Consumer and Retail Industry Update October 2012

Member FINRA/SIPC

www.harriswilliams.com Consumer and Retail Industry Update October 2012

What We’ve Been Reading • Reuters reports that U.S. consumer sentiment unexpectedly rose to 83.1, up from 78.3 the month before, and its highest since September 2007. “The new buoyancy among consumers comes shortly after the U.S. unemployment rate tumbled to its lowest in nearly four years in September as more people returned to the workforce and found jobs than economists had predicted.” Read the article here.

• New York Times’ DealBook reports that Cerberus has been arranging upwards of $4 billion in financing for a potential takeover of Supervalu, a U.S.-based supermarket operator. Read the article here.

• The Wall Street Journal reports that German luxury retailer Douglas Holding AG has received a joint takeover offer from the founding family of Douglas Holding AG alongside private equity firm Advent International. Read the article here.

• New York Times’ DealBook reports that Nike is planning to sell its Umbro soccer brand to the Iconix Brand Group for approximately $225 million. Read the article here.

Contacts Richmond Boston Cleveland London Minneapolis Philadelphia San Francisco Phone: +1 (804) 648-0072 Phone: +1 (617) 482-7501 Phone: +1 (216) 689-2400 Phone: +44 203 170 8838 Phone: +1 (612) 359-2700 Phone: +1 (267) 675-5900 Phone: +1 (415) 288-4260 Fax: +1 (804) 648-0073 Fax: +1 (617) 482-7503 Fax: +1 (216) 689-2401 Fax: +44 207 681 1907 Fax: +1 (612) 359-2701 Fax: +1 (267) 675-5901 Fax: +1 (415) 288-4269

For more information regarding our consumer experience, please contact Glenn Gurtcheff ([email protected]), Tim Alexander ([email protected]), Jeff Cleveland ([email protected]), Ryan Budlong ([email protected]), or Brant Cash ([email protected]) at +1 (612) 359-2700.

1 of 16 Equity Trading Overview October 2012

Median Median TEV/ Median TEV/ Key Trading Number of Sector Ente rprise Change in Stock Price LTM Multiples Forward Mulitples Statistics Companies Value ($mm) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA (detail begins Consumer Products on page 6) Apparel & Footwear 35 $1,225 4.3% 7.4% 1.03x 9.3x 0.99x 8.2x Automotive Products 12 2,731 11.4% 27.8% 0.60x 10.2x 0.55x 9.4x Home & Office Furniture & Furnishings 14 808 14.2% 12.5% 0.59x 8.6x 0.65x 6.5x Household Products 11 5,235 10.8% 46.9% 1.37x 8.9x 1.35x 8.3x Personal Care Products 15 2,464 5.9% 22.1% 1.38x 8.9x 1.39x 8.8x Recreational & Leisure Products 21 478 4.4% 25.9% 0.91x 8.2x 0.98x 6.9x Retail Apparel & Footwear Retail 43 960 5.0% 18.7% 0.61x 7.1x 0.60x 6.0x Catalog & Specialty Distribution 8 264 1.9% 8.1% 0.17x 7.5x 0.16x 6.3x Department Chains 9 7,961 14.6% 9.4% 0.59x 6.7x 0.56x 5.9x Discount Stores & Mass Merchants 13 2,309 (4.3%) 11.4% 0.65x 8.4x 0.76x 7.7x Furniture & Furnishings Retailers 13 1,564 14.0% 30.5% 1.00x 8.8x 1.07x 7.8x Internet Retail 13 506 (5.8%) 7.8% 1.15x 14.1x 0.98x 9.3x Specialty & Other Retail 29 1,343 11.7% 26.3% 0.57x 9.5x 0.57x 8.4x Consumer Products 108 $1,845 8.4% 24.0% 0.97x 8.9x 0.98x 8.3x Retail 128 $1,343 5.0% 11.4% 0.61x 8.4x 0.60x 7.7x Consumer & Retail Index 236 $1,343 5.9% 18.7% 0.65x 8.8x 0.76x 7.8x

Public

Company Household Products Sector Furniture & Furnishings Retailers Performance Automotive Products

(12-month % Specialty & Other Retail

change in Recreational & Leisure Products

stock price) Personal Care Products

Apparel & Footwear Retail

Consumer & Retail Index Home & Office Furniture & Furnishings S&P 500 Discount Stores & Mass Merchants Department Chains Catalog & Specialty Distribution Internet Retail

Apparel & Footwear

(10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0%

2 of 16 Equity Markets Overview October 2012

200 88.6% Consumer and Retail 175 Industry Stock Performance 53.4% 150 50.1%

125 Index

100

50 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12

Dow Jones U.S. Consumer Goods Index Dow Jones Retail Index S&P 500 Index Recent Equity Transaction Gross Proceeds Offerings Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds 10/08/12 04/30/12 Sears Hometown & Outlet Stores SHOS Rights Offering $346.5 General Corp. Purp. 10/03/12 09/13/12 WageWorks Inc W A GE Follow-On 105.0 General Corporate Purp. / Working Capital 10/03/12 09/19/12 Mattress Firm Holding Corp MFRM Follow-On 162.3 General Corporate Purp. / Working Capital 10/01/12 10/01/12 Aspen Group Inc ASPU - 52.6 General Corp. Purp.

09/27/12 03/01/10 Dollar General Corp DG Follow-On 2,142.5 General Corp. Purp.

09/26/12 09/26/12 Bauer Performance Sports Ltd BAU Follow-On 41.6 General Corp. Purp.

09/13/12 09/13/12 WageWorks Inc W A GE Follow-On 100.0 General Corp. Purp.

09/12/12 - Jarden Corp JAH Convertible 450.0 General Corp. Purp.

09/07/12 09/07/12 Entertainment One Ltd ETO Follow-On 80.7 General Corp. Purp. / Working Capital 09/06/12 06/13/12 SPS Commerce Inc SPSC Follow-On 53.6 General Corp. Purp., Repayment of Debt 08/31/12 08/31/12 Tech Applications Intl Corp N/A IPO 12.4 General Corp. Purp.

08/31/12 08/31/12 National Research Corp NRCI - 198.0 General Corp. Purp.

08/30/12 08/30/12 Taylor & Martin Group Inc TMG IPO 172.5 General Corp. Purposes / Working Capital 08/24/12 08/24/12 Divine Skin Inc DSKX Follow-On 10.0 General Corp. Purp.

3 of 16 M&A Overview October 2012

Announced Quarterly Consumer M&A Activity Last 10 Deals Announced 140 Consumer Announced Target Buyer 10/18/2012 Sleep Innovations, Inc. Sun Capital Partners, Inc. 120 and Retail 10/17/2012 Cybex International Inc. UM Holdings Lt d. 23 M&A 10/11/2012 Access Vans of Louisiana Inc. Superior Van & Mobility LLC 100 10/9/2012 Savage BMW Inc. Penske Automotive Group, Inc. __ 10/9/2012 GTS 3000 Inc. ParTravel Inc. 10/9/2012 Ultramar Travel Management, Inc. Travel and Transport, Inc. 80 10/8/2012 McIntosh Laboratory, Inc. Fin e So un ds Sp a 9 22 5 10/5/2012 Carolina Rustica, Inc. Mattress USA, Inc. 9 13 6 10 13 13 10/4/2012 Catcorp Inc. Wireless Vision, LLC 60 13 10/4/2012 SimplySoles SKYE Associates LLC 11 9 19 101

40 4 72 72 LTM Deal Statistics

Number of Transactions 67 65 61 64 64 56 56 50 54 48 46 2 Aggregate Number Transaction Multiples 20 37 Value ($bn) of Deals EV / Revenue EV / EB ITDA 21

0 $28.2 358 0.75x 10.0x 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Note: Transactions based on publicly available information PEG Acquirer Strategic Acquirer

Consumer and Announced Consumer Transactions Median Consumer Transaction Multiples

Retail M&A 16.0x 1.75x $100 500 Trends 450 14.0x 1.50x $84.9 $79.7 __

$80 400 Transactions of Number

12.0x 11.2x Multiple EVSales / LTM 11.0x 10.7x 10.3x 9.7x 1.25x 350 10.0x 8.9x $60 300 8.4x 1.00x

250 8.0x $40.3 0.75x $40 200 6.0x $28.6 $29.6 $26.7 150 0.50x $22.1 __ 4.0x __ $20 100 EV / LTM EBITDA Multiple 2.0x 0.25x 50 Aggregate billions) in ($ Value Transaction $0 0 0.0x 0.00x 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 YTD YTD Aggregate Deal Value # of deals EV / LTM EBITDA EV / LTM Sales

Median LTM Median LTM Trading Multiples Consumer Private Equity Investments and Exits Trading 12.0x 120 110 Multiples and 10.8x 10.3x 10.4x 10.3x 10.3x 10.1x 9.9x 9.8x 9.9x Announced 10.0x 9.6x 100 97 9.3x 9.4x 9.2x 9.3x 8.9x 9.0x 9.1x 9.0x 9.0x 8.7x 8.7x Private Equity 8.6x 8.5x 8.4x

' 81 M&A Activity 8.0x 80 73 71 73 62 59 59 59 60 6.0x 60 53 54 54 53 49

37 4.0x 40 33 30 Number of Investments

Median Trading Multiples 27

2.0x 20

0.0x 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Number of Investments Number of Exits Consumer Products Retail

4 of 16 Debt Market Overview October 2012

Key Retail Quarterly Retail Loan Volume Average Spread on Retail Loans Credit Statistics $12 L + 500 ___

$10 __ L + 400

$8 L + 300 $6

L + 200 $4

Average Spread Over LIBOR Over Spread Average L + 100 $2 LoanVolumeQuarter by ($billions) in $0 L + 0 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional

Credit Statistics Average Secondary Spread 8.0x L + 1200 2007 2008 2009 2010 2011 2012 YTD L + 1000 6.0x L + 800

