<div>This episode is the edited audio of a webinar we held with clients on 5 March to discuss the implications for investors of the recent escalation in the Middle East.</div><br><div>Alongside its profound human and political consequences, the conflict has prompted significant market moves. Among other topics, our speakers covered:</div><br><ul> <li>How the duration of energy market disruption could be pivotal to the investment outlook</li> <li>The potential implications for inflation and central bank policy of higher energy prices</li> <li>Why government bond yields have moved higher and credit spreads are largely tighter</li> <li>The market backdrop in which the conflict has unfolded, including AI-related concerns</li> <li>Signals that might prompt us to make material changes to portfolio positioning</li> </ul><br><div>Our speakers were <strong>Jason Shoup</strong>, Global Co-Head of Fixed Income and CIO, L&amp;G – Asset Management, America; <strong>Colin Reedie</strong>, Head of Active Strategies; and <strong>Chris Jeffery</strong>, Co-Head of Asset Allocation and Head of Macro.</div><br><div>The webinar was moderated by <strong>Laura Brown</strong>, Head of Public Markets Distribution.</div><br><div>For professional investors only. Capital at risk.</div>