Good morning and afternoon. I'd like to welcome you to the third in our series of deep dives, where we invite investors to learn about a specific area of our business. The first webinar was in March, talking about our business in the U.S. In June, we talked about innovation with our chief R&D officer. Both are available to replay on the website. Today, I'd like to introduce Rohit Jawa, who is the EVP of Unilever China and is going to talk about one of Unilever's most exciting businesses. With that, let me hand over to you, Rohit. Thank you, Richard, and welcome to all the participants for this presentation for the investors. Let me first start with a short introduction. I've been fortunate to work for Unilever across most of Asia, South Asia, almost all markets to Southeast Asia, and now for the last four and a half years and over, I've been in North Asia, which is really the most exciting market, and I enjoy being here learning every day. Today, we will spend the next half an hour or so, and then some time for questions to take you through the story of China and how Unilever has grown a really great business and with a lot of head space for growth in the future years to come as well. Before I start, I'd like to draw your attention to the disclaimer to forward-looking statements and non-GAAP measures. Thank you. Let me first, at the very outset, start with giving you a set of headlines on what I'd like to communicate in the next 20 odd minutes or so. The key message I'd like for you to take out from the session is that winning in China is absolutely critical priority in Unilever. We are already the third biggest business in Unilever with a strong head space and runway for growth. We've delivered consistent and profitable growth in the last five years. Through the pandemic, we are coming stronger, more competitive, more agile, and more digital. We expect to continue to grow competitively following our consistent growth priorities, which are get our big brands into more households every month, every year, transform our portfolio into a premium future fit portfolio, and follow the shopper, which is basically go where people go. That in terms of growth in China is digital and in the lower tier cities, which we call go deep. Let me give you a sense of how I would like to tell the story today. I'll talk of Unilever China in three broad segments. First, a bit of context on the consumer, just to get us grounded on who we are serving. Take a closer look on our business in China and what we've built over the last three and a half decades that we've been in China, and then took a double click on growth priorities and give you a sense of how we're landing them in the market, and then I'll close with a summary. Let's first start with the first segment is on the consumers. Let me first start by a story of China's economy, which I'm sure all of you are familiar with. It's really been the most exciting economic miracle of the last century. It's also been the most exciting consumer story. Already China is the second largest economy and most likely will be the largest economy in the years to come. It has really been a market which is now, in terms of size, is parallel to all the big markets such as U.S. and Japan. But importantly, the per capita consumption in our categories, at least, is still quite low compared to the reference markets of U.S. and Japan. We expect many more years of growth through population, through market development, and that's the role we've got to play, is to ride the growth that comes from the growth of middle class in China, which with the whole focus in Common Prosperity really means that consumption will become the main driver of growth in China. We want to play a more than fair share of part in that story in the future. Going forward, let me just talk a little bit first about who we are serving. China is a very complex and a vast market, 1.4 billion consumers, and really it's not possible to generalize. For the sake of anchoring our discussion, I'd like to simplify the Chinese consumers to how we see that in really two kinds of broad meta segments for the sake of really starting in the right place. On one end, you've got the top 30 cities that are what we call High Speed China. These are cities that are really very developed. These are cities where there's a lot of fragmentation, pressure to compete. Consumers are looking for experiences, they are looking for change, they follow trend, and upgradation really is the primary growth hypothesis. This is indeed a very competitive market with lots of players all very excited and a very hot market. Very much biased on e-commerce and on the big stores. Whereas on the other side, we have the normal speed China. This is the China that exists in the lower tier cities, in the tier three, four, five, six. The towns, there are 2,000 odd cities below the big cities and 40,000 odd towns in rural areas that are really what we call normal speed China. This is a place where, unlike the cash rich, time poor brethren of the big cities, the consumers do have time, they have more leisure, they are more family oriented, more community oriented, and value for money is very important. They do have aspirations to grow, they're discovering e-commerce. There's a lot more growth here in terms of penetration of internet, penetration of e-commerce, and in a sense, offline stores and the traditional channels like mom and pop and grocery still play a very important part. These two speed Chinas really require two different kind of marketing model. On one end, very digital, very fast, very innovation orientated, and on the other end, a lot more consistency, mental availability, physical availability, memory structures, sort of trying to get into more outlets, more stores, and more households all the time. These are two different jobs to be done that we must be mindful of as we try and compete and build a bigger business in China. Going forwards, I'd also like to touch upon a little bit about the trends. Clearly through the COVID, some trends have remained consistent and strong and will remain secularly there in China, some new trends have become stronger and more consolidated. First of all, I'd like to touch upon, again, the low-tier cities. 