Consumer and Retail Industry Update September 2013

Member FINRA/SIPC

www.harriswilliams.com Consumer and Retail Industry Update September 2013

HW&Co.’s Recent Industry Observations GROUP OVERVIEW The HW&Co. Consumer team continues to see strong buyer demand for branded consumer product Harris Williams & Co. is a leading opportunities. After what many investors reported was a slow first half of 2013 for high quality consumer advisor to the consumer market. assets, HW&Co. has seen a significant increase in the number of current consumer engagements and pitch Our significant experience covers a opportunities during the second half of 2013. The combination of limited organic growth opportunities in broad range of end markets, industries, and business models. many consumer sectors, strong corporate balance sheets, substantial uninvested private equity dollars, and This particular report focuses on a robust financing environment portends a healthy and active M&A landscape across various consumer trends and metrics in the following sectors for the back half of 2013 and early 2014. areas:

During the past couple of months, our team has been busy on the trade show circuit, building on our • Catalog & Direct Marketing expertise in the outdoor / enthusiast-driven products as well as infant and juvenile products space, with • Consumer Durables visits to The International Convention of Allied Sportfishing Trades (ICAST), Outdoor Retailer, Eurobike, • Consumer Electronics Interbike, and a scheduled visit to the ABC Kids Expo in October. Walking the trade show floors and • E-tailing speaking with a diverse group of consumer investors, strategic consolidators, and business operators, we have seen a number of key industry trends playing out that will influence overall sector growth and M&A • Footwear, Apparel, & Accessories activity in the consumer space. • Home Furnishings Key Industry Trends: • Household Goods Health & Wellness – Healthy Living is a consumer trend that started a number of years ago and continues • Infant & Juvenile Products to gain momentum. During recent visits to the Eurobike and Interbike bicycle conferences, we’ve seen • Jewelry, Gifts, & Collectibles how broader health and wellness trends are impacting an entire industry. The bicycle industry has • Lawn, Garden, & Pet Products historically catered to children and avid young adults (mostly males) but struggled to consistently attract a and Services broader demographic (i.e., female riders, baby boomers, etc.) who have been under-served by the existing • Leisure & Outdoor Products products in the market. Because of consumers’ enhanced awareness for Healthy Living, bicycle OEMs as • Personal Care Products well as accessory and apparel companies are investing heavily in brands and products that appeal to baby • Specialty and Mass Merchant boomers, females, and other consumers who use bicycles as a form of transportation and a way to enhance Retailing personal well being. We also noticed this same dynamic playing out at the Outdoor Retailer show with the number of new companies and brands entering the paddle boarding sector as a result of consumer CONTACTS demand for low impact outdoor exercise activities that can be enjoyed by people of all ages and abilities. John Neuner | Managing Director Technology Creating and Expanding Market Segments – Technology is continuing to have a major [email protected] impact on a number of branded product companies as consumers seek items that enhance their +1 (804) 915-0125 recreational experience and continue to enable them to enjoy their passion while keeping them connected to the digital world. For example, the bicycle industry is evolving rapidly due to continued improvements Ryan Budlong | Director and integration of electronic technology into bike components. After years of product development and [email protected] increased consumer adoption, the use of digital gear shifters and electronic “pedal-assist” technology is +1 (612) 359-2722 now being widely accepted by avid and everyday consumers alike. In the outdoor industry, solar and energy storage technology has progressed to the point where it is efficient and affordable for participants Brent Spiller | Director to power smart phones and other energy requiring equipment in environments without ready access to [email protected] electricity. +1 (804) 915-0183

Affordable Luxuries – Consumers are still feeling the pinch of the recent recession and the modest Corey Benjamin | Vice President economic growth that the U.S. economy has experienced over the past couple of years. While sales of [email protected] many big ticket luxury items still lag pre-recession levels, consumers are spending on products and brands +1 (804) 932-1342 that help them define their own lifestyles and personalities. We saw this at the ICAST and Outdoor Retailer shows where executives reported strong growth for items such as premium branded bags & Matt Conaty | Vice President packs, ice chests, and fishing apparel. [email protected] +1 (415) 217-3423 Where We’re Headed Chip Duggins | Vice President 11th Annual ABC Kids Expo [email protected] • October 15 - 18, 2013 Please let us know if you plan to attend the infant and juvenile industry’s largest annual trade show by +1 (804) 932-1340 • Las Vegas Convention Center contacting Brent Spiller at [email protected]. • Las Vegas, Nevada www.harriswilliams.com

1 of 16 Equity Trading Overview September 2013

Median Median TEV/ Median TEV/ Key Trading Number of Sector Enterprise Change in Stock Price LTM Multiples Forward Mulitples Statistics Companies Value ($mm) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA (detail begins Consumer Products on page 6) Apparel & Footwear 30 $1,850 13.0% 28.2% 1.46x 11.0x 1.34x 9.6x Home & Office Furniture & Furnishings 10 1,385 4.5% 40.7% 0.94x 10.8x 0.88x 9.2x Household Products 12 5,901 13.6% 40.1% 1.71x 11.1x 1.66x 10.2x Personal Care Products 13 6,160 9.1% 18.1% 1.71x 10.0x 1.64x 9.5x Recreational & Leisure Products 20 930 12.3% 31.3% 1.16x 9.0x 1.23x 9.2x Retail Apparel & Footwear Retail 40 1,352 3.7% 5.9% 0.65x 7.3x 0.63x 6.7x Catalog & Specialty Distribution 7 354 3.9% 25.8% 0.37x 10.5x 0.35x 8.8x Department Chains 9 7,145 (2.1%) 1.7% 0.66x 6.0x 0.66x 6.0x Discount Stores & Mass Merchants 11 9,019 14.8% 15.2% 0.74x 9.7x 0.71x 8.5x Furniture & Furnishings Retailers 13 1,271 4.6% 22.6% 0.91x 8.8x 0.85x 7.8x Internet Retail 13 1,350 12.8% 57.7% 1.65x 17.8x 1.56x 13.3x Specialty & Other Retail 28 1,792 10.4% 33.1% 0.75x 10.0x 0.75x 9.2x Consumer Products 85 $1,850 12.3% 31.3% 1.46x 10.8x 1.34x 9.5x Retail 121 $1,352 4.6% 22.6% 0.74x 9.7x 0.71x 8.5x Consumer & Retail Index 206 $1,589 9.7% 27.0% 0.93x 10.0x 0.87x 9.2x

Public Internet Retail Company Home & Office Furniture & Sector Furnishings Performance Household Products (12-month % Specialty & Other Retail change in Recreational & Leisure Products stock price) Consumer & Retail Index Apparel & Footwear Catalog & Specialty Distribution Furniture & Furnishings Retailers S&P 500

Personal Care Products Discount Stores & Mass Merchants Apparel & Footwear Retail

Department Chains

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

2 of 16 Equity Markets Overview September 2013

250 Consumer 225 and Retail 125.7% Industry Stock Performance 200 99.4%

88.6% 175

150 Index

125

100

50 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13

Dow Jones Retail Index Dow Jones U.S. Consumer Goods Index S&P 500 Index

Recent Equity Transaction Gross Proceeds Offerings Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds 09/19/13 09/19/13 KAR Auction Services Inc KAR Follow-On $377.4 General Corp. Purp. 09/17/13 09/17/13 Five Below Inc FIVE Follow-On 333.7 General Corp. Purp.

09/13/13 09/12/13 Everyware Global Inc EVRYU Follow-On 20.1 General Corp. Purp.

09/04/13 09/04/13 Jarden Corp JAH Follow-On 705.0 Working Capital / Acquisitions 08/26/13 08/26/13 JC Penney Co Inc JCP Follow-On 504.1 General Corp. Purp.

08/20/13 08/20/13 Hudsons Bay Co HBC Follow-On 265.0 Acquisitions

08/07/13 08/06/13 KAR Auction Services Inc KAR Follow-On 431.3 General Corp. Purp.

07/29/13 07/29/13 Sequential Brands Group Inc SQBG Follow-On 44.0 General Corp. Purp.

07/26/13 07/25/13 dELiA*s Inc DLIA Follow-On 15.8 General. Corp. Purp. / Working Capital 07/26/13 07/25/13 dELiA*s Inc DLIA Convertible 21.8 General. Corp. Purp. / Working Capital 07/18/13 07/17/13 JAKKS Pacific Inc JAKK Convertible 100.0 General. Corp. Purp. / Working Capital 07/11/13 07/03/13 Restoration Hardware Hldg Inc RH Follow-On 560.0 General Corp. Purp.

06/26/13 05/13/13 Five Below Inc FIVE Follow-On 248.4 General Corp. Purp.

06/12/13 06/12/13 Coty Inc COTY IPO 1,000.0 General Corp. Purp.

