Consumer and Retail

CONSUMER AND RETAIL

INDUSTRY UPDATE │ APRIL 2016

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

HARRIS WILLIAMS & CO. CONSUMER UPDATE

GROUP OVERVIEW HW&CO.’S RECENT INDUSTRY OBSERVATIONS Harris Williams & Co. is a leading advisor to the Consumer market. Our 2016 has remained active for the Harris Williams Consumer team, with a number of significant experience covers a broad engagements and a busy pitch slate across our key verticals. In between executing range of end markets, industries, and transactions and building the pipeline, we recently spent time at the International business models. This particular report Home + Housewares Show, where we walked the floor and held productive meetings focuses on trends and metrics in the following areas: with a number of industry participants, PEG-backed platforms, and financial sponsors seeking opportunities in the space. Perhaps most interestingly, we also spoke with a . Consumer Durables number of would-be corporate buyers, who are considering accelerating, or in some . Consumer Electronics cases, launching, their acquisition strategies in an effort to drive growth. Based on . Consumer Services these meetings and our own backlog, we anticipate that M&A activity should remain solid across durables and household goods for the foreseeable future. . Footwear, Apparel, and Accessories Key Observations . Franchise Platforms . Internet Retail was IHA Attendance Signals Solid Interest in the Sector – 2016 was another sellout show in exhibitors, Chicago, with over 2,200 exhibitors, including 400 companies exhibiting for the first . Home Furnishings We time. We have attended the conference for a number of years, typically going for . Household Goods typically the Sunday and Monday of the show. Due to various conflicts this year, however, . Infant and Juvenile Products various several of our team attended the show on the opening Saturday. Despite the day, . Jewelry, Gifts, and Collectibles the we still filled out multiple tracks of meetings with a wide filled variety of industry participants and also noted a number . Lawn, Garden, and Pet Products industry of other “financial types” walking the floor. We believe and Services types” this dynamic illustrates the degree of interest in the sector . Omni / Multi-Channel Brands the in general and bodes well for continued activity in the . Outdoor and Lifestyle for space. . Personal Care Products THE Consolidators Have Been Busy but are Still on the Hunt – While there have been a . Specialty and Mass number of notable (and sizable) deals in the sector, our conversations indicate that Merchant Retailing many strategic buyers expect to remain active. The below chart demonstrates some select recent transactions with strategic buyers. CONTACTS

Acquirer John Neuner Managing Director [email protected] +1 (804) 915-0125 Target Ryan Budlong Managing Director Enterprise [email protected] +1 (415) 217-3409 Value $17.9B $5.4B $222M $210M $143M $83M Brent Spiller Managing Director [email protected] First Time Buyers Also Seeking Opportunities – We held a number of meetings at the +1 (804) 915-0183 Show with public and private corporates that have historically not been active Corey Benjamin acquirers. Interestingly, these groups all expressed a desire to begin doing deals and Director articulated well developed acquisition strategies indicating a legitimate appetite. [email protected] We see this as indicative of the continued challenge to deliver organic growth in +1 (804) 932-1342 revenue and earnings, as demonstrated by the below chart. Matt Conaty Vice President Housewares Index Revenue Growth and Estimates (‘13-’16 YTD) 1 [email protected] +1 (415) 217-3423

6.0% 5.1% 5.0%

4.0% 3.6%

3.0% 2.7% 2.5%

2.0%

1.0%

0.0% 2013 2014 2015 2016E www.harriswilliams.com 1) Index consists of Housewares Public Comparables as shown on Pg. 8 PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

HARRIS WILLIAMS & CO. CONSUMER UPDATE

HW&CO’SKEY OBSERVATIONS,RECENT CONSUMERCONTINUEDDURABLES AND HOUSEHOLD GOODS INDUSTRY OBSERVATIONS (CONTINUED)

Intersection of Consumer and Building Products Remains Attractive – We continue to see strong interest in assets driven by new home construction and renovation & remodel activity, as evidenced by transactions like The Jordan Company’s recent acquisition of Top Knobs, Quanex’s acquisition of Woodcraft Industries, and others in our backlog. We expect this trend to continue as investors remain willing to underwrite solid growth in the housing market.

Historical and Projected Housing Starts Repair and Remodeling (units in 000’s) ($ in billions) ~30% below 50-year average Peak / trough ~20% drop Starts forecasted to grow ~22% annually 4.4% CAGR projected through 2018 through 2018

Housing Starts Projections

2,500 $200

2,000 $150

1,500 $100

1,000 $50

500 $0 1960 1968 1976 1984 1992 2000 2008 2016P 2002 2006 2010 2014 2018P Total Housing Starts 50-Year Average Average Recesion Low Source: Census Bureau and Consensus Estimates Source: McGraw Hill

PUBLIC MARKET OVERVIEW

The housewares segment has consistently outperformed the broader market over the last several years. The transformational merger of Newell and Jarden and expectation of additional consolidation in the space have likely fueled public valuations of some assets.

EV / EBITDA Housewares Performance Housewares EV / EBITDA Index (‘13-’16 YTD)1

23.3x 16.0x

17.1x 14.0x

15.7x 12.0x

14.0x 10.0x

13.9x 8.0x

13.3x 6.0x

10.0x 4.0x

9.6x 2.0x

8.2x 0.0x Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 6.9x Overall Median: 13.6x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x Housewares S&P 500

1) Index consists of Housewares Public Comparables as shown on Pg. 8 PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC MARKETS OVERVIEW

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7)

Median TEV/ Median TEV/ Number of Median Enterprise Change in Stock Price Sector LTM Multiples Forward Mulitples Companies Value ($ M) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products & Services Apparel & Footwear 24 $2,965 20.4% (6.3%) 1.5x 10.6x 1.5x 10.1x Consumer Durables 6 16,914 21.3% (4.1%) 1.0x 10.7x 0.9x 8.4x Consumer Services and Retail Franchisors 7 3,767 9.8% (13.0%) 2.6x 9.8x 2.0x 8.3x Home & Office Furniture & Furnishings 10 1,590 23.9% 1.6% 0.9x 8.6x 0.9x 7.8x Household Products 5 18,061 12.6% 10.6% 3.7x 14.9x 3.6x 14.4x Housewares 10 3,528 19.5% 4.4% 1.4x 13.6x 1.6x 9.3x Infant & Juvenile 12 3,436 17.7% 15.1% 0.8x 10.8x 0.8x 8.2x Outdoor & Lifestyle 20 1,007 12.5% (6.1%) 1.4x 11.2x 1.3x 9.0x Personal Care Products 13 3,702 17.3% 7.9% 1.5x 10.2x 1.4x 9.9x Pet Care 8 2,919 16.5% 6.4% 1.6x 13.9x 1.8x 12.1x

Retail Apparel & Footwear Retail 31 1,349 12.6% (15.5%) 0.6x 6.4x 0.6x 5.9x Department Chains 8 6,608 9.5% (34.0%) 0.6x 6.2x 0.5x 6.4x Discount Stores & Mass Merchants 14 26,162 11.3% 0.2% 0.8x 11.6x 0.7x 10.5x Furniture & Furnishings Retailers 14 1,426 15.7% (36.3%) 0.8x 7.4x 0.7x 6.6x Internet Retail 12 4,614 15.6% 1.2% 2.4x 15.0x 2.3x 12.9x Specialty & Other Retail 15 3,975 23.5% (19.2%) 0.7x 6.5x 0.7x 6.3x

Consumer Products & Services 115 $3,482 17.5% 3.0% 1.4x 10.8x 1.4x 9.1x

Retail 94 $4,295 14.1% (17.3%) 0.7x 6.9x 0.7x 6.5x

Consumer & Retail Index 209 $3,615 16.1% (1.9%) 1.2x 10.6x 1.1x 8.7x

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)

Infant & Juvenile

Household Products

Personal Care Products

Housewares

Outdoor & Lifestyle

Home & Office Furniture & Furnishings

Discount Stores & Mass Merchants

Internet Retail

S&P 500

Consumer & Retail Index

Consumer Durables

Apparel & Footwear

Pet Care Consumer Services and Retail Franchisors Apparel & Footwear Retail

Specialty & Other Retail Furniture & Furnishings Retailers

Department Chains

(40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0%

PAGE | 3 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

250

225

200

175

150 Index

125

100

50 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

RECENT EQUITY OFFERINGS

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($ M) Primary Industry

04/12/16 04/12/16 Sportsman's Warehouse SPWH Follow-on $67.5 Specialty Stores

03/22/16 03/22/16 The Michaels Companies, Inc. MIK Follow-on 443.4 Specialty Stores

02/18/16 02/05/16 Ollie's Bargain Outlet Holdings OLLI Follow-on 155.5 Retail

12/14/15 12/14/15 Norwegian Cruise Line Holdings Ltd. NCLH Follow-on 596.1 Hotels, Resorts and Cruise Lines

11/23/15 11/23/15 The J. M. Smucker Company SJM Follow-on 467.3 Packaged Foods and Meats

