Consumer and Retail

CONSUMER AND RETAIL

INDUSTRY UPDATE │ SEPTEMBER 2015

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

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 The HW&Co. Consumer group did not experience the “August M&A lull” this year as significant experience covers a broad the team continues to be very busy executing a number deals that are expected to range of end markets, industries, and close by year end or shortly thereafter. Perhaps more interesting, we spoke with a business models. This particular report large and increasing number of business owners interested in a near term liquidity focuses on trends and metrics in the following areas: event. Nothing like a little bit of public market volatility to remind owners that the existing white hot M&A market will not remain forever. The tradeshow circuit has also . Consumer Durables been active with recent visits to Outdoor Retailer, Super Zoo, and Kind + Jugend. This . Consumer Electronics month we highlight our observations from Outdoor Retailer and the broader trends in . Consumer Services the outdoor and lifestyle sector. . Footwear, Apparel, and Accessories . Franchise Platforms Recent HW&Co. Outdoor and Lifestyle Transactions . Internet Retail . Home Furnishings . Household Goods a portfolio company of a portfolio company of a portfolio company of a portfolio company of . Infant and Juvenile Products has been acquired by has been acquired by has been acquired by Jewelry, Gifts, and Collectibles has been acquired by . has acquired has been acquired by . Lawn, Garden, and Pet Products and Services . Omni / Multi-Channel Brands . Outdoor and Lifestyle . Personal Care Products Outdoor Retailer Summer Market represents the largest . Specialty and Mass outdoor product tradeshow in the World that largely caters to Merchant Retailing the specialty retailer. This year’s event was very well attended and featured over 1600 brands, almost one-quarter of which were new to Outdoor Retailer for the first time. CONTACTS

John Neuner Managing Director Key Observations [email protected] +1 (804) 915-0125 Functional Fashion – It used to be that most technical apparel brands were primarily Corey Benjamin focused on function without as much focus on current fashion trends. This is Director [email protected] changing rapidly with lifestyle brands such as Patagonia and Prana designing +1 (804) 932-1342 products that are equally as likely to be worn at a trendy lunch spot in the city as they are on the trail or yoga studio. The newest fabrics are often rugged and highly Ryan Budlong Director technical, but also soft, shaped, and wrinkle-free to increase versatility. Brands that [email protected] can consistently stay fashion forward will benefit greatly from this trend as the +1 (415) 217-3409 continuously evolving fashion landscape helps support greater consumer repurchase Brent Spiller rates. Director [email protected] Online Purchasing – Virtually all brands that we spoke with at the show spoke of how +1 (804) 915-0183 rapidly the online sales channel was growing. Whether products are being sold via Matt Conaty the brand’s own website, Amazon, or through online specialty channels like Vice President backcountry.com (recently acquired by TSG Consumer Partners), consumers are [email protected] increasingly turning to online marketplaces for product purchases. This trend is the +1 (415) 217-3423 result of many factors, including significantly greater impact of social media and Chip Duggins peer reviews on purchasing behavior, ability for brands to control brand image and Vice President achieve greater product margin on products sold direct to consumer, and the [email protected] +1 (804) 932-1340 Millennials-led purchasing behavior that increasingly shuns brick and mortar retail.

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PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

HARRIS WILLIAMS & CO. CONSUMER UPDATE

HW&CO’S RECENT PETOUTDOORINDUSTRY& LIFESTYLEOBSERVATIONSINDUSTRY(CONTINUEDOBSERVATIONS) (CONTINUED)

Wearable Technology – Following a broader consumer trend, outdoor enthusiasts increasingly want the ability to measure performance during activity participation. Traditional outdoor wearable technology players like Garmin and Suunto continue to innovate and provide additional and easier to use features in smaller packages. What is more interesting is the increasing proliferation of mobile apps that are compatible across different hardware platforms (e.g., iPhone and Android phones) that are comparatively cheap and easy to use. Good examples of this trend is the continued growth of Strava and Under Armour’s recent announcement that it has formed a partnership with Taiwanese mobile communications company HTC.

White Hot M&A Market – Both strategic and financial buyers at the show lamented the continued lack of opportunities at “reasonable valuations”. It’s true, we have seen valuations for outdoor and lifestyle assets vastly increase beginning in 2014. In addition to just being a strong overall M&A market, buyers have been attracted to a category that is growing faster than most other segments of the economy and the proven ability of outdoor & lifestyle assets to perform in diverse economic environments. Sellers have continued to be in the driver’s seat for high quality assets and we do not expect this dynamic to change anytime soon.

OUTDOOR & LIFESTYLE TEV / EBITDA (2011 – 2015 YTD)1

14.0x

12.0x 11.5x 10.5x 10.0x 9.1x 8.7x 8.5x 8.0x

6.0x

4.0x

2.0x

0.0x 2011 2012 2013 2014 2015

1) Proprietary HW&Co. data. PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

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 $3,383 (6.3%) 8.9% 1.8x 12.3x 1.7x 11.1x Consumer Durables 6 6,018 (9.0%) (1.2%) 0.9x 9.6x 0.9x 7.3x Consumer Services and Retail Franchisors 7 5,052 (0.6%) 11.0% 1.9x 12.1x 1.8x 10.2x Home & Office Furniture & Furnishings 10 1,650 (4.9%) 22.6% 0.9x 10.9x 0.9x 8.6x Household Products 5 16,420 0.8% 20.5% 3.5x 14.2x 3.5x 13.5x Housewares 10 3,248 (6.0%) 13.3% 1.4x 13.3x 1.5x 9.8x Infant & Juvenile 12 908 (7.6%) 2.8% 0.7x 10.4x 0.6x 8.4x Lawn, Garden, and Pet 11 1,808 (3.4%) (10.6%) 1.6x 12.4x 1.6x 10.8x Outdoor & Lifestyle 20 966 (7.1%) 4.3% 1.6x 11.6x 1.4x 9.5x Personal Care Products 13 3,553 (12.2%) 0.5% 1.5x 10.7x 1.4x 10.8x

Retail Apparel & Footwear Retail 31 1,514 (9.7%) (6.8%) 0.7x 6.8x 0.6x 6.4x Department Chains 8 6,180 (15.7%) (12.5%) 0.7x 7.1x 0.6x 6.8x Discount Stores & Mass Merchants 14 23,271 (6.0%) 13.1% 0.7x 11.1x 0.7x 10.0x Furniture & Furnishings Retailers 14 1,560 (9.2%) 7.2% 0.9x 8.1x 0.9x 8.4x Internet Retail 12 3,886 (11.8%) 9.0% 2.3x 21.1x 2.5x 13.9x Specialty & Other Retail 15 4,769 (12.6%) 6.7% 0.8x 7.7x 0.8x 7.1x

Consumer Products & Services 118 $3,316 (6.1%) 6.6% 1.5x 11.9x 1.4x 10.0x Retail 94 $4,327 (10.7%) 6.9% 0.8x 7.9x 0.7x 7.8x

Consumer & Retail Index 212 $3,468 (7.4%) 6.9% 1.2x 11.0x 1.1x 9.7x

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

Home & Office Furniture & Furnishings Household Products

Housewares

Discount Stores & Mass Merchants Consumer Services and Retail Franchisors Internet Retail

Apparel & Footwear

Furniture & Furnishings Retailers

Consumer & Retail Index

Specialty & Other Retail

Outdoor & Lifestyle

Infant & Juvenile

Personal Care Products

S&P 500

Consumer Durables

Apparel & Footwear Retail

Lawn, Garden, and Pet

Department Chains

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

PAGE | 3 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

250

225

200

175

150 Index

125

100

50 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15

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

Transaction Gross Proceeds Close Date Filing Date Issuer Ticker Type ($ M) Underwriter(s)

08/11/15 08/10/15 Norwegian Cruise Line Holdings Ltd. NCLH Follow-On $1,180.6 Goldman, Sachs & Co.

08/10/15 08/10/15 Bright Horizons Family Solutions, Inc. BFAM Follow-On 183.2 Barclays Capital Inc.

08/06/15 06/22/15 Planet Fitness, Inc. PLNT IPO 202.0 JP Morgan, BAML, Jefferies, Credit Suisse, others

08/05/15 08/04/15 GNC Holdings Inc GNC Convertible 250.0 JP Morgan

07/31/15 07/31/15 Boot Barn Holdings Inc BOOT Follow-On 170.4 JP Morgan, Piper Jaffray, Jefferies

07/30/15 02/11/15 Xcel Brands, Inc. XELB Follow-On 15.1 Wunderlich Securities, Inc.

07/23/15 07/23/15 ClubCorp Holdings, Inc. MYCC Follow-On 231.7 Goldman, Sachs & Co.

