Consumer Specialist Disclosure

This commentary is intended strictly for professional institutional investors and not directed to or intended for the use of any retail customers and does not constitute an offer or recommendation to enter into any securities transaction.

This communication is market commentary and is for informational purposes only.  It is not a research publication and is not subject to the independence and disclosure rules applicable to research analysts and any prohibition on dissemination in advance of research from Gordon Haskett Research Advisors (GHRA) research. The observations and views expressed in this commentary are strictly the views of the commentator as of the date and time of communication and are subject to change. The information is also not a complete analysis of all material facts respecting any issuer, industry or security or of your investment objectives, parameters, needs or financial situation, and therefore is not a sufficient basis alone on which to base an investment decision. This commentary may include the views of other independent sources specifically identified herein, whose opinions and views may differ from those of the commentator and GHRA, and the commentator expressly disclaim any responsibility for the accuracy of the information, opinions and views of any such identified independent sources.

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