Investor Presentaiton

Gazprom: The Weakest Link Challenge: US shale gas revolution has diverted LNG to Europe and European gas prices have halved. • Gazprom is completely dependent on piping gas to Europe . European Commission is pursuing anti-trust case against Gazprom - outcome given • Gazprom's profit will be wiped out • But that is the dominant source of rents for the Kremlin

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