3 of 16 M&A Overview September 2013

Announced Quarterly Consumer M&A Activity Last 10 Deals Announced

Consumer 160 Announced Target Buyer and Retail 9/12/2013 Infinitoy, Inc., Zoob POOF-Slinky, Inc. 140 23 9/9/2013 Neiman Marcus Group LTD Inc. Ares Management; Canada Pension Plan M&A 9/9/2013 Nutrasource LLC HealthExperts.com __ 120 9/5/2013 Bushnell Inc. Alliant Techsystems Inc. (NYSE:ATK) 9/3/2013 YCC Holdings LLC Jarden Corp. (NYSE:JAH) 20 9/2/2013 The Kyjen Company The Riverside Company 100 8/30/2013 Steele Fitness, Inc. Snap Fitness, Inc. 16 8/28/2013 Lifeline International, Inc. Pivotal 5, Inc. 80 9 8/26/2013 Salt Life Holdings, LLC To The Game, LLC 6 18 14 4 12 8/19/2013 ShoeDazzle.com, Inc. JustFabulous, LLC 5 13 60 10 13 13 127 11 10 98 10 Number Number ofTransactions 40 72 72 77 LTM Deal Statistics 65 61 63 63 66 56 56 55 57 49 47 Transaction Multiples 20 37 Aggregate Number Value ($bn) of Deals EV / Revenue EV / EBITDA 0 2Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q13 $32.6 405 1.00x 10.3x

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

Consumer and Announced Consumer Transactions Median Consumer Transaction Multiples

Retail M&A 16.0x 1.75x $120 450 Trends 400 14.0x 1.50x

$100 __ Number of Number Transactions of

350 12.0x 11.0x EV / LTM Sales Multiple 10.7x 1.25x $79.7 10.3x 10.0x $80 300 9.4x 10.0x 8.9x 8.4x 1.00x 250 $60 8.0x 200 0.75x ($ in billions)($in $40.3 6.0x $40 $38.3 150 $28.6 $29.7 0.50x

$22.1 __ 4.0x Aggregate Transaction Value Aggregate Transaction 100 __ $19.6 Multiple EBITDA LTM / EV $20 0.25x 50 2.0x

$0 0 0.0x 0.00x 2007 2008 2009 2010 2011 2012 2013 YTD 2007 2008 2009 2010 2011 2012 2013 YTD Aggregate Deal Value # of Deals EV / LTM EBITDA EV / LTM Sales Median LTM Median LTM Trading Multiples Consumer Private Equity Investments and Exits Trading 13.0x 120 12.6x 12.3x 12.2x 111 Multiples and 12.0x 12.0x 11.7x 11.7x 11.3x 11.5x 11.1x 11.3x 11.2x 10.9x 97 Announced 10.7x 100 10.2x 9.8x Private Equity 10.0x 9.7x 9.3x 9.2x 9.3x 9.1x 8.8x

' 81 M&A Activity 8.5x 8.6x 80 76 73 71 72 73 8.0x

59 59 60 53 54 53 53 53 6.0x 48

40 37 4.0x 31 30

Numberof Investments 28 Median Trading Multiples Trading Median

2.0x 20

0.0x 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Number of Investments Number of Exits Consumer Products Retail 4 of 16 Debt Market Overview September 2013

Key Retail Quarterly Retail Loan Volume Average Spread on Retail Loans $12

Credit Statistics L + 600 ___

$10 __ L + 500

$8 L + 400

$6 L + 300

$4 L + 200

Average Spread Over LIBOR Over Average Spread L + 100 Loan VolumeLoan byQuarter ($ billions)in $0 N/A N/A 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 L + 0 Pro Rata Institutional 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H13 2Q13 Revolving Credit / Term Loan A Weighted-Average Institutional

Credit Statistics Average Secondary Spread 8.0x L + 1200 2008 2009 2010 2011 2012 2013

L + 1000 6.0x L + 800

4.0x L + 600

L + 400

EBITDA Multiple EBITDA 2.0x

AverageSpread Over LIBOR L + 200

0.0x L + 0 Debt/EBITDA Senior EBITDA/Cash EBITDA - 2Q03 2Q04 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 Debt/EBITDA Interest Capex/Cash Interest

Recent Date Effective Borrower Name Description Deal Amount Type Rating Spread 09/13/13 Fanatics Inc Online retailer of sports apparel $200,000,000 Revolver/Line >= 1 Yr. N/A / NR 200 Consumer and 09/13/13 Fanatics Inc Online retailer of sports apparel 300,000,000 Term Loan A N/A / NR 200 Retail Debt 09/12/13 Activision Blizzard Inc Video games 250,000,000 Revolver/Line >= 1 Yr. N/A / Ba2 N/A 09/12/13 Activision Blizzard Inc Video games 2,500,000,000 Term Loan B N/A / Ba2 250 Offerings 09/12/13 Pandora Internet radio services 60,000,000 Revolver/Line >= 1 Yr. N/A / NR 200 09/11/13 Tupperware Brands Corp Branded consumer products 650,000,000 Revolver/Line >= 1 Yr. N/A / NR 150 09/10/13 Major League Baseball Professional sports 798,500,000 Revolver/Line >= 1 Yr. N/A / NR N/A 09/04/13 Harry & David LLC Specialty retailer of food and gifts 100,000,000 Revolver/Line >= 1 Yr. N/A / NR 225 08/30/13 Bravo Sports Provider of sporting goods 30,000,000 Revolver/Line >= 1 Yr. N/A / NR 125 08/30/13 Bravo Sports Provider of sporting goods 2,000,000 Term Loan N/A / NR 150 08/23/13 Toys R Us Inc Specialty retailer of toys 985,000,000 Term Loan B N/A / NR 500 08/22/13 Spencer Gifts LLC Lifestyle retail company 150,000,000 Revolver/Line >= 1 Yr. N/A / NR 150 08/22/13 Tesco Plc Grocery stores 2,600,000,000 Revolver/Line >= 1 Yr. N/A / Baa1 50 08/19/13 Altria Group Inc Tobacco and tobacco products 3,000,000,000 Revolver/Line >= 1 Yr. N/A / Baa1 125 08/19/13 Revlon Consumer Products Corp Personal care products 700,000,000 Term Loan B N/A / B2 300 08/15/13 Aurora Parts & Accessories Automotive aftermarket products 57,000,000 Term Loan A N/A / NR 450 08/15/13 Aurora Parts & Accessories Automotive aftermarket products 8,000,000 Revolver/Line >= 1 Yr. N/A / NR 450 08/15/13 Pantry Inc Convenience store chain 255,000,000 Term Loan B N/A / NR 375 08/14/13 Revlon Consumer Products Corp Personal care products 140,000,000 Revolver/Line >= 1 Yr. N/A / B2 150 08/13/13 Spectrum Brands Inc Branded consumer products 850,000,000 Term Loan B N/A / NR 225 08/13/13 Spectrum Brands Inc Branded consumer products 300,000,000 Term Loan B N/A / NR 275 08/12/13 Hudson's Bay Co Department stores 1,900,000,000 Other Loan N/A / NR N/A

