<p><br/></p><p><table style="BORDER-COLLAPSE: collapse; border-spacing: 0px;"><tbody><tr><td style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 1.5em; PADDING-BOTTOM: 0px; COLOR: #66bf33; PADDING-TOP: 0px; FONT-FAMILY: Arial Narrow;">Macro rules</td></tr><tr><td>&nbsp;</td><td style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 1.12em; PADDING-BOTTOM: 0px; COLOR: #000000; PADDING-TOP: 0px; FONT-FAMILY: Arial Narrow;">We increase our long duration positions again </td></tr><tr><td colspan="2">&nbsp;</td></tr><tr><td colspan="2"><table style="WIDTH: 100%;"><colgroup><col style="WIDTH: 20px;"></col><col style="WIDTH: 460px;"></col></colgroup><tbody><tr><td>&nbsp;</td><td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #e0f2d6;"><p style="PADDING-RIGHT: 2px; PADDING-LEFT: 2px; FONT-WEIGHT: bold; FONT-SIZE: 0.83em; PADDING-BOTTOM: 2px; COLOR: #000000; PADDING-TOP: 2px; FONT-FAMILY: Arial; TEXT-ALIGN: justify;">Just at a time when risk appetite was gradually recovering, hard macro drivers are taking over in fuelling the next down-leg in Bund and Treasury yields. Economic activity in the US has come to a standstill at the start of this year. We have temporarily reduced our previous massive long duration positions a good week ago and now recommend to reinstate those positions. We add to the bullish exposure of our Key Trades Portfolio via 5y UST and a 5y Bund longs. </p></td></tr></tbody></table></td></tr></tbody></table></p>