HelloFresh SE — Environmental & Social Information 2020

Apr 22, 2020

SUSTAINABILITY REPORT 2019

Foreword from the CEO, Dominik Richter

These are extraordinary times. More than ever, people are reminded of all the ways we are connected and how our individual actions can impact one another.

HelloFresh is a little over eight years old. In this time, we have become one of the planet's leading providers of fresh food at home. In 2019, we delivered more than 280 million meals to customers in 13 countries around the world. Our more than 5,000 employees are contributing to our mission of changing the way people eat – forever.

While this growth is significant, it also places us in a position to make meaningful contributions to the wellbeing of the world and its inhabitants. We understand our growing role and responsibilities, and consider it our duty to think globally and act locally.

This universal understanding applies to many aspects of our business, including our approach to climate change. This report was composed before the coronavirus outbreak, but touches on the theme of global connectedness through environmental impact, delineating the ways that HelloFresh is continuously improving its sustainability efforts as it grows.

At the heart of those efforts is our disruptive, lean and low-waste supply chain. It is a radically more sustainable way for people to source their groceries, and is fundamental to our success as a business and as a global environmental player. Since data is essential to everything we do, we have put systems in place that track a wide range of ecological and social indicators. These metrics inform us on how we can best improve the sustainability of our product and our company.

Food waste, for example, has a major impact on climate change – in fact its reduction is one of the Sustainable Development Goals of the United Nations. Our business model inherently contributes to lower food waste. To put this into perspective: our own facilities generate 66% less food waste per euro of revenue than the average of 12 leading traditional food retailers globally. At home, our customers discard less food during cooking and have less food left over than when they buy their groceries at the store.

In terms of carbon emissions, our highly optimized production facilities emit significantly less CO₂ per euro of revenue compared to traditional food retailers, which need to cool, heat and light thousands of stores.

With packaging, our highest priority is to ensure quality, freshness and safe transportation in many different climates. We are committed to tracking and reducing our overall amount of packaging. In parallel, we are looking at many ways to make our packaging more sustainable.

Running a sustainable company is more than just mitigating our impact on the environment. Our employees and suppliers are at the core of our operations, and we take their welfare very seriously.

To drive our efforts even further, we have appointed sustainability leads in each market. We continue to hire experts in order to build on our momentum. We've found that smart sustainability decisions are often smart business decisions. At the management level, climate-related risks have become an integral part of our risk-mitigation strategy.

Mindful of our huge success, but also aware of our great responsibility, I'm very happy to share with you our impressive progress in sustainability for 2019.

Dominik Richter

About the Sustainability Report 2019

This report includes our combined non-financial reports for HelloFresh SE and the HelloFresh Group in accordance with Sec. 289b (1) and (3) and Sec. 315b (1) and (3) HGB (German Commercial Code). All information contained here, including relevant key performance indicators, is provided jointly for HelloFresh SE and the HelloFresh Group for the fiscal year 2019. In our sustainability strategy and related activities, we do not distinguish between HelloFresh SE and the HelloFresh Group.

HelloFresh's investment in sustainable action – along with its constant further development and improvement in all our activities – is an essential prerequisite for our success. This report includes information on our efforts related to environmental matters ("Our Planet"), employee matters ("Our People"), and social and human rights matters, as well as on the fight against corruption and bribery and other related topics ("Our Community").

Our reporting on these aspects is not based on Global Reporting Initiative (GRI) reporting standards. These standards do not appropriately cover all the topics essential to our activities and differ in their handling of the materiality requirements by the applicable German laws. The focus of our reporting is determined by the topics that our customers, staff, senior management and suppliers see according to an internal analysis as relevant to the way we operate. On this basis, we consider environmental issues such as the reduction of food waste, carbon emissions, packaging and responsible ingredient sourcing to be of particular importance.

We elaborate on the concepts and the due diligence processes we implemented in regards to each aspect, as well as on the achieved results (if available). The understanding of the relevance of the discussed nonfinancial aspects does not require a reference to specific amounts in our financial statements for the fiscal year 2019 or additional explanations in that regard.

Explanation of the business model of HelloFresh

Operating mainly under our HelloFresh brand, we provide personalized meal solutions to about 2.97 million active customers (October 1, 2019 to December 31, 2019) in 13 countries. We aim to provide the households in these countries with the opportunity to enjoy home-cooked meals that require virtually no planning and no grocery shopping.

Our personalized meal kits are delivered directly to our customers' doors at a time of their choice and contain nearly everything required to create varied meals from ingredients that are sourced locally whenever possible. Further detailed information on our business model is provided in section B. 1. of our Annual Report 2019.

Risk Management and involvement of Management Board

HelloFresh has a dedicated risk management function that identifies and assesses risks that could affect HelloFresh's business performance and sustainability efforts. On this basis, risk owners are determined and risks identified which are monitored continuously. The scope of risks covered includes environmental, labor and social aspects, as well as risks related to human rights and corruption. Risks are mitigated with appropriate actions, controls and due diligence, and are reported to the Management and Supervisory Boards on a regular basis.

The Management Board bears the overall responsibility for the sustainability strategy. It provides its guidance on the sustainability concepts pursued regarding each aspect and coordinates the respective measures with the responsible management levels.

Table of contents

HelloFresh: Sustainability in numbers	5
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Our Planet

How our business model and operations in 13 countries affect the environment, and what initiatives we are taking to minimize our impact on it.

Against food waste	8
Tracking and reducing carbon emissions	10
Reducing and improving packaging	12
Interview: Innovations in food cooling	14
Responsible ingredient sourcing	15
Interview: Green Chef: The most sustainable meal kit	16

Our People

How we draw on, enhance and reward the talents of everyone on the HelloFresh team, working in a culture based on friendliness and respect.

Employee diversity	17
Employee health and well-being	19
Interview: Diversity driving success	20
Employee workplace safety	21
Employee development	21

Our Community

How we have a positive impact on the communities in which we operate, and how we use our influence in our supply chain for positive outcomes.

Working conditions at our suppliers	22
Food safety and quality	23
Fight against corruption and bribery	23
Customer privacy and data protection	23
Educating young people about the benefits of fresh food	24
Direct engagement with the community	24

Looking Ahead ²⁵

HelloFresh: Sustainability in numbers

HelloFresh: Sustainability in numbers

Our Planet

"HelloFresh is a more sustainable way to get groceries than supermarkets and other traditional food retailers."