07/21/15 06/10/15 Blue Buffalo Pet Products Inc BUFF IPO 778.1 JP Morgan, Citigroup Global Markets Inc

07/16/15 07/16/15 Jarden Corp JAH Follow-On 872.0 Barclays, Credit Suisse, UBS, others

07/16/15 05/01/15 MCBC Holdings Inc. MCFT IPO 84.7 Raymond James, Robert W. Baird, Wells Fargo, others

07/15/15 06/15/15 Ollie's Bargain Outlet Holdings, Inc. OLLI IPO 164.2 Jefferies, JP Morgan, Merrill Lynch, Pierce, Fenner, others

07/09/15 07/09/15 The Michaels Companies Inc MIK Follow-On 332.5 Goldman Sachs & Co

PAGE | 4 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

M&A OVERVIEW

ANNOUNCED CONSUMER AND RETAIL M&A

Quarterly Consumer M&A Activity Last 10 Deals Announced Announced Target Buyer 160 9/8/2015 Joe's Jeans Inc. Sequential Brands Group, Inc. 140 9/8/2015 Robert Graham Designs, LLC Joe's Jeans Inc. 16 9/8/2015 CHART Metalworks, Inc. Sea Bags, Inc. 120 9/7/2015 Sun & Skin Care Research, LLC - 23 9/2/2015 California Scents, Inc. American Cov ers Inc. 100 9/1/2015 Industrial Blades Div ision AccuTec Blades, Inc. 26 25 9/1/2015 ACE Theatrical Group, LLC The Ambassador Theatre Group Limited 80 13 8/31/2015 Backyard Leisure Holdings, LLC - 20 21 12 5 8/31/2015 Hollywood Fashion Tape, Inc. American International Industries 60 127 14 34 8/30/2015 Blyth, Inc. The Carlyle Group LP 98 18 13 40 77 77 83 66 66 68 71 Number of Transactions 57 LTM Deal Statistics 20 43 39 35 Aggregate Number Transaction Multiples 0 Value ($bn) of Deals EV / Revenue EV / EBITDA 2Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q15 $46.4 341 0.84x 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 $90 450 20.0x 1.40x

400 Number of Transactions of Number $75 1.20x Multiple Sales LTM / EV 350 16.0x $60 300 1.00x 11.4x 250 12.0x 10.7x 10.8x 10.0x 0.80x $45 $40 $38 9.8x $36 200 8.9x 8.4x $30 0.60x $29 $27 $28 8.0x ($ ($ in billions) $30 150 100 0.40x

$15 4.0x EV / LTMEBITDA Multiple Average TransactionValue 50 0.20x $0 0 2009 2010 2011 2012 2013 2014 2015 0.0x 0.00x YTD 2009 2010 2011 2012 2013 2014 2015 YTD Aggregate Transaction Value # of Deals EBITDA Mult Rev Mult

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

Median LTM Trading Multiples Consumer Private Equity Investments and Exits

16.0x 120 14.7x 111 13.6x

14.0x 13.1x 13.1x 11.9x 12.9x 12.4x 97 12.1x 12.1x 12.0x 12.1x 12.0x12.0x 12.2x 12.0x 100 11.6x11.9x 11.9x 11.8x 11.9x 12.0x 86 10.8x 10.0x 10.2x 10.4x 10.0x 76 10.0x 9.5x 80 72 73 71 68 8.0x 59 59 57 57 59 60 53 53 48 50 6.0x 37 40 MedianMultiples Trading 4.0x 31 28

2.0x Number of Transactions 20

0.0x 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Consumer Products & Services Retail YTD Number of Investments Number of Exits

PAGE | 5 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

DEBT MARKET OVERVIEW

KEY RETAIL CREDIT STATISTICS

Quarterly Retail Loan Volume Average Spread on Retail Loans 14.0014 L + 700

12.0012 L + 600

10.0010 L + 500

8.008 L + 400

6.006 L + 300

4.004 L + 200

2.002 Average SpreadOver LIBOR L + 100

Loan Volume byQuarter ($ inbillions) NA Loan Volume byQuarter ($ inbillions) 0.000 L + 0 1Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q15 2007 2008 2009 2010 2011 2012 2013 2014 1H15 2Q15

Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

Credit Statistics Average Secondary Spread 6.0x L + 2500

5.0x L + 2000 4.0x

3.0x L + 1500

2.0x EBITDAMultiple L + 1000 1.0x

0.0x Average SpreadOver LIBOR L + 500 Debt/EBITDA Senior EBITDA/Cash EBITDA - Debt/EBITDA Interest Capex/Cash Interest L + 0 2010 2011 2012 2013 2014 1H15 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS

• The first-lien loan backing of Sycamore Partners’ $3 billion buyout of Charlotte, N.C.-based retailer Belk, is being led by Morgan Stanley. A privately placed second-lien term loan also backs the deal. • Bain Capital’s acquisition of a minority stake in skincare company, Sundial Brands, led by Goldman Sachs, is likely to roll out later in September. • GSO Capital Partners has committed to provide debt financing to Sequential Brands to fund its acquisition of assets as part of the break-up of Nasdaq-listed Joe’s Jeans. The Joe’s brand and other assets will be sold to Sequential for $67 million, while Global Brands Group Holding will buy operating assets and inventory for $13 million. Proceeds from the asset sale will be used to pay down borrowings under the company’s revolving credit with CIT Group (about $21 million) and term loan with Garrison Capital ($59 million). Separately, the Hudson Jeans brand will merge with Robert Graham and will be renamed Differential Brands Group. Tengram Capital Partners, Robert Graham’s sponsor, will invest $50 million in the latter. • Smart Start’s $145 million first-lien term loan backing its LBO by ABRY Partners is being led by BNP. The deal launched at L+475-500, with a 1% LIBOR floor and an offer price of 99. The 6.5-year loan includes a leverage-based step-down. • Britax term debt due 2020 (L+350, 1% floor) was quoted several points lower, at 70/75, after the company issued a recall for its ClickTight model convertible car seats. It was subsequently downgraded by S&P to CCC+, from B-. The loans were marked at 78/81 prior to the recall. More than 200,000 car seats were affected by the recall, the Associated Press reports.

PAGE | 6 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC COMPARABLES

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2015E ($ in m illions, except per share data) Ticker 9/17/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Consumer Products & Services Apparel & Footwear Coach, Inc. COH 29.92 68.2% 8,277 890 1,526 7,641 4,192 973 (12.8%) (4.2%) 69.5% 23.2% 20.6x 1.82x 7.9x 1.71x 7.8x Columbia Sportswear Company COLM 65.66 87.9% 4,616 16 417 4,214 2,211 278 22.6% 8.8% 45.8% 12.6% 33.1x 1.91x 15.2x 1.75x 13.5x Carter's, Inc. CRI $97.97 89.4% $5,118 $586 $244 $5,460 $2,966 $444 7.6% 9.3% 41.3% 15.0% 23.7x 1.84x 12.3x 1.73x 11.1x Crocs, Inc. CROX 14.71 91.7% 1,099 9 197 910 1,117 28 (7.4%) 1.1% 49.3% 2.5% NM 0.82x 32.4x 0.80x 8.9x Deckers Outdoor Corp. DECK 64.68 64.8% 2,114 76 169 2,021 1,819 257 11.7% 8.1% 48.3% 14.1% 14.7x 1.11x 7.9x 1.02x 7.0x Fossil Group, Inc. FOSL 60.20 52.3% 2,898 697 250 3,346 3,424 628 0.0% 8.3% 56.2% 18.3% 8.7x 0.98x 5.3x 1.01x 7.5x G-III Apparel Group, Ltd. GIII 68.47 92.6% 3,096 6 19 3,083 2,234 205 15.6% 20.2% 35.9% 9.2% 25.9x 1.38x 15.0x 1.22x 12.4x Hanesbrands Inc. HBI 30.26 87.0% 12,179 2,597 315 14,461 5,654 921 15.8% 8.4% 37.9% 16.3% 34.7x 2.56x 15.7x 2.42x 14.2x Iconix Brand Group, Inc. ICON 14.96 36.5% 722 1,479 118 2,083 391 191 0.9% 1.8% 100.0% 48.9% 5.9x 5.33x 10.9x 4.70x 9.1x Kate Spade & Company KATE 20.47 57.3% 2,614 403 231 2,785 1,185 143 23.8% (7.2%) 60.9% 12.1% 31.1x 2.35x NM 2.12x 13.1x NIKE, Inc. NKE 115.58 98.2% 98,865 1,338 6,002 94,201 30,601 4,824 10.1% 9.5% 46.0% 15.8% 31.2x 3.08x 19.5x 2.90x 17.8x Oxford Industries Inc. OXM 82.39 90.3% 1,366 45 14 1,398 1,039 129 13.2% 8.7% 55.7% 12.4% 26.3x 1.35x 10.9x 1.37x 10.0x Perry Ellis International Inc. PERY 23.98 85.1% 374 130 38 466 909 42 1.1% (1.6%) 34.2% 4.6% NM 0.51x 11.2x 0.49x 8.0x PVH Corp. PVH 115.74 89.6% 9,554 3,382 467 12,469 8,045 953 (2.5%) 10.6% 52.5% 11.8% 19.6x 1.55x 13.1x 1.52x 11.3x Ralph Lauren Corporation RL 114.60 61.1% 9,815 693 1,151 9,357 7,530 1,243 0.3% 2.8% 57.2% 16.5% 16.8x 1.24x 7.5x 1.22x 7.9x Steven Madden, Ltd. SHOO 41.36 92.5% 2,612 0 100 2,512 1,382 178 3.3% 6.4% 34.8% 12.9% 24.6x 1.82x 14.1x 1.68x 12.3x Skechers U.S.A., Inc. SKX 143.63 87.8% 7,320 112 514 6,919 2,822 360 33.8% 25.2% 45.3% 12.8% 35.2x 2.45x 19.2x 2.01x 13.9x Gildan Activewear Inc. TSX: GIL 31.33 90.4% 7,618 593 45 8,166 2,407 365 3.7% 8.8% 23.5% 15.1% 33.7x 3.39x 22.4x 3.01x 13.8x Tumi Holdings, Inc. TUMI 19.61 77.0% 1,331 0 73 1,258 543 117 10.9% 14.6% 58.5% 21.5% 22.0x 2.32x 10.8x 2.15x 10.7x Under Armour, Inc. UA 103.36 99.8% 22,291 717 171 22,836 3,422 442 28.8% 28.2% 48.8% 12.9% NM 6.67x 51.7x 5.36x 40.8x V.F. Corporation VFC 71.96 92.5% 30,629 2,584 660 32,553 12,450 2,105 5.8% 6.3% 48.7% 16.9% 29.8x 2.61x 15.5x 2.47x 14.3x Vera Bradley, Inc. VRA 13.74 56.5% 522 0 76 446 500 71 (3.3%) 0.3% 54.1% 14.3% 20.0x 0.89x 6.2x 0.91x 6.5x Weyco Group Inc. WEYS 27.50 87.8% 299 18 18 299 325 36 8.4% 4.4% 38.4% 11.1% 15.5x 0.92x 8.3x NA NA Wolverine World Wide Inc. WWW 27.24 77.4% 2,808 833 221 3,421 2,782 315 3.1% 25.6% 39.3% 11.3% 20.9x 1.23x 10.8x 1.19x 10.6x Mean 79.7% $9,922 $717 $543 $10,096 $4,165 $635 8.1% 8.5% 49.2% 15.1% 23.5x 2.09x 14.9x 1.95x 12.3x Median 87.8% $2,997 $494 $209 $3,383 $2,320 $296 6.7% 8.3% 48.5% 13.5% 23.7x 1.82x 12.3x 1.71x 11.1x

