| 02.01.2009 Opalesque Exclusive: 2009 Outlook (2) – Russia may have bottomed but may `be among the true winners` in market recovery |
| 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 |