5 of 16 Consumer and Retail Industry Update September 2013

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2013E ($ in millions, except per share data) Ticker 9/20/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Consumer Products Apparel & Footwear Carter's, Inc. CRI $77.33 99.4% $4,581 $186 $312 $4,455 $2,467 $353 8.7% 14.5% 41.5% 14.3% 27.3x 1.81x 12.6x 1.62x 11.4x Cherokee Inc. CHKE 13.01 85.1% 109 15 3 122 28 13 9.5% (3.4%) NM 45.7% 16.4x 4.30x 9.4x 4.15x NA Coach, Inc. COH 55.04 88.9% 15,518 1 1,135 14,384 5,075 1,732 6.6% 12.1% 73.0% 34.1% 15.1x 2.83x 8.3x 2.69x 8.1x Columbia Sportswear Company COLM 59.88 89.8% 2,061 0 431 1,630 1,675 184 (2.4%) 8.4% 43.2% 11.0% 19.6x 0.97x 8.9x 0.96x 9.8x Crocs, Inc. CROX 13.89 77.4% 1,272 10 289 993 1,196 170 10.6% 19.1% 53.0% 14.2% 11.7x 0.83x 5.8x 0.80x 5.7x Deckers Outdoor Corp. DECK 60.71 96.5% 2,094 26 49 2,071 1,428 204 (0.8%) 18.0% 44.7% 14.3% 19.5x 1.45x 10.2x 1.32x 8.9x Delta Apparel Inc. DLA 17.60 97.9% 137 98 1 235 491 22 0.1% 4.9% 22.3% 4.5% 15.5x 0.48x 10.7x 0.46x 6.9x G-III Apparel Group, Ltd. GIII 54.32 97.9% 1,108 142 16 1,233 1,496 124 16.4% 18.4% 33.4% 8.3% 18.1x 0.82x 10.0x 0.74x 8.9x Gildemeister AG GIL 20.00 95.9% 1,540 33 157 1,416 2,108 167 14.3% 23.7% 45.1% 7.9% 15.5x 0.67x 8.5x 0.66x 7.0x Hanesbrands Inc. HBI 63.68 97.1% 6,305 1,575 82 7,797 4,517 671 1.7% 3.7% 34.6% 14.9% 17.7x 1.73x 11.6x 1.69x 11.2x Iconix Brand Group, Inc. ICON 32.96 95.2% 1,787 1,441 393 2,835 392 246 5.8% 12.8% NM 62.8% 17.3x 7.23x 11.5x 6.41x 10.0x The Jones Group Inc. JNY 16.20 91.1% 1,293 952 81 2,164 3,862 222 3.6% 4.5% 35.0% 5.7% NM 0.56x 9.7x 0.56x 8.2x Fifth & Pacific Companies, Inc. FNP 25.44 97.4% 3,121 490 9 3,601 1,605 57 8.3% (10.5%) 55.6% 3.6% NM 2.24x NM 1.91x 20.3x Maidenform Brands, Inc. MFB 23.48 99.9% 548 67 55 561 562 43 (4.4%) 2.0% 29.7% 7.7% 23.9x 1.00x 13.0x 0.93x 9.4x Nike, Inc. NKE 69.37 98.3% 61,764 1,388 5,965 57,187 25,313 3,706 8.5% 10.0% 43.6% 14.6% 25.6x 2.26x 15.4x 2.08x 14.0x Oxford Industries Inc. OXM 67.63 97.6% 1,109 125 10 1,225 887 106 9.8% 14.4% 55.1% 11.9% 29.4x 1.38x 11.6x 1.26x 9.8x Perry Ellis International Inc. PERY 19.52 84.4% 293 174 59 408 969 55 1.7% 8.6% 32.8% 5.7% 18.8x 0.42x 7.4x 0.40x 6.2x PVH Corp. PVH 125.09 92.7% 10,204 4,284 629 13,859 7,154 1,132 20.2% 33.1% 52.5% 15.8% 45.0x 1.94x 12.2x 1.64x 10.9x Ralph Lauren Corporation RL 167.33 87.1% 15,140 271 1,351 14,060 7,005 1,368 1.1% 11.1% 59.5% 19.5% 20.9x 2.01x 10.3x 1.88x 9.4x Quiksilver Inc. ZQK 6.82 83.8% 1,147 1,259 62 2,344 1,944 114 (2.7%) 1.1% 48.1% 5.8% NM 1.21x 20.6x 1.23x 13.9x Rocky Brands, Inc. RCKY 17.49 90.3% 131 31 3 160 244 22 4.7% 0.6% 35.2% 9.2% 12.7x 0.66x 7.1x 0.60x 6.7x Skechers USA Inc. SKX 29.36 93.0% 1,488 136 333 1,291 1,712 101 19.1% (1.5%) 43.7% 5.9% NM 0.75x 12.7x 0.67x 7.5x Steven Madden, Ltd. SHOO 53.37 94.3% 2,460 0 190 2,270 1,249 206 8.8% 29.9% 37.5% 16.5% 19.4x 1.82x 11.0x 1.66x 9.7x Summer Infant, Inc. SUMR 3.05 81.8% 55 52 4 104 235 9 (3.3%) 10.6% 31.4% 3.8% NM 0.44x 11.6x 0.44x 6.8x Tumi Holdings, Inc. TUMI 21.86 83.3% 1,484 23 26 1,481 434 95 20.1% NA 57.3% 21.9% 30.2x 3.41x 15.6x 2.93x 13.5x Under Armour, Inc. UA 77.88 95.4% 8,215 55 224 8,047 2,007 264 23.7% 29.4% 48.4% 13.2% NM 4.01x 30.4x 3.26x 23.6x V.F. Corporation VFC 203.32 99.2% 22,349 1,877 320 23,906 11,014 1,821 6.3% 14.4% 47.6% 16.5% 20.1x 2.17x 13.1x 2.01x 12.0x Vera Bradley, Inc. VRA 19.99 64.5% 812 0 9 802 549 120 10.8% 19.4% 57.3% 21.8% 12.3x 1.46x 6.7x 1.48x 7.2x Weyco Group Inc. WEYS 26.78 89.8% 290 20 14 296 296 31 4.0% 9.4% 39.3% 10.4% 16.6x 1.00x 9.6x 0.95x NA Wolverine World Wide Inc. WWW 55.93 92.7% 2,808 1,185 171 3,822 2,239 247 59.5% 25.1% 39.7% 11.0% 36.3x 1.71x 15.5x 1.36x 12.7x Mean 91.3% $5,707 $531 $413 $5,825 $3,005 $453 9.0% 11.9% 44.3% 15.1% 21.0x 1.79x 11.8x 1.63x 10.3x Median 92.9% $1,514 $112 $82 $1,850 $1,550 $168 7.4% 11.1% 43.7% 12.5% 19.1x 1.46x 11.0x 1.34x 9.6x

6 of 16 Consumer and Retail Industry Update September 2013

Household Products Central Garden & Pet Company CENT $7.02 57.2% $336 $510 $38 $808 $1,682 $95 0.1% 3.0% 29.0% 5.7% 33.2x 0.48x 8.5x 0.47x 7.1x Helen of Troy Limited HELE 43.50 97.8% 1,391 229 12 1,608 1,293 184 6.8% 24.9% 40.0% 14.2% 13.0x 1.24x 8.7x 1.23x 8.2x iRobot Corporation IRBT 36.92 89.8% 1,058 0 153 905 464 49 0.7% 7.5% 43.2% 10.6% 40.9x 1.95x 18.4x 1.74x 14.8x Jarden Corp. JAH 49.61 99.0% 6,307 3,927 788 9,446 6,865 777 2.6% 7.8% 28.8% 11.3% 27.9x 1.38x 12.2x 1.22x 9.4x Newell Rubbermaid Inc. NWL 27.29 95.9% 7,860 2,114 154 9,819 5,942 918 3.9% 1.9% 37.8% 15.4% 20.2x 1.65x 10.7x 1.69x 10.4x Prestige Brands Holdings, Inc. PBH 32.50 90.3% 1,663 953 19 2,597 620 218 25.7% 28.0% 56.0% 35.3% 24.1x 4.19x 11.9x 4.02x 11.4x Snap-on Inc. SNA 100.84 99.2% 5,866 976 171 6,671 3,143 621 2.9% 7.8% 49.2% 19.8% 17.9x 2.12x 10.7x 2.15x 10.0x Stanley Black & Decker, Inc. SWK 90.13 97.6% 14,428 4,812 583 18,656 10,554 1,639 11.5% 24.0% 36.2% 15.5% 29.2x 1.77x 11.4x 1.62x 10.6x The Clorox Company CLX 82.60 91.7% 10,774 2,372 299 12,847 5,623 1,157 2.8% 2.4% 42.9% 20.6% 19.2x 2.28x 11.1x 2.23x 10.5x Toro Co. TTC 54.56 98.3% 3,118 224 161 3,181 1,998 280 0.5% 6.8% 35.5% 14.0% 21.5x 1.59x 11.4x 1.48x 9.5x Tupperware Brands Corporation TUP 85.85 97.4% 4,439 803 112 5,130 2,657 459 3.9% 5.5% 66.7% 17.3% 18.3x 1.93x 11.2x 1.84x 10.5x Whirlpool Corp. WHR 148.05 97.5% 11,736 2,451 670 13,517 18,281 1,707 (0.6%) 0.2% 16.4% 9.3% 18.2x 0.74x 7.9x 0.71x 6.7x Mean 92.6% $5,748 $1,614 $263 $7,099 $4,927 $675 5.1% 10.0% 40.1% 15.8% 23.6x 1.78x 11.2x 1.70x 9.9x Median 97.4% $5,153 $965 $158 $5,901 $2,900 $540 2.9% 7.1% 38.9% 14.8% 20.9x 1.71x 11.1x 1.66x 10.2x

Personal Care Products All for One Steeb AG XTRA:A1OS $16.03 91.9% $78 $38 $28 $87 $179 $16 34.3% 38.3% 22.2% 8.7% 20.8x 0.49x 5.6x 0.48x 5.5x Avon Products Inc. AVP 21.42 86.7% 9,289 3,251 1,009 11,531 11,427 1,518 4.8% 2.5% 61.4% 13.3% NM 1.01x 7.6x 1.11x 10.0x Elizabeth Arden, Inc. RDEN $35.00 70.4% $1,036 $338 $62 $1,312 $1,345 $157 8.6% 6.8% 49.9% 11.7% 26.2x 0.98x 8.4x 0.95x 8.1x The Estée Lauder Companies Inc. EL 71.75 98.7% 27,797 1,344 1,496 27,645 10,182 1,897 4.8% 9.3% 80.1% 18.6% 27.4x 2.72x 14.6x 2.56x 13.3x Herbalife Ltd. HLF 69.71 93.9% 7,185 963 850 7,298 4,419 762 17.0% 20.3% 47.6% 17.2% 15.3x 1.65x 9.6x 1.45x 8.6x Kimberly-Clark Corporation KMB 96.20 90.3% 36,849 7,238 1,160 42,927 21,138 4,273 0.3% 2.6% 34.4% 20.2% 20.4x 2.03x 10.0x 2.01x 10.2x Medifast Inc. MED 26.82 80.6% 372 1 78 295 367 50 11.9% 18.5% 75.3% 13.6% 16.9x 0.80x 5.9x 0.76x 5.8x Nu Skin Enterprises Inc. NUS 92.79 96.9% 5,443 198 411 5,230 2,347 401 18.6% 17.0% 83.7% 17.1% 23.6x 2.23x 13.1x 1.66x 9.5x The Procter & Gamble Company PG 79.39 96.2% 217,398 31,543 5,947 242,994 84,167 18,727 0.6% 2.8% 50.0% 22.2% 20.5x 2.89x 13.0x 2.84x 12.1x Revlon, Inc. REV 26.11 96.6% 1,367 1,282 141 2,507 1,420 245 2.6% 2.9% 64.3% 17.2% 28.0x 1.77x 10.3x 1.78x 8.9x Sally Beauty Holdings Inc. SBH 26.96 84.6% 4,522 1,691 53 6,160 3,598 580 3.5% 8.2% 49.6% 16.1% 18.6x 1.71x 10.6x 1.64x 9.5x Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 117.63 96.8% 7,519 0 286 7,233 2,448 402 25.5% 22.8% 35.2% 16.4% 39.8x 2.95x 18.0x 2.46x 14.4x USANA Health Sciences Inc. USNA 87.56 97.7% 1,207 0 96 1,111 692 124 14.5% 13.5% 82.3% 18.0% 15.7x 1.61x 8.9x 1.49x 9.1x Mean 90.9% $24,620 $3,683 $894 $27,410 $11,056 $2,242 11.3% 12.7% 56.6% 16.2% 22.8x 1.76x 10.4x 1.63x 9.6x Median 93.9% $5,443 $963 $286 $6,160 $2,448 $402 8.6% 9.3% 50.0% 17.1% 20.7x 1.71x 10.0x 1.64x 9.5x