4.0x L + 600

L + 400

EBITDA Multiple 2.0x

Average Spread Average Spread Over LIBOR L + 200

0.0x L + 0 Debt/EBITDA Senior EBITDA/Cash EBITDA - Debt/EBITDA Interest Capex/Cash Interest

Recent Date Effective Borrower Name Description Deal Amount Type Rating Spread 10/20/12 Corn Products International Inc Wet corn milling $750,000,000 Revolver/Line >= 1 Yr. BBB / Baa2 125 Consumer and 10/18/12 Auto Europe Group LLC Passenger car rental 140,000,000 Term Loan B B / B2 N/A Retail Debt 10/18/12 Peak 10 Inc Catalog and mail-order tools 30,000,000 Revolver/Line >= 1 Yr. B / B2 N/A 10/18/12 Peak 10 Inc Catalog and mail-order tools 300,000,000 Term Loan B B / B2 N/A Offerings 10/16/12 Blue Coat Systems Computer integrated systems design 500,000,000 Term Loan BB- / B2 450 10/16/12 Colgate-Palmolive Co Toilet preparations 1,800,000,000 Revolver/Line >= 1 Yr. AA- / Aa3 N/A 10/16/12 J Crew Group Inc Women's clothing stores 250,000,000 Revolver/Line >= 1 Yr. CCC+ / Caa1 175 10/15/12 Leslie's Poolmart Inc Miscellaneous retail stores 575,000,000 Term Loan B B- / WR 400 10/15/12 Leslie's Poolmart Inc Miscellaneous retail stores 50,000,000 Delay Draw Term Loan B- / WR N/A 10/12/12 Harman International Industries Inc Household audio and video equipment 750,000,000 Revolver/Line >= 1 Yr. NR / Baa3 150 10/12/12 Harman International Industries Inc Household audio and video equipment 300,000,000 Term Loan NR / Baa3 150 10/11/12 David's Bridal Inc Fabricated textile products 520,000,000 Term Loan B CCC+ / B2 425 10/11/12 David's Bridal Inc Fabricated textile products 125,000,000 Revolver/Line >= 1 Yr. CCC+ / B2 N/A 10/09/12 Wolverine World Wide Men's footwear, except athletic 350,000,000 Term Loan B B+ / B2 300 10/08/12 Century Ginwa Retail Holdings Ltd Department stores 60,000,000 Term Loan NR / NR N/A 10/05/12 Harvard Drug Group LLC Drug stores and proprietary stores 345,000,000 Term Loan B B / NR 475 10/04/12 3M Co Abrasive products 1,500,000,000 364-Day Facility AA- / Aa2 N/A 10/04/12 Compucom Systems Inc Computers, peripherals & software 470,000,000 Term Loan B NR / B1 525 10/04/12 Compucom Systems Inc Computers, peripherals & software 165,000,000 Term Loan NR / B1 900 10/04/12 Deltek Systems Inc Computer programming services 450,000,000 Term Loan B B+ / B1 475 10/04/12 Deltek Systems Inc Computer programming services 30,000,000 Revolver/Line >= 1 Yr. B+ / B1 N/A 10/04/12 Deltek Systems Inc Computer programming services 200,000,000 Term Loan B+ / B1 875 10/04/12 Terex Corp Home furnishings 460,000,000 Term Loan B BB- / B2 350 10/03/12 Doric Nimrod Air Two Ltd Equipment rental & leasing 145,751,153 Term Loan NR / NR N/A

5 of 16 Consumer and Retail Industry Update October 2012

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Marg ins LTM P/E EV / LTM EV / 2012E ($ in millions, except per share data) Ticker 10/19/12 52-wk High Cap Debt Equi v. Value (EV) Revenue EB ITDA 1 Year 3 Years Gros s EB ITDA Multiple Revenue EB ITDA Revenue EB ITDA Consumer Products Apparel & Footwear Carter's, Inc. CRI $52.47 91.1% $3,095 $186 $238 $3,043 $2,270 $248 21.0% 13.8% 34.5% 10.9% 25.5x 1.34x 12.3x 1.24x 9.4x Cherokee Inc. CHKE 14.46 94.6% 121 0 2 119 26 12 (9.8%) (6.0%) NM 45.9% 19.5x 4.62x 10.1x 4.47x NA Coach, Inc. COH 56.00 70.3% 15,898 23 917 15,004 4,763 1,645 14.5% 13.8% 72.8% 34.5% 15.3x 3.15x 9.1x 2.82x 8.3x Columbia Sportswear Company COLM 53.51 90.9% 1,809 0 229 1,580 1,716 181 9.9% 10.9% 43.1% 10.6% 18.0x 0.92x 8.7x 0.91x 8.4x Crocs, Inc. CROX 16.38 72.5% 1,478 11 279 1,211 1,081 189 17.9% 19.5% 54.4% 17.5% 12.0x 1.12x 6.4x 0.99x 5.3x Deckers Outdoor Corp. DECK 37.08 31.2% 1,374 0 114 1,259 1,439 289 34.9% 25.0% 48.5% 20.1% 8.2x 0.88x 4.4x 0.81x 5.1x Delta Apparel Inc. DLA 14.33 72.6% 120 115 0 234 490 17 3.1% 11.3% 20.4% 3.6% NM 0.48x 13.4x 0.46x NA G-III Apparel Group, Ltd. GIII 36.19 91.6% 725 89 23 791 1,285 94 12.1% 18.8% 30.3% 7.3% 14.7x 0.62x 8.4x 0.54x 7.0x Gildemeister AG GIL 18.92 92.5% 1,104 106 190 1,020 2,338 187 (1.4%) (0.1%) 46.7% 8.0% 11.8x 0.44x 5.4x NA NA Hanesbrands Inc. HBI 33.16 97.5% 3,237 2,026 30 5,232 4,643 474 3.8% 4.8% 30.4% 10.2% 17.2x 1.13x 11.0x 1.13x 8.2x Iconix Brand Group, Inc. ICON 18.57 84.6% 1,267 491 23 1,735 370 237 1.0% 19.6% NM 63.9% 12.7x 4.69x 7.3x 4.87x 7.6x The Jones Group Inc. JNY 13.54 96.9% 1,087 859 277 1,669 3,727 232 (0.5%) 2.1% 36.5% 6.2% 39.9x 0.45x 7.2x 0.43x 5.7x The KCP Limited KCP 0.86 98.3% 111 71 10 172 200 38 56.6% NA 35.7% 18.9% 5.7x 0.86x 4.6x NA NA K-Swiss Inc. KSWS 2.50 50.9% 89 2 41 50 245 (46) 1.2% (3.7%) 33.3% NM NM 0.20x NM 0.22x NM Fifth & Pacific Companies, Inc. FNP 10.64 69.1% 1,203 503 173 1,533 1,482 6 (4.0%) (24.0%) 55.1% 0.4% 7.0x 1.03x NM 0.98x 11.6x Maidenform Brands, Inc. MFB 18.97 71.9% 447 69 59 457 588 48 (1.7%) 10.5% 29.4% 8.2% 18.3x 0.78x 9.4x 0.73x 6.5x Nike Inc. NKE 96.45 84.0% 43,456 364 3,267 40,553 24,716 3,341 13.5% 10.1% 43.2% 13.5% 20.6x 1.64x 12.1x 1.57x 10.6x Oxford Industries Inc. OXM 54.85 92.4% 909 101 5 1,006 808 103 17.7% 2.8% 54.4% 12.8% 29.0x 1.24x 9.8x 1.12x 8.6x Perry Ellis International Inc. PERY 20.29 79.8% 297 175 82 389 953 61 4.6% 6.3% 32.7% 6.4% 20.1x 0.41x 6.4x 0.38x 5.6x PVH Corp. PVH 96.73 97.7% 6,824 1,856 262 8,418 5,951 798 5.9% 35.5% 52.3% 13.4% 18.7x 1.41x 10.5x 1.37x 9.3x Ralph Lauren Corporation RL 161.93 88.7% 14,761 261 1,032 13,990 6,927 1,290 14.8% 12.0% 58.2% 18.6% 21.9x 2.02x 10.8x 1.92x 10.2x Quiksilver Inc. ZQK 3.18 65.0% 524 783 82 1,225 1,999 133 5.1% (0.8%) 50.3% 6.7% 9.7x 0.61x 9.2x 0.59x 6.8x Rocky Brands, Inc. RCKY 11.94 83.3% 90 30 2 118 233 21 (5.4%) (1.0%) 35.0% 8.9% 14.1x 0.51x 5.7x 0.47x NA Skechers USA Inc. SKX 17.33 77.5% 868 142 374 636 1,438 (19) (25.3%) 2.2% 43.3% NM NM 0.44x NM 0.40x 6.9x Steven Madden, Ltd. SHOO 44.53 97.4% 2,040 0 92 1,948 1,148 181 59.5% 34.6% 35.6% 15.7% 18.7x 1.70x 10.8x 1.53x 9.1x Summer Infant, Inc. SUMR 1.38 16.6% 25 77 5 97 243 15 10.5% 19.4% 34.2% 6.2% 9.9x 0.40x 6.5x 0.37x 4.6x Taiga Building Products Ltd. TBL 0.65 71.8% 27 264 0 291 998 36 1.2% 6.8% 9.8% 3.6% 4.5x 0.29x 8.0x NA NA True Religion Apparel Inc. TRLG 25.88 68.4% 655 0 160 495 439 92 11.1% 15.1% 64.4% 21.0% 13.9x 1.13x 5.4x 1.06x 5.2x Tumi Holdings, Inc. TUMI 22.33 77.8% 1,515 58 21 1,553 361 73 42.9% NA 57.7% 20.3% NM 4.30x 21.2x 3.65x 16.2x Under Armour, Inc. UA 58.75 96.4% 6,137 74 143 6,068 1,623 207 31.5% 27.9% 47.9% 12.7% NM 3.74x 29.4x 3.02x 21.9x V.F. Corporation VFC 166.77 98.2% 18,328 2,574 305 20,597 10,757 1,600 24.0% 14.2% 45.9% 14.9% 17.7x 1.91x 12.9x 1.77x 10.9x Vera Bradley, Inc. VRA 29.74 64.8% 1,205 25 8 1,223 496 107 22.1% 1.4% 55.5% 21.5% 20.6x 2.47x 11.5x 2.14x 9.1x Warnaco Group Inc. WRC 52.51 86.5% 2,146 253 295 2,104 2,439 284 (0.1%) 7.1% 43.4% 11.6% 26.0x 0.86x 7.4x 0.83x 6.1x Weyco Group Inc. W EYS 23.79 87.3% 259 34 15 278 285 27 18.2% 9.7% 38.6% 9.6% 16.6x 0.97x 10.1x 0.92x NA Wolverine World Wide Inc. WWW 43.07 89.7% 2,111 27 144 1,994 1,395 162 0.5% 7.1% 38.6% 11.6% 19.5x 1.43x 12.3x 0.76x 7.3x Mean 80.0% $3,867 $333 $254 $3,945 $2,568 $353 11.7% 9.9% 42.8% 15.0% 16.9x 1.43x 9.9x 1.39x 8.6x Median 84.6% $1,203 $89 $92 $1,225 $1,285 $133 9.9% 10.1% 43.2% 11.6% 17.4x 1.03x 9.3x 0.99x 8.2x