11/19/15 10/06/15 Duluth Holdings Inc. DLTH IPO 80.0 Internet Retail

11/18/15 11/18/15 Bright Horizons Family Solutions, Inc. BFAM Follow-on 232.9 Education Services

11/05/15 11/05/15 ServiceMaster Global Holdings, Inc. SERV Follow-On 982.1 Specialized Consumer Services

10/16/15 10/15/15 ClubCorp Holdings, Inc. MYCC Follow-On 186.6 Leisure Facilities

10/15/15 10/14/15 Jarden Corp. JAH Follow-On 490.0 Housewares and Specialties

09/24/15 09/21/15 Sportsman's Warehouse Holdings, Inc. SPWH Follow-On 76.6 Specialty Stores

08/11/15 08/10/15 Norwegian Cruise Line Holdings Ltd. NCLH Follow-On 1,180.6 Hotels, Resorts and Cruise Lines

PAGE | 4 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

M&A OVERVIEW

ANNOUNCED CONSUMER AND RETAIL M&A

Quarterly Consumer M&A Activity Last 10 Deals Announced Announced Target Buyer 120 4/19/2016 World Kitchen GPIAC 4/18/2016 ILLUME Regent Holding Company 16 100 4/12/2016 JAYBIRD, LLC Logitech International SA (SWX:LOGN) 26 25 4/12/2016 Scorpion Bike Stands LLC Feedback Sports LLC 4/6/2016 Always For Me LLC Waveland Investments LLC 80 13 21 12 4/5/2016 TK Enterprises The Jordan Company, L.P. 12 5 14 4/1/2016 Alstyle Apparel, LLC Alstyle Apparel, LLC 14 60 34 4/1/2016 Momentum Textiles, LLC The Riverside Company 4/1/2016 Strength of Nature Global, LLC Godrej Consumer Products 95 18 13 4/1/2016 Wilton Armetale, Inc. Lifetime Brands, Inc. (NasdaqGS:LCUT) 40 77 77 83 66 68 71 66 57 64

Number Transactions of 43 LTM Deal Statistics 20 35 39 Aggregate Number Transaction Multiples Value ($bn) of Deals EV / Revenue EV / EBITDA 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 $94.2 355 0.88x 10.7x

Strategic Buyer PEG Acquirer Note: Transactions based on publicly available information

CONSUMER AND RETAIL M&A TRENDS

Announced Consumer Transactions Median Consumer Transaction Multiples $105 450 20.0x 1.40x $92

EV / LTM Sales Sales LTMMultiple /EV 400 Transactionsof Number $90 1.20x 16.0x 350 1.00x $75 12.4x 300 12.0x 10.7x 10.8x 0.80x $60 250 10.0x 9.8x 10.0x 8.4x $40 200 0.60x $45 $38 8.0x $30 150 ($ in ($ billions) $27 $28 $30 0.40x 100 4.0x

$11.9 Multiple / EV LTM EBITDA $15 0.20x

50 Average Average Transaction Value $0 0 0.0x 0.00x 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 YTD YTD EBITDA Mult Rev Mult Aggregate Transaction Value # of Deals

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

Median LTM Trading Multiples Consumer Private Equity Investments and Exits

14.0x 100 12.4x 12.4x 11.9x 11.8x 12.2x 12.0x 11.8x 11.7x 11.6x 90 86 11.8x 11.6x 11.4x 84 12.0x 10.8x 11.3x11.3x 10.4x 76 10.2x 10.0x 10.2x 80 10.0x 10.0x 10.0x 72 73 10.0x 9.5x 68 70 66 8.5x 8.2x 7.9x 59 57 57 8.0x 60 53 53 48 50 6.0x 40 37

MedianMultiples Trading 31 4.0x 28 30 18

2.0x Number ofTransactions 20 16

10 0.0x 3/1/15 4/1/15 5/1/15 6/1/15 7/1/15 8/1/15 9/1/15 10/1/15 11/1/15 12/1/15 1/1/16 2/1/16 3/1/16 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Consumer Products & Services Retail Number of Investments Number of Exits

PAGE | 5 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

DEBT MARKET OVERVIEW

KEY RETAIL CREDIT STATISTICS

QuarterlyQuarterly Retail Loan Loan Volume Volume Average Spread on Retail Loans 14.00 14 L + 700

12.0012 L + 600

10.0010 L + 500

8 8.00 L + 400

6 6.00 L + 300

4 4.00 L + 200

2 Average Spread Over LIBOR L + 100

Loan Volume by Quarter ($ in by($billions)Volume Quarter Loan 2.00 Loan Volume byQuarter ($ inbillions) 0 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 L + 0 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q15 4Q09 2Q10 4Q10 2Q11Institutional4Q11 2Q12 4Q12Pro2Q13 Rata4Q13 2Q14 4Q14 2Q15 4Q15 Revolving Credit / Term Loan A Weighted-Average Institutional Institutional Pro Rata

Credit Statistics Average Secondary Spread 6.0x L + 2500

5.0x

L + 2000

4.0x

L + 1500

3.0x EBITDA MultipleEBITDA 2.0x L + 1000

1.0x Average Spread LIBOROver Spread Average L + 500

0.0x Debt/EBITDA Senior Debt/EBITDA EBITDA/Cash EBITDA - Interest Capex/Cash L + 0 Interest 2010 2011 2012 2013 2014 2015 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS1

• Lawn Care provider TruGreen’s $560 million first lien term loan backing the merger of the business with Scotts Miracle Gro and Lawn Service business looks to be roughly twice oversubscribed. The debt for the Clayton Dubilier & Rice-controlled business, has had pricing terms floated at L+575 with a 1% floor and offered at 98-98.5. The debt would yield roughly 7.2% to maturity, and a $200 million second-lien term loan has been placed privately and carries a 12% coupon.

• Blount International’s cross-border term loan has seen its pricing revised by its leading arrangers. Pricing has been raise to L/E + 625 with a 1% floor and will now be offered at 97. The term-loan, which includes $300 million U.S. dollar tranche and a $175 million-equivalent euro tranche, was launched at L/E + 600 with a 98 offer price. The revised terms would yield 8.07% to maturity, and has drawn B+/B1 corporate and facility ratings.

• Sears Holdings incremental ABL term loan – while not aimed at a broad investor market – still was about twice oversubscribed versus its $750 million target. The issuing was tightened to L+750 from L+800, with the same 1% floor and aa 97 OID, which fell of the tighter end of the proposed 96-97 range. As previously advertised, the loan carries 102 and 101 hard call premiums in years one and two, respectively.

