Consumer and Retail Industry Update August 2014

Member FINRA/SIPC

www.harriswilliams.com Consumer and Retail Industry Update August 2014

HW&Co. Industry Spotlight – Leisure & Outdoor GROUP OVERVIEW Building on its performance in the early part of 2014, the HW&Co. Consumer Team continued its Harris Williams & Co. is a leading advisor to the consumer market. strong momentum through the summer months, bringing a number of opportunities to market in key Our significant experience covers a verticals, including consumer durables, leisure & outdoor products, and consumer services, among broad range of end markets, others. Our pitch pipeline remains robust as sellers look to capitalize on strong valuation levels, industries, and business models. This particular report focuses on aggressive financing markets, and ample private equity dry powder and corporate cash balances. We trends and metrics in the following believe that M&A activity will continue at a rapid pace through year-end and could reach a record areas: number of closed transactions across the middle market. • Catalog & Direct Marketing Following our attendance at the SuperZoo pet trade show in July, we attended the Outdoor Retailer • Consumer Durables show in Salt Lake City earlier this month. Always an energetic event, we found this year’s show to • Consumer Electronics be particularly active, with several industry players launching exciting new products and a general • E-tailing good “buzz” on the floor. In addition to walking the show, we hosted a networking cocktail event • Footwear, Apparel, & and held productive meetings with a number of strategic consolidators, PEG-backed platforms, and Accessories financial sponsors. These meetings, coupled with our own deal activity, reaffirmed our view that • Home Furnishings M&A activity in the sector will remain strong for some time. In addition, we observed a number of • Household Goods important trends playing out that will influence near-term industry growth across the leisure and • Infant & Juvenile Products outdoor sector. • Jewelry, Gifts, & Collectibles • Lawn, Garden, & Pet Products Key Takeaways from Outdoor Retailer and Services Blurring Lines Between The Outdoor Enthusiast and • Leisure & Outdoor Products “Hook and Bullet” Channels: As outdoor players diversify • Personal Care Products their product and brand offerings, the line between the • Specialty and Mass Merchant traditional outdoor enthusiast and hunting and fishing Retailing channels continues to blur. At this year’s Outdoor Retailer CONTACTS show, at least 35 exhibitors listed hunting as a primary category, primarily focusing on the tactical apparel, packs, John Neuner | Managing Director personal watercraft, and accessories (knives, coolers, etc.) that [email protected] can be used across numerous outdoor activities. +1 (804) 915-0125 Understanding this dynamic and its impact on a company’s Ryan Budlong | Director target consumer base and addressable market will be a critical [email protected] element for investors to consider as they evaluate brand +1 (612) 359-2722 positioning and growth strategies for outdoor platforms. Expansion of the Premium Cooler Segment: Consumer Brent Spiller | Director acceptance of high-performance (and high-ticket) coolers as a [email protected] +1 (804) 915-0183 differentiated product category has led to increased investment and interest in a once non-existent market Corey Benjamin | Vice President segment. Driven by the rapid growth of category pioneer [email protected] YETI, the market has grown tremendously with several new +1 (804) 932-1342 entrants entering the category over the past several years. In an effort to further expand the targeted consumer base, Matt Conaty | Vice President premium cooler companies have focused on introducing [email protected] smaller and more portable offerings designed for everyday +1 (415) 217-3423 use. YETI has continued to drive market innovation and launched the first soft-sided cooler in the premium category at Chip Duggins | Vice President [email protected] this year’s show. The cooler, named The Hopper, provides +1 (804) 932-1340 leak-proof performance and similar durability and ice retention found across Yeti’s hard products. www.harriswilliams.com

1 of 17 Consumer and Retail Industry Update August 2014

HW&Co. Industry Spotlight – Leisure & Outdoor (Continued) What We’ve Been Doing

Staying Connected in the Outdoors: With the continued proliferation of smartphones, cameras, and action video devices, consumers are “plugged in” more than ever – even a portfolio company of while outdoors. Outdoor companies have responded to this has been acquired by growing market by focusing on portable products that provide has been recapitalized both power and protection for electronic equipment. The solar segment has been a key driver of category growth with rechargeable solutions in the form of standalone power packs and portable solar panels (some even integrated with backpacks). While differentiation and innovation remain key to driving growth in this highly fragmented market, several a portfolio company of a portfolio company of larger players, led by Goal Zero, have built a leadership position in this rapidly growing space. has been acquired by has been acquired by Sun Protection Across Product Categories: As consumers increasingly recognize the dangers of sun exposure, the market for protective products has grown significantly. While traditional sunscreen and headwear product categories have benefitted from this trend, the emergence of apparel a portfolio company of specifically designed for sun protection has re-shaped the has received a growth equity investment from category. To date, growth has been driven by larger apparel has been acquired by platforms diversifying into the space, with smaller players offering specific technologies experiencing impressive growth as well. Given the consumer’s long-term focus on sun protection, we expect this category to continue to grow as the category continues to evolve. Diversifying the Stand-Up-Paddle (SUP) Segment: The SUP a portfolio company of segment continues to be one of the fastest growing segments has been acquired by in the outdoor industry and remains fiercely competitive as has been acquired by players try to differentiate themselves and capture market share. Following an initial wave of consumer trial and general recreational usage, the category has experienced a “second wave” of interest with consumers using SUPs for a diverse range of activities, including fishing, extended trips, a portfolio company of whitewater paddling, yoga, and cross training, among others. a portfolio company of To respond to growing consumer demand, SUP companies have evolved their offerings to include designs geared for has been acquired by has been acquired by specific activities. Though the category continues to expand, few players have achieved true scale, presenting both opportunities and risks for investors.

Where We’re Headed We will be hosting a cocktail event on the ABC Kids Expo evening of August 6th. Please let us know • September 7-10, 2014 if you plan to attend the largest outdoor • Las Vegas Convention Center trade show by contacting Brent Spiller at [email protected]. • Las Vegas, NV

2 of 17 Equity Trading Overview August 2014

Key Trading Median Median TEV/ Median TEV/ 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 29 $1,913 4.1% 15.8% 1.5x 11.6x 1.4x 10.1x Home & Office Furniture & Furnishings 10 1,519 2.5% 11.6% 1.0x 11.4x 0.9x 8.3x Household Products 10 9,653 2.1% 17.8% 1.7x 11.9x 1.6x 10.2x Lawn, Garden, and Pet 9 2,396 (0.0%) 16.6% 1.5x 11.6x 1.6x 10.4x Personal Care Products 13 5,642 0.4% 3.9% 1.1x 9.2x 1.1x 9.4x Recreational & Leisure Products 20 828 (6.2%) 5.5% 1.3x 10.5x 1.2x 10.5x Retail Apparel & Footwear Retail 40 1,270 6.0% (2.2%) 0.7x 7.5x 0.7x 6.7x Catalog & Specialty Distribution 7 537 2.5% 27.8% 0.4x 11.0x 0.4x 9.6x Department Chains 9 7,029 1.6% 16.3% 0.8x 7.1x 0.8x 6.8x Discount Stores & Mass Merchants 11 9,644 5.8% 4.0% 0.8x 9.3x 0.8x 9.3x Furniture & Furnishings Retailers 12 1,284 0.0% (8.3%) 0.9x 8.5x 0.8x 7.4x Internet Retail 13 1,133 6.6% (4.9%) 1.8x 13.5x 1.5x 10.8x Specialty & Other Retail 27 2,113 (1.7%) (3.7%) 0.8x 8.8x 0.7x 7.8x Consumer Products 91 $2,154 1.2% 13.7% 1.4x 11.5x 1.3x 10.2x Retail 119 $1,284 2.5% (2.2%) 0.8x 8.8x 0.8x 7.8x Consumer & Retail Index 210 $1,913 2.1% 5.5% 1.0x 10.5x 0.9x 9.4x

Catalog & Specialty Public Distribution Company S&P 500 Sector Household Products Performance Lawn, Garden, and Pet (12-month % Department Chains change in Apparel & Footwear Home & Office Furniture & stock price) Furnishings Recreational & Leisure Products

Consumer & Retail Index Discount Stores & Mass Merchants Personal Care Products

Apparel & Footwear Retail

Specialty & Other Retail

Internet Retail Furniture & Furnishings Retailers

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

3 of 17 Equity Markets Overview August 2014

250 Consumer 225 and Retail Industry Stock Performance 200

175 7 8 .8 %

150 6 6 .9 % Index 5 3 .8 % 125

100

50 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14

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 08/14/14 08/14/14 Priceline Group Inc PCLN Convertible $1,000.0 General Corp. Purp. / Working Capital 06/25/14 06/25/14 Vince Holding Corp VNCE Follow-On 171.6 General Corp. Purp.

06/24/14 06/24/14 G-III Apparel Group Ltd GIII Follow-On 133.9 General Corp. Purp.

06/16/14 06/16/14 Restoration Hardware Hldg Inc RH Convertible 400.0 General Corp. Purp.

06/09/14 06/09/14 Bauer Performance Sports Ltd BAU Follow-On 110.0 General Corp. Purp. / Acquisition 06/02/14 06/02/14 JAKKS Pacific Inc JAKK Convertible 115.0 General Corp. Purp.

04/30/14 04/30/14 Burlington Stores Inc BURL Follow-On 355.4 General Corp. Purp.