Automotive Products America's Car-Mart Inc. CRMT $41.95 85.3% $381 $87 $0 $468 $440 $58 13.2% 12.7% 28.9% 13.1% 12.4x 1.07x 8.1x 0.97x 7.5x Asbury Automotive Group, Inc. ABG 30.34 96.8% 952 926 9 1,870 4,464 182 8.0% 5.7% 16.8% 4.1% 13.9x 0.42x 10.3x 0.40x 9.1x AutoNation Inc. AN 48.45 99.8% 5,848 4,151 62 9,936 14,746 686 12.0% 10.5% 16.2% 4.7% 22.2x 0.67x 14.5x 0.63x 13.6x AutoZone Inc. AZO 369.00 92.5% 13,663 3,798 103 17,358 8,604 1,841 6.6% 8.1% 51.5% 21.4% 15.6x 2.02x 9.4x 1.88x 8.7x CarMax Inc. KMX 33.30 94.7% 7,619 5,443 459 12,604 10,548 783 6.7% 15.2% 15.8% 7.4% 18.8x 1.19x 16.1x 1.14x 15.1x Group 1 Automotive Inc. GPI 61.71 93.5% 1,326 1,542 10 2,858 6,757 251 16.8% 12.9% 15.4% 3.7% 15.5x 0.42x 11.4x 0.38x 10.4x

6 of 16 Consumer and Retail Industry Update October 2012

Home & Office Furniture & Furnishings Furniture Brands International Inc. FBN $1.39 66.2% $78 $77 $19 $136 $1,066 $1 (6.6%) (10.0%) 23.9% 0.1% NM 0.13x 92.4x 0.13x 42.9x Herman Miller Inc. MLHR 19.56 83.1% 1,140 250 194 1,197 1,716 173 (0.6%) 5.2% 34.2% 10.1% 16.0x 0.70x 6.9x 0.66x 6.1x HNI Corp. HNI 26.40 82.4% 1,197 194 57 1,334 1,977 133 9.9% 2.1% 34.5% 6.7% 24.4x 0.68x 10.0x 0.65x 8.9x Hooker Furniture Corp. HOFT 13.33 95.3% 143 0 43 100 210 12 (6.3%) (2.0%) 22.7% 5.6% 26.7x 0.48x 8.4x 0.44x 6.5x Kid Brands, Inc. KID 1.87 47.1% 41 48 1 87 243 5 (8.8%) 0.2% 24.3% 2.1% NM 0.36x 16.9x 0.35x 5.2x Kimball International, Inc. KBAL.B 11.61 87.6% 323 0 75 248 1,142 53 (5.0%) (1.8%) 18.4% 4.6% 38.1x 0.22x 4.7x 0.20x NA Knoll Inc. KNL 14.02 80.0% 654 203 11 847 861 99 (8.3%) (0.5%) 32.8% 11.5% 13.3x 0.98x 8.6x 0.91x 7.9x Leggett & Platt, Incorporated LEG 25.86 98.7% 3,636 1,064 255 4,445 3,681 394 4.9% 1.8% 18.5% 10.7% 23.5x 1.21x 11.3x 1.14x 8.9x Libbey Inc. LBY 15.16 85.9% 312 478 20 770 822 121 0.2% 2.9% 22.5% 14.8% NM 0.94x 6.3x 0.92x 6.3x Natuzzi SpA NTZ 1.97 51.5% 108 50 106 52 602 (12) (15.3%) (9.0%) 32.1% NM NM 0.09x NM NA NA Sealy Corporation ZZ 2.22 90.6% 231 761 89 903 1,259 118 0.1% (0.6%) 39.4% 9.3% NM 0.72x 7.7x 0.69x 6.5x Steelcase Inc. SCS 10.32 96.2% 1,291 292 155 1,427 2,830 196 7.4% 3.0% 30.5% 6.9% 16.6x 0.50x 7.3x 0.49x 6.1x Tempur Pedic International Inc. TPX 33.12 37.9% 3,447 684 134 3,997 1,464 351 16.5% 22.1% 52.2% 24.0% 10.9x 2.73x 11.4x 2.77x 12.4x The Dixie Group, Inc. DXYN 4.17 87.1% 53 76 0 128 264 12 2.9% 4.0% 24.1% 4.5% NM 0.49x 10.8x 0.47x NA Mean 77.8% $904 $298 $83 $1,119 $1,295 $118 (0.7%) 1.2% 29.3% 8.5% 21.2x 0.73x 15.6x 0.76x 10.7x Median 84.5% $317 $199 $66 $808 $1,104 $108 (0.3%) 1.0% 27.4% 6.9% 20.0x 0.59x 8.6x 0.65x 6.5x

Household Products Central Garden & Pet Co. CENT $11.66 92.5% $570 $450 $59 $961 $1,680 $109 5.1% 0.3% 30.2% 6.5% 27.6x 0.57x 8.8x 0.55x 7.6x The Clorox Company CLX 74.99 98.8% 9,768 2,721 267 12,222 5,468 1,081 4.5% 2.0% 42.1% 19.8% 18.0x 2.24x 11.3x 2.16x 10.4x iRobot Corporation IRBT 23.06 60.2% 636 0 177 459 460 53 8.9% 15.2% 41.2% 11.5% 19.6x 1.00x 8.7x 0.88x 8.0x Jarden Corp. JAH 54.10 97.0% 4,320 3,412 590 7,142 6,694 798 3.9% 8.7% 28.3% 11.9% 19.7x 1.07x 8.9x 1.06x 8.5x Newell Rubbermaid Inc. NWL 20.60 97.9% 5,949 2,494 372 8,072 5,894 904 2.9% (0.1%) 37.8% 15.3% NM 1.37x 8.9x 1.35x 8.7x Prestige Brands Holdings, Inc. PBH 16.51 92.0% 833 1,096 4 1,925 493 152 36.7% 18.0% 53.4% 30.9% 23.1x 3.91x 12.6x 3.11x 9.4x Snap-on Inc. SNA 75.85 96.9% 4,417 990 172 5,235 3,075 586 5.1% 7.4% 48.4% 19.1% 14.9x 1.70x 8.9x 1.71x 8.3x Stanley Black & Decker, Inc. SWK 70.27 85.8% 11,815 4,274 770 15,319 11,046 1,581 11.0% 42.1% 36.6% 14.3% 20.5x 1.39x 9.7x 1.36x 7.7x Toro Co. TTC 41.37 99.3% 2,430 225 143 2,512 1,987 263 7.2% 8.0% 34.2% 13.2% 18.7x 1.26x 9.6x 1.23x 9.3x Tupperware Brands Corporation TUP 55.37 85.2% 3,085 646 98 3,632 2,557 431 2.9% 8.1% 66.9% 16.9% 19.1x 1.42x 8.4x 1.39x 8.0x Whirlpool Corp. WHR 87.05 97.9% 6,750 2,435 426 8,759 18,396 1,454 (1.6%) 2.8% 14.0% 7.9% 11.5x 0.48x 6.0x 0.47x 5.3x Mean 91.2% $4,598 $1,704 $280 $6,022 $5,250 $674 7.9% 10.2% 39.4% 15.2% 19.3x 1.49x 9.3x 1.39x 8.3x Median 96.9% $4,320 $1,096 $177 $5,235 $3,075 $586 5.1% 8.0% 37.8% 14.3% 19.4x 1.37x 8.9x 1.35x 8.3x

Personal Care Products All for One Steeb AG ACV $14.90 91.2% $72 $39 $19 $93 $169 $13 36.9% 11.2% 21.2% 7.5% 11.9x 0.55x 7.3x NA NA Avon Products Inc. A VP 16.48 68.8% 7,120 3,251 1,009 9,362 11,427 1,518 1.4% 4.1% 62.2% 13.3% 28.5x 0.82x 6.2x 0.87x 10.2x

