Coach 2015 Annual Report Download - page 22

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Holders of HDRs will be reliant upon the performance of several service providers. Any breach of those service providers of their contractual obligations
could have adverse consequences for an investment in HDRs.






Withdrawals and exchanges of HDRs into common stock traded on the NYSE might adversely affect the liquidity of the HDRs.
                       

                      

The time required for HDRs to be exchanged into common stock (and vice versa) might be longer than expected and investors might not be able to settle
or effect any sales of their securities during this period.
                        


 

Investors are subject to exchange rate risk between Hong Kong dollars and U.S. dollars.