PAGE | 7 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC COMPARABLES

Consumer Services and Retail Franchisors GNC Holdings Inc. GNC 44.86 86.8% 3,812 1,340 101 5,052 2,612 476 (0.9%) 4.5% 37.3% 18.2% 16.1x 1.93x 10.6x 1.85x 9.6x H&R Block, Inc. HRB 35.79 98.6% 9,891 506 1,706 8,691 3,083 948 1.7% 2.2% 50.3% 30.8% 19.9x 2.82x 9.2x 2.76x 8.8x Regis Corp. RGS 12.31 68.7% 651 120 212 558 1,837 86 (2.9%) (4.7%) 33.8% 4.7% NM 0.30x 6.5x 0.31x 5.9x Realogy Holdings Corp. RLGY 40.64 81.7% 5,959 4,338 359 9,938 5,522 728 3.8% 9.0% 48.2% 13.2% 32.3x 1.80x 13.7x 1.67x 11.6x ServiceMaster Global Holdings, Inc. SERV 34.97 90.9% 4,728 2,846 384 7,190 2,529 576 7.0% NA 47.5% 22.8% 41.4x 2.84x 12.5x 2.72x 11.3x Steiner Leisure Ltd. STNR 63.84 98.2% 819 109 48 880 871 73 1.1% 4.6% 21.9% 8.4% NM 1.01x 12.1x 0.98x 10.8x Winmark Corp. WINA 102.50 95.0% 423 74 1 496 69 37 20.9% 12.1% 87.8% 53.6% 23.5x 7.18x 13.4x NA NA Mean 88.6% $3,755 $1,333 $402 $4,686 $2,360 $418 4.4% 4.6% 46.7% 21.7% 26.6x 2.56x 11.1x 1.71x 9.7x Median 90.9% $3,812 $506 $212 $5,052 $2,529 $476 1.7% 4.5% 47.5% 18.2% 23.5x 1.93x 12.1x 1.76x 10.2x

Home & Office Furniture & Furnishings The Dixie Group, Inc. DXYN 10.16 88.3% 162 136 0 298 419 17 10.9% 16.6% 24.6% 4.1% NM 0.71x 17.4x 0.66x NA HNI Corp. HNI 46.21 80.0% 2,049 304 39 2,315 2,353 212 13.8% 6.8% 35.9% 9.0% 28.7x 0.98x 10.9x 0.93x 8.6x Hooker Furniture Corp. HOFT 24.73 90.6% 267 0 44 223 249 25 6.9% 5.8% 26.5% 9.9% 17.9x 0.90x 9.0x 0.86x NA Kimball International, Inc. KBAL 10.76 57.5% 404 0 35 370 601 43 10.5% (19.3%) 31.4% 7.1% 37.6x 0.62x 8.7x NA NA Knoll, Inc. KNL 23.77 91.2% 1,160 274 10 1,423 1,090 122 15.6% 7.4% 36.2% 11.2% 18.3x 1.31x 11.7x 1.25x 9.5x Leggett & Platt, Incorporated LEG 44.08 86.0% 6,031 1,033 275 6,790 3,914 481 9.7% 2.1% 22.0% 12.3% 25.6x 1.73x 14.1x 1.65x 11.4x La-Z-Boy Incorporated LZB 27.75 95.7% 1,403 1 99 1,305 1,440 130 4.4% 4.7% 35.9% 9.0% 20.5x 0.91x 10.0x 0.84x 8.4x Herman Miller Inc. MLHR $27.86 86.1% $1,667 $268 $58 $1,877 $2,198 $247 14.3% 8.6% 37.8% 11.2% 15.8x 0.85x NM 0.82x 7.4x Steelcase Inc. SCS 18.24 89.2% 2,228 282 156 2,354 3,042 256 (0.1%) 3.0% 31.4% 8.4% 27.2x 0.77x 9.2x 0.76x 7.5x Tempur Sealy International Inc. TPX 76.95 95.7% 4,763 1,576 35 6,303 3,077 339 8.7% 28.1% 38.6% 11.0% 37.4x 2.05x 18.6x 1.93x 13.2x Mean 86.0% $2,013 $388 $75 $2,326 $1,838 $187 9.5% 6.4% 32.0% 9.3% 25.5x 1.08x 12.2x 1.08x 9.4x Median 88.8% $1,535 $271 $41 $1,650 $1,819 $171 10.1% 6.3% 33.6% 9.5% 25.6x 0.90x 10.9x 0.86x 8.6x

Household Products Church & Dwight Co. Inc. CHD 84.47 93.1% 11,061 1,074 203 11,932 3,367 768 4.6% 6.1% 44.2% 22.8% 28.3x 3.54x 15.5x 3.47x 14.9x Colgate-Palmolive Co. CL $63.07 88.1% $56,771 $6,683 $1,308 $62,146 $16,736 $4,550 (4.0%) (0.6%) 58.6% 27.2% 25.3x 3.71x 13.7x 3.78x 13.5x The Clorox Company CLX 113.58 94.8% 14,611 2,191 382 16,420 5,655 1,158 2.6% 1.1% 43.6% 20.5% 24.9x 2.90x 14.2x 2.87x 13.3x Prestige Brands Holdings, Inc. PBH 47.45 91.7% 2,502 1,515 22 3,995 761 259 26.7% 15.6% 57.7% 34.1% 28.6x 5.25x 15.4x 5.02x 14.2x The Procter & Gamble Company PG 70.10 74.7% 190,192 30,350 11,612 208,930 76,279 18,007 (5.3%) (2.4%) 49.9% 23.6% 22.9x 2.74x 11.6x 2.98x 11.8x Mean 88.5% $55,027 $8,363 $2,705 $60,685 $20,560 $4,948 4.9% 4.0% 50.8% 25.6% 26.0x 3.63x 14.1x 3.62x 13.5x Median 91.7% $14,611 $2,191 $382 $16,420 $5,655 $1,158 2.6% 1.1% 49.9% 23.6% 25.3x 3.54x 14.2x 3.47x 13.5x

PAGE | 8 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC COMPARABLES

Housewares Fiskars Oyj Abp FIS1V 21.32 84.6% 1,747 404 1,060 1,090 964 91 (9.2%) 0.8% 39.3% 9.4% 1.9x 1.13x 12.0x 0.79x 8.1x Helen of Troy Limited HELE 92.74 92.4% 2,654 439 15 3,078 1,479 206 11.6% 6.9% 42.2% 13.9% 19.8x 2.08x 14.9x 2.03x 13.1x Jarden Corp. JAH 53.11 93.0% 11,210 5,026 730 15,506 8,317 844 7.7% 7.5% 31.8% 10.1% 46.6x 1.86x 18.4x 1.70x 11.7x Libbey Inc. LBY 34.73 82.6% 759 452 31 1,179 852 112 2.1% 1.2% 23.6% 13.2% 15.4x 1.38x 10.5x 1.34x 8.7x Lifetime Brands, Inc. LCUT 13.64 75.2% 191 131 5 317 591 39 9.3% 8.2% 36.6% 6.5% NM 0.54x 8.2x 0.52x NA Nacco Industries Inc. NC 53.65 84.0% 373 179 19 533 909 10 (1.0%) 3.8% 20.5% 1.1% NM 0.59x 52.8x NA NA Newell Rubbermaid Inc. NWL 42.92 96.4% 11,494 2,881 239 14,136 5,835 965 3.3% 0.7% 38.7% 16.5% 31.1x 2.42x 14.6x 2.35x 13.5x SEB SA SK 91.87 86.5% 4,490 1,011 510 4,992 5,057 545 (11.1%) (0.4%) 11.7% 10.8% 20.1x 0.99x 9.2x 0.91x 8.1x Spectrum Brands Holdings, Inc. SPB 98.01 92.0% 5,833 4,346 107 10,072 4,561 685 3.9% 12.0% 35.6% 15.0% 31.2x 2.21x 14.7x 1.98x 10.8x Tupperware Brands Corporation TUP 52.52 71.4% 2,620 873 74 3,419 2,439 404 (8.2%) (1.6%) 66.5% 16.6% 12.9x 1.40x 8.5x 1.47x 8.1x Mean 85.8% $4,137 $1,574 $279 $5,432 $3,100 $390 0.8% 3.9% 34.6% 11.3% 22.4x 1.46x 16.4x 1.45x 10.3x Median 85.5% $2,637 $663 $91 $3,248 $1,959 $305 2.7% 2.5% 36.1% 12.0% 19.9x 1.39x 13.3x 1.47x 9.8x Infant & Juvenile Carter's, Inc. CRI 97.97 89.4% 5,118 586 244 5,460 2,966 444 7.6% 9.3% 41.3% 15.0% 23.7x 1.84x 12.3x 1.73x 11.1x Crown Crafts, Inc. CRWS 8.08 92.0% 81 0 8 72 88 11 9.6% 1.1% 27.3% 12.9% 13.7x 0.82x 6.4x 0.79x 6.0x Dorel Industries Inc. DII.B 24.20 75.8% 783 684 51 1,416 2,709 146 6.5% 4.2% 21.9% 5.4% NM 0.52x 9.7x 0.50x 7.4x Hasbro Inc. HAS 80.25 95.1% 10,023 1,728 891 10,860 4,280 805 2.9% 0.9% 52.8% 18.8% 24.4x 2.54x 13.5x 2.41x 12.0x JAKKS Pacific, Inc. JAKK 9.98 97.9% 193 215 110 298 849 65 29.5% 7.0% 29.4% 7.7% 9.8x 0.35x 4.5x 0.40x 5.2x Mattel, Inc. MAT 24.03 69.8% 8,135 2,100 300 9,935 5,926 943 (6.4%) (1.7%) 49.6% 15.9% 20.1x 1.68x 10.5x 1.73x 11.2x Mothercare plc MTC 3.52 76.2% 600 0 47 554 1,063 54 (11.9%) (6.5%) 15.3% 5.1% NM 0.52x 10.3x 0.49x 8.9x Newell Rubbermaid Inc. NWL 42.92 96.4% 11,494 2,881 239 14,136 5,835 965 3.3% 0.7% 38.7% 16.5% 31.1x 2.42x 14.6x 2.35x 13.5x The Children's Place, Inc. PLCE 59.53 85.2% 1,209 30 205 1,034 1,738 135 (1.0%) (0.1%) 35.8% 7.8% 22.8x 0.59x 7.7x 0.60x 5.8x Goodbaby International Holdings Limited SEHK: 1086 0.45 87.2% 496 262 103 655 923 35 50.6% 18.7% 26.0% 3.8% NM 0.71x 18.8x 0.66x 9.0x Summer Infant, Inc. SUMR 1.36 34.3% 25 58 1 81 207 3 4.1% (5.3%) 31.1% 1.4% NM 0.39x 28.2x 0.37x 6.0x TOMY Company, Ltd. TSE: 7867 5.18 73.6% 440 638 295 783 1,236 87 (16.6%) (19.0%) 35.2% 7.1% NM 0.63x 9.0x 0.56x 8.0x Mean 81.1% $3,216 $765 $208 $3,774 $2,318 $308 6.5% 0.8% 33.7% 9.8% 20.8x 1.09x 12.1x 1.05x 8.7x Median 86.2% $692 $424 $158 $908 $1,487 $111 3.7% 0.8% 33.2% 7.7% 22.8x 0.67x 10.4x 0.63x 8.4x