Prof. Dr. Tilman Eichstädt, Senior VP for International Product & Procurement

As the world's largest meal kit provider, we make a signifi cant and positive impact on the environment. In 2019 alone, HelloFresh delivered more than 280 million meals to customers in 13 countries through our lean and innovative supply chain that practically eliminates food waste, reduces carbon emissions, optimizes packaging and favors local ingredient sourcing.

This direct-to-consumer business model is a sustainable evolution of the food system, and is consistent with multiple United Nations Sustainable Development Goals. Amongst others, these three goals specifi cally apply to us:

• Goal 12 Responsible consumption and production. HelloFresh supports sustainable food systems and minimizes food and packaging waste.
• Goal 13 Climate action. HelloFresh reduces emissions.
• Goals 14 Life below water, and Goal 15 Life on land. HelloFresh sources ingredients from certifi ed suppliers who use marine resources and land-based ecosystems sustainably.

To ensure constant innovation and improvement, HelloFresh has established tools that quantify and monitor our sustainability progress in a systematic way. We benchmark our sustainability compared to a dozen top global food retailers on an ongoing basis to ensure that we are always improving.

Against food waste

Reduction and avoidance of food waste is at the core of how HelloFresh operates and what we off er to our customers. In the 2013 study Food Wastage Footprint: Impacts on Natural Resources, the Food and Agriculture Organization of the United Nations (FAO) estimated that a third of all food produced in the world is lost or wasted every year. UN Sustainable Development Goal 12.3 is to halve global food waste at the retail and consumer level, as well as along the production and supply chain, by 2030.

HelloFresh's lean, make-to-order business model pulls exactly the right quantities from the supply chain based on consumer orders, rather than estimating demand and wasting any unsold stock. This model avoids oversupply, and our growing enterprise enjoys much lower levels of waste than traditional food retailers. Once HelloFresh meal kits reach customers' homes, the pre-portioned ingredients fi t the recipes precisely, meaning that less food is discarded while cooking and there is less food left over.

We continue to work closely with our suppliers to minimize ineffi ciency in their operations. Our goal is to reduce food waste in our operations to nearly zero.

Virtually eliminating food waste in operations

At HelloFresh, less than 1% of all purchased ingredients go to waste in our facilities. Our weekly dynamic forecasting system minimizes overordering, and applies modern machine-learning techniques that continuously improve forecasting accuracy and minimize food waste. The systems integrate procurement with menu planning, order fulfi llment and customer care feedback to maximize effi ciency throughout the supply chain.

In the last quarter of 2019, the typical HelloFresh delivery meal contained 621 grams of groceries. During production, just 3.6 grams went to waste and another 8.5 grams per meal were donated. HelloFresh operations generated 66% less food waste than the average generated by 12 leading food retailers globally (internal study, based on fi gures published by 12 leading traditional food retailers worldwide). That is just 0.6 grams of waste per euro of revenue versus 1.78 grams by traditional food retailers.

As part of our ongoing commitment to reduce food waste, HelloFresh US was offi cially accepted into the EPA's Food Recovery Challenge and the US Food Loss and Waste 2030 Champions programs. In the Netherlands, we joined the national Samen Tegen Voedselverspilling (Together Against Food Waste) eff ort.

Most unsold food gets donated

Only a fraction of the food in the HelloFresh production process does not make it to customers. We donate the vast majority of edible, unsold ingredients to local charitable organizations, directly benefi ting people who face food insecurity. In the US alone, HelloFresh donated over 2.5 million meals to charity in 2019. Most HelloFresh production facilities have a local food bank partnership. In the US, our fi ve distribution centers are linked with Spoiler Alert to identify the nearest hunger relief organizations. Around the world, food charities that we regularly support include:

Australia: Foodbank Australia, OzHarvest Belgium: Belgian Federation of Food Banks Canada: Scaddington Court, Edmonton Food Bank, Langley Food Bank and community centres in British Columbia Germany: Die Tafel Netherlands: Voedselbanken NL, Buurtbuik New Zealand: KiwiHarvest Sweden: Värmestugan Helsingborg United Kingdom: Felix Project, Alexandra Rose, Banbury Community Fridge, Oxford Food Project United States: Table to Table, Tarrant Area Food Bank, Food Bank of Contra Costa & Solano, Alameda Food Bank, We Don't Waste, South Jersey Food Bank

Reducing food waste at home

In 2019, HelloFresh commissioned a multinational study in collaboration with researchers from the Wuppertal Institute in Germany. The study was conducted in Belgium, the Netherlands, Canada, Germany, the UK and the US. We spoke with nearly 1,000 customers in order to track the amount of food they wasted when they cooked with HelloFresh, and compared this with the food they wasted when they shopped for groceries at the store or bought ready-made meals.

We also wanted to capture how much food is wasted at each stage, including from excess shopping, ingredients discarded during cooking, and the amount of food left over after meals. Customers reported on their experiences for seven days using HelloFresh meal kits and seven days following their own diet and shopping habits, with no meal kit support. Respondents were selected to refl ect our customer base in each market.

The study revealed that, with a HelloFresh dinner, customers waste 21% less food compared to a meal cooked from scratch with ingredients bought at a traditional supermarket. Even when compared to a semi-prepared, ready-to-cook or frozen meal, a HelloFresh dinner creates 11% less food waste.

Tracking and reducing carbon emissions

In line with UN Sustainable Development Goal 13 to take action on climate, HelloFresh is committed to tracking and reducing our per meal carbon emissions.

HelloFresh measures CO₂ emissions in two broad categories: emissions derived from electricity and gas consumption in our facilities, and those derived from delivering our meal kits to customers.

Since 2017, numerous systems have been put in place to track our facility emissions across all markets.

HelloFresh also monitors delivery emissions in the Netherlands, Belgium and Australia, where we operate our own fleet. In the US, which is our largest market, HelloFresh uses leading carbon calculation software tools to estimate our share of the delivery providers' emissions.

Tracking and reducing emissions from our facilities

HelloFresh operates 17 food production and logistics facilities worldwide. These operations produce lower CO2 emissions than traditional food retailers since we do not have to heat, light and cool thousands of stores. Globally, HelloFresh's emissions from electricity and gas added up to 7 grams of CO2 per euro of revenue. This is 71% less than the average produced by 12 leading traditional food retailers (internal study, based on figures published by 12 leading traditional food retailers worldwide). Our energy consumption and emissions calculations cover 97.5% of our production volume.

