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| New Vernon India Fund LP                                     |   |   |        |
|--------------------------------------------------------------|--------|--------|-------------|
|   (a Delaware limited partnership)                 |   |   |        |
|  Statement of Assets, Liabilities and Partners' Capital |   |   |        |
|  December 31, 2011                                      |   |   |        |
|                                                         |   |   |        |
|  (in U.S. dollars)                                      |   |   |        |
|                                                         |   |   |        |
|                                                         |   |   |        |
|  Assets                                                 |   |   |        |
|  Investment in NVH I LP, at fair value                  |   | $      | 579,567,833 |   |
|  Withdrawals receivable from NVH I LP                   |   |   | 53,607,865  |   |
|  Total assets                                           |   | $      | 633,175,698 |   |
|                                                         |   |   |        |   |
|  Liabilities and Partners' Capital                      |   |   |        |   |
|  Liabilities                                            |   |   |        |   |
|  Capital withdrawals payable                            |   | $      | 53,607,865  |   |
|  Total liabilities                                      |   |   | 53,607,865  |   |
|                                                         |   |   |        |   |
|                                                         |   |   |        |   |
|  Commitments and Contingencies (Note 7)                 |   |   |        |   |
|                                                         |   |   |        |   |
|  Partners' Capital                                      |   |   |        |   |
|  General partner                                        |   |   | 66,590,367  |   |
|  Limited partners                                       |   |   | 512,977,466 |   |
|  Total partners' capital                                |   |   | 579,567,833 |   |
|  Total liabilities and partners' capital                |   | $      | 633,175,698 |   |

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| New Vernon India Fund LP                                                         |   |
|----------------------------------------------------------------------------------|--------|
| (a Delaware limited partnership)                                                 |   |
| Statement of Operations                                                          |   |
| For the Year ended December 31, 2011                                             |   |
|                                                                             |   |   |   |
| (in U.S. dollars)                                                                |   |   |   |
|                                                                             |   |   |   |
| Investment income (loss)                                                         |   |   |   |
| Net investment income (loss) allocated from NVH I LP                             |   |   |   |
| Dividends                                                                        |   | $ | 6,812,226 |   |
| Interest                                                                         |   |   | 10,238 |   |
| Management fees                                                                  |   |   | (9,664,274 | ) |
| Professional fees and other expenses                                             |   |   | (1,540,631 | ) |
| Net investment loss allocated from NVH I LP                                      |   |   | (4,382,441 | ) |
|                                                                             |   |   |   |   |
| Partnership expenses                                                             |   |   |   |   |
| Management fees                                                                  |   |   | 5,712,718 |   |
| Total Partnership expenses                                                       |   |   | 5,712,718 |   |
| Net investment loss                                                              |   |   | (10,095,159 | ) |
|                                                                             |   |   |   |   |
| Realized and unrealized gain (loss) on investments allocated from NVH I LP       |   |   |   |   |
| Net realized gain (loss) on                                                      |   |   |   |   |
| Investments in securities                                                        |   |   | (20,159,712 | ) |
| Investments in securities sold short                                             |   |   | (389,895 | ) |
| Derivative transactions (including equity access products and futures contracts) |   |   | (11,670,025 | ) |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | (123,359 | ) |
| Net realized loss                                                                |   |   | (32,342,991 | ) |
|                                                                             |   |   |   |   |
| Net change in unrealized appreciation (depreciation) on                          |   |   |   |   |
| Investments in securities                                                        |   |   | (216,060,313 | ) |
| Investments in securities sold short                                             |   |   | 287,290 |   |
| Derivative transactions (including equity access products and futures contracts) |   |   | (8,366,015 | ) |
| Foreign currency transactions (including forward foreign currency contracts)     |   |   | 262,925 |   |
| Net change in unrealized depreciation                                            |   |   | (223,876,113 | ) |
| Net realized loss and change in unrealized depreciation on investments           |   |   |   |   |
| allocated from NVH I LP                                                          |   |   | (256,219,104 | ) |
| Net decrease in partners' capital resulting from operations                      |   | $ | (266,314,263 | ) |

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| New Vernon India Fund LP                         |   |
|--------------------------------------------------|--------|
| (a Delaware limited partnership)                 |   |
| Statement of Changes in Partners' Capital        |   |
| For the Year ended December 31, 2011             |   |
|                                             |   |   |   |   |   |   |   |   |   |
| (in U.S. dollars)                                |   |   |   |   |   |   |   |   |   |
|                                             |   |   |   |   |   |   |   |   |   |
|                                             |   | General Partner |   |   | Limited Partners |   |   | Total |   |
| Partners' capital, December 31, 2010             |   | $ | 102,599,117 |   |   | $ | 792,608,124 |   |   | $ | 895,207,241 |   |
| Capital contributions                            |   |   | 5,000,000 |   |   |   | 14,300,000 |   |   |   | 19,300,000 |   |
| Capital withdrawals                              |   |   | (6,533,198 | ) |   |   | (62,091,947 | ) |   |   | (68,625,145 | ) |
| Pro-rata allocation of net decrease in partners' |   |   |   |   |   |   |   |   |   |   |   |   |
| capital resulting from operations                |   |   | (32,845,096 | ) |   |   | (233,469,167 | ) |   |   | (266,314,263 | ) |
| Change in incentive allocation accrued           |   |   | (1,630,456 | ) |   |   | 1,630,456 |   |   |   | - |   |
| Partners' capital, December 31, 2011             |   | $ | 66,590,367 |   |   | $ | 512,977,466 |   |   | $ | 579,567,833 |   |

