Status Update

May 20, 2021

Slides

Good afternoon, everyone. We're going to be talking today about responsible business, which is central to everything we do at IHG. Will be sharing with you the progress we've made in recent years and the exciting potential we see to drive more positive change over the next decade to come. I'm delighted to be joined today by Yasmin Diamond, Executive Vice President of our Global Corporate Affairs team and Kathryn Dalton, our Chief Sustainability Officer. Yasmin is going to take you through our recently launched Journey to Tomorrow plan and some of the work we're doing in our local communities. Catherine will then lead you through how we are looking at long term environmental resilience, and then I will pick up on our ambitious people agenda before opening it up to questions. I first want to start with a short overview of our approach to running a responsible business. As you know, being one of the world's leading hotel companies with a presence in more than 100 countries, doing business responsibly has to be absolutely core to what we do. It's a commitment and ethos that underpins our strategy and the reputation of IHG and each of our brands, and it shapes our culture in terms of how we work and the decisions we make. To that end, this commitment runs through the policies, practices and principles we put in place for our people and those we do business with and extends to how we contribute to our local communities and try to protect the world around us. We know that successful businesses of the future must understand how they impact the world and conversely, how the world impacts them in terms of the broader ESG agenda. This is becoming increasingly top of mind to all of our stakeholders, be it guests, owners, investors or employees. We want to be crystal clear that's important to all of us at IHG2. For every business, 2020 should have been a reminder of the importance of purpose. For us, it has highlighted the ability we have to effect positive change and a growing expectation that we must play a bigger part in a challenging world. So this year, we evolved our purpose from true hospitality for everyone to true hospitality for good. Still committed to looking after all those we interact with, but now more focused on the difference we can make to our people, guests, community and planet. It's with this in mind that we headed into 2021 with an evolved set of priorities in our corporate strategy. Listening to our stakeholders, we evaluate what's most important, not just to iQI's growth, but to how we grow, taking into account all that we've learned from dealing with COVID-nineteen and planning for a strong recovery over time. As a result, You can see that caring for our people, communities and planet is now one of our 4 priority areas. Clearly, this has always been important to us. We want to show how completely integrated it is into our strategy and underlines the importance to our future success as a company. Our Journey to Tomorrow plan will lead the way on a lot of work in this space. But before we take you through it, think it's fair to say the last 15 months have been something of a journey in itself, and I just wanted to reflect on that. At IHG, we put huge emphasis on supporting our people, whether that be through flexible working, assistance programs, our employee resource groups or approach to disaster response. But it goes without saying that during this pandemic, we've asked a lot from our colleagues and in return stepped up support to them. At a corporate level, everyone has worked remotely from months on end and many still are. We've tried to ensure that working from home doesn't turn into sleeping at the office, and we strengthen the support around people, whether that be increased health and well-being resources or introducing meeting free Fridays and recharge days where the whole organization has a day offline. Lots of learning from this are also shaping how we work in a more hybrid environment going forward. It's also been really important to understand to stay connected as a company, and we've held regular global calls and Q and A sessions to bring us all onto the same page around what we're doing as a business. Stepping up in times of need has been wide reaching. Within our hotels, health and safety has always been top of mind for everyone. Not only are we working to best practice COVID specific training and procedures, but we went one step further for our guests and colleagues by strengthening our IQ Way of Clean program with new science led protocols and service measures that have successfully been implemented. And our hotels have been a key part of their community in many ways, providing rooms for frontline workers, quarantine travelers and the homeless, opening kitchens for those in need and providing care packages for the vulnerable. It's been a phenomenal effort. Wherever we can, we've also provided financial assistance to our humanitarian aid and food provision partners, we're also providing relief on the ground in so many of our communities. While COVID-nineteen has, of course, dominated the headlines, 2020 was also one of the worst years on record for natural disasters. We've helped support disaster relief efforts for many years with some of our long term charity partners, and we continued to do so last year, responding to 14 natural disasters around the world through direct assistance to our colleagues and financial aid to help with immediate relief and longer term rebuilding efforts. As we look to the future, we recognize that we can't bring about change in a vacuum. So we've joined forces with other organizations such as the Sustainability Hospitality Alliance, other industries and governments to help tackle some of the biggest issues out there. Yasmin and Catherine will talk more about some of these collaborations in a moment. It's important to note that our commitment to responsible business comes from the