Consumer and Retail

CONSUMER AND RETAIL

INDUSTRY UPDATE │ MAY 2016

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

HARRIS WILLIAMS & CO. CONSUMER UPDATE

GROUP OVERVIEW HW&CO.’S RECENT INDUSTRY OBSERVATIONS Harris Williams & Co. is a leading advisor to the Consumer market. Our Continuing through 2016, the Harris Williams Consumer team remains very active significant experience covers a broad across each of its key verticals. This activity continues to be fueled by strategic and range of end markets, industries, and financial buyers having ample capital that they are seeking to deploy via business models. This particular report acquisitions, underlying consumer spending remaining steady, and solid performance focuses on trends and metrics in the following areas: of leading consumer brands. . Consumer Durables One sector that has seen a continued period of consolidation . Consumer Electronics and M&A activity is the infant and juvenile industry, a key focus . Consumer Services area for the Harris Williams Consumer team. As detailed in the “M&A Round-up” on the following page, market activity in the . Footwear, Apparel, and infant and juvenile sector has been strong, as both financial Accessories and strategic buyers vie for fast-growing, market-leading . Franchise Platforms brands. From our ongoing dialogue with key industry players, . Internet Retail we’ve observed that the following trends will continue to . Home Furnishings positively impact deal activity over the near-term. . Household Goods Key Observations . Infant and Juvenile Products . Jewelry, Gifts, and Collectibles . Lawn, Garden, and Pet Products Positive Industry Momentum – industry players remain optimistic about the space, and Services citing (i) the sector’s attractive underlying demographics and evergreen demand, (ii) ability to support premium brands, and (iii) continued consumer spending growth. . Omni / Multi-Channel Brands . Outdoor and Lifestyle “Must-Haves” for Parents – today’s market features scores of “must have” products . Personal Care Products aimed at making parent’s lives easier, especially for families with on-the-go lifestyles. . Specialty and Mass The proliferation of new product categories and product lines with more specific Merchant Retailing functionality have notably increased the overall market size.

Impact of Millennial Generation – the largest generation in the U.S. ever, millennials, CONTACTS are becoming parents and carrying over their consumer preferences into the infant John Neuner and juvenile sector – seeking brands that are “authentic”, embody an active Managing Director lifestyle, or engage directly via social media. [email protected] +1 (804) 915-0125 Ryan Budlong Increasing Globalization – the infant and juvenile Managing Director industry continues to experience a rising degree of [email protected] globalization, as leading brands garner followings +1 (415) 217-3409 across multiple geographies. In particular, Asia has Brent Spiller become a significant source of growth as consumer Managing Director buying power in the region continues to increase and [email protected] regulations such as the relaxation of the one child +1 (804) 915-0183 policy in China bolster demand. Importantly, Asian Corey Benjamin buyers have played an outsized role in several recent Director transactions as they see an opportunity to drive [email protected] western brand penetration in Asia. +1 (804) 932-1342 Matt Conaty Vice President REPRESENTATIVE EXPERIENCE IN INFANT AND JUVENILE [email protected] +1 (415) 217-3423

a portfolio company of a portfolio company of has made a significant has been acquired by investment in has been acquired by has been acquired by has been recapitalized by

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PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

HARRIS WILLIAMS & CO. CONSUMER UPDATE

INFANT AND JUVENILE M&A ROUND-UP

Ergobaby is in the process of acquiring a majority stake in the carrier line Tula Baby. The investment complements Ergobaby’s existing carrier offering and builds on the company’s portfolio of brands, which also includes Orbitbaby, a premium line of strollers and car seats.

The Chinese based Alpha Group announced its acquisition of juvenile products manufacturer Baby Trend Inc. The acquisition marks Alpha’s entry into North America and jumpstarts the global development for Alpha’s juvenile business.

InvestIndustrial acquired Chicco from the Italian infant and juvenile platform Artsana that was looking to divest the brand. Chicco focuses on the mobility category and is one of the largest and most well-regarded infant and juvenile brands.

The Shanghai-based, personal care provider Jawha is in final talks to acquire a controlling interest in Mayborn Group from 3i Capital. Mayborn operates under its leading brand of feeding products, Tommy Tippie. For Jawha, the acquisition represents an important foothold in the European and North American infant and juvenile markets.

European fund Gimv recently announced a minority investment in baby gear brand Joolz. Joolz is a leading premium lifestyle infant and juvenile brand based in Europe that offers strollers, car seats and other home gear categories.

Toy Giant Mattel acquired Sproutling, a producer of smart monitors for infants. Sproutling’s hardware works in conjunction with a camera and mobile app that attaches to a baby’s ankle to measure heart rake and motion. The acquisition marks Mattel’s continued efforts to expand its portfolio of children’s technology lines.

Beco Baby Carrier was acquired by competitor Boba, further consolidating the baby carrier landscape. The combination brings together two authentic, outdoor lifestyle branded providers of wraps and carriers in the premium mobility category.

Premium infant and juvenile retailer Giggle acquired competitor LMC Right Start, creating a one of the largest premium retail platforms in a relatively fragmented industry.

Sergent Major acquired a controlling interest in Du Pareil au Meme, a leading premium retailer based in Paris. The combination represents a meaningful consolidation of the premium infant and juvenile retail landscape in Europe.

Shanghai-based Fosun acquired a controlling stake in the iconic British stroller brand Silver Cross. The acquisition demonstrates a growing trend of Asian investors with clear ambitions to own premium western brands in the infant and juvenile sector.

PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC MARKETS OVERVIEW

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7)

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

Consumer Products & Services Apparel & Footwear 24 $2,690 (0.7%) (10.6%) 1.4x 9.9x 1.3x 9.1x Consumer Durables 6 16,537 20.5% (2.9%) 1.0x 9.4x 0.9x 7.8x Consumer Services and Retail Franchisors 7 3,194 (5.4%) (25.7%) 2.3x 9.3x 1.8x 7.7x Home & Office Furniture & Furnishings 10 1,601 16.9% (1.2%) 0.9x 9.5x 0.8x 7.9x Household Products 5 18,887 7.6% 14.4% 3.9x 15.8x 3.8x 14.6x Housewares 10 3,287 12.3% (8.3%) 1.0x 11.1x 1.0x 8.7x Infant & Juvenile 12 3,438 9.2% 13.3% 0.7x 10.7x 0.7x 7.9x Outdoor & Lifestyle 20 882 1.2% (8.9%) 1.3x 10.5x 1.3x 8.7x Personal Care Products 13 3,324 16.2% 10.8% 1.5x 10.1x 1.3x 9.7x Pet Care 8 3,013 20.4% 3.4% 1.4x 13.3x 2.1x 11.3x

Retail Apparel & Footwear Retail 31 1,152 (3.5%) (20.3%) 0.5x 5.7x 0.5x 5.2x Department Chains 8 6,223 (16.6%) (51.4%) 0.5x 5.3x 0.5x 5.6x Discount Stores & Mass Merchants 14 26,015 2.8% (1.9%) 0.7x 11.3x 0.7x 10.4x Furniture & Furnishings Retailers 14 1,257 4.1% (41.1%) 0.7x 6.2x 0.7x 6.1x Internet Retail 12 4,703 13.7% 0.8% 2.3x 16.3x 2.3x 12.1x Specialty & Other Retail 15 2,515 2.2% (32.2%) 0.6x 6.0x 0.6x 5.5x

Consumer Products & Services 115 $3,240 10.8% (2.1%) 1.3x 10.3x 1.3x 8.7x

Retail 94 $3,609 2.5% (26.3%) 0.6x 6.1x 0.6x 5.9x

Consumer & Retail Index 209 $3,240 5.9% (5.6%) 1.0x 10.0x 0.9x 8.3x

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

Household Products

Infant & Juvenile

Outdoor & Lifestyle

Personal Care Products

Internet Retail

Home & Office Furniture & Furnishings

Discount Stores & Mass Merchants

Consumer Durables

S&P 500

Consumer & Retail Index

Housewares

Pet Care

Apparel & Footwear

Apparel & Footwear Retail Consumer Services and Retail Franchisors

Specialty & Other Retail

Furniture & Furnishings Retailers

Department Chains

(60.0%) (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0%

PAGE | 3 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

250

225

200

175

150 Index

125

100

50 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

RECENT EQUITY OFFERINGS

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

05/12/16 05/12/16 Bright Horizons Family Solutions BFAM Follow-on $138.7 Education Services

05/05/16 02/17/16 Walgreens Boots Alliance WBA Follow-on 1,200.0 Drug Retail

04/22/16 02/12/16 V ince Holding Corp V NCE Follow-on 63.8 Apparel, Accessories and Luxury Goods

