Investor Presentaiton

Two Key Results I. The EU and Russia are complementary in the Chinese market as shown by the negative and significant elasticity. II. China and EU countries are competitive in the Russian market as shown by a positive and significant elasticity. Country Pair EU-Russia Substitution EU-China Substitution China Market -0.15** (complement) EU-ROW Substitution 0.73 (substitute) Russia Market 1.30** (substitute) 1.24 (substitute)

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