HelloFresh continuously decreases energy intensity through a combination of growth, efficiency improvements and increasing our capacity to generate renewable power. Electricity and gas consumption in HelloFresh-operated facilities currently stands at 0.02 kWh per euro of revenue. Actions have been taken to further improve HelloFresh's energy efficiency, including some energy production at the distribution centers. During the course of 2019, we installed a 2 x 99 kW solar generation system on our warehouse in Australia, and a 270 kW solar system on our distribution center in the Netherlands.

Tracking and reducing emissions from customer delivery

HelloFresh meal kits travel as efficiently as possible. They are shipped in batches on delivery routes that are planned for maximum performance and minimum fuel. Each route replaces many individual customer trips to the grocery store.

In the Benelux region, we operate a fleet of HelloFresh vans, through which we handle the last mile shipment ourselves. In the Benelux region, we made big strides in 2019 by improving outbound logistics-related emissions. Optimizing our route-planning software, for example, reduced the number of kilometers driven each week by 15%.

HelloFresh's fi rst electric vans began delivering meal kits in the Netherlands in 2019, and by early 2020, 100% of deliveries in the city of Amsterdam will be emission-free. Belgian customers will get their fi rst emission-free deliveries in 2020, with urban areas prioritized to maximize the use of the electric vehicles.

Examples for optimizing our delivery through third party suppliers can also be found in several markets. For example, HelloFresh US is currently using leading emissions software tools that estimate our American outbound logistics carbon footprint. HelloFresh was also admitted to the EPA SmartWay program to help companies measure, benchmark and improve freight transportation effi ciency. Over 99% of our US delivery partners are also members.

In New Zealand, another market where the meal kits are delivered by third-party shippers, we partnered with Urgent Couriers, the fi rst delivery company in the country to become carbon neutral. During 2019, their share of total HelloFresh deliveries increased from 30% to 45%. In 2020, we will be cooperating with them to optimize their routes and reduce the average driving distance per box. HelloFresh is also working with NZP, another major delivery provider, in transitioning to carbon-neutral operations.

First overall carbon footprints per meal: Netherlands, Belgium and the US

Operations vary widely from market to market, so in 2019, HelloFresh determined our carbon footprint per meal in two specifi c scenarios:

• In the US, HelloFresh uses external delivery partners. When we combined the emissions from our production and attributed a share from our partners, each HelloFresh meal had a carbon footprint of 294.5 grams of CO₂. This equates to 39.8 grams of CO₂ per euro of revenue.
• In the Netherlands and Belgium, HelloFresh operates our own delivery fl eet. Delivery distances are shorter in this region, making the carbon footprint per meal 203.5 grams of CO₂, or 36.2 grams of CO₂ per euro revenue.

In calculating these fi gures, we used conversion factors applicable to each market as well as local logistics data.

In 2020, HelloFresh will measure our carbon footprint per meal in a wider range of markets.

Emissions tracking

In all markets, tracking is underway to measure Scope 1 greenhouse gas (GHG) emissions, or what is emitted directly from our own operations, as well as Scope 2, which includes emissions for services that we buy in order to operate (primarily electricity and gas). In the US, tracking began for some Scope 3 emissions, specifi cally those that occur as part of corporate travel and outbound logistics, where box deliveries are handled by external shipping companies. In the Netherlands, Belgium and Australia, where we operate the fl eet, delivery emissions fall under Scope 1.

Reducing and improving packaging

HelloFresh's disruptive business model gives us an innovation advantage. We develop new ways of packaging food with less waste, while still ensuring excellent food quality, freshness and safety. Continuous innovation in packaging helps HelloFresh meet the requirements of varying climates, delivery distances and consumer preferences. This approach is consistent with UN Sustainable Development Goal 12 - Responsible consumption and production.

Our packaging commitment: avoid, reduce and innovate

In all regions and climates, the HelloFresh packaging commitment is to:

• avoid it completely when possible;
• reduce it when packaging really is necessary;
• optimize it for recycling and innovate for less waste.

HelloFresh applies these three principles to all packaging that goes to the customer, but also to how suppliers ship items to us.

Across all markets, HelloFresh has installed systems to measure and reduce transport packaging. At our in-house International Test Laboratory for packaging, engineers develop new innovations including paper-based cooler pouches and a thermo-forming machine to produce water-fi lled ice packs. Suppliers are encouraged to replace disposable boxes with reusable crates when shipping ingredients to us. For transport to the customer, local confi guration tools factor in the weather, the distance and how much space and cooling the ingredients need. These tools then determine how to minimize the transport packaging by specifying box sizes or the number of cooling and insulating elements required.

During 2019, HelloFresh also began to monitor the ingredient packaging for the individual items within boxes. German and Austrian teams became the fi rst at HelloFresh to track packaging at this level of detail. In these two markets, the average amount of packaging per meal, including everything that is needed for transport and to protect the ingredients, was approximately 80 grams of cardboard and 40 grams of plastic, including mixed materials.

HelloFresh will expand the tracking of ingredient packaging in other markets throughout 2020. In the UK, the Netherlands, Belgium and Luxembourg this process has already begun. Suppliers are now required to document their product packaging as part of their onboarding process.

HelloFresh values learning from others with experience in sustainable packaging, so in 2019, we signed onto the Australian Packaging Covenant Organisation (APCO). HelloFresh is already a member of UK WRAP, the US Sustainable Packaging Coalition and Grüner Punkt in Germany.

Avoiding packaging

Where the seasons and transport conditions allow, HelloFresh ships fresh ingredients in our boxes without any additional packaging. In cooler months, our New Zealand team ships celery and cucumbers directly in the box. In 2019, our Canadian operations began shipping rosemary, romaine lettuce, potatoes, radishes, bok choy and garlic without any additional packaging, avoiding approximately 12 tonnes of plastic. Our UK operation removed all plastic packaging from bok choy, and HelloFresh distribution centers in the Benelux region started sending rosemary, chicory, parsnips, asparagus and bay leaves in the box with no further packaging. Our vegetable buyers around the world share their experiences with each other and are constantly on the lookout for new opportunities to minimize packaging.

In 2020, HelloFresh is widening the range of products and markets where we can avoid shipping with extra ingredient packaging. The Australian team has already fi tted temperature trackers in all vans to help determine where and how packaging can be avoided.

HelloFresh monitors every step of our operation so that our meal kits reach the customer safely, and that ingredients arrive undamaged and unspoiled. To ensure this, some packaging is necessary, which is why we also focus on the reduction, optimization and recyclability of all packaging.

