Historically, we have found that assuming those variables remain constant is at least as good as any other forecast, while recognising that they are highly likely to change. In saying that, it is worth noting that the exchange rate has moved within a fairly narrow range over the past two years.
This joint conference is yet another step in the long-standing close and fruitful cooperation which we have successfully pursued for more than two decades. [PAUSE] It has almost become standard to open a conference by emphasizing that its main topic “could not be timelier”.