04/16/14 04/16/14 Sportsman's Warehouse Hldg Inc SPWH IPO 132.1 General Corp. Purp. / Working Capital 03/26/14 03/26/14 American Apparel Inc APP Follow-On 30.8 General Corp. Purp. / Working Capital 03/25/14 03/25/14 Bright Horizons Family BFAM Follow-On 257.3 General Corp. Purp.

03/20/14 03/20/14 The Wet Seal Inc WESL Convertible 27.0 General Corp. Purp.

03/11/14 03/11/14 Jarden Corp JAH Follow-On 690.0 General Corp. Purp.

02/03/14 02/03/14 Herbalife Ltd HLF Follow-On 1,150.0 General Corp. Purp.

01/21/14 01/21/14 Party City Holdco Inc PRTY IPO 500.0 General Corp. Purp.

4 of 17 M&A Overview August 2014

Announced Quarterly Consumer M&A Activity Last 10 Deals Announced Announced Target Buyer Consumer 160 8/18/2014 The Dwyer Group, Inc. The Riverside Company and Retail 8/15/2014 NBGHome Nielsen & Bainbridge, LLC 140 16 8/14/2014 Dolce Vita Holdings, Inc. Steven Madden, Ltd. (NasdaqGS:SHOO) M&A 8/6/2014 Artistic Studios, LTD Bendon Publishing International, Inc. __ 120 8/5/2014 TRG Accessories, LLC Victorinox Swiss Army, Inc. 23 7/28/2014 Pressman Toy Corporation Goliath B.V. 100 7/25/2014 Good Vibrations Shoes Inc. Bitcoin Collect, Inc. (OTCPK:BTCC) 25 13 80 7/23/2014 Virga Botanicals, LLC 400 Beverly, Inc. 20 22 10 14 7/18/2014 Rachel Roy IP Company LLC Topson Downs Of California Inc. 127 14 18 60 12 34 7/17/2014 Design Within Reach, Inc. Herman Miller Inc. (NasdaqGS:MLHR) 18 98

Number Number ofTransactions 40 77 77 LTM Deal Statistics 63 63 66 66 55 57 57 20 47 43 Aggregate Number Transaction Multiples Value ($bn) of Deals EV / Revenue EV / EBITDA 0 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 $23.6 258 1.18x 9.8x

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

Consumer and Announced Consumer Transactions Median Consumer Transaction Multiples Retail M&A $120 450 16.0x 1.75x Trends 400 14.0x 1.50x

$100 __

350 of TransactionsNumber

12.0x EVMultipleLTM/ Sales 10.7x 1.25x 10.3x $80 300 10.0x 9.8x 10.0x 8.9x 9.5x 250 8.4x 1.00x $60 8.0x 200 0.75x ($ in billions)($in $40.3 6.0x $40 $38.3 150 $28.6 $29.7 0.50x $27.3 __ 4.0x

Aggregate Transaction Value Aggregate Transaction 100

$22.1 __ EV / LTM EBITDA MultipleEBITDA / LTM EV $20 0.25x $11.3 50 2.0x

$0 0 0.0x 0.00x 2008 2009 2010 2011 2012 2013 2014 YTD 2008 2009 2010 2011 2012 2013 2014 YTD Volume Total Deals EBITDA Mult Rev Mult

Median LTM Median LTM Trading Multiples Consumer Private Equity Investments and Exits Trading 120 16.0x 111 Multiples and 15.3x 14.4x

13.9x Announced 14.0x 13.3x13.6x 97 13.2x 100 13.0x 12.9x 13.1x 12.9x 12.8x 12.3x 12.6x 12.3x 12.5x 12.3x Private Equity 12.1x 12.2x 12.3x 86 12.0x 11.4x 11.3x

11.1x ' 10.9x 80 76 M&A Activity 10.4x 73 73 10.2x 10.0x 71 72 10.0x

59 59 57 8.0x 60 54 53 53 48 47 45 6.0x 40 37 31

Number of Investments 28 MedianMultiples Trading 4.0x 20 2.0x

0.0x 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD Number of Investments Number of Exits Consumer Products Retail 5 of 17 Debt Market Overview August 2014

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

Credit Statistics L + 500 ___

$10 __ L + 400

$8 L + 300 $6

L + 200 $4

Average Spread Over LIBOR Over Average Spread L + 100

$2 Loan Loan Volume by Quarter ($ billions)in

$0 L + 0 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14 2Q14 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional

Credit Statistics Average Secondary Spread 8.0x L + 1200

L + 1000 6.0x L + 800

4.0x L + 600

L + 400

EBITDAMultiple 2.0x

Average Average Spread Over LIBOR L + 200

0.0x L + 0 Debt/EBITDA Senior EBITDA/Cash EBITDA - 2Q04 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 Debt/EBITDA Interest Capex/Cash Interest

2009 2010 2011 2012 2013 2014 Recent Date Effective Borrower Name Description Deal Amount Type Rating Spread 08/14/14 Acosta Inc Groceries and related products $225,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A Consumer and 08/14/14 Acosta Inc Groceries and related products 2,065,000,000 Term Loan N/A / NR 400 Retail Debt 08/12/14 AMF Bowling Worldwide Bowling centers 410,000,000 Term Loan B N/A / NR 625 08/12/14 AMF Bowling Worldwide Bowling centers 30,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A Offerings 08/11/14 Albertson's Inc Grocery stores 950,000,000 Term Loan B N/A / NR 400 08/11/14 Albertson's Inc Grocery stores 3,609,000,000 Term Loan B N/A / NR 450 08/08/14 BWAY Holding Company Inc Metal barrels, drums, and pails 1,220,000,000 Term Loan B N/A / NR 450 08/04/14 Abercrombie & Fitch Co Family clothing stores 400,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 08/04/14 Abercrombie & Fitch Co Family clothing stores 300,000,000 Term Loan B N/A / NR 375 07/28/14 Garden Ridge Corp Miscellaneous retail stores 140,000,000 Revolver/Line >= 1 Yr. N/A / NR 150 07/15/14 Hanesbrands Inc Bras, girdles, and allied garments 500,000,000 Term Loan B N/A / Ba2 275 06/30/14 American Residential Services Inc Plumbing, heating, air-conditioning 50,000,000 Revolver/Line >= 1 Yr. N/A / NR 425 06/30/14 American Residential Services Inc Plumbing, heating, air-conditioning 150,000,000 Term Loan B N/A / NR 450 06/30/14 American Residential Services Inc Plumbing, heating, air-conditioning 60,000,000 Term Loan N/A / NR N/A 06/30/14 Best Buy Co Inc Radio, TV, & electronic stores 1,250,000,000 Revolver/Line >= 1 Yr. N/A / Baa3 127.5 06/30/14 Helen of Troy LP Electric housewares and fans 100,000,000 Revolver/Line >= 1 Yr. N/A / NR 175 06/30/14 Lift Brands Inc Physical fitness facilities 20,000,000 Revolver/Line >= 1 Yr. N/A / NR 750 06/30/14 Lift Brands Inc Physical fitness facilities 80,000,000 Term Loan N/A / NR 750 06/26/14 Anchor Glass Container Corp Glass containers 335,000,000 Term Loan B N/A / NR 325 06/26/14 Anchor Glass Container Corp Glass containers 100,000,000 Revolver/Line >= 1 Yr. N/A / NR 175 06/24/14 Fiskars Corp Machine tools, metal cutting types EUR 100,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 06/20/14 JC Penney Corp Department stores 1,850,000,000 Revolver/Line >= 1 Yr. N/A / NR 275