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

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

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

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

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

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

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

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

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

PAGE | 4 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

M&A OVERVIEW

ANNOUNCED CONSUMER AND RETAIL M&A

Quarterly Consumer M&A Activity Last 10 Deals Announced Announced Target Buyer 120 5/16/2016 High Ridge Brands Co. Clayton, Dubilier & Rice, Ltd. 5/12/2016 P& Christina Aguilera Line Elizabeth Arden, Inc.. 16 100 5/10/2016 Gaiam Inc. Sequential Brands Group (NasdaqCM:SQBG) 26 25 5/9/2016 Baby Tula LLC The ERGO Baby Carrier, Inc. 5/9/2016 Jade Swimwear L.P The Riverside Company 80 13 21 12 5/9/2016 The Mountain Corporation Gladstone Investment Corporation 12 5 14 5/5/2016 Go Green Hydroponics Inc. Growlife, Inc. (OTCPK:PHOT) 14 60 34 5/4/2016 A and G, Inc. Gildan Activewear Inc. (TSX:GIL) 5/2/2016 ReNew Life Formulas, Inc. The Clorox Company (NYSE:CLX) 95 18 13 4/29/2016 Norvell Skin Solutions, LLC MT Industries, Inc. 40 77 77 83 66 68 71 66 57 64

Number ofTransactions 43 LTM Deal Statistics 20 35 39 Aggregate Number Transaction Multiples Value ($bn) of Deals EV / Revenue EV / EBITDA 0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 $93.8 346 0.94x 10.7x

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

CONSUMER AND RETAIL M&A TRENDS

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

EV / LTM Sales Sales LTM /EV Multiple 400 Transactionsof Number $90 1.20x 16.0x 350 1.00x $75 12.4x 300 12.0x 10.7x 10.8x 0.80x $60 250 10.0x 9.8x 8.4x 8.6x $40 200 0.60x $45 $38 8.0x $30 150 ($ in ($ billions) $27 $28 $30 0.40x 100 $13.5 4.0x $15 Multiple / EV LTM EBITDA 0.20x

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

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

Median LTM Trading Multiples Consumer Private Equity Investments and Exits

14.0x 100 12.4x 12.3x 11.8x 86 11.7x 11.7x 12.2x 11.9x 11.6x 11.7x 90 84 12.0x 11.4x 11.3x 11.4x 11.5x 10.0x 10.4x 76 10.2x 10.0x 10.0x 10.2x 80 10.0x 72 73 10.0x 9.5x 68 9.1x 70 66 8.5x 8.5x 8.2x 59 7.9x 57 57 8.0x 60 53 53 48 50 6.0x 40 37

MedianMultiples Trading 31 4.0x 28 30 21 20

2.0x Number ofTransactions 20

10 0.0x 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Consumer Products & Services Retail Number of Investments Number of Exits

PAGE | 5 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

DEBT MARKET OVERVIEW

KEY RETAIL CREDIT STATISTICS

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

12.0012 L + 600

10.0010 L + 500

8 8.00 L + 400

6 6.00 L + 300

4 4.00 L + 200

2 Average Spread Over LIBOR L + 100

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

Credit Statistics Average Secondary Spread 6.0x L + 2500

5.0x

L + 2000

4.0x

L + 1500

3.0x EBITDA MultipleEBITDA 2.0x L + 1000

1.0x Average Spread LIBOROver Spread Average L + 500

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

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS1

• World Kitchen, as part of its recent acquisition by GP Investments Acquisition Corp., raised a first-lien term loan of $250 million and a $100 million asset based revolver, with $25 million drawn at closing. Citigroup and BMO Capital Markets committed in tandem to provide the financing for the $566 acquisition. The pro forma leverage at closing is expected to be ~3.5x on expected 2016 adjusted EBTIDA of $78 million. • Elite Sportswear, a Reading, PA based supplier of gymnastics and cheerleading apparel and portfolio company of The Riverside Company, completed its first add-on acquisition, adding swimwear provider Dolfin to the fold. The transaction was back by debt financing provided by Golub Capital, the existing lender from Riverside’s acquisition. The debt facility in place contains a first-lien loan due March 2022 priced at L+500 with a 1% floor. • On the mezzanine front, HALO Branded Solutions secured junior capital financing to facilitate its recent acquisition by Audax Private Equity. Maranon Capital is the agent on the debt, and Triangle Capital is also a lender on the mezz debt side. The BDC previously disclosed that it provided $12.9 million of second-lien debt and equity as part of the financing, with a price of 12%. • Controlled Products, a manufacturer and distributor of synthetic sports turf and accessories, received a subordinated debt facility to go alongside an equity co-investment supporting the acquisition of the business by Clearview Capital. Brookside Mezzanine Partners provided the debt piece, and general pricing terms were not disclosed.

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

PUBLIC COMPARABLES

Consumer Products & Services Apparel & Footwear Coach, Inc. COH 37.65 89.4% 10,468 884 1,282 10,069 4,341 945 0.4% (4.6%) 68.1% 21.8% 26.9x 2.32x 10.7x 2.15x 9.1x Columbia Sportswear Company COLM 53.23 71.2% 3,709 15 451 3,272 2,372 311 10.1% 12.1% 46.0% 13.1% 21.0x 1.38x 10.5x 1.31x 9.9x Carter's, Inc. CRI 99.72 91.0% $5,063 $580 $395 $5,248 $3,053 $473 4.3% 8.0% 42.1% 15.5% 21.6x 1.72x 11.1x 1.61x 10.1x Crocs, Inc. CROX 9.31 58.1% 683 14 89 607 1,108 15 (3.5%) (1.6%) 46.3% 1.3% NM 0.55x 41.1x 0.52x 7.7x Deckers Outdoor Corp. DECK 50.14 65.6% 1,626 56 263 1,419 1,837 241 3.7% 9.1% 45.9% 13.1% 11.4x 0.77x 5.9x 0.75x 5.5x Fossil Group, Inc. FOSL 26.92 34.0% 1,295 826 307 1,814 3,164 372 (8.5%) 2.4% 53.8% 11.7% 6.9x 0.57x 4.9x 0.58x 6.8x G-III Apparel Group, Ltd. GIII 37.79 51.1% 1,722 0 133 1,589 2,344 210 10.7% 18.8% 35.8% 9.0% 15.4x 0.68x 7.6x 0.62x 6.9x Hanesbrands Inc. HBI 27.09 77.9% 10,227 3,341 332 13,236 5,742 992 4.9% 8.5% 38.1% 17.3% 23.7x 2.31x 13.3x 2.25x 12.4x Iconix Brand Group, Inc. ICON 7.72 28.1% 375 1,443 207 1,611 378 168 0.6% 0.7% 100.0% 44.5% NM 4.26x 9.6x 4.31x 8.9x Kate Spade & Company KATE 22.04 78.6% 2,821 395 261 2,955 1,262 228 7.8% 12.6% 60.9% 18.1% 33.1x 2.34x NM 2.04x 10.8x NIKE, Inc. NKE 57.14 83.8% 96,265 2,109 5,106 93,268 31,911 5,147 5.5% 8.7% 46.3% 16.1% 26.5x 2.92x 18.1x 2.69x 16.1x Oxford Industries Inc. OXM 59.84 65.6% 1,003 44 6 1,040 969 133 5.3% 4.2% 57.1% 13.7% 16.9x 1.07x 7.8x 0.98x 7.1x Perry Ellis International Inc. PERY 16.39 58.3% 255 134 42 348 900 44 1.1% (2.5%) 35.5% 4.9% NM 0.39x 7.9x 0.38x 5.8x PV H Corp. PVH 85.75 71.1% 6,949 3,217 556 9,610 8,020 1,054 (2.7%) 9.9% 51.9% 13.1% 12.4x 1.20x 9.1x 1.18x 9.3x Ralph Lauren Corporation RL 86.50 61.3% 7,267 713 1,085 6,895 7,405 1,096 (2.8%) 2.2% 56.8% 14.8% 18.7x 0.93x 6.3x 0.97x 6.4x Steven Madden, Ltd. SHOO 32.69 73.1% 2,021 0 105 1,916 1,411 193 4.2% 4.4% 35.8% 13.7% 17.5x 1.36x 9.9x 1.31x 9.5x Skechers U.S.A., Inc. SKX 31.04 56.9% 4,897 83 444 4,536 3,371 458 29.3% 26.4% 45.6% 13.6% 17.6x 1.35x 9.9x 1.16x 7.9x Gildan Activewear Inc. TSX: GIL 37.66 82.4% 8,879 584 53 9,409 2,526 513 5.8% 6.3% 27.9% 20.3% 19.9x 3.73x 18.4x 3.48x 16.3x Tumi Holdings, Inc. TUMI 26.68 95.8% 1,805 10 102 1,713 556 120 5.0% 9.6% 59.6% 21.7% 28.0x 3.08x 14.2x 2.90x 14.1x Under Armour, Inc. UA 37.12 70.1% 16,144 939 157 16,925 4,206 534 29.5% 29.8% 47.8% 12.7% NM 4.02x 31.7x 3.19x 24.9x V .F. Corporation VFC 60.71 78.4% 25,317 2,542 586 27,273 12,379 2,017 0.3% 4.2% 48.1% 16.3% 21.8x 2.20x 13.5x 2.08x 12.4x V era Bradley, Inc. V RA 15.98 77.2% 601 0 98 503 503 78 (1.3%) (2.1%) 56.6% 15.4% 22.5x 1.00x 6.5x 0.97x 6.4x Weyco Group Inc. WEYS 27.01 87.1% 287 25 20 292 321 32 (0.7%) 3.3% 37.3% 9.8% 16.9x 0.91x 9.2x NA NA Wolverine World Wide Inc. WWW 17.21 55.9% 1,713 870 158 2,425 2,638 272 (4.6%) 10.3% 38.9% 10.3% 17.4x 0.92x 8.9x 0.95x 8.8x Mean 69.2% $8,808 $784 $510 $9,082 $4,280 $652 4.4% 7.5% 49.3% 15.1% 19.8x 1.75x 12.4x 1.67x 10.1x Median 71.2% $2,421 $488 $234 $2,690 $2,449 $292 3.9% 7.1% 46.3% 13.7% 19.3x 1.35x 9.9x 1.31x 9.1x

