We remain deeply troubled by the war in Ukraine and the humanitarian crisis it has caused.

Following the outbreak of the war, we announced the suspension of future investments, development activity and new hotel openings in Russia and that we did not intend to resume any investment or development activity in the foreseeable future.

We also closed our corporate office in Moscow. These steps followed significant donations to our humanitarian charity partners and a commitment to work with hotel owners in other countries to shelter refugees.

Subsequently, on April 8 we announced that we have been in discussions with the owners of the 28 IHG-branded hotels in Russia regarding the complex, long-term management and franchise contracts under which these hotels operate.

We are now in the process of ceasing all operations in Russia consistent with evolving UK, US and EU sanction regimes and the ongoing and increasing challenges of operating there.

As we do this, we continue to remain focused on supporting our teams in Russia and in Ukraine, in line with our commitment to care for our people and the communities in which we operate.