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Competing Interests: Conflict of interest: A. Agusti reports personal fees from AstraZeneca, Chiesi and Nuvaira, and grants and personal fees from Menarini and GSK, outside the submitted work. Conflict of interest: R. Faner reports support from GSK for an advisory board, and grants from GSK and Menarini, outside the submitted work. Conflict of interest: G. Donaldson has nothing to disclose. Conflict of interest: E. Heuvelin reports multi-sponsored study fees from Chiesi, Sanofi, Grifols, Novartis, Insmed, Zambon, TEVA, GlaxoSmithKline and CSL Behring, outside the submitted work. E. Heuvelin is an employee of the European Respiratory Society. Conflict of interest: R. Breyer-Kohansal reports grants and personal fees from AstraZeneca, Boehringer Ingelheim and Chiesi, personal fees from Novartis, and grants from GlaxoSmithKline, Menarini and Pfizer, during the conduct of the study. Conflict of interest: E. Melén has nothing to disclose. Conflict of interest: A.H. Maitland-van der Zee reports research grants from Boehringer Ingelheim, GSK and Novartis, and she participated in an advisory board from AstraZeneca, outside the submitted work. Conflict of interest: J. Vestbo reports personal fees for consultancy for COPD Phase 2 and 3 programme and payment for lectures including service in speaker bureaux, from GlaxoSmithKline, Chiesi Pharmaceuticals, Boehringer Ingelheim, Novartis and AstraZeneca, and an unconditional grant for biomarker research at Manchester University Hospital NHS Foundation Trust from Boehringer Ingelheim, outside the submitted work. Conflict of interest: J.P. Allinson has nothing to disclose. Conflict of interest: L.E.G.W. Vanfleteren reports grants and personal fees from AstraZeneca, personal fees from Pulmonx, Novartis, GSK and Menarini, grants from Fisher & Paykel, and personal fees and non-financial support from Chiesi, outside the submitted work. Conflict of interest: M. van den Berge has nothing to disclose. Conflict of interest: I.M. Adcock has nothing to disclose. Conflict of interest: L. Lahousse reports grants from AstraZeneca and Chiesi (both awards), and expert consultation for Boehringer Ingelheim GmbH and Novartis, outside the submitted work. Conflict of interest: G. Brusselle reports personal fees for advisory boards and lecture fees from AstraZeneca, Boehringer Ingelheim, Chiesi, GlaxoSmithKline, Novartis and Teva, and personal fees for advisory boards from Sanofi, outside the submitted work. Conflict of interest: J.A. Wedzicha reports research grants to her institution from GSK and Johnson & Johnson, research grants for early COPD cohorts from GSK, AstraZeneca, Boehringer Ingelheim, Novartis and Chiesi, and meeting expenses from Novartis, Boehringer Ingelheim, AstraZeneca and GSK, outside the submitted work.