Upfield - comment

Reports in the press on a proposed sale of Upfield at US$ 10 billion to an Abu Dhabi sovereign wealth fund (ADQ) which were cancelled were beyond our expectations. We had expected a refinancing of the existing senior notes at some point this year on continued growth and deleveraging. We anticipate that an exit event for the sponsor will be extended to 2025 when capital market conditions improve and any decline in the notes as a buying opportunity.