6 of 17 Consumer and Retail Industry Update August 2014

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2014E ($ in millions, except per share data) Ticker 8/22/14 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 $82.58 99.8% $4,389 $586 $208 $4,767 $2,756 $394 11.7% 13.7% 41.4% 14.3% 28.7x 1.73x 12.1x 1.58x 10.6x Cherokee Inc. CHKE 18.31 96.5% 154 31 2 183 31 16 12.6% 1.2% 100.0% 51.3% 19.1x 5.99x 11.7x 5.18x 10.8x Coach, Inc. COH 36.79 63.5% 10,104 140 869 9,376 4,806 1,441 (5.3%) 4.9% 70.3% 30.0% 13.2x 1.95x 6.5x 2.20x 9.4x Columbia Sportswear Company COLM 78.42 87.2% 2,748 16 394 2,369 1,805 204 7.7% 4.9% 45.0% 11.3% 25.7x 1.31x 11.6x 1.14x 10.8x Crocs, Inc. CROX 15.60 92.4% 1,330 14 409 936 1,207 121 0.9% 9.6% 51.3% 10.0% NM 0.78x 7.8x 0.76x 6.5x Deckers Outdoor Corp. DECK 93.74 98.7% 3,246 3 158 3,091 1,629 244 14.1% 15.1% 47.5% 15.0% 24.4x 1.90x 12.7x 1.68x 10.6x G-III Apparel Group, Ltd. GIII 81.94 97.2% 1,807 89 24 1,872 1,812 146 25.6% 17.9% 34.4% 8.1% 22.2x 1.03x 12.8x 0.89x 10.3x DMG Mori Seiki Aktiengesellschaft GIL 29.56 82.8% 2,330 27 444 1,913 2,905 267 6.0% 7.0% 47.7% 9.2% 17.0x 0.66x 7.2x 0.62x 5.6x Hanesbrands Inc. HBI 100.64 94.4% 10,027 1,789 144 11,672 4,885 766 8.1% 3.0% 35.8% 15.7% 29.0x 2.39x 15.2x 2.17x 13.3x Iconix Brand Group, Inc. ICON 41.07 91.7% 1,973 1,411 132 3,252 448 275 14.2% 6.9% 100.0% 61.5% 16.0x 7.27x 11.8x 6.87x 11.2x Journey Group plc JNY 2.52 91.0% 34 1 9 26 67 4 (1.8%) (0.1%) 26.5% 6.6% 21.0x 0.39x 5.9x 0.37x 5.2x Freedom Foods Group Limited FNP 2.79 86.0% 420 9 7 423 81 12 2.7% 21.7% 35.0% 14.5% NM 5.22x NM 4.34x 26.8x Nike, Inc. NKE 78.94 98.4% 68,543 1,433 5,142 64,834 27,799 4,312 9.8% 11.4% 44.8% 15.5% 26.6x 2.33x 15.0x 2.13x 14.1x Oxford Industries Inc. OXM 61.43 74.2% 1,011 142 9 1,144 941 122 9.5% 13.2% 55.6% 13.0% 21.6x 1.22x 9.4x 1.12x 8.5x Perry Ellis International Inc. PERY 20.25 95.1% 318 172 73 418 899 36 (7.2%) (0.4%) 33.8% 4.0% NM 0.46x 11.6x 0.45x 8.2x PVH Corp. PVH 114.04 82.1% 9,391 4,106 513 12,984 8,240 1,155 26.3% 15.2% 52.2% 14.0% NM 1.58x 11.2x 1.51x 10.0x Ralph Lauren Corporation RL 169.27 93.5% 14,887 574 1,369 14,092 7,505 1,378 7.1% 7.5% 57.9% 18.4% 20.4x 1.88x 10.2x 1.74x 9.7x Quiksilver Inc. ZQK 3.29 35.4% 562 897 67 1,392 1,749 97 (7.0%) (1.7%) 49.4% 5.6% NM 0.80x 14.3x 0.82x 13.0x Rocky Brands, Inc. RCKY 14.90 74.6% 112 43 4 152 266 18 9.2% 2.7% 33.4% 6.8% 16.2x 0.57x 8.3x 0.51x 6.6x Skechers USA Inc. SKX 57.87 98.3% 2,964 123 415 2,672 2,109 211 23.2% 3.1% 45.1% 10.0% 27.6x 1.27x 12.7x 1.11x 10.0x Steven Madden, Ltd. SHOO 34.17 86.6% 2,230 0 189 2,041 1,338 211 7.1% 22.9% 36.2% 15.7% 17.0x 1.53x 9.7x 1.42x 9.2x Summer Infant, Inc. SUMR 4.35 96.9% 79 53 2 130 199 6 (15.6%) (3.4%) 31.9% 3.0% NM 0.65x 22.0x 0.62x 8.5x Tumi Holdings, Inc. TUMI 23.13 93.6% 1,570 0 24 1,546 490 100 12.8% 24.6% 58.0% 20.3% 29.7x 3.16x 15.5x 2.70x 13.0x Under Armour, Inc. UA 69.44 96.7% 14,810 197 300 14,706 2,657 342 32.4% 29.1% 49.0% 12.9% NM 5.53x 43.0x 4.43x 32.7x V.F. Corporation VFC 63.52 99.1% 27,384 2,011 476 28,918 11,770 1,990 6.9% 13.0% 48.4% 16.9% 22.4x 2.46x 14.5x 2.27x 13.3x Vera Bradley, Inc. VRA 20.11 67.0% 818 0 82 737 526 106 (3.8%) 11.2% 54.6% 20.2% 14.6x 1.40x 6.9x 1.39x 8.2x Weyco Group Inc. WEYS 26.88 90.3% 291 11 16 286 299 32 1.0% 7.5% 38.9% 10.6% 16.6x 0.95x 9.0x 0.91x NA Wolverine World Wide Inc. WWW 25.88 75.9% 2,626 1,131 232 3,525 2,699 307 20.5% 26.1% 39.7% 11.4% 22.5x 1.31x 11.5x 1.25x 10.1x Mean 85.9% $6,422 $522 $404 $6,541 $3,186 $494 7.7% 9.9% 47.7% 15.9% 21.5x 2.06x 12.6x 1.82x 11.3x Median 91.7% $1,973 $123 $144 $1,913 $1,629 $204 7.7% 7.5% 45.1% 13.5% 21.6x 1.46x 11.6x 1.39x 10.1x

7 of 17 Consumer and Retail Industry Update August 2014

Household Products Helen of Troy Limited HELE $58.23 82.9% $1,652 $426 $29 $2,049 $1,324 $182 2.5% 14.2% 39.0% 13.7% 21.0x 1.55x 11.3x 1.46x 9.4x iRobot Corporation IRBT 34.59 71.5% 1,022 0 183 840 505 45 8.9% 6.1% 44.9% 8.8% 41.5x 1.66x 18.8x 1.42x 10.4x Jarden Corp. JAH 58.25 91.0% 7,467 4,731 665 11,533 7,723 888 12.5% 6.2% 30.6% 11.5% 38.3x 1.49x 13.0x 1.39x 9.9x Newell Rubbermaid Inc. NWL 33.77 99.7% 9,246 2,087 143 11,190 5,730 911 2.0% 0.0% 38.4% 15.9% 21.9x 1.95x 12.3x 1.88x 11.2x Prestige Brands Holdings, Inc. PBH 34.62 94.4% 1,799 970 16 2,753 605 201 (2.3%) 18.8% 56.1% 33.2% 26.4x 4.55x 13.7x 3.68x 10.0x Snap-on Incorporated SNA 126.00 99.5% 7,322 908 113 8,117 3,359 696 6.9% 5.4% 49.4% 20.7% 19.5x 2.42x 11.7x 2.40x 10.6x Stanley Black & Decker, Inc. SWK 91.56 98.7% 14,309 4,395 538 18,166 11,193 1,519 6.5% 5.0% 36.1% 13.6% 23.5x 1.62x 12.0x 1.55x 10.6x The Clorox Company CLX 89.42 92.4% 11,498 2,313 329 13,482 5,591 1,143 (0.6%) 2.2% 42.2% 20.4% 21.0x 2.41x 11.8x 2.42x 11.6x Tupperware Brands Corporation TUP 74.12 76.3% 3,735 917 83 4,569 2,658 464 0.0% 2.3% 66.7% 17.5% 16.0x 1.72x 9.8x 1.72x 9.5x Whirlpool Corp. WHR 151.88 94.9% 11,845 2,776 945 13,676 18,818 1,982 2.9% 0.2% 17.6% 10.5% 17.0x 0.73x 6.9x 0.67x 6.1x Mean 90.1% $6,990 $1,952 $304 $8,637 $5,751 $803 3.9% 6.1% 42.1% 16.6% 24.6x 2.01x 12.1x 1.86x 9.9x Median 93.4% $7,395 $1,528 $163 $9,653 $4,475 $792 2.7% 5.2% 40.6% 14.8% 21.5x 1.69x 11.9x 1.63x 10.2x

Lawn, Garden, and Pet Central Garden & Pet Company CENT $8.52 85.1% $439 $450 $46 $843 $1,599 $77 (4.9%) 0.0% 26.8% 4.8% NM 0.53x 11.0x 0.53x 8.0x DuluxGroup Limited ASX:DLX 5.41 99.1% 2,033 386 23 2,396 1,483 188 15.8% 14.4% 46.6% 12.7% 20.9x 1.62x 12.8x 1.58x 11.9x Echo Trading Co., Ltd. TSE:7427 6.73 87.7% 41 36 37 40 737 3 (2.6%) (7.1%) 12.8% 0.4% NM 0.05x 12.9x NA NA Maabarot Products Ltd. TASE:MABR 12.45 87.9% 120 8 31 97 100 9 14.4% (13.5%) 41.0% 8.7% 26.9x 0.97x 11.2x NA NA Oil-Dri Corp. of America ODC 30.34 72.7% 215 22 20 217 264 25 6.6% 5.7% 24.0% 9.6% 17.1x 0.82x 8.5x 0.74x NA Spectrum Brands Holdings, Inc. SPB 86.12 97.4% 4,541 3,337 85 7,793 4,389 665 16.1% 11.7% 35.6% 15.2% 35.0x 1.78x 11.7x 1.73x 10.2x The Scotts Miracle-Gro Company SMG 59.53 93.1% 3,644 846 147 4,343 2,863 415 4.5% 0.3% 35.8% 14.5% 22.9x 1.52x 10.5x 1.49x 9.6x Toro Co. TTC 62.51 92.8% 3,480 225 178 3,527 2,141 304 7.1% 4.9% 35.4% 14.2% 21.6x 1.65x 11.6x 1.59x 10.5x Uni-Charm Corp. TSE:8113 66.41 98.9% 13,372 282 1,039 12,614 6,431 1,007 22.9% 10.2% 44.1% 15.7% 39.0x 1.96x 12.5x 2.09x 13.4x Mean 90.5% $3,098 $621 $178 $3,541 $2,223 $299 8.9% 2.9% 33.6% 10.6% 26.2x 1.21x 11.4x 1.39x 10.6x Median 92.8% $2,033 $282 $46 $2,396 $1,599 $188 7.1% 4.9% 35.6% 12.7% 22.9x 1.52x 11.6x 1.58x 10.4x

