Russian Investments

In light of the on-going situation in Ukraine, the Trustee of the TfL Pension Fund has carefully assessed the Fund's exposure to bond and equity holdings domiciled in Russia. The Fund's current exposure is a small proportion of the overall Fund, totalling approximately £28m (0.2% of total Fund assets), of which £25m is held in direct investments.

Having taken investment and legal advice, the Trustee is instructing the Fund's Investment Managers to freeze all existing direct holdings in Russian-domiciled investments. The Fund will therefore make no additional direct investments or disinvestments in Russian-domiciled bonds or equities until further notice, recognising the current lack of market for selling these assets and the Trustee's fiduciary duty to act in the best interests of the Fund's members.

The Trustee and the Fund continue to comply with all economic sanctions in force and will continue to keep the matter under active review.

Stephen Field

Fund Secretary