very top. Our Chair and the whole Board our focus on ensuring we maintain the highest ethical standards of governance to support our culture, values and commitment to conducting business responsibly. The Board is supported by its principal committees. The Responsible Business Committee reviews IHE's objectives and strategy, including our impact on environmental, social, community and human rights issues our approach to sustainable development and responsible procurement and how we engage with key stakeholders in relation to our approach to responsible business. As a Board, We've also dedicated sessions on climate change and TCFD, which is driven principally by a responsible business committee. The RB Committee and the Executive Committee were also instrumental in helping to shape our Journey to Tomorrow plan. And whilst the pandemic took hold, They took their time to refine the strategy, addressing the changing nature of corporate purpose and what it means to operate responsibly. The Chair of the RB Committee also meets with the remuneration committee as part of our aim to introduce ESG metrics into management remuneration. Supporting our EC is our responsible business governance committee, which is made up of IHG senior leaders who oversee our day to day ESG activities. This committee includes representatives from teams including cybersecurity, procurement, HR, legal, operations and corporate responsibility. This team meets quarterly to ensure we are taking the right actions to meet our external and internal commitments and discuss opportunities to drive our agenda forward. This joined up approach is reflective of how we integrated this agenda is across our business. We understand the importance of being really clear in our reporting and our aspirations as a company. And as some of you have seen, we have further enhanced our ESG reporting and disclosures. Alongside our annual responsible business report, We have now introduced a new ESG data book that brings together all our policies, performance data and our alignment to key reporting metrics as a valuable resource for ESG rating agencies and also our corporate clients. Outside of reporting, we are also focused on using ESG governance tools to create a more resilient business. We're committed to implementing the recommendations of TCFD, and we spent time last year undertaking a readiness review, which helps us understand the steps we need to take to reach full alignment. We also developed a climate risk assessment framework, which we are using this year to conduct an in-depth quantitative risk assessment. This will enable us to report in more detail against the TCFD recommendations in our 2021 annual report. On this slide, you can see we are rated well by the agencies with a AA rating from MSCI and a low risk score from Sustainalytics. For the last 4 years, we've made disclosures to the workforce disclosure initiative, which has also been helpful to look at best practice internally. With CDP, there is still some scope for improvement, but working hard to improve our scores on both assessments with the launch of our new strategy, our decarbonization plans and TCFD reporting. We're often asked why are we making such a big commitment to ESG agenda at such a tough time for this industry. As I mentioned earlier, we recognize that this area has only heightened in the past few years and is imperative for successful businesses in today's operating climate for several reasons. First, we see regulation driving change in the lead up to comp 26 later this year. I recently attended a meeting with a group of CEOs and the UK Comp26 President discuss how business and governments can work together to address climate change. We're also seeing it from our guests. Over 80% of 9,000 consumers we surveyed said it was important to them that they chose a hotel brand that operated responsibly, they'd be willing to spend on average 31% more per night for such accommodation. So on different fronts, it's becoming increasingly clear that continuing our journey towards a fairer and greener society is the right thing to do, and it's also right for our long term commercial success. To give you a few examples, for our corporate customers, The ESG agenda means that they're wanting suppliers and partners that can help them achieve their commitments and targets. In the past few months, We've had many more businesses ask about our sustainability initiatives, reporting data and request discussions on how we can collaborate on responsible travel. We hosted roundtables of some of the world's largest brands to dive deeper into our programs and the challenges we all face. Across the online travel agency channel, we've seen some look at integrating sustainable attributes into their booking tools, and in house booking agents are also exploring ways to compare and select sustainable meetings and accommodation. So to summarize, we have a long history of purposeful action. This area is ever evolving and requires ambition and collaboration alongside strong oversight from the Board and the Executive Committee. Alongside the good that can be achieved for the environment and communities, there's undoubtedly a strong commercial angle that can drive competitive advantage. Seen come from the data we provide to corporate clients, guests looking for more sustainable stays and increasing meeting the objectives of hotel owners looking for greener investments. It's also a very important agenda to our people. Employees everywhere want a greater sense of purpose from the which they work for, and our colleagues are no different. Through a decade of action, I think we're all very well placed to deliver on multiple fronts. I'll pass over to Yasmin at this point to introduce our Journey to Tomorrow plan and take you through the communities element of it. Thanks, Keith, and good afternoon, everybody. We announced Journey to Tomorrow in February this year, outlining a 10 year plan that