8 of 17 Consumer and Retail Industry Update August 2014

Personal Care Products All for One Steeb AG XTRA:A1OS $41.17 83.8% $205 $53 $40 $218 $291 $27 24.3% 33.0% 22.5% 9.2% 22.3x 0.75x 8.2x 0.76x 8.9x Avon Products Inc. AVP 14.19 62.1% 6,167 3,251 1,009 8,409 11,427 1,518 9.6% 0.5% 62.0% 13.3% NM 0.74x 5.5x 0.92x 8.9x Elizabeth Arden, Inc. RDEN 17.26 42.7% 511 422 54 879 1,164 (13) (13.4%) (0.3%) 41.0% NM NM 0.75x NM 0.81x 13.1x The Estée Lauder Companies Inc. EL 76.27 98.6% 29,196 1,343 1,629 28,910 10,969 2,198 7.7% 7.6% 80.3% 20.0% 24.9x 2.64x 13.2x 2.58x 13.3x Herbalife Ltd. HLF 49.87 59.7% 4,577 1,838 774 5,642 5,051 785 14.3% 17.7% 50.0% 15.5% 11.0x 1.12x 7.2x 1.02x 5.8x Kimberly-Clark Corporation KMB 109.18 95.4% 40,825 7,133 1,369 46,589 21,188 4,116 0.2% 1.4% 34.6% 19.4% 19.6x 2.20x 11.3x 2.13x 10.4x Medifast Inc. MED 28.81 83.8% 367 1 69 299 331 44 (9.8%) 5.4% 74.5% 13.2% 17.1x 0.90x 6.8x 0.91x 6.7x Nu Skin Enterprises Inc. NUS 48.24 34.3% 2,857 211 234 2,835 3,285 557 43.5% 27.0% 82.7% 17.0% 9.5x 0.86x 5.1x 1.07x 6.3x The Procter & Gamble Company PG 83.28 97.0% 225,493 35,417 10,686 250,224 83,062 19,201 0.6% 0.8% 49.4% 23.1% 20.9x 3.01x 13.0x 2.96x 12.7x Revlon, Inc. REV 33.30 98.9% 1,743 1,882 158 3,468 1,792 289 29.9% 9.3% 65.0% 16.1% NM 1.94x 12.0x 1.76x 9.4x Sally Beauty Holdings Inc. SBH 27.58 86.6% 4,279 1,822 46 6,055 3,716 591 3.3% 5.3% 49.6% 15.9% 18.5x 1.63x 10.3x 1.56x 9.6x ULTA Salon, Cosmetics & Fragrance, Inc. ULTA 96.00 72.3% 6,175 0 457 5,718 2,802 453 20.3% 22.6% 35.1% 16.2% 29.4x 2.04x 12.6x 1.75x 10.7x USANA Health Sciences Inc. USNA 72.49 78.8% 941 0 122 820 731 121 5.6% 8.9% 81.7% 16.6% 14.3x 1.12x 6.8x 1.01x 6.2x Mean 76.5% $24,872 $4,106 $1,280 $27,697 $11,216 $2,299 10.5% 10.7% 56.0% 16.3% 18.8x 1.52x 9.3x 1.48x 9.4x Median 83.8% $4,279 $1,343 $234 $5,642 $3,285 $557 7.7% 7.6% 50.0% 16.1% 19.1x 1.12x 9.2x 1.07x 9.4x

9 of 17 Consumer and Retail Industry Update August 2014

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2014E ($ in millions, except per share data) Ticker 8/22/14 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 $43.80 98.7% $3,188 $193 $357 $3,024 $4,101 $437 (7.4%) 4.3% 61.8% 10.6% NM 0.74x 6.9x 0.76x 6.2x Aéropostale, Inc. ARO 3.52 30.9% 277 134 152 258 1,977 (116) (14.4%) (6.0%) 26.3% NM NM 0.13x NM 0.15x NM American Apparel, Inc. APP 1.05 63.6% 183 252 10 424 633 8 (0.4%) 6.3% 50.3% 1.2% NM 0.67x 53.7x 0.66x 9.6x American Eagle Outfitters, Inc. AEO 13.46 79.4% 2,617 0 263 2,354 3,256 308 (5.2%) 3.5% 33.7% 9.5% NM 0.72x 7.6x 0.72x 6.5x ANN INC. ANN 37.52 86.0% 1,716 0 128 1,589 2,510 273 5.0% 7.4% 53.3% 10.9% 20.9x 0.63x 5.8x 0.61x 5.7x Ascena Retail Group Inc. ASNA 16.95 73.2% 2,739 225 217 2,748 4,806 487 7.8% 18.4% 57.1% 10.1% 17.4x 0.57x 5.6x 0.55x 5.2x Bebe Stores, Inc. BEBE 2.92 41.5% 232 0 127 105 457 (27) (8.1%) (1.9%) 32.0% NM NM 0.23x NM 0.25x NM Brown Shoe Co. Inc. BWS 30.69 101.8% 1,340 199 37 1,503 2,516 150 1.9% (0.1%) 40.4% 6.0% 20.9x 0.60x 10.0x 0.58x 8.2x The Buckle, Inc. BKE 48.79 89.1% 2,360 0 187 2,174 1,133 288 (1.2%) 4.3% 50.0% 25.4% 14.5x 1.92x 7.5x 1.85x 7.4x Body Central Corp. BODY 0.42 5.9% 7 15 4 18 243 (46) (20.4%) (3.7%) 33.8% NM NM 0.07x NM NA NA Cabela's Incorporated CAB 63.44 87.5% 4,508 3,263 43 7,729 3,527 431 3.1% 9.0% 43.9% 12.2% 22.6x 2.19x 17.9x 1.91x 13.4x Destination XL Group, Inc. DXLG 5.19 71.1% 253 52 6 300 391 5 (1.8%) (0.3%) 45.5% 1.2% NM 0.77x 64.9x 0.71x 18.2x The Cato Corporation CATO 34.74 100.0% 974 0 250 723 950 106 1.5% 0.4% 38.6% 11.2% 17.9x 0.76x 6.8x 0.74x NA Chico's FAS Inc. CHS 15.95 80.4% 2,444 0 172 2,273 2,597 316 (0.2%) 9.8% 54.4% 12.2% NM 0.88x 7.2x 0.83x 6.9x Christopher & Banks Corporation CBK 9.53 94.1% 347 0 40 308 431 24 (3.3%) (2.3%) 35.3% 5.5% 33.7x 0.71x 13.1x 0.68x 8.1x Citi Trends, Inc. CTRN 22.81 95.7% 352 0 84 269 636 28 (1.4%) 0.2% 37.4% 4.4% NM 0.42x 9.5x 0.40x 7.0x Destination Maternity Corporation DEST 19.40 58.8% 266 0 16 249 523 43 (3.2%) (1.1%) 53.3% 8.2% 14.2x 0.48x 5.8x 0.44x NA DSW Inc. DSW 28.40 59.7% 2,569 0 313 2,256 2,366 328 2.9% 8.0% 39.0% 13.9% 16.7x 0.95x 6.9x 0.92x 7.6x Express Inc. EXPR 14.39 57.4% 1,212 274 250 1,236 2,170 242 (0.0%) 3.7% 41.4% 11.2% 14.1x 0.57x 5.1x 0.57x 6.1x Finish Line Inc. FINL 29.72 96.5% 1,420 0 197 1,224 1,726 171 17.0% 11.5% 39.7% 9.9% 17.2x 0.71x 7.2x 0.66x 6.5x Foot Locker, Inc. FL 54.12 102.2% 7,831 138 1,007 6,962 6,735 850 7.9% 8.9% 43.7% 12.6% 17.3x 1.03x 8.2x 0.98x 7.5x The Gap, Inc. GPS 45.43 101.9% 19,717 1,393 1,518 19,592 16,306 2,634 0.7% 3.5% 46.0% 16.2% 15.9x 1.20x 7.4x 1.14x 6.9x Genesco Inc. GCO 86.05 102.2% 2,064 33 72 2,025 2,662 228 2.6% 12.5% 49.4% 8.6% 21.2x 0.76x 8.9x 0.71x 6.9x Guess? Inc. GES 25.87 74.0% 2,205 9 478 1,737 2,543 315 (3.2%) 0.0% 37.5% 12.4% 15.2x 0.68x 5.5x 0.68x 6.2x L Brands, Inc. LTD 62.86 97.8% 0 4,993 912 4,081 11,056 2,211 3.4% 3.0% 46.5% 20.0% NA 0.37x 1.8x 0.35x 1.8x Lululemon Athletica Inc. LULU 40.45 52.0% 5,884 0 752 5,132 1,630 445 14.0% 29.0% 53.1% 27.3% 23.1x 3.15x 11.5x 2.82x 12.5x The Men's Wearhouse, Inc. MW 54.20 91.7% 2,600 95 96 2,599 2,487 233 (1.2%) 4.0% 44.0% 9.4% NM 1.04x 11.1x 0.74x 6.0x New York & Company Inc. NWY 3.51 58.8% 223 0 63 160 934 34 (2.8%) (2.5%) 38.2% 3.7% NM 0.17x 4.6x 0.17x 3.6x Pacific Sunwear of California Inc. PSUN 2.20 55.7% 152 87 20 218 803 6 1.7% (0.7%) 41.9% 0.7% NM 0.27x NM 0.27x 18.7x Ross Stores Inc. ROST 74.37 90.7% 15,736 150 550 15,336 10,549 1,618 4.3% 8.8% 28.0% 15.3% 16.8x 1.45x 9.5x 1.36x 8.6x Shoe Carnival Inc. SCVL 21.42 72.0% 440 0 41 398 888 62 2.7% 5.9% 29.3% 7.0% 16.2x 0.45x 6.4x 0.42x 6.1x Stage Stores Inc. SSI 16.64 65.6% 529 107 26 610 1,621 115 (2.7%) 3.0% 26.9% 7.1% 49.4x 0.38x 5.3x 0.37x 4.7x Stein Mart Inc. SMRT 12.92 79.9% 581 0 53 527 1,278 67 1.9% 1.9% 29.5% 5.2% 25.2x 0.41x 7.9x 0.39x 6.5x The Children's Place, Inc. PLCE 54.23 92.1% 1,184 27 200 1,011 1,755 152 (3.3%) 1.4% 36.1% 8.6% 20.4x 0.58x 6.7x 0.57x 6.1x The TJX Companies, Inc. TJX 59.36 92.2% 41,571 1,624 2,468 40,726 28,199 4,005 5.4% 7.7% 28.4% 14.2% 19.9x 1.44x 10.2x 1.35x 9.3x Urban Outfitters Inc. URBN 39.80 92.4% 5,335 0 252 5,083 3,177 526 7.5% 10.2% 36.7% 16.5% 21.7x 1.60x 9.7x 1.45x 8.6x Zumiez, Inc. ZUMZ 32.45 100.4% 942 2 108 837 739 99 7.4% 14.2% 35.8% 13.3% 20.8x 1.13x 8.5x 1.02x 8.3x Mean 78.2% $3,676 $358 $310 $3,724 $3,522 $461 0.5% 4.9% 41.0% 10.6% 20.6x 0.83x 11.1x 0.80x 7.8x Median 86.0% $1,340 $15 $152 $1,503 $1,977 $228 0.7% 3.7% 39.7% 10.4% 18.9x 0.71x 7.5x 0.68x 6.9x