70% odd of population is in the low-tier cities and close to almost, in our categories, 1/2 of the offline market and 1/4 of the online market is in this segment. This is growing faster before COVID and after COVID than the big cities, up to 15%-20% on the average, very broadly speaking. We've got to partake in this exciting segment and build the brand there. Digitization of everything continues to be a mega trend that has only accelerated with the COVID in 2020 and is continuing to grow in 2021. Consumers in China consume everything on the mobile phone, whether it's media, their entire life, shopping, the entire life revolves around the mobile phone, and it's only getting deeper and bigger and wider. Please note that still only 70% of China has got internet penetration, so there's a lot more, few hundred more million people who will be coming on. It's not that this is the end of the digitization story in China. It's going to keep getting stronger and bigger. Upgradation continues to be very important growth hypothesis. There's a 400 million strong middle class, the upper class, the mass affluent. These consumers want a better quality of life. As the focus of the government goes more and more towards consumption as a driver of growth and growing the middle class, the markets that we operate in will keep getting bigger and the opportunity is quite immense, certainly for our brands that partake with the average middle class consumer in China. In addition to these secular trends, we also see some other trends becoming stronger. One is, of course, with the whole sensitivity towards hygiene, with the COVID, and the COVID not having gone away and it still spurs the focus on hygiene, and we see the categories like disinfectant, sanitizers, et cetera, still growing at a rate of 30% CAGR if you take some up and down between the two years. This will remain a very important segment to play in. There's also, while consumers have gone back to living their normal lives after the, you know, being cocooned for a short period of time, but the role of the home, a third of consumer time is currently being spent at home, and it's driving consumption like for food, like ice cream at home. It's driving things like in-home exercises, in-home education, in-home shopping. The role of home in people's lives has increased and it's going to stay, not entirely go back to the completely old way. Finally, health, which is always very high on the values of the Chinese consumers, is becoming even stronger. People want to consume products or do things that give them protection, give them wellbeing, whether it's mental or physical, and therefore playing a part in the emotional and the physical wellbeing of our consumers will be an important space to play in as well. Going forwards, I'd like to touch upon now really what has Unilever built in this exciting market that I just painted the picture of. Let's start with Unilever in China. I want to first start with really our belief and our mission. We know that this is a really exciting market for global and local players alike. That's not a secret. To win in China, we've got to really be a company that's locally tuned in, extremely agile, extremely fast, very digital, but leverages the Unilever's best of technology, brands, and standards. We want to bring these two things together and become the best local company with amazing global leverage in China. We feel this really can be done in four ways. One is a design for China, which is now 100% of our formulations are designed or adapted in China. We have a big R&D center. I'll speak a lot about that as we go forwards. Decision making in China, very important to be close to the consumer, decide because you need really people who understand the front end in China. It cannot be done from miles away. Most of our key decision makers are based and will be progressively based in China. Moving at the China speed. I mentioned the motion of speed, but it's very important, especially in the big cities. You've got to move really fast and bring things in, try them out, and really either pivot, scale, or kill. Keep moving and experimenting. Now, 75% of our innovations we have the capability of launching within six months of the project being kicked off in the market. This is the muscle that we want to keep building on. Finally, being digital in China, it's no secret that you've got to be fully digital. 80% of our investments in media and marketing are digital, and already 40% of our business is digital commerce based. We call this China for China, and that's really been a strategy that has gave dividends as I will show you in the next chart. Go to the next chart. This shows you our track record in the last decade. Over the last decade, we have more than doubled our business, and over the last five years, we have accelerated our growth and significantly stepped up our profitability by actually trying to be a China for China company with the best global leverage. We're already something like EUR 3.5 billion in scale. We think there's a lot more potential for us to grow bigger in this country in the years to come. We are already 6% of Unilever. We expect this will continue to become higher and higher as we have much more runway for growth in this exciting market. Through the COVID time, in the next chart, I'd like to talk upon how we've not just taken this growth track record for granted. Also when we faced the COVID crisis, we decided We will first, of course, priority will be on our people. We also will use this opportunity to become a stronger company, a more agile company, a more digital company, a more dynamic company, and a better one team. I feel we have all come through stronger in this period. As