7 of 16 Consumer and Retail Industry Update September 2013

8 of 16 Consumer and Retail Industry Update September 2013

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2013E ($ in millions, except per share data) Ticker 9/20/13 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 Abercrombie & Fitch Co. ANF $38.08 68.9% $2,909 $204 $335 $2,778 $4,423 $619 3.4% 12.3% 64.2% 14.0% 12.3x 0.63x 4.5x 0.63x 5.5x Aéropostale, Inc. ARO 9.89 57.8% 776 0 100 676 2,310 86 (3.2%) (0.3%) 30.9% 3.7% NM 0.29x 7.9x 0.31x 85.3x American Apparel, Inc. APP 1.31 54.6% 145 247 7 384 635 25 9.5% 4.1% 52.7% 3.9% NM 0.60x 15.3x 0.56x 5.9x American Eagle Outfitters, Inc. AEO 14.77 64.3% 2,847 0 405 2,442 3,434 508 4.2% 4.7% 39.3% 14.8% 12.8x 0.71x 4.8x 0.71x 5.9x ANN INC. ANN 36.45 94.1% 1,671 0 107 1,564 2,433 266 6.4% 8.8% 58.3% 10.9% 17.5x 0.64x 5.9x 0.60x 5.3x Ascena Retail Group Inc. ASNA 16.98 77.8% 2,703 156 206 2,652 4,457 477 42.0% 29.3% 56.3% 10.7% 22.2x 0.60x 5.6x 0.54x 5.3x Bebe Stores, Inc. BEBE 5.92 96.3% 468 0 126 342 485 (18) (8.7%) 0.3% 32.7% NM NM 0.71x NM 0.73x NM Brown Shoe Co. Inc. BWS 22.62 91.3% 977 222 53 1,146 2,645 149 5.6% 3.7% 39.5% 5.6% 23.4x 0.43x 7.7x 0.44x 6.7x The Buckle, Inc. BKE 53.60 92.9% 2,557 0 129 2,428 1,147 296 5.3% 8.1% 50.0% 25.8% 15.5x 2.12x 8.2x 2.06x 8.0x Body Central Corp. BODY 6.63 49.5% 110 0 39 72 305 11 (1.4%) 12.0% 39.9% 3.5% NM 0.23x 6.6x 0.23x 9.5x Cabela's Incorporated CAB 63.52 87.6% 4,483 2,538 63 6,958 3,421 424 17.4% 9.2% 43.0% 12.4% 22.1x 2.03x 16.4x 1.84x 14.5x Destination XL Group, Inc. DXLG 6.72 95.1% 326 12 5 333 395 21 (0.3%) 0.3% 46.5% 5.3% NM 0.84x 16.0x 0.79x 13.2x The Cato Corporation CATO 28.30 91.9% 828 0 246 582 936 110 0.6% 0.9% 37.7% 11.8% 14.3x 0.62x 5.3x 0.62x 5.5x Chico's FAS Inc. CHS 16.93 84.9% 2,704 0 302 2,402 2,609 384 8.7% 12.6% 55.7% 14.7% 16.6x 0.92x 6.3x 0.86x 5.8x Christopher & Banks Corporation CBK 6.99 88.3% 254 0 42 212 446 16 0.5% (0.8%) 33.2% 3.7% NM 0.48x 13.0x 0.48x 9.4x Citi Trends, Inc. CTRN 17.74 97.4% 261 0 77 184 644 18 (1.1%) 2.0% 35.0% 2.8% NM 0.29x 10.3x 0.28x 6.6x Coldwater Creek Inc. CWTR 1.86 31.8% 57 83 17 123 714 (20) (4.2%) (12.9%) 31.5% NM NM 0.17x NM 0.18x NM Destination Maternity Corporation DEST 31.65 98.7% 429 0 31 398 540 52 (0.4%) 0.6% 54.2% 9.7% 18.1x 0.74x 7.6x 0.72x NA DSW Inc. DSW 85.16 96.0% 3,861 0 269 3,591 2,350 312 11.1% 11.1% 38.5% 13.3% 26.7x 1.53x 11.5x 1.42x 10.0x Express Inc. EXPR 23.97 99.8% 2,130 199 234 2,095 2,192 305 3.8% 6.7% 42.2% 13.9% 15.5x 0.96x 6.9x 0.92x 6.3x Finish Line Inc. FINL 23.41 99.0% 1,149 0 196 953 1,475 139 6.2% 7.3% 39.6% 9.4% 17.7x 0.65x 6.8x 0.56x 6.0x Foot Locker, Inc. FL 32.97 87.1% 4,896 141 836 4,201 6,329 776 8.4% 8.8% 43.8% 12.3% 12.1x 0.66x 5.4x 0.64x 5.1x The Gap, Inc. GPS 41.55 89.2% 19,425 1,247 1,925 18,747 16,186 2,722 8.4% 3.8% 40.0% 16.8% 15.2x 1.16x 6.9x 1.12x 6.8x Genesco Inc. GCO 64.11 84.5% 1,537 73 46 1,564 2,627 233 5.8% 17.2% 49.5% 8.9% 14.9x 0.60x 6.7x 0.57x 5.5x Guess? Inc. GES 30.36 88.4% 2,577 11 349 2,239 2,632 362 (0.1%) 4.9% 39.0% 13.8% 16.2x 0.85x 6.2x 0.86x 6.7x Jos. A Bank Clothiers Inc. JOSB 43.86 86.6% 1,228 0 333 894 1,016 133 (0.1%) 8.0% 57.8% 13.1% 19.2x 0.88x 6.7x 0.85x 5.8x L Brands, Inc. LTD 59.99 97.8% 17,392 4,518 551 21,359 10,690 2,181 4.4% 5.8% 47.6% 20.4% 21.8x 2.00x 9.8x 1.90x 9.6x Lululemon Athletica Inc. LULU 73.59 89.2% 10,673 0 610 10,063 1,492 443 27.5% 38.3% 55.2% 29.7% 39.5x 6.74x 22.7x 5.62x 19.7x The Men's Wearhouse, Inc. MW 33.26 81.1% 1,590 0 32 1,557 2,503 285 4.5% 9.1% 44.8% 11.4% 13.8x 0.62x 5.5x 0.61x 5.4x New York & Company Inc. NWY 5.62 81.8% 358 0 59 299 962 42 1.9% (1.5%) 38.0% 4.4% NM 0.31x 7.1x 0.31x 6.5x Pacific Sunwear of California Inc. PSUN 3.11 67.8% 213 80 27 267 829 13 8.4% (5.1%) 42.3% 1.6% NM 0.32x NM 0.33x 15.6x Ross Stores Inc. ROST 71.58 98.3% 15,510 150 551 15,110 10,115 1,555 10.6% 10.1% 28.2% 15.4% 18.6x 1.49x 9.7x 1.41x 9.2x Shoe Carnival Inc. SCVL 27.06 98.9% 554 0 38 517 899 69 12.0% 7.8% 29.8% 7.7% 17.9x 0.57x 7.5x 0.54x 7.1x Stage Stores Inc. SSI 20.05 67.8% 637 56 34 659 1,672 129 7.2% 5.1% 27.9% 7.7% 22.2x 0.39x 5.1x 0.38x 4.6x Stein Mart Inc. SMRT 13.36 87.8% 592 0 48 543 1,255 71 5.9% 1.8% 28.3% 5.6% 19.6x 0.43x 7.7x 0.43x 7.3x The Children’s Place Retail Stores, Inc. PLCE 57.24 92.0% 1,277 0 185 1,092 1,816 170 4.3% 2.4% 37.9% 9.3% 25.6x 0.60x 6.4x 0.60x 5.9x Texas Industries Inc. TXI 65.15 86.5% 1,863 660 61 2,462 697 59 17.3% 3.9% 9.7% 8.5% NM 3.53x NM 2.73x 17.3x The TJX Companies, Inc. TJX 56.60 99.0% 40,482 1,274 2,090 39,667 26,767 3,771 10.4% 8.0% 28.6% 14.1% 20.6x 1.48x 10.5x 1.40x 9.6x Urban Outfitters Inc. URBN 38.10 84.7% 5,615 0 524 5,091 2,956 539 14.3% 11.6% 37.6% 18.2% 20.8x 1.72x 9.5x 1.55x 8.3x Zumiez, Inc. ZUMZ 27.31 81.5% 826 2 95 733 711 98 17.9% 18.0% 36.4% 13.8% 19.5x 1.03x 7.5x 0.95x 6.9x Mean 84.2% $3,972 $297 $285 $3,984 $3,254 $446 6.9% 6.9% 41.1% 11.1% 19.0x 1.04x 8.5x 0.96x 10.2x Median 88.0% $1,407 $0 $116 $1,352 $1,744 $159 5.7% 6.3% 39.6% 11.1% 18.1x 0.65x 7.3x 0.63x 6.7x

