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Alternative Market Briefing

2009 Outlook (2) – Russia may have bottomed but may `be among the true winners` in market recovery
Friday, January 02, 2009

ParusKreml Capital Management, a Bahamas and Moscow-based asset manager which manages the Russia-focused SOKOL fund, believes that since November the Russian market has reached its bottom.

According to a recent investor communication obtained by Opalesque, "P/E‘s are at a level of 1-3; the effects of a very serious recession in the real economy, as expected in 2009, are now priced in. This may be different in the developed markets where P/E‘s are still significantly higher. In Russia we are confident that the floor has been touched; the selling pressure of the previous months has disappeared. Oil dropp......................

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