7 of 16 Consumer and Retail Industry Update October 2012

Recreational & Leisure Products Arctic Cat Inc. ACAT $42.15 88.8% $554 $4 $17 $541 $622 $67 30.6% 4.9% 22.3% 10.7% 19.5x 0.87x 8.1x 0.79x 7.0x Brunswick Corporation BC 22.72 82.9% 2,031 681 463 2,250 3,707 317 2.2% 3.6% 23.7% 8.5% 20.5x 0.61x 7.1x 0.56x 5.9x Callaway Golf Co. ELY 6.02 82.6% 392 70 28 434 893 11 (3.0%) (2.3%) 37.1% 1.2% NM 0.49x 40.5x 0.50x 34.5x Cybex International Inc. CYBI 2.45 68.1% 42 23 4 61 145 11 8.9% 3.2% 33.9% 7.6% 1.2x 0.42x 5.6x NA NA Harley-Davidson, Inc. HOG 43.88 80.8% 10,029 5,330 862 14,498 5,741 1,228 13.1% 1.3% 37.6% 21.4% 15.4x 2.53x 11.8x 2.81x 11.1x Hasbro Inc. HAS 39.05 97.7% 5,085 1,664 697 6,052 4,135 733 (2.4%) 1.8% 49.0% 17.7% 14.7x 1.46x 8.3x 1.40x 7.8x Head NV WBAG:HEAD 1.65 97.5% 138 130 51 218 448 30 (9.8%) (0.3%) 40.5% 6.6% 33.9x 0.49x 7.4x NA NA JAKKS Pacific, Inc. JAKK 13.49 68.3% 349 94 222 220 692 38 (7.8%) (7.7%) 30.8% 5.4% NM 0.32x 5.8x 0.33x 5.0x Johnson Outdoors Inc. JOUT 20.20 92.7% 200 12 39 174 415 28 2.4% 3.6% 39.7% 6.8% 6.7x 0.42x 6.1x NA NA LeapFrog Enterprises Inc. LF 9.01 73.4% 605 0 127 478 505 56 19.6% 7.0% 42.4% 11.1% 16.1x 0.95x 8.6x 0.88x 6.7x Life Time Fitness Inc. LTM 43.58 82.7% 1,808 669 9 2,468 1,103 313 11.8% 10.0% 41.4% 28.4% 17.7x 2.24x 7.9x 2.04x 6.8x Marine Products Corp. MPX 5.64 83.1% 213 0 9 204 126 9 25.1% 18.6% 19.3% 7.2% 24.5x 1.62x 22.3x 1.43x NA Mattel, Inc. MAT 37.50 98.8% 12,785 1,655 282 14,157 6,319 1,335 1.3% 5.3% 52.9% 21.1% 15.4x 2.24x 10.6x 2.10x 9.9x Nautilus Inc. NLS 2.79 76.6% 86 0 16 70 188 10 7.4% (5.2%) 44.0% 5.3% 15.3x 0.37x 7.0x 0.36x 5.3x Navarre Corp. NA VR 1.71 90.5% 64 0 0 64 468 6 (5.7%) (8.6%) 10.8% 1.3% NM 0.14x 10.2x 0.13x 4.4x Polaris Industries, Inc. PII 88.05 98.0% 6,031 107 413 5,725 3,122 505 24.1% 24.1% 29.1% 16.2% 21.0x 1.83x 11.3x 1.63x 9.5x Pool Corp. POOL 42.94 98.7% 2,005 214 29 2,191 1,918 161 8.7% 6.9% 29.2% 8.4% 25.4x 1.14x 13.6x 1.07x 12.3x Smith & Wesson Holding Corporation SWHC 9.76 86.8% 639 48 57 630 456 87 28.1% 8.4% 33.7% 19.2% 15.3x 1.38x 7.2x 1.17x 5.5x Steinway Musical Instruments Inc. LVB 23.01 80.1% 286 72 40 317 348 32 4.5% 1.1% 30.8% 9.3% NM 0.91x 9.8x 0.88x 7.2x Sturm, Ruger & Co. Inc. RGR 46.59 79.8% 893 0 96 797 406 99 46.1% 19.7% 36.2% 24.5% 16.6x 1.96x 8.0x 1.72x 6.8x THQ Inc. THQI 2.89 11.5% 20 100 21 99 769 (86) 8.2% (6.3%) 57.8% NM NM 0.13x NM 0.23x NM Mean 81.9% $2,107 $518 $166 $2,459 $1,549 $238 10.2% 4.2% 35.3% 11.9% 17.5x 1.07x 10.9x 1.11x 9.1x Median 82.9% $554 $72 $40 $478 $622 $56 8.2% 3.6% 36.2% 8.9% 16.3x 0.91x 8.2x 0.98x 6.9x

8 of 16 Consumer and Retail Industry Update October 2012

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Marg ins LTM P/E EV / LTM EV / 2012E ($ in millions, except per share data) Ticker 10/19/12 52-wk High Cap Debt Equi v. Value (EV) Revenue EB ITDA 1 Year 3 Years Gros s EB ITDA Multiple Revenue EB ITDA Revenue EB ITDA Retail Apparel & Footwear Retail Abercrombie & Fitch Co. ANF $32.01 41.3% $2,643 $138 $332 $2,449 $4,277 $474 12.9% 11.6% 59.9% 11.1% 30.4x 0.57x 5.2x 0.54x 4.2x Aéropostale, Inc. ARO 13.19 57.2% 1,072 0 170 902 2,387 178 0.3% 5.5% 33.2% 7.4% 17.0x 0.38x 5.1x 0.36x 4.5x American Apparel, Inc. APP 1.06 62.4% 113 176 8 281 581 12 10.1% 1.8% 53.0% 2.0% NM 0.48x 24.4x 0.44x 4.9x American Eagle Outfitters, Inc. AEO 22.54 94.2% 4,431 0 702 3,729 3,336 438 13.5% 4.7% 36.3% 13.1% 24.0x 1.12x 8.5x 1.08x 6.3x ANN INC ANN 36.13 90.8% 1,710 0 133 1,577 2,286 254 8.7% 6.2% 54.7% 11.1% 19.2x 0.69x 6.2x 0.63x 5.3x Ascena Retail Group Inc. ASNA 20.97 92.7% 3,255 327 166 3,416 3,353 446 15.1% 30.9% 56.4% 13.3% 19.0x 1.02x 7.7x 0.70x 6.2x Bebe Stores, Inc. BEBE 4.27 44.6% 360 0 181 179 531 40 7.6% (1.3%) 39.8% 7.6% 29.8x 0.34x 4.5x 0.35x 9.1x Brown Shoe Co. Inc. BWS 16.16 95.7% 693 315 47 960 2,568 131 0.3% 5.2% 38.6% 5.1% NM 0.37x 7.3x 0.37x 6.5x Buckle Inc. BKE 43.76 87.5% 2,072 0 198 1,874 1,090 276 9.1% 8.4% 49.5% 25.4% 13.3x 1.72x 6.8x 1.65x 6.5x Body Central Corp. BODY 10.37 33.5% 169 0 42 127 310 35 13.6% 16.5% 33.8% 11.3% 9.1x 0.41x 3.6x 0.38x 4.2x Cabela's Incorporated CAB 55.15 97.1% 3,853 2,168 347 5,673 2,913 353 6.9% 4.1% 43.2% 12.1% 23.8x 1.95x 16.1x 1.77x 14.1x Casual Male Retail Group, Inc. CMRG 3.99 84.7% 190 0 10 180 398 29 0.2% (1.7%) 45.9% 7.3% 5.1x 0.45x 6.2x 0.42x 5.2x The Cato Corporation CATO 29.01 89.8% 849 0 277 572 930 122 (0.9%) 2.5% 38.6% 13.1% 12.7x 0.61x 4.7x 0.60x NA Chico's FAS Inc. CHS 18.91 96.0% 3,094 0 358 2,736 2,400 365 17.3% 14.5% 55.8% 15.2% 19.8x 1.14x 7.5x 1.00x 6.5x Christopher & Banks Corporation CBK 3.59 92.5% 133 0 48 84 446 (34) (0.5%) (5.6%) 24.3% NM NM 0.19x NM 0.20x NM Citi Trends CTRN 11.30 68.8% 165 0 55 110 651 15 3.2% 8.8% 33.9% 2.3% NM 0.17x 7.5x 0.16x 3.5x Coldwater Creek Inc. CWTR 3.78 72.7% 115 61 46 130 745 (24) (11.9%) (8.3%) 31.2% NM NM 0.17x NM 0.17x NM Destination Maternity Corporation DEST 18.98 84.3% 254 16 32 238 542 44 0.4% 0.3% 53.1% 8.1% 15.1x 0.44x 5.4x 0.44x 5.0x DSW Inc. DSW 61.97 89.6% 2,767 0 381 2,386 2,115 276 9.2% 12.3% 39.7% 13.1% 20.0x 1.13x 8.6x 1.00x 7.3x Express Inc. EXPR 11.34 43.2% 1,008 199 130 1,076 2,111 340 6.3% 6.7% 44.4% 16.1% 6.7x 0.51x 3.2x 0.50x 3.8x Finish Line Inc. FINL 20.85 79.7% 1,060 0 254 806 1,442 163 13.0% 8.1% 40.6% 11.3% 12.5x 0.56x 4.9x 0.54x 4.6x Foot Locker, Inc. FL 35.96 95.5% 5,431 133 820 4,744 5,841 640 8.2% 5.7% 44.0% 11.0% 16.3x 0.81x 7.4x 0.77x 6.4x Gap Inc. GPS 36.37 96.1% 17,492 1,614 2,114 16,992 14,930 2,135 1.6% 2.1% 37.0% 14.3% 20.1x 1.14x 8.0x 1.08x 7.2x Genesco Inc. GCO 58.71 74.3% 1,426 100 47 1,479 2,484 238 25.6% 17.1% 50.4% 9.6% 14.4x 0.60x 6.2x 0.55x 5.6x Guess? Inc. GES 24.96 67.2% 2,125 11 282 1,855 2,633 414 (0.3%) 8.7% 42.0% 15.7% 9.8x 0.70x 4.5x 0.69x 5.2x Hot Topic Inc. HOTT 9.05 84.3% 383 0 64 319 715 69 1.0% (2.4%) 36.3% 9.6% 25.1x 0.45x 4.6x 0.41x 4.8x Jos. A Bank Clothiers Inc. JOSB 49.11 87.0% 1,371 0 292 1,079 1,018 185 11.2% 11.8% 60.9% 18.2% 13.7x 1.06x 5.8x 0.95x 5.2x Limited Brands, Inc. LTD 48.60 93.1% 13,968 4,590 1,193 17,365 10,242 1,961 1.3% 5.9% 46.1% 19.1% 20.2x 1.70x 8.9x 1.64x 8.1x Lululemon Athletica Inc. LULU 69.03 85.1% 9,941 0 444 9,497 1,170 355 42.6% 46.7% 55.6% 30.4% 45.8x 8.12x 26.7x 6.34x 20.6x The Men's Wearhouse, Inc. MW 32.95 80.4% 1,672 0 106 1,565 2,396 270 2.9% 7.5% 44.6% 11.3% 13.8x 0.65x 5.8x 0.61x 4.8x New York & Company Inc. NWY 3.36 71.1% 211 0 39 171 944 16 (6.5%) (3.6%) 35.7% 1.7% NM 0.18x 10.4x 0.18x 4.8x Pacific Sunwear of California Inc. PSUN 1.89 69.2% 128 74 35 168 845 (12) 5.5% (9.5%) 40.9% NM NM 0.20x NM 0.21x 38.1x Ross Stores Inc. ROST 61.88 87.4% 13,857 150 723 13,284 9,142 1,344 11.7% 10.6% 27.8% 14.7% 18.7x 1.45x 9.9x 1.32x 8.4x rue21, Inc. RUE 31.09 92.4% 740 0 57 683 822 97 17.5% 22.3% 37.6% 11.8% 17.8x 0.83x 7.1x 0.71x 6.1x Shoe Carnival Inc. SCVL 23.60 95.7% 483 0 53 430 802 60 7.0% 7.4% 29.6% 7.5% 17.6x 0.54x 7.1x 0.48x 6.0x Stage Stores Inc. SSI 24.02 97.1% 750 47 23 775 1,560 119 5.1% 2.1% 27.6% 7.7% 23.2x 0.50x 6.5x 0.46x 5.9x Stein Mart Inc. SMRT 7.86 84.2% 344 0 94 249 1,166 45 (1.0%) (2.8%) 25.5% 3.8% 23.4x 0.21x 5.6x 0.21x 4.7x The Children’s Place Retail Stores, Inc. PLCE 59.90 96.3% 1,443 0 159 1,284 1,741 153 3.6% 2.6% 37.7% 8.8% 22.8x 0.74x 8.4x 0.70x 6.2x Texas Industries Inc. TLB 41.99 92.7% 0 659 61 598 657 37 4.1% (5.0%) 7.9% 5.6% NA 0.91x 16.1x 0.85x NA The TJX Companies, Inc. TJX 42.55 91.2% 31,321 786 1,797 30,311 24,247 3,318 7.5% 8.0% 27.9% 13.7% 18.5x 1.25x 9.1x 1.16x 8.1x Urban Outfitters Inc. URBN 37.09 91.2% 5,398 0 271 5,126 2,586 391 8.9% 12.2% 41.2% 15.1% 29.1x 1.98x 13.1x 1.76x 10.0x Wet Seal Inc. WTSL.A 2.96 63.9% 267 0 146 120 598 25 (3.0%) 1.6% 46.3% 4.2% NM 0.20x 4.8x 0.21x NM Zumiez, Inc. ZUMZ 25.99 61.9% 815 2 97 720 603 90 18.2% 14.7% 36.7% 15.0% 19.9x 1.19x 8.0x 1.00x 6.6x Mean 80.4% $3,246 $269 $298 $3,216 $2,850 $369 7.1% 6.9% 40.6% 11.4% 19.1x 0.93x 8.2x 0.83x 7.4x Median 87.0% $1,060 $0 $146 $960 $1,442 $163 6.9% 5.9% 39.8% 11.3% 18.9x 0.61x 7.1x 0.60x 6.0x