9 of 16 Consumer and Retail Industry Update September 2013

Department Chains Bon-Ton Stores Inc. BONT $11.18 49.3% $229 $904 $8 $1,124 $2,950 $183 0.3% (1.0%) 37.5% 6.2% NM 0.38x 6.2x 0.38x 6.1x Dillard's Inc. DDS 82.25 86.7% 3,768 823 114 4,478 6,747 833 3.1% 3.0% 37.5% 12.3% 10.5x 0.66x 5.4x 0.66x 5.2x J. C. Penney Company, Inc. JCP 12.96 48.0% 2,859 5,821 1,535 7,145 12,109 (1,227) (22.3%) (11.7%) 28.7% NM NM 0.59x NM 0.57x NM Kohl's Corp. KSS 52.60 95.2% 11,424 4,587 592 15,419 19,320 2,741 2.5% 2.6% 36.4% 14.2% 12.2x 0.80x 5.6x 0.79x 5.6x Macy's, Inc. M 44.62 87.9% 16,788 6,914 1,424 22,278 27,878 3,730 3.9% 4.8% 40.2% 13.4% 12.9x 0.80x 6.0x 0.78x 5.8x Nordstrom Inc. JWN 57.00 90.0% 11,109 3,122 1,128 13,103 12,462 1,802 9.6% 10.6% 37.3% 14.5% 15.0x 1.05x 7.3x 1.03x 7.1x Saks Incorporated SKS 15.94 91.0% 2,301 342 10 2,633 3,191 246 3.8% 5.7% 40.5% 7.7% NM 0.83x 10.7x 0.80x 10.4x Sears Holdings Corporation SHLD 58.47 85.0% 6,225 3,742 671 9,296 38,440 (418) (5.4%) (4.4%) 25.5% NM NM 0.24x NM 0.25x 33.8x Stage Stores Inc. SSI 20.05 67.8% 637 56 34 659 1,672 129 7.2% 5.1% 27.9% 7.7% 22.2x 0.39x 5.1x 0.38x 4.6x Mean 77.9% $6,149 $2,923 $613 $8,459 $13,863 $891 0.3% 1.6% 34.6% 10.9% 14.6x 0.64x 6.6x 0.63x 9.8x Median 86.7% $3,768 $3,122 $592 $7,145 $12,109 $246 3.1% 3.0% 37.3% 12.3% 12.9x 0.66x 6.0x 0.66x 6.0x

Discount Stores & Mass Merchants Nordion Inc. NDN $8.80 98.3% $545 $42 $282 $305 $256 $49 4.9% 10.2% 55.3% 19.2% 3.9x 1.19x 6.2x 1.54x 6.3x Big Lots Inc. BIG 37.27 95.0% 2,172 142 64 2,250 5,425 389 2.0% 3.6% 39.2% 7.2% 13.1x 0.41x 5.8x 0.41x 5.5x Costco Wholesale Corporation COST 117.94 98.1% 51,503 4,887 6,510 49,880 104,887 3,991 10.3% 11.2% 12.5% 3.8% 25.4x 0.48x 12.5x 0.45x 11.5x Dollar General Corporation DG 57.65 98.2% 18,656 2,875 170 21,361 16,801 2,023 7.5% 10.5% 31.3% 12.0% 19.4x 1.27x 10.6x 1.15x 9.6x Dollar Tree, Inc. DLTR 58.00 98.8% 12,934 270 414 12,791 7,687 1,148 10.3% 11.6% 35.8% 14.9% 20.5x 1.66x 11.1x 1.54x 10.1x Family Dollar Stores Inc. FDO 73.34 97.4% 8,434 735 150 9,019 10,253 928 12.7% 9.9% 34.0% 9.0% 20.4x 0.88x 9.7x 0.83x 9.1x Gordmans Stores, Inc. GMAN 13.85 74.3% 267 0 44 223 621 35 6.0% 7.8% 42.0% 5.6% 16.9x 0.36x 6.4x 0.34x 6.7x PriceSmart Inc. PSMT 94.29 98.0% 2,792 76 92 2,775 2,234 147 12.9% 18.9% 16.2% 6.6% 35.9x 1.24x 18.9x 1.09x 16.3x Target Corp. TGT 64.55 87.8% 40,739 14,533 1,018 54,254 73,478 7,533 3.0% 3.3% 29.8% 10.3% 15.5x 0.74x 7.2x 0.71x 7.6x Tuesday Morning Corporation TUES 14.98 98.2% 637 0 29 608 838 14 3.1% 0.4% 36.2% 1.7% NM 0.73x 43.0x 0.70x NA Wal-Mart Stores Inc. WMT 75.83 94.8% 246,861 57,227 9,032 295,056 473,002 36,650 2.7% 4.3% 24.9% 7.7% 14.9x 0.62x 8.1x 0.60x 7.9x Mean 94.5% $35,049 $7,344 $1,619 $40,775 $63,226 $4,810 6.8% 8.3% 32.5% 8.9% 18.6x 0.87x 12.7x 0.85x 9.1x Median 98.0% $8,434 $270 $170 $9,019 $7,687 $928 6.0% 9.9% 34.0% 7.7% 18.1x 0.74x 9.7x 0.71x 8.5x

10 of 16 Consumer and Retail Industry Update September 2013

Internet Retail 1-800-Flowers.com Inc. FLWS $5.43 75.7% $346 $0 $0 $346 $735 $45 4.0% 4.0% 41.5% 6.1% 22.3x 0.47x 7.8x 0.45x 6.8x Amazon.com Inc. AMZN 316.34 98.7% 144,531 3,042 7,463 140,110 66,848 2,924 23.0% 32.6% 26.0% 4.4% NM 2.10x 47.9x 1.72x 23.7x Blue Nile Inc. NILE 40.15 93.4% 499 1 47 452 431 15 19.3% 10.4% 18.6% 3.6% NM 1.05x 29.2x 0.95x 18.1x eBay Inc. EBAY 54.95 94.7% 71,135 4,533 10,436 65,232 15,022 4,422 15.4% 18.5% 69.3% 29.4% 27.0x 4.34x 14.8x 3.75x 11.2x IAC/InterActiveCorp IACI 53.40 96.1% 4,431 580 687 4,324 3,021 479 24.1% 27.8% 64.9% 15.9% 23.8x 1.43x 9.0x 1.28x 6.3x Netflix, Inc. NFLX 313.83 98.0% 18,492 500 1,080 17,912 3,944 172 14.1% 28.0% 28.0% 4.4% NM 4.54x NM 3.78x 43.4x Orbitz Worldwide, Inc. OWW 10.40 78.4% 1,123 450 223 1,350 817 110 6.0% 3.3% 80.8% 13.5% NM 1.65x 12.2x 1.56x 9.2x Overstock.com Inc. OSTK 28.55 80.2% 678 0 85 593 1,203 37 13.9% 5.9% 18.7% 3.1% 29.8x 0.49x 16.2x 0.45x 13.2x PetMed Express, Inc. PETS 16.45 92.7% 317 0 50 266 233 29 (0.2%) (0.3%) 33.8% 12.6% 18.0x 1.14x 9.1x 1.10x 8.9x priceline.com Incorporated PCLN 1,003.01 99.5% 51,656 2,295 5,945 48,006 5,879 2,104 22.3% 30.8% 80.5% 35.8% 32.8x 8.17x 22.8x 6.46x 16.9x Shutterfly, Inc. SFLY 57.62 96.1% 2,175 238 366 2,047 700 83 32.0% 38.4% 53.2% 11.8% NM 2.92x 24.7x 2.47x 13.3x Stamps.com Inc. STMP 44.52 95.8% 696 0 60 637 123 32 13.5% 13.6% 76.8% 26.3% 22.1x 5.16x 19.7x 4.61x 16.1x U.S. Auto Parts Network, Inc. PRTS 1.18 31.5% 39 13 1 51 269 3 (16.9%) 10.0% 29.5% 1.0% NM 0.19x 19.5x 0.21x 17.4x Mean 87.0% $22,778 $896 $2,034 $21,640 $7,633 $804 13.1% 17.2% 47.8% 12.9% 25.1x 2.59x 19.4x 2.21x 15.7x Median 94.7% $1,123 $238 $223 $1,350 $817 $83 14.1% 13.6% 41.5% 11.8% 23.8x 1.65x 17.8x 1.56x 13.3x