10 of 17 Consumer and Retail Industry Update August 2014

Department Chains Bon-Ton Stores Inc. BONT $11.20 58.6% $230 $910 $8 $1,132 $2,802 $153 (5.0%) (2.5%) 37.7% 5.5% NM 0.40x 7.4x 0.40x 6.7x Dillard's Inc. DDS 113.09 90.3% 4,888 822 235 5,474 6,687 797 (0.9%) 1.9% 36.8% 11.9% 15.8x 0.82x 6.9x 0.82x 6.5x J. C. Penney Company, Inc. JCP 10.19 69.6% 3,106 5,425 1,036 7,495 12,161 (222) 0.4% (11.8%) 31.5% NM NM 0.62x NM 0.60x 16.0x Kohl's Corp. KSS 59.43 99.7% 12,320 4,793 746 16,367 18,855 2,593 (2.4%) 0.3% 36.5% 13.8% 14.4x 0.87x 6.3x 0.85x 6.1x Macy's, Inc. M 61.77 100.8% 21,836 7,225 1,630 27,431 28,024 3,828 0.5% 2.9% 40.1% 13.7% 15.1x 0.98x 7.2x 0.95x 7.1x Nordstrom Inc. JWN 69.45 98.2% 13,098 3,118 772 15,444 12,918 1,793 3.8% 8.1% 37.0% 13.9% 18.5x 1.20x 8.6x 1.14x 8.1x Shanks Group plc SKS 1.74 86.9% 694 712 174 1,232 1,061 147 13.7% (2.7%) 16.8% 13.9% NM 1.16x 8.4x 1.21x 8.4x Sears Holdings Corporation SHLD 33.09 49.0% 3,523 4,304 829 6,998 34,757 (969) (9.6%) (6.0%) 23.1% NM NM 0.20x NM 0.21x NM Stage Stores Inc. SSI 16.64 65.6% 529 107 26 610 1,621 115 (2.7%) 3.0% 26.9% 7.1% 49.4x 0.38x 5.3x 0.37x 4.7x Mean 79.9% $6,692 $3,046 $606 $9,132 $13,210 $915 (0.2%) (0.8%) 31.8% 11.4% 22.6x 0.74x 7.1x 0.73x 7.9x Median 86.9% $3,523 $3,118 $746 $6,998 $12,161 $153 (0.9%) 0.3% 36.5% 13.7% 15.8x 0.82x 7.2x 0.82x 6.9x

Discount Stores & Mass Merchants Big Lots Inc. BIG 47.25 98.9% 2,621 54 67 2,608 5,316 289 (0.4%) 2.4% 38.7% 5.4% 23.5x 0.49x 9.0x 0.50x 7.3x Costco Wholesale Corporation COST 121.29 96.2% 53,161 4,985 7,275 50,871 109,604 4,086 4.5% 8.9% 12.6% 3.7% 27.2x 0.46x 12.5x 0.43x 11.3x Dollar General Corporation DG 63.68 96.5% 19,314 3,111 167 22,259 17,793 2,066 8.8% 10.0% 30.9% 11.6% 19.7x 1.25x 10.8x 1.15x 10.1x Dollar Tree, Inc. DLTR 54.27 90.2% 11,158 757 468 11,448 8,151 1,189 6.0% 9.3% 35.3% 14.6% 19.1x 1.40x 9.6x 1.29x 8.6x Family Dollar Stores Inc. FDO 79.67 99.5% 9,079 776 182 9,673 10,378 815 1.2% 7.4% 34.1% 7.9% 25.9x 0.93x 11.9x 0.90x 11.7x Gordmans Stores, Inc. GMAN 3.60 24.2% 70 45 18 97 639 20 4.4% 6.5% 41.7% 3.1% 17.7x 0.15x 4.8x 0.15x 4.9x PriceSmart Inc. PSMT 90.07 71.1% 2,721 94 124 2,691 2,480 164 11.3% 14.9% 16.0% 6.6% 29.4x 1.08x 16.4x 0.99x 14.7x Target Corp. TGT 61.05 90.8% 38,684 14,158 803 52,039 73,229 6,114 (0.3%) 2.3% 29.4% 8.3% 25.8x 0.71x 8.5x 0.69x 8.0x Tuesday Morning Corporation TUES 18.21 94.6% 795 0 50 745 865 4 3.2% 1.7% 34.9% 0.5% NM 0.86x NM 0.81x 24.7x Wal-Mart Stores Inc. WMT 75.73 93.1% 244,124 54,175 6,184 292,115 480,479 35,585 1.6% 3.6% 24.8% 7.4% 15.9x 0.61x 8.2x 0.59x 7.8x Mean 85.5% $38,173 $7,816 $1,534 $44,455 $70,893 $5,033 4.0% 6.7% 29.8% 6.9% 22.7x 0.80x 10.2x 0.75x 10.9x Median 93.8% $10,118 $767 $174 $10,560 $9,264 $1,002 3.8% 7.0% 32.5% 7.0% 23.5x 0.79x 9.6x 0.75x 9.3x

11 of 17 Consumer and Retail Industry Update August 2014

Internet Retail 1-800-Flowers.com Inc. FLWS $5.15 82.3% $330 $0 $1 $329 $742 $39 1.2% 4.2% 41.3% 5.2% 28.6x 0.44x 8.5x 0.41x 5.9x Amazon.com Inc. AMZN 332.91 81.6% 153,816 3,119 7,986 148,949 81,759 4,018 22.3% 26.6% 28.3% 4.9% NM 1.82x 37.1x 1.51x 20.8x Blue Nile Inc. NILE 28.72 58.5% 340 1 40 301 455 16 5.6% 9.9% 18.7% 3.6% 33.0x 0.66x 18.4x 0.60x 12.7x eBay Inc. EBAY 55.89 93.6% 69,371 5,321 7,369 67,323 17,050 4,972 13.5% 19.3% 68.2% 29.2% NM 3.95x 13.5x 3.47x 10.8x IAC/InterActiveCorp IACI 68.38 84.8% 5,702 1,080 1,069 5,713 2,978 514 (1.4%) 18.1% 70.1% 17.3% 31.6x 1.92x 11.1x 1.81x 9.9x Netflix, Inc. NFLX 472.05 99.1% 28,366 900 1,714 27,552 4,892 416 24.0% 22.6% 31.1% 8.5% NM 5.63x NM 4.46x 40.9x Orbitz Worldwide, Inc. OWW 8.58 80.2% 946 452 265 1,133 877 131 7.3% 4.7% 81.3% 14.9% NM 1.29x 8.6x 1.17x 7.0x Overstock.com Inc. OSTK 17.39 54.3% 418 0 102 316 1,373 18 14.2% 7.8% 18.8% 1.3% 5.1x 0.23x 17.1x 0.21x 8.2x PetMed Express, Inc. PETS 14.25 82.8% 288 0 45 243 232 29 (0.6%) 0.1% 33.4% 12.7% 15.7x 1.05x 8.3x 1.03x 8.2x The Priceline Group Inc. PCLN 1,265.05 91.7% 66,349 1,807 7,165 60,992 7,576 2,891 28.9% 27.6% 87.5% 38.2% 31.7x 8.05x 21.1x 6.50x 16.5x Shutterfly, Inc. SFLY 50.52 85.9% 1,944 251 280 1,915 830 82 18.4% 33.6% 52.3% 9.9% NM 2.31x 23.4x 1.99x 11.0x Stamps.com Inc. STMP 33.02 66.8% 524 0 40 484 131 36 6.4% 12.2% 78.8% 27.7% 11.8x 3.69x 13.3x 3.27x 11.1x U.S. Auto Parts Network, Inc. PRTS 2.97 72.6% 100 10 2 107 266 7 (1.0%) (6.3%) 28.9% 2.7% NM 0.40x NM 0.37x 10.2x Mean 79.6% $25,269 $995 $2,006 $24,258 $9,166 $1,013 10.7% 13.9% 49.1% 13.5% 22.5x 2.42x 16.4x 2.06x 13.3x Median 82.3% $946 $251 $265 $1,133 $877 $82 7.3% 12.2% 41.3% 9.9% 28.6x 1.82x 13.5x 1.51x 10.8x