Reducing cardboard and plastic use

Configuration tools and other initiatives enabled HelloFresh to scale down cardboard and paper use impressively during 2019, while also minimizing the amount of plastic packaging used in many markets.

US operations saved 1,292 tonnes of cardboard over the course of 2019 by cutting the number of box sizes from 10 to three, standardizing them across all US brands (HelloFresh, EveryPlate, Green Chef) and introducing a lighter version of the medium-sized box for winter. Our Canadian team has since followed suit, introducing a winter box with 20% to 30% less cardboard.

2019 also saw innovative packaging reductions within our UK business. We saved 56.8 tonnes of paper by adopting a lighter meal kit bag, and a further 27 tonnes by using lighter weight recipe cards. In-box plastic also saw reductions, coming down by 160 tonnes thanks to a lighter cooler pouch and a new design for safe chicken packaging. This vacuum pack solution uses 30% less material than the chicken packaging traditionally used in retail stores, and saved 4.5 tonnes of plastic during 2019. The UK team also deployed cutting-edge allocation tools that help optimize packaging sizes.

In Canada, HelloFresh launched pre-printed packaging film on all spices, nuts and stock concentrates, as well as on some baked goods and the majority of sauces. This eliminated the need for extra adhesive labels on top of the plastic film.

HelloFresh Germany established improved production layouts and rack designs so that our team could more easily follow the suggestions made by the operating software that proposes box sizes based on the order and its contents, minimizing the amount of overall packaging.

Optimizing for better cardboard and plastic recycling

HelloFresh is continuously seeking ways to make it easier for our customers to recycle packaging. We offer a recycling pick-up service for all HelloFresh cardboard in the Netherlands and Belgium, using our own fleet to take advantage of reverse logistics. 40% of customers in the region used the service in 2019.

We also partner with innovative recycling programs to make sure as much material as possible is reclaimed. This is especially true when it comes to soft plastic, also known as flexible plastic. REDCycle gives Australian HelloFresh customers the chance to take their soft plastics – which might otherwise end up in landfill – to collection points. Thanks to a similar program in New Zealand, called the Love NZ Soft Plastics Recycling Scheme, Kiwi customers will be able to use a network of recycling points in Auckland, Hamilton and Wellington.

In the US, HelloFresh continues to minimize overall packaging, including the amount of plastic. New cooler pouches were introduced in 2019, all with insulating liners that are curbside recyclable. We also heavily increased our use of ClimaCell®, a biobased foam sandwiched between two layers of paper that is fully curbside recyclable. Educating consumers is also key to environmental efforts, and our American website offers guidance on which plastic films are recyclable.

Finally, in Germany, HelloFresh began to replace black plastic trays with a recyclable plastic solution in 2019, and we aim to move to a paper solution in 2020.

In partnership with Sweden's Lund University, HelloFresh conducted an in-depth comparison of the sustainability of bioplastics versus traditional recyclable plastics across various markets, which we now use to inform our packaging decisions.

Innovations in food cooling

Interview with Prof. Dr. Tilman Eichstädt, Senior VP for International Product & Procurement

HelloFresh undertook some big moves in 2019 to make food cooling more sustainable during transport and delivery. What were they, and why are they important?

There are two big stories here. The fi rst has to do with our cooler insulation pouch, which is what we use to cool the proteins, meat and dairy that get shipped in our kits. In Germany, Austria, Switzerland and Sweden, we began to switch from plastic cooling pouches to 100% recyclable paper versions in the second half of 2019. This has reduced the in-box weight of plastic in these markets by more than 50% for the second half of the year. We worked with Lund University to develop a global prototype for paper-based cooling pouches, investing two years in refi ning, testing and validating the solution. In 2020, we'll complete the changeover in Germany, Austria and Switzerland. We'll also work to bring in paper-based cooler pouches in other regions, working with local providers market by market.

The other big story is about HelloFresh's ice packs. In most countries, we add these to the pouch to keep certain ingredients chilled and safe. This past year, we switched from gel-fi lled ice packs to water-fi lled ones in many countries. The UK led the way back in 2018, then Germany, Austria, Sweden, Switzerland and Canada followed in 2019. Australia and New Zealand are set to introduce water-fi lled ice packs in 2020.

In terms of sustainability, what advantages do waterfi lled ice packs have compared to gel-fi lled ones?

We manufacture most of the water versions ourselves, so we now avoid the expense and carbon emissions connected with shipping the gel packs from one location to another. We create the new packs with a thermoforming machine, which automatically gives them a rounded shape. This sounds like a small thing, but the round corners eliminate the danger of sharp edges damaging ingredients, cooler pouches and delivery boxes. So, we minimize the potential for waste and spoilage.

Another big advantage is that the customer doesn't have to dispose of any gel – just water, which can go down the drain.

What about cooling technology in diff erent kinds of weather?

We're all about continuous improvement and fi nding sustainability advantages where we can. In the US and Canada, we use a range of diff erent cooler pouches depending on the season. In 2019, we introduced curbside recyclable paper-based insulation liners in many of them. HelloFresh Canada also brought in a summer season cooler pouch that is 100% compostable.

How do creative ideas like these happen at HelloFresh?

We're willing to take a chance and see if something works – or if it doesn't. Our water-fi lled ice packs were a brilliant idea, and they work extremely well, but sometimes our experiments aren't such a success. For example, we've tried delivering with bicycles in a couple of locations, but the reality is our boxes are too heavy and bulky for this. Still, it is worth taking risks and actually learning from failures!

Responsible ingredient sourcing

To provide over 280 million meals in 2019, HelloFresh's innovative supply chain included more than 1,500 suppliers, many of them domestic. Quality and sustainability are two important criteria when picking partners, and each supplier must undergo a detailed assessment before we add their ingredients to our meal kits. HelloFresh has a strong preference for best-in-class suppliers who hold certifi cations for safety, hygiene and sustainability. The working conditions at suppliers are also important to us, and we cover this in more detail in the section "Our Community" on page 21.

The way HelloFresh manages the supply chain is consistent with UN Sustainable Development Goals 14 – Life below water and 15 – Life on land. We keep this consistency by using suppliers that make sustainable use of marine resources and land-based ecosystems. In 2019, over 90.1% of the produce we purchased came from suppliers who have Global GAP, Global GAP Equivalent or Resembling, or GFSI-recognized certifi cation for primary production of fresh produce. 97.5% of our fi sh by weight is ASC, MSC or BAP equivalent compliant. HelloFresh US sources only from fi sheries rated Best Choice or Good Alternative by the Monterey Bay Aquarium Seafood Watch rating system, or are eco-certifi ed by trusted, independent programs.

