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Ad hoc announcement pursuant to Art. 53 LR

Moutier, 17/08/2010

Light at the end of the tunnel

Two and a half years after the onset of the recession, we are beginning to see light at the end of the tunnel. The low point of the economic cycle was reached in mid-2009 and, since the first quarter of 2010, there has been a welcome change in the trend of orders received. This recovery has become even more marked during the 2nd quart...