Lawn, Garden, and Pet DuluxGroup Limited ASX:DLX 3.97 80.8% 1,517 322 31 1,808 1,256 167 (15.4%) 5.4% 47.6% 13.3% 22.7x 1.44x 10.8x 1.48x 10.9x Blue Buffalo Pet Products, Inc. BUFF 22.89 79.5% 4,489 389 180 4,698 976 191 18.2% NA 39.4% 19.6% 44.1x 4.82x 24.6x 4.35x 22.7x Central Garden & Pet Company CENT $15.55 98.2% $788 $400 $44 $1,145 $1,639 $136 2.5% (0.8%) 29.8% 8.3% 23.9x 0.70x 8.4x 0.68x 8.5x Freshpet, Inc. FRPT $10.44 40.3% $350 $0 $24 $326 $102 $2 38.1% NA 48.6% 1.5% NM 3.18x 208.6x 2.42x 15.3x Oil-Dri Corp. of America ODC 23.81 69.6% 168 19 15 172 262 23 (0.8%) 3.3% 21.3% 8.7% 25.3x 0.66x 7.6x NA NA The Scotts Miracle-Gro Company SMG 62.32 90.0% 3,818 1,064 80 4,802 2,988 383 5.9% 2.1% 35.3% 12.8% 23.1x 1.61x 12.6x 1.55x 9.7x Spectrum Brands Holdings, Inc. SPB 98.01 92.0% 5,833 4,346 107 10,072 4,561 685 3.9% 12.0% 35.6% 15.0% 31.2x 2.21x 14.7x 1.98x 10.8x Maabarot Products Ltd. TASE:MABR 11.64 92.1% 114 4 43 75 94 6 (10.2%) 2.5% 40.6% 6.2% NM 0.79x 12.7x NA NA Echo Trading Co., Ltd. TSE:7427 5.29 91.4% 32 26 30 28 599 3 (18.7%) (14.3%) 13.1% 0.5% 20.0x 0.05x 9.2x NA NA Unicharm Corporation TSE:8113 18.72 66.6% 11,250 228 964 10,514 5,961 994 2.4% 4.7% 44.2% 16.7% 33.1x 1.76x 10.6x 1.60x 10.7x The Toro Company TTC 72.36 97.6% 3,966 387 110 4,242 2,324 342 8.6% 5.4% 34.9% 14.7% 21.8x 1.83x 12.4x 1.70x 10.7x Mean 81.7% $2,939 $653 $148 $3,444 $1,887 $266 3.1% 2.2% 35.5% 10.7% 27.2x 1.73x 30.2x 1.97x 12.4x Median 90.0% $1,517 $322 $44 $1,808 $1,256 $167 2.5% 3.3% 35.6% 12.8% 23.9x 1.61x 12.4x 1.65x 10.8x

PAGE | 9 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC COMPARABLES

Outdoor & Lifestyle Arctic Cat Inc. ACAT $25.12 63.2% $326 $31 $20 $337 $689 $13 (8.5%) 3.5% 16.1% 1.9% NM 0.49x 25.1x 0.48x 7.9x Brunswick Corporation BC 50.23 88.7% 4,619 452 611 4,459 3,998 468 10.5% 3.5% 26.8% 11.7% 21.4x 1.12x 9.5x 1.04x 7.9x Black Diamond, Inc. BDE 7.19 66.9% 236 22 44 213 200 5 12.7% 8.4% 39.0% 2.5% NM 1.07x NM 1.00x 20.2x Columbia Sportswear Company COLM 65.66 87.9% 4,616 16 417 4,214 2,211 278 22.6% 8.8% 45.8% 12.6% 33.1x 1.91x 15.2x 1.75x 13.5x Callaway Golf Co. ELY 8.76 85.9% 688 153 27 814 818 33 (8.0%) (2.9%) 40.5% 4.0% NM 1.00x NM 0.93x 15.0x Escalade Inc. ESCA 17.77 88.9% 251 13 3 261 149 21 10.3% 2.7% 29.8% 14.3% 16.8x 1.75x 12.2x 1.63x 11.4x Fox Factory Holding Corp FOXF 15.18 87.5% 561 69 6 623 329 50 13.5% 24.4% 30.3% 15.3% 27.6x 1.89x 12.4x 1.68x 9.3x GoPro, Inc. GPRO 35.73 36.3% 4,747 0 517 4,230 1,697 277 64.1% NA 46.3% 16.3% 32.0x 2.49x 15.3x 2.04x 10.3x Amer Sports Corp. HLSE: AMEAS 26.13 87.3% 3,067 731 122 3,675 2,660 262 (9.4%) 2.3% 44.4% 9.8% 41.9x 1.38x 14.0x 1.23x 11.7x Rapala VMC Corp. HLSE: RAP1V 5.59 84.4% 214 145 17 342 316 29 (15.8%) (4.0%) 50.5% 9.3% 21.2x 1.08x 11.6x 1.03x 9.0x Harley-Davidson, Inc. HOG 55.96 79.5% 11,491 6,227 881 16,836 5,999 1,381 (4.2%) 1.5% 37.1% 23.0% 15.0x 2.81x 12.2x 2.95x 11.3x Johnson Outdoors Inc. JOUT 24.22 68.6% 241 8 54 195 430 25 2.8% 1.2% 40.0% 5.8% 27.3x 0.45x 7.8x 0.44x NA Malibu Boats, Inc. MBUU 16.05 66.5% 287 79 8 357 229 38 19.7% NA 26.8% 16.5% 17.3x 1.56x 9.5x 1.40x 7.2x Marine Products Corp. MPX 6.47 72.0% 248 0 18 230 186 17 4.5% 13.6% 20.1% 8.9% 21.2x 1.24x NM 1.12x 11.4x Nautilus Inc. NLS 16.18 70.5% 511 0 87 423 310 44 27.1% 18.1% 52.2% 14.3% 19.7x 1.37x 9.6x 1.23x 8.5x Polaris Industries Inc. PII 131.23 82.4% 8,681 403 119 8,965 4,804 890 16.1% 17.4% 29.9% 18.5% 19.2x 1.87x 10.1x 1.71x 8.8x Sturm, Ruger & Co. Inc. RGR 63.06 95.4% 1,179 0 61 1,118 499 113 (26.3%) 7.1% 29.5% 22.6% 49.0x 2.24x 9.9x 1.97x 8.7x Smith & Wesson Holding Corporation SWHC 18.73 97.5% 1,018 177 55 1,140 568 133 (3.4%) 7.6% 36.8% 23.4% 20.8x 2.01x 8.6x 1.81x 7.2x Shimano Inc. TSE: 7309 142.83 89.2% 13,241 89 1,433 11,897 3,053 783 5.1% 0.8% 40.0% 25.6% 23.9x 3.90x 15.2x 3.82x 14.4x Vista Outdoor Inc. VSTO 46.96 95.3% 2,967 346 184 3,129 2,032 289 (2.2%) NA 25.8% 14.2% 41.3x 1.54x 10.8x 1.38x 9.5x Mean 79.7% $2,959 $448 $234 $3,173 $1,559 $257 6.6% 6.7% 35.4% 13.5% 26.4x 1.66x 12.3x 1.53x 10.7x Median 85.2% $853 $74 $58 $966 $629 $82 4.8% 3.5% 36.9% 14.2% 21.4x 1.55x 11.6x 1.39x 9.5x

