Bank of baroda

Natural calamities could have a negative impact on the Indian economy and cause our business to suffer.
India has experienced natural calamities such as earthquakes, a tsunami, floods and drought in the past few years.
The extent and severity of these natural disasters determines their impact on the Indian economy. For example, as a
result of drought conditions in the country during fiscal 2003, the agricultural sector recorded a negative growth of
5.2%. The monsoon in 2005 resulted in floods in a number of rural and urban areas and had an adverse impact on
agriculture in certain parts of the country. Further prolonged spells of abnormal rainfall or other natural calamities could
have a negative impact on the Indian economy, adversely affecting our business and the price of our Equity Shares.
Terrorist attacks, civil unrest and other acts of violence or war involving India and other countries could
adversely affect the financial markets and our business.
Terrorist attacks and other acts of violence or war, may negatively affect the Indian markets where our Equity Shares
trade and also adversely affect the worldwide financial markets. These acts may also result in a loss of business
confidence, make travel and other services more difficult and ultimately adversely affect our business. Although the
governments of India and Pakistan have recently been engaged in conciliatory efforts, any deterioration in relations
between India and Pakistan might result in investor concern about stability in the region, which could adversely affect
the price of our Equity Shares.
India has also witnessed civil disturbances in recent years and it is possible that future civil unrest as well as other
adverse social, economic and political events in India could have an adverse impact on us. Such incidents could also
create a greater perception that investment in Indian companies involves a higher degree of risk and could have an
adverse impact on our business and the price of our Equity Shares.