you can see by looking at the market shares on some of our big categories, our competitiveness has increased across both online and offline. We have sort of bottled this dynamism of resource allocation, better agility in our innovations, and a stronger ability to basically get to the market much high speed, and basically also trying new things and scaling them quite fast. We want to keep this capability bottled and one of the genetic makeups of the company going forwards. We feel that this competitiveness is a very important strength that we found and discovered in this period. Over the last two years, in 2020 and 2021, we continue to have business winning of share, which is well above the 60% mark in China. Going forwards, I'd like to talk a little bit about really our brand portfolio. We are blessed with an amazing brand portfolio. Not only are we diversified across all our broad businesses, foods and refreshment, beauty, personal and home care. Amongst our 20 main brands today, or 65% of the business that we play, we are number three. In the top one, two, or three place. Of the 20 odd brands that we are marketing in China, 10 of them well exceed CNY 1 billion or seen by in size. Anything that's about CNY 1 billion or CNY 1 billion in size broadly means it's a big brand in China. Half of these 10 brands actually closer to well above the CNY 2 billion mark, and we feel this is a very powerful portfolio that we need to stretch. We are also very fortunate that we've been able to, over the last few years, build a strong franchise, as 80% of the urban households are reached now by one or more Unilever brands. That gives us an immense reach. We are, in fact, amongst the top five largest CPG reach companies, global and local players alike in China. That's a really strong position to build the next stage of our growth journey from. Not just that, when it comes to our capability in the next chart, I'd like to talk about what we have built in terms of what we are capable of doing. We have now built a very strong scale of manufacturing. We have manufacturing hubs north, east, south, and west. In fact, our south hub is being announced almost as we speak. We'll be making a well over CNY 100 million investment in Guangzhou and in Guangdong Province. This is going to be our fourth big site. We already have one of the leading smart logistics campuses in Hefei. Our south campus, our south hub will be carbon neutral. That's our plan. Two of our factories that we're very proud to say are already amongst the World Economic Forum's Lighthouse factories. These are factories that are amongst the very few in the world that have shown that they are digitally advanced and capable of delivering a growth while improving sustainability, in the sort of context of Fourth Industrial Revolution. Not just the manufacturing side of it, but on the distribution side of it, we are well networked. We have 26 logistic centers, ambient and cold. We have also been able to deepen our network in China. A consequence of which is that not only have doubled our presence in especially smaller cities, we are now seeing the benefits of that with most of our categories growing share in the lower-tier cities. We've also were prescient in that in 2009, we built a global R&D center in Shanghai, which is in fact co-located with the company. It's something I'm really proud of. We have 350-odd scientists and professionals in the R&D center. They're focused on China and the Chinese consumer and Chinese technology, leveraging the global best and exploring some of the patents. We have well over 100 patents that originated from this excellent facility that we leverage. In the last three years, four years, we have not just taken all of these benefits for granted. We've also built a strong, robust digital infrastructure. Today, we have close to almost 100 digital specialists. These are people who have skill sets that are quite specialized, like machine learning and business intelligence and what have you. We also have the ability to do analytics both for consumer and the business side of it, and build tools, some that are proprietary in nature, that actually give us competitive advantage. Very importantly, in the present day and age with data privacy and cybersecurity, have very strong one, data governance, and being very, very much aligned to the regulatory context of China. We're using this entire capability that's in-house, along with our dedicated partners like WPP Unite. That's a dedicated Unilever platform by WPP that helps us deliver upper to lower funnel integrated data-driven communication, optimization of our marketing plans. This is a really super force to be with. Not only that, we've also built now a scaling in-house partnership with U-Studio, which is basically in-house content studio that not only gives us the ability to create content very quickly, different types of content, as in China we have very large variation in platforms, but importantly also use technology to really scale content sometimes across a lot of our platforms. We are at the end driven by the quality of our people. In the next chart, I'd like to talk about really what's the soul of the company beyond all of the hardware that we've built, is really our people. We think we are a Chinese company. Most of our people, say 99%, are local. We are gender balanced between men and women. We also have in our top team, large majority of our leaders that run various parts of our business are of Chinese ethnicity, that gives them an ability to serve, be very close to the market and basically do what's right for the consumer in the market. We've also been very proud that for the last four years, we've been number one employer of choice for the undergraduate. That gives us a really good crop of the entry level graduates. In fact, many of the leadership team started off as management trainees in Unilever China, and that's paying off now. We're also progressively building an agile organization, an