A1 With the expansion of China's high-level opening-up, we strongly believe that the promotion of a series of favorable policies for businesses has fueled great momentum in the market. This has provided us with more opportunities to participate in the market's development and to network and enhance communication with partners.

The optimized business environment has spurred the vitality of companies and brands like ours, while the increasingly open market has created an excellent business environment for investment and growth of multinationals.

A2 China's economic development model is now more focused on "quality growth" that is highly inclusive, bringing tangible benefits and providing incremental certainty and confidence to the market.

The new paradigm encourages us to focus on innovation, drive our business and brands locally and create more value for Chinese consumers. We look forward to writing more "China stories" and resonating with the Chinese market for common prosperity.

A3 The strong resilience and vigorous growth of China's economy has inspired our excitement about Tapestry's next chapter here. For the second quarter of our 2022 fiscal year, Tapestry and its three brands have achieved solid performance. We drove a mid-single-digit sales increase versus the 2022 fiscal year in the Chinese mainland, rising over 35 percent against pre-COVID levels. We remain confident that China represents a meaningful long-term opportunity across our brands.

A4 We remain confident in China's strong consumption power and we have forged ties with our Chinese partners over our two decades of experience in the country.

We are now actively preparing for the second China International Consumer Products Expo in Haikou, capital of South China's Hainan province. We expect that this event will again provide an open, diverse and comprehensive platform enabling us to engage with both existing and future partners.

A5 China is not only a vital market for us, but also a source of inspiration for our brands, fueling innovation. There is no doubt that we will continue to develop our presence in the Chinese market. The development of the Hainan Free Trade Port has been continuously improving, and the duty-free market has grown rapidly, bringing a new growth wave for the global consumer market and new opportunities for businesses.

Tapestry, with its three brands, will actively expand in the Hainan market, invest in talent, and deepen the development of the travel retail and duty-free business.