9 of 16 Consumer and Retail Industry Update October 2012

Department Chains Bon-Ton Stores Inc. BONT $11.64 77.7% $233 $906 $9 $1,130 $2,941 $152 (2.7%) (1.7%) 36.9% 5.2% NM 0.38x 7.4x 0.38x 6.7x Dillard's Inc. DDS 76.99 97.2% 3,629 925 163 4,391 6,535 733 3.3% (0.3%) 36.9% 11.2% 7.9x 0.67x 6.0x 0.65x 5.6x J. C. Penney Company, Inc. JCP 26.01 60.2% 5,698 3,151 888 7,961 15,585 352 (12.2%) (4.5%) 34.1% 2.3% NM 0.51x 22.6x 0.56x 10.4x Kohl's Corp. KSS 52.93 93.4% 12,413 4,232 600 16,045 18,841 2,805 0.9% 4.6% 37.3% 14.9% 12.4x 0.85x 5.7x 0.82x 5.4x Macy's, Inc. M 39.99 94.8% 16,097 6,950 1,604 21,443 26,838 3,557 4.3% 4.1% 40.4% 13.3% 12.6x 0.80x 6.0x 0.76x 5.8x Nordstrom Inc. JWN 56.43 96.6% 11,342 3,139 1,258 13,223 11,382 1,620 11.3% 11.1% 37.0% 14.2% 17.7x 1.16x 8.2x 1.09x 7.4x Saks Incorporated SKS 10.33 85.1% 1,584 383 139 1,828 3,075 274 5.3% 4.2% 40.7% 8.9% 22.0x 0.59x 6.7x 0.56x 5.9x Sears Holdings Corporation SHLD 58.72 68.4% 6,251 3,300 730 8,821 40,626 466 (2.9%) (3.0%) 26.2% 1.1% NM 0.22x 18.9x 0.23x 13.8x Stage Stores Inc. SSI 24.02 97.1% 750 47 23 775 1,560 119 5.1% 2.1% 27.6% 7.7% 23.2x 0.50x 6.5x 0.46x 5.9x Mean 85.6% $6,444 $2,559 $601 $8,402 $14,154 $1,120 1.4% 1.8% 35.2% 8.7% 16.0x 0.63x 9.8x 0.61x 7.4x Median 93.4% $5,698 $3,139 $600 $7,961 $11,382 $466 3.3% 2.1% 36.9% 8.9% 15.2x 0.59x 6.7x 0.56x 5.9x

Discount Stores & Mass Merchants Nordion Inc. NDN $6.31 57.8% $391 $44 $82 $353 $244 $69 (13.3%) (193.7%) 53.9% 28.2% 19.0x 1.45x 5.1x 1.49x 6.3x Big Lots Inc. BIG 29.22 61.9% 1,740 243 62 1,922 5,320 400 7.1% 4.8% 39.6% 7.5% 10.4x 0.36x 4.8x 0.34x 4.7x Costco Wholesale Corporation COST 94.78 90.8% 40,978 1,565 4,854 37,689 99,137 3,667 11.5% 11.5% 12.4% 3.7% 24.4x 0.38x 10.3x 0.36x 9.1x Dollar General Corporation DG 47.17 84.2% 15,483 2,896 137 18,242 15,630 1,877 13.8% 12.0% 31.7% 12.0% 18.0x 1.17x 9.7x 1.08x 8.8x Dollar Tree, Inc. DLTR 39.15 68.9% 9,017 264 380 8,902 6,970 1,010 11.7% 12.3% 35.8% 14.5% 17.4x 1.28x 8.8x 1.15x 7.7x Family Dollar Stores Inc. FDO 65.10 87.1% 7,513 548 99 7,962 9,331 910 9.2% 8.0% 34.9% 9.8% 18.1x 0.85x 8.7x 0.76x 7.6x Fred's, Inc. FRED 13.48 84.4% 494 7 23 478 1,913 85 3.0% 2.4% 28.9% 4.5% 14.1x 0.25x 5.6x 0.24x 4.9x Gordmans Stores, Inc. GM A N 15.41 67.4% 295 0 44 251 586 48 9.9% 9.8% 43.6% 8.2% 11.0x 0.43x 5.2x 0.39x 5.0x PriceSmart Inc. PSMT 78.95 93.6% 2,330 84 105 2,309 1,975 125 21.5% 17.0% 15.8% 6.3% 37.8x 1.17x 18.4x 1.02x 15.6x Sears Hometown and Outlet Stores, Inc. SHOS 31.05 98.6% 717 3 1 720 2,396 113 2.8% NA 24.6% 4.7% 12.9x 0.30x 6.3x NA NA Target Corp. TGT 62.23 94.6% 40,753 18,583 1,461 57,875 71,336 7,466 4.2% 3.4% 29.7% 10.5% 14.3x 0.81x 7.8x 0.77x 7.7x Tuesday Morning Corporation TUES 5.64 82.2% 234 13 10 237 815 22 (0.5%) 0.9% 37.9% 2.7% NM 0.29x 10.8x NA NA Wal-Mart Stores Inc. WMT 75.62 97.4% 254,192 55,347 8,015 301,524 460,709 35,700 6.7% 4.6% 24.9% 7.7% 15.9x 0.65x 8.4x 0.63x 8.1x Mean 82.2% $28,780 $6,123 $1,175 $33,728 $52,028 $3,961 6.7% (8.9%) 31.8% 9.3% 17.8x 0.72x 8.5x 0.75x 7.8x Median 84.4% $2,330 $243 $99 $2,309 $5,320 $400 7.1% 6.4% 31.7% 7.7% 16.6x 0.65x 8.4x 0.76x 7.7x

