Key Observations
• Russia launched a series of coordinated attacks on Ukraine causing increased volatility in global
markets and raising investor concern.
• Risk assets retreated on the unfortunate news as risk-off havens and global commodity markets
rallied.
• While Russia is a strategic geological player, their presence in capital markets and influence of
global economic growth is limited.
• Past precedents set by other geopolitical events, although tragic humanitarian occurrences, do
not often have lasting effects on global economies and market prices.
• At this point, Russia’s recent actions do not change our outlook. However, we will monitor the
situation closely for further developments.

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