PAGE | 7 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES

Home & Office Furniture & Furnishings The Dixie Group, Inc. DXYN 3.19 27.7% 50 130 0 180 416 17 (0.4%) 14.2% 24.6% 4.0% NM 0.43x 10.7x 0.43x NA HNI Corp. HNI 44.02 81.9% 1,997 300 44 2,254 2,282 238 (0.5%) 4.5% 37.3% 10.4% 18.4x 0.99x 9.5x 1.00x 8.8x Hooker Furniture Corp. HOFT 24.15 67.2% 278 0 54 224 247 28 1.1% 4.2% 27.8% 11.2% 16.2x 0.91x 8.1x 0.40x 5.0x Kimball International, Inc. KBAL 11.42 87.9% 428 0 44 384 629 52 8.6% (18.8%) 32.0% 8.2% 22.3x 0.61x 7.4x 0.59x NA Knoll, Inc. KNL 23.39 89.8% 1,148 220 5 1,362 1,123 143 3.3% 8.0% 37.8% 12.7% 17.2x 1.21x 9.5x 1.15x 8.3x Leggett & Platt, Incorporated LEG 49.09 95.7% 6,594 1,036 250 7,379 3,889 597 0.4% 1.7% 24.1% 15.3% 20.5x 1.90x 12.4x 1.83x 11.3x La-Z-Boy Incorporated LZB 25.13 85.7% 1,254 1 110 1,145 1,483 143 5.7% 5.2% 37.2% 9.6% 16.9x 0.77x 8.0x 0.72x 7.0x Herman Miller Inc. MLHR $30.71 93.9% $1,838 $240 $63 $2,016 $2,233 $254 7.4% 8.8% 38.5% 11.4% 15.5x 0.90x NM 0.87x 7.4x Steelcase Inc. SCS 15.07 74.0% 1,806 299 266 1,839 3,060 264 0.0% 2.2% 32.2% 8.6% 11.1x 0.60x 7.0x 0.59x 6.1x Tempur Sealy International Inc. TPX 56.84 68.8% 3,463 1,473 37 4,898 3,133 413 3.5% 30.5% 40.1% 13.2% 40.0x 1.56x 11.9x 1.50x 9.0x Mean 77.3% $1,886 $370 $87 $2,168 $1,850 $215 2.9% 6.1% 33.2% 10.5% 19.8x 0.99x 9.4x 0.91x 7.9x Median 83.8% $1,530 $230 $49 $1,601 $1,858 $191 2.2% 4.8% 34.7% 10.8% 17.2x 0.90x 9.5x 0.79x 7.9x

Household Products Church & Dwight Co. Inc. CHD 96.46 98.4% 12,379 1,151 194 13,336 3,432 793 3.1% 4.5% 44.7% 23.1% 30.8x 3.89x 16.8x 3.76x 15.8x Colgate-Palmolive Co. CL $72.02 99.0% $64,315 $6,580 $1,101 $69,794 $15,726 $4,337 (7.6%) (2.9%) 59.0% 27.6% 26.5x 4.44x 16.1x 4.45x 15.3x The Clorox Company CLX 132.00 99.1% 17,073 2,228 414 18,887 5,718 1,241 2.2% 0.6% 45.1% 21.7% 25.9x 3.30x 15.2x 3.19x 14.6x Prestige Brands Holdings, Inc. PBH 56.52 97.3% 2,982 1,625 27 4,580 806 289 12.8% 9.1% 58.1% 35.9% 30.1x 5.68x 15.8x 5.29x 14.6x The Procter & Gamble Company PG 81.63 97.3% 217,287 32,815 13,819 236,283 71,280 19,188 (3.4%) (5.2%) 52.1% 26.9% 25.8x 3.31x 12.3x 3.59x 13.8x Mean 98.2% $62,807 $8,880 $3,111 $68,576 $19,392 $5,170 1.4% 1.2% 51.8% 27.0% 27.8x 4.12x 15.3x 4.06x 14.8x Median 98.4% $17,073 $2,228 $414 $18,887 $5,718 $1,241 2.2% 0.6% 52.1% 26.9% 26.5x 3.89x 15.8x 3.76x 14.6x

Housewares Fiskars Oyj Abp FIS1V 16.75 79.5% 1,372 333 519 1,186 1,171 97 44.0% 16.0% 38.6% 8.3% NM 1.01x 12.2x 0.93x 9.0x Helen of Troy Limited HELE 96.50 90.6% 2,678 624 226 3,076 1,546 205 7.0% 6.3% 41.1% 13.2% 27.4x 1.99x 15.0x 1.92x 13.3x Jarden Corp. JAH 0.00 #DIV /0! 0 6,381 1,298 5,083 8,604 966 3.8% 8.7% 31.7% 11.2% NA 0.59x 5.3x 0.52x 3.4x Libbey Inc. LBY 17.17 40.8% 374 430 26 778 821 118 (4.7%) (0.1%) 23.3% 14.4% 5.9x 0.95x 6.6x 0.94x 6.7x Lifetime Brands, Inc. LCUT 13.32 74.8% 189 109 6 293 581 37 (0.7%) 6.8% 36.2% 6.4% 19.1x 0.50x 7.9x 0.49x NA Nacco Industries Inc. NC 52.24 83.0% 359 163 36 487 896 6 (1.9%) (0.0%) 20.3% 0.6% 15.2x 0.54x 85.7x NA NA Newell Brands Inc. NWL 47.94 94.2% 21,893 11,388 8,181 25,100 5,967 1,022 3.3% 2.3% 38.9% 17.1% NM 4.21x 24.6x 1.60x 9.2x SEB SA SK 98.15 96.1% 4,747 1,331 1,015 5,062 4,770 506 12.1% 5.5% 11.5% 10.6% 23.7x 1.06x 10.0x 1.01x 8.4x Spectrum Brands Holdings, Inc. SPB 117.83 99.1% 6,999 4,105 133 10,971 4,984 822 12.2% 12.3% 36.7% 16.5% 31.7x 2.20x 13.3x 2.11x 11.3x Tupperware Brands Corporation TUP 54.51 80.5% 2,753 843 99 3,497 2,228 372 (11.8%) (5.1%) 67.7% 16.7% 13.8x 1.57x 9.4x 1.54x 8.5x Mean #DIV /0! $4,136 $2,571 $1,154 $5,553 $3,157 $415 6.3% 5.3% 34.6% 11.5% 19.5x 1.46x 19.0x 1.23x 8.7x Median #DIV /0! $2,025 $733 $180 $3,287 $1,887 $288 3.6% 5.9% 36.4% 12.2% 19.1x 1.04x 11.1x 1.01x 8.7x