organization that balances focus and scale. To simplify, we call it the Grow, Power, Run Make. We have essentially created a platform of making, which is manufacturing and sourcing, standardized operations, we're building that order to cash run digitally, and a set of centers of expertise, capability hubs like digital analytics, like customer operations and regulatory affairs, et cetera, that service the business units, channels, and customer. These business units are dedicated to their channels and the categories and the customers, and leverage basically the scale of the Unilever platform by being really focused on winning in the markets they choose to play in. Given that we are in a wide range of categories, very important that the people who do the front end really live and breathe the category that they're running, while leveraging the best of scale economies and investments of Unilever's capability in China. That really brings me to the next chapter, which is really our growth priorities. These are growth priorities that probably some of you may have seen a few years ago when I spoke about China as well in a similar forum. I have remained consistent. These are really three growing our core brands penetration, which is getting into more households. These 10 brands are most of our sales, 70%-80%. If you can get them to more households, that drives the base of the business. Transforming our portfolio, very important in China to be constantly evolving our portfolio, and that really means two things: more premium or being in really tailwind segments. Finally, going where people go, which in our case means going digital, because digital commerce really growing very fast and going deep in low tier where we have certainly a lot of headspace and wide space of growth. We see three key enablers, and I will touch upon them here and then in the end, is digitization because no company can succeed in China unless it's digitized. We're progressively digitizing, making investments, some that we've already made, many that we'll make in the future as well, to transform the entire company in a digital capable manner, which is appropriate for China and still leverages the best Unilever scale. Productivity, very important because we spend a lot of money in China on Brand and Marketing Investment, and we've been able to get a continuous improvement in our productivity and use that to fuel our new growth ideas and also improve the shape of our portfolio P&L. Finally, agile organization that I touched upon of becoming really, really fast and flexible and supple when it comes to China to compete. Let me now spend a little bit of time double-clicking on each of these to give you a flavor of how we're landing that in China. Let's talk about the core brands, the 10 brands that we feel really have the base of our business covered. We see, first of all, success in what we've done, which is that 85% of our business is actually growing penetration this year on an M&A basis, which means that we are getting into more households as we speak. It's really, really important because volume is one of the main drivers of growth and volume comes from more users and more usership. This is the primary growth hypothesis of any FMCG company, especially in China, and certainly for us. We see three key drivers of growth in our core brands. One is to have the strong brand power. You want consumers to pull, and that comes with meaningfulness, differentiation, and salience. We have seen when we have leveraged the brand's purpose successfully, the consumers have pulled our brands that they've been popular before, but pulled them even more. A great example is what we are doing with Clear, which is one of our big hair brands with the purpose of resilience. Be clear, be fearless. That's really helping a lot in terms of creating a memory structure and mental culture. Second is stretching our big brands across to adjacencies because once you have brand name resonance and recall it's quite possible to stretch the brands as Dove is showing with going into bath and body and skincare. Finally, we're executing with discipline, which is really about landing mental and physical availability and competitive products at all times in the market. A great example in what we're doing with our Knorr food solutions business, which despite COVID, has used digital selling as a means of getting to three times more operators and chefs and in fact improved even their top chef population by three times by digitization. A brand that really brings all of this together, these three forces really are Omo, which is our biggest brand. Omo is already in a third household. It's a really big brand in China. Over the last four years, five years, we've seen Omo growing in market share by more than 100 basis points in a very competitive market by following the model that I mentioned, but also growing its margin by well over 1,000 basis points. A brand that has extended itself now into all forms of home and hygiene categories and it could have not been better timed given what's happening in the market in hygiene consciousness today. This takes me to the next segment of growth, which is really transforming our portfolio. Having strong base brands is very important but getting us to the next level, we really need to do two things. One, we have to premiumize because we found that wherever we premiumize, premiumization is already 70% of our growth contribution. 