Coach 2014 Annual Report Download - page 21

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TABLE OF CONTENTS
Investors are subject to exchange rate risk between Hong Kong dollars and U.S. dollars.
The value of an investment in the HDRs quoted in Hong Kong dollars and the value of dividend payments in respect of the HDRs could be affected by
fluctuations in the U.S. dollar/Hong Kong dollar exchange rate. While the Hong Kong dollar is currently linked to the U.S. dollar using a specified trading
band, no assurance can be given that the Hong Kong government will maintain the trading band at its current limits or at all.

None.
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