Personal Care Products Avon Products Inc. AVP 3.90 29.1% 1,698 2,585 729 3,553 8,097 691 (13.5%) (9.4%) 61.2% 8.5% NM 0.44x 5.1x 0.49x 5.8x The Estée Lauder Companies Inc. EL 78.11 85.2% 29,128 1,637 1,525 29,240 10,780 2,016 (1.7%) 3.5% 80.5% 18.7% 27.7x 2.71x 14.5x 2.59x 13.2x Herbalife Ltd. HLF 57.50 92.8% 5,318 1,683 750 6,251 4,658 590 (7.8%) 7.2% 51.5% 12.7% 17.8x 1.34x 10.6x 1.34x 8.3x Kimberly-Clark Corporation KMB 107.26 90.1% 39,072 7,671 603 46,140 19,218 4,375 2.1% (3.0%) 34.9% 22.8% NM 2.40x 10.5x 2.45x 11.1x Medifast Inc. MED 28.56 83.4% 343 0 65 279 277 40 (2.8%) (5.5%) 73.2% 14.6% 19.3x 1.01x 6.9x 0.99x 6.9x Nu Skin Enterprises Inc. NUS 44.51 70.8% 2,572 252 304 2,520 2,352 401 (28.4%) 5.9% 81.7% 17.0% 13.7x 1.07x 6.3x 1.00x 6.0x The Procter & Gamble Company PG 70.10 74.7% 190,192 30,350 11,612 208,930 76,279 18,007 (5.3%) (2.4%) 49.9% 23.6% 22.9x 2.74x 11.6x 2.98x 11.8x Elizabeth Arden, Inc. RDEN 10.25 47.3% 306 364 60 610 971 (28) (16.6%) (7.8%) 42.2% NM NM 0.63x NM 0.60x 11.7x Revlon, Inc. REV 31.29 75.1% 1,641 1,848 199 3,290 1,894 307 5.7% 11.0% 66.2% 16.2% 39.3x 1.74x 10.7x NA NA Sally Beauty Holdings Inc. SBH 26.42 74.9% 4,155 1,810 239 5,726 3,814 594 2.7% 3.1% 49.6% 15.6% 17.3x 1.50x 9.6x 1.45x 9.3x ULTA Salon, Cosmetics & Fragrance, Inc. ULTA 164.72 93.2% 10,532 0 475 10,057 3,538 604 20.6% 21.9% 35.1% 17.1% 36.9x 2.84x 16.7x 2.44x 14.2x USANA Health Sciences Inc. USNA 142.52 82.0% 1,825 0 151 1,674 872 139 19.4% 13.0% 82.7% 16.0% 21.7x 1.92x 12.0x 1.75x 10.4x All for One Steeb AG XTRA:A1OS $63.20 90.2% $315 $42 $41 $317 $265 $30 (8.3%) 16.1% 24.6% 11.1% 22.6x 1.19x 10.7x 1.17x 11.3x Mean 76.1% $22,084 $3,711 $1,289 $24,506 $10,232 $2,136 (2.6%) 4.1% 56.4% 16.2% 23.9x 1.66x 10.4x 1.60x 10.0x Median 82.0% $2,572 $1,637 $304 $3,553 $3,538 $590 (2.8%) 3.5% 51.5% 16.1% 22.1x 1.50x 10.7x 1.40x 10.8x

PAGE | 10 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC COMPARABLES

Retail Apparel & Footwear Retail American Eagle Outfitters, Inc. AEO 15.71 85.0% 3,070 0 327 2,743 3,423 427 5.1% 1.3% 44.5% 12.5% 21.7x 0.80x 6.4x 0.78x 5.6x Abercrombie & Fitch Co. ANF $21.42 51.7% $1,478 $340 $408 $1,410 $3,558 $342 (12.0%) (6.0%) 61.0% 9.6% NM 0.40x 4.1x 0.40x 4.5x Aéropostale, Inc. ARO 0.82 18.7% 65 143 87 121 1,692 (79) (14.4%) (10.8%) 30.4% NM NM 0.07x NM 0.08x NM Ascena Retail Group Inc. ASNA 13.38 76.1% 2,169 116 241 2,044 4,803 311 0.3% 12.7% 55.6% 6.5% NM 0.43x 6.6x 0.28x 3.0x The Buckle, Inc. BKE 39.21 69.9% 1,885 0 142 1,743 1,153 281 1.8% 1.9% 49.7% 24.4% 12.0x 1.51x 6.2x 1.48x 6.1x Cabela's Incorporated CAB 49.33 80.0% 3,469 3,999 61 7,407 3,824 453 8.4% 9.5% 43.4% 11.9% 17.7x 1.94x 16.3x 1.73x 14.5x Caleres, Inc. CAL 32.44 95.9% 1,418 239 129 1,528 2,585 177 2.2% 1.0% 40.6% 6.8% 16.6x 0.59x 8.6x 0.57x 7.6x The Cato Corporation CATO 34.20 76.2% 939 0 284 655 991 113 4.4% 2.1% 39.0% 11.4% 15.5x 0.66x 5.8x 0.65x NA Chico's FAS Inc. CHS 17.00 89.6% 2,368 97 157 2,308 2,696 303 3.0% 4.0% 53.9% 11.2% NM 0.86x 7.6x 0.85x 7.2x Citi Trends, Inc. CTRN 24.82 86.5% 386 0 79 307 687 40 8.0% 1.8% 38.4% 5.8% 26.9x 0.45x 7.6x 0.43x 6.2x Destination Maternity Corporation DEST 10.13 54.6% 140 34 2 172 494 (54) (5.7%) (3.1%) 39.6% NM NM 0.35x NM NA NA DSW Inc. DSW 28.75 72.6% 2,551 0 292 2,260 2,593 336 8.4% 7.0% 38.3% 13.0% 15.5x 0.87x 6.7x 0.82x 6.6x Destination XL Group, Inc. DXLG 6.40 95.5% 314 64 6 372 432 31 9.2% 2.9% 47.0% 7.2% NM 0.86x 12.1x 0.82x 12.9x Express Inc. EXPR 19.54 94.3% 1,655 70 156 1,570 2,261 259 4.6% 2.3% 42.5% 11.4% 18.3x 0.69x 6.1x 0.65x 5.5x Finish Line Inc. FINL 25.45 80.1% 1,142 0 82 1,060 1,857 166 7.6% 10.2% 39.1% 8.9% 14.5x 0.57x 6.4x 0.55x 6.0x Foot Locker, Inc. FL 73.36 97.9% 10,225 132 970 9,387 7,253 1,023 4.8% 7.5% 42.2% 14.1% 18.5x 1.29x 9.2x 1.23x 8.4x Genesco Inc. GCO 59.90 72.3% 1,425 113 49 1,489 2,932 246 8.5% 5.7% 48.7% 8.4% 14.5x 0.51x 6.1x 0.49x 5.5x Guess? Inc. GES 23.06 97.1% 1,978 7 471 1,514 2,312 236 (8.0%) (4.2%) 36.3% 10.2% 20.4x 0.65x 6.4x 0.69x 7.5x The Gap, Inc. GPS 32.00 72.1% 13,016 1,348 1,043 13,321 16,235 2,402 (0.4%) 2.8% 37.5% 14.8% 12.1x 0.82x 5.5x 0.81x 5.4x L Brands, Inc. LB 92.70 96.8% 26,918 4,759 830 30,847 11,665 2,459 5.5% 4.4% 47.4% 21.1% 24.0x 2.64x 12.5x 2.50x 11.9x Lululemon Athletica Inc. LULU 54.65 78.1% 7,681 0 541 7,140 1,898 432 13.3% 17.5% 49.5% 22.7% 29.1x 3.76x 16.5x 3.29x 15.1x The Men's Wearhouse, Inc. MW 47.60 71.9% 2,302 1,656 73 3,885 3,624 354 37.1% 14.8% 42.9% 9.8% NM 1.07x 11.0x 1.05x 7.8x New York & Company Inc. NWY 2.62 80.0% 168 14 60 122 937 20 0.3% (0.3%) 37.7% 2.2% NM 0.13x 6.0x 0.13x 3.4x The Children's Place, Inc. PLCE 59.53 85.2% 1,209 30 205 1,034 1,738 135 (1.0%) (0.1%) 35.8% 7.8% 22.8x 0.59x 7.7x 0.60x 5.8x Pacific Sunwear of California Inc. PSUN 0.37 12.0% 26 101 14 113 806 1 0.2% 1.8% 43.4% 0.1% NM 0.14x NM 0.14x 75.4x Ross Stores Inc. ROST 49.75 87.8% 20,302 396 631 20,066 11,538 1,831 9.4% 8.1% 32.3% 15.9% 20.9x 1.74x 11.0x 1.64x 10.3x Shoe Carnival Inc. SCVL 25.21 84.0% 516 0 40 477 963 70 7.7% 6.3% 29.4% 7.3% 17.4x 0.50x 6.8x 0.47x 6.5x Stein Mart Inc. SMRT 10.29 61.8% 470 170 12 629 1,356 81 6.1% 4.6% 29.2% 6.0% 16.4x 0.46x 7.8x 0.44x 6.9x Stage Stores Inc. SSI 10.58 45.5% 339 90 24 405 1,639 127 2.7% 1.7% 27.3% 7.7% 10.8x 0.25x 3.2x 0.25x 2.9x Urban Outfitters Inc. URBN 30.30 64.1% 3,756 115 266 3,604 3,432 491 8.0% 9.9% 41.9% 14.3% 17.7x 1.05x 7.3x 0.98x 6.3x Zumiez, Inc. ZUMZ 14.88 36.6% 397 5 81 321 829 103 9.5% 11.2% 35.0% 12.4% 11.1x 0.39x 3.1x 0.38x 3.8x Mean 73.2% $3,670 $453 $250 $3,873 $3,297 $423 4.3% 4.1% 41.3% 10.9% 17.9x 0.87x 7.9x 0.84x 9.6x Median 78.1% $1,478 $90 $142 $1,514 $2,261 $246 4.8% 2.9% 40.6% 10.2% 17.6x 0.65x 6.8x 0.65x 6.4x