PAGE | 8 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES

Outdoor & Lifestyle Arctic Cat Inc. ACAT $14.28 39.9% $186 $0 $11 $175 $633 $3 (9.4%) (2.0%) 14.3% 0.5% NM 0.28x 60.6x 0.28x 9.2x Brunswick Corporation BC 48.02 86.1% 4,352 453 286 4,519 4,190 530 6.6% 3.7% 27.2% 12.6% 19.2x 1.08x 8.5x 0.98x 7.4x Black Diamond, Inc. BDE 4.34 42.5% 134 21 96 58 152 (3) (2.7%) (3.8%) 33.2% NM NM 0.38x NM 0.39x 11.4x Columbia Sportswear Company COLM 53.23 71.2% 3,709 15 451 3,272 2,372 311 10.1% 12.1% 46.0% 13.1% 21.0x 1.38x 10.5x 1.31x 9.9x Callaway Golf Co. ELY 9.31 90.4% 875 79 35 919 834 52 1.8% (0.1%) 43.5% 6.3% NM 1.10x NM 1.04x 15.5x Escalade Inc. ESCA 10.62 53.1% 151 34 3 182 157 17 9.1% 3.3% 27.9% 10.7% 15.4x 1.16x 10.9x 1.08x 7.9x Fox Factory Holding Corp FOXF 16.07 81.9% 587 57 9 635 379 58 19.1% 15.7% 31.2% 15.3% 22.0x 1.68x 10.9x 1.59x 8.7x GoPro, Inc. GPRO 8.93 13.6% 1,235 0 389 846 1,440 (48) (5.3%) 83.2% 39.5% NM NM 0.59x NM 0.57x NM Amer Sports Corp. HLSE: AMEAS 25.53 91.0% 3,002 831 293 3,540 2,594 279 12.6% 7.9% 45.6% 10.8% 23.6x 1.36x 12.7x 1.28x 11.6x Rapala V MC Corp. HLSE: RAP1V 4.15 70.9% 159 123 13 269 279 26 1.9% (1.5%) 50.8% 9.3% 24.4x 0.97x 10.4x 0.98x 8.3x Harley-Davidson, Inc. HOG 45.01 74.2% 8,151 7,113 394 14,869 6,072 1,345 (1.7%) 2.0% 36.6% 22.1% 12.1x 2.45x 11.1x 2.75x 11.0x Johnson Outdoors Inc. JOUT 24.89 90.7% 248 38 51 235 446 41 4.7% 1.8% 40.5% 9.2% 12.4x 0.53x 5.7x NA NA Malibu Boats, Inc. MBUU 13.45 56.7% 241 74 19 296 247 46 11.6% 20.6% 26.8% 18.8% 11.8x 1.20x 6.4x 1.12x 5.8x Marine Products Corp. MPX 8.47 93.6% 325 0 18 307 220 22 26.5% 12.3% 21.0% 10.0% 20.7x 1.39x NM 1.31x 11.1x Nautilus Inc. NLS 19.81 86.3% 615 76 73 618 360 52 20.6% 21.3% 52.8% 14.4% 22.6x 1.71x 11.9x 1.38x 8.7x Polaris Industries Inc. PII 84.38 54.0% 5,453 532 146 5,840 4,743 796 1.1% 12.6% 28.8% 16.8% 13.7x 1.23x 7.3x 1.20x 6.6x Sturm, Ruger & Co. Inc. RGR 66.47 85.1% 1,260 0 80 1,180 587 139 14.8% 3.1% 32.3% 23.8% 18.4x 2.01x 8.5x 1.84x 7.6x Smith & Wesson Holding Corporation SWHC 23.07 75.8% 1,271 174 105 1,340 683 179 26.1% 8.2% 39.7% 26.3% 15.9x 1.96x 7.5x 1.83x 6.8x Shimano Inc. TSE: 7309 16,280.00 80.6% 1,509,213 10,484 179,039 1,340,658 362,792 94,017 2.1% 13.7% 40.5% 25.9% 24.3x 3.70x 14.3x 3.60x 12.9x V ista Outdoor Inc. V STO 48.54 90.0% 2,952 670 152 3,471 2,271 335 9.0% NA 27.3% 14.8% 20.7x 1.53x 10.3x 1.25x 8.5x Mean 71.4% $77,206 $1,039 $9,083 $69,162 $19,573 $4,910 7.9% 11.3% 35.3% 14.5% 18.6x 1.38x 13.0x 1.36x 9.4x Median 78.2% $1,055 $75 $88 $882 $658 $55 7.8% 7.9% 34.9% 13.7% 19.9x 1.30x 10.5x 1.25x 8.7x

PAGE | 9 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES

Pet Care Blue Buffalo Pet Products, Inc. BUFF 25.90 89.9% 5,083 386 265 5,204 1,059 231 12.6% NA 41.8% 21.8% NM 4.92x 22.6x 4.45x 19.1x Central Garden & Pet Company CENT $18.68 94.7% $928 $497 $10 $1,415 $1,747 $155 8.0% 0.5% 29.7% 8.9% 24.2x 0.81x 9.1x 0.78x 8.9x Freshpet, Inc. FRPT $9.12 42.1% $306 $0 $0 $306 $121 $5 27.6% NA 46.7% 4.2% NM 2.53x 60.3x 2.13x 13.7x Oil-Dri Corp. of America ODC 32.97 84.7% 239 15 29 225 264 33 (0.1%) 2.7% 26.9% 12.5% 15.1x 0.85x 6.8x NA NA Spectrum Brands Holdings, Inc. SPB 117.83 99.1% 6,999 4,105 133 10,971 4,984 822 12.2% 12.3% 36.7% 16.5% 31.7x 2.20x 13.3x 2.11x 11.3x Maabarot Products Ltd. TASE:MABR 50.90 87.8% 499 19 156 361 342 24 (5.3%) (1.2%) 42.1% 7.0% 31.5x 1.06x 15.0x NA NA Echo Trading Co., Ltd. TSE:7427 571.00 82.2% 3,447 4,500 3,335 4,612 75,256 (181) 0.8% (0.3%) 12.1% NM NM 0.06x NM NA NA Unicharm Corporation TSE:8113 2,234.00 71.0% 1,330,954 71,185 140,473 1,261,666 734,214 109,850 12.7% 17.9% 45.3% 15.0% 31.8x 1.72x 11.5x 1.60x 10.5x Mean 81.4% $168,557 $10,088 $18,050 $160,595 $102,248 $13,867 8.6% 5.3% 35.2% 12.3% 26.9x 1.77x 19.8x 2.22x 12.7x Median 86.2% $2,187 $442 $145 $3,013 $1,403 $94 10.1% 1.6% 39.2% 12.5% 31.5x 1.39x 13.3x 2.11x 11.3x

