Grant Olcott & Grant Gutstein Consumers SIC Update Grant Olcott & Grant Gutstein

Sector performance (1Yr) Holdings (to date) Company Date Return DPZ 3/21/16 32.41% STZ 4/18/17 66.77% MB 3/19/18 -9.35% Sector performance (1Yr) Consumer Staples -6.14% Retail 4.81%

Dominos Pizza Bullish outlook Analyst estimate: 20% upside Raising dividend Digital initiatives and franchising Reducing ownership of retail locations Order pizza through Amazon Alexa, Apple Watch, etc. Invested $90mill in Pulse, point of sales platform

Constellation Brands Sales rose, beat analyst estimates Activities Maker of Corona, Modelo, Robert Mondavi wines and Svedka vodka saw sales rise 8.5 percent to $1.77 billion. Analysts on average expected $1.75 billion. Beer sales full-year growth at 10%. Modelo and Corona franchises grew 18% and 6%, respectively. Operating margin steady at 38% as increased marketing spending offset rising average prices. Wine and spirits division grew 4% (Meiomi, Black Box, and Ruffino wine brands). Operating margin up 0.8 percentage points to 27.4% of sales. Project operating cash flow to increase by $500M Activities Raised quarterly dividends by 42 percent. 4.8M share buyback (¾ in last quarter) for $1.04B 5+ acquisitions FY17 (trend likely to continue) Diversification (Kennedy Growth - largest publicly traded cannabis supplier in the world

Conclusion & Actions Maintain positions Look for attractively valued consumer staples companies (P/E in parentheses) Starbucks (17.9) Jack in the Box (17.5)