1) Source: S&P Capital IQ LCD PAGE | 6 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2016E ($ in millions, except per share data) Ticker 4/14/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products & Services Apparel & Footwear Coach, Inc. COH 39.45 90.8% 10,955 887 1,337 10,505 4,238 932 (5.7%) (4.9%) 68.6% 22.0% 29.8x 2.48x 11.3x 2.29x 10.0x Columbia Sportswear Company COLM 60.43 80.9% 4,188 17 370 3,835 2,326 310 10.7% 11.7% 46.1% 13.3% 24.7x 1.65x 12.4x 1.55x 11.8x Carter's, Inc. CRI 103.97 94.9% $5,348 $584 $381 $5,551 $3,014 $463 4.1% 8.2% 41.7% 15.4% 23.1x 1.84x 12.0x 1.73x 11.0x Crocs, Inc. CROX 9.05 56.4% 661 6 143 524 1,091 4 (9.0%) (1.0%) 46.8% 0.4% NM 0.48x 131.3x 0.46x 7.4x Deckers Outdoor Corp. DECK 57.76 75.5% 1,873 56 263 1,666 1,837 241 3.7% 9.1% 45.9% 13.1% 13.1x 0.91x 6.9x 0.89x 6.4x Fossil Group, Inc. FOSL 42.12 48.7% 2,027 810 289 2,548 3,229 423 (8.0%) 4.2% 54.3% 13.1% 9.3x 0.79x 6.0x 0.81x 8.0x G-III Apparel Group, Ltd. GIII 45.54 61.6% 2,074 0 133 1,942 2,344 210 10.7% 18.8% 35.8% 9.0% 18.5x 0.83x 9.3x 0.76x 8.5x Hanesbrands Inc. HBI 27.51 79.1% 10,675 2,625 319 12,980 5,732 974 7.6% 8.2% 38.1% 17.0% 26.0x 2.26x 13.3x 2.22x 12.6x Iconix Brand Group, Inc. ICON 8.13 24.2% 395 1,464 170 1,689 379 181 (3.1%) 3.5% 100.0% 47.7% NM 4.45x 9.3x 4.52x 9.7x Kate Spade & Company KATE 24.87 70.6% 3,183 402 298 3,287 1,243 174 9.1% 31.6% 60.7% 14.0% NM 2.64x NM 2.35x 12.7x NIKE, Inc. NKE 59.58 87.4% 100,376 2,109 5,106 97,379 31,911 5,147 5.5% 8.7% 46.3% 16.1% 27.6x 3.05x 18.9x 2.81x 16.8x Oxford Industries Inc. OXM 61.74 67.7% 1,025 44 6 1,063 969 133 5.3% 4.2% 57.1% 13.7% 17.4x 1.10x 8.0x 1.03x 7.5x Perry Ellis International Inc. PERY 18.45 65.4% 291 133 42 382 900 49 1.1% (2.5%) 35.6% 5.5% NM 0.43x 7.8x 0.42x 6.4x PV H Corp. PVH 94.93 78.7% 7,716 3,217 556 10,376 8,020 1,054 (2.7%) 9.9% 51.9% 13.1% 13.8x 1.29x 9.8x 1.28x 10.0x Ralph Lauren Corporation RL 93.57 66.3% 7,861 900 1,215 7,546 7,419 1,141 (2.4%) 2.3% 57.0% 15.4% 16.9x 1.02x 6.6x 1.04x 7.2x Steven Madden, Ltd. SHOO 35.67 79.8% 2,211 0 105 2,107 1,405 195 5.3% 4.6% 35.6% 13.9% 19.3x 1.50x 10.8x 1.46x 10.7x Skechers U.S.A., Inc. SKX 28.30 51.9% 4,424 85 508 4,001 3,159 404 32.4% 26.3% 45.4% 12.8% 18.9x 1.27x 9.9x 1.09x 7.6x Gildan Activewear Inc. TSX: GIL 38.80 84.8% 9,272 375 51 9,597 2,569 493 11.7% 7.5% 26.8% 19.2% 19.8x 3.74x 19.5x 3.64x 17.4x Tumi Holdings, Inc. TUMI 26.73 96.0% 1,808 0 95 1,713 548 122 3.9% 11.2% 59.7% 22.2% 28.8x 3.13x 14.1x 2.98x 14.8x Under Armour, Inc. UA 42.96 81.1% 18,683 670 130 19,224 3,963 516 28.5% 29.3% 48.1% 13.0% NM 4.85x 37.3x 3.85x 29.6x V .F. Corporation VFC 63.81 82.4% 27,019 1,865 946 27,938 12,377 2,077 0.8% 4.4% 48.3% 16.8% 22.4x 2.26x 13.5x 2.16x 12.9x V era Bradley, Inc. V RA 17.48 84.5% 610 0 98 512 503 78 (1.3%) (2.1%) 56.6% 15.4% 24.6x 1.02x 6.6x 0.99x 6.5x Weyco Group Inc. WEYS 27.83 89.7% 297 27 22 301 321 33 0.0% 3.0% 37.9% 10.4% 16.6x 0.94x 9.0x NA NA Wolverine World Wide Inc. WWW 17.79 50.5% 1,776 820 194 2,402 2,692 287 (2.5%) 17.9% 39.2% 10.7% 14.8x 0.89x 8.4x 0.95x 8.9x Mean 72.9% $9,365 $712 $532 $9,544 $4,258 $652 4.4% 8.9% 49.3% 15.1% 20.3x 1.87x 17.0x 1.79x 11.1x Median 78.9% $2,697 $388 $229 $2,917 $2,456 $299 3.8% 7.9% 46.6% 13.8% 19.3x 1.40x 9.9x 1.46x 10.0x

PAGE | 7 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

Home & Office Furniture & Furnishings The Dixie Group, Inc. DXYN 4.81 41.8% 75 131 0 205 422 20 3.9% 16.6% 25.1% 4.6% NM 0.49x 10.5x 0.48x NA HNI Corp. HNI 41.21 71.4% 1,829 190 33 1,987 2,304 230 3.7% 4.8% 36.8% 10.0% 17.8x 0.86x 8.6x 0.89x 8.4x Hooker Furniture Corp. HOFT 24.98 69.5% 288 0 54 234 247 28 1.1% 4.2% 27.8% 11.2% 16.8x 0.95x 8.5x 0.42x 5.2x Kimball International, Inc. KBAL 11.50 88.5% 431 0 26 405 625 50 11.9% (18.6%) 31.9% 8.0% 20.3x 0.65x 8.1x NA NA Knoll, Inc. KNL 22.73 87.2% 1,090 222 4 1,308 1,104 133 5.2% 7.1% 37.3% 12.1% 16.7x 1.18x 9.8x 1.13x 8.3x Leggett & Platt, Incorporated LEG 47.67 93.0% 6,429 949 253 7,125 3,917 590 3.6% 4.7% 23.6% 15.1% 21.0x 1.82x 12.1x 1.77x 11.2x La-Z-Boy Incorporated LZB 26.15 89.1% 1,305 1 110 1,195 1,483 143 5.7% 5.2% 37.2% 9.6% 17.5x 0.81x 8.4x 0.76x 7.3x Herman Miller Inc. MLHR $30.59 93.5% $1,831 $240 $63 $2,008 $2,233 $254 7.4% 8.8% 38.5% 11.4% 15.4x 0.90x NM 0.86x 7.4x Steelcase Inc. SCS 15.35 75.4% 1,840 299 266 1,873 3,060 264 0.0% 2.2% 32.2% 8.6% 11.3x 0.61x 7.1x 0.60x 6.2x Tempur Sealy International Inc. TPX 60.32 73.0% 3,677 1,455 154 4,978 3,151 397 5.4% 31.0% 39.7% 12.6% NM 1.58x 12.6x 1.51x 9.4x Mean 78.2% $1,879 $349 $96 $2,132 $1,855 $211 4.8% 6.6% 33.0% 10.3% 17.1x 0.98x 9.5x 0.94x 7.9x Median 81.3% $1,567 $206 $58 $1,590 $1,858 $186 4.5% 5.0% 34.5% 10.6% 17.2x 0.88x 8.6x 0.86x 7.8x

Household Products Church & Dwight Co. Inc. CHD 93.26 98.2% 11,962 1,050 330 12,682 3,395 784 2.9% 5.1% 44.5% 23.1% 30.4x 3.74x 16.2x 3.64x 15.4x Colgate-Palmolive Co. CL $70.31 97.9% $62,724 $6,571 $1,072 $68,223 $16,034 $4,386 (7.2%) (2.1%) 58.7% 27.4% 25.9x 4.25x 15.6x 4.46x 15.4x The Clorox Company CLX 124.80 94.4% 16,155 2,296 390 18,061 5,693 1,222 2.4% 0.5% 44.6% 21.5% 25.2x 3.17x 14.8x 3.14x 14.1x Prestige Brands Holdings, Inc. PBH 57.16 98.9% 3,015 1,447 49 4,413 788 296 18.1% 9.3% 58.5% 37.5% 27.6x 5.60x 14.9x 5.21x 14.4x The Procter & Gamble Company PG 81.55 97.2% 220,557 31,526 14,277 237,806 72,455 18,672 (5.3%) (4.6%) 51.3% 25.8% 25.7x 3.28x 12.7x 3.64x 13.9x Mean 97.3% $62,883 $8,578 $3,224 $68,237 $19,673 $5,072 2.2% 1.7% 51.5% 27.0% 27.0x 4.01x 14.8x 4.02x 14.6x Median 97.9% $16,155 $2,296 $390 $18,061 $5,693 $1,222 2.4% 0.5% 51.3% 25.8% 25.9x 3.74x 14.9x 3.64x 14.4x

Housewares Fiskars Oyj Abp FIS1V 17.34 82.3% 1,420 270 540 1,150 1,105 87 44.0% 13.9% 37.8% 7.9% 16.7x 1.04x 13.3x 0.92x 8.8x Helen of Troy Limited HELE 101.90 95.7% 2,882 475 21 3,336 1,538 212 11.4% 7.0% 41.5% 13.8% 22.3x 2.17x 15.7x 2.11x 13.8x Jarden Corp. JAH 0.00 #DIV /0! 11,381 6,381 1,298 16,463 8,604 966 3.8% 8.7% 31.7% 11.2% NA 1.91x 17.1x 1.69x 11.0x Libbey Inc. LBY 18.32 43.6% 400 433 49 784 825 113 (3.6%) (0.1%) 23.4% 13.7% 6.1x 0.95x 6.9x 0.94x 6.7x Lifetime Brands, Inc. LCUT 16.11 98.8% 229 101 7 323 588 39 0.3% 6.5% 36.5% 6.7% 18.7x 0.55x 8.2x 0.54x NA Nacco Industries Inc. NC 59.49 94.5% 409 171 53 527 916 5 2.1% 1.6% 19.7% 0.6% 19.0x 0.58x 102.5x NA NA Newell Brands Inc. NWL 44.62 87.7% 20,377 3,082 275 23,184 5,916 993 3.3% 2.4% 39.0% 16.8% 46.5x 3.92x 23.3x 1.73x 9.4x SEB SA SK 94.23 96.7% 4,557 1,331 1,015 4,872 4,770 506 12.1% 5.5% 11.5% 10.6% 22.8x 1.02x 9.6x 0.98x 8.5x Spectrum Brands Holdings, Inc. SPB 111.78 98.9% 6,638 4,129 162 10,605 4,841 761 10.1% 13.9% 36.0% 15.7% 37.3x 2.19x 13.9x 2.06x 11.2x Tupperware Brands Corporation TUP 58.91 85.7% 2,975 843 99 3,719 2,228 371 (11.8%) (5.1%) 67.7% 16.7% 14.9x 1.67x 10.0x 1.64x 9.2x Mean #DIV /0! $5,127 $1,721 $352 $6,496 $3,133 $405 7.2% 5.4% 34.5% 11.4% 22.7x 1.60x 22.1x 1.40x 9.8x Median #DIV /0! $2,929 $659 $130 $3,528 $1,883 $292 3.6% 6.0% 36.2% 12.5% 19.0x 1.36x 13.6x 1.64x 9.3x

