1. Stock Analysis: Materials Terri Kinney Steven Wang

2. Recommendation Keep sector weight the same  Means selling a portion of Dow  Keep 120 Basis Points Find another stock to add to portfolio  Greif Inc.  Buy 200 Basis Points

3. Sector Recap SIM basically inline with S&P 500.

4. Sector Performance Month-to-date  S&P 500: 3.65%  Sector: 2.18% Quarter-to-date  S&P 500: 5.98%  Sector: 4.41% Year-to-date  S&P 500: 6.17%  Sector: 12.61%

5. Current Holding

7. Greif Inc. The Company produces steel, plastic, fibre, corrugated and multi-wall containers, protective packaging and containerboard, and provides blending and packaging services for a wide range of industries. Manages timber properties in North America Market Capitalization: 2.62B Dividend Yield: 1.30%

9. Products Steel Containers Fibre Drums Plastic Drums Intermediate Bulk Containers Water Bottles Container Closure Systems Corrugated Containers Transit Protection Products Specialty and Protective Packaging Products Multiwall Packaging Containerboard

12. Recommendation Sell 200 bp of Dow Chemical  Only 10% upside Buy 200 bp of Greif Inc  Has 18% upside