will take our actions and commitments to the next stage in areas we have already made some important progress in recent years. So before I take you through our plan, let me first give you a sense of where we are coming from. Last year, we closed out our 2018 to 2020 responsible business targets. Heading into 2020, we were on track to deliver against each of them, but the impact of the pandemic held back progress in some areas more than others. This is particularly the case with our carbon target for which we had occupancy based denominator. At the end of 2019, we had almost reached the bottom end of these 3 year targets of 6% 7% reduction in carbon per occupied room a whole year early. But given the record low occupancy levels last year, we ended up closing the target at a 10% increase. On an absolute basis, of course, total carbon emissions fell by nearly 1 quarter over the 3 year period as we had lots of hotels temporarily closed last year. During this time, we put a lot of focus on minimizing energy consumption while hotels were closed and maximizing energy efficiency on reopening. We made good progress against our community targets. Through our IHG Academy program, we improved the employability of almost 32,000 people around the world. And despite having to pause the majority of programs in 2020, we were still able to provide access to virtual training and events for the beneficiaries of our NGO partners on the ground in different markets. Over the 3 year period, we donated more than $3,000,000 to community projects globally, supporting thousands of colleagues. And our colleagues embraced our purpose of true hospitality for good with an incredible 328,000 of them supporting community impact projects. Staying with our people, we also increased the number of female colleagues working in general manager and operations roles, which now stands at 25%. And our employee engagement level has remained stable of 79%, 2 percentage points above external benchmarks. Finally, we rolled out responsible procurement training to all employees to help improve their ethical supplier awareness. And we issued more than 260 risk assessments to suppliers to help us better understand their governance, human rights and environmental practices. So some important progress made over the last 3 years and plenty now to go after. Before we take you through each of the ambitions of Journey to Tomorrow, I wanted to share a quick video that introduces our plan. Turning then to an overview of our responsible business commitments. Our Board and Executive Committee worked closely to ensure this 2,030 plan focuses on key areas where IAG can have the greatest impact on our colleagues, communities and planet. Elements of the plan are owned by different functions within the company, but everyone in the business and many of those who work with us have an important part to play in achieving our aims. We really want to create a sense of collective empowerment across the organization to help make a difference to the future of responsible travel. The plan is therefore owned by the business as a whole, led by the Executive Committee. We've called our program a journey because we want to be realistic. There isn't a one size fits all approach to most things, And there aren't likely to be clear interventions capable of solving some of the global challenges with a single measure. We also have to think about implementation and the trade offs from prioritizing one investment over another. But what we have here is a clear set of ambitious commitments aligned across the business with our standard development goals. As you'll have seen from the video, we are We see Journey to Tomorrow as a framework for collaboration with many stakeholders, including our hotel owners, the broader industry and governments. Given we are primarily a franchise business model, We need to work with our 3rd party owners to influence and educate on the evolving regulatory environment we are if we are to inspire change in collective action. Of course, against this backdrop of a pandemic, We are very aware of the industry challenges that our owners are currently facing. And so we will have to be very thoughtful in our approach. Realistically, there needs to be minimal burden on our owners in the near term. And so we want to prioritize efforts that can bring together financial savings, commercial gain and social benefit. Core to this plan is working with our industry peers and bodies such as the World Travel and Tourism Council and the American Hotel and Lodging Association joining forces where possible on shared aims and also sharing best practice. At a government level, we need to be able to advocate for support that will help our industry go further, such as green incentives, which Keith has raised with government leaders. One area that I'm particularly passionate about is how we can make a difference across the near 6,000 communities around the world. Our hotels are at the heart of so many communities, and there is a real opportunity to use our scale and standing in different markets to be a force for good, whether that is skills building that can help drive economic and social change, the work we do around disaster relief and volunteering or tackling food poverty around the world. We see all these areas as natural extensions of our purpose of providing true hospitality for good. To scale it for you, tourism typically makes up 1 in 10 jobs globally, and the pandemic has had a significant impact on employment. As our industry recovers and jobs return, we want to be there to drive economic and social change through skills training and innovation. Our IAG Academy is a good example of this. We have a global network of educational and community organizations that partner with our hotels and offices in their communities. And together, we help develop hospitality skills for local people and drive economic growth to training and mentoring. Last year, for