Pfleiderer - comment - Positioning

In light of the headlines on Klockner Pentaplast (another SVP portfolio company) and our view that SVP will act constructively to creditors on that process, we have yesterday topped up our position to 5% of NAV on the senior secured notes at the level of 76.5% as we feel that a process similar to Pfleiderer will unfold with the potential that SVP also inject equity here, which will be beneficial to bond holders.