PAGE | 10 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2016E ($ in millions, except per share data) Ticker 5/17/16 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Retail Apparel & Footwear Retail American Eagle Outfitters, Inc. AEO 14.15 76.5% 2,558 0 260 2,298 3,522 469 7.3% 0.4% 37.0% 13.3% 13.0x 0.65x 4.9x 0.63x 4.5x Abercrombie & Fitch Co. ANF $24.26 73.9% $1,640 $334 $589 $1,385 $3,519 $321 (6.0%) (7.9%) 61.3% 9.1% 47.6x 0.39x 4.3x 0.39x 4.0x Arcandor AG ARO 0.02 37.7% 5 3,570 2,201 1,374 20,215 428 55.3% 5.0% 33.4% 2.1% NM 0.07x 3.2x NA NA Ascena Retail Group Inc. ASNA 7.36 41.8% 1,410 1,659 295 2,774 5,834 511 21.3% 12.5% 56.5% 8.8% NM 0.48x 5.4x 0.38x 3.9x The Buckle, Inc. BKE 24.00 50.7% 1,158 0 198 961 1,120 262 (2.9%) (0.1%) 49.4% 23.4% 7.8x 0.86x 3.7x 0.91x 4.1x Cabela's Incorporated CAB 48.33 89.8% 3,299 4,454 70 7,684 4,035 471 7.6% 7.0% 42.8% 11.7% 18.3x 1.90x 16.3x 1.80x 14.7x Caleres, Inc. CAL 22.99 68.0% 1,004 197 118 1,082 2,577 177 0.2% 1.3% 40.7% 6.9% 12.4x 0.42x 6.1x 0.41x 5.2x The Cato Corporation CATO 36.00 88.3% 977 0 283 695 1,011 119 2.4% 2.3% 39.0% 11.8% 15.1x 0.69x 5.8x 0.68x NA Chico's FAS Inc. CHS 11.20 64.8% 1,497 92 140 1,449 2,642 268 (1.2%) 0.8% 54.1% 10.2% NM 0.55x 5.4x 0.56x 5.0x Citi Trends, Inc. CTRN 16.24 56.6% 242 0 72 170 684 43 1.9% 1.5% 39.0% 6.3% 15.8x 0.25x 4.0x 0.24x 3.8x Destination Maternity Corporation DEST 6.28 46.9% 88 41 2 126 499 14 0.4% (2.6%) 49.0% 2.9% NM 0.25x 8.7x NA NA DSW Inc. DSW 21.93 60.3% 1,792 0 259 1,533 2,620 288 5.0% 5.1% 37.0% 11.0% 14.2x 0.59x 5.3x 0.54x 5.3x Destination XL Group, Inc. DXLG 4.71 70.3% 227 68 5 290 442 23 6.8% 3.6% 46.1% 5.3% NM 0.66x 12.5x 0.62x 8.7x Express Inc. EXPR 16.47 76.4% 1,269 70 187 1,152 2,350 285 8.5% 2.9% 43.5% 12.1% 11.9x 0.49x 4.0x 0.47x 3.8x Finish Line Inc. FINL 19.28 66.4% 814 0 79 735 1,889 127 3.8% 9.4% 38.3% 6.7% 40.2x 0.39x 5.8x 0.38x 4.9x Foot Locker, Inc. FL 59.31 76.8% 8,072 130 1,021 7,181 7,412 1,090 3.6% 6.2% 44.3% 14.7% 15.4x 0.97x 6.6x 0.92x 6.1x Genesco Inc. GCO 63.01 86.8% 1,343 112 133 1,322 3,022 238 5.7% 5.1% 47.8% 7.9% 15.2x 0.44x 5.5x 0.44x 5.3x Guess? Inc. GES 16.10 68.7% 1,353 6 445 913 2,204 201 (8.8%) (6.1%) 35.7% 9.1% 16.8x 0.41x 4.5x 0.39x 5.0x The Gap, Inc. GPS 17.55 44.3% 6,983 1,731 1,370 7,344 15,797 2,220 (3.9%) 0.3% 36.4% 14.1% 7.9x 0.46x 3.3x 0.48x 3.9x L Brands, Inc. LB 66.37 65.6% 19,048 5,721 2,558 22,211 12,154 2,649 6.1% 5.1% 47.8% 21.8% 15.7x 1.83x 8.4x 1.74x 8.2x Lululemon Athletica Inc. LULU 60.76 87.1% 8,344 0 501 7,842 2,061 431 14.7% 14.6% 48.4% 20.9% 32.1x 3.81x 18.2x 3.35x 15.6x Tailored Brands, Inc. TLRD 12.89 19.5% 627 1,656 30 2,253 3,496 366 7.5% 12.0% 43.0% 10.5% NM 0.64x 6.2x 0.67x 6.3x New York & Company Inc. NWY 3.07 74.0% 198 13 61 150 950 32 2.9% (0.6%) 38.3% 3.3% NM 0.16x 4.7x 0.16x 3.7x The Children's Place, Inc. PLCE 68.23 80.4% 1,300 25 234 1,092 1,740 154 (0.9%) (1.0%) 36.7% 8.8% 20.2x 0.63x 7.1x 0.62x 5.7x Pacific Sunwear of California Inc. PSUN 0.00 #DIV /0! 1 122 6 117 801 3 (3.1%) 0.7% 25.4% 0.3% NA 0.15x NM NA NA Ross Stores Inc. ROST 55.74 93.4% 22,397 396 763 22,029 11,940 1,899 8.1% 7.1% 32.1% 15.9% 22.2x 1.84x 11.6x 1.74x 10.8x Shoe Carnival Inc. SCV L 24.55 81.8% 486 0 69 417 984 71 4.7% 4.8% 29.5% 7.2% 16.9x 0.42x 5.9x 0.41x 5.6x Stein Mart Inc. SMRT 5.83 48.8% 270 190 12 449 1,360 73 3.2% 3.3% 28.3% 5.4% 11.5x 0.33x 6.1x 0.31x 5.6x Stage Stores Inc. SSI 6.06 31.9% 163 166 16 312 1,604 86 (2.1%) (0.5%) 25.4% 5.4% NM 0.19x 3.6x 0.20x 3.4x Urban Outfitters Inc. URBN 26.08 70.5% 3,062 150 326 2,885 3,445 501 3.7% 7.2% 35.1% 14.6% 14.7x 0.84x 5.8x 0.80x 5.6x Zumiez, Inc. ZUMZ 14.61 46.1% 374 0 76 298 804 81 (0.9%) 6.3% 33.6% 10.1% 14.0x 0.37x 3.7x 0.36x 4.4x Mean #DIV /0! $2,968 $674 $399 $3,243 $3,959 $448 4.9% 3.4% 40.5% 10.0% 18.1x 0.71x 6.6x 0.74x 6.0x Median #DIV /0! $1,269 $92 $187 $1,152 $2,350 $262 3.6% 3.3% 39.0% 9.1% 15.3x 0.48x 5.7x 0.51x 5.2x

Department Chains Bon-Ton Stores Inc. BONT $1.79 26.1% $38 $995 $7 $1,025 $2,789 $112 (1.2%) (2.2%) 36.3% 4.0% NM 0.37x 9.1x 0.37x 7.5x Dillard's Inc. DDS 58.28 48.9% 2,051 823 150 2,725 6,680 660 (1.8%) (0.4%) 35.2% 9.9% 9.2x 0.41x 4.1x 0.42x 4.4x J. C. Penney Company, Inc. JCP 7.39 61.6% 2,271 4,733 415 6,589 12,579 674 2.2% 0.3% 36.0% 5.4% NM 0.52x 9.8x 0.51x 6.4x Nordstrom Inc. JWN 38.54 48.0% 6,683 2,786 470 8,999 14,471 1,607 4.9% 5.7% 35.8% 11.1% 13.8x 0.62x 5.6x 0.61x 5.8x Kohl's Corp. KSS 36.21 54.2% 6,705 4,690 423 10,972 19,053 2,384 (0.1%) (0.3%) 35.8% 12.5% 12.2x 0.58x 4.6x 0.58x 4.7x Macy's, Inc. M 30.73 41.7% 9,477 7,632 734 16,375 26,618 3,252 (5.1%) (1.6%) 39.1% 12.2% 10.0x 0.62x 5.0x 0.63x 5.4x Stage Stores Inc. SSI 6.06 31.9% 163 166 16 312 1,604 86 (2.1%) (0.5%) 25.4% 5.4% NM 0.19x 3.6x 0.20x 3.4x Hudson's Bay Company TSX: HBC 14.60 49.5% 2,659 3,705 507 5,857 11,162 653 36.6% 39.9% 41.2% 5.9% 7.8x 0.52x 9.0x 0.39x 6.8x Mean 45.3% $3,756 $3,191 $340 $6,607 $11,870 $1,179 4.2% 5.1% 35.6% 8.3% 10.6x 0.48x 6.4x 0.47x 5.6x Median 48.5% $2,465 $3,246 $419 $6,223 $11,871 $667 (0.7%) (0.3%) 35.9% 7.9% 10.0x 0.52x 5.3x 0.47x 5.6x

PAGE | 11 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES

Furniture & Furnishings Retailers Aaron's, Inc. AAN $24.14 59.2% $1,756 $518 $119 $2,155 $3,212 $451 9.6% 13.1% 50.1% 14.1% 13.0x 0.67x 4.8x 0.64x 6.1x Bed Bath & Beyond Inc. BBBY 42.84 57.8% 6,676 1,500 602 7,574 12,104 1,689 1.9% 3.5% 38.2% 14.0% 8.4x 0.63x 4.5x 0.61x 4.8x Conns Inc. CONN 10.52 23.9% 323 1,250 12 1,560 1,613 80 8.6% 23.1% 23.0% 5.0% 12.1x 0.97x 19.5x 0.90x 9.3x Ethan Allen Interiors Inc. ETH 32.01 90.7% 888 48 49 887 782 102 2.9% 2.2% 55.3% 13.0% 17.5x 1.13x 8.7x 1.08x 8.0x hhgregg, Inc. HGG 1.74 26.4% 48 0 7 41 2,007 (7) (8.0%) (7.0%) 28.3% NM NM 0.02x NM 0.02x 5.7x Haverty Furniture Companies Inc. HV T 18.01 73.4% 399 56 66 388 808 70 3.9% 5.3% 53.5% 8.7% 15.5x 0.48x 5.5x 0.46x 5.2x Kirkland's Inc. KIRK 14.06 47.6% 222 0 44 178 562 49 10.7% 7.8% 48.1% 8.6% 15.0x 0.32x 3.7x 0.29x 3.4x La-Z-Boy Incorporated LZB 25.13 85.7% 1,254 1 110 1,145 1,483 143 5.7% 5.2% 37.2% 9.6% 16.9x 0.77x 8.0x 0.72x 7.0x Pier 1 Imports, Inc. PIR 5.32 39.2% 446 202 115 533 1,892 131 0.4% 3.5% 53.0% 6.9% 11.6x 0.28x 4.1x 0.28x 4.2x Rent-A-Center, Inc. RCII 12.65 37.9% 672 744 46 1,370 3,236 290 0.9% 1.8% 65.6% 9.0% NM 0.42x 4.7x 0.43x 4.5x Restoration Hardware Holdings, Inc. RH 33.06 31.0% 1,342 694 481 1,555 2,109 249 12.9% 20.9% 36.5% 11.8% 15.3x 0.74x 6.2x 0.70x 6.1x Select Comfort Corporation SCSS 22.07 69.5% 1,030 0 30 1,001 1,217 105 (1.1%) 9.3% 60.3% 8.7% 32.2x 0.82x 9.5x 0.72x 6.0x The Sherwin-Williams Company SHW 297.68 96.3% 27,534 2,040 71 29,503 11,463 1,883 2.2% 6.2% 49.6% 16.4% 26.2x 2.57x 15.7x 2.41x 14.5x Williams-Sonoma Inc. WSM 51.10 57.2% 4,561 0 194 4,367 4,976 658 5.9% 7.2% 37.1% 13.2% 15.2x 0.88x 6.6x 0.84x 6.3x Mean 56.8% $3,368 $504 $139 $3,733 $3,390 $421 4.0% 7.3% 45.4% 10.7% 16.6x 0.76x 7.8x 0.72x 6.5x Median 57.5% $959 $129 $69 $1,257 $1,949 $137 3.4% 5.7% 48.9% 9.6% 15.2x 0.70x 6.2x 0.67x 6.1x