example, we teamed up with Junior Achievement Worldwide, one of the world's largest youth serving NGOs to help more than 750 young people in 9 countries gain skills and experience in hospitality. And we're proud to do similar work with Change 100, a program of paid internships and mentoring for students with disabilities in the U. K. And we're going one step further. Last year, we rapidly pivoted our IHE Academy offering to provide virtual challenges and career talks, ensuring access to opportunities are still available during the pandemic. This virtual way of helping guided our planning as it will The virtual way of working has helped guide our planning as it will complement our in person ITG Academy programs through the creation of a platform that will offer virtual events, dedicated training and resources that can be used by NGOs and learning partners all around the world to offer both soft skill development and hospitality training to enable more people to begin and enhance their career pathways. This not only helps build access to employment for all, it also creates an important talent pipeline for us and the wider industry. As part of our response to the pandemic and with our hotels well positioned at the heart of their communities, we chose to support efforts to improve food security. With increasing pressure on food banks around the world, we provided support for related charities in more than 70 countries. Our donations have helped provide vital funding to develop critical infrastructure to enable food banks to continue to meet the demand to offer basic provisions to society's most vulnerable. To give you some examples, we are working with partners such as No Kid Hungry in the U. S. And the Trussell Trust in the UK, while supporting the European Federation of Food Banks and the Global Food Banking Network, or GFN. On the scale of the challenge, since March 2020, the GFN has provided meals to 27,000,000 people facing hunger, a significantly high number than usually due to the pandemic. As we look over out of the next decade, We are going to further build on these partnerships to support and provide aid to those facing food poverty. This also has alignment to our food waste reduction efforts, which is why we have included food banking support in our long term communities plan. Thank you for listening. And I'll now hand over to Catherine, will give you some more color on the environmental elements of our fab. Thanks, Yasmin, and hello, everyone. So, lots of great ambition in the community space, and we're equally ambitious when it comes to our environmental targets too. Over the next decade, we are focused on working with our hotels to reduce carbon emissions in line with climate science, eliminating single use items or finding recyclable alternatives, reducing food waste and collaborating with local stakeholders to tackle water sustainability issues in areas of greatest risk. Let me take you through some of our focus areas. With the hotel sector accounting for around 2% of global carbon emissions, we know it's important to play our part in protecting our So we've set ambitious SBTI approved science based targets to reduce IHG's carbon emissions in line with what is necessary to limit global warming to 2 degrees Celsius. These include a 15% footprint reduction for our Scope 1 and 2 operations, which cover our owned, leased and managed hotels. Additionally, We've also committed to a 46% per square meter intensity reduction for our Scope 3 operations for our franchise estate. This, of course, creates an added layer of complexity as it's much more difficult for us to bring change where we have limited operational control. So we'll have to work together closely with our 3rd party hotel owners to achieve this stretching target. We have developed a decarbonization model, which will allow us to map the pathway to achieving these targets. Actions we are taking are structured under 3 broad areas: avoid, which focuses on planning for new build properties to operate with very low or 0 reduce, which focuses on increasing the efficiency of our existing estate and compensate, which looks primarily at where our hotels can switch to renewable energy. To help us track and drive progress, each IHG hotel as a carbon reduction metric. In the near future, we'll be able to work with these hotels in an even more targeted way as we upgrade our IHG Engage system and move to centralized data collection. This will enable us to gather individual hotel monthly utility information, which in turn will inform more tailored action plans. Across our brand, look at how we can integrate sustainability requirements into our new build and retrofitting processes. And more broadly, We will continue to discuss the merits of different sustainability initiatives with the recently formed IHG Owners Association Sustainability Committee. I want now to take a moment to outline some of the work we are doing in thinking about net 0 hotels. Let me start with the fact that earlier this year, IHG became the 1st hotel company to join the UK 0 Carbon Forum, which looks to bring the hospitality industry together to really figure out how we can build a pathway to net 0 for the sector. Within the business, we've also started to think about a prototype net zero hotel, really understanding the art of the possible in this space. We partnered with industry experts in engineering, construction and sustainability and using the data from 1 of our UK hotels, what it would take to move the hotels to carbon net 0. The white paper outlining the results of this study was published a couple of weeks What's great is that it's the first time that companies across hotel operation and energy provision have come together as specialists to give balanced insights into both the challenges and interventions that could be made. As you can see from this summary slide, Changes can be quite simple, like evolving controls around how we allocate rooms to