PAGE | 8 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

Outdoor & Lifestyle Arctic Cat Inc. ACAT $16.26 43.1% $212 $0 $11 $201 $610 ($2) (18.1%) (2.4%) 14.6% NM NM 0.33x NM 0.30x 7.4x Brunswick Corporation BC 50.36 89.9% 4,571 449 671 4,349 4,106 515 7.0% 6.3% 27.1% 12.6% 20.9x 1.06x 8.4x 0.96x 7.3x Black Diamond, Inc. BDE 4.40 43.1% 136 20 98 58 155 0 (1.9%) 2.2% 34.9% 0.3% NM 0.37x NM 0.39x 14.0x Columbia Sportswear Company COLM 61.26 82.0% 4,246 17 370 3,892 2,326 310 10.7% 11.7% 46.1% 13.3% 25.0x 1.67x 12.5x 1.58x 12.0x Callaway Golf Co. ELY 9.20 89.3% 863 15 50 828 844 44 (4.9%) 0.4% 42.4% 5.3% NM 0.98x NM 0.96x 16.9x Escalade Inc. ESCA 11.00 55.0% 157 34 3 188 157 17 9.1% 3.3% 27.9% 10.7% 15.9x 1.20x 11.2x 1.11x 8.1x Fox Factory Holding Corp FOXF 16.77 85.5% 621 49 7 663 367 56 19.6% 15.9% 30.8% 15.3% 25.4x 1.81x 11.8x 1.70x 9.6x GoPro, Inc. GPRO 13.44 20.5% 1,839 0 474 1,365 1,620 84 16.2% 192.9% 41.6% 5.2% NM 0.84x 16.3x 0.99x NM Amer Sports Corp. HLSE: AMEAS 25.57 91.1% 2,946 792 331 3,407 2,534 263 13.7% 7.1% 45.2% 10.4% 24.8x 1.34x 12.9x 1.26x 11.6x Rapala V MC Corp. HLSE: RAP1V 4.35 74.4% 167 123 13 277 279 26 1.9% (1.5%) 50.8% 9.3% 25.6x 0.99x 10.7x 0.99x 8.4x Harley-Davidson, Inc. HOG 46.94 77.4% 8,611 7,113 739 14,985 6,072 1,344 (1.7%) 2.0% 36.5% 22.1% 12.7x 2.47x 11.1x 2.76x 11.1x Johnson Outdoors Inc. JOUT 21.50 65.8% 215 32 49 197 445 33 6.7% 2.0% 39.9% 7.5% 14.9x 0.44x 5.9x 0.43x NA Malibu Boats, Inc. MBUU 16.87 71.1% 303 76 15 364 243 41 17.6% 34.5% 27.0% 16.7% 15.6x 1.50x 9.0x 1.37x 7.1x Marine Products Corp. MPX 8.07 94.2% 310 0 16 294 207 22 21.1% 11.6% 21.2% 10.4% 20.8x 1.42x NM 1.32x 12.3x Nautilus Inc. NLS 18.22 79.4% 565 80 61 585 336 48 22.3% 20.1% 52.8% 14.4% 21.4x 1.74x 12.1x 1.34x 8.7x Polaris Industries Inc. PII 96.23 61.5% 6,216 463 156 6,524 4,789 868 5.4% 13.9% 29.4% 18.1% 14.3x 1.36x 7.5x 1.37x 7.8x Sturm, Ruger & Co. Inc. RGR 66.20 84.8% 1,255 0 69 1,186 551 128 1.2% 3.9% 31.2% 23.2% 20.6x 2.15x 9.3x 1.99x 7.6x Smith & Wesson Holding Corporation SWHC 22.24 73.1% 1,226 174 105 1,295 683 179 26.1% 8.2% 39.7% 26.3% 15.3x 1.90x 7.2x 1.76x 6.5x Shimano Inc. TSE: 7309 17,570.00 87.0% 1,628,800 10,080 190,210 1,448,670 378,645 100,618 13.6% 15.5% 40.8% 26.6% 21.4x 3.83x 14.4x 3.86x 14.3x V ista Outdoor Inc. V STO 48.81 90.5% 2,983 687 71 3,599 2,144 305 (0.9%) NA 27.0% 14.2% 24.4x 1.68x 11.8x 1.42x 9.2x Mean 72.9% $83,312 $1,010 $9,676 $74,646 $20,356 $5,245 8.2% 18.3% 35.4% 13.8% 19.9x 1.45x 10.8x 1.39x 10.0x Median 78.4% $1,044 $62 $70 $1,007 $647 $70 8.0% 7.1% 35.7% 13.3% 20.9x 1.39x 11.2x 1.33x 9.0x

PAGE | 9 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

Pet Care Blue Buffalo Pet Products, Inc. BUFF 24.88 86.4% 4,882 387 224 5,045 1,027 219 12.0% NA 40.8% 21.3% NM 4.91x 23.0x 4.43x 19.4x Central Garden & Pet Company CENT $15.97 87.4% $805 $436 $9 $1,233 $1,703 $145 5.1% 0.3% 29.3% 8.5% 27.3x 0.72x 8.5x 0.69x 8.1x Freshpet, Inc. FRPT $7.70 31.4% $258 $0 $11 $247 $116 $4 33.9% NA 47.0% 3.4% NM 2.13x 62.9x 1.80x 13.3x Oil-Dri Corp. of America ODC 33.92 87.2% 246 15 29 232 264 33 (0.1%) 2.7% 26.9% 12.5% 15.6x 0.88x 7.0x NA NA Spectrum Brands Holdings, Inc. SPB 111.78 98.9% 6,638 4,129 162 10,605 4,841 761 10.1% 13.9% 36.0% 15.7% 37.3x 2.19x 13.9x 2.06x 11.2x Maabarot Products Ltd. TASE:MABR 55.52 98.8% 544 19 156 407 342 24 (5.3%) (1.2%) 42.1% 7.0% 34.3x 1.19x 16.8x NA NA Echo Trading Co., Ltd. TSE:7427 570.00 81.4% 3,440 4,500 3,335 4,605 75,256 (181) 0.8% (0.3%) 12.1% NM NM 0.06x NM NA NA Unicharm Corporation TSE:8113 2,507.00 78.7% 1,493,518 69,024 138,503 1,424,039 738,707 111,919 13.4% 18.2% 45.0% 15.2% 37.7x 1.93x 12.7x 1.84x 12.1x Mean 81.3% $188,792 $9,814 $17,804 $180,802 $102,782 $14,115 8.7% 5.6% 34.9% 11.9% 30.4x 1.75x 20.7x 2.16x 12.8x Median 86.8% $2,123 $412 $159 $2,919 $1,365 $89 7.6% 1.5% 38.4% 12.5% 34.3x 1.56x 13.9x 1.84x 12.1x