11 of 16 Consumer and Retail Industry Update September 2013

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2013E ($ in millions, except per share data) Ticker 9/20/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Specialty & Other Retail Barnes & Noble, Inc. BKS $13.20 55.7% $787 $209 $80 $917 $6,715 $20 (6.3%) 3.5% 24.3% 0.3% NM 0.14x 44.9x 0.14x 5.1x Best Buy Co., Inc. BBY 38.30 97.5% 13,080 1,678 1,910 12,848 48,152 1,889 13.8% (1.7%) 23.2% 3.9% NM 0.27x 6.8x 0.30x 5.7x Big 5 Sporting Goods Corp. BGFV 16.78 67.1% 367 49 6 410 982 63 8.3% 2.6% 32.8% 6.4% 14.2x 0.42x 6.5x 0.40x 6.1x Books-A-Million Inc. BAMM 2.30 71.4% 35 65 11 89 485 21 (1.6%) (1.0%) 29.1% 4.3% NM 0.18x 4.3x NA NA Build-A-Bear Workshop Inc. BBW 7.05 95.4% 116 0 28 88 390 17 (0.8%) (0.1%) 40.8% 4.3% NM 0.23x 5.3x 0.23x 3.2x Conns Inc. CONN 51.26 73.9% 1,843 335 4 2,173 978 130 19.1% 6.3% 47.3% 13.3% 24.8x 2.22x 16.8x 1.69x 9.9x CVS Caremark Corporation CVS 58.53 93.9% 71,816 9,376 1,179 80,013 123,632 9,634 6.1% 8.1% 18.9% 7.8% 17.2x 0.65x 8.3x 0.62x 7.9x Dick's Sporting Goods Inc. DKS 52.77 97.3% 6,623 15 135 6,503 5,983 679 8.6% 9.2% 31.5% 11.4% 20.2x 1.09x 9.6x 1.01x 8.8x Fossil Group, Inc. FOSL 118.59 91.8% 6,697 341 313 6,724 3,019 603 11.8% 20.7% 56.6% 20.0% 19.2x 2.23x 11.2x 2.02x 10.5x hhgregg, Inc. HGG 20.11 96.9% 623 0 23 599 2,510 94 (1.6%) 14.2% 28.9% 3.7% 21.6x 0.24x 6.4x 0.23x 6.3x Hibbett Sports, Inc. HIBB 54.73 87.9% 1,422 3 81 1,344 847 134 9.3% 9.9% 36.5% 15.8% 19.2x 1.59x 10.0x 1.51x 9.9x Lowe's Companies Inc. LOW 47.84 97.3% 50,318 9,062 1,274 58,106 51,919 5,601 2.0% 2.4% 34.4% 10.8% 24.2x 1.12x 10.4x 1.07x 9.6x Lumber Liquidators Holdings, Inc. LL 113.11 97.9% 3,111 0 85 3,027 902 114 21.2% 14.7% 39.8% 12.7% NM 3.35x 26.4x 2.89x 20.5x Marinemax Inc. HZO 12.70 89.6% 308 142 37 413 572 18 12.9% 2.4% 25.1% 3.2% 37.2x 0.72x 22.5x 0.65x 13.7x Movado Group, Inc. MOV 42.98 97.7% 1,094 0 152 943 532 68 9.3% 13.5% 54.1% 12.7% 17.7x 1.77x 13.9x 1.57x 10.3x Office Depot, Inc. ODP 4.27 70.0% 1,233 650 472 1,411 10,453 244 (6.6%) (4.1%) 30.5% 2.3% NM 0.13x 5.8x 0.14x 4.4x PetSmart, Inc. PETM 73.74 98.1% 7,662 519 290 7,891 6,925 921 8.5% 8.1% 30.6% 13.3% 19.1x 1.14x 8.6x 1.10x 8.3x RadioShack Corp. RSH $4.01 92.0% $400 $713 $432 $681 $4,189 ($16) 0.2% (0.6%) 35.3% NM NM 0.16x NM 0.18x NM Regis Corp. RGS 14.69 75.0% 827 175 200 802 2,019 112 (4.9%) (5.1%) 34.4% 5.5% NM 0.40x 7.2x 0.42x 7.2x Rite Aid Corporation RAD 4.67 96.3% 4,248 6,052 144 10,155 25,264 1,396 (3.4%) (0.1%) 29.7% 5.5% 15.2x 0.40x 7.3x 0.40x 8.2x Staples, Inc. SPLS 14.81 85.6% 9,782 1,965 1,187 10,560 24,050 1,932 (1.1%) (0.6%) 26.4% 8.0% NM 0.44x 5.5x 0.45x 5.8x Steiner Leisure Ltd. STNR 57.00 94.8% 835 119 83 872 835 80 9.7% 14.7% 22.1% 9.6% 17.0x 1.04x 10.9x 0.98x 9.9x The Home Depot, Inc. HD 77.00 94.4% 110,298 12,758 3,419 119,637 78,022 10,458 8.8% 5.1% 34.6% 13.4% 22.5x 1.53x 11.4x 1.49x 10.6x Tiffany & Co. TIF 79.40 95.3% 10,159 964 490 10,633 3,910 906 5.2% 10.7% 57.0% 23.2% 23.3x 2.72x 11.7x 2.55x 10.9x Tractor Supply Company TSCO 130.48 98.3% 9,109 1 56 9,054 4,893 560 8.0% 13.1% 33.5% 11.4% 31.2x 1.85x 16.2x 1.67x 14.1x Vitamin Shoppe, Inc. VSI 41.18 62.5% 1,236 0 55 1,181 1,016 134 10.9% 12.5% 43.7% 13.2% 19.6x 1.16x 8.8x 1.02x 7.5x Walgreen Co. WAG 55.52 97.7% 52,467 6,366 3,007 55,826 71,349 4,621 (1.6%) 2.5% 29.1% 6.5% 24.6x 0.78x 12.1x 0.75x 9.9x Zale Corporation ZLC 14.13 94.3% 459 410 17 852 1,888 70 1.1% 5.3% 52.1% 3.7% NM 0.45x 12.3x 0.45x 11.0x Mean 88.1% $13,106 $1,856 $542 $14,420 $17,230 $1,447 5.3% 5.9% 35.1% 9.1% 21.6x 1.02x 11.9x 0.96x 9.0x Median 94.3% $1,632 $272 $139 $1,792 $3,464 $134 7.1% 5.2% 33.2% 8.0% 19.9x 0.75x 10.0x 0.75x 9.2x

12 of 16 M&A Detail September 2013

Private Equity Announced Target Seller Buyer Involvement 9/12/2013 Infinitoy, Inc., Zoob Infinitoy, Inc. POOF-Slinky, Inc. P Recent North 9/9/2013 Neiman Marcus Group LTD Inc. Warburg Pincus LLC; Leonard Green & Partners Ares Management LLC; Canada Pension Plan P 9/9/2013 Nutrasource LLC - HealthExperts.com American 9/5/2013 Bushnell Inc. MidOcean Partners Alliant Techsystems Inc. (NYSE:ATK) P Consumer 9/3/2013 YCC Holdings LLC Madison Dearborn Partners, LLC Jarden Corp. (NYSE:JAH) P 9/2/2013 The Kyjen Company - The Riverside Company P M&A 8/30/2013 Steele Fitness, Inc. - Snap Fitness, Inc. 8/28/2013 Lifeline International, Inc. - Pivotal 5, Inc. 8/26/2013 Salt Life Holdings, LLC - To The Game, LLC 8/19/2013 ShoeDazzle.com, Inc. Polaris Partners; Lightspeed Venture Partners JustFabulous, LLC P 8/19/2013 SFERRA Bros., Ltd. - Levine Leichtman Capital Partners P 8/13/2013 SPYDER Active SPORTS INC. Apax Partners LLP Authentic Brands Group LLC P 8/13/2013 ALCO Stores, Inc. (NasdaqGM:ALCS) Dimensional Fund Advisors LP; MFP Investors Everbright Development Overseas Ltd. 8/13/2013 Steinway Musical Instruments Inc. RBC Global Asset Management (U.S.) Inc. Paulson & Co. Inc. P 8/9/2013 Newell Rubbermaid, Home Improvement Division Newell Rubbermaid Inc. (NYSE:NWL) Nova Capital Management Limited P 8/6/2013 Dermstore Beauty Group Intelligent Beauty, Inc. Target Corp. (NYSE:TGT) 8/6/2013 Continental Laundry Systems Inc. - CSC ServiceWorks, Inc 8/5/2013 Southern Tide, Inc. - Brazos Private Equity Partners LLC P 8/5/2013 REVO Oakley, Inc. Sequential Brands Group, Inc. 8/2/2013 Gamo Outdoor, S.L. MCH Private Equity, S.L. Bruckmann, Rosser, Sherrill & Co. LLC P 8/2/2013 Dwell Home Furnishings, LLC Brand Sense Partners, LLC Wayfair LLC P 8/2/2013 Premier Nutrition, Inc. Joint Juice, Inc. Post Holdings, Inc. (NYSE:POST) 8/1/2013 AJM & Co., Inc. - Vertana Group LLC 8/1/2013 Monoprice, Inc. - Blucora, Inc. (NasdaqGS:BCOR) 7/31/2013 Yogitoes, LLC - Manduka, LLC 7/31/2013 Feminine Hygiene Business Johnson & Johnson Inc. Energizer Holdings Inc. (NYSE:ENR) 7/31/2013 eDressMe - Group USA, Inc. 7/30/2013 iGottaGuide, Inc. - GetYourGuide AG 7/29/2013 Santa Cruz Nutritionals, Inc. Levine Leichtman Capital Partners RoundTable Healthcare Management, LLC P 7/29/2013 Saks Incorporated (NYSE:SKS) - Hudson's Bay Company (TSX:HBC) 7/26/2013 Ace Fogdall Inc. - Camping World, Inc. 7/25/2013 HomeSav Inc. - Rebellion Media Group Corp. 7/25/2013 Granite Gear, Inc. - BRZZ Gear LLC 7/25/2013 Marathon Bar Corp. - Lipocine Inc. (OTCBB:MBAR.D) 7/24/2013 Kick Ass Shoes Ltd. - Mills Halifax 7/24/2013 Breckenridge - Heartland Recreational Vehicles, LLC 7/24/2013 Maidenform Brands, Inc. (NYSE:MFB) - Hanesbrands Inc. (NYSE:HBI) 7/23/2013 Blue Microphones, Inc. Transom Capital Group The Riverside Company P 7/23/2013 Sparkle Solutions L.P. - AIR-serv Group LLC 7/19/2013 Hickey-Freeman Co., Inc. W-Diamond Group Corporation Samuelsohn Limited 7/19/2013 Cornell Homes, LLC - Ryland Group Inc. (NYSE:RYL) 7/19/2013 Hopstop.com, Inc. Rhodium Apple Inc. (NasdaqGS:AAPL) 7/18/2013 JA Apparel Corp. J.W. Childs Associates, L.P. The Men's Wearhouse, Inc. (NYSE:MW) P 7/17/2013 Clear Memories, Inc. - NanoTech Entertainment, Inc. (OTCPK:NTEK) 7/17/2013 Mutual Drug, Inc. - CVS Pharmacy, Inc. 7/16/2013 Da Kine Hawaii, Inc. Billabong International Limited (ASX:BBG) Altamont Capital Partners P 7/16/2013 SHFL entertainment, Inc. (NasdaqGS:SHFL) - Bally Technologies, Inc. (NYSE:BYI) 7/15/2013 A.T. Cross Company, Cross Accessory Division Clarion Capital Partners, LLC A.T. Cross Company (NasdaqGM:ATX) P 7/15/2013 Hudson Clothing, LLC Webster Capital; Fireman Capital Partners Joe's Jeans Inc. (NasdaqCM:JOEZ) P 7/17/2013 Gigantic Parfums, LLC IZJD Corp. ID Perfumes, Inc. 7/11/2013 One Industries, Inc. - Transom Capital Group P 7/10/2013 GlucoBrands, LLC - Boulder Brands, Inc. (NasdaqGS:BDBD) 7/10/2013 Noelle, LLC, Noelle Brand Noelle, LLC Midwest - CBK, Inc. 7/9/2013 Oreck Corporation - Royal Appliance Mfg. Co. 7/8/2013 Water Pik, Inc. EG Capital Group, LLC, The Carlyle Group MidOcean Partners, Vulcan Capital P 7/8/2013 RegiMEN LLC - Vestiage, Inc. (OTCPK:VEST) 7/5/2013 The Tranzonic Companies Linsalata Capital Partners; PNC Erieview Capital Silver Oak Services Partners, LLC P 7/4/2013 E. S. Kluft & Company, LLC - Vi-Spring Ltd. 7/3/2013 Boxee, Inc. General Catalyst Partners Samsung Electronics Co. Ltd. (KOSE:A005930) 7/3/2013 FreeWheel Mobility - Performance Mobility 7/3/2013 Amanti Art, LLC - Uniek, Inc. 7/2/2013 ATS Wheelchair Co., Inc. - Numotion 7/2/2013 Alex Maine LLC - Tru-Line LLC 8/1/2013 Fortune Swimwear, LLC - Coast Style Group, LLC 7/1/2013 Smart Workout Inc. - Fortitude Group, Inc. (OTCPK:FRTD) 7/1/2013 HPI Direct, Inc. - Superior Uniform Group Inc. (NasdaqGM:SGC) 7/1/2013 Penguin Brands, Inc. Assets Penguin Brands, Inc. Implus Corporation P 6/28/2013 Royal Auto Glass, Inc. - ABRA, Inc. P 6/27/2013 Mindware Holdings, Inc. - Oriental Trading Company, Inc. P 6/24/2013 Battlefield Collection Inc. - Alleson Athletic, Inc. 6/18/2013 Wally's Wine & Spirits - Southwest Wine & Spirits, LLC 6/17/2013 Orchard Supply Hardware Stores Orchard Supply Hardware Stores Corporation Lowe's Companies Inc. 6/14/2013 Portico Brand Group Portico Brand Group Hilco Consumer Capital P 6/14/2013 Kukdong Apparel Inc. - Kukdong Corp. 6/13/2013 The Bargain! Shop Holdings Inc. Genuity Capital Partners BlackRock Kelso Capital Corporation P 6/12/2013 Frazier Clothing Co., Inc. - Rousso Apparel Group Inc.