The HelloFresh product vision includes reinforcing animal health and welfare standards for protein and dairy products. The US team developed a Broiler Chicken Welfare Policy that was published in 2019. All chicken, pork and veal products in the Benelux region have one-star certifi cation from the Beter Leven Keurmerk (Better Life Label), an animal welfare initiative of the Dutch Society for the Prevention of Cruelty to Animals. All the Dutch cheeses and dairy-based products that we provide have weidegang (free range) certifi cation or are made from organic milk. In Canada, the procurement team sources bacon and chicken breast from certifi ed humane providers, and works with Dubreton, a provider of pork that is transitioning to fully organic production. Australia and New Zealand meal kits contain chicken that is either free range or RSPCA approved.

Wherever possible, HelloFresh tries to source from domestic suppliers, reducing transport costs and emissions. The recently opened New Zealand operation reached nearly 80% local sourcing over the course of 2019.

In the United Kingdom, all the beef, chicken and pork in HelloFresh kits is of UK or Irish origin, while in Australia, all fresh meat is sourced from within the country. All veal, pork and chicken products in the Netherlands come from domestic providers.

Direct from the farmer: Uhrbach Gemüsinis

In Winsen an der Luhe, just outside Hamburg in Germany, this family-owned enterprise provides HelloFresh with freshly harvested, bright orange Hokkaido pumpkins in the autumn.

Third-generation farmers Torben and Madelene Uhrbach are passionate about their calling. They ensure that each pumpkin they harvest is checked by hand for fi rmness, a sign that it is clearly ripe. Their simple process for making local pumpkins more accessible to more people: ship them in small portions, already peeled and pre-cut into easy-to-use cubes: Gemüsinis! (Little veggies!)

Green Chef: The most sustainable meal kit

Interview with Jeff Yorzyk, Director of Sustainability, HelloFresh US

HelloFresh acquired Green Chef in 2018. Since you worked with Green Chef before this, can you tell us a bit about the brand's heritage?

Green Chef has always been focused on being the most sustainable meal kit on the market. It was the fi rst meal kit provider to get USDA organic handler certifi cation. But this brand isn't just about putting organic ingredients in every box, it's about a core value of stewardship, from animal welfare standards to how we package and deliver the ingredients.

In fact, every single meal kit that Green Chef has shipped since its inception in 2014 has been balanced with Green-e® certifi ed Renewable Energy Credits (RECs) and project-based off sets. We try to be expansive in what we off set, so we include not only the energy consumed to keep the food refrigerated, but also the shipping miles that the kits travel to arrive at the customer's doorstep.

Plus, in addition to carbon balancing, we also went plastic neutral in 2019!

Plastic neutral? How does that work?

We balance critical customer requirements for food quality and safety against the commercial packaging options available for food, so the reality is that even Green Chef has to use plastic in certain parts of the meal kit off ering. For every ounce of plastic that's contained in the customer's box, an equivalent amount of ocean-bound plastic is collected and recycled in Southeast Asia through our partner, Plastic Bank.

The US has very low plastic leakage rates to the oceans, so we're taking immediate action to make a tangible impact where the problem is at its worst.

Plastic Bank off ers a root-cause solution by enabling the exchange of all kinds of plastics for currency or other rewards. Eff ectively, they are monetizing plastic waste so it is too valuable to discard in the fi rst place. Green Chef fi nances this eff ort through the purchase of Social Plastic Collection Credits™ (SPCC™), with transparent accounting for every kilogram of oceanbound plastic that gets recovered. Putting a price on plastic also creates an incentive for our own packaging team to reduce overall plastic use. We view our partnership with Plastic Bank as a bridge strategy. We continue to work with our suppliers every day towards more sustainable packaging solutions.

What other sustainability measures does Green Chef take?

Green Chef's sustainability measures cover the whole value chain, from promoting high standards of animal welfare at our protein suppliers to making all of our box liners curbside recyclable.

In 2019, Green Chef combined our vegan and vegetarian plans into our Plant-Powered meal plan. We made it easier than ever to choose plant-based alternatives, expanding the meal options available to customers on this plan to seven per week, with a minimum of four vegan options. This triggered a 150% increase in the uptake of plant-based meals.

What eff ect is Green Chef having on HelloFresh's wider sustainability eff orts?

With Green Chef, HelloFresh acquired direct insight into how a meal kit provider can strategically focus on sustainability – as well as the expertise needed to make it happen.

HelloFresh operates in more markets than Green Chef. With its presence in 13 countries, HelloFresh has a massive opportunity to make a positive change. Over time, the lessons learned at Green Chef are being integrated. HelloFresh is measuring both emissions and packaging in detail, and comparing them to alternatives and external benchmarks. In doing this, HelloFresh is setting the vision for how sustainable this industry can be.

Our People

"Diverse, talented and motivated people are the heart and soul of HelloFresh. They're our everyday heroes."

Johannes Willberg, VP People

HelloFresh has built a team of people who are a refl ection of the brand's personality: optimistic, empathetic, intuitive, forward-thinking and inspiring. We are a diverse group motivated by our mission to change the way people eat – forever.

HelloFresh aims to be a great place to work. With over 5,300 employees worldwide, we are clearly no longer a start-up in the traditional sense of the word. This means we have been able to pursue our vision to provide HelloFresh staff with opportunities for personal growth, while the organization is still growing quickly and refreshing its structure.

HelloFresh employees love working with a diverse group of intelligent and driven people, in a culture of trust and respect. They also appreciate the opportunity to take on real responsibility in a company that is making a positive impact on people's lives every day. HelloFresh ranked as Germany's 8th best employer in 2019 on the Glassdoor job website, where the comments praise our collaborative atmosphere and excellent benefi ts.

Employee diversity

At the Berlin headquarters alone, HelloFresh employees come from 77 countries, so the teams naturally integrate a wide range of viewpoints and experiences. This feeds the innovation and creativity that make HelloFresh a unique place to work.