PAGE | 10 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2016E ($ in millions, except per share data) Ticker 4/20/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Retail Apparel & Footwear Retail American Eagle Outfitters, Inc. AEO 15.95 86.3% 2,884 0 260 2,624 3,522 469 7.3% 0.4% 37.0% 13.3% 14.6x 0.74x 5.6x 0.72x 5.1x Abercrombie & Fitch Co. ANF $29.23 89.0% $1,976 $334 $589 $1,721 $3,519 $321 (6.0%) (7.9%) 61.3% 9.1% NM 0.49x 5.4x 0.49x 4.9x Aéropostale, Inc. ARO 0.21 5.9% 17 143 65 95 1,507 (75) (18.0%) (14.2%) 20.2% NM NM 0.06x NM 0.07x NM Ascena Retail Group Inc. ASNA 9.64 54.8% 1,847 1,659 295 3,210 5,834 511 21.3% 12.5% 56.5% 8.8% NM 0.55x 6.3x 0.45x 4.4x The Buckle, Inc. BKE 30.56 63.3% 1,475 0 198 1,277 1,120 262 (2.9%) (0.1%) 49.4% 23.4% 10.0x 1.14x 4.9x 1.17x 5.0x Cabela's Incorporated CAB 51.64 88.2% 3,502 4,755 158 8,099 3,998 456 9.6% 8.7% 42.8% 11.4% 19.3x 2.03x 17.8x 1.90x 16.0x Caleres, Inc. CAL 26.29 77.7% 1,148 197 118 1,226 2,577 177 0.2% 1.3% 40.7% 6.9% 14.2x 0.48x 6.9x 0.46x 5.9x The Cato Corporation CATO 37.64 88.8% 1,022 0 283 739 1,011 119 2.4% 2.3% 39.0% 11.8% 15.7x 0.73x 6.2x 0.72x NA Chico's FAS Inc. CHS 13.03 73.5% 1,742 92 140 1,694 2,642 268 (1.2%) 0.8% 54.1% 10.2% NM 0.64x 6.3x 0.66x 5.9x Citi Trends, Inc. CTRN 19.02 66.3% 284 0 72 212 684 43 1.9% 1.5% 39.0% 6.3% 18.5x 0.31x 4.9x 0.30x 4.7x Destination Maternity Corporation DEST 6.95 49.6% 97 41 2 136 499 20 0.4% (2.6%) 49.7% 4.0% NM 0.27x 6.7x NA NA DSW Inc. DSW 25.55 64.6% 2,093 0 259 1,834 2,620 288 5.0% 5.1% 37.0% 11.0% 16.6x 0.70x 6.4x 0.64x 6.3x Destination XL Group, Inc. DXLG 5.37 80.1% 259 68 5 322 442 23 6.8% 3.6% 46.1% 5.3% NM 0.73x 13.8x 0.68x 9.4x Express Inc. EXPR 19.50 90.4% 1,497 70 187 1,380 2,350 285 8.5% 2.9% 43.5% 12.1% 14.1x 0.59x 4.8x 0.57x 4.5x Finish Line Inc. FINL 19.75 68.0% 876 0 79 797 1,889 121 3.8% 9.4% 30.9% 6.4% 41.1x 0.42x 6.6x 0.41x 5.3x Foot Locker, Inc. FL 61.32 79.4% 8,345 130 1,021 7,454 7,412 1,090 3.6% 6.2% 44.3% 14.7% 16.0x 1.01x 6.8x 0.96x 6.3x Genesco Inc. GCO 69.95 96.0% 1,491 112 133 1,470 3,022 238 5.7% 5.1% 47.8% 7.9% 16.9x 0.49x 6.2x 0.49x 5.9x Guess? Inc. GES 18.03 76.9% 1,515 6 445 1,076 2,204 201 (8.8%) (6.1%) 35.7% 9.1% 18.8x 0.49x 5.3x 0.46x 5.9x The Gap, Inc. GPS 24.06 58.3% 9,573 1,731 1,370 9,934 15,797 2,220 (3.9%) 0.3% 36.4% 14.1% 10.8x 0.63x 4.5x 0.63x 4.9x L Brands, Inc. LB 78.16 77.3% 22,432 5,721 2,558 25,595 12,154 2,649 6.1% 5.1% 47.8% 21.8% 18.5x 2.11x 9.7x 1.98x 9.3x Lululemon Athletica Inc. LULU 67.13 96.3% 9,219 0 501 8,717 2,061 431 14.7% 14.6% 48.4% 20.9% 35.5x 4.23x 20.2x 3.73x 17.6x Tailored Brands, Inc. TLRD 18.47 27.9% 895 1,656 30 2,521 3,496 366 7.5% 12.0% 43.0% 10.5% NM 0.72x 6.9x 0.74x 7.0x New York & Company Inc. NWY 3.68 88.7% 237 13 61 189 950 32 2.9% (0.6%) 38.3% 3.3% NM 0.20x 6.0x 0.20x 4.5x The Children's Place, Inc. PLCE 82.70 97.4% 1,576 0 228 1,349 1,726 141 (2.0%) (1.6%) 36.2% 8.2% 29.5x 0.78x 9.6x 0.77x 7.0x Pacific Sunwear of California Inc. PSUN 0.00 #DIV /0! 2 122 6 118 801 3 (3.1%) 0.7% 25.4% 0.3% NA 0.15x NM NA NA Ross Stores Inc. ROST 57.39 96.2% 23,060 396 763 22,692 11,940 1,899 8.1% 7.1% 32.1% 15.9% 22.9x 1.90x 11.9x 1.79x 11.1x Shoe Carnival Inc. SCV L 26.59 88.6% 527 0 69 458 984 71 4.7% 4.8% 29.5% 7.2% 18.3x 0.47x 6.5x 0.45x 6.1x Stein Mart Inc. SMRT 7.33 59.2% 340 190 12 518 1,360 73 3.2% 3.3% 28.3% 5.4% 14.5x 0.38x 7.1x 0.36x 6.4x Stage Stores Inc. SSI 7.69 36.7% 207 166 16 356 1,604 86 (2.1%) (0.5%) 25.4% 5.4% NM 0.22x 4.1x 0.23x 3.8x Urban Outfitters Inc. URBN 31.25 73.3% 3,669 150 326 3,492 3,445 501 3.7% 7.2% 35.1% 14.6% 17.6x 1.01x 7.0x 0.97x 6.7x Zumiez, Inc. ZUMZ 17.86 51.6% 455 0 76 380 804 81 (0.9%) 6.3% 33.6% 10.1% 17.2x 0.47x 4.7x 0.46x 5.3x Mean #DIV /0! $3,363 $573 $333 $3,603 $3,354 $431 2.5% 2.8% 39.8% 10.3% 19.1x 0.81x 7.6x 0.81x 6.9x Median #DIV /0! $1,491 $92 $158 $1,349 $2,204 $238 3.2% 2.9% 39.0% 9.6% 17.2x 0.59x 6.4x 0.63x 5.9x

Department Chains Bon-Ton Stores Inc. BONT $2.24 29.6% $47 $995 $7 $1,035 $2,789 $112 (1.2%) (2.2%) 36.3% 4.0% NM 0.37x 9.2x 0.38x 7.8x Dillard's Inc. DDS 73.47 52.9% 2,617 825 203 3,239 6,755 708 (0.4%) 0.0% 35.6% 10.5% 10.6x 0.48x 4.6x 0.49x 4.8x J. C. Penney Company, Inc. JCP 9.81 81.8% 3,011 4,833 900 6,944 12,625 622 3.0% (0.9%) 36.0% 4.9% NM 0.55x 11.2x 0.53x 6.8x Nordstrom Inc. JWN 53.57 66.8% 9,263 2,805 595 11,473 14,437 1,723 6.9% 6.0% 36.2% 11.9% 17.0x 0.79x 6.7x 0.77x 6.9x Kohl's Corp. KSS 46.13 59.6% 8,542 4,708 707 12,543 19,204 2,487 1.0% (0.1%) 36.1% 13.0% 13.3x 0.65x 5.0x 0.65x 5.2x Macy's, Inc. M 41.36 56.2% 12,895 7,637 1,109 19,423 27,079 3,371 (3.7%) (0.7%) 39.1% 12.4% 12.8x 0.72x 5.8x 0.73x 5.9x Stage Stores Inc. SSI 7.69 36.7% 207 166 16 356 1,604 86 (2.1%) (0.5%) 25.4% 5.4% NM 0.22x 4.1x 0.23x 3.8x Hudson's Bay Company TSX: HBC 16.88 57.2% 3,074 3,705 507 6,272 11,162 653 36.6% 39.9% 41.2% 5.9% 9.0x 0.56x 9.6x 0.42x 7.1x Mean 55.1% $4,957 $3,209 $506 $7,661 $11,957 $1,220 5.0% 5.2% 35.7% 8.5% 12.6x 0.54x 7.0x 0.53x 6.1x Median 56.7% $3,042 $3,255 $551 $6,608 $11,894 $680 0.3% (0.3%) 36.2% 8.2% 12.8x 0.56x 6.2x 0.51x 6.4x

PAGE | 11 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

Furniture & Furnishings Retailers Aaron's, Inc. AAN $26.54 65.0% $1,931 $610 $15 $2,526 $3,180 $450 18.0% 12.8% 50.1% 14.2% 14.3x 0.79x 5.6x 0.75x 7.1x Bed Bath & Beyond Inc. BBBY 48.61 65.5% 7,952 1,500 602 8,850 12,104 1,689 1.9% 3.5% 38.2% 14.0% 9.5x 0.73x 5.2x 0.72x 5.6x Conns Inc. CONN 13.66 31.1% 419 1,250 12 1,656 1,613 80 8.6% 23.1% 23.0% 5.0% 15.7x 1.03x 20.7x 0.95x 8.9x Ethan Allen Interiors Inc. ETH 31.49 98.1% 876 58 57 877 765 95 0.7% 1.1% 55.1% 12.4% 20.3x 1.15x 9.3x 1.09x 8.1x hhgregg, Inc. HGG 1.89 28.7% 52 0 7 45 2,007 (7) (8.0%) (7.0%) 28.3% NM NM 0.02x NM 0.02x 5.8x Haverty Furniture Companies Inc. HV T 19.01 77.5% 421 53 83 391 805 72 4.7% 6.3% 53.5% 8.9% 15.6x 0.49x 5.5x 0.47x 5.3x Kirkland's Inc. KIRK 16.46 55.8% 260 0 44 215 562 49 10.7% 7.8% 48.1% 8.6% 17.5x 0.38x 4.4x 0.35x 4.1x La-Z-Boy Incorporated LZB 26.15 89.1% 1,305 1 110 1,195 1,483 143 5.7% 5.2% 37.2% 9.6% 17.5x 0.81x 8.4x 0.76x 7.3x Pier 1 Imports, Inc. PIR 6.98 51.4% 594 202 115 681 1,892 131 1.4% 3.5% 53.0% 6.9% 15.2x 0.36x 5.2x 0.36x 5.4x Rent-A-Center, Inc. RCII 14.79 44.0% 785 968 60 1,693 3,278 296 3.8% 2.2% 65.7% 9.0% NM 0.52x 5.7x 0.53x 5.7x Restoration Hardware Holdings, Inc. RH 44.31 41.6% 1,798 694 481 2,011 2,109 249 12.9% 20.9% 36.5% 11.8% 20.5x 0.95x 8.1x 0.91x 7.9x Select Comfort Corporation SCSS 20.26 56.7% 955 0 28 928 1,214 126 4.9% 9.1% 61.0% 10.4% 20.9x 0.76x 7.4x 0.69x 6.0x The Sherwin-Williams Company SHW 300.02 99.5% 27,663 1,963 206 29,420 11,339 1,813 1.9% 5.9% 49.0% 16.0% 26.9x 2.59x 16.2x 2.52x 15.2x Williams-Sonoma Inc. WSM 59.24 66.3% 5,287 0 194 5,094 4,976 658 5.9% 7.2% 37.1% 13.2% 17.6x 1.02x 7.7x 0.98x 7.4x Mean 62.2% $3,593 $521 $144 $3,970 $3,381 $417 5.2% 7.3% 45.4% 10.8% 17.6x 0.83x 8.4x 0.79x 7.1x Median 60.9% $915 $130 $72 $1,426 $1,949 $137 4.8% 6.1% 48.6% 10.4% 17.5x 0.78x 7.4x 0.73x 6.6x

