POSITION MONITOR  - CHART 1

RECENT NOTES

2/29/16 UNFI | ZERO VISIBILITY

2/26/16 KHC | BLINDED BY THE MARGIN

2/25/16 REPLAY | KHC SHORT THESIS

2/12/16 NUS | “LAID AN EGG”

2/10/16 GIS | LONG | THINGS TO THINK ABOUT

2/9/16 THOUGHTS ON CONSUMER PACKAGED GOODS (GIS, CAG, WWAV, LNCE, HAIN, PF)

SECTOR PERFORMANCE

Food and organic stocks that we follow underperformed the XLP last week. The XLP was up +0.8% last week, the top performers on a relative basis from our list was United Natural Foods (UNFI) and Hain Celestial (HAIN) posting increases of +13.8% and +4.0%, respectively. The worst performing companies on a relative basis on our list were J&J Snack Foods (JJSF) and Post Holdings (POST), which were down -3.3% and -3.4%, respectively.

POSITION MONITOR  - CHART 2

XLP VERSUS THE MARKET

POSITION MONITOR  - CHART 3

Food and Organic Companies

POSITION MONITOR  - CHART 4

POSITION MONITOR  - CHART 5

POSITION MONITOR  - CHART 6

Please call or e-mail with any questions.

Howard Penney

Managing Director

Shayne Laidlaw

Analyst