THE CHANGING FACE OF RUSSIA AND WHAT IT MEANS

FOR US

Jyrki Talvitie Russian Direct Investment Fund (RDIF) PWC Capital Markets Top Seminar September 25, 2014 Helsinki

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UNDERSTANDING RUSSIA

1. POLITICAL SITUATION 2. ECONOMIC SITUATION 3. INVESTMENT CLIMATE 4. CONCLUSIONS

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UKRAINE – BLACK SWAN EVENT OR PREDICTABLE?

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RUSSIAN ECONOMY- SLOW DOWN BUT NO RECESSION

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INVESTMENT CLIMATE – RISKS & OPPORTUNITIES

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CONCLUSIONS

Uncertainty and thus elevated country risk will continue long term but the silver bullet is

- if we are not afraid to use it - that we have Europe's largest consumer market right next

to us where a redistribution of markets will soon be happening.