PAGE | 12 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

Specialty & Other Retail Best Buy Co., Inc. BBY 33.12 84.7% 10,709 1,734 3,360 9,083 39,528 2,290 (2.0%) (1.8%) 23.3% 5.8% 14.4x 0.23x 4.0x 0.23x 4.1x Big 5 Sporting Goods Corp. BGFV 11.69 75.6% 256 59 7 308 1,029 47 5.2% 3.0% 31.6% 4.6% 16.7x 0.30x 6.5x 0.30x 6.6x Barnes & Noble, Inc. BKS $12.44 42.9% $929 $0 $64 $866 $5,970 $296 26.8% (4.9%) 30.2% 5.0% 26.7x 0.14x NM 0.21x 4.3x Dick's Sporting Goods Inc. DKS 46.26 80.6% 5,316 6 119 5,203 7,271 737 6.7% 7.6% 30.0% 10.1% 16.3x 0.72x 7.1x 0.67x 7.0x The Home Depot, Inc. HD 135.19 98.7% 169,189 21,397 2,225 188,361 88,519 13,567 6.4% 5.8% 34.2% 15.3% 24.8x 2.13x 13.9x 2.01x 12.5x Hibbett Sports, Inc. HIBB 35.79 72.1% 817 4 32 788 943 129 3.2% 4.8% 35.3% 13.7% 12.3x 0.84x 6.1x 0.79x 6.1x Marinemax Inc. HZO 18.53 69.3% 449 188 25 611 763 33 13.3% 12.8% 24.8% 4.3% 9.5x 0.80x 18.6x 0.73x 13.9x Lumber Liquidators Holdings, Inc. LL 15.16 44.2% 411 20 27 404 979 (47) (6.6%) 6.4% 29.0% NM NM 0.41x NM 0.42x NM Lowe's Companies, Inc. LOW 76.34 97.7% 68,510 12,649 712 80,447 59,074 6,602 5.1% 5.4% 34.8% 11.2% 28.0x 1.36x 12.2x 1.29x 10.2x Movado Group, Inc. MOV 28.88 92.2% 663 40 228 474 595 84 1.4% 5.6% 53.4% 14.1% 15.2x 0.80x 5.7x 0.80x 6.0x Office Depot, Inc. ODP 6.44 68.5% 3,535 1,509 1,069 3,975 14,485 674 (10.0%) 10.6% 24.2% 4.7% NM 0.27x 5.9x 0.29x 5.6x Staples, Inc. SPLS 10.89 64.7% 7,032 1,035 825 7,242 21,059 1,356 (6.4%) (4.8%) 26.2% 6.4% 18.5x 0.34x 5.3x 0.35x 5.3x Tiffany & Co. TIF 72.22 74.9% 9,099 1,104 887 9,316 4,105 971 (3.4%) 2.7% 60.7% 23.7% 20.1x 2.27x 9.6x 2.27x 9.4x Tractor Supply Company TSCO 90.07 93.6% 12,008 271 75 12,205 6,363 793 8.6% 10.4% 34.5% 12.5% 29.2x 1.92x 15.4x 1.73x 14.2x V itamin Shoppe, Inc. V SI 29.43 66.1% 714 123 15 823 1,267 134 4.4% 10.0% 42.3% 10.6% 16.2x 0.65x 6.1x 0.62x 5.7x Mean 75.0% $19,309 $2,676 $645 $21,341 $16,797 $1,844 3.5% 4.9% 34.3% 10.1% 19.1x 0.88x 8.9x 0.85x 7.9x Median 74.9% $3,535 $188 $119 $3,975 $5,970 $674 4.4% 5.6% 31.6% 10.4% 16.7x 0.72x 6.5x 0.67x 6.3x