12 of 17 Consumer and Retail Industry Update August 2014

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2014E ($ in millions, except per share data) Ticker 8/22/14 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 $22.66 96.2% $1,360 $268 $340 $1,288 $6,381 $283 (6.7%) (3.0%) 29.1% 4.4% NM 0.20x NM 0.21x 4.7x Best Buy Co., Inc. BBY 31.13 69.7% 10,858 1,648 3,066 9,440 42,098 1,844 (0.8%) (5.8%) 22.1% 4.4% 10.4x 0.22x 5.1x 0.23x 4.5x Big 5 Sporting Goods Corp. BGFV 10.51 51.9% 234 71 6 299 970 55 (1.2%) 2.5% 32.7% 5.7% 12.2x 0.31x 5.4x 0.30x 5.6x Books-A-Million Inc. BAMM 2.11 76.7% 31 61 6 87 470 17 (3.8%) (0.1%) 29.0% 3.7% NM 0.18x 5.0x NA NA Build-A-Bear Workshop Inc. BBW 12.42 80.5% 216 0 42 174 367 29 (6.0%) (3.1%) 42.8% 7.8% 44.0x 0.47x 6.0x 0.47x 5.4x Conns Inc. CONN 44.24 55.1% 1,599 518 4 2,113 1,278 177 39.7% 16.8% 49.3% 13.9% 16.4x 1.65x 11.9x 1.34x 8.0x CVS Caremark Corporation CVS 78.98 98.9% 91,617 13,371 1,712 103,276 132,053 10,429 6.8% 9.6% 18.7% 7.9% 19.3x 0.78x 9.9x 0.73x 9.5x Dick's Sporting Goods Inc. DKS 44.63 75.8% 5,474 7 100 5,380 6,476 715 8.2% 8.9% 30.9% 11.0% 16.3x 0.83x 7.5x 0.76x 7.0x Fossil Group, Inc. FOSL 100.00 74.1% 5,291 550 273 5,569 3,423 653 13.4% 13.9% 57.3% 19.1% 15.4x 1.63x 8.5x 1.51x 7.8x hhgregg, Inc. HGG 7.35 35.4% 209 0 3 206 2,286 33 (8.9%) 3.3% 28.4% 1.5% NM 0.09x 6.2x 0.09x 5.8x Hibbett Sports, Inc. HIBB 46.83 68.6% 1,199 3 111 1,092 874 131 5.8% 8.5% 36.2% 15.0% 16.8x 1.25x 8.3x 1.17x 8.1x Lowe's Companies Inc. LOW 52.67 99.3% 52,196 10,117 1,129 61,184 54,618 6,087 5.2% 3.8% 34.8% 11.1% 23.3x 1.12x 10.1x 1.07x 9.3x Lumber Liquidators Holdings, Inc. LL 57.30 47.8% 1,553 0 48 1,505 1,022 128 13.3% 17.2% 41.0% 12.5% NM 1.47x 11.8x 1.32x 9.9x Marinemax Inc. HZO 17.74 97.7% 441 131 42 530 610 16 6.7% 7.9% 26.1% 2.5% 37.9x 0.87x 34.1x 0.76x 13.4x Movado Group, Inc. MOV 43.72 90.1% 1,106 0 173 934 581 79 13.5% 13.3% 52.9% 13.7% 22.5x 1.61x 11.8x 1.43x 8.8x Office Depot, Inc. ODP 4.95 84.6% 2,661 1,563 768 3,456 14,299 336 36.8% 7.4% 23.2% 2.3% NM 0.24x 10.3x 0.22x 6.2x PetSmart, Inc. PETM 69.67 90.1% 6,912 520 252 7,180 6,959 937 0.5% 5.7% 30.4% 13.5% 17.1x 1.03x 7.7x 1.00x 7.5x RadioShack Corp. RSH 0.67 15.4% 67 614 180 502 3,434 (226) (10.4%) (7.0%) 34.1% NM NM 0.15x NM 0.17x NM Regis Corp. RGS 14.52 84.4% 818 294 361 751 1,911 92 (6.6%) (6.3%) 33.4% 4.8% NM 0.39x 8.2x 0.40x 7.6x Rite Aid Corporation RAD 6.40 74.3% 6,271 5,704 166 11,810 25,699 1,115 1.9% 0.6% 28.4% 4.3% 37.0x 0.46x 10.6x 0.45x 8.9x Staples, Inc. SPLS 10.97 65.8% 7,067 1,128 417 7,777 22,859 1,513 (5.0%) (2.6%) 25.7% 6.6% 11.4x 0.34x 5.1x 0.35x 5.4x Steiner Leisure Ltd. STNR 41.66 67.5% 582 93 45 630 862 72 3.2% 9.3% 20.9% 8.3% 15.3x 0.73x 8.8x 0.73x 7.3x The Home Depot, Inc. HD 91.15 99.3% 124,658 16,736 4,216 137,178 80,664 11,555 3.4% 5.5% 34.8% 14.3% 23.2x 1.70x 11.9x 1.63x 10.8x Tiffany & Co. TIF 99.22 96.0% 12,804 992 381 13,414 4,148 1,040 7.2% 8.9% 58.5% 25.1% NM 3.23x 12.9x 3.02x 11.9x Tractor Supply Company TSCO 63.53 81.3% 8,747 3 56 8,694 5,391 647 10.2% 11.6% 34.2% 12.0% 26.0x 1.61x 13.4x 1.46x 12.1x Vitamin Shoppe, Inc. VSI 38.58 69.9% 1,192 0 15 1,177 1,143 145 12.4% 12.6% 42.8% 12.7% 18.2x 1.03x 8.1x 0.89x 7.4x Walgreen Co. WAG 61.07 79.9% 58,417 4,548 2,126 60,839 75,276 5,017 5.5% 1.9% 28.5% 6.7% 20.8x 0.81x 12.1x 0.68x 9.5x

Mean 75.0% $14,947 $2,183 $594 $16,536 $18,376 $1,590 5.3% 5.2% 34.3% 9.4% 21.2x 0.90x 10.0x 0.86x 8.1x Median 76.7% $1,599 $294 $173 $2,113 $3,434 $283 5.2% 5.7% 32.7% 8.1% 18.2x 0.81x 8.8x 0.75x 7.8x