13 of 16 M&A Detail September 2013

Private Equity Announced Target Seller Buyer Involvement 6/10/2013 Hi-E, Inc. - First Flight Bicycles, Inc. Recent North 6/6/2013 TT Design Labs LLC - Logitech International SA 6/5/2013 Enviro Water Solutions, Inc. - Trivest Partners, L.P. P American 6/5/2013 Thorlabs Scientific Imaging - Thorlabs, Inc. Consumer 6/4/2013 Bugatti-Sedona Inc. - Mouvement des caisses Desjardins 6/4/2013 LifeShield, Inc. CenterPoint Ventures DIRECTV M&A 6/3/2013 WAI Skincare, Inc. - VizStar, Inc. 6/3/2013 Walls Industries, Inc. Audax Group, Inc. Williamson-Dickie Manufacturing Company P (continued) 6/3/2013 PWI Holdings, Inc. Harbert Private Equity KAR Auction Services, Inc. P 6/3/2013 Chelsea & Scott, Ltd. - Colony Brands, Inc. 5/31/2013 Glass America, Inc. - Boyd Group Income Fund 5/30/2013 HONORA Inc. - Richline Group, Inc. 5/31/2013 Funko, LLC - Fundamental Capital, LLC 5/30/2013 Life Uniform Company, Inc. Sun Capital Partners, Inc. Scrubs & Beyond, LLC P 5/29/2013 E.E. Robbins, LLC - Robbins Brothers Jewelry, Inc. 5/28/2013 Associated Hygienic Products LLC DSG International Ltd. Domtar Corporation 5/28/2013 Alex Toys, Inc. - POOF-Slinky, Inc. P 5/23/2013 rue21, Inc. (NasdaqGS:RUE) - Apax Partners LLP P 5/23/2013 Bluefly Inc. Rho Capital Partners, Inc. Clearlake Capital Group, LLC P 5/22/2013 TreeFrog Developments, Inc. - Otter Products, LLC 5/21/2013 Silex Holdings, Inc. Equitas Group LLC RJD Green, Inc. 5/21/2013 Chia'sso Acquisition, LLC - Evofurniture, LLC 5/20/2013 European AutoBody, Inc. - Caliber Bodyworks, Inc. P 5/17/2013 WFM Enterprises LLC - Mister Car Wash, Inc. P 5/17/2013 SkyMall, Inc. Bookspan, Inc.; Najafi Companies Xhibit Corp. (OTCBB:XBTC) 5/15/2013 AIR-serv Group LLC Macquarie Capital Alliance Group Pamplona Capital Management LLP P 5/10/2013 Savage Sports Corporation Norwest Equity Partners Alliant Techsystems Inc. (NYSE:ATK) P 5/9/2013 Chefinesse, Inc. - Converge Global Inc. (OTCPK:CVRG) 5/9/2013 Milewise, Inc. Atlas Venture L.P. Yahoo! Inc. (NasdaqGS:YHOO) 5/9/2013 Baskin's Department Stores, Inc. Diamond State Ventures Boot Barn, Inc. P 5/8/2013 Highland Shoe Co. LLC - Justin Brands, Inc. 5/7/2013 Jaytex Of Canada Limited, Certain Assets Jaytex Of Canada Limited Tommy Bahama Group, Inc. 5/7/2013 eSkape Entertainment Center LLC - Brunswick Bowling & Billiards Corp. 5/7/2013 Sensational Beginnings, Inc. - Creative Kidstuff Inc. 5/7/2013 Royal Glass Company, Inc. - Safelite Group, Inc. 5/7/2013 Rocky Mountain Lasers, Inc. - GeoShack North America, Inc. 5/5/2013 DM Products, Inc (OTCPK:DMPD) - Iris Corporation Bhd., Certain Assets 5/2/2013 CruiseWise, Inc. New Enterprise Associates Cruise Critic P 5/2/2013 Columbus Truck and Equipment Company Inc. - Mcmahon Truck Group, LLC 5/1/2013 WoodCrafters Home Products, LLC - MasterBrand Cabinets, Inc. 5/1/2013 Ross Worldwide Outdoor / Scientific Anglers 3M Company (NYSE:MMM) The Orvis Company, Inc. 5/1/2013 COIT Cleaning and Restoration of Sacramento - COIT Services, Inc. 5/1/2013 Imbrium Systems Inc. Monteco Ltd. Contech Engineered Solutions LLC 5/1/2013 L'Oreal USA, Inc., Cosmetics Plant in Ohio L'Oreal USA, Inc. Cosmax, Inc. (KOSE:A044820) 5/1/2013 Coinmach Service Corp. - Pamplona Capital Management LLP P 4/30/2013 Chamilia LLC Brentwood Associates, Inc. Daniel Swarovski Corporation AG P 4/26/2013 AAA Tire and Auto Service - AAA Allied Group, Inc. 4/26/2013 Glit, Inc. Continental Commercial Products Americo Manufacturing Company, Inc. 4/26/2013 Alternative Heating Systems Inc. - Innovative Heating Technologies Inc. 4/25/2013 Dickson Rotary Club - Dickson Good Morning Rotary Club 4/24/2013 Hoigaard's, Inc. - SSI Ventures LLC 4/24/2013 Sew Unique Embroidery, Inc. - Van's Flags & Flagpoles 4/23/2013 Maharam Fabric Corporation - Herman Miller Inc. (NasdaqGS:MLHR) 4/23/2013 reuseit.com, LLC - 18F Virginia, Inc. 4/23/2013 Walt's Auto Care Centers, Inc. - Meineke Car Care Centers, Inc. 4/23/2013 Louisville Bedding Company, Inc. Louisville Bedding Company, Inc. Hollander Home Fashions, LLC 4/17/2013 Tripology, Inc. RM Acquisition, LLC USA TODAY Travel Media Group 4/17/2013 Bob Carver, LLC - Emotiva Audio Corporation 4/16/2013 Molenaar LLC Wilson Tool International, Inc. Fey Promotional Products Group 4/16/2013 WorldPass Travel Group, LLC - WorldStrides, LLC P 4/15/2013 Talon International, Inc. (OTCPK:TALN) - Comvest Partners P 4/11/2013 Combat Sports Inc. - Bauer Performance Sports Ltd. P 4/9/2013 Carolina Silver, LLC - Noble Biomaterials, Inc. 4/8/2013 HomeCare Resources, LLC - Home Care Medical, Inc. 4/8/2013 Internet Retail Shops, LLC - Park Avenue Numismatics 4/8/2013 Value Drycleaners Of America - JPB Capital Partners P 4/5/2013 Brewer Brothers, Inc. - Jim's Garage, LLC 4/5/2013 Haskell Lumber, Inc., Building Supply Store Haskell Lumber, Inc. S.W. Collins Company, Inc. 4/5/2013 Advanced Technologies - Wireless Logic, Inc. 4/2/2013 gloProfessional, Inc. North Castle Partners, LLC Swander Pace Capital P 4/2/2013 Reamco Inc. - Great Day Improvements, LLC 4/1/2013 Auburn Tire Service Inc. - Sullivan Tire Co., Inc. 4/1/2013 VGFive - Bay Acquisition corp. (OTCPK:SLGI) 4/1/2013 Lady Jayne Ltd. - Punch Studio LLC 3/31/2013 EcoMom, Inc. CrossLink Capital, Inc. Green Cupboards, Inc. P 3/31/2013 Burton's Pharmacy, Inc. - Rite Aid Corporation (NYSE:RAD) 3/31/2013 MyEyeDr's McLean - MyEyeDr., Inc. P 14 of 16 M&A Detail September 2013