active measures like investing in more efficient air conditioning systems. Given many of our hotel owners are small enterprises, costs will always be a consideration. This study And for the added value to the hotel, either through higher revenues or on selling the asset, the payback period for the various interventions in aggregate will be less than 5 years. That's a powerful message for our owners. But at the same time, we do recognize But given the past 15 months, capital remains scarce for many. So it's important that we continue to work with industry bodies and governments to support and incentivize the change that's needed. We're on our corporate website. Turning now to waste. Over the next decade, we have made some ambitious commitments to reduce waste across our industry. This includes actions to eliminate single use items or move to reusable or recyclable alternatives across the guest stay, such as our industry leading approach to bathroom amenities. It also includes actions focused on minimizing food waste and looking at how we can cut waste out altogether for other major commodity items such as furniture, fixtures and equipment by working with our partners to find circular solutions. Turning then to examples where we are innovating to reduce waste. Over the past few years, we've worked hard to remove the 50,000,000 plastic straws being used in our hotels annually. In terms of bathroom miniatures, we were the 1st in our industry to commit to also removing these. We are currently implementing the complex arrangements that will achieve the removal of an incredible 200,000,000 of these single use plastic bottles, which are used by our guests each year as we roll out replacing these with bulk size amenities right across the global estate. We remain committed to delivering this program despite the pandemic. COVID-nineteen has, however, posed some challenges, particularly in relation to sourcing and production. So we do now expect to complete the global transition to bulk bath communities during 2022. Whilst the pandemic has naturally brought about some challenges on waste, particularly the increased use of disposable items, We have also used it as an opportunity to find ways to reduce waste in the guest stay. With many items being removed from the room, such as notepads and pens, And as far as the other in room guides, this has meant that we've been able to significantly reduce the volume of waste generators. We're now taking this work a step further. We have a cross functional group which is mapping out all single use items for each of our brands across the guest journey to understand and plan how we can remove them or move to reusable or recyclable alternatives over time. When sourcing greener alternatives, we work closely with our suppliers to find sustainable innovations with a focus on circularity. A great example of this is the bedding for our VOCO brand, where the filling is made from recycled plastic water bottles. Through this process to date, we have diverted over 3,000,000 bottles from potential landfill. Another big area of waste for our industry is, of course, food. Around 1 third of food produced around the globe is wasted. And with our hotels serving millions of have a real opportunity to make a difference. Working with our food and beverage teams around the world, we will be aiming to minimize food waste using a prevent, donate and divert plan. The approach to this will be market and brand specific and will incorporate a range of solutions. To give you a flavor of some of the pilots we've been working on, in the Middle East and Australia, we've partnered with use AI technology to track, measure and ultimately reduce food waste. Cameras, smart scales and meters Analyze ingredients used during food preparation as well as plates returned to the kitchen to assess which food items are most wanted and in what quantities. Our hotels can then use this data to better shape menus and buy accordingly, helping to reduce food waste by on average 20%. In the UK, we're working with the charity RAP and their Guardians of Drug Program to educate our food and beverage colleagues and pilot a tool for measuring and setting targets to reduce food waste across our managed estate. And if that goes well, we hope to roll it out more widely. And in Australia, we're working with the NGO OzHarvest to enable our hotels to divert surplus food that would normally end up in landfill to local communities instead. We've also been looking at ways to monetize food waste for our owners. In Europe, we've been encouraging hotels consider using the 2 Good TO Go app, which provides a no cost way to reduce wastage of perishable goods. And finally, turning to water. Our approach to tackling water in high risk markets has been informed by the 6 water stewardship projects that we've undertaken in the past few years. At hotel level, we provide green solutions and guidance to our hotels to reduce their water footprint through low flow fixtures and fittings and actions to increase water recycling. What we've seen from our on the ground stewardship work is that we're often just a small actor at basin level and to help truly achieve improvements in areas of high water risk. It's clear that we need to collaborate with other industries in a catchment area. To help with this, We are the 1st hospitality member of the Water Resilience Coalition, where we are collaborating with other businesses and NGOs on this important issue. We will also be working with NGO partners to help bring WASH, water, sanitation and hygiene awareness to developing markets through colleague and local community education. I want to share with you some more detail on the water stewardship work that we've been doing with our hotels in partnership with the Alliance For Water Stewardship. We have selected a variety of large resort hotels in island locations to help shape our understanding of the water challenges we face globally and the