Furniture & Furnishings Retailers Aaron's, Inc. AAN $27.50 86.5% $2,085 $154 $110 $2,129 $2,133 $291 9.4% 8.4% 51.7% 13.6% 12.5x 1.00x 7.3x 0.92x 6.5x Bed Bath & Beyond Inc. BBBY 60.24 79.4% 13,557 0 909 12,648 9,887 1,773 8.4% 10.6% 40.9% 17.9% 14.0x 1.28x 7.1x 1.09x 6.4x Ethan Allen Interiors Inc. ETH 29.42 97.9% 848 154 85 918 732 72 4.7% 6.6% 54.2% 9.9% 15.9x 1.25x 12.7x 1.18x 9.1x Haverty Furniture Companies Inc. HVT 14.94 95.5% 329 13 56 286 639 33 3.6% 1.4% 52.2% 5.1% 16.2x 0.45x 8.8x 0.42x 6.3x Kirkland's Inc. KIRK 10.00 57.4% 171 0 50 121 435 38 4.5% 3.7% 38.8% 8.7% 11.2x 0.28x 3.2x 0.26x 3.4x La-Z-Boy Incorporated LZB 16.72 97.6% 874 8 116 766 1,253 77 4.1% 2.4% 31.0% 6.1% 19.0x 0.61x 10.0x 0.57x 8.0x Lifetime Brands, Inc. LCUT 11.59 87.1% 145 93 3 236 466 34 3.7% (0.5%) 36.6% 7.4% 9.7x 0.51x 6.8x NA NA

10 of 16 Consumer and Retail Industry Update October 2012

Internet Retail 1-800-Flowers.com Inc. FLWS $3.52 85.4% $227 $29 $29 $228 $716 $39 6.6% 0.1% 41.0% 5.4% 17.6x 0.32x 5.8x 0.30x 4.9x Amazon.com Inc. AMZN 240.00 90.9% 108,496 0 4,970 103,526 54,326 1,939 34.9% 38.4% 23.3% 3.6% NM 1.91x 53.4x 1.47x 26.9x Blue Nile Inc. NILE 37.72 75.4% 468 1 54 415 361 13 5.4% 8.4% 19.5% 3.7% NM 1.15x 31.3x 0.98x 16.8x eBay Inc. EBAY 49.97 98.1% 64,660 4,518 9,135 60,043 13,459 3,934 25.0% 17.1% 70.2% 29.2% 17.1x 4.46x 15.3x 3.84x 11.6x IAC/InterActiveCorp IACI 52.69 94.8% 4,614 96 946 3,764 2,435 351 34.5% 20.5% 64.4% 14.4% 25.3x 1.55x 10.7x 1.28x 7.3x Netflix, Inc. NFLX 64.98 48.7% 3,609 400 813 3,195 3,456 228 30.1% 32.0% 31.2% 6.6% 37.0x 0.92x 14.0x 0.83x 18.6x Orbitz Worldwide, Inc. OWW 2.25 47.4% 236 440 170 506 771 107 0.9% (1.1%) 82.0% 13.8% NM 0.66x 4.7x 0.63x 3.6x Overstock.com Inc. OSTK 11.10 94.0% 260 17 60 217 1,056 9 (3.6%) 9.7% 17.0% 0.8% NM 0.21x 25.1x 0.20x 8.4x PetMed Express, Inc. PETS 10.11 72.1% 199 0 68 131 234 26 1.2% 0.8% 33.5% 11.2% 13.0x 0.56x 5.0x 0.57x 5.3x priceline.com Incorporated PCLN 560.50 72.3% 27,927 1,447 3,942 25,431 4,808 1,682 31.9% 33.2% 74.3% 35.0% 23.4x 5.29x 15.1x 4.60x 12.5x Shutterfly, Inc. SFLY 29.84 60.2% 1,074 0 118 956 531 51 52.4% 34.4% 52.7% 9.6% NM 1.80x 18.7x 1.53x 9.3x Stamps.com Inc. STMP 20.62 61.1% 338 0 52 287 109 20 17.1% 9.5% 75.0% 18.7% 8.4x 2.64x 14.1x 2.34x 9.6x U.S. Auto Parts Network, Inc. PRTS 3.03 49.8% 93 13 2 105 324 11 (0.0%) 28.2% 30.6% 3.3% NM 0.32x 9.8x 0.34x 6.4x Mean 73.1% $16,323 $535 $1,566 $15,293 $6,353 $647 18.2% 17.8% 47.3% 12.0% 20.3x 1.68x 17.2x 1.45x 10.8x Median 72.3% $468 $17 $118 $506 $771 $51 17.1% 17.1% 41.0% 9.6% 17.6x 1.15x 14.1x 0.98x 9.3x

Specialty & Other Retail Barnes & Noble, Inc. BKS $15.00 57.7% $882 $453 $20 $1,315 $7,164 $211 2.0% NA 27.0% 2.9% NM 0.18x 6.2x 0.18x 6.2x Best Buy Co. Inc. BBY 17.25 60.5% 5,808 2,208 1,199 6,817 50,705 3,295 1.9% 4.0% 24.8% 6.5% NM 0.13x 2.1x 0.14x 2.6x Big 5 Sporting Goods Corp. BGFV 9.05 78.1% 193 76 6 263 907 35 0.8% 1.4% 31.8% 3.9% 23.2x 0.29x 7.5x 0.28x 5.6x Books-A-Million Inc. BAMM 2.81 74.1% 45 35 5 74 495 18 7.4% (1.4%) 28.2% 3.6% 45.3x 0.15x 4.2x NA NA Build-A-Bear Workshop Inc. BBW 4.05 46.0% 67 0 26 40 393 25 (2.6%) (2.9%) 40.8% 6.2% NM 0.10x 1.6x 0.10x 1.4x Conns Inc. CONN 25.30 93.8% 825 315 5 1,135 822 47 5.8% (3.8%) 40.9% 5.7% 45.5x 1.38x 24.2x 1.25x 9.3x CVS Caremark Corporation CVS 46.20 93.8% 58,777 9,413 1,828 66,362 116,503 8,309 16.0% 7.7% 18.3% 7.1% 16.3x 0.57x 8.0x 0.53x 7.2x Dick's Sporting Goods Inc. DKS 51.32 94.6% 6,062 23 350 5,735 5,510 604 9.8% 9.3% 31.0% 11.0% 24.6x 1.04x 9.5x 0.94x 8.3x Fossil, Inc. FOSL 89.35 64.2% 5,436 113 139 5,410 2,699 522 16.4% 21.3% 56.0% 19.4% 18.5x 2.00x 10.4x 1.77x 9.2x hhgregg, Inc. HGG 7.20 43.2% 258 0 4 253 2,552 98 23.1% 22.6% 28.9% 3.8% 3.5x 0.10x 2.6x 0.09x 2.6x Hibbett Sports, Inc. HIBB 57.43 90.6% 1,502 2 71 1,432 774 118 11.0% 10.8% 36.3% 15.2% 23.4x 1.85x 12.2x 1.68x 10.7x Jasmine International JAS 0.15 96.7% 1,073 147 53 1,168 304 130 (8.4%) 20.0% 55.0% 42.9% 21.0x 3.84x 8.9x NA NA Lowe's Companies Inc. LOW 32.64 98.0% 37,228 9,602 2,296 44,534 50,882 5,277 4.3% 2.4% 34.2% 10.4% 21.9x 0.88x 8.4x 0.88x 8.5x Lumber Liquidators Holdings, Inc. LL 50.83 94.1% 1,375 0 32 1,343 745 67 17.2% 13.7% 36.5% 9.0% 40.3x 1.80x 20.0x 1.65x 16.7x Marinemax Inc. HZO 7.30 64.9% 173 112 33 252 507 8 4.4% (2.5%) 25.7% 1.5% NM 0.50x 32.8x 0.46x 17.0x Movado Group, Inc. MOV 33.47 89.7% 842 0 156 686 487 54 14.0% 9.2% 55.8% 11.2% 20.2x 1.41x 12.6x 1.30x 9.6x Office Depot, Inc. ODP 2.41 63.3% 687 675 423 939 11,186 324 (3.1%) (4.8%) 30.3% 2.9% 8.4x 0.08x 2.9x 0.09x 2.8x PetSmart, Inc. PETM 68.61 94.3% 7,423 540 307 7,656 6,385 799 8.5% 6.8% 29.9% 12.5% 23.1x 1.20x 9.6x 1.10x 8.4x

