Givaudan UK Pension Plan (“the Plan”)
Statement of Investment Principles for the Plan (“the Statement”)
Scope of Statement
This Statement, made by the Trustees of the Plan (the "Trustees"), has been prepared inaccordance with section 35 of the Pensions Act 1995 (as amended by the Pensions Act 2004,
and the Occupational Pension Schemes (Investment) Regulations 2005).
The effective date of this Statement is 25 February 2021. The Trustees will review thisStatement and the Plan’s investment strategy no later than three years after the effective dateof this Statement and without delay after any significant change in investment policy.
Consultations Made
The Trustees have consulted with the principal employer, Givaudan UK Limited (“theEmployer”), prior to writing this Statement and will take the Employer’s comments into accountwhen they believe it is appropriate to do so. This Statement includes changes made to theinvestment strategy that were initially presented by the principal employer and have now been
agreed by the Trustees.
The Trustees are responsible for the investment strategy of the Givaudan UK Pension Plan.
The Trustees have obtained written advice on the investment strategy appropriate for the Planand on the preparation of this Statement. This advice was provided by Aon Solutions UK
Limited who are authorised and regulated by the Financial Conduct Authority.
A copy of this Statement is available to the members of the Plan and is available on-line via apublicly accessible website.
Strategy
In February 2020 the Trustees purchased a bulk annuity policy from Aviva, which insures themembers' liabilities. Aviva pays the Plan an amount equal to the pension payment of themembers underlying the policy. This insurance contract is an asset of the Plan and the pension
liability remains within the Plan. With the exception of cash (or cash-like/liquidity fund) balances,
and additional voluntary contributions, this is the sole asset of the Plan.
Choosing Investments
The types of investments held and the balance between them is determined according to whatis deemed appropriate given the liability profile of the Plan, its cashflow requirements, thefunding level of the Plan and the Trustees’ objectives.
The assets of the Plan are invested in the best interests of the members and beneficiaries.
The Trustees exercise their powers of investment in a manner calculated to ensure the security,quality and liquidity of the portfolio as a whole. Diversification has been considered by theTrustees as appropriate.

Having taken advice, which covered the requirements of Section 36 of the Pensions Act 1995
(as amended), from their advisors prior to entering into the bulk annuity policy, the Trustees
believe that by investing in a policy of this nature they will achieve their investment objectives
with a minimal level of risk.
Investment Risk Measurement and Management
As the Plan's sole asset, excluding cash, is a bulk annuity policy with Aviva, the Plan is exposed
to risk of the insurer defaulting. The Trustees considered the credit strength of the insurer aspart of their due diligence process. Having considered this, in addition to a number of factors
such as the regulatory environment and other protections available (e.g. the Financial Services
Compensation Scheme), the Trustees considered the bulk annuity policy to be an appropriate
investment for the Plan.
Arrangements with Asset Managers
All of the Plan's assets are invested with Aviva in the form of a bulk annuity policy, with theexception of any excess cash and Additional Voluntary Contributions. The aim of the bulk
annuity policy is to wholly insure the benefits of all members of the Plan.
Given the nature of the agreement with Aviva, the Trustees believe they have limited ability toincentivise Aviva to align its investment strategy and decisions with the Trustees' policies inrelation to stewardship, corporate governance and responsible investment.
Given the long term nature of the Plan's sole investment and the bulk annuity policy the Trustees
believe that Aviva is appropriately incentivised to make decisions relating to the medium andlong term financial and non financial factors which may influence performance.
Should the Trustees be provided with any opportunity which they deem appropriate toincentivise their managers in relation to these areas they will consider this and will take steps
as they deem appropriate.
Costs and Performance

Given the nature of a bulk annuity policy and that they do not directly remunerate Aviva, theTrustees do not believe it is appropriate to monitor the performance of their insurer.
The Trustees are aware of the importance of monitoring their investment managers' total costs
and the impact these costs can have on the overall value of the Plan's assets. Given the natureof a bulk annuity policy, the Trustees do not believe that it is appropriate to monitor portfolio
turnover and the associated costs.
There is typically no set duration for arrangements with investment managers, although thecontinued appointment all for investment managers will be reviewed should the Trustees
believe this to be necessary.
Investment Advisors
The Trustees’ investment advisers are paid for advice received on the basis of the time spentby the adviser. For significant areas of advice (e.g. one off special jobs, or large jobs, such as
asset and liability modelling), the Trustees will endeavour to agree a project budget. Thesearrangements recognise the bespoke nature of the advice given and that no investment
decisions have been delegated to the adviser.

Environmental, Social and Governance considerations
Stewardship - voting and engagement
The Trustees' primary concern when setting the investment strategy is to act in the best financial
interests of the beneficiaries, seeking the best return that is consistent with a prudent andappropriate level of risk. The Trustees believe that, in order to fulfil this commitment and toprotect and enhance the value of the Plan's investments, they must act as responsible stewardsof the investments.
The Trustees acknowledge that financially material considerations include environmental, socialand corporate governance (ESG) factors, such as climate change. Understanding these factors
can help identify investment opportunities and financially material risks.
The Trustees also recognise the importance of their role as a steward of capital, promoting
corporate responsibility and ensuring the highest standards of governance.
However, given the nature of the agreement with Aviva, the Trustees believe they have limited
ability to incentivise Aviva to align its investment strategy and decisions with the Trustees'
policies in relation to stewardship, corporate governance and responsible investment.
Members' views and non-financial factors
The Trustees do not explicitly take the views of members and beneficiaries of the Plan into
account in relation to ESG factors or the present and future quality of life of the members andbeneficiaries of the Plan (defined as 'non-financial factors' in the 2018 Regulations). TheTrustees will review this policy on a regular basis.
Additional Voluntary Contributions ("AVC") Arrangements
Some members have secured further benefits by paying AVC to the Plan. The liabilities inrespect of these AVC are equal to the value of the investments bought by the contributions.
The AVC providers are: Legal & General Investment Management, Clerical Medical Investment
Group Limited and Utmost Life and Pensions. These arrangements are closed to both newmembers and contributions.
From time to time the Trustees review the choice of investments available to members to ensurethat they remain appropriate to the members' needs.

For and on behalf of the Trustees of the Givaudan UK Pension Plan