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| New Vernon India Fund LP                                                                    |   |
|---------------------------------------------------------------------------------------------|--------|
| (a Delaware limited partnership)                                                            |   |
| Statement of Cash Flows                                                                     |   |
| For the Year ended December 31, 2011                                                        |   |
|                                                                                        |   |   |   |
| (in U.S.dollars)                                                                            |   |   |   |
|                                                                                        |   |   |   |
| Cash flows from operating activities                                                        |   |   |   |
| Net decrease in partners' capital resulting from operations                                 |   | $ | (266,314,263 | ) |
| Adjustments to reconcile net decrease in partners' capital resulting from operations to net |   |   |   |   |
| cash provided by operating activities:                                                      |   |   |   |   |
| Contributions for investment in NVH I LP                                                    |   |   | (19,300,000 | ) |
| Withdrawals of investment in NVH I LP                                                       |   |   | 83,080,658 |   |
| Management fees paid by NVH I LP on behalf of New Vernon India Fund LP                      |   |   | 5,712,718 |   |
| Allocation from NVH I LP                                                                    |   |   |   |   |
| Net investment loss                                                                         |   |   | 4,382,441 |   |
| Net realized and unrealized loss                                                            |   |   | 256,219,104 |   |
| Net cash provided by operating activities                                                   |   |   | 63,780,658 |   |
|                                                                                        |   |   |   |   |
| Cash flows from financing activities                                                        |   |   |   |   |
| Capital contributions, net of change in capital contributions received in advance           |   |   | 13,300,000 |   |
| Capital withdrawals, net of change in capital withdrawals payable                           |   |   | (83,080,658 | ) |
| Net cash used by financing activities                                                       |   |   | (69,780,658 | ) |
| Net decrease in cash and cash equivalents                                                   |   |   | (6,000,000 | ) |
|                                                                                        |   |   |   |   |
| Cash and cash equivalents                                                                   |   |   |   |   |
| Beginning of year                                                                           |   |   | 6,000,000 |   |
| End of year                                                                                 |   | $ | - |   |

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|   | 1.Organization |
|--------|----------------|

|   | 2.Summary of Significant Accounting Policies |
|--------|----------------------------------------------|

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|   | 3.Related Party Transactions |
|--------|------------------------------|

|   | Management Fee |
|--------|----------------|

|   | Incentive Allocation |
|--------|----------------------|

|   | 4.Partners’ Capital Accounts |
|--------|------------------------------------|

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|   | 5.Administrator |
|--------|-----------------|

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|   | 6.Risks |
|--------|---------|

|   | 7.Commitments and Contingencies |
|--------|---------------------------------|

|   | 8.Financial Highlights |
|--------|------------------------|

| Total return before incentive allocation(1)                                                             |   |   | (29.36 | )%     |
|---------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| Incentive allocation(3)                                                                                 |   |   | 0.21   | %      |
| Total return after incentive allocation                                                                 |   |   | (29.15 | )%     |
| Supplemental data                                                                                       |   |   |   |   |
| Ratio of total expenses to weighted average Limited Partners’ capital(2)                          |   |   | 2.14   | %      |
| Incentive allocation(3)                                                                                 |   |   | (0.23  | )%     |
| Ratio of total expenses and incentive allocation to weighted average Limited Partners’ capital(2) |   |   | 1.91   | %      |
|                                                                                                    |   |   |   |   |
| Ratio of net investment loss to weighted average Limited Partners’ capital(2) (4)                 |   |   | (1.28  | )%     |

|   | (1) Total return is calculated for the limited partners taken as a whole.  Total return is calculated based on the change in partners’ capital (adjusted for the effects of any capital contributions or withdrawals) for the current period only and, therefore does not reflect the history-to-date of the return of the Master Fund.  An individual limited partner’s return may vary from these returns based on such factors as the timing of capital transactions, participation in Designated Investments and Feeder Fund level income and expenses and incentive allocation. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)These ratios reflect income and expenses inclusive of the Partnership’s share of income and expenses allocated from the Master Fund.  These ratios are calculated based on average limited partners’ capital. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 9.Subsequent Events |
|--------|---------------------|

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