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The research analyst(s) who prepared research publications hereby certify that the views expressed in these publications accurately reflect the analyst(s) personal views about the subject companies and their securities. The research analyst(s) also certify that the analyst(s) have not been, are not, and will not be receiving direct or indirect compensation for expressing the specific recommendation(s) or view(s) in research publications.

All Consumer Edge Research publications and website content, collectively referred to as “Content”, have been prepared in accordance with our compliance and conflict management policies. Consumer Edge Research is unconditionally committed to the integrity, objectivity, and independence of its research. Neither Consumer Edge Research nor its employees own stock in or have any investment banking relationships with the Companies under coverage. While adhering to our conflict management policies, we may, on occasion, provide to covered companies non-securities consulting services, which are unrelated to its coverage for compensation.

Content and any opinions expressed herein are current only as of the date published and are subject to change without notice. Although the information contained in the Content has been obtained from sources we believe to be reliable, the accuracy and completeness of such information cannot be guaranteed. Consumer Edge Research shall have no obligation to update or amend any information contained in the Content and the frequency of subsequent changes to the Content, if any, remain in the discretion of Consumer Edge Research.

Content been prepared by Consumer Edge Research and has been approved for distribution. The Content is furnished to you for informational purposes only and on the condition that it will not form the sole basis for any investment decision. Any opinion contained herein may not be suitable for all investors or investment decisions. Each investor must make their own determination of the appropriateness of an investment in any Company referred to herein based on the tax, or other considerations applicable to such investor and its own investment strategy. By virtue of these Publications, neither Consumer Edge Research nor any of its employees, nor any data provider or any of its employees shall be responsible for any investment decision.

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