EquityResearch5June2019COREBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE97.Restricted-InternalGlobalConsumerStaples300+questionsformanagementaheadofQ2andindustryconferencesInthisnote,wepublishourquestionsformanagementaheadoftheQ2reportingseasonandindustryconferences.Asinteractionswithcompaniesstepupoverthecomingweeks,wetaketheopportunitytosetoutthekeyquestions.Forfurtherdetailonthesectorsandstocks,belowarethelinkstotheinitiationsacrossBeverages,Food,FoodIngredients,HPC,CannabisandGlobalTobacco.EuropeanBeverages:IdentifyingglobalpremiumgrowthEuropeanFoodProducers:DisruptingthedisruptersEuropeanConsumerIngredients:WinnersinthefoodrevolutionEuropeanHPC:ThesearchforsustainablegrowthGlobalCannabis:SlowBurnTowardLegalizationTobacco:Acceleratingdisruption,uncertainregulationINDUSTRYUPDATEEuropeanConsumerStaplesNEUTRALUnchangedU.S.CHPC&BeveragesNEUTRALUnchangedU.S.FoodNEUTRALUnchangedEuropeanConsumerStaplesWarrenAckerman+44(0)2031341903warren.ackerman@barclays.comBarclays,UKArthurReeves+44(0)2077733622arthur.reeves@barclays.comBarclays,UKIainSimpson+44(0)2077733616iain.simpson@barclays.comBarclays,UKLaurenceWhyatt+44(0)2077735324laurence.whyatt@barclays.comBarclays,UKEwanMitchell+44(0)2031343724ewan.mitchell@barclays.comBarclays,UKGauravJain+44(0)2035552501gaurav2.jain@barclays.comBarclays,UKU.S.CHPC&BeveragesLaurenR.Lieberman+12125263112lauren.lieberman@barclays.comBCI,USU.S.FoodAndrewLazar+12125264668andrew.lazar@barclays.comBCI,USBarclays|GlobalConsumerStaples5June20192CONTENTSBEVERAGES....................
