Servicing expenses as a percentage of Revenue continues to decline and our aspiration is to be <4.5%

Third party borrowings In % of aggregate market value

Telcos’ digital priorities: Digital operations and support functions

Phases of Development of the Luxury Market

…And By Investing Based On Initial Learnings, We Can Accelerate Growth

Headline Inflation Numbers Continued to Roll Over in Q4

Figure 7: Features that emphasize both ecological and functional performance are expected to become more important in purchase decisions

The “new normal” trajectory of the personal luxury goods market was interrupted by the rude awakening of 2020, leading to the first decrease in more than 10 years

CONFIDENCE IN GOVERNMENT RESPONSE: MAJOR NATURAL DISASTER