50% of our business is what we'd call in the 120 index average and above now. This was well in the 40s and below that in many years back. This transformation is really helping us and we see really two simple things. This in a sense is sort of the core of serving the high tier consumer in most part, is to really use digital tools to improve the speed to the market, get to the market fast by listening, prototyping, aligning and testing it out, and then scaling it. We see that we can do that quite fast now in the market. Importantly, amplify it really using three things: targeting using our digital hub, using influencers through partnerships to engage and convert once you have the right audience and right target consumer, and then using the loyalty management tools to increase the basket size because the cost of recruitment then gets paid off with the lifetime value of the consumer and this has become increasingly important. One brand that really sums up all of this with excellence in our portfolio is Vaseline. Vaseline started off as a very simple portfolio three years or four years ago. It's since then leveraged its base equity and become a really powerful brand. It's already number one in e-commerce in terms of market share and growing. It is now covering from a simple body care to all body parts from tip to toe, leveraging its capability in healing skin, and now is available and some of the innovation like Dove DermaSeries that you can see right in the front has done extremely well and is getting into new segments like baby care and sun care. It's already four times more value density than it was four years ago. It's a great example of what excellence looks like when you take great equity and premiumize that in China. The second driver of transforming a portfolio really is to play in segments which are growing fast. These are for us, we have chosen these four or five segments to play in, and have launched a portfolio of brands. Hygiene for obvious reasons. We have relaunched Lifebuoy, Domestos for home care, and stretched our existing brands like strong power brands like Omo and Lux, and it's paying off very good dividends. These are really all superior products offering unique benefits to consumers at a very, very good value. In home foods, we had a very strong Knorr brand food solution, and now we have, with success, started extending that into in-home use. With vegetable use sauces, and we're seeing success there, and we keep driving this forward. Health and wellbeing, we've launched two brands, OLLY and SmartyPants. OLLY particularly is doing quite well. SmartyPants is still young in the market, but we see very strong future for our health and wellbeing portfolio. Premium laundry with the launch of Laundress, which is very high price but is doing quite well, getting traction, and we sold like a personal care product. Extending our mega brand AHC into premium spaces of anti-aging with the launch of the Youth variant that you see on the screen. All of these segments, even though they're about one year or two years old, already in total have added over EUR 1 billion in R&D sales, which already gives you the sense of opportunity we have in extending them in many more years to come, make them our future core. They're already growing very, very fast at three times, and we see a lot of opportunity in driving this forward as we take them from e-commerce all the way and expand that across offline and scale them up. Coming to the last growth driver, which is really about going where people go, which really means two things. One is going digital. Let me first spend a little bit of time on digital. It's obvious that digitization, e-commerce is roughly 30 odd% of the CPG market in China and growing at roughly 30%. We saw massive growth in 2020, and then a bit less of a slowdown this year. On the whole, if you look at over 2019, the growth is still very, very handsome. Really we are already at 40% of our business, EUR 3.5 some billion, EUR 1.3 billion is digital. We see this going towards 50% in not so far future. We see three broad drivers and pillars to succeeding and why we see success even in competitiveness in e-commerce in China today with Unilever. First is very close partnerships with our key platforms. Whether it's B2C platforms like Ali, JD or Pinduoduo, or the new emerging platforms like ByteDance and Kuaishou or Tencent, of course, which is very, very massive in the social space, or even the O2O players, which is basically the omni-channel, which has really grew quite handsomely in the last one year. For us, it's well in excess of the market. We have very high shares, so we feel very good about that. Really working very closely with the partners like JD Daojia, Shenghua, and Meituan, and others like that. On the content side, because that's what consumers see. They're not in the store. What they see is basically what they see in the phone. You got to make sure that your content is shoppable. For that, it simply really means four things. One, we've got to execute well on any moment. We must be perfect. We have a very clear criteria that we track on a real-time basis daily on how we are doing against that. Really the key thing there is to be available online, which means in some parts also owning the key search words. It's very important to have the engaging content. Short videos are really growing in popularity and gives us a great opportunity to show products with technology like the one you see on screen right now. Live streaming, which I mentioned, has grown massively over the last year or two years and really support good partnerships with the top celebrity endorsers, but even our own live streaming and making that big and making sure that we drive that profitably. Leveraging and harvesting the consumers that actually shop from us to become members through increasing the basket size, such as regime samples and other things that we do to really create stickiness once they are really part of our franchise. Finally, it's very important not to see this entire digital comms or even the broad platform of the customers as one big mess. They are very, very unique. We might need more novelty like the Dove formats you see here for TikTok or Douyin. We might need a strong value brand like Hazeline to play in Pinduoduo with value offers. We will also need for the omni-channel O2O platforms like Hema from Ali, a specific variant exclusively designed for them, for their customers that goes with, for instance, a dish pairing, which is very popular in