of the staff's capability and efficiency in harmony with the SEC's Strategic Plan, tailor-made training 0 50 100 150 200 250 300 350 400 450 500 fee income SET contribution 2006 2007 354.6 441.4 162.7

PROSPECTUS CHANEL CERES PLC (incorporated with limited liability in England and Wales) EUR300,000,000 Sustainability-Linked Guaranteed Notes due 2026 unconditionally and irrevocably guaranteed by Chanel Limited Issue price: 99.726 per cent. and EUR300,000,000 Sustainability-Linked Guaranteed Notes due 2031 unconditionally and irrevocably guaranteed by Chanel Limited Issue price: 99.400 per cent. The EUR300,000,000 Sustainability-Linked Guaranteed Notes due 2026 (the "2026 Notes") and the EUR300,...