Two Stocks Barry Rosenstein’s JANA Partners Trims Exposure to

Page 2 of 2

Now, let’s discuss JANA’s reduction of its position in SUPERVALU INC. (NYSE:SVU). The fund has been holding shares of the $2.51 billion wholesale grocery firm since the first quarter of 2013 and over the last couple of years it has been mainly raising its position from 14.14 million shares it held initially. Meanwhile the stock almost doubled in value. In the last couple of days, Supervalu has been gaining ground on the back of strong financial results for the third quarter of fiscal year 2015. The company posted net sales of $4.20 billion, up from $4.01 billion a year ago, while its earnings per share from continuing operations increased to $0.18 from $0.13 for the third quarter of fiscal 2014.

Therefore, since JANA only slightly trimmed its exposure to SUPERVALU INC. (NYSE:SVU) amid the stock gaining ground on the back of the financial results announcement, it is most likely that the investor has decided to pick some profits. Even following the decrease of its stake, JANA still remains one of the largest shareholders of Supervalu among institutional investors.

Another shareholder of SUPERVALU INC. (NYSE:SVU) is Leon Cooperman’s Omega Advisors. During the third quarter of 2014, Mr. Cooperman cut his fund’s stake in the company by 64% to 2.84 million shares. This is particularly interesting since Mr. Cooperman has pitched the company during the Delivering Alpha Conference in July. Cooperman stated that the stock has a “conservative” price target of $11.00 per share, while sporting a significant potential for value creation and fairly limited risk. Omega raised its stake in SUPERVALU INC. (NYSE:SVU) by 200% during the second quarter of 2014.

Mr. Rosenstein leads an activist fund that has been implicated in several activist situations over the last year, such as the one at Hertz Global Holdings, Inc. (NYSE:HTZ), where the fund owns a 7% stake and proposed a CEO candidate, who, however, has been rejected by the board. Moreover, the fund has appointed three independent directors to the board of Civeo Corp (NYSE:CVEO).

Disclosure: none

Page 2 of 2