their store. It is really about designing for channel, and this is a critical ingredient in our success. I think close to almost half or more of our portfolio is already exclusive in some way for the channel when it comes and platform and customer when it comes to e-commerce. Finally, on the point of going deep, as I mentioned to you, it's very important for us to increase our presence in the smaller cities. What we've now started doing is, after having expanded our network, for us, the next growth journey is in organizing ourselves around city clusters. We see that the cities are really the economic unit of China, and cities around the big cities tend to really become the most promising parts of the urban areas that really, for a company like ours, are very attractive. We've taken the entire country, divided them into 300 city clusters, and chosen top 100 of those that correspond to 60% of population and 80% of the offline business, and further segmented them depending upon our competitive position. Very clear in which city clusters of priority we need to do what on importance. We want to organize them around city cluster managers to give end-to-end responsibility. One big city with A, B, C, D, or tier I, II, III, IV cities is a collection of cities under one person who we can actually hold accountable end to end and organize the analytics to make sure we can track outcomes and investments on a city cluster basis. Eventually, it's really our job and mission to create a digital platform that gives us a high level of control and execution. Are we getting into more stores? Are we making them better through better range quality? Are we getting stronger engagement with our customers, especially wholesale that will keep playing a very important part in getting our products to the groceries along with the e-route to market, where again, we have got a lead by having early strategic engagement with the big platforms like Alibaba and JD.com. Finally, we are investing and upgrading our digital infrastructure for our go-to-market capability, and this is going to become an amazing force. Our ambition is to be the best in class and do a next generation level jump. Coming finally to a touch on the enablers. I know that given the time, we would love you to go deep in this. I made strong points already about digitization and transformation of the entire layer of Grow, Power, Run Make, and make sure all of that is digitized. Productivity, we are already delivering a strong track record, 9%-10% of our spends every year through our global tools of NRM, 5S for materials, non-material savings, our overhead, Z BB for BMI. We are continuing to drive 9%-10% of opportunity that can be helped and used for our fueling the growth by reinvesting all the white spaces and opportunities mentioned. That will continue to be a strong muscle we keep deploying in the future. Making an organization even more agile, not just balancing structurally the focus on scale, but importantly, expanding what has successfully been observed in the company on the agility of working across the company more widely and flexible resourcing, which is already quite scaled in Unilever China to become really a generic code of the company. In sum, if I can conclude, what I really tried to do in the last 30 odd minutes or less is the following, and I just want to talk through a few headlines again. Winning in China is absolutely a must-win for Unilever, we call out as a top three market set in the New Compass strategy. It's already our third biggest business, there's a strong headway for growth, future growth potential is amazing. We got to stay thick and thin through ups and downs, this is going to really remain a very exciting growth story. We've delivered consistently, profitably with last five years, we have credibility, we like to continue to do that in the years to come. We are coming out stronger through the pandemic, more competitive, more agile, and more digital. We expect to consistently remain disciplined around our three broad priorities and enablers. Getting our core big brands into more households all the time, transforming our portfolio into future fit portfolio, mainly through premiumization of our existing brands, of our premium brands, getting them in more households, or indeed, launching into premium categories or new premium brands. Also getting behind categories that have got high tailwinds like hygiene and health and wellness. Finally, go where people go. That for us really means really lead in digital commerce, be absolutely on the top of that game. It's already going to be, I think, in the near future, half our business, and make sure we leverage the white space opportunity when it comes to low tier cities by going deep and building a strong, robust infrastructure and ability to reach more outlets better in the low tier cities. That really brings me to the end of what I wanted to say, and I will now hand over to Richard so we can take some of the Q&A at this point. Thank you very much. Richard, over to you. Thanks, Rohit. Just as a reminder, if you want to ask a question then just submit it in the Q&A box, which is underneath the presentation. The first question is from David Hayes at Société Générale. We have seen renewed restrictions on travel and movement in the last few months. Have they been a setback for out of home recovery and reopening, or has there been no material impact on social behaviors and out of home demand levels? To respond, I think as of half one, we had seen a significant improvement in our food solutions business and our ice cream business, which are both focused in out of home. I must say that we not only have exceeded both, definitely that we've recovered from 2020 drop, but also increased actually beyond 2019. We're having good trend when it comes to food solutions. Similarly on ice cream, where we again, I would say going from strength to strength in this year. There is some impact in the recent times because of the