Employee diversity is important to us and we are proud that our working atmosphere is one of friendliness and respect for all, regardless of gender, race or sexual preference. As the company grows, we are formalizing these values further to ensure inclusiveness for all of our people. In 2019, we introduced a more comprehensive HelloFresh Code of Conduct. It outlines the essential values that guide the internal and external actions of HelloFresh as a company, and lays out the expectations for conduct among all employees. The Code also specifi es what constitutes any type of harassment or discrimination, and delineates what process is taken if an incident is reported.

New employees are briefed on all aspects of the HelloFresh Code of Conduct and are required to sign the Code during their onboarding process.

HelloFresh does not discriminate, nor does it tolerate discrimination in hiring, remuneration, training, promotion, termination, retirement and/or other employment practices. All decisions must be made on the basis of a person's ability to perform a job rather than on the basis of race, national origin, color, caste, social origin or position, gender, gender expression, sexual orientation, religion, age, disability, political opinion or marital status.

Gender balance

We are proud of the strong representation by women at HelloFresh, and are working on many fronts to improve gender balance across the board. 48% of our employees are female, and 39% of management positions – at the Associate Director/Head of level or higher – are held by women. A Women in Tech scholarship was launched this year to support the professional and personal development of women in technology, and the fi rst winner is currently completing an internship at the Berlin offi ce. In the UK, HelloFresh has established a program called Aspiring Female Leaders to encourage the professional development of women.

We also value our relationships with our suppliers, customers and competitors, which is refl ected in the HelloFresh Code of Conduct. All anti-competitive agreements with suppliers are prohibited, as is the acceptance of money, advantages, gifts or objects of value from any individual or business partner of HelloFresh.

HelloFresh's local People teams around the world are the guardians of their respective Equality and Non-Discrimination Policies. In Berlin, we have an employee-led Diversity Committee made up of volunteers who aim to make HelloFresh a welcoming place for all by running advocacy activities and educational topics related to diversity. In 2019, the Berlin Diversity Committee held an informational event on International Women's Day and inspired employees to march together in the Christopher Street Day (CSD) parade, Berlin's annual queer pride event.

In the US, the Diversity and Inclusion Committee reviews all people metrics on diversity in our organization and often shares updates on Employee Resource Groups (ERGs). In 2020, we are focusing on determining an overall diversity, equity and inclusion mission for HelloFresh and will be hiring a manager to further advance this mission in our US operations.

LGBTQ+ community

Lesbian, gay, bisexual, transgender and queer/questioning (LGBTQ+) people are welcome and celebrated at HelloFresh, and play a key role in advocating for the community. In the US, the parental leave policy was expanded and rewritten to support the inclusion of all employees and their families, further supporting LGBTQ+ couples. In the UK, the familyfriendly policies are inclusive to all LGBTQ+ team members.

In our German, US and UK offi ces, all teams help to raise awareness and participate in local Pride celebrations, including the Christopher Street Day (CSD) German queer pride parade and the NYC Pride Parade, which celebrated its 50th anniversary in 2019.

Employee Resource Groups

At HelloFresh US, a variety of employee resource groups meet regularly for discussions, training, networking and to mark important occasions. They are comprised of volunteer employees from all stages of their careers.

Power of Women

Established in 2017, the Power of Women initiative helps foster an environment for women to emerge as leaders at HelloFresh through career development, professional networking and community engagement. Committees aligned with the Power of Women mission provide employees with leadership opportunities. Recent career development workshops have included sessions on communication, negotiation and networking skills.

FreshPride

FreshPride was established within our US operation in 2017 to support the development, advocacy and growth of HelloFresh's lesbian, gay, bisexual, transgender or queer/ questioning (LGBTQ+) community and its allies. The group promotes visibility among staff and provides leadership

on current workplace and social issues that affect the community. FreshPride also partners with LGBTQ+-owned businesses and non-profit organizations that provide support to the community outside of HelloFresh and Green Chef.

LIMES

Leveraging Inclusivity for Minority Employee Success (LIMES) promotes the increase and visibility of cultural diversity at HelloFresh to create an open, positive and enthusiastic environment where all employees feel valued, recognized and respected. LIMES provides a support structure for employees of color and champions increased diversity and inclusion throughout HelloFresh US. It also strives to recruit employees from diverse backgrounds and to engage our current employees in intercultural activities and discussions.

In the US, HelloFresh is assisted by Mathison, a pipeline partnership that helps us to source diverse candidates and to measure our progress against their Equality Hiring Index metric standard. The company also gives some of its earnings to the community organizations that help source the wide range of candidates.

Employee health and well-being

HelloFresh is proud to be a place where people love to work, and we create career paths that are interesting and fulfilling for all of our employees.

It all starts with our onboarding process, a comprehensive introduction program that is vital to employee health and well-being. On the first day, an intensive information session brings new employees up to speed on the HelloFresh workplace. Over the first few weeks of employment, new joiners are given several starter assignments to complete. An evening group cooking session is also part of the process, giving new employees hands-on experience with their local HelloFresh boxes. In some locations, a buddy system gives new employees a go-to person for guidance.

Across all HelloFresh locations, we provide benefits packages that meet, and usually exceed, what is mandated in each country. In addition to competitive wages across the board, our most common benefits include:

• Significant discount on HelloFresh boxes
• Gym discounts
• Mental health support
• Sabbatical program
• Share option program

Our US employees enjoy health coverage, HSAs and 401k retirement accounts. In the UK, benefits include a BUPA health plan with money back for regular medical expenses as well as access to a confidential and free telephone support advice service for mental health concerns, legal issues and family advice. A similar telephone support service is offered to our Australian employees, along with superannuated pensions for women on maternity leave so they don't experience disadvantages later in retirement.

At HelloFresh production and logistics facilities, we typically offer our team members full-time employment (35-40 hours weekly), and depending on the location, HelloFresh employees currently make up between 50% and 75% of the total workforce. When we do employ agency or contract labor, we always use accredited and licensed agencies that fully comply with all local social and payment standards. We aim to further increase our share of full-time HelloFresh staff as customer orders and production days increase.

Diversity driving success

Interview with Ana Garcia, VP HelloFresh US Operations

HelloFresh makes it a priority to develop a diverse range of leaders who foster innovation and drive business success. Here, we speak with Ana Garcia, VP of HelloFresh US Operations.

Can you tell us a bit about yourself?

Growing up in Guatemala, my love of food came second to my love for science and math. As an undergrad, I studied industrial engineering, and after graduation, I worked at a consulting fi rm to gain exposure to diff erent industries.