Department Chains Bon-Ton Stores Inc. BONT $4.41 45.0% $104 $978 $21 $1,061 $2,820 $143 0.7% (1.4%) 37.0% 5.1% NM 0.38x 7.4x 0.37x 7.3x Dillard's Inc. DDS 93.45 64.8% 3,623 830 175 4,278 6,843 801 2.3% 1.5% 36.6% 11.7% 11.8x 0.63x 5.3x 0.64x 5.4x J. C. Penney Company, Inc. JCP 9.91 89.8% 3,027 5,309 973 7,363 12,389 499 1.9% (7.4%) 35.8% 4.0% NM 0.59x 14.8x 0.57x 9.6x Nordstrom Inc. JWN 74.30 89.3% 13,986 3,141 423 16,704 14,099 1,881 9.1% 7.4% 37.3% 13.3% 19.7x 1.18x 8.9x 1.12x 8.5x Kohl's Corp. KSS 51.85 65.1% 10,085 5,046 934 14,197 19,101 2,569 1.3% 0.5% 36.4% 13.4% 13.6x 0.74x 5.5x 0.73x 5.4x Macy's, Inc. M 57.28 77.8% 18,959 7,264 843 25,380 27,895 3,759 (0.5%) 1.3% 39.9% 13.5% 14.1x 0.91x 6.8x 0.90x 6.4x Stage Stores Inc. SSI 10.58 45.5% 339 90 24 405 1,639 127 2.7% 1.7% 27.3% 7.7% 10.8x 0.25x 3.2x 0.25x 2.9x Hudson's Bay Company TSX: HBC 16.85 75.3% 3,068 1,973 45 4,997 6,651 401 3.5% 19.2% 40.7% 6.0% 36.4x 0.75x 12.5x 0.57x 8.3x Mean 69.1% $6,649 $3,079 $430 $9,298 $11,430 $1,272 2.6% 2.8% 36.4% 9.4% 17.7x 0.68x 8.0x 0.64x 6.7x Median 70.2% $3,346 $2,557 $299 $6,180 $9,616 $650 2.1% 1.4% 36.8% 9.7% 13.8x 0.68x 7.1x 0.60x 6.8x

PAGE | 11 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC COMPARABLES

Furniture & Furnishings Retailers Aaron's, Inc. AAN $38.96 97.3% $2,828 $495 $91 $3,231 $3,068 $430 31.2% 12.9% 51.1% 14.0% 23.3x 1.05x 7.5x 0.96x 8.5x Bed Bath & Beyond Inc. BBBY 62.14 78.0% 10,539 1,500 692 11,347 11,963 1,771 3.6% 7.6% 38.7% 14.8% 12.1x 0.95x 6.4x 0.92x 6.6x Conns Inc. CONN 27.65 62.9% 1,010 812 7 1,815 1,558 96 14.5% 23.8% 27.3% 6.2% 22.9x 1.16x 18.8x 0.99x 8.7x Ethan Allen Interiors Inc. ETH 30.32 92.9% 861 78 78 860 755 85 1.1% 1.1% 54.5% 11.3% 23.9x 1.14x 10.1x 1.09x 8.6x hhgregg, Inc. HGG 6.06 73.7% 168 0 10 158 2,098 (8) (8.2%) (6.3%) 28.6% NM NM 0.08x NM 0.08x 12.7x Haverty Furniture Companies Inc. HVT 23.59 90.7% 535 54 73 515 791 72 6.0% 7.4% 53.5% 9.1% NM 0.65x 7.2x 0.61x 6.4x Kirkland's Inc. KIRK 22.37 75.8% 387 0 49 338 529 48 11.7% 6.8% 48.8% 9.1% 23.5x 0.64x 7.0x 0.57x 5.8x La-Z-Boy Incorporated LZB 27.75 95.7% 1,403 1 99 1,305 1,440 130 4.4% 4.7% 35.9% 9.0% 20.5x 0.91x 10.0x 0.84x 8.4x Pier 1 Imports, Inc. PIR 10.01 57.1% 885 206 97 994 1,879 172 4.6% 6.4% 39.7% 9.1% 13.4x 0.53x 5.8x 0.51x 5.2x Rent-A-Center, Inc. RCII 26.97 71.9% 1,431 956 71 2,317 3,254 286 4.6% 2.4% 67.0% 8.8% 14.1x 0.71x 8.1x 0.69x 6.7x Restoration Hardware Holdings, Inc. RH 99.60 94.0% 4,004 719 455 4,268 1,997 230 19.7% 24.0% 37.2% 11.5% 42.2x 2.14x 18.5x 1.82x 14.0x Select Comfort Corporation SCSS 22.56 63.1% 1,160 0 88 1,071 1,271 166 26.3% 14.1% 61.3% 13.1% 14.7x 0.84x 6.5x 0.80x 6.1x The Sherwin-Williams Company SHW 250.63 85.1% 23,361 2,285 75 25,572 11,302 1,578 5.5% 6.9% 47.2% 14.0% 25.6x 2.26x 16.2x 2.13x 13.7x Williams-Sonoma Inc. WSM 76.47 85.6% 6,939 150 120 6,969 4,843 657 6.9% 8.2% 38.2% 13.6% 23.1x 1.44x 10.6x 1.35x 9.7x Mean 80.3% $3,965 $518 $143 $4,340 $3,339 $408 9.4% 8.6% 44.9% 11.0% 21.6x 1.04x 10.2x 0.95x 8.6x Median 81.6% $1,281 $178 $83 $1,560 $1,938 $169 5.8% 7.1% 43.5% 11.3% 23.0x 0.93x 8.1x 0.88x 8.4x

PAGE | 12 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

PUBLIC COMPARABLES

Specialty & Other Retail Best Buy Co., Inc. BBY 38.96 92.8% 13,425 1,609 3,495 11,539 40,327 2,187 3.1% (1.6%) 22.7% 5.4% 16.4x 0.29x 5.3x 0.29x 5.1x Big 5 Sporting Goods Corp. BGFV 11.50 74.3% 255 75 7 323 999 50 3.1% 3.3% 31.9% 5.0% 16.9x 0.32x 6.5x 0.32x 6.1x Barnes & Noble, Inc. BKS $13.04 45.0% $994 $0 $37 $957 $6,051 $299 (3.8%) (5.5%) 30.6% 4.9% NM 0.16x NM 0.23x 4.4x Dick's Sporting Goods Inc. DKS 51.92 86.1% 6,156 6 123 6,039 7,075 761 9.3% 8.7% 30.6% 10.8% 17.3x 0.85x 7.9x 0.78x 7.1x The Home Depot, Inc. HD 117.82 95.2% 151,293 19,375 4,936 165,732 85,398 12,693 5.9% 6.0% 34.8% 14.9% 23.0x 1.94x 13.1x 1.83x 11.6x Hibbett Sports, Inc. HIBB 39.67 71.2% 945 3 85 863 927 130 5.1% 6.2% 35.5% 14.0% 14.0x 0.93x 6.6x 0.87x 6.3x Marinemax Inc. HZO 15.20 53.0% 388 137 47 478 726 33 19.0% 12.7% 24.7% 4.5% 18.6x 0.66x 14.6x 0.59x 9.8x Lumber Liquidators Holdings, Inc. LL 16.47 23.5% 446 20 45 421 1,046 48 2.3% 12.0% 34.9% 4.6% NM 0.40x 8.8x 0.39x 65.0x Lowe's Companies Inc. LOW 70.07 91.9% 64,831 11,359 1,089 75,101 57,700 6,713 5.6% 4.3% 34.8% 11.6% 23.8x 1.30x 11.2x 1.25x 10.1x Movado Group, Inc. MOV 27.39 69.4% 635 40 188 487 588 81 0.3% 6.5% 52.6% 13.7% 14.2x 0.83x 6.0x 0.81x 5.7x Office Depot, Inc. ODP 7.48 76.6% 4,100 1,536 867 4,769 15,219 642 6.4% 10.8% 23.8% 4.2% NM 0.31x 7.4x 0.33x 5.7x Staples, Inc. SPLS 13.91 71.7% 8,952 1,108 611 9,449 21,816 1,388 (4.6%) (3.5%) 26.1% 6.4% NM 0.43x 6.8x 0.44x 5.7x Tiffany & Co. TIF 81.44 73.6% 10,501 1,075 771 10,805 4,198 1,021 (0.4%) 4.2% 59.9% 24.3% 23.7x 2.57x 10.6x 2.44x 9.9x Tractor Supply Company TSCO 87.96 91.4% 11,947 9 56 11,899 6,048 758 12.2% 10.1% 34.3% 12.5% 30.3x 1.97x 15.7x 1.79x 14.2x Vitamin Shoppe, Inc. VSI 34.37 70.1% 1,014 18 3 1,028 1,258 140 10.1% 11.1% 41.8% 11.1% 18.2x 0.82x 7.4x 0.78x 7.2x Mean 72.4% $18,392 $2,425 $824 $19,993 $16,625 $1,796 4.9% 5.7% 34.6% 9.9% 19.7x 0.92x 9.1x 0.88x 11.6x Median 73.6% $4,100 $75 $123 $4,769 $6,048 $642 5.1% 6.2% 34.3% 10.8% 18.2x 0.82x 7.7x 0.78x 7.1x

