The iPath
® MSCI India Index

ETNs are linked to the MSCI India Total Return Index

(the "Index"). The Index is a free-float-adjusted market capitalization index designed to measure the market performance, including price performance and income from dividend payments, of Indian equity securities. The Index seeks to represent approximately 85% of the free-float-adjusted market capitalization of equity securities by industry group within India. As of March 31, 2009, the Index was comprised of 59 companies listed on the National Stock Exchange of India (the "NSE").