Norman Levine CARLSBERG -B- CARL-OMX TOP PICK Nov 25, 2013

(Top Pick Mar 1/12, Up 23.29%)

(A Top Pick Jan 20/12. Up 34.32%.) Carlsberg Beer. p(Trades on the OMX Exchange).

Prefers a Brazilian beer company (ABV-N). Brazil is younger and the Olympics are coming up.

(A Top Pick March 1/12. Up 35.12%.) Family owns 51%. Biggest exposure is to the Russian market as well as some exposure to China.

Doesn’t think it will be too long until the Russians change their beer consumption patterns. Dividend increased a couple of weeks ago. Thinks they will buy something in the near future.

Danish brewing company, 5^th largest globally. A little volatile for a beer company, but they are the biggest beer company in Russia with 40% market share. Russia is toxic right now for investors. When there is blood on the street, you buy. Their growth market is in Asia where they are gaining market share. They raise the dividend on a regular basis. Valuation is very reasonable.

(Top Pick Nov 25/13, Down 9.69%) Likes the emerging markets business. Their stock is reacting to the situation in Russia. They could be part of a consolidation in the sector that is underway.

(A Top Pick March 6/14. Down 17.7%.) (BNN shows symbol as CABGY-PK, but our records show CARL-OMX since 2011, so we will leave it as is. Bill) The markets treated this as an oil story, because 30% of revenues come out of Russia. This was giving him both a currency and a commodity risk, so he sold his holdings. Thinks that longer-term they are going to rebalance their portfolio and the stock will run again. Cheap, so if you have the appetite and it drops in the summer, you might want to pick some up.

(A Top Pick Aug 1/14. Up 1.97%.) A beer company that is big in Western and Eastern Europe, especially in Russia. They are also in China. Liked that it is a consumers’ staple. However, it started to not act like a consumers product stock, all because of its exposure to Russia. There are 2 problems here. The Russian economy is very dependent on oil, and also every time Putin did something with Ukraine the stock was getting hurt. Because of this he exited the stock.