13 of 17 M&A Detail August 2014

Private Equity Announced Target Seller Buyer Involvement 8/18/2014 The Dwyer Group, Inc. TZP Group The Riverside Company P Recent North 8/15/2014 NBGHome Linsalata Capital Partners Nielsen & Bainbridge, LLC P 8/14/2014 Dolce Vita Holdings, Inc. - Steven Madden, Ltd. (NasdaqGS:SHOO) American 8/6/2014 Artistic Studios, LTD - Bendon Publishing International, Inc. P Consumer 8/5/2014 TRG Accessories, LLC Centric Group, LLC Victorinox Swiss Army, Inc. P 7/28/2014 Pressman Toy Corporation - Goliath B.V. M&A 7/25/2014 Good Vibrations Shoes Inc. - Bitcoin Collect, Inc. (OTCPK:BTCC) 7/23/2014 Virga Botanicals, LLC - 400 Beverly, Inc. 7/18/2014 Rachel Roy IP Company LLC Nine West Holdings, Inc. Topson Downs Of California Inc. 7/17/2014 Design Within Reach, Inc. Glenhill Capital Management LLC Herman Miller Inc. (NasdaqGS:MLHR) P 7/17/2014 FASTSIGNS International, Inc. Roark Capital Group Levine Leichtman Capital Partners P 7/15/2014 Gerler & Son, Inc. - Hardy Capital Partners P 7/15/2014 ShoeMe Technologies Limited - Hardy Capital Partners P 7/14/2014 Milk and Honey Shoes LLC - Upper Street Limited 7/14/2014 Engraving Bench and Fine Gifts, Inc. - Vermont Trophy & Engraving, Inc. 7/7/2014 Snakeguard, LLC - Wildlife Control Supplies, LLC 7/3/2014 The Schawbel Corporation, Repellent Division The Schawbel Corporation Kinderhook Industries P 7/2/2014 Valley Hydroponics and Organics - Green Universe Inc 7/2/2014 Home Sew Inc. - MAD Holdings Inc. 6/30/2014 Sport Chalet Inc. - Vestis Retail Group, LLC 6/27/2014 Marucci Sports LLC - Envisage Equity, LLC 6/23/2014 Embroiderymasters & Sportswear - Promotional Bridge Inc. 6/20/2014 Jay Gress, Inc. - Shipley Energy Company, Inc. 6/19/2014 Doris Inc. - Gildan Activewear Inc. (TSX:GIL) 6/18/2014 Gregory Mountain Products, Inc. Black Diamond, Inc. (NasdaqGS:BDE) Samsonite LLC 6/17/2014 Hearts On Fire Company, LLC Fine Diamonds S.A. Chow Tai Fook Jewellery Group Ltd. (SEHK:1929) 6/16/2014 The Lerado Group (Juvenile Business) Lerado Group (Holding) Company Limited Dorel Industries Inc. 6/11/2014 Weyhing Bros Manufacturing - American Badge Inc. 6/10/2014 The Laces Company - Novacap Investments, Inc. P 6/9/2014 Elly Preston, LLC - Mad By Design LLC 6/6/2014 WP Evenflo Holdings Inc. Weston Presidio; Gladstone Capital Goodbaby International (SEHK:1086) P 6/6/2014 Itzbeen Innovated, Inc. - SCS Direct Inc. 6/5/2014 The Homax Group, Inc. Olympus Partners PPG Architectural Coatings LLC P 6/3/2014 AeroGroup International LLC Grumman Hill LLC Palladin Consumer Retail Partners, LLC P 6/3/2014 N.V. Perricone M.D., Ltd. TSG Consumer Partners Lion Capital LLP P 6/3/2014 Blooming Creations - St. Cloud Floral Inc 6/2/2014 Brookstone Inc. J.W. Childs Associates, L.P. Sailing Capital; Sanpower P 6/2/2014 C.J. Foods Trinity Hunt Partners J.H. Whitney P 5/30/2014 24 Hour Fitness USA, Inc. Forstmann Little & Co. AEA Investors LP; Ontario Teachers' Pension Plan P 5/30/2014 PlayCore, Inc. Irving Place Capital Sentinel Capital Partners, L.L.C. P 5/28/2014 Speculative Product Design, LLC VMG Partners Samsonite LLC P 5/28/2014 Beats Electronics, LLC The Carlyle Group LP (NasdaqGS:CG) Apple Inc. (NasdaqGS:AAPL) P 5/22/2014 SmartPak Equine, LLC CEI Ventures, Inc.; North Bridge Growth Equity Oak Hill Capital Partners; Henry Schein P 5/21/2014 Hess Retail Corporation Hess Corporation (NYSE:HES) Speedway LLC 5/21/2014 BonWorth, Inc. - San USA LLC 5/21/2014 Barefoot Tess LLC - Long Tall Sally Ltd. 5/21/2014 Joy & Revelry, Inc. Signia Venture Partners Bryght.com P 5/20/2014 Vapor Town USA - AV1 Group, Inc. (OTCPK:AVOP) 5/18/2014 Schleich GmbH HgCapital Ardian P 5/16/2014 Stella+Jack - Moxie Jean 5/6/2014 Fender, Guild Guitar Brand and Assets Fender Musical Instruments Corporation Cordoba Music Group Inc. P 5/5/2014 Learning Care Group, Inc. Morgan Stanley Private Equity American Securities P 4/29/2014 prAna Living, LLC Steelpoint Capital Partners, LP Columbia Sportswear (NasdaqGS:COLM) P 4/28/2014 DreamTime, Inc. - Evriholder Products, LLC P 4/25/2014 Mattress Liquidators, Inc. - Mattress Firm, Inc. 4/22/2014 Confluence Watersports Company American Capital J.H. Whitney P 4/22/2014 totes ISOTONER Corp Bruckmann, Rosser, Sherrill; MidOcean Partners Freeman Spogli & Co.; Investcorp Bank B.S.C. P 4/22/2014 The Procter & Gamble Company, DDF Skincare Business The Procter & Gamble Company (NYSE:PG) SA Designer Parfums Limited 4/18/2014 Feradyne Outdoors, LLC Kamylon Capital, LLC Snow Phipps Group, LLC; Shockey Enterprises P 4/17/2014 O2 Partners, LLC - Blue Point Capital Partners P 4/15/2014 Artwears Unlimited - Bergman Incentives, Inc. 4/14/2014 Ultimate Pet Products Ultimate Pet Products, Inc. G That's Awesome Brands, Inc. 4/11/2014 Coldwater Creek Inc. Golden Gate Capital Gordon Brothers Retail Partners P 4/10/2014 Marketplace Design Center Loeb Partners Corp. Lubert-Adler Partners P 4/10/2014 Northwest Cosmetic Laboratories, LLC - Clearview Capital P 4/5/2014 Golf Dimensions, Inc. - Golfsmith International, Inc. 4/4/2014 Hunter's Specialties, Inc. Centerfield Capital Partners Peak Rock Capital P 4/3/2014 Cafinasa Corporation S.A. - Definitive Rest Mattress Company 4/1/2014 The Judith Ripka Companies, Inc. - JR Licensing, LLC 4/1/2014 Avani Holdings, LLC - Premiere Opportunities Group, Inc. 4/1/2014 Kolpin Outdoors, Inc. Facilitator Capital Fund Polaris Industries, Inc. (NYSE:PII) P 4/1/2014 AIF Trading Group, LLC - Elements International Group, LLC 3/31/2014 May Holdings, LLC - Catamount International, Inc. 3/31/2014 Igloo Products Corp. J.H. Whitney & Co., LLC Acon Investments, L.L.C. P 3/28/2014 Ashley Stewart Holdings, Inc GB Merchant Partners, LLC, Investment Arm Clearlake Capital Group, LLC P 3/25/2014 Oculus VR, Inc. Spark Capital; Andreessen Horowitz Facebook, Inc. (NasdaqGS:FB) P