regional stoppages, but frankly, this does tend to be more regional in nature, and the government is pretty capable of managing it on a segmented basis, and we see basically a few weeks of closures and restrictions and then them going away. It's sort of become muscle that both us or companies like us, but also consumers have got used to and sort of just living with COVID, so to speak. I think eventually, it is temporary up and down, but I would say that consumers are reasonably confident in China when it comes to out of home consumption occasions as we speak Thanks, Rohit. We have another question, which is from Eva Quiro ga at Bank of America. What's the medium-term opportunity for prestige beauty now that the regulatory environment has changed? What are the first thoughts following the Kate Somerville launch? Well, I think I really love our prestige portfolio. Frankly, I've been rooting for it to be in China for many years. We have very good reasons. We were working very closely with the government and other players in the industry. Now the animal testing regulation has been liberalized from early this year, and it's still conditional, but liberalized nevertheless. We've been working again, very closely with regulatory affairs, and we are amongst the first company, actually the first company, to get certification for, I think, two of our products. One of them is Kate Somerville. I am absolutely certain that when available freely, in local e-commerce, the brands have very strong future and brands like Dermalogica, Kate Somerville, and many others that we have. Many of these have very strong traction in cross-border, where we have now a joint venture with another company. We are already getting prepared, and I see increasingly more and more opportunity in this space, especially, as you've known that over the last few years, and I do feel that even in the future, the premium and the prestige end of the portfolio will continue to grow. We have a very strong portfolio and stable of brands and I'm very optimistic about their future in China. Okay. There's a follow-up question to that, which you have half answered, actually, from Guillaume Delmas at UBS, which is what do you see as being your main competitive advantages in prestige beauty? I am actually speaking for the team. I think they're better capable to answer that. Just as an important stakeholder, somebody who really loves these brands and I would love to see the business grow in China. I think at the end of the day, it's going to be really about brands, and I think some of our brands already, like I said, when we have demonstrated them, exhibited them in a CIIE, which is import, export exhibition, that happens every year. We always participate. Prestige always has a stall there. You can already see how many of them have a strong social buzz and the opportunity that there is. I think the brands and technology and what it stands for, and also the fact that we've been very steadfast about our values and not testing on animals, all of that will certainly work to our advantage because consumers are getting more and more sensitive on the environment and all of these brands have very strong stories on that front as well. Thanks, Rohit. Well, we've got a popular subject, a question on premiumization. Does the premiumization of Dove make sense, or does the move to bring in new brands such as Dermalogica, Kate Somerville, et cetera, get Unilever bigger in prestige more quickly? It's an and question, not an or question, because both Dove and Dermalogica have a role to play. We're talking a very large market with a huge price pyramid. Anything I've seen, certainly in my 4.5 years, five years in China, we've done on Dove to premiumize that, it's paid off for us. We've already, for instance, on scrubs, that bathing scrubs, we are a very successful entry with Dove. We've had very successful entry with foams with Dove and Bath & Body is an amazing opportunity for Dove as well. I feel that Dove as a brand in the consumer's mind is much, much bigger than an actual physical sale, and I feel that that's the job we have to do, is to really fill that gap. I'm quite certain that's going to happen because every premiumization attempt in Dove works. That doesn't take away from the opportunity in prestige space because that's. Across segments, because we're talking of very vast, I'm talking of tens of billions of EUR a market. Therefore, Dermalogica as well has a strong opportunity, and it can be and will be a very big brand in China when it's fully available. Okay, thank you. Let's move into a different category. There's a question from Warren Ackerman at Barclays. Can you discuss the trends of Chinese laundry? Players like Blue Moon have IPO'd and are quite aggressive, but you have said you have grown share by 100 basis points and margins by 1,000 basis points. How have you achieved it? What can Chinese laundry grow for Unilever in the long term? I think that's really an excellent question, and I think Omo, in a sense, has been the lighthouse for many of our big brands on how we can actually learn how to grow a big brand competitively. At the heart of Omo's success is really first and most important is competitive products. We have almost universal superiority against our benchmarks in use, and that has been a big driver of growth. Second has been consistency of our proposition of, you know, using a proposition beyond the obvious, so experience and get dirty. Appropriate for China, so adapted for China, and we've been consistently on that ever since and built a strong memory structure. Third, really has been the fact that, we focus very squarely on the opportunity of liquids, where we have tried to really follow the tailwinds of liquids, grow the category rather than participate in the powders in the bar segment more aggressively. We've been very focused on that. In the recent past, we've also made a very clear choice on driving the growth in capsules, which again, has paid off