INPRS in collaboration with external investment fund managers will develop a plan to divest from current Russia-related investments and will not have exposure to new Russian investments. The timeline will be dependent upon circumstances that are currently out of the control of INPRS and its investment managers. In many cases, markets have been closed to trading and/or sanctions have halted the flow of funds to settle many potential transactions. INPRS expects divestment to occur within four weeks of the applicable market opening or when the securities can be traded using the best available execution. Some of INPRS’s managers started reducing/divesting exposure even before the invasion started.