Citi Client Casebook Middle East and Africa 2022

Liquidity and Working Capital 25 Key Benefits • Drives sales growth, with Unilever able to access new markets and grow its distributor’s base. • Assuming full utilisation, the facility is expected to generate an additional US$200m spend for Unilever Middle East annually. • Financing is off balance-sheet. • Buyers enjoy extended payment terms and access to lower cost of financing which stays reflected as a payable versus debt. • Solution structure is compliant with both US GAAP and IFRS requirements for asset de-recognition/off-balance sheet treatment. Unilever was looking for an intermediary who would be able to help mitigate counterparty and cross border risk while providing financing at competitive rates under extended payment terms requested by its new distributors. Working with Citi, a receivables finance solution was sought that would help Unilever manage its sales more efficiently while enabling it to grow its distributors base by accessing new buyers in geographies considered higher risk. Citi is delighted to have worked with Unilever on this award-winning project.” Yusuf Ali Khan Trade Head for the Middle East and North Africa, Treasury and Trade Solutions, Citi