The Heineken Pension Fund (HPF) is shocked by Russia's invasion of Ukraine. It is a human tragedy of enormous magnitude, with families broken and displaced, with many injured and even loss of life. Senseless, criminal and a blatant violation of human rights. Our thoughts are with all the people who have been affected.

With regard to our investment portfolio, we can report that our allocation to Russian investments is minimal (less than 0.5% of our total assets). These investments do not involve the sanctioned companies or banks that are excluded from SWIFT.

The HPF is considering these investments and will of course closely monitor developments.