PAGE | 13 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

Private Equity Announced Target Seller Buyer Involvement 9/8/2015 Joe's Jeans Inc. Joe's Jeans Inc. Sequential Brands Group, Inc. 9/8/2015 Robert Graham Designs, LLC Tengram Capital Partners, LLC Joe's Jeans Inc. P 9/8/2015 CHART Metalworks, Inc. - Sea Bags, Inc. 9/7/2015 Sun & Skin Care Research, LLC CapitalSouth Growth Fund; Source Capital, LLC - P 9/2/2015 California Scents, Inc. - American Covers Inc. 9/1/2015 Industrial Blades Division Edgewell Personal Care Company AccuTec Blades, Inc. 9/1/2015 ACE Theatrical Group, LLC - The Ambassador Theatre Group Limited 8/31/2015 Backyard Leisure Holdings, LLC Baird Capital Partners - P 8/31/2015 Hollywood Fashion Tape, Inc. - American International Industries 8/30/2015 Blyth, Inc. Ropart Asset Management Funds and others The Carlyle Group LP P 8/27/2015 3rd Ave. Studio - Centennial Brands Inc. 8/26/2015 Vintage Blades LLC - The Grooming Network 8/25/2015 Glen Plaid LLC - Collegiate Originals Apparel, Inc. 8/25/2015 Hartcraft, Ltd. - Plano Synergy Holdings, Inc. 8/24/2015 Cyberswim, Inc. - Alphagility, LLC 8/23/2015 Belk Inc. John M. Belk Educational Endowment and others Sycamore Partners P 8/21/2015 Bob Mickler's, Inc. - - P 8/19/2015 The Beachcombers International Inc. - KB Howell Enterprises, LLC 8/18/2015 FULLBEAUTY Brands, Inc. Charlesbank Capital & Webster Capital Apax Partners LLP P 8/16/2015 zulily, Inc. MeriTech Capital Partners and others QVC, Inc. P 8/14/2015 Canwest Bedding Ltd. - SSH Bedding Canada Co. 8/11/2015 Zirtual Inc. Mayfield Fund, VegasTechFund, others Startups.co P 8/11/2015 The Paradies Shops, Inc. Freeman Spogli & Co. Incorporated Lagardère Travel Retail SAS P 8/10/2015 Of a Kind, Inc. Collaborative Fund Bed Bath & Beyond Inc. P 8/10/2015 Marvins Building Materials Inc. - Central Network Retail Group, LLC 8/6/2015 Lemon Tree, K.K. - Left Hand Studios LLC 8/5/2015 Avery Outdoors, Inc. - Banded Holdings Inc. 8/4/2015 Shoe Sensation, Inc. Consumer Growth and Palisade Capital J.W. Childs Associates, L.P. P 8/3/2015 Latham Pool Products, Inc. Littlejohn & Co. LLC Wynnchurch Capital, Ltd. P 8/2/2015 SC Pool & Spa Works & others VivoPools, Inc. Poolwerx USA LLC 8/1/2015 Country Home Products, Inc. - Generac Holdings Inc. 7/31/2015 Infinity Technology & Entertainment Inc. - Vernon Communications Cooperative 7/31/2015 Coyne International Enterprises Corp. - NXT Capital, LLC P 7/29/2015 Onix Sports, Inc. - Escalade Sports, Inc. 7/29/2015 F2Z USA Corp. - F2Z Entertainment Inc. 7/28/2015 Kanata Blanket Company - Pro Towels 7/27/2015 Good Vibrations Shoes Inc. - Vindai Corporation 7/23/2015 No Limit Archery, LLC - Plano Synergy Holdings, Inc. 7/22/2015 Deal Genius, LLC - Hilco Merchant Resources LLC 7/22/2015 Creery Custom, Inc. - Ledbury Inc. 7/21/2015 Globox Rentals, Inc. - Alps Innovations Group, Inc. 7/20/2015 Jimmy Styks, LLC - Vista Outdoor Inc. 7/20/2015 Minno Inc Western Technology, Felicis Ventures, others eBay Inc. P 7/19/2015 Loomworks Apparel, Inc. - Delta Galil USA Inc. 7/17/2015 Ben Sherman Limited and Clothing LLC Oxford Industries Inc. Marquee Brands LLC 7/17/2015 Duffy's Brew LLC - - 7/15/2015 Comark Inc. KarpReilly LLC Pacific West Commercial Corporation P 7/15/2015 KidKraft, L.P. - MidOcean Partners P 7/13/2015 Starplex Operating LP - AMC Entertainment Holdings, Inc. 7/13/2015 Chatters Canada Limited - ONCAP P 7/13/2015 Qponix LLC - Meredith Corporation 7/13/2015 Councill Company, LLC - Kindel Furniture Company Inc. 7/11/2015 WNA, Inc. Olympus Partners Jarden Corp. P 7/9/2015 Sports One Inc. - Hi-Tech Pharmaceuticals, Inc. 7/9/2015 Knowledge Universe Education LLC Knowledge Universe Holdings, LLC - P 7/9/2015 Puremco Fun & Games, Inc. - University Games Corporation 7/8/2015 43 Beauty Brands The Procter & Gamble Company Coty Inc. 7/8/2015 SCIFIT Systems, Inc. - Brunswick Corporation 7/8/2015 Morton's Ace Hardware - Sunshine Ace Hardware, Inc. 7/6/2015 Artissimo Designs Inc. Huron Capital Partners, LLC Excelsior Capital Partners P 7/3/2015 Santa Cruz Bicycles, Inc. - Pon Holdings B.V. 7/2/2015 Spot It!/Dobble Game - Asmodée Editions SAS 7/2/2015 Murad, Inc. - Unilever United States, Inc. 7/1/2015 Backcountry.com, Inc. Liberty Interactive Corporation TSG Consumer Partners P 7/1/2015 Advanced Beauty Systems, Inc. - PDC Brands 7/1/2015 Crappie Pro - Gene Larew Lures, LLC 6/30/2015 Kelley's Termite And Pest Control, Inc. - Bug Out Service Inc 6/30/2015 Northwest Carpets Inc. - Lexmark Carpet Mills, Inc. 6/29/2015 Gaspard & Sons Ltd. Ironbridge Equity Partners Limited American Achievement Corporation P 6/26/2015 The Wigglebutt Inn, Inc. - Pet Paradise-INN, LLC 6/26/2015 Kadel's Auto Body, LLC Midwest Mezzanine Funds; KCB Management ABRA Auto Body & Glass LP P 6/25/2015 Foundation Partners Group, LLC Sterling Partners Access Microfinance Holding AG P 6/24/2015 Alarm Associates, Inc. - LOUD Security Systems, Inc. 6/24/2015 Player's Bench Corporation - Total Hockey Inc. 6/24/2015 Dermalogica, Inc. - Unilever plc 6/24/2015 By George - McGuire Moorman Hospitality, LLC

