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Claire Dumont Poncet+33 (0) 14458 4090BBI, ParisLaurence Whyatt+44 (0)20 7773 5324Barclays, UKBarclays analystsClaire Dumont Poncet (IG Food & Beverages - Credit analyst)Laurence Whyatt (European Consumer Staples - Equity analyst)Meet the AnalystsEuropean Consumer Staples (i)Claire Dumontis a Director and senior credit researchanalyst covering IG Food & Beverage and Industrialsectors. She joined Barclays in September 2021 and hasworked in the industry since 2005, beginning her career atNatixis followed by 13 years at Crédit Agricole CIB coveringthe IG Retail/Consumer sector. She is based in Paris.Laurence Whyattis a Director within Equity Research andleads the #1 ranked European Beverages team. Hisresearch is driven by bottom up modelling and focussesheavily on the impact of changing demographics onalcohol consumption. Laurence joined Barclays in 2018from Société Générale where he covered the GlobalBeverages sector since 2015. Prior to moving into EquityResearch, Laurence was a Corporate Financier at both UBSand Investec where he covered the UK and Europeanmarkets in M&A, ECM and Corporate Broking. Hegraduated from St Edmund Hall, Oxford, with a MEng inMaterials Science and holds WSET Levels 2 & 3 withDistinctions in all modules. View Analyst PageView Analyst Page This event is intended for Barclays institutional investor clients only. This event is strictly and solelyfor the benefit of the intended recipients. Please do not forward this invitation to any other partywithout written consent from Barclays Research. Barclays' Investment Bankers are prohibited fromattending this event. Participant comments are not for attribution.If your firm is in-scope for research unbundling under MiFID II and you require further informationregarding pricing to participate in this Barclays Research content event, please contact your salesrepresentative.This document is intended for institutional investors and is not subject to all of the independence anddisclosure standards applicable to debt research reports prepared for retail investors under U.S. FINRARule 2242. Barclays trades the securities covered in this report for its own account and on adiscretionary basis on behalf of certain clients. Such trading interests may be contrary to therecommendationsofferedin this report.(i)This author is a debt research analyst in the Fixed Income, Currencies and Commodities Researchdepartment and is neither an equity research analyst nor subject to all of the independence anddisclosure standards applicable to analysts who produce debt research reports under U.S. FINRA Rule2242.Barclays Events Terms of Service | Barclays Events Privacy NoticeDisclaimer:BARCLAYSThis communication has been prepared by Barclays.“Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” meansBarclays Bank PLC, Barclays PLC and any of their subsidiaries,affiliates,ultimate holding companyand any subsidiaries oraffiliatesof such holding company.CONFLICTS OF INTERESTBARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course ofofferinginvestment bankingproducts and services to clients, Barclays may act in several capacities (including issuer, marketmaker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty andcalculation agent) simultaneously with respect to a product, giving rise to potential conflicts ofinterest which may impact the performance of a product.BARCLAYS POSITIONSBarclays may at any time acquire, hold or dispose of long or short positions (including hedging andtrading positions) and trade or otherwiseeffecttransactions for their own account or the account oftheir customers in the products referred to herein which may impact the performance of a product.FOR INFORMATION ONLYTHIS DOCUMENT IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE.This information has been prepared by the Research Department within the Investment Bank ofBarclays. The information, analytic tools, and/or models referenced herein (and any reports or resultsderived from their use) are intended for informational purposes only. Barclays has no obligation toupdate this information and may cease provision of this information at any time and without notice.NO OFFERBarclays is notofferingto sell or seekingoffersto buy any product or enter into any transaction. Anyofferor entry into any transaction requires Barclays’ subsequent formal agreement which will besubject to internal approvals and execution of binding transaction documents. The productsmentioned may not be eligible for sale in some states or countries, nor suitable for all types ofinvestors. Without limitation to the foregoing, any transaction may also be subject to review byBarclays Group against its published Tax Principles.NO LIABILITYNeither Barclays nor any of its directors,officers,employees, representatives or agents, accepts anyliability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise