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This communication is strictly personal. It shall not be reproduced or forwarded. The purpose of this conference is to take stock of the current macro economic environment. This event is intended for information purpose only. It will neither tackle any individual situation nor address specific investment recommendation. It will not make any offer or recommendation to subscribe, purchase, sell or hold any financial instrument. The views expressed by non-Lombard Odier speakers are the speaker’s own and do not reflect the view of Lombard Odier.

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