PAGE | 14 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement 6/22/2015 11 Main, Inc. Alibaba Group Holding Limited OpenSky Corp. 6/18/2015 New York Kids Club LLC - New Harbor Capital Management LLC P 6/17/2015 Valley Sporting Goods, Inc. - S&S Promotional Group, Inc. 6/16/2015 Zanella Ltd. - Tengram Capital Partners, LLC P 6/16/2015 Altantic Service & Supply Inc. - Style Crest, Inc. 6/15/2015 Carolina Cutlery Service, Inc. - Cozzini Bros, Inc. 6/15/2015 Pure Energy, Inc. - Livewire, LLC 6/13/2015 American Spa Company Inc - Elements Group Ltd. 6/12/2015 JS Technologies, Inc. - Avalanche International, Corp. 6/12/2015 Service Brands International, LLC - The Dwyer Group, Inc. 6/11/2015 Vanity Fair Brands, LP Fruit of the Loom, Inc. Perceva Capital P 6/11/2015 VKGS, LLC Contrarian Cap Mgmt & Nogales Investors Mgmt Global Leveraged Cap Mgmt P 6/11/2015 Nebraska Book (Retail Store Div.) Nebraska Book Company, Inc. Follett Corporation 6/11/2015 Fineline Industries, Inc. - Nautique Boat Company, Inc. 6/10/2015 Bravo Sports Corporation Swander Pace Capital One Industries Corp. P 6/10/2015 Cardinal Industries, Inc. - Spin Master Ltd. 6/9/2015 Sequel Natural Ltd. VMG Partners The WhiteWave Foods Company P 6/9/2015 Red Earth Trading Co. LLC - Nisolo, LLC 6/8/2015 Aurora Casket Company, Inc. Kohlberg & Company, L.L.C. The York Group, Inc. P 6/8/2015 Rocket Games Rights to PIE FACE Rocket Games Hasbro Inc. 6/3/2015 Too Faced Cosmetics, Inc. Weston Presidio General Atlantic LLC P 6/2/2015 Consorcio Latinoamericano - PPG Industries, Inc. 6/1/2015 Jrco Inc. - Great Northern Equipment Distributing, Inc. 6/1/2015 Jack Guttman, Inc. - Decopac, Inc. 6/1/2015 Field Logic, Inc. - FeraDyne Outdoors, LLC 5/29/2015 Sheplers, Inc. BBH Capital Partners; Gryphon Investors Boot Barn, Inc. P 5/29/2015 Ink4Allus.com - Gorilla Stationers, LLC 5/29/2015 Dollar Tree, Inc., 330 Stores Dollar Tree, Inc. Sycamore Partners P 5/29/2015 Family Dollar Stores Inc., 330 Family Dollar Stores Family Dollar Stores Inc. Sycamore Partners P 5/28/2015 Mialisia & Co., LLC - Youngevity Essential Life Sciences 5/28/2015 Quaker Pet Group, LLC - Worldwise, Inc. 5/27/2015 Geeknet, Inc. (NasdaqGM:GKNT) Impala Asset Management, LLC GameStop Corp. P 5/27/2015 Orchard Brands Corporation American Capital, Ltd. Bluestem Brands, Inc. P 5/26/2015 Soundcast Systems, Inc. - Hancock Park Associates 5/22/2015 I Gotcha Golf, LLC - Dynamic Brands, Inc. 5/21/2015 Recreation Creations, LLC. Worth Investment Group, LLC Kidstuff Playsystems, Inc. P 5/21/2015 Frederic Fekkai & Co., LLC The Procter & Gamble Company SA Designer Parfums Limited; LUXE Brands, Inc. 5/20/2015 Billy Goat Industries, Inc. - Briggs & Stratton Corporation 5/20/2015 Reborn Products Co., Inc. - American Accessories 5/20/2015 LightHeaded Beds, LLC - Lifetime Products, Inc. 5/19/2015 Groupe Archambault inc. Quebecor Media Inc. Librairie Renaud-Bray Inc. 5/19/2015 Hildebrandt Learning Centers, LLC - Bright Horizons Family Solutions, Inc. 5/18/2015 PlayPower Holdings Inc. Apollo Global Management, LLC Littlejohn & Co. LLC P 5/18/2015 Protection 1, Inc. GTCR, LLC Apollo Global Management, LLC P 5/17/2015 ANN INC. (NYSE:ANN) Golden Gate Capital and others Ascena Retail Group Inc. P 5/15/2015 APW Holdings, LLC - InMotion Entertainment Group, LLC 5/14/2015 Contour, Inc. Curious Office Partners World Wide Licenses Ltd. P 5/14/2015 The Connaught Group, Ltd. Tom James Company, Inc. Royal Spirit International Limited 5/13/2015 Tivoli Audio, LLC Summit Partners LLP Serruya Private Equity P 5/13/2015 Bourbon & Boots, Inc. Gravity Ventures and others XCelerate Capital P 5/13/2015 Dimensions 100 Inc. - Webster Capital P 5/12/2015 Outdoor Solutions, Inc. NCH Corporation FEMO Group Holdings LP 5/8/2015 GZMOE - Gorilla Stationers, LLC 5/6/2015 Kate Somerville Skin Care, LLC JH Partners LLC Unilever plc (LSE:ULVR) P 5/6/2015 Huck Glove Groopco Ltd. - Ontario Glove and Safety Inc. 5/2/2015 AbbeyPost LaunchCapital LLC; 500 Startups Sourceeasy, Inc. P 5/1/2015 Lexol Brands, LLC Summit Industries, Inc. American Covers, Inc. 4/30/2015 Carleton Uniforms Inc. - Unisync Group Limited 4/30/2015 The Buck Bomb, Inc. - Hunter's Specialties, Inc. 4/30/2015 Implus Corporation Trilantic Capital Management LLC Berkshire Partners LLC P 4/30/2015 Mountain Khakis LLC Remington Outdoor Company, Inc. Kanders & Company, Inc. 4/29/2015 DragonTech Manufacturing Company - Affinity Specialty Apparel, Inc. 4/29/2015 Reed & Barton Corporation - Lenox Corporation 4/27/2015 Classic Awards Inc. - American Quarter Horse Foundation 4/27/2015 Woodstream Corporation Brockway Moran & Partners, Inc.; CHS Capital Vestar Capital Partners, Inc. P 4/24/2015 ColorPre Inc. - Corporate Specialties LLC 4/23/2015 Nine West Holdings, Inc., Jones New York Brand Nine West Holdings, Inc. Authentic Brands Group LLC 4/23/2015 Mountain Rug Mills, Inc. - CAP Carpet, Inc. 4/20/2015 Cirque du Soleil Inc. Créations Méandres, Inc. TPG Capital, Fosun Industrial Holdings Limited P 4/20/2015 Fletcher's Appliance, Inc. - Baron's Major Brands, LLC 4/17/2015 Driven Brands, Inc. Harvest Partners, LP Roark Capital Group P 4/17/2015 Fit & Fresh - CID Capital, Inc. P 4/16/2015 Robert Fisher Company, Inc. - Bergio International, Inc. (OTCPK:BRGO) 4/16/2015 Urnex Brands, Inc. - Cortec Group P 4/15/2015 Pet Supermarket, Inc. - Roark Capital Group P 4/14/2015 Dent Wizard International Corporation H.I.G. Capital, LLC Gridiron Capital, LLC P

PAGE | 15 CONSUMER AND RETAIL INDUSTRY UPDATE │ SEPTEMBER 2015

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement 4/14/2015 E. Masin Furniture Company, Inc. - Selden's Interior Furnishings, Inc. 4/13/2015 Frederick's of Hollywood Group Inc. HRG Group, Inc., and others Authentic Brands Group LLC 4/13/2015 Dover Saddlery, Inc. (NasdaqCM:DOVR) SEED Venture Finance, RBF Capital, others Webster Capital P 4/13/2015 WASH Multifamily Laundry Systems, LLC CHS Capital EQT Partners AB P 4/13/2015 Turner Hardware, Inc. - Westlake Hardware, Inc. 4/10/2015 Hand and Stone Massage Spa, Inc. - Levine Leichtman Capital Partners P 4/9/2015 Kitchen & Bath Design Studio, LLC - Markraft Cabinets, Inc. 4/8/2015 Elvex Corporation - Delta Plus Group (ENXTPA:DLTA) 4/8/2015 Car Brite, Eagle One, & private label products Valvoline International, Inc. Highlander Partners, L.P. P 4/8/2015 Mina Pharmacy LTC LLC - Longs Drug Stores, L.L.C. 4/8/2015 Carolina Manufacturing, LLC - Springs Creative Products Group, LLC 4/8/2015 Spence Diamonds Ltd. - Lion Capital LLP; IVEST Consumer Partners P 4/8/2015 New Energy, Inc. - Hillsdale Furniture, LLC 4/6/2015 American Recreation Products, Inc. Sun Capital Partners; Kellwood Company Exxel Outdoors, Inc. P 4/6/2015 Whatcom Farmers Coop. - CHS, Inc. 4/5/2015 AddiRae&Ives LLC - Trollingers Florists, Inc. 4/2/2015 Obsession Archery, Inc. - Arcus Hunting, LLC 4/2/2015 American Boat Brokers, Inc. - OneWater Marine Holdings, LLC 4/2/2015 Levy & Son - Service Experts Heating & Air Conditioning 4/2/2015 Nuheat Industries Ltd. Fulcrum Capital Partners Inc. Pentair plc (NYSE:PNR) P 4/1/2015 The Jessica Simpson Collection With You, Inc.; Corny Dog, Inc. Sequential Brands Group, Inc. 4/1/2015 Celtic Paper, LLC - NPS Corp 4/1/2015 54Studios Entertainment, Inc. - The Watermill Group 3/31/2015 The J. Jill Group, Inc. Golden Gate Capital TowerBrook Capital Partners L.P. P 3/31/2015 Japonesque Professional Makeup Supplies, Inc. - San Francisco Equity Partners P 3/30/2015 Watkins Hardware and Appliances Inc. - Westlake Hardware, Inc. 3/26/2015 Checkview Corporation Platinum Equity; Checkpoint Systems Iverify.us Inc. P 3/26/2015 EZ GARD Industries, Inc. Bregal Investments Inc. McDavid Inc. P 3/26/2015 Vibrance and Thermasilk Brands Unilever United States, Inc. Awesome Products, Inc. 3/25/2015 Reeves-Sain Drug Store, Inc. - Fred's, Inc. (NasdaqGS:FRED) 3/23/2015 Hinkel Inc. - InPro Corporation 3/23/2015 Louisville Slugger Brand Hillerich & Bradsby Co., Inc. Wilson Sporting Goods Co. 3/23/2015 Gardiners Home Furnishing Center Inc. - Wolf Furniture Enterprises, Inc. 3/21/2015 Beautisol LLC - Five Crowns Capital, LLC P 3/20/2015 Alliance Apparel Group Inc. - Eminent, Inc. 3/20/2015 Bugambilia International Inc. - G.E.T. Enterprises, LLC 3/16/2015 MonaVie LLC - Jeunesse Global, LLC 3/16/2015 Hancock & Moore, Inc. - RHF Investments, Inc. 3/16/2015 Cycle Support West, Inc. - Advanced Sports, Inc. 3/14/2015 Santa Fe Custom Works LLC - Ernest Thompson & Co., Inc. 3/14/2015 Kevyn Aucoin Cosmetics, Inc. - Manzanita Capital P 3/13/2015 Green Magic, Inc. - The Terminix Int'l Company 3/12/2015 Britten Woodworks - Britten Inc. 3/10/2015 Orabrush, Inc. True Ventures DenTek Oral Care, Inc. P 3/8/2015 Mac's Sporting Goods - Any Wear Apparel, L.L.C. 3/7/2015 Fleenor Security Systems, Inc. - Alarm Security Group, LLC 3/5/2015 OhSo Clean, Inc. The Westly Group Pinstripe Capital LLC P 3/4/2015 York Wallcoverings, Inc. - Babson Capital; High Road Capital P 3/3/2015 Fab, Inc. Mayfield Fund; Menlo Ventures; others PCH International Ltd. P

HW&CO. CONSUMER TEAM

Tim Alexander Glenn Gurtcheff John Neuner IV Corey Benjamin Managing Director Managing Director Managing Director Director [email protected] [email protected] [email protected] [email protected] +1 (612) 359-2716 +1 (612) 359-2702 +1 (804) 915-0125 +1 (804) 932-1342

Ryan Budlong Brant Cash Brent Spiller Matt Conaty Director Director Director Vice President [email protected] [email protected] [email protected] [email protected] +1 (415) 217-3409 +1 (612) 359-2709 +1 (804) 915-0183 +1 (415) 217-3423

Chip Duggins Ryan Freeman Andy Warczak Vice President Vice President Vice President [email protected] [email protected] [email protected] +1 (804) 932-1340 +1 (612) 359-2703 +1 (612) 359-2714

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HARRIS WILLIAMS & CO.

SOURCES

S&P Capital IQ.

Thomson Financial.

Reuters.

S&P Capital IQ LCD.

DISCLOSURES

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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