PAGE | 12 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES

Specialty & Other Retail Best Buy Co., Inc. BBY 31.72 81.1% 10,280 1,734 3,360 8,654 39,528 2,290 (2.0%) (1.8%) 23.3% 5.8% 13.8x 0.22x 3.8x 0.22x 4.0x Big 5 Sporting Goods Corp. BGFV 8.59 55.5% 188 60 6 241 1,020 42 3.0% 1.8% 31.3% 4.1% 15.8x 0.24x 5.8x 0.24x NA Barnes & Noble, Inc. BKS $10.99 37.9% $821 $0 $64 $757 $5,970 $296 26.8% (4.9%) 30.2% 5.0% 23.6x 0.13x NM 0.18x 3.6x Dick's Sporting Goods Inc. DKS 39.91 72.3% 4,565 6 119 4,452 7,271 737 6.7% 7.6% 30.0% 10.1% 14.1x 0.61x 6.0x 0.57x 6.0x The Home Depot, Inc. HD 135.34 98.2% 169,377 20,948 3,257 187,068 90,390 14,079 7.1% 5.9% 34.2% 15.6% 23.8x 2.07x 13.3x 1.97x 12.2x Hibbett Sports, Inc. HIBB 32.50 66.7% 742 4 32 714 943 129 3.2% 4.8% 35.3% 13.7% 11.1x 0.76x 5.5x 0.72x 5.5x Marinemax Inc. HZO 18.05 69.2% 464 219 44 639 790 37 11.5% 13.0% 24.8% 4.7% 8.8x 0.81x 17.3x 0.71x 12.5x Lumber Liquidators Holdings, Inc. LL 11.41 42.6% 309 25 22 312 952 (66) (10.2%) 3.6% 28.2% NM NM 0.33x NM 0.32x NM Lowe's Companies, Inc. LOW 77.00 98.6% 69,103 12,649 712 81,040 59,074 6,602 5.1% 5.4% 34.8% 11.2% 28.2x 1.37x 12.3x 1.29x 10.3x Movado Group, Inc. MOV 24.52 79.1% 563 40 228 374 595 84 1.4% 5.6% 53.4% 14.1% 12.9x 0.63x 4.5x 0.63x 4.8x Office Depot, Inc. ODP 3.49 37.2% 1,920 1,474 879 2,515 14,152 634 (9.4%) 10.3% 24.2% 4.5% NM 0.18x 4.0x 0.19x 3.6x Staples, Inc. SPLS 8.34 49.8% 5,390 1,035 825 5,600 21,059 1,356 (6.4%) (4.8%) 26.2% 6.4% 14.1x 0.27x 4.1x 0.27x 4.1x Tiffany & Co. TIF 65.17 67.6% 8,210 1,104 887 8,428 4,105 971 (3.4%) 2.7% 60.7% 23.7% 18.2x 2.05x 8.7x 2.06x 8.5x Tractor Supply Company TSCO 93.57 96.2% 12,485 271 75 12,682 6,363 793 8.6% 10.4% 34.5% 12.5% 30.3x 1.99x 16.0x 1.79x 14.1x V itamin Shoppe, Inc. V SI 28.09 67.8% 682 123 2 802 1,266 131 2.0% 8.9% 42.5% 10.3% 16.0x 0.63x 6.1x 0.60x 5.5x Mean 68.0% $19,007 $2,646 $701 $20,952 $16,899 $1,874 2.9% 4.6% 34.2% 10.1% 17.7x 0.82x 8.3x 0.79x 7.3x Median 67.8% $1,920 $219 $119 $2,515 $5,970 $634 3.0% 5.4% 31.3% 10.2% 15.8x 0.63x 6.0x 0.60x 5.5x

