for the matters concerning Indian Law and to our name being inserted as
Legal Counsel to the Company in the draft prospectus to be filed with the U.S.
Securities and Exchange Commission which the Company intends to issue in
respect of the proposed Issue. We hereby authorise you to deliver this letter
of consent to the U.S. Securities and Exchange Commission.</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;">Yours faithfully,</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>

<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:10.0pt;">For J Sagar Associates</font></p>
  </td>
  <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>
 </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%" 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="border:none;border-bottom:solid windowtext 1.0pt;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;">/s/ Dina Wadia</font></p>
  </td>
  <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>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border:none;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%" 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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Partner</font></b></p>
  </td>
  <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>
 </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 style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<DOCUMENT>
<TYPE>COVER
<SEQUENCE>12
<FILENAME>filename12.htm
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<p align="center" style="letter-spacing:-.1pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:-.1pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">[LETTERHEAD
OF CLIFFORD CHANCE US LLP]</font></p>

<p align="center" style="letter-spacing:-.1pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="right" style="letter-spacing:-.1pt;margin:0in .5in .0001pt 5.0in;text-align:right;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">June&nbsp;26, 2009</font></p>

<p align="left" style="letter-spacing:-.1pt;margin:0in 0in .0001pt 5.0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR</font></u></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and
Exchange Commission</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;">101 F Street, NE</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;">Washington, D.C.&#160; 20549</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;">Attention: Larry Greene</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Greene:</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;">On behalf of Morgan Stanley India Investment Fund,&nbsp;Inc.
(the &#147;Fund&#148;), we are electronically filing, via EDGAR, pursuant to the
provisions of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;),
and the Securities Act of 1993, as amended (the &#147;Securities Act&#148;), one
conformed copy of Pre-Effective Amendment No.&nbsp;2 to the Registration
Statement of the Fund on Form&nbsp;N-2 relating to a rights offering by the
Fund.&#160; We have requested effectiveness of
this Registration Statement for June&nbsp;30, 2009.</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;">If you have any questions or comments with respect to the foregoing,
please do not hesitate to contact the undersigned at 212-878-4931 or Mary
Mullin of Morgan Stanley at 212-296-6988.</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;">&nbsp;</font></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;">Best Regards,</font></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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:50.0%;">
  <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;">/s/ Stuart M. Strauss</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<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:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stuart M. Strauss</font></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>

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