14 of 17 M&A Detail August 2014

Private Equity Announced Target Seller Buyer Involvement 3/24/2014 ZMJ Denim, Inc. - Bitzio, Inc. (OTCPK:BTZO) Recent North 3/17/2014 Shock Doctor, Inc. Norwest Equity Partners Bregal Investments Inc. P 3/14/2014 Uppercase Living, LLC - CVSL Inc. (OTCPK:CVSL) American 3/14/2014 Atlas Carpet Mills, Inc. - Masland Carpets LLC Consumer 3/14/2014 Uniroyal Engineered Products, LLC Aurify Brands, LLC Invisa, Inc. (OTCPK:INSA) 3/13/2014 Flexi Compras Corp. - Artisan Consumer Services, LLC M&A 3/12/2014 BRIARPATCH, Inc. - University Games Corporation 3/10/2014 CellCeuticals Skin Care, Inc. - Histogen Aesthetics, LLC (continued) 3/10/2014 Portero, Inc. LFE Capital Circa Inc. 3/6/2014 Black Hills Jewelry Manufacturing Company - Riddle's Group, Inc. P 3/6/2014 Stage Stores, Inc., Steele's Off-Price Division Stage Stores Inc. (NYSE:SSI) Hilco Trading, LLC 3/5/2014 Stormforce Corporation - Organized SportsWear, LLC 3/5/2014 Nolan Glove Co. Inc. - BIOWORLD Merchandising Inc. 3/5/2014 The Bobby Company LLC - Denman International Ltd 3/4/2014 Tarte, Inc. Encore Consumer Capital KOSE Corp. (TSE:4922) P 3/4/2014 Built NY, Inc. - Lifetime Brands, Inc. (NasdaqGS:LCUT) 3/4/2014 Coast Wholesale Appliances Inc. (TSX:CWA) - CWAL Investments Ltd. P 3/3/2014 Geoglobal Partners LLC - OASE GmbH 3/2/2014 North Sails Group, LLC - Windway Capital Corp. P 2/28/2014 Tyrholm Big R Inc. - Coastal Farm & Ranch 2/28/2014 Eight Skincare and POE Purity of Elements, LLC - Artesian Beauty, LLC 2/27/2014 MEGA Brands Inc. (TSX:MB) - Mattel, Inc. (NasdaqGS:MAT) 2/25/2014 Cleo VII, Inc. - Bitzio, Inc. (OTCPK:BTZO) 2/25/2014 Uncle Milton Industries, Inc. Transom Capital Group KCB Management P 2/24/2014 Franco Sarto Inc. - Brown Shoe Co. Inc. (NYSE:BWS) 2/24/2014 Branders.com, Inc. Altos Ventures; Menlo Ventures; VSP Capital BEL USA LLC P 2/21/2014 Smilemakers, Inc. Quill Corporation OTC Direct, Inc. 2/20/2014 The Athletic House - Bacon & Company, Inc. 2/20/2014 Jimmyjane, Inc. The Angels' Forum LLC Diamond Products, LLC 2/19/2014 Zale Corporation (NYSE:ZLC) Golden Gate Capital Signet Jewelers Limited (NYSE:SIG) P 2/18/2014 Sahaja LLC - Bitzio, Inc. (OTCPK:BTZO) 2/13/2014 Easton Baseball/Softball Business Fenway Partners Bauer Performance Sports Ltd. P 2/13/2014 Bauhaus U.S.A., Inc. La-Z-Boy Incorporated (NYSE:LZB) - 2/12/2014 Dr. Teals Therapeutic Solutions Advanced Beauty Systems, Inc. Parfums de Coeur, Ltd. 2/11/2014 Emotion Apparel, Inc. - Bitzio, Inc. (OTCPK:BTZO) 2/10/2014 Qualfin, Inc. - Fusta Blinds SL 2/6/2014 Candle Cave Inc. - PBS Holding, Inc. (OTCPK:PBHG) 2/4/2014 Twistband, Inc. - - 2/3/2014 Holly Hunt Enterprises, Inc. - Knoll, Inc. (NYSE:KNL) 2/3/2014 National Tissue Company LLC - NPS Corp P 2/1/2014 KONARQUI INTERNET SERVICES, LLC - Luggage & More 1/31/2014 Wedgewood Hospitality Group, Inc. - Prospect Partners, LLC P 1/31/2014 Bug Out Service Inc - Arrow Environmental Services, Inc. 1/31/2014 Bon Vital Inc. - Cramer Products, Inc. 1/31/2014 Blue Bell Mattress Co., Inc. - Longroad Asset Management LLC 1/30/2014 Lancaster Colony Corporation, Candle Operations Lancaster Colony Corporation (NasdaqGS:LANC) Centre Lane Partners, LLC P 1/28/2014 Creations Garden Natural Products, Inc. - Robinson Pharma, Inc. 1/27/2014 Homax Products, Inc., Cleaning Products Division Olympus Partners Weiman Products, LLC P 1/22/2014 Robbins Brothers Jewelry, Inc. Weston Presidio Comvest Partners P 1/22/2014 BOGgear LLC - Battenfeld Technologies, Inc. P 1/22/2014 C4 Waterman, Inc. - Wenonah Canoe, Inc. 1/22/2014 Robbins Brothers Jewelry, Inc. Weston Presidio; Dorset Capital Management, LLC Comvest Partners P 1/21/2014 Performance Textiles, Inc. - Brand & Oppenheimer Co., Inc. 1/20/2014 Sombrio International - Hi Fibre Textiles (Sugoi) Ltd. 1/20/2014 Karl's Appliance, A Ferguson Enterprise - Ferguson Enterprises, Inc. 1/19/2014 Beaconsfield Footwear Gresham Private Equity Electra Partners P 1/13/2014 Hawk Designs, Inc. Quiksilver Inc. (NYSE:ZQK) Cherokee Inc. (NasdaqGS:CHKE) 1/11/2014 Karpilow Safe & Lock Co. - - 1/10/2014 Beauty Brands, Inc. - - 1/9/2014 Replay Photos, LLC - Lulu Enterprises, Inc. 1/9/2014 G.H. Imported Merchandise & Sales Limited - Broder Bros Co. P 1/7/2014 Brica Inc. - Munchkin, Inc P 1/7/2014 Liquid Fence Co. - Spectrum Brands 1/7/2014 Market Forge Industries Inc. - Middleby Corp. (NasdaqGS:MIDD) P 1/7/2014 The Winetasting Network WineDirect, Inc. TSG Equity Partners LLC P 1/7/2014 ACO Hardware, Inc. - Ace Hardware Corporation 1/7/2014 Global Condiments, Inc. - Global Condiments, Inc. (OTCBB:GCNT) 1/7/2014 Coloriffics - Sizzle Brands, LLC 1/6/2014 Polyform Products Company Inc. - Levine Leichtman Capital Partners P 1/6/2014 Globe Footwear LLC - Globe Manufacturing Company, LLC 1/3/2014 Gentle Giant Ltd. - 3D Systems Corp. (NYSE:DDD) 12/31/2013 Electra Caltius Capital Management Trek P 12/31/2013 Aquion, Inc. Ares Capital Management LLC Mason Wells P 12/30/2013 Bob's Discount Furniture, Inc. Apax Partners LLP; KarpReilly LLC Bain Capital, LLC P 12/29/2013 Crocs - Blackstone P 12/27/2013 Red Wing Pottery Sales, Inc. - Red Wing Stoneware Co. Inc. 12/23/2013 aden + anais Seidler Equity Partners Swander Pace Capital P 15 of 17 M&A Detail August 2014

Private Equity Announced Target Seller Buyer Involvement 12/23/2013 Blackstone Distribution, LLC - Clearette Cigarette Co., LLC Recent North 12/23/2013 Gifts of Arkansas, Inc. - Bharat Enterprises Inc. 12/23/2013 As Seen On TV, Inc. (OTCBB:ASTV) Prides Capital LLC; Octagon Capital Partners Infusion Brands International, Inc. (OTCPK:INBI) P American 12/20/2013 Tippmann Sports, LLC Summit Partners G.I. Sportz Inc. P Consumer 12/19/2013 Blink Technologies Inc. - ePunk, Inc. (OTCPK:PUNK) 12/19/2013 The Jones Group Inc. (NYSE:JNY) Morgan Stanley (NYSE:MS) Sycamore Partners P M&A 12/19/2013 Phillips Furniture - The Dufresne Spencer Group LLC 12/19/2013 Crafted Apparel LLC - POW Inc. (continued) 12/18/2013 Pure Point Water Systems Inc. - Quench USA, Inc. 12/17/2013 MyMilkies - Fairhaven Health, LLC 12/17/2013 Horizons Window Fashions Inc. - Springs Window Fashions LLC 12/16/2013 VIOlife - Consumer Growth Partners P 12/13/2013 Plastimayd LLC Prairie Capital, L.P. Latham International LP P 12/12/2013 NuStar Nutritional Manufacturing, LLC - Nutroganics, Inc. (OTCPK:NUTT) 12/10/2013 Canada Goose - Bain Capital P 12/10/2013 Lucky Brands Fifth and Pacific Companies Leonard Green P 12/10/2013 Metro Sportswear Limited - Bain Capital, LLC P 12/10/2013 Charles David of California, Inc. - New York Transit, Inc. 12/9/2013 Linens 'N Things Intellectual Property Gordon Brothers Group Galaxy Brand Holdings 12/9/2013 Dymatize Enterprises LLC TA Associates; Imperial Capital Post Holdings, Inc. (NYSE:POST) P 12/5/2013 suki.international Illinois Tool Works Serafin 12/5/2013 Maison Corbeil Inc. - La Galerie du Meuble Inc. 12/4/2013 Figulo Corporation - 3D Systems Corp. (NYSE:DDD) 12/3/2013 NYDJ Apparel Falconhead Capital Crestview Capital P 12/3/2013 Tribal Sportswear Kilmer Capital Haggar Clothing P 12/3/2013 Americare - National Hygiene & Supply, Inc. - Enviro-Master, LLC 12/2/2013 Gempler's Inc. and The Ben Meadows Co., Inc. GHC Specialty Brands, LLC Ariens Company Inc. 12/2/2013 SmartShape Weight Loss Centre - Centric Health Corporation (TSX:CHH) 11/29/2013 Atrium Innovations Inc. (TSX:ATB) Caisse de dépôt Permira Advisers Ltd.; Caisse de dépôt P 11/26/2013 Anti Wave Australia Private S.R. Smith 11/26/2013 Jos. A Bank Clothiers Inc. (NasdaqGS:JOSB) Eminence Capital, LLC; BeaconLight Capital, LLC The Men's Wearhouse, Inc. (NYSE:MW) P 11/22/2013 Weiman Products The Randolph Group Cortec Group P 11/22/2013 Skip Hop Inc. Private Fireman Capital Partners P 11/21/2013 American Achievement Fenway Partners Jostens P 11/21/2013 Trademark Global, Inc. - Blue Point Capital Partners P 11/21/2013 Greenlawn Memorial Park & Funeral Home - Thompson Funeral Home, Inc. 11/20/2013 DTB Lingerie and Accessories - Semper Divina, LLC 11/19/2013 Novelis Consumer Product division - Reynolds Consumer Product (Rank Group) P 11/19/2013 TMAP, LLC - Kering SA (ENXTPA:KER) 11/19/2013 Aristocuts Grooming & Training, Inc. - Paws 4 Fun, LLC 11/14/2013 MapMyFitness, Inc. Austin Ventures Under Armour, Inc. P 11/13/2013 Hubbardton Forge, LLC Lineage Capital, L.P. Bunker Hill Capital P 11/13/2013 Metrokane Inc. - Taylor Precision Products, Inc. P 11/7/2013 Costa Inc. (NasdaqGM:ATX) - Essilor International SA P 11/7/2013 Jenny Craig, Inc. Nestlé S.A. North Castle Partners, LLC P 11/5/2013 Duck Head Apparel Company, Inc. - Prospect Brands, LLC P 11/4/2013 West 49 Inc. Billabong International Limited YM Inc. 11/4/2013 The Franklin Mint, LLC - Sequential Brands Group, Inc. 11/4/2013 Allen Edmonds Shoe Corporation Goldner Hawn Johnson & Morrison Inc. Brentwood Associates, Inc. P 11/1/2013 Paperly, LLC - CVSL Inc. P 10/30/2013 Kommonwealth, Inc. - Rocky Brands, Inc. 10/29/2013 Blyth, Inc. (NYSE:BTH) - CVSL Inc. (OTCPK:CVSL) P 10/28/2013 XPEM Inc. - Leslie's Poolmart Inc. P 10/22/2013 Mervin Manufacturing, Inc. Quicksilver Inc. Altamont Capital Partners P

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 (0) 20 7518 8906 Ryan Budlong Brent Spiller Director Director [email protected] [email protected] +1 (612) 359-2722 +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

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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.

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