PAGE | 13 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

Private Equity Announced Target Seller Buyer Involvement

5/16/2016 High Ridge Brands Co. Brynwood Partners Clayton, Dubilier & Rice, Ltd. P 5/12/2016 P& Christina Aguilera Line The Procter & Gamble Company (NYSE:PG) Elizabeth Arden, Inc.. 5/10/2016 Gaiam Inc. Gaiam Inc. (NasdaqGM:GAIA) Sequential Brands Group (NasdaqCM:SQBG) 5/9/2016 Baby Tula LLC - The ERGO Baby Carrier, Inc. 5/9/2016 Jade Swimwear L.P - The Riverside Company P 5/9/2016 The Mountain Corporation - Gladstone Investment Corporation 5/5/2016 Go Green Hydroponics Inc. OSL Holdings Inc. (OTCPK:OSLH) Growlife, Inc. (OTCPK:PHOT) 5/4/2016 A and G, Inc. Ennis Inc. (NYSE:EBF) Gildan Activewear Inc. (TSX:GIL) 5/2/2016 ReNew Life Formulas, Inc. Swander Pace Capital The Clorox Company (NYSE:CLX) P 4/29/2016 Norvell Skin Solutions, LLC - MT Industries, Inc. 4/29/2016 Eagle One Industries, Inc. Niteo Products, LLC American Covers Inc. 4/27/2016 Baby Trend Inc. - Alpha Group (SZSE:002292) 4/27/2016 Gemvara, Inc. Canaan Partners; Highland Capital Partners; NorwestRichline Venture Group, Partners; Inc. Balderton Capital 4/26/2016 NeoStrata Company, Inc. McGovern Capital LLC Johnson & Johnson Consumer Inc. P 4/25/2016 Twin-Star International, Inc. Trivest Partners, L.P. Z Capital Management LLC P 4/19/2016 Southern Tide, LLC Brazos Private Equity Partners, LLC; Golub Capital CPOxford Funding, of SouthLLC; Golub Carolina, Capital Inc. Pearls Direct Lending Program, L.P; CenterOakP Partners LLC; S/T Group Blocker, Inc.; GCP Southern Tide Coinvest, Inc.; S/T Group AIV2, LP; S/T Group AIV1, LP; GCP Equity Ltd. 4/19/2016 WKI Holding Company, Inc. - GP Investments Acquisition Corp. (NasdaqCM:GPIA) 4/19/2016 World Kitchen - GPIAC P 4/18/2016 ILLUME - Regent Holding Company 4/12/2016 JAYBIRD, LLC - Logitech International SA (SWX:LOGN) 4/12/2016 Scorpion Bike Stands LLC - Feedback Sports LLC 4/6/2016 Always For Me LLC - Waveland Investments LLC P 4/5/2016 TK Enterprises - The Jordan Company, L.P. P 4/1/2016 Alstyle Apparel, LLC Ennis Inc. (NYSE:EBF) Alstyle Apparel, LLC 4/1/2016 Momentum Textiles, LLC Norwest Equity Partners The Riverside Company P 4/1/2016 Strength of Nature Global, LLC - Godrej Consumer Products 4/1/2016 Wilton Armetale, Inc. - Lifetime Brands, Inc. (NasdaqGS:LCUT) 3/31/2016 POW Inc. Alliance of Angels, Investment Arm; Dan Rosen and RojoAssociates; Australia Columbia Pty Ltd. Pacific Advisors, LLC; POW Holdings, LLC 3/29/2016 J.America, Inc. - Blue Point Capital Partners P 3/28/2016 South Moon Sales, Inc. - NewSpring Capital; JPB Capital Partners P 3/24/2016 Ramcat Broadheads - Arcus Hunting, LLC 3/22/2016 Controlled Products, LLC - Clearview Capital, LLC P 3/21/2016 Karmaloop, Inc. CapX Partners; Comvest Partners Shiekh Shoes, LLC P 3/17/2016 Newell Rubbermaid Inc., Window Coverings Business Newell Rubbermaid Inc. (NYSE:NWL) Hunter Douglas N.V. (ENXTAM:HDG) 3/12/2016 Thom Browne, Inc. Stripe International Inc. Sandbridge Capital, LLC P 3/10/2016 Denver Design Company, LLC - 5 Horizons Group, LLC 3/10/2016 Natural Dynamics, LLC - Wellnext, LLC 3/9/2016 The Gents Place Men's Fine Grooming of Leawood, LLC - Massage Heights Corporate, LLC 3/8/2016 Thirsty Promo and Bag Warehouse Mark-It Smart Inc. The Image Group, Inc. 3/3/2016 The Procter & Gamble Company., Portfolio of Hair Care BrandsThe Procter & Gamble Company (NYSE:PG) Henkel AG & Co. KGaA (DB:HEN3) 3/3/2016 Tumi Holdings, Inc. (NYSE:TUMI) Doughty Hanson & Co.; Stockwell Capital LLC Samsonite International S.A. (SEHK:1910) 3/2/2016 The Guildery Inc. SoftTech VC; Forerunner Ventures; Cowboy Ventures;MINTED BBG Ventures LLC P 3/1/2016 Kuissential - SCS Direct Inc. 2/26/2016 DECIEM, Grow Gorgeous DECIEM Inc. The Hut.com Ltd 2/24/2016 Bell Sports Corp. BRG Sports, Inc. Vista Outdoor Inc. (NYSE:VSTO) 2/22/2016 Hayneedle Inc. Insight Venture Partners; Sequoia Capital Jet.com, Inc. P 2/22/2016 Zenith Products Corporation Charlesbank Capital Partners, LLC The Laces Company P 2/19/2016 Flint And Tinder USA, LLC Lerer Hippeau Ventures Huckberry LLC P 2/18/2016 Lise Watier Cosmétiques, Inc. Imperial Capital Group Ltd. Groupe Marcelle Inc. P 2/16/2016 Ebuys, Inc. - DSW Shoe Warehouse, Inc. 2/16/2016 The Pet Outpost, L.L.C - Bentley's Pet Stuff LLC 2/15/2016 True Textiles, Inc. Thomas H. Lee Partners, L.P.; LBC Credit Partners, Inc.;Duvaltex Sun Capital Inc. Partners, Inc. P 2/12/2016 THE WHEAT GROUP, INC. - United Legwear Company, LLC 2/11/2016 Furniture Factory Outlet, LLC Alpine Investors, LP Sun Capital Partners, Inc. P 2/11/2016 Sprig Toys, Inc. - BeginAgain, Inc. 2/11/2016 Etch A Sketch and Doodle Sketch The Ohio Art Company, Inc. (OTCPK:OART) Spin Master Corp. (TSX:TOY) 2/11/2016 WorldStrides, Inc. The Carlyle Group LP (NasdaqGS:CG) Metalmark Capital LLC P 2/10/2016 Stop Aging Now, LLC - Wellnext, LLC 2/10/2016 iDevices, LLC, iGrill® iDevices, LLC Weber-Stephen Products LLC 2/7/2016 Apollo Education (NasdaqGS:APOL) Glenview Capital Management, LLC; Fidelity ManagementNajafi Companies & Research Company; Robeco Boston Partners; T. Rowe PriceP Associates, Inc.; Aronson+Johnson+Ortiz, LP 2/5/2016 LeapFrog Enterprises Inc. (NYSE:LF) Blue Pacific Partners, LLC; Franklin Templeton InvestmentsVtech Corp. Holdings Ltd. (SEHK:303) P 2/5/2016 efsAUDIO Inc. - Compass Biotechnologies Inc. (OTCPK:COBI) 2/4/2016 Large Car Wash Operation - First Colombia Gold Corp. (OTCPK:FCGD) 2/4/2016 LMC Right Start, Inc. Liberty Interactive Corporation (NasdaqGS:QVCA) giggle, Inc. 2/2/2016 Rona Inc. (TSX:RON) Capital d'Amérique CDPQ Inc.; Invesco Canada Ltd.;Lowe's First Asset Companies Investment Canada, Management ULC Inc.; Fonds régional de solidaritéP FTQ Montérégie; Caisse de dépôt et placement du Québec; Fonds de solidarité FTQ 2/2/2016 mophie, inc. mStation Corporation; Beringea LLC; Grosvenor CapitalZAGG Management Inc (NasdaqGS:ZAGG) Customized Fund Investment Group P 2/2/2016 Blumenthal Lansing Company, LLC - CSS Industries Inc. (NYSE:CSS) 2/1/2016 Vitamin World, Inc. NBTY, Inc. Centre Lane Partners, LLC P 1/29/2016 Creative Embroidery - - 1/28/2016 TicketBreak Ltd. MapleCore Ltd. Ticketfly, Inc. 1/28/2016 All Star Vending & Coffee Service LLC - Canteen Vending Services, Inc. 1/28/2016 Ellsworth Handcrafted Bicycles, Inc. Iso Nano International LLC - 1/28/2016 GetGoing, Inc. Y Combinator; Data Collective; TA Ventures; InVentureBCD Partners Travel B.V. P 1/28/2016 Really Good Stuff, Inc. - Excelligence Learning Corporation 1/27/2016 Triboro Quilt Manufacturing Corporation - Gerber Childrenswear LLC 1/25/2016 Valeant Groupe Cosméderme Inc. Valeant Canada Ltd. INTEGA Skin Sciences Inc.

