KDP · Keurig Dr Pepper Inc.

The legal and regulatory environment affecting foreign-owned businesses in Russia remains dynamic and unpredictable and may continue to change, potentially on short notice. New or expanded sanctions, export controls, Russian countermeasures or other restrictions could require us to modify, reduce, suspend or exit some or all of our Russian operations, potentially at substantial cost. In addition, the Russian government has adopted, and may continue to adopt, laws, regulations or administrative measures targeting foreign-owned businesses, including restrictions on transfers of funds, limitations on the payment of dividends, mandatory approvals for transactions involving foreign investors, the imposition of temporary external administration, and other measures that can in practice result in the seizure, nationalization or expropriation of assets. Any such measures could substantially impair, or result in the complete loss of, our control over and the value of the JDE Peet’s business in Russia. We may be unable to sell, transfer or otherwise exit our Russian operations on commercially reasonable terms, or at all, and any such disposition, or any seizure, nationalization or expropriation, could occur at a substantial discount to, or result in the complete write-off of, carrying value, resulting in significant losses, impairments, write-downs or restructuring charges. Compliance with these requirements may be complex, particularly as we integrate the acquired business into our compliance, governance and control frameworks. Any actual or alleged failure to comply with applicable sanctions, export controls, anti-corruption or other laws or regulations, as well as with any countersanctions measures adopted by the Russian government, could result in investigations, substantial civil or criminal penalties, business restrictions, litigation, reputational harm or other adverse consequences.