VALMONT INDS INC

Ticker: VMI CUSIP: 920253101 Class: Common Stock

Telos Capital Management, Inc.'s Holding History (CIK: 0001567889)

Note: Option positions (PUT/CALL) are excluded.

Q1 2016

Shares 1,655 Value ($000) $205 Avg Close $110.97 Range $96.50 - $125.69

Q2 2015

Shares 1,681 Value ($000) $200 Avg Close $123.29 Range $116.36 - $128.67

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	1,655	$205	$110.97	$96.50 - $125.69
Q2 2015	1,681	$200	$123.29	$116.36 - $128.67