While I loved recommending and implementing solutions to complex business problems, I wanted to have ownership of the end result – to see the impact of my work. So, I went to graduate school for engineering and business to solidify my interest in systems and operations, as well as to become a more well-rounded business leader.

What made you want to join HelloFresh?

After graduation, I wanted to fi nd a company where I could relate to the product and make an impact on the business. As I learned more about HelloFresh, I realized that the business model is reliant on data, systems and operations – a perfect alignment with my background. Also, food is a part of everyone's daily life and I was excited about a product that everyone, including my grandmother, could benefi t from.

What has been your career path here?

I joined HelloFresh as part of the Special Operations team and have enjoyed working with colleagues to solve challenging problems in various roles. I led the California and New Jersey Distribution Centers, as well as their Procurement Operations and Supply Chain Analytics. And I also headed the integration of HelloFresh's fi rst acquisition, Green Chef.

What areas do you lead in your current role?

As Operations VP, I work closely with our teams to develop fresh, tasty and easy-to-prepare meals, and I help decide our weekly menu off erings. Through close collaboration across all functions, we are able to ensure that we consistently deliver new and exciting products that our customers enjoy. I am able to apply my learnings about our intricate supply chain to understand and appreciate what it takes to pack a box from start to fi nish.

What's your favorite part of working at HelloFresh?

HelloFresh has been an amazing place to build my career and apply data to my operations work, all through the lens of our customers.

But what I like most is that my colleagues are smart and passionate about our customers and the meals we deliver to them – the learning never stops here! We love to eat and enjoy good food, so we are always asking ourselves: what else can we do to create more magic around the dinner table, and what else can we do to improve?

Employee workplace safety

HelloFresh has site standards that outline the working procedures and training requirements for workplace safety, food safety and hygiene. Among other measures, safety shoes are mandated in all production sites, as well as proper work clothing, including cold-temperature protection and high-visibility jackets.

All sites are audited annually for compliance by our Food Safety and Quality Assurance (FSQA) team. Every facility has a responsible health, safety and environment (HSE) manager, and some sites also have a dedicated training manager. External expert consultants provide additional support.

We measure our health and safety status at all sites using the key performance indicators of lost time injury (LTI) rates and the number of days since the last accident. All accidents and near-miss accidents are reported on-site. These incident reports are then reviewed to avoid reoccurence, by focusing on root causes and measures for proactive prevention. Many sites support workplace and food safety with additional local awareness campaigns. In Australia and New Zealand distribution centers, a poster campaign gives tips for stretching and warm-up exercises in the workplace, as well as reminders of key safety tips.

First aid and fi re prevention courses are off ered for all employees in our Berlin and Sydney offi ces, and every HelloFresh facility has measures in place to ensure that a cross-section of employees are certifi ed in fi rst aid and fi re prevention.

Employee development

HelloFresh continues to grow, and we encourage our staff to grow with us. Throughout our development as a company, we have off ered employees of all ages and experience the potential to develop their professional skills.

Wherever possible, HelloFresh identifi es and grows leaders from within. Currently, more than 50% of open management positions at the Director level and above are fi lled by candidates who already work for HelloFresh. At all of our production sites worldwide, we work systematically to identify team members who are suitable for promotion. For example, a standard operator can become a lead operator who manages a small group, to then be promoted to a line leader with responsibility for 20 to 30 operators.

Every HelloFresh employee has a regular, transparent cycle of in-depth performance reviews. In some locations, this includes both a mid-year and end-of-year check-in, plus regular reviews from peers. Learning never stops at HelloFresh. The Emerging Leaders Program (ELP) in the US and the Future Leaders Program (FLP) in all other markets identify top performers and provides them with mentoring and leadership roles in specifi c projects. One of our FLP teams developed a new Fast Stream Program to recruit top graduates from leading schools and provide them with a path to management, while rotating throughout the company to learn all aspects of the business.

One of the ELP capstone projects in 2019 was the Diversity & Inclusion Leadership Project, which creates a cross-functional strategy for how to attract and retain a diverse workforce. This involves detailed consul tations and input from key executives operations, marketing and People teams. In Berlin, the Leadership@HF program also kicked off in 2019 to equip our managers with knowledge and skills to help them bring out the best in their teams.

At a Brand Day event at the Berlin headquarters, we collected and analyzed employee input on how HelloFresh could improve in sustainability. This attracted more than 800 suggestions relating to our people, our community and our planet, and helped shape the range of topics covered in this report.

Our Community

"As the largest meal kit provider on the planet, we have a responsibility to use our influence in a way that helps the communities in which we operate."

Thomas Griesel, Founder & CEO, HelloFresh International

HelloFresh is the planet's largest meal kit provider, so in many respects our community is the world. We try to give back to our communities through an extensive supplier network, corporate initiatives and the engagement of our own employees.

Working conditions at our suppliers

HelloFresh was able to deliver more than 280 million meals in 2019 thanks to a team of more than 1,500 suppliers around the world.

We aim to ensure that our suppliers are providing good health, safety and working conditions to their own employees in compliance with human rights standards. During 2019, we introduced a stronger Supplier Approval and Management Procedure that is currently being rolled out across all countries outside the US. It standardizes how we select, approve and bring suppliers on board.

HelloFresh also expects all of our suppliers to adhere to the

same principles and standards laid out in the HelloFresh Code of Conduct. If we become aware of unethical work practices such as child labor, forced labor and human trafficking in our supply chain, we consider this grounds for terminating the supplier relationship and report these activities to the relevant authorities.

In 2019, HelloFresh UK officially joined SEDEX, a global association of 60,000 supply chain companies who commit to managing their performance around labor rights, health and safety standards, the environment and business ethics. Currently 55% of our UK suppliers are members. We actively encourage our suppliers in other markets to join the initiative.

Food safety and quality

HelloFresh constantly monitors its operations to make sure they comply with our high standards. These are made up of internally defined requirements as well as applicable food safety laws. In many areas, we exceed these levels – a reflection of our food safety strategy of being more than legally compliant.

HelloFresh's Food Safety and Quality Assurance (FSQA) teams establish a culture of food safety and quality excellence in all our markets. These teams are led by experienced managers with multiple years of functional expertise. Their roles ensure compliance to our clearly defined processes, and they share best practices throughout the whole food provision system. Procedures for testing incoming goods against agreed standards are in place at our fulfilment centres, and the FSQA teams regularly conduct independent assessments according to a HelloFresh-developed audit standard.

