8 Dear Stakeholders, Dear Stakeholders, At The Estée Lauder Companies, it is our ambition to lead in social impact; sustainability; and inclusion, diversity, and At The Estée Lauder Companies, it is our ambition to lead in social impact; sustainability; and inclusion, diversity, and equity. Despite a year of continued challenges related to COVID-19, we remained steadfast in our commitment to these equity. Despite a year of continued challenges related to COVID-19, we remained steadfast in our commitment to these long-term objectives, while delivering exceptional business results. long-term objectives, while delivering exceptional business results. This year is deeply significant to us, as it marks the 75th anniversary of The Estée Lauder Companies. The success of This year is deeply significant to us, as it marks the 75th anniversary of The Estée Lauder Companies. The success of our company has long been rooted not only in our business strategy, but in a deep understanding of our core values, our company has long been rooted not only in our business strategy, but in a deep understanding of our core values, including respect for the individual, uncompromising ethics and integrity, generosity of spirit, and fearless persistence. including respect for the individual, uncompromising ethics and integrity, generosity of spirit, and fearless persistence. As we look ahead, our responsibility is clear: to act on these values with even more intensity and intention, and to As we look ahead, our responsibility is clear: to act on these values with even more intensity and intention, and to accelerate our commitment to help protect the planet and the health and well-being of our employees, consumers, accelerate our commitment to help protect the planet and the health and well-being of our employees, consumers, and the communities in which we live, work, and source. and the communities in which we live, work, and source. FABRIZIO FREDA FABRIZIO FREDA WILLIAM P. LAUDER & WILLIAM P. LAUDER & LETTER FROM LETTER FROM