1. Taylor Captline Matthew Chadwell Hadd Francis

2.  41 companies  12.04% of S&P 500  13.06% of SIM Portfolio  Sector Industries include:  Agricultural Products  Brewers  Distiller and Vinters  Food Distributors  Household Products  Hypermarkets and Supermarkets  Packaged Foods and Meats  Personal Products  Retail – Drugs  Retail – Food  Soft Drinks  Tobacco

3. Colgate PalmoliveTerminalDiscountRate $76.059%10% 11% 12% 1% $86.95$80.71$75.21$70.32$65.96$62.03$58.49 Terminal2% $90.77$83.95$77.97$72.69$68.00$63.81$60.05 FCF2% $95.14$87.62$81.08$75.35$70.28$65.78$61.76 Growth3% $100.19$91.82$84.60$78.33$72.83$67.97$63.65 Rate3% $106.07$96.66$88.63$81.71$75.70$70.42$65.75 4% $113.03$102.30$93.28$85.58$78.94$73.17$68.10 4% $121.37$108.98$98.70$90.04$82.65$76.29$70.75

4. WeightsTarget DCF25%$76.05 Forward P/E25%$76.05 Price/Sales25%$76.05 Price/CF25%$76.05 TARGET PRICE$75.98

5. Terminal Discount Rate 47.348%9%10%11%12%13% Terminal FCF Growth Rate 1%49.3742.9838.0234.0630.8328.14 2%54.0846.2340.3535.7832.1229.14 3%60.6850.5743.3437.9333.7130.34 4%70.5856.6447.3440.6935.6931.80 5%87.0765.7552.9344.3738.2433.63 6%120.0680.9361.3249.5341.6435.98

6. Risk Free Rate: 3.71% Market Premium: 7.00% CAPM Discount Factor: 6.23% I used 9.81%

9.  $57.58  Current: $50.59  Implied upside: 13.8%

11. H. J. Heinz Company, together with its subsidiaries, engages in manufacturing and marketing food products throughout the world. The company’s products include ketchup, condiments and sauces, frozen food, soups, beans and pasta meals, infant nutrition and other processed food products. The company’s products are manufactured and packaged to provide safe, wholesome foods for consumers, as well as foodservice and institutional customers. The company’s products are sold through its own sales organizations and through independent brokers, agents and distributors to chain, wholesale, cooperative and independent grocery accounts, convenience stores, bakeries, pharmacies, mass merchants, club stores, foodservice distributors and institutions, including hotels, restaurants, hospitals, health-care facilities, and certain government agencies.

13.  WMT: 13.8%  CL: 9.55%  PM: 11.02%  HNZ: 28%

14. Current WeightSell/Buy New Weight PM2.42%68bps1.74% CL2.64%68bps1.69% WMT3.50%68bps2.82% HNZ0 102bps 1.02%