Private Equity Announced Target Seller Buyer Involvement 3/30/2013 Forever Valuable Collectibles, Inc. - AEGEA, LLC Recent North 3/29/2013 Mitchell-Vance Laboratories LLC - Enaltus LLC 3/28/2013 Calvert Associates, Inc. - Apex Advertising Inc. American 3/28/2013 The St. James Group of Companies - AutoCanada Inc. (TSX:ACQ) Consumer 3/28/2013 Whitecraft, Inc. - Forwoodco, LLC 3/26/2013 Greulich's Automotive Services Greulich's Automotive Inc. Service King Paint & Body, LLC M&A 3/26/2013 Target Exterminating And AME Exterminating - Terminix Service, Inc. 3/26/2013 Cherrycom, Inc. Shasta Ventures; The Founders Fund Lyft (continued) 3/25/2013 Ashburn Hill Corp. - INVISTA S.à r.l. 3/25/2013 Mustang Survival Corp. - The Safariland Group P 3/24/2013 Advanced Air & Heat LLC - Pulte Capital Partners LLC P 3/22/2013 Big M, Inc. - YM Inc. 3/22/2013 Follett Corporation, Follett's Bookstore Follett Corporation JSM Development LLC 3/22/2013 Mr. Bar-B-Q, Inc. - Ferrellgas Partners LP (NYSE:FGP) 3/22/2013 Service Experts LLC Lennox Industries, Inc. American Capital, Ltd. P 3/20/2013 Thomas Cook North America Inc. Thomas Cook Group plc (LSE:TCG) Red Label Vacations Inc. 3/19/2013 Bunton Seed Co. - St. Matthews Feed & Seed, Inc. 3/18/2013 Self Testing Systems LLC - W.S. Darley & Co. 3/18/2013 eMusic.com, Inc. Dimensional Associates LLC Media Arc, Inc. 3/15/2013 AmerElite Solutions Inc. (OTCBB:AMRX) Ameritech International Corp. RegalWorks Media Inc. 3/14/2013 Pikes Peak Direct Marketing Inc. JH Partners LLC Target Corp. (NYSE:TGT) P 3/14/2013 Cooking.com, Inc. Clearstone Venture Partners Target Corp. (NYSE:TGT) 3/14/2013 International Absorbents Inc. Kinderhook Industries J. Rettenmaier & Söhne GmbH + Co. P 3/14/2013 General Pest Control, Inc. - Arrow Exterminators, Inc. 3/13/2013 Fast Tire, Inc. - Car-X Associates Corp. 3/12/2013 SEE USA LLC SEE USA LLC U.S. Venture, Inc. 3/7/2013 LiceXpress - LiceDoctors LLC 3/6/2013 Hot Topic Inc. (NasdaqGS:HOTT) Carlson Capital, L.P. Sycamore Partners P 3/6/2013 Zion Rootswear, LLC Hope Road Merchandising LLC Bravado International Group 3/6/2013 DLNY LLC - Jerry Leigh of California, Inc. 3/5/2013 Parker Boat Company - Marinemax Inc. (NYSE:HZO) 3/4/2013 Two Corporate Repair Centers - ABRA, Inc. 3/4/2013 Belmay, Inc. - Symrise AG (XTRA:SY1) 3/1/2013 iParty Corp. Highbridge Capital Management Party City Holdings Inc. 2/28/2013 Entertainment Art, Inc. - Biozoom, Inc. (OTCBB:BIZM) 2/28/2013 Beam Charging - Car Charging Group 2/27/2013 Wisconsin Specialty Protein - Omega Protein Corp. 2/25/2013 Luxe Travel Management - Travel Experts 2/22/2013 Seawinds Funeral Home - Stonemor Partners 2/21/2013 Coinamatic Canada Inc. - WASH Multifamily Laundry Systems P 2/19/2013 OfficeMax Incorporated - Office Depot, Inc. 2/19/2013 Grandstand Sports & Memorabilia - Bitzio, Inc. 2/16/2013 Hollywood Theaters Wallace Theater Holdings Regal Entertainment Group 2/14/2013 Fitcorp Management Services Plus One Health Management Town Sports International Holdings 2/13/2013 Handcrafted Homes - CoveView Capital Partners P 2/11/2013 Chattem, Inc., Bull Frog Brand Chattem, Inc. Sun & Skin Care Research 2/11/2013 DeBonair Custom Cleaning - Golden Services, Inc. 2/11/2013 Sister Sam - Norwest Venture Partners P 2/10/2013 Affinity Gaming Silver Point Capital Z Capital Management P 2/8/2013 Extreme Fitness, Inc. Ultimate Sports, Inc. GoodLife Fitness Centers 2/8/2013 Vapor Jackets - Lead By Sales 2/8/2013 JBS Group Inc. - Hotelbeds 2/6/2013 Travel Wizard - Azumano Travel Service 2/4/2013 IGN Entertainment, Inc. Fox Entertainment Group, Inc. Ziff Davis Media

HW&Co. Tim Alexander Glenn Gurtcheff John Neuner IV Red Norrie Managing Director Managing Director Managing Director Managing Director Consumer [email protected] [email protected] [email protected] [email protected] Team +1 (612) 359-2716 +1 (612) 359-2702 +1 (804) 915-0125 +44 20 7518 8906 Ryan Budlong Jeff Cleveland Brent Spiller Director Director Director [email protected] [email protected] [email protected] +1 (612) 359-2722 +1 (612) 359-2703 +1 (804) 915-0183

Corey Benjamin Brant Cash Matt Conaty Chip Duggins Vice President Vice President Vice President Vice President [email protected] [email protected] [email protected] [email protected] +1 (804) 932-1342 +1 (612) 359-2709 +1 (415) 217-3423 +1 (804) 932-1340

15 of 16 Consumer and Retail Industry Update September 2013

Two International Place 24th Floor Boston, MA 02110 Sources: USA Phone: +1 (617) 482-7501 Capital IQ. Fax: +1 (617) 482-7503 Thomson Financial. S&P. Reuters. 1900 East 9th Street 20th Floor Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the Cleveland, OH 44114 advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an USA unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring Phone: +1 (216) 689-2400 Fax: +1 (216) 689-2401 advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC and Harris Williams & Co. Ltd. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. Harris Williams An der Welle 4 LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited 60322 Frankfurt am Main Germany company incorporated under English law having its registered office at 5th floor, 6 St. Andrew Street, London EC4A Phone: +49 69 7593 7166 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Fax: +49 69 2557 7415 Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

63 Brook St THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS London, W1K 4HS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD- United Kingdom PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY Phone: +44 (0) 20 7518 8900 Fax: +44 (0) 20 7526 2187 WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR 222 South Ninth Street ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS Suite 3350 Minneapolis, MN 55402 PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT +1-804-648-0072. USA Phone: +1 (612) 359-2700 The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is Fax: +1 (612) 359-2701 not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris 1600 Market Street Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such 21st Floor information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, Philadelphia, PA 19103 USA have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have Phone: +1 (267) 675-5900 provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or Fax: +1 (267) 675-5901 its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments 1001 Haxall Point discussed in this report may not be suitable for all investors, and investors must make their own investment decisions 9th Floor using their own independent advisors as they believe necessary and based upon their specific financial situations and Richmond, VA 23219 investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may USA Phone: +1 (804) 648-0072 be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent. Fax: +1 (804) 648-0073 Copyright © 2013 Harris Williams & Co., all rights reserved.

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