Food safety and quality assurance also play integral roles in our supplier-approval program. As well as having robust onboarding requirements, HelloFresh requires its food manufacturers to demonstrate their Global Food Safety Initiative (GFSI)-recognized certification or to undergo a HelloFresh audit benchmarked against this standard. HelloFresh's FSQA teams regularly interact with our suppliers and complete additional visits to further elevate food safety and quality.

We are moving all of our produce suppliers to be Global GAP certified or equivalent. Temperature control is central to the quality and food safety of our ingredients. We regularly test temperatures throughout our supply chain, including during shipment to the customer. To further reinforce this, our International Test Laboratory models a variety of scenarios and packaging concepts, ensuring boxes arrive at the customer at optimal temperatures.

HelloFresh regularly collects and analyzes FSQA data points to identify potential trends and proactively drive improvements. To ensure that our processes and systems support the FSQA team, we have partnered with a leading Quality Management Systems company that provides a platform for sharing data on ingredients with our suppliers. The system can also map categories of the supply chain to better understand how and where we interact with our suppliers.

The FSQA function has been enhanced over the past 18 months by the addition of an International FSQA team, further strengthening compliance and strategic thinking in this area. We hold annual FSQA summits to share knowledge and best practices from across all HelloFresh operations, as well as with industry experts, who are invited to make presentations on the latest technological and practical food safety solutions.

Fight against corruption and bribery

HelloFresh is dedicated to preventing any form of corruption or bribery in the context of its business activities. Our Code of Conduct sets out clear anti-corruption guidelines. It strictly prohibits employees of HelloFresh to offer or request any money, advantages, special services, gifts or other objects of value in exchange for obtaining or securing a contract/order for HelloFresh or the business

partner in question. It also applies to other advantages of any kind, and sets out clear criteria for the identification and assessment of problematic transactions. The Code of Conduct has been communicated to all employees and is available on the HelloFresh website. Our risk management team monitors and reports any potential risks regarding the compliance with these policies.

Customer privacy and data protection

As an online business, protecting the personal data of our customers and employees is a core concern. The HelloFresh Group has a full set of technical and organizational security measures and policies in place that help us protect all of the personal data that we hold. We are always working on further improvements to make sure that data is collected, stored and processed as safely as possible.

HelloFresh has implemented an Information Security Policy, and all employees are obliged to attend an e-learning session on data protection and then to undergo a final data protection test.

We are introducing systems to automate how we handle customer data protection requests such as the erasure of personal information, in line with the General Data Protection Regulation (GDPR). Any complaints on data protection are handled by HelloFresh's data protection expert together with an external Data Protection Officer. Both our internal and external data protection experts report directly to the management board of HelloFresh SE.

IT general controls (ITGC) are regularly audited by our Internal Audit group and our Data Security team conducts a Third Party Vendor Security Review Process to assess the security and data privacy status of all newly added vendors.

Educating young people about the benefits of fresh food

HelloFresh changes the way people eat, so many of our social engagement efforts help kids in our communities to understand and appreciate where their food comes from.

In 2019, HelloFresh committed to three years of support for a school garden in Germany through the GemüseAckerdemie initiative. Children at the selected school go through a three-phase program each year to plan, plant, tend and harvest a garden on their school's grounds. The program provides all of the background materials, seeds and tools, and gives youngsters a deeper appreciation of fresh produce and its origins. In Canada, some of our customers opt to donate the value of their skipped meal kits

during the holidays. These funds, along with a contribution from HelloFresh, help create garden spaces for schools across the country. In 2019, HelloFresh Canada gave grants to École Saint-Grégoire-le-Grand in Montreal and the Sentinel Secondary School in West Vancouver to support the construction of outdoor greenspaces for their schools.

HelloFresh employees from Australia and New Zealand took part in Sydney's 14-km City2Surf run, ending at the iconic Bondi Beach. The money raised benefited the Stephanie Alexander Kitchen Garden Foundation, which provides food education and teaches children positive food habits through fun, hands-on learning.

Direct engagement with the community

Whether they are volunteering for the Felix Project in the UK or serving at FoodBank Australia, HelloFresh employees show their community spirit by taking direct action where they live and work. We're proud of our employees' level of engagement in global initiatives like Movember and Steptember, and local ones, like the London Marathon and the MS Sydney to Gong bike race. In the US, employees participated in the New York HousingWorks Clothing Drive, the Colorado There with Care Drive and the Phoenix PAWS Fundraising Drive. They also gave their time to the Nashville Food Project, the Greater Newark Conservancy, and soup kitchens and food banks across the country.

Several of our country teams offer customers the chance to give the monetary value of their boxes to a specific charity during the holiday season. Australian customers donated the value of 1,959 boxes – that's more than AUD 166,000 – directly to FoodBank Australia.

For three weeks in December 2019 and January 2020, HelloFresh Netherlands gave customers the option of donating the value of their boxes to UNICEF instead of pausing their subscription. This brought in EUR 42,919

in charitable contributions. Customers who donated to a previous UNICEF campaign also enjoyed a Christmas discount on HelloFresh boxes.

In Belgium, HelloFresh participated in the national Warmest Week pre-Christmas campaign, where customers could select "the warmest soup" for their box, with the proceeds from this pick going to the Belgian Federation of Food Banks.

Also during the 2019 holiday season, US customers donated the value of food boxes worth USD 393,578 to our partner food banks. HelloFresh itself made a Thanksgiving donation of 3,000 side dishes of mashed potatoes and cranberry sauce to the City of Newark for its annual Believe in Newark charity event.

52 employees at HelloFresh headquarters in Berlin took part in Kinderzukunft Weihnachtspäckchen, an initiative to send gift packages to disadvantaged children in Bosnia, Romania and Ukraine.

Looking Ahead

At HelloFresh, we change the way people eat – forever. This means more than improving how meals are prepared. It means creating a new supply chain that respects the planet and its people. It means ensuring the sustainability of our disruptive business model, especially around the key environmental topics of reducing food waste, lowering CO₂ emissions, minimizing packaging and sourcing ingredients responsibly. This document aims to set the standard for sustainability reporting for the rapidly expanding meal kit sector.

Looking forward, HelloFresh will widen and deepen our monitoring across all key sustainability indicators. We will continue to operate a company that is a welcoming workplace for all, and we will expand our investment in the health, well-being and development of our people and our communities.

This commitment is not just what our customers, employees and stakeholders ask of us. It is what we believe is the right thing to do.