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Transcript 
2009
FALL FOCUS
INVESTMENT CONFERENCE
Consumer Staples/Discretionary
A Cautious Consumer
Ellen Baras
William Hyatt
Brett Varchetto
Senior Investment Analyst
Senior Investment Analyst
Senior Investment Analyst
© 2009 Northern Trust Corporation
northerntrust.com
Coverage Overview

Ellen Baras
 Consumer
Staples
Beverages / Food / Tobacco / Household & Personal Care
 Consumer
Discretionary
Department Stores, Specialty Apparel

William Hyatt
 Consumer
Discretionary
Media / Entertainment, Business Services, Publishing, Telecom
Gaming / Lodging / Leisure

Brett Varchetto
 Consumer
Staples
Food & Drug Retailing, Food Distribution
 Consumer
Discretionary
Hardline / Broadline / Specialty Retail, Restaurants
2
2009 Fall FOCUS Investment Conference
Sector View: Consumer Staples
Marketweight – Balance Between Macro and Consumer

3
Key Influences:

Commodity Relief

Currency Headwind Abating

Restrained Consumer Spending

Trading Down Mentality
2009 Fall FOCUS Investment Conference
Favorite Stocks: Consumer Staples
4

Procter & Gamble (PG, 1/A)

General Mills (GIS, 1/B)

Kellogg (K, 1/B)
2009 Fall FOCUS Investment Conference
Sector View: Consumer Discretionary
Consumer Discretionary – Caution Still Warranted



Valuations Implying Strong Earnings Recovery
Despite Mixed Macro Data
Drivers of Concern:

Volatile Commodity Costs

Erratic Employment Numbers

Tighter Credit Availability

Shaky Consumer Confidence
Recommend Barbell Approach to Holdings

5
Combination of Defensive and Early Cycle / Beta Names
2009 Fall FOCUS Investment Conference
Favorite Stocks: Consumer Discretionary
6

TJX Companies (TJX, 1/A)

Kohl’s (KSS, 1/B)

McDonald’s (MCD, 1/A)

Lowe’s (LOW, 1/B)

Disney (DIS, 1/B)

Comcast (CMCSA, 1/B)

Western Union (WU, 1/B)
2009 Fall FOCUS Investment Conference
2009
FALL FOCUS
INVESTMENT CONFERENCE
Thank You.
Ellen Baras
William Hyatt
Brett Varchetto
Senior Investment Analyst
Senior Investment Analyst
Senior Investment Analyst
© 2009 Northern Trust Corporation
northerntrust.com
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