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POSITION MONITOR - Chart 1

RECENT NOTES

9/08/16 GENERATIONAL DINING | A LOOK INTO THE CONSUMER’S MIND

9/7/16 PLAY | THE SLOWDOWN HAS COMMENCED

9/7/16 CMG | THIS IS WHY I PLAY

8/25/16 MCD | THE SLOWDOWN CAN NOT BE IGNORED

8/23/16 ZOES | THE COLLAPSE WAS FAST

8/18/16 BWLD | THE LATEST RESTAURANT WALK OFF

8/15/16 RESTAURANTS MACRO NOTE | SALES TRENDS | EMPLOYMENT

SECTOR PERFORMANCE

Casual Dining and Quick Service stocks that we follow outperformed the XLY last week. The XLY was down -2.8%; top performers on a relative basis from casual dining were BBRG and KONA posting performance of +10.8%, +8.6%, respectively, while CMG and WEN led the quick service group this week up +5.7% and +4.3%, respectively.

POSITION MONITOR - Chart 2

POSITION MONITOR - Chart 3

CASUAL DINING RESTAURANTS

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POSITION MONITOR - Chart 10

QUICK SERVICE RESTAURANTS

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COMMODITIES

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ARTICLES OF INTEREST

COSI | COSI HIRED TURNAROUND FIRM AS INTERIM CFO

In an effort to recover from years of financial losses, Cosi Inc. has hired The O’Connor Group to advise on financial and strategic matters.

CMG | CHIPOTLE IS ACKMAN’S NEXT BIG BET

Bill Ackman’s hedge fund has taken a 9.9% in the embattled chain, believing that the company is undervalued and still an attractive investment.

SUBWAY RESTAURANTS | BOLSTERS DIGITAL ASSETS

In an effort to build its digital presence, the Subway has acquired assets from Avanti Commerce, a Canadian e-commerce company. This purchase comes after Subway organized its digital technology under a single group called Subway Digital.

JIMMY JOHN’S | ROARK CAPITAL TAKES MAJORITY STAKE IN JIMMY JOHN’S

Private equity group, Roark Capital Group, has acquired a majority stake in Jimmy John’s Sandwiches, one of the nation’s fastest-growing chains.

Please call or e-mail with any questions.

Howard Penney

Managing Director

Shayne Laidlaw

Analyst