A Quantum Leap in Investment Technology $100 2/17/17 17 High - PowerPoint PPT Presentation

A Quantum Leap in Investment Technology

$100 2/17/17 17 High Price: : $96.65 5/30/19 19 Low Price: : $27.40 $90 -71.6% loss $80 2/17/17 17 Mark rket Cap: $117 B 5/30/19 19 Mark rket Cap: $33 B -$84 billion on loss $70 $60 $50 $40 $30 This loss s was completel tely avoidab dable! e! $20 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 (203 03) ) 254-000 000 www. .com .c om (401) 01) 234-121 1212

Date te Price Bro rokerag age Action Rating Price Targ rget Loss to to 6/25/ 5/19 2/16/2018 $70.80 Jefferi feries es Finan anci cial al Group Reiterated Rating Buy $95.00 -57% 2/15/2018 $72.71 Bank of Americ erica Set Price Target Buy $100.00 -58% 2/15/2018 $72.71 Susqueh ehanna a Bancs cshares res Lower Price Target Neutral ➝ Neutral $80.00 ➝ $77.00 -58% 2/14/2018 $71.92 Morg rgan an Stan anley ey Set Price Target Buy $88.00 -57% 2/12/2018 $71.81 Susqueh ehanna a Bancs cshares res Set Price Target Hold $80.00 -57% 1/30/2018 $78.50 Piper Jaffr fray ay Comp mpan anies es Reiterated Rating Overweight ➝ Overweight $90.00 ➝ $94.00 -61% 1% 1/19/2018 $79.66 Jefferi feries es Finan anci cial al Group Initiated Coverage Buy ➝ Buy $95.00 -61% 1% 11/3/2017 $78.00 Morg rgan an Stan anley ey Lower Price Target Overweight $92.00 ➝ $88.00 -61% 1% 11/2/2017 $78.03 BMO Capital tal Markets ets Lower Price Target Market Perform $96.00 ➝ $82.00 -61% 1% 11/2/2017 $78.00 Susqueh ehanna a Bancs cshares res Lower Price Target Neutral ➝ Neutral $83.00 ➝ $80.00 -61% 1% 11/2/2017 $78.00 Cred edit t Suisse e Group Reiterated Rating Outperform $100.00 ➝ $90.00 -61% 1% 11/2/2017 $78.00 Citi tigrou roup Lower Price Target Neutral $90.00 ➝ $82.00 -61% 1% 10/13/2017 $77.74 Morg rgan an Stan anley ey Lower Price Target Overweight $95.00 ➝ $92.00 -61% 1% 10/13/2017 $77.74 UBS S Group Reiterated Rating Buy ➝ Buy $97.00 ➝ $89.00 -61% 1% 10/6/2017 $78.18 Piper Jaffr fray ay Comp mpan anies es Upgrade Neutral ➝ Overweight $92.00 ➝ $90.00 -61% 1% 10/4/2017 $77.77 Gold ldma man Sach chs Group Downgrade Buy ➝ Neutral $95.00 ➝ $87.00 -61% 1% 10/3/2017 $77.82 Roya yal Bank of Canad ada Reiterated Rating Buy $95.00 -61% 1% 9/21/2017 $79..01 Stifel fel Nico colau aus Reiterated Rating Buy $95.00 -61% 1% 9/14/2017 $81.20 Susqueh ehanna a Bancs cshares res Reiterated Rating Hold $84.00 -62% 9/10/2017 $81.72 Cred edit t Suisse e Group Set Price Target Buy $100.00 -62% 9/6/2017 $81.33 BMO Capital tal Markets ets Reiterated Rating Hold $96.00 -62% 9/1/2017 $80.85 Roya yal Bank of Canad ada Reiterated Rating Buy $95.00 -62% 8/16/2017 $86.50 Piper Jaffr fray ay Comp mpan anies es Set Price Target Hold $92.00 -65% 8/9/2017 $86.46 Susqueh ehanna a Bancs cshares res Reiterated Rating Neutral $94.00 ➝ $85.00 -65% 8/7/2017 $87.02 Beren enberg rg Bank Set Price Target Buy $102.00 -65% 8/5/2017 $86.66 Cred edit t Suisse e Group Set Price Target Buy $100.00 -65% 8/1/2017 $86.67 Susqueh ehanna a Bancs cshares res Reiterated Rating Hold -65% 7/29/2017 $87.64 Cred edit t Suisse e Group Set Price Target Buy $100.00 -65% 7/10/2017 $82.77 Susqueh ehanna a Bancs cshares res Reiterated Rating Neutral $99.00 ➝ $91.00 -63% 6/28/2017 $87.82 JPMo Morg rgan an Chas ase e & Co. Reiterated Rating Overweight $102.00 ➝ $99.00 -65% Is there any Wall Street firm which will give you a complete paper trail of all their buy, sell and hold recommendations? Why not? (203 03) ) 254-000 000 www. .com .c om (401) 01) 234-121 1212

(203 03) ) 254-000 000 www. .c .com om (401) 01) 234-121 1212

Since ce March ch 2018, 018, when en Heinz inz traded aded at $62. 2.29 29, Morningstar consistently rated Kraft Heinz as “undervalued”. Heinz inz closed sed on June ne 25, , 2019 019 at $30.6 30.68. 8. (203 03) ) 254-000 000 www. .com .c om (401) 01) 234-121 1212

