Since the beginning of the conflict in Ukraine we have reduced our operational business in Russia to a minimum and have been conducting an intensive review of all options, including exit the Russian market. The assessment and realization of adequate options are ongoing...The primary reason we have not liquidated our Russian subsidiary in the past is because we bear responsibility for our local employees and management team. To mitigate negative effects on individuals remains a priority also for further steps...Regarding Ukraine, on an individual and local basis we have provided humanitarian support by collecting and transferring goods and financial funds to humanitarian organizations in the Ukraine...

Hoffmann Group is committed to conducting business in a sustainable and responsible manner – in the interest of the company, its staff and the general public. Our Code of Conduct is based on the principles of the United Nations Global Compact (UN Global Compact) and the International Labor Organization (ILO) Declaration on Fundamental Principles and Rights at Work.

More specifically, Hoffmann has always behaved in accordance with the rules: To comply fully with all embargoes, sanctions and other trade restrictions and to exclude critical supplies, we have introduced a very rigid set of rules for export controls many years ago.

As a result of the annexation of the Krim in 2014, global regulations for trade with Russian companies were tightened. We immediately implemented the new requirements appropriately in our rules and regulations, and in 2014 we stopped supplying sanctioned industries in Russia. Furthermore, our controls stipulate that our subsidiaries as well as our distribution partners and customers must confirm in writing that goods delivered by us will neither be routed to a critical end use nor be redelivered to sanctioned areas.

Beyond these global surveillance measures we have implemented in Russia an even stricter set of rules including e.g. the detailed audit of holding structures and name variations. In February 2022 we further intensified our measures and stopped making delivery commitments to Russian customers...