11 of 16 Consumer and Retail Industry Update October 2012

12 of 16 M&A Detail October 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 10/18/2012 Sleep Innovations, Inc. - Sun Capital Partners, Inc. - - - -  10/17/2012 Cybex International Inc. - UM Holdings Ltd. $62.6 0.43x 5.7x 9.8x American 10/11/2012 Access Vans of Louisiana Inc. - Superior Van & Mobility LLC - - - - 10/9/2012 Savage BMW Inc. - Penske Automotive Group, Inc. - - - - Consumer 10/9/2012 GTS 3000 Inc. - ParTravel Inc. - - - - M&A 10/9/2012 Ultramar Travel Management, Inc. - Travel and Transport, Inc. - - - - 10/8/2012 McIntosh Laboratory, Inc. D&M Holdings Inc. Fine Sounds Spa - - - - 10/5/2012 Carolina Rustica, Inc. - Mattress USA, Inc. - - - - 10/4/2012 Catcorp Inc. - Wireless Vision, LLC - - - - 10/4/2012 SimplySoles - SKYE Associates LLC - - - - 10/4/2012 KOG Games Inc. Level Up! Inc. KOG Corporation - - - - 10/4/2012 Maverik, Inc. - FJ Management Inc. - - - - 10/3/2012 WNA, Inc. The Carlyle Group LP Olympus Partners - - - -  10/3/2012 Bentex Mills, Inc. - Burlington Technologies, Inc. - - - - 10/2/2012 Garden Oaks Funeral Home - Stewart Enterprises Inc. - - - - 10/2/2012 Midwest - CBK, Inc. MVP Group International, Inc. Ganz, Inc. - - - - 10/2/2012 Checkpoint Systems Inc. Checkpoint Systems Inc. BranchServ - - - - 10/2/2012 Clapp Volkswagen - Sam Swope Auto Group, LLC - - - - 10/2/2012 Jerry Spady Chevrolet GMC Cadillac - Jerry Spady Cadillac GMC - - - - 10/1/2012 Mt. Pulaski Products, LLC - The Andersons, Inc. - - - - 10/1/2012 A-Med Health Care - Byram Healthcare Centers, Inc. $38.2 - - - 10/1/2012 Southern Candle, Inc. - Integrity Design & Displays, Inc. - - - - 10/1/2012 EZ Energy USA Inc., 67 Convenience Stores EZ Energy USA, Inc. 7-Eleven, Inc. - - - - 9/30/2012 CR Brands, Inc. Juggernaut Capital Partners, L.P. Resilience Capital Partners LLC - - - -  9/30/2012 Jim Norton Chevrolet Sonic Automotive Inc. Jim Norton Auto Group - - - - 9/27/2012 The Rose Hill Company, Inc. - Madison Park Home Furnishings, LLC - - - - 9/26/2012 Aqua Fill - Glacier Water Services Inc. - - - - 9/26/2012 Tandus Group, Inc. Oaktree Capital Management, L.P. Tarkett North America Holding, Inc. - - - -  9/26/2012 Armstrong Cabinet Products, Inc. Armstrong World Industries, Inc. American Industrial Partners $27.0 0.20x - -  9/26/2012 Red Card Gaming, Inc., High Card Flush Game Red Card Gaming, Inc. Galaxy Gaming, Inc. - - - - 9/26/2012 Sealy Corporation (NYSE:ZZ) Kohlberg Kravis Roberts & Co. Tempur Pedic International Inc. $929.2 0.74x 7.6x 10.1x  9/26/2012 AQUABI Toy Company - Redemption Plus, LLC - - - - 9/25/2012 Western Exterminator Company - Rentokil Initial plc $114.6 0.77x - - 9/25/2012 Twisterz Toys, LLC - Smart Toys and Games, Inc. - - - - 9/25/2012 Affordable Contracting, Inc. - Romanoff Floor Covering, Inc. - - - - 9/24/2012 TownePlace Suites Des Moines Urbandale - Supertel Hospitality, Inc. $10.2 - - - 9/24/2012 Dowdle Sports, Inc., Assets of Team Business Dowdle Sports, Inc. LIDS Team Sports - - - - 9/23/2012 Koko Ltd. - Koko Ltd. - - - - 9/21/2012 Peter Millar, LLC Winona Capital Management, LLC Compagnie Financiere Richemont SA - - - -  9/21/2012 NEST Fragrances, LLC - Tengram Capital Partners, LLC - - - -  9/21/2012 Waupaca Woods Pharmacy, Inc. - Shopko Stores Operating Co., LLC - - - - 9/21/2012 Mick's North Hills Chrysler Jeep Dodge - Diehl Automotive Group Inc. - - - - 9/20/2012 Dynagra Corp. - CHS, Inc. - - - - 9/20/2012 LifeApps Digital Media Inc. - LifeApps Digital Media Inc. - - - - 9/20/2012 Sunair Security Services, Inc. - Safe Systems, Inc. - - - - 9/19/2012 Vivint, Inc. Goldman Sachs Group The Blackstone Group, Private Equity G $2,000.0 - - -  9/19/2012 San Diego Hat Co. - Mainland Headwear Holdings Ltd. $10.6 - - - 9/19/2012 Innovative Hearth Products - Lennox Hearth Products LLC - - - - 9/19/2012 RLJ-McLarty-Landers Automotive Holdings, LLC, RLJ-McLarty-Landers Automotive HoldinW. P. Carey Inc. CapRocq Automotive, $66.0 - - - 9/19/2012 Guru Cycles Inc. - Dorel Industries Inc. - - - - 9/19/2012 Premier Pest Management, Inc. - Bulwark Exterminating, LLC - - - - 9/18/2012 KA and KM Development, Inc. - Hostmark Hospitality Group, Inc._Inves $24.0 - - - 9/17/2012 Etonic Worldwide LLC Lotto Sport Italia S.p.A. Etonic Holdings, LLC - - - - 9/16/2012 A Proper Place, Inc. - Sold With Style Inc. - - - - 9/14/2012 Shell Vacations LLC York Capital Management Wyndham Vacation Ownership, Inc. $255.0 - - -  9/14/2012 Ze Frank Games, Inc. First Round Capital Contagious Media, LLC - - - - 9/14/2012 Shoppers Supply, 5 Stores in Iowa Shoppers Supply Bomgaars Supply, Inc. - - - - 9/13/2012 Sergeant’s Pet Care Products, Inc. Sowell & Company Perrigo Co. $285.0 - - -  9/10/2012 Bassett Marine LLC Bassett Marine LLC Marinemax Inc. - - - - 9/10/2012 College Marketplace Inc. - SimpleTuition, Inc. - - - - 9/10/2012 Global Fitness Holdings, LLC Laurel Crown Partners, LLC L.A. Fitness International, LLC - - - -  9/10/2012 Engineered Treatment Systems - Neptune-Benson, Inc. - - - - 9/6/2012 Myers Services, Inc. - Massey Services, Inc. - - - - 9/6/2012 Ritz Camera & Image, LLC Ritz Camera & Image, LLC C&A Marketing Inc. - - - - 9/5/2012 Parfums de Coeur, Ltd. - Yellow Wood Partners - - - -  9/5/2012 Kirker Enterprises, Inc. - RPM International Inc. - - - - 9/5/2012 The Paper Magic Group, Inc. The Paper Magic Group, Inc. Gemmy Industries (HK) Limited - - - - 9/5/2012 Technologies Scan Corp. - I Speed Zone Inc. - - - - 9/4/2012 Bruni Auto Repair & Body Shop Ltd. - Pembina Chrysler Dodge Jeep Ltd. - - - - 9/4/2012 Method Products, Inc. San Francisco Equity Partners Ecover Belgium NV - - - -  9/4/2012 Elizabeth Lange, LLC LLM Management Co., LLC Cherokee Inc. $14.0 - - -  9/4/2012 Mattress XPress, Inc. - Mattress Firm, Inc. $15.8 - - - 8/30/2012 Unseen Solar, Inc. - Western Water Consultants, Inc. - - - - 8/29/2012 E. I. du Pont de Nemours and Company E. I. du Pont de Nemours and Company Syngenta AG $125.0 - - - 8/29/2012 Omnia Leather Motion, Inc. - Premier HTS LLC - - - - 8/28/2012 David's Bridal, Inc. TPG Growth Clayton, Dubilier & Rice $1,050.0 - - - 