Value on Value on Potential ial Value on Value on Potential ial Holders s as of 3/31/1 /19 Holders s as of 3/31/1 /19 2/17/17 3/31/19 Loss s ($K) K) 2/17/17 3/31/19 Loss s ($K) K) Berkshire re Hath thaw away ay $37,502,941 1 $10,631, 1,977 $26,870,964 JPMo Morg rgan an Chas ase e & Co. $223,120 $63,254 $159,866 Vanguard rd Group $5,504,715 $1,560,571 $3,944,144 NY State te Reti tireme rement t Fund $205,261 $58,191 $147,070 Magel ellan an Asset et Mgmt. mt. $4,271,979 $1,211,094 $3,060,885 Oppen enheimerF eimerFunds Inc. c. $191,921 $54,409 $137,512 Black ackRoc Rock $4,244,988 $1,203,442 $3,041,546 Deuts tsche e Bank AG $165,899 $47,032 $118,867 State te Stree reet $3,222,946 $913,696 $2,309,250 Wellingto ton Mgmt. mt. $156,711 $44,427 $112,284 Inve vesc sco $2,252,322 $638,527 $1,613,795 Russ ssell l Inve vestme stments ts Group $154,019 $43,664 $110,355 North thern ern Trust $857,307 $243,044 $614,263 Cred edit t Suisse e AG $147,458 $41,804 $105,654 AIG $855,582 $242,555 $613,027 Firs rst t Trust t Advisors rs LP $146,686 $41,585 $105,101 Fideli elity ty $834,410 $236,553 $597,857 Parame rametri tric c Portf rtfolio Associate ates $145,987 $41,387 $104,600 Bank of Americ erica $817,574 $231,780 $585,794 Barc rclay ays PLC LC $140,555 $39,847 $100,708 Bank of New York $680,804 $193,006 $487,798 Cibc World Markets ets $138,739 $39,332 $99,407 Morg rgan an Stan anley ey $675,414 $191,478 $483,936 Capital tal Fund Mgmt. mt. $136,079 $38,578 $97,501 Capital tal Research arch $626,486 $177,607 $448,879 Alps Advi visors rs Inc. c. $134,788 $38,212 $96,576 Goldman man Sach chs Group $499,240 $141,533 $357,707 Price e T Rowe e Associ ciates tes $131,843 $37,377 $94,466 Dimen mensional al Fund Advi visors rs $327,347 $92,802 $234,545 CA A Employee ees Reti tireme rement $131,772 $37,357 $94,415 Charl arles es Schwab $310,345 $87,982 $222,363 D. E. Shaw aw & Co. Inc. c. $128,583 $36,453 $92,130 Wells Farg rgo $272,913 $77,370 $195,543 Allianceb cebernstein tein L.P. $122,636 $34,767 $87,869 Swiss Nati tional al Bank $272,094 $77,138 $194,956 CA A Teach achers ers Retiremen etirement $117,557 $33,327 $84,230 UBS S Group AG $271,654 $77,013 $194,641 NY Teach achers ers Retiremen etirement $116,470 $33,019 $83,451 Sumi mitomo mo Mitsui Trust $266,461 $75,541 $190,920 Pruden enti tial Finan anci cial Inc. c. $106,876 $30,299 $76,577 Roya yal Bank of Canad ada $252,108 $71,472 $180,636 Capital tal Intern ernation ational Investo vestors rs $106,576 $30,214 $76,362 UBS S Asset et Mgmt. mt. Americ ericas as $237,202 $67,246 $169,956 Principal al Finan ancial al Group $101,313 $28,722 $72,591 TIAA AA CREF REF Inve vestme tment t Mgmt. mt. $236,493 $67,045 $169,448 Lord rd Abbett tt & CO. $100,968 $28,624 $72,344 Susqueh ehanna a Intern ernation ational al $232,362 $65,874 $166,488 Teach achers ers Advi visors rs $100,110 $28,381 $71,729 BNP NP Pari ribas as Arbitrag trage e SA $226,292 $64,153 $162,139 State te Board ard of Admi min. of FL. $95,507 $27,076 $68,431 Total $47,111,480 480 Total $2,470, 0,097 97 Th These ese inves vestor ors s had ad potential ential losse ses s of nearly arly $50 50 billion on. ERS’s technology clearly indicated KHC was as alwa ways ys a v very high gh-ri risk k invest stme ment . (203 03) ) 254-000 000 www. .com .c om (401) 01) 234-121 1212

$100 2/17/17 17 $96.65 $96.65 $90 Price Risk 100 Financ ncia ial l Risk 96 $80 8/3/18 $64.48 48 Price Risk 88 $70 Financ ncia ial l Risk 85 Kra raft t Heinz z Corp rp is abou out 150 0 ye years old, d, a name e recog ogniz ized ed by 90% 0% of America ricans. $60 Heinz’s brand and history gave investors unwarranted confidence. However, their financial statements indicated a $50 failing company with extrao aordinar nary y risks ks. 5/2/18 When it fell from $97 to $54, the decline was not an $54.20 $54.20 opportunity to buy at a “bargain price”. It remained a failing company with extrao aordinar ary y risks ks. Price Risk 85 $40 5/30/19 19 ERS’s technology reliably identifies and measures the Financ ncia ial l Risk 92 $27.40 $27.40 finan anci cial al and price risks s of publi lic compani anies. $30 Price Risk 82 Financ ncia ial l Risk 68 $20 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 (203 03) ) 254-000 000 www. .com .c om (401) 01) 234-121 1212