PAGE | 13 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

Private Equity Announced Target Seller Buyer Involvement

4/19/2016 World Kitchen - GPIAC P 4/18/2016 ILLUME - Regent Holding Company 4/12/2016 JAYBIRD, LLC - Logitech International SA (SWX:LOGN) 4/12/2016 Scorpion Bike Stands LLC - Feedback Sports LLC 4/6/2016 Always For Me LLC - Waveland Investments LLC P 4/5/2016 TK Enterprises - The Jordan Company, L.P. P 4/1/2016 Alstyle Apparel, LLC Ennis Inc. (NYSE:EBF) Alstyle Apparel, LLC 4/1/2016 Momentum Textiles, LLC Norwest Equity Partners The Riverside Company P 4/1/2016 Strength of Nature Global, LLC - Godrej Consumer Products 4/1/2016 Wilton Armetale, Inc. - Lifetime Brands, Inc. (NasdaqGS:LCUT) 3/31/2016 POW Inc. Alliance of Angels, Investment Arm; Dan Rosen and RojoAssociates; Australia Columbia Pty Ltd. Pacific Advisors, LLC; POW Holdings, LLC 3/29/2016 J.America, Inc. - Blue Point Capital Partners P 3/28/2016 South Moon Sales, Inc. - NewSpring Capital; JPB Capital Partners P 3/24/2016 Ramcat Broadheads - Arcus Hunting, LLC 3/22/2016 Controlled Products, LLC - Clearview Capital, LLC P 3/21/2016 Karmaloop, Inc. CapX Partners; Comvest Partners Shiekh Shoes, LLC P 3/17/2016 Newell Rubbermaid Inc., Window Coverings Business Newell Rubbermaid Inc. (NYSE:NWL) Hunter Douglas N.V. (ENXTAM:HDG) 3/12/2016 Thom Browne, Inc. Stripe International Inc. Sandbridge Capital, LLC P 3/10/2016 Denver Design Company, LLC - 5 Horizons Group, LLC 3/10/2016 Natural Dynamics, LLC - Wellnext, LLC 3/9/2016 The Gents Place Men's Fine Grooming of Leawood, LLC - Massage Heights Corporate, LLC 3/8/2016 Thirsty Promo and Bag Warehouse Mark-It Smart Inc. The Image Group, Inc. 3/3/2016 The Procter & Gamble Company., Portfolio of Hair Care BrandsThe Procter & Gamble Company (NYSE:PG) Henkel AG & Co. KGaA (DB:HEN3) 3/3/2016 Tumi Holdings, Inc. (NYSE:TUMI) Doughty Hanson & Co.; Stockwell Capital LLC Samsonite International S.A. (SEHK:1910) 3/2/2016 The Guildery Inc. SoftTech VC; Forerunner Ventures; Cowboy Ventures;MINTED BBG Ventures LLC P 3/1/2016 Kuissential - SCS Direct Inc. 2/26/2016 DECIEM, Grow Gorgeous DECIEM Inc. The Hut.com Ltd 2/24/2016 Bell Sports Corp. BRG Sports, Inc. Vista Outdoor Inc. (NYSE:VSTO) 2/22/2016 Hayneedle Inc. Insight Venture Partners; Sequoia Capital Jet.com, Inc. P 2/22/2016 Zenith Products Corporation Charlesbank Capital Partners, LLC The Laces Company P 2/19/2016 Flint And Tinder USA, LLC Lerer Hippeau Ventures Huckberry LLC P 2/18/2016 Lise Watier Cosmétiques, Inc. Imperial Capital Group Ltd. Groupe Marcelle Inc. P 2/16/2016 Ebuys, Inc. - DSW Shoe Warehouse, Inc. 2/16/2016 The Pet Outpost, L.L.C - Bentley's Pet Stuff LLC 2/15/2016 True Textiles, Inc. Thomas H. Lee Partners, L.P.; LBC Credit Partners, Inc.;Duvaltex Sun Capital Inc. Partners, Inc. P 2/12/2016 THE WHEAT GROUP, INC. - United Legwear Company, LLC 2/11/2016 Furniture Factory Outlet, LLC Alpine Investors, LP Sun Capital Partners, Inc. P 2/11/2016 Sprig Toys, Inc. - BeginAgain, Inc. 2/11/2016 Etch A Sketch and Doodle Sketch The Ohio Art Company, Inc. (OTCPK:OART) Spin Master Corp. (TSX:TOY) 2/11/2016 WorldStrides, Inc. The Carlyle Group LP (NasdaqGS:CG) Metalmark Capital LLC P 2/10/2016 Stop Aging Now, LLC - Wellnext, LLC 2/10/2016 iDevices, LLC, iGrill® iDevices, LLC Weber-Stephen Products LLC 2/7/2016 Apollo Education (NasdaqGS:APOL) Glenview Capital Management, LLC; Fidelity ManagementNajafi Companies & Research Company; Robeco Boston Partners; T. Rowe PriceP Associates, Inc.; Aronson+Johnson+Ortiz, LP 2/5/2016 LeapFrog Enterprises Inc. (NYSE:LF) Blue Pacific Partners, LLC; Franklin Templeton InvestmentsVtech Corp. Holdings Ltd. (SEHK:303) P 2/5/2016 efsAUDIO Inc. - Compass Biotechnologies Inc. (OTCPK:COBI) 2/4/2016 Large Car Wash Operation - First Colombia Gold Corp. (OTCPK:FCGD) 2/4/2016 LMC Right Start, Inc. Liberty Interactive Corporation (NasdaqGS:QVCA) giggle, Inc. 2/2/2016 Rona Inc. (TSX:RON) Capital d'Amérique CDPQ Inc.; Invesco Canada Ltd.;Lowe's First Asset Companies Investment Canada, Management ULC Inc.; Fonds régional de solidaritéP FTQ Montérégie; Caisse de dépôt et placement du Québec; Fonds de solidarité FTQ 2/2/2016 mophie, inc. mStation Corporation; Beringea LLC; Grosvenor CapitalZAGG Management Inc (NasdaqGS:ZAGG) Customized Fund Investment Group P 2/2/2016 Blumenthal Lansing Company, LLC - CSS Industries Inc. (NYSE:CSS) 2/1/2016 Vitamin World, Inc. NBTY, Inc. Centre Lane Partners, LLC P 1/29/2016 Creative Embroidery - - 1/28/2016 TicketBreak Ltd. MapleCore Ltd. Ticketfly, Inc. 1/28/2016 All Star Vending & Coffee Service LLC - Canteen Vending Services, Inc. 1/28/2016 Ellsworth Handcrafted Bicycles, Inc. Iso Nano International LLC - 1/28/2016 GetGoing, Inc. Y Combinator; Data Collective; TA Ventures; InVentureBCD Partners Travel B.V. P 1/28/2016 Really Good Stuff, Inc. - Excelligence Learning Corporation 1/27/2016 Triboro Quilt Manufacturing Corporation - Gerber Childrenswear LLC 1/25/2016 Valeant Groupe Cosméderme Inc. Valeant Canada Ltd. INTEGA Skin Sciences Inc. 1/25/2016 Mccarthy's Hockey & Lacrose Supply Co, Inc. - LaxWorld Inc. 1/22/2016 Swanson Health Products, Inc. - Swander Pace Capital P 1/22/2016 Fiskars Brands, Inc., American Designer Pottery Fiskars Brands, Inc. Bloem Living LLC 1/21/2016 Triumph Sports USA, Inc. - Escalade Sports, Inc. 1/21/2016 SparkBox Toys LLC. - Pley Inc. 1/21/2016 Rose America Corporation - Guardian Capital Partners P 1/21/2016 A Fresh Start II, LLC - CORE TEAM, Inc. 1/20/2016 Cybex International Inc. UM Holdings Ltd. Brunswick Corporation (NYSE:BC) P 1/20/2016 BBC Ice Cream, LLC Iconix Brand Group, Inc. (NasdaqGS:ICON) - 1/19/2016 ABC Phones of North Carolina, Inc. Atlantic Street Capital Management, LLC Lone Star Funds P 1/19/2016 LIDS Team Sports The LIDS Sports Group BSN Sports, LLC 1/18/2016 Jerry's Sporting Goods Store - BSN Sports, LLC 1/15/2016 GE Appliances Inc. General Electric Company (NYSE:GE) Qingdao Haier Co., Ltd. (SHSE:600690) 1/14/2016 Prime Life Nutriceuticals, Inc. - Sisquoc Healthcare, Inc. 1/13/2016 Epic Performance, LLC. - NutraFuels, Inc. (OTCPK:NTFU) 1/13/2016 Easton Hockey, Inc. Chartwell Investments Inc. Performance Sports Group Ltd. (TSX:PSG) P 1/8/2016 Long Elegant Legs, Inc. - Long Tall Sally Ltd.

PAGE | 14 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement

1/7/2016 Gilt Groupe Inc. Draper Fisher Jurvetson, General Atlantic LLC Hudson's Bay Company (TSX:HBC) P 1/7/2016 Majorsales, LLC - Level Nine Sports, INC. 1/7/2016 Sojourner Farms, LLC - WellPet LLC 1/6/2016 Solutions In Mind, Inc. - Frontline Technologies Group LLC 1/6/2016 Maykah, Inc. iD Ventures America, LLC; StartX Patch Products, Inc. 1/6/2016 California Family Health, LLC Bunker Hill Capital Perpetual Capital Partners LLC P 1/6/2016 Holiday Travel, Inc. - Xanterra Parks & Resorts, Inc. 1/5/2016 Home Meridian International, Inc. - Hooker Furniture Corp. (NasdaqGS:HOFT) 1/5/2016 Mills e-Commerce Enterprises, Inc. - KKR & Co. L.P. (NYSE:KKR) P 1/5/2016 Slim, Inc. - Ricardo Beverly Hills, Inc. 1/5/2016 Reef One Inc - OASE GmbH 1/4/2016 509, Inc. - Polaris Industries Inc. (NYSE:PII) 12/31/2015 Octane Fitness, LLC North Castle Partners, LLC Nautilus Inc. (NYSE:NLS) 12/29/2015 Loken Imports, LLC - BCS International, Inc. 12/28/2015 Fitness First Inc. - Combat Brands, LLC 12/23/2015 Orapup - TRUPET LLC 12/22/2015 Brooklyn Nets / Barclay's Center (Minority Stake) Nets Sports and Entertainment LLC Onexim Sports and Entertainment Holding USA, Inc. 12/22/2015 Complete Nutrition, Inc. - Dominus Capital, L.P. P 12/17/2015 Avon Products, Inc., North American business Avon Products Inc. (NYSE:AVP) Cerberus Capital Management, L.P. P 12/17/2015 SBD Holdings Group Corp., South Beach Diet Brand SBD Holdings Group Corp. Nutrisystem, Inc. (NasdaqGS:NTRI) 12/16/2015 1-800 CONTACTS, Inc. Thomas H. Lee Partners, L.P. AEA Investors LP P 12/15/2015 Arrow Group Industries, Inc. - ShelterLogic Corp. 12/15/2015 PRO-TEC Brand DYE Precision, Inc. Bravo Sports Corporation 12/14/2015 TractorSearch.com USAgNet LLC Machinery Pete LLC 12/13/2015 Jarden Corp. The Vanguard Group & J.P. Morgan Newell Rubbermaid Inc. 12/11/2015 Bryan Schuetz DC Inc. - BioStem Technologies, Inc. 12/10/2015 Smart Wireless, 56 stores in OR & WA Smart Wireless, Inc. Spring Communications, Inc. 12/10/2015 Nobile Communications, 50 stores in FL Nobile Communications Spring Communications, Inc. 12/7/2015 Next University, Inc. Flybridge Capital Partners & Grupo Arcano Open English LLC P 12/7/2015 Runaway Tours, LLC - NFL On Location 12/4/2015 Brahms Mount - SFERRA Bros., Ltd. 12/4/2015 Truckee Rents, Inc. - Mountain Hardware & Sports, Inc. 12/4/2015 FDS Inc. Inspired Beauty Brands Inc. WellSpring Pharmaceutical Corporation 12/3/2015 Balboa Water Group, Inc. Quad-C Management, Inc. - P 12/3/2015 Bargain Hunt Superstores - Thomas H. Lee Partners, L.P. P 12/3/2015 Clipper Mill, Inc. - G.E.T. Enterprises, LLC 12/3/2015 Rothschild's Home Health Care Center Inc. - Nunn's Home Medical Equipment, Inc. 12/2/2015 The One World Doll Project, Inc. One World Holdings, Inc. Tonner Doll Company, Inc. 12/2/2015 Environment Furniture, Inc. HCAP Partners Cisco Bros. Corp. P 12/2/2015 MynettMusic, LLC - Sweetwater Sound Inc. 12/1/2015 Alexandria Holdings Corp. Fila Korea Ltd. - 11/27/2015 D&J Hobby Inc. - - 11/25/2015 EXO, Inc. - PF Hospitality Group, Inc 11/25/2015 The Brace Shop, LLC - VeriTeQ Corporation 11/25/2015 Sleepy's, LLC Calera Capital Mattress Firm, Inc. P 11/24/2015 CucinaPro, Inc. - SCS Direct Inc. 11/24/2015 Old Time SPORTS, Inc. - '47 Brand, Inc. 11/24/2015 All Aboard USA, Inc. - Premier Transportation, LLC 11/23/2015 Tri-Lite, Inc., Heater Business Tri-Lite, Inc. Bird-X, Inc. 11/23/2015 DenTek Oral Care, Inc. TSG Consumer Partners Prestige Brands Holdings, Inc. P 11/23/2015 PETCO Animal Supplies, Inc. Freeman Spogli, LG&P, TPG, and others CVC & CPPIB P 11/23/2015 Coveroo, Inc. Rembrandt Venture Partners Zazzle Inc. P 11/20/2015 Bernard Chaus, Inc. - Camuto Group, Inc. 11/19/2015 Liberator Medical Holdings, Inc. Millennium Management & Kinderhook Partners CR Bard Inc. P 11/18/2015 Soft & Dri, Pure & Natural, and other brands High Ridge Brands Co. The Village Company, LLC 11/18/2015 Charles Sadek Import Co., Inc. - Fitz and Floyd Enterprises, LLC 11/18/2015 Lou-Verne, LLC - Studio 11 Design, LLC 11/16/2015 Manicube Inc Bain, Westwood, & Female Founders Fund Elizabeth Arden Spas, INC. P 11/16/2015 Atlas Paper Mills, LLC Peak Rock Capital Resolute Forest Products Inc. P 11/15/2015 Starwood Hotels & Resorts Worldwide Inc. Paulson & Co., T. Rowe Price, & others Marriott International, Inc. 11/12/2015 Dallas Manufacturing Company, Inc. Malibu Lighting Corporation Central Garden & Pet Company 11/12/2015 AquaBlue International, LLC - Vortex Aquatic Structures International Inc. 11/12/2015 Richer Poorer Inc. - Shoes.com, Inc. 11/11/2015 Misfit, Inc. Norwest Venture Partners and others Fossil Group, Inc. P 11/10/2015 Pairpoint Crystal Company, Inc. - - 11/10/2015 ONA Designs International, LLC - Kuzari Group, LLC P 11/6/2015 Diamonds Direct Inc. - The Blackstone Group, Private Equity Group P 11/5/2015 Pure Ocean Botanicals, LLC - W.F. Young, Inc. 11/4/2015 White House Design Company, Inc. - CAI P 11/4/2015 City Sports, Inc. - Gordon Brothers Group & Hilco Merchant Resources 11/4/2015 J. Mclaughlin, Inc. Highland Capital, JH, Palladin, and others Brentwood Associates, Inc. P 11/3/2015 Pristine Capital Holdings, Inc. - T3 Live, LLC 11/2/2015 National Balloon and Banner, Inc. - nexAir LLC 11/2/2015 Rhoades, LLC - Mobile Specialty Group, Inc. 11/2/2015 Belson Outdoors, LLC - PlayCore Holdings, Inc. 11/10/2015 Home Franchise Concepts, Inc. - Trilantic Capital Management LLC P