interventions we can make. For example, At the Intercontinental Beijing, Beitchen, our research showed that there are a number of water challenges in the region Given local water pollution, weak flooding controls and insufficient water supply and drainage capacity, We were able to identify 6 priority areas which range from reducing water waste to recycling water and as such, were able to propose 10 improvements for the hotel. These improvements covered things from equipment to communication and we're capable of saving cubic meters of water a year and therefore a cost saving of nearly $60,000 To ensure water efforts can be scalable, later this year, we will be sharing a white paper that outlines the learning from across our projects. These will help us and our industry to build water strategies and make assessments on the best interventions by hotel type, geographic location and water risk challenges. With that, I'll hand you back to Keith. Thanks, Catherine. The final element of our Journey to Tomorrow plan that I wanted to take a moment to talk about is our people and the specific diversity, equity and inclusion targets we've put in place to ensure we a culture where everyone can thrive. I'm particularly passionate about this subject and how important diversity, equity and inclusion is to our company culture. I think it's crucial not just to who we are, but also how we want to work together and grow our business and to the sense of belonging colleagues feel at iQIYI and the freedom to be themselves. Such a culture requires consistent thought and attention. And while we're proud of the recognition we've received over many years, we know we can and must go further. So within our Journey to Tomorrow plan, we have included specific targets across gender balance and ethnic diversity. To achieve these, we have launched conscious inclusion online training in all of our markets for all corporate colleagues, which is being supplemented by leader led sessions. And we're also further enhancing our hiring practices, including amortization of CVs and diverse interview panels. In the U. S, we've also put in place the Ascend Talent Program, which focuses on providing ethnic minority talent with the right training and environment needed to advance the ceilings in the company. In our hotels, Our RISE mentoring program has been instrumental in helping the number of female general managers across our state increase. It's now present in all regions with over 100 aspiring female general managers engaged in working through the program. Finally, turning to human rights and modern slavery. Some of the key areas we are focused on include the working and living conditions for migrant workers, along with the responsible recruitment and supply chain due diligence to prevent human trafficking. Over the course of the year, we will be piloting a human rights toolkit for our hotels. This will cover a number of key topics, including worker accommodation, responsible recruitment, the use of recruitment agencies and expectations for hotel labor suppliers. We are committed to ongoing due diligence to support our approach. This has included the pilot of labor standards assessments, which focus on issues that may be faced by migrant workers. We are now working on an action plan to address those findings from this review and to provide enhanced tools and resources for our hotels. We believe that collaborative initiatives can be a powerful way to combat modern slavery and help drive best practice. In line with this, we work with industry peers There's a sustainable hospitality alliance on these topics to help drive industry best practice. This currently includes participating in some pilot projects run by international organizations looking at the ethical recruitment and migrant worker journeys. When it comes to our supply chains, Our supplier code of conduct sets out the expectations we have for our suppliers, and we continue to develop our approach to human rights due diligence in our supply chains. We also continue to focus on increasing awareness of human trafficking risks. We have training for our hotels developed by expert organization, ECPAT and Polaris, which is designed for our frontline colleagues to help them spot the signs of trafficking and how to respond to this. To date, over 100,000 colleagues have completed this training. Finally, we believe that increased transparency in the way businesses are addressing these type of risks is an important step in the effort to combat modern slavery and intend to provide ongoing detail as our work in this space progresses in our modern slavery statement. So to sum it up, We have a strong heritage of responsible business, and I think our commitment to our purpose of true hospitality for good continues to come through in a myriad of ways, both in terms of our response to this pandemic, our aspirations as an employer, as part of our communities and the world around We've achieved a lot, but there's a lot more to go after, remaining very conscious that how we operate and grow our business in the right way. Our journey to tomorrow plan offers a clear roadmap for stakeholders to follow over the next decade as we take things to the next level for our people, communities and planning. Central to this are our stretching carbon targets. We will be partnering with owners to reduce our footprint in line with climate science. Finally, We are not alone. To build the greatest change, we need to work collaboratively. And as a business, we'll be working with other industries, trade bodies and governments to deliver our plan. We hope that we have demonstrated the commitment that iQIYI has to our purpose of true hospitality for good and across our stakeholder groups. Our journey tomorrow is an ambitious plan for the next decade, ensuring that as we grow as a business, we will do so responsibly for our people, for our communities and planet. Once again, thank you for your interest