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| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| ARVIND MILLS LTD. 144A | 043348101 | 144A | ARZMF | 1: | 1 | TEX |
| ASHOK LEYLAND LTD. 144A | 044823102 | 144A | ALRPP | 1: | 3 | AUT |
| BAJAJ AUTO LIMITED 144A | 057100109 | 144A | BAJHYP | 1: | 1 | AUT |
| BSES LIMITED 144A GDR | 117764100 | 144A | BSESYP | 1: | 3 | UTI |
| CENTURY TEXTILES AND INDUTRIES LTD. GDR | 156690109 | 144A | CYTXF | 1: | 1 | TEX |
| CESC LIMITED 144A | 157128109 | 144A | CESCYP | 1: | 1 | UTI |
| CORE HEALTH CARE PRODUCTS GDR | 21868J105 | 144A | CPRINAGDR | 1: | 1 | CHM |
| CROMPTON GREAVES LIMITED 144A GDR | 227120102 | 144A | CGRVYP | 1: | 1 | ENG |
| DCW LIMITED | 233160100 | 144A | DCWLF | 1: | 5 | CHM |
| DR. REDDY'S LABORATORIES LTD 144A | 256135104 | 144A | REDDYPYP | 1: | 1 | DRU |
| EID PARRY (INDIA) LIMITED 144A | 268523107 | 144A | EIDPYP | 1: | 1 | MUL |
| EIH LIMITED 144A | 268525102 | 144A | EIHMY | 1: | 1 | HOT |
| FINOLEX CABLES LIMITED GDR | 317906105 | 144A | FINGDR | 1: | 1 | TEL |
| GRASIM INDUSTRIES LIMITED | 388706202 | 144A | GSNIF | 1: | 1 | TEX |
| GREAT EASTERN SHIPPING CO. LTD. 144A | 39032J108 | 144A | GEGEF | 1: | 5 | TRN |
| GUJARAT NARMADA VALLEY 144A | 402044101 | 144A | GNVFYP | 1: | 5 | CHM |
| HIMACHAL FUTURISTIC 144A | 432894103 | 144A | HFCLYP | 1: | 4 | EEI |
| HINDALCO INDUSTRIES LTD. 144A | 433064102 | 144A | HNDCF | 1: | 1 | MIN |
| HINDALCO INDUSTRIES LTD. WARRANT | 433064110 | 144A | HINWARR | 1: | 1 | MIN |
| INDIA CEMENTS LIMITED 144A, THE | 45408P107 | 144A | IAMTF | 1: | 1 | CST |
| INDIAN ALUMINIUM CO. LTD. 144A | 454101106 | 144A | IAULY | 1: | 1 | OTH |
| INDIAN HOTEL CO. LTD. | 454288101 | 144A | IDHTF | 1: | 1 | HOT |
| INDIAN PETROCHEMICALS CORP. LTD. 144A | 454347105 | 144A | IPETYP | 1: | 3 | CHM |
| INDIAN PETROCHEMICALS CORP. LTD. 144A | 454347204 | 144A | IPDRP | 1: | 3 | CHM |
| INDIAN RAYON & INDUSTRIES LTD. 144A | 454352105 | 144A | INR144A | 1: | 1 | OTH |
| INDO GULF FERTILIZERS AND CHEMICAL CO. | 45577P102 | 144A | IGF144A | 1: | 1 | CHM |
| INDO RAMA SYNTHETICS (INDIA) LTD 144A | 45577Q100 | 144A | IRAMYP | 1: | 10 | TEX |
| INDUSTRIAL CREDIT & INVESTMENT CORP | 456052109 | 144A | ICI144A | 1: | 5 | INV |
| JCT LIMITED 144A | 466125101 | 144A | JCCTF | 1: | 10 | TEX |
| JK CORP LIMITED 144A GDR | 466188109 | 144A | JKCGF | 1: | 1 | MUL |
| KESORAM INDUSTRIES CO., LTD. | 492532106 | 144A | KSRPP | 1: | 1 | CST |
| LARSEN & TOUBRO LIMITED 144A | 51729V104 | 144A | LTRPP | 1: | 2 | CST |
| LARSEN & TOUBRO LIMITED GDR | 51729V302 | 144A | LTLPP | 1: | 2 | CST |
| MAHANAGAR TELEPHONE NIGAM LTD. 144A | 559778105 | 144A | MAHGYP | 1: | 2 | TEL |
| MAHINDRA & MAHINDRA LTD.144A | 559832100 | 144A | MANFFP | 1: | 1 | AUT |
| NEPC-MICON LIMITED 144A | 629088105 | 144A | NEPCYP | 1: | 1 | OTH |
| RANBAXY LABORATORIES 144A | 751881103 | 144A | RANYPY | 1: | 1 | DRU |
| RAYMOND WOOLLEN MILLS LTD. 144A, THE | 754804102 | 144A | RWRPP | 1: | 2 | TEX |
| RELIANCE INDUSTRIES LIMITED 144A | 759470107 | 144A | RLNGF | 1: | 2 | CHM |
| SANGHI POLYESTERS LIMITED 144A GDR | 80100P105 | 144A | SPLYYP | 1: | 5 | TEX |
| SIEL LIMITED | 825546104 | 144A | SIELYP | 1: | 3 | MUL |
| SIV INDUSTRIES LIMITED 144A GDRS | 78427P105 | 144A | SIVIYP | 1: | 1 | TEX |
| SOUTHERN PETROCHEMICAL INDUSTRIES 144A | 843613100 | 144A | SXPCF | 1: | 5 | CHM |
| STATE BANK OF INDIA 144A | 856552104 | 144A | SBKIYP | 1: | 2 | BKS |
| STEEL AUTHORITY OF INDIA LIMITED GDR | 858055106 | 144A | STRPP | 1: | 15 | STE |
| TATA ELECTRIC COMPANIES | 876566100 | 144A | TAT144A | 1: | 10 | EEI |
| TATA ENGINEERING AND LOCOMOTIVE CO. LTD. | 876568304 | 144A | TTRPP | 1: | 1 | AUT |
| TUBE INVESTMENTS OF INDIA LTD. 144A | 898555107 | 144A | TUBEYP | 1: | 1 | STE |
| USHA BELTON LTD. | 917300105 | 144A | USBLF | 1: | 1 | OTH |
| VIDEOCON INTERNATIONAL 144A | 92657P107 | 144A | VDC144A | 1: | 1 | CLE |
| VIDESH SANCHAR NIGAM LTD (VSNL) 144A | 92659G105 | 144A | VDSGYP | 2: | 1 | TEL |
| * Ratio: You'll probably notice a significant difference in price
of the stock, traded as an ADR and on its home exchange. You can easily
calculate an over- or undervaluation (and, of course, a fair valuation). All
you need is the ratio of ADR to stock, as listed in the table above, and the
exchange rate of the US-Dollar to this country's currency. The following,
generalized example explains how to calculate. On June 26, 1998, the Swiss ADR Sulzer Medica, with a ratio of 10:1, was priced USD 24 7/8. In Zurich, its home exchange, Sulzer traded at 379 Swiss Francs. The Dollar/Franc - Exchange rate was 1.526 (1 Dollar buys 1.526 Swiss Francs). Now we can calculate: Multiply the price in Dollar with the ratio (10): 24 7/8 x 10=USD 248.75. With other words, ten ADR's equal one share of Sulzer Medica and will cost you $248.75 (excluding transaction costs). Now you multiply this Dollar-amount with the exchange rate: $248.75 x 1.526=SFR 379.59. The ADR has been valued fair. The Bank of New York offers free software, which does all the calculation. |