for us, and we are the number one brand in offline. We've been extremely developing capsules as well. We've also indigenized that. We've built local capability. We've adjusted the formulation for the Chinese consumer. It's really been China for China in action as well for Omo. Now the last lever of growth is that we've taken a brand that was very well known, certainly in the East. We're going deep and wide, we're taking it to West, North, and South. We have taken a very well-known brand like Omo and extended that to categories beyond laundry into home and hygiene care, and that's working very well. Dish wash, which is already a sizable business. All of these things essentially give us the formula on how we can actually take a big brand and make it much, much bigger. For me, I think Omo has a lot of opportunity to grow in China, not just with this. Like I said, we have three parts of the country that we still are huge white space from a point of view of geography. We have a lot of distance to cover. I see a lot of years of growth in Omo. Thanks, Rohit. Now we're going to change and a question about distribution from Catherine Lock at M&G. How do you manage expansion into lower tier cities with physical distribution alongside development of group buying, PDD, et cetera? What are the relative merits and drawbacks of group buying systems for Unilever? Let me first start by giving a sense of. What we've done, it's obvious, like I mentioned, we have low penetration and lower tier cities that are growing faster than large market will keep growing further, so we have to play. We have to play because everything we do is basically value adding for us. Of course, it's not as easy as that because we're talking a very large geography and we've been doing that not one year, but over the last four years or five years, building deeper infrastructure, distributors and making sure we don't just get distributors, but also like growth. That is paying off. That's one route of lower tier city presence. The second has been e-route to market. That has also become sizable for us. Through the Alibaba and JD.com platforms, we were early with them, and the B2B now, 3%, 4%, 5% of our sales. That has given us presence in grocery stores that we are not covering direct. The third route, of course, is wholesalers that continue to play a part. What I'm saying is to get to the lower tier cities, we really need multiple levers and multiple routes to market, not just one. We keep doing that because there's no end to this process. This is a very, very vast country, and we have a lot of white space to cover. When it comes to Pinduoduo as a platform, though may have started with very strong value propositions and also lower tier city bias, it has become pretty universal, as you have seen from their results. They said that they're already amongst the largest MAU, they're being used by nearly everybody. We are working very closely with them as well. We're one of their top 10 strategic partners. It's early years. Insofar as when you talk about how do you create the right balance, we do have two conscious strategies. One is we have an omnichannel pricing strategy, we make sure that anything we launch basically doesn't create price conflict across. That's really very important in China within multiple channels, from B2C to B2B, O2O, now group buying. The second really is to have some exclusive or biased portfolios, like I mentioned, Eucerin, for instance, that is really more tuned into the shopper profile of Pinduoduo. On the other hand, we'll have something that's more suited to the shopper profile of JD.com. For instance, Clear Men is quite big there or something that's suited to the shopper profile of Alibaba. For instance, our skincare brands are much more popular in Alibaba. There's always a bias that we can serve that gives us a little bit of distance between different platforms. Okay, I just see the time, Rohit. Let's just squeeze in one last one. Can you say a bit about inflation in China and your pricing reaction to it? Sure. I'm sure this is the top of the mind of all the people concerned, and it's in our top of the mind and one of the things that we discuss every month and every quarterly in our sales and operation planning, looking both outwards. In 2021, we were fortunate that we managed to, through various levers, and if you look at basically margin, we were able to improve our margin in 2021 in the business in China, because we were able to drive structurally our cost down through localization, through better buying savings, through longer covers, and through product logic, improve our mix, which has really been very important driver of sales and growth by a significant% this year. In a sense, therefore, neutralize the price inflation, especially in the first half, it was not so much in the second half. We did see that coming through, but we think we will be able to manage that well this year. Having said that, we do know that based on the global inputs, that the inflation is likely to get even more extreme in the year to come, and we are prepared for that. We are constantly looking at our pricing analytics and what you call the net revenue management muscle, and we are ready, and we will be designing and deploying in time. We're very close to what's happening in the market. In some cases, we will lead, in some cases, we'll follow. This is something that we do all the time. This is really hard. It's a very strong muscle, both from the cost and the mix and the price landing and the designing end in the company. Really top of the mind. Thank you, Rohit. Right, I think we're going to have to stop there. We've run over a little bit. Just a reminder to everybody that the presentation will be available on our website. Thank you everybody for joining and dialing in, and especially a big thanks to you, Rohit. Thanks for your time. Thanks for a great presentation. Thanks, everyone. Thank you. Really happy to be here. Thank you. Thanks, Richard.