Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 WTI oil price (lm lag) MSCI India Source: Deutsche Bank (Abhay Laijawala and Abhishek Saraf) Source: Deutsche Bank, Bloomberg Finance LP Page 30 Deutsche Bank AG/London Q4 02 Q2 03 Q4 03 Q2 04 Q4 04 Q2 05 Q4 05 Q2 06 Q4 06 Q2 07