PAGE | 15 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement

11/4/2015 Creative Co-Op, Inc. Eureka Growth Capital Management, L.P. Freeman Spogli & Co. Incorporated P 11/3/2015 Little Burgundy The ALDO Group Inc. Journeys 11/3/2015 Tailgate Clothing Co. - American Eagle Outfitters, Inc. 11/3/2015 FuelBelt, Inc. - Implus Corporation 11/3/2015 Coast to Coast Entertainment LLC - Elaut USA, Inc. 11/2/2015 Advanced Graphic Products Inc. - Follett Corporation 11/2/2015 Funko, LLC Fundamental Capital, LLC Acon Investments, L.L.C. P 10/30/2015 Stark Exterminators - Arrow Exterminators, Inc. 10/30/2015 Madison All 4 You LLC - Riddell Sports Group, Inc. 10/28/2015 Custom Brand Footwear, LLC - Bates Accessories, Inc. 10/27/2015 Rite Aid Corporation American Century & T. Rowe Price Walgreens Boots Alliance, Inc. 10/26/2015 Nathan Sports, Inc. - EZ GARD Industries, Inc. 10/26/2015 J&D Brush Company Inc. - Topspin Partners LBO, LP P 10/26/2015 Roots Canada Ltd. - Searchlight Capital Partners P 10/26/2015 Catch Motion Inc. - iON America LLC 10/26/2015 Coyne's & Company, Inc. - Foreside LLC 10/21/2015 Cosmetic Technologies, LLC Ascendiant Capital Markets LLC Knowlton Development Corporation P 10/20/2015 Poulin Lumber, Inc. - Wallboard Supply Company, Inc. 10/20/2015 Ultra Green Packaging Consumer Goods Line Ultra Green Packaging, Inc. Ecosentials LLC 10/19/2015 Combo Hitter - Golden Global Corp. 10/19/2015 SunBriteTV LLC Bunker Hill Capital & Avante Mezzanine, Inc. SnapAV, LLC P 10/19/2015 Paramount Fitness Corp. - TRUE Fitness Technology, Inc. 10/19/2015 Intova LLC - Industrial Revolution, Inc. 10/16/2015 Harrington Fire Alarm & CPG Signals Harrington Signal, Inc. Potter Electric Signal Company, LLC 10/16/2015 Evax Systems, Inc. - Potter Electric Signal Company, LLC 10/15/2015 Petstages, Inc - Outward Hound 10/14/2015 Kolmar Labs Group Inc. - Knowlton Development Corporation 10/13/2015 Flip Flop Shops Inc. - Cherokee Inc. 10/13/2015 Visant Holding Corp. Credit Suisse PE, KKR, Offshore Partners, others Jarden Corp. P 10/13/2015 Maine Coast Book Shop Inc. - Sherman's Books & Stationery, Inc. 10/13/2015 Master Archery Targets - BIGshot Archery LLC 10/9/2015 Spinrite LP - TorQuest Partners, Inc. P 10/9/2015 McNett Corporation - Coghlan's Ltd. 10/9/2015 Pickleball Paddles Plus - Olla LLC 10/8/2015 SNUPI Technologies, Inc. Madrona Venture, WRF Capital, and others Sears Holdings Corporation P 10/6/2015 Pay Your Family First, LLC - Empowering a Billion Women by 2020 LLC 10/6/2015 Sundance Cinemas LLC - Carmike Cinemas Inc. 10/5/2015 American Furniture Manufacturing, Inc. Compass Diversified Holdings Bank of America and Spring Creek LLC P 10/5/2015 Culturata Ltd - Luxury Men's Apparel Group 10/2/2015 SportsGiant, LLC - Pure Hockey, LLC 10/1/2015 Northern Safety & Security, LLC - Per Mar Security and Research Corporation 10/1/2015 Continental Fragrances, Ltd. Beringea LLC; CID Capital, Inc. High Ridge Brands Co. P 10/1/2015 Shoes For Crews, LLC AEA Investors LP CCMP Capital Advisors, LLC P 10/1/2015 Moots Cycles, Inc. - - 10/1/2015 Wise Chem Safe Pest Control Coleman Exterminating, LLC Arrow Exterminators, Inc. 9/30/2015 Goalsetter Systems, Inc. Co-Line Welding Inc. Escalade Sports, Inc. 9/30/2015 Master Z's Dart and Pool Supply - Legends of the Field LLC 9/29/2015 Hearing Aid Express, Inc. - Ear Level Communications, Inc. 9/28/2015 Sabi Inc., Sabi Space Sabi Inc. Urbio LLC 9/24/2015 Mikon International Inc - G.E.T. Enterprises, LLC 9/23/2015 Riopel Marine Inc. - Matica Enterprises Inc. 9/22/2015 Life Highlights Digital Media, LLC - Forever, Inc. 9/21/2015 Nautic Global Group, Inc., Brands Nautic Global Group, Inc. Bennington Marine, LLC

HW&CO. CONSUMER TEAM

Tim Alexander Ed Arkus Ryan Budlong Glenn Gurtcheff Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] +1 (612) 359-2716 +44 20 7518 8905 +1 (415) 217-3409 +1 (612) 359-2702

John Neuner IV Brent Spiller Will Bain Corey Benjamin Managing Director Managing Director Director Director [email protected] [email protected] [email protected] [email protected] +1 (804) 915-0125 +1 (804) 915-0183 +44 20 7518 8906 +1 (804) 932-1342

Brant Cash Ryan Freeman Matt Conaty Andy Warczak Director Director Vice President Vice President [email protected] [email protected] [email protected] [email protected] +1 (612) 359-2709 +1 (612) 359-2703 +1 (415) 217-3423 +1 (612) 359-2714

PAGE | 16 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

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PAGE | 17 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2016

HARRIS WILLIAMS & CO.

SOURCES

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Reuters.

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