PAGE | 14 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement

1/25/2016 Mccarthy's Hockey & Lacrose Supply Co, Inc. - LaxWorld Inc. 1/22/2016 Swanson Health Products, Inc. - Swander Pace Capital P 1/22/2016 Fiskars Brands, Inc., American Designer Pottery Fiskars Brands, Inc. Bloem Living LLC 1/21/2016 Triumph Sports USA, Inc. - Escalade Sports, Inc. 1/21/2016 SparkBox Toys LLC. - Pley Inc. 1/21/2016 Rose America Corporation - Guardian Capital Partners P 1/21/2016 A Fresh Start II, LLC - CORE TEAM, Inc. 1/20/2016 Cybex International Inc. UM Holdings Ltd. Brunswick Corporation (NYSE:BC) P 1/20/2016 BBC Ice Cream, LLC Iconix Brand Group, Inc. (NasdaqGS:ICON) - 1/19/2016 ABC Phones of North Carolina, Inc. Atlantic Street Capital Management, LLC Lone Star Funds P 1/19/2016 LIDS Team Sports The LIDS Sports Group BSN Sports, LLC 1/18/2016 Jerry's Sporting Goods Store - BSN Sports, LLC 1/15/2016 GE Appliances Inc. General Electric Company (NYSE:GE) Qingdao Haier Co., Ltd. (SHSE:600690) 1/14/2016 Prime Life Nutriceuticals, Inc. - Sisquoc Healthcare, Inc. 1/13/2016 Epic Performance, LLC. - NutraFuels, Inc. (OTCPK:NTFU) 1/13/2016 Easton Hockey, Inc. Chartwell Investments Inc. Performance Sports Group Ltd. (TSX:PSG) P 1/8/2016 Long Elegant Legs, Inc. - Long Tall Sally Ltd. 1/7/2016 Gilt Groupe Inc. Draper Fisher Jurvetson, General Atlantic LLC Hudson's Bay Company (TSX:HBC) P 1/7/2016 Majorsales, LLC - Level Nine Sports, INC. 1/7/2016 Sojourner Farms, LLC - WellPet LLC 1/6/2016 Solutions In Mind, Inc. - Frontline Technologies Group LLC 1/6/2016 Maykah, Inc. iD Ventures America, LLC; StartX Patch Products, Inc. 1/6/2016 California Family Health, LLC Bunker Hill Capital Perpetual Capital Partners LLC P 1/6/2016 Holiday Travel, Inc. - Xanterra Parks & Resorts, Inc. 1/5/2016 Home Meridian International, Inc. - Hooker Furniture Corp. (NasdaqGS:HOFT) 1/5/2016 Mills e-Commerce Enterprises, Inc. - KKR & Co. L.P. (NYSE:KKR) P 1/5/2016 Slim, Inc. - Ricardo Beverly Hills, Inc. 1/5/2016 Reef One Inc - OASE GmbH 1/4/2016 509, Inc. - Polaris Industries Inc. (NYSE:PII) 12/31/2015 Octane Fitness, LLC North Castle Partners, LLC Nautilus Inc. (NYSE:NLS) 12/29/2015 Loken Imports, LLC - BCS International, Inc. 12/28/2015 Fitness First Inc. - Combat Brands, LLC 12/23/2015 Orapup - TRUPET LLC 12/22/2015 Brooklyn Nets / Barclay's Center (Minority Stake) Nets Sports and Entertainment LLC Onexim Sports and Entertainment Holding USA, Inc. 12/22/2015 Complete Nutrition, Inc. - Dominus Capital, L.P. P 12/17/2015 Avon Products, Inc., North American business Avon Products Inc. (NYSE:AVP) Cerberus Capital Management, L.P. P 12/17/2015 SBD Holdings Group Corp., South Beach Diet Brand SBD Holdings Group Corp. Nutrisystem, Inc. (NasdaqGS:NTRI) 12/16/2015 1-800 CONTACTS, Inc. Thomas H. Lee Partners, L.P. AEA Investors LP P 12/15/2015 Arrow Group Industries, Inc. - ShelterLogic Corp. 12/15/2015 PRO-TEC Brand DYE Precision, Inc. Bravo Sports Corporation 12/14/2015 TractorSearch.com USAgNet LLC Machinery Pete LLC 12/13/2015 Jarden Corp. The Vanguard Group & J.P. Morgan Newell Rubbermaid Inc. 12/11/2015 Bryan Schuetz DC Inc. - BioStem Technologies, Inc. 12/10/2015 Smart Wireless, 56 stores in OR & WA Smart Wireless, Inc. Spring Communications, Inc. 12/10/2015 Nobile Communications, 50 stores in FL Nobile Communications Spring Communications, Inc. 12/7/2015 Next University, Inc. Flybridge Capital Partners & Grupo Arcano Open English LLC P 12/7/2015 Runaway Tours, LLC - NFL On Location 12/4/2015 Brahms Mount - SFERRA Bros., Ltd. 12/4/2015 Truckee Rents, Inc. - Mountain Hardware & Sports, Inc. 12/4/2015 FDS Inc. Inspired Beauty Brands Inc. WellSpring Pharmaceutical Corporation 12/3/2015 Balboa Water Group, Inc. Quad-C Management, Inc. - P 12/3/2015 Bargain Hunt Superstores - Thomas H. Lee Partners, L.P. P 12/3/2015 Clipper Mill, Inc. - G.E.T. Enterprises, LLC 12/3/2015 Rothschild's Home Health Care Center Inc. - Nunn's Home Medical Equipment, Inc. 12/2/2015 The One World Doll Project, Inc. One World Holdings, Inc. Tonner Doll Company, Inc. 12/2/2015 Environment Furniture, Inc. HCAP Partners Cisco Bros. Corp. P 12/2/2015 MynettMusic, LLC - Sweetwater Sound Inc. 12/1/2015 Alexandria Holdings Corp. Fila Korea Ltd. - 11/27/2015 D&J Hobby Inc. - - 11/25/2015 EXO, Inc. - PF Hospitality Group, Inc 11/25/2015 The Brace Shop, LLC - VeriTeQ Corporation 11/25/2015 Sleepy's, LLC Calera Capital Mattress Firm, Inc. P 11/24/2015 CucinaPro, Inc. - SCS Direct Inc. 11/24/2015 Old Time SPORTS, Inc. - '47 Brand, Inc. 11/24/2015 All Aboard USA, Inc. - Premier Transportation, LLC 11/23/2015 Tri-Lite, Inc., Heater Business Tri-Lite, Inc. Bird-X, Inc. 11/23/2015 DenTek Oral Care, Inc. TSG Consumer Partners Prestige Brands Holdings, Inc. P 11/23/2015 PETCO Animal Supplies, Inc. Freeman Spogli, LG&P, TPG, and others CVC & CPPIB P 11/23/2015 Coveroo, Inc. Rembrandt Venture Partners Zazzle Inc. P 11/20/2015 Bernard Chaus, Inc. - Camuto Group, Inc. 11/19/2015 Liberator Medical Holdings, Inc. Millennium Management & Kinderhook Partners CR Bard Inc. P 11/18/2015 Soft & Dri, Pure & Natural, and other brands High Ridge Brands Co. The Village Company, LLC 11/18/2015 Charles Sadek Import Co., Inc. - Fitz and Floyd Enterprises, LLC 11/18/2015 Lou-Verne, LLC - Studio 11 Design, LLC 11/16/2015 Manicube Inc Bain, Westwood, & Female Founders Fund Elizabeth Arden Spas, INC. P 11/16/2015 Atlas Paper Mills, LLC Peak Rock Capital Resolute Forest Products Inc. P

PAGE | 15 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement

11/15/2015 Starwood Hotels & Resorts Worldwide Inc. Paulson & Co., T. Rowe Price, & others Marriott International, Inc. 11/12/2015 Dallas Manufacturing Company, Inc. Malibu Lighting Corporation Central Garden & Pet Company 11/12/2015 AquaBlue International, LLC - Vortex Aquatic Structures International Inc. 11/12/2015 Richer Poorer Inc. - Shoes.com, Inc. 11/11/2015 Misfit, Inc. Norwest Venture Partners and others Fossil Group, Inc. P 11/10/2015 Pairpoint Crystal Company, Inc. - - 11/10/2015 ONA Designs International, LLC - Kuzari Group, LLC P 11/6/2015 Diamonds Direct Inc. - The Blackstone Group, Private Equity Group P 11/5/2015 Pure Ocean Botanicals, LLC - W.F. Young, Inc. 11/4/2015 White House Design Company, Inc. - CAI P 11/4/2015 City Sports, Inc. - Gordon Brothers Group & Hilco Merchant Resources 11/4/2015 J. Mclaughlin, Inc. Highland Capital, JH, Palladin, and others Brentwood Associates, Inc. P 11/3/2015 Pristine Capital Holdings, Inc. - T3 Live, LLC 11/2/2015 National Balloon and Banner, Inc. - nexAir LLC 11/2/2015 Rhoades, LLC - Mobile Specialty Group, Inc. 11/2/2015 Belson Outdoors, LLC - PlayCore Holdings, Inc. 11/10/2015 Home Franchise Concepts, Inc. - Trilantic Capital Management LLC P 11/9/2015 2nd Wind Exercise Equipment, Inc. - Johnson Health Tech Co., Ltd. 11/5/2015 PS Brands, LLC - GBG USA, Inc. 11/4/2015 Creative Co-Op, Inc. Eureka Growth Capital Management, L.P. Freeman Spogli & Co. Incorporated P 11/3/2015 Little Burgundy The ALDO Group Inc. Journeys 11/3/2015 Tailgate Clothing Co. - American Eagle Outfitters, Inc. 11/3/2015 FuelBelt, Inc. - Implus Corporation 11/3/2015 Coast to Coast Entertainment LLC - Elaut USA, Inc. 11/2/2015 Advanced Graphic Products Inc. - Follett Corporation 11/2/2015 Funko, LLC Fundamental Capital, LLC Acon Investments, L.L.C. P 10/30/2015 Stark Exterminators - Arrow Exterminators, Inc. 10/30/2015 Madison All 4 You LLC - Riddell Sports Group, Inc. 10/28/2015 Custom Brand Footwear, LLC - Bates Accessories, Inc. 10/27/2015 Rite Aid Corporation American Century & T. Rowe Price Walgreens Boots Alliance, Inc. 10/26/2015 Nathan Sports, Inc. - EZ GARD Industries, Inc. 10/26/2015 J&D Brush Company Inc. - Topspin Partners LBO, LP P 10/26/2015 Roots Canada Ltd. - Searchlight Capital Partners P 10/26/2015 Catch Motion Inc. - iON America LLC 10/26/2015 Coyne's & Company, Inc. - Foreside LLC 10/21/2015 Cosmetic Technologies, LLC Ascendiant Capital Markets LLC Knowlton Development Corporation P 10/20/2015 Poulin Lumber, Inc. - Wallboard Supply Company, Inc. 10/20/2015 Ultra Green Packaging Consumer Goods Line Ultra Green Packaging, Inc. Ecosentials LLC 10/19/2015 Combo Hitter - Golden Global Corp. 10/19/2015 SunBriteTV LLC Bunker Hill Capital & Avante Mezzanine, Inc. SnapAV, LLC P 10/19/2015 Paramount Fitness Corp. - TRUE Fitness Technology, Inc. 10/19/2015 Intova LLC - Industrial Revolution, Inc. 10/16/2015 Harrington Fire Alarm & CPG Signals Harrington Signal, Inc. Potter Electric Signal Company, LLC 10/16/2015 Evax Systems, Inc. - Potter Electric Signal Company, LLC 10/15/2015 Petstages, Inc - Outward Hound 10/14/2015 Kolmar Labs Group Inc. - Knowlton Development Corporation 10/13/2015 Flip Flop Shops Inc. - Cherokee Inc. 10/13/2015 Visant Holding Corp. Credit Suisse PE, KKR, Offshore Partners, others Jarden Corp. P 10/13/2015 Maine Coast Book Shop Inc. - Sherman's Books & Stationery, Inc. 10/13/2015 Master Archery Targets - BIGshot Archery LLC 10/9/2015 Spinrite LP - TorQuest Partners, Inc. P 10/9/2015 McNett Corporation - Coghlan's Ltd. 10/9/2015 Pickleball Paddles Plus - Olla LLC

HW&CO. CONSUMER TEAM

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

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

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

PAGE | 16 CONSUMER AND RETAIL INDUSTRY UPDATE │ MAY 2016

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