13 of 16 M&A Detail October 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 8/28/2012 Cottonseed Clothing Company, LLC - Wittlebee - - - - 8/28/2012 Albany Aqua Ducks, Inc. - Advantage Transportation Group, Inc. - - - - American 8/27/2012 Consensus and David Stritzinger H.I.G. Growth Partners, LLC Brightstar Corp. - - - -  8/27/2012 LeJeune Investment, Inc. - Twin Cities Automotive, Inc. - - - - Consumer 8/27/2012 Smith-McKenney Co. Inc. - CVS Caremark Corporation - - - - M&A 8/24/2012 Taylor Made Water Systems, Inc. - Waterlogic USA Inc. - - - - 8/24/2012 PKCCR, LLC - Pivotal Group, Inc - - - -  (continued) 8/24/2012 The Home Services Store, Inc. Jupiter Partners LLC Roark Capital Group - - - -  8/24/2012 Phillips Automotive, Inc. - Charles Barker Automotive Inc - - - - 8/23/2012 Hopkins Rides, LLC - Whitewater West Industries Ltd. - - - - 8/22/2012 Kingston Tobacco Co., LLC - Kolstad Enterprises, LLC - - - - 8/21/2012 Discount TV Parts - ShopJimmy.com, LLC - - - - 8/21/2012 Siemens Industry, Inc. Siemens Industry, Inc. WesTech Engineering, Inc. - - - - 8/20/2012 Great Lakes Truck & Trailer Inc. - FleetPride, Inc. - - - - 8/20/2012 MOMS Pharmacy, Inc. Allion Healthcare, Inc. Aids Healthcare Foundation - - - - 8/20/2012 Hanson Tire Service, Inc. - Bauer Built, Inc. - - - - 8/17/2012 OnLive, Inc. AT&T, Inc. Lauder Partners, LLC - - - -  8/17/2012 Four Star Electronic Security Inc. - Security Service Company Inc. - - - - 8/16/2012 Axia Group, Inc. - Artistmss Corp. - - - - 8/15/2012 CVS Pharmacy Located in New Castle - AR Capital, LLC - - - -  8/15/2012 Student Life, Inc. - Lifeway Christian Resources - - - - 8/14/2012 TETCO Inc, Retail and Wholesale Assets TETCO, Inc. 7-Eleven, Inc. - - - - 8/14/2012 Physicians Formula Holdings Inc. Fidelity Investments; & Others Swander Pace Capital $60.5 0.66x 6.3x 9.2x  8/13/2012 Central Alarm Inc. and Advanced Solutions Inc. - Protection One, Inc. - - - - 8/13/2012 La-Z Recliner Shops, Inc. - La-Z-Boy Incorporated $18.0 0.60x - - 8/9/2012 RCC Western Stores, Inc. - Boot Barn, Inc. - - - - 8/7/2012 Riviera Sun Inc. fr2 capital B.V. G-III Apparel Group, Ltd. $134.1 2.39x - -  8/2/2012 Hartmann, Inc. Clarion Capital Partners, LLC Samsonite LLC $35.0 1.52x - -  8/1/2012 Legends Gaming, LLC - Global Gaming Solutions, LLC $27.5 - - - 7/31/2012 Magnum Fitness Systems - Johnson Health Tech Co., Ltd. - - - - 7/31/2012 Focus Products Group, LLC Sterling Partners Centre Lane Partners, LLC - - - -  7/30/2012 REFRESH20 Water LLC - POU Partners, LLC - - - -  7/27/2012 Petro Deming - Petro Stopping Centers LP - - - - 7/27/2012 Hutcheson Pharmacy - Texas County Memorial Hospital - - - - 7/27/2012 Triad Catalog Co., LLC - Brentwood Associates, Inc. - - - -  7/26/2012 Aseptic Solutions USA LLC - Glanbia plc $60.0 - - - 7/26/2012 Maui Toys, Inc. - JAKKS Pacific, Inc. $65.0 - - - 7/26/2012 Hamilton Automotive, Inc. - Kenny Ross Auto Group $10.0 - - - 7/26/2012 Park Auto Group - Serra Automotive, Inc. - - - - 7/25/2012 Service King Paint & Body, LLC - The Carlyle Group LP - - - -  7/25/2012 Stanton Carpet Corporation Linsalata Capital Partners Wells Fargo & Company - - - -  7/24/2012 Athens Park Homes, LLC - Champion Home Builders, Inc. - - - - 7/19/2012 Boutique Le Pentagone Inc. Desjardins Venture Capital Groupe Nero Bianco - - - -  7/19/2012 JAS Sports Inc. - Hat World, Inc. - - - - 7/18/2012 Vitamins2buy.com - Collagenna Skin Care Products, Inc. - - - - 7/18/2012 Charapp Automotive, Inc. - #1 Cochran Inc. - - - - 7/18/2012 Connell Chevrolet Inc - Lithia Motors Inc. - - - - 7/17/2012 High Sierra Sport Company - Samsonite International S.A. $110.0 1.72x - - 7/17/2012 PartyPail, Inc. - Hoffmaster Group, Inc. - - - - 7/17/2012 Suzo-Happ Group Pfingsten Partners, L.L.C. Acon Investments, L.L.C. - - - -  7/16/2012 Eckler Industries, Inc. Century Park Capital Partners, Inc. Baird Capital Partners - - - -  7/13/2012 JRG Fitness Operations, LLC Snap Fitness, Inc. The North Avenue Group, LLC - - - -  7/12/2012 Hill Drug Co. - Rite Aid Corporation - - - - 7/12/2012 WWA Group Inc. Asia8, Inc. Summit Digital, Inc. - - - -  7/11/2012 Gary Blake Saab - Gary Blake Motorcars - - - - 7/10/2012 Rink Partners Corporation Rink Partners Corporation Buckingham Sports Properties Company - - - - 7/9/2012 Pull-A-Part Self-Serv Auto & Truck Parts, LLC - U-Pull-&-Pay, LLC - - - - 7/8/2012 Rona Inc. Caisse de Depot Lowe's Companies Inc. - - - -  7/6/2012 Five Star Quality Care Inc. Five Star Quality Care Inc. Omnicare Inc. $30.7 - - - 7/5/2012 Stephen L. LaFrance Pharmacy - Walgreen Co. $438.0 0.53x - - 7/5/2012 Lacrosse Footwear Inc. - ABC-Mart, Inc. $146.0 1.05x 12.9x 19.4x 6/26/2012 The Sun Products Corp. The Sun Products Corp. High Ridge Brands Co. - - - - 6/25/2012 Alexander Doll Company, Inc. Gefinor Acquisition Partners Kahn Lucas Lancaster, Inc. - - - -  6/25/2012 Cutters Gloves LLC - EZ GARD Industries, Inc. - - - - 6/22/2012 WM Holdings, LLC - Full Motion Beverage, Inc. - - - - 6/22/2012 Stack & Grow Planters, Inc. - Living Whole Foods, Inc. - - - - 6/21/2012 Tiger Mania Inc. - LIDS Clubhouse - - - - 6/21/2012 Prince Sports, Inc. Prince Sports, Inc. Battle Sports Science - - - - 6/18/2012 DVS Shoe Company, Inc. - Oaktree Capital $89.6 - - -  6/18/2012 Frabill Inc. Pacifica Capital Group, Inc. Filtrona Porous Technologies Corp. $15.0 - - -  6/14/2012 Zanzibar - Bauer Performance Sports $45.3 1.58x 8.0x - 6/13/2012 Nature's Protein Inc. North Castle Partners, LLC J. Strickland & Co. $64.0 2.90x 10.0x -  6/12/2012 u-Furnish.com - CLICKER Inc. - - - - 6/11/2012 Battenfeld Technologies, Inc. - Clearview Capital, LLC - - - -  6/10/2012 TRS Furniture and Textiles - Theodore Alexander USA - - - - 6/7/2012 Little Busy Bodies, Inc. - Nehemiah Manufacturing - - - - 6/7/2012 Savers, Inc. Freeman Spogli & Co. Leonard Green & Partners - - - -  14 of 16 M&A Detail October 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 6/7/2012 Fetch Enterprises, Inc. Borealis Ventures Potpourri Group Inc. - - - -  6/6/2012 C.C. Filson Company, Inc. Brentwood Associates, Inc. Bedrock Manufacturing Co. - - - -  American 6/5/2012 Party City Holdings Inc. - Thomas H. Lee Partners - - - -  6/5/2012 1-800 Contacts, Inc. Fenway Partners LLC WellPoint Inc. - - - -  Consumer 6/4/2012 Brian Atwood Brand - The Jones Group Inc. - - - - M&A 6/4/2012 Guildcrest Building Corporation - Les Résidences Pro-Fab Inc. - - - - 6/1/2012 S.O. Kines, Jr. Inc. - Solideal USA, Inc. - - - - (continued) 6/1/2012 Zabu Studio, Inc - MFV - - - - 5/31/2012 Apparel Cynergy LLC - Topson Downs Of California Inc. - - - - 5/30/2012 DirectStar TV, LLC MasTec North America, Inc. Red Ventures, LLC - - - -  5/24/2012 School Musical Suppliers, Inc. - National Educational Music Co. Ltd. $105.6 - - - 5/24/2012 S4Gear - Field Logic, Inc. - - - - 5/23/2012 AMC Entertainment Holdings AlpInvest Partners N.V. Dalian Wanda Group Corp. - - - -  5/20/2012 BIDZ.com, Inc. Lacuna, LLC Glendon Group, Inc. $4,539.7 1.80x 17.1x 88.3x  5/17/2012 Peninsula Gaming LLC Peninsula Gaming Partners, LLC Boyd Gaming Corp. $12.7 0.10x NaN NaN 5/16/2012 Majestic Colorado Gaming, LLC The Majestic Star Casino, LLC Saratoga Harness Racing $2,103.4 5.40x 18.6x 26.2x 5/15/2012 Golfsmith International First Atlantic Capital, Ltd. Golf Town USA Holdings $28.0 - - -  5/14/2012 Montana Decoy, Inc. - Flint Holdings $144.1 0.40x 10.3x 60.4x 5/11/2012 Skyline Cleaners Inc. - WDM Ventures Inc. - - - -  5/11/2012 Air Lee Cleaners Inc - WDM Ventures Inc. - - - -  5/11/2012 Natural Product Laboratories - Union Equity Investments - - - -  5/10/2012 Cost Plus Inc. Thales Fund Management, LLC, Bed Bath & Beyond Inc. - - - -  5/9/2012 Auto Body World Inc. - Service King Paint & Body, LLC $631.5 0.60x 11.7x 18.1x 5/8/2012 homeLOFT, Leather Groups.com homeLOFT Incorporated Luxeyard, Inc. - - - - 5/8/2012 TAVIK - Incipio Technologies, Inc. - - - - 5/8/2012 Classic Brands LLC - Topperscot, LLC - - - - 5/8/2012 Park Plaza Cleaners - LaMode Cleaners, LLC - - - - 5/8/2012 Flipswap, Inc. RRE Ventures LLC eRecyclingCorps, LLC - - - -  5/7/2012 SC Christmas, Inc., Sports Division SC Christmas, Inc. Evergreen Enterprises, Inc. - - - - 5/3/2012 Mega Movies - Starplex Cinemas - - - - 5/3/2012 Anvil Holdings Inc. Court Square Capital Partners Gildan Activewear Inc. - - - -  5/3/2012 Worldwide Rights to Fred Segal Brand Fred Segal Sandow Media Corporation $88.0 0.40x 5.2x - 5/3/2012 PrimaLoft® Products Business Albany International Corp. Prudential Capital Group, L.P. - - - -  5/2/2012 Atmospheric Water Solutions, Inc. - Marine Exploration, Inc. $38.0 - - - 5/2/2012 FoodHandler, Inc. BarrierSafe Solutions International, Inc. Bunzl plc - - - - 5/2/2012 Charming Shoppes Inc. Omega Advisors, Inc. Ascena Retail Group Inc. - - - -  5/2/2012 Eat Right International, Inc. - Vitamin Spice, LLC $897.3 0.50x 10.8x 36.3x 5/2/2012 Collective Brands, Inc. - Blum Capital Partners - - - -  5/1/2012 Dragon Alliance LLC Winona Capital Management, LLC Marchon Eyewear, Inc. $1,784.9 0.50x 8.8x 25.0x  5/1/2012 Heritage Manufacturing, Inc. - Taurus International MFG, Inc. - - - - 4/30/2012 Hairy Entertainment, LLC - Oomba, LLC - - - - 4/30/2012 BidCactus, LLC - Digifonica International Inc. - - - - 4/27/2012 Big Splash, Inc. - Kelly Inns, Ltd. $11.8 - - - 4/27/2012 Inergy, L.P., Propane Business Inergy, L.P. Suburban Propane Partners LP - - - - 4/26/2012 Retama Partners, Ltd. - Pinnacle Entertainment Inc. $1,800.0 - - - 4/26/2012 Blu Cigs - Lorillard, Inc. $27.7 - - - 4/25/2012 Lennox Hearths Products, LLC Lennox International, Inc. Comvest Investment Partners $135.0 4.50x - -  4/25/2012 The Globe Corner Bookstores - Brookline Booksmith Corporation - - - - 4/25/2012 Reese Kitchens Inc. - Ferguson Enterprises, Inc. - - - - 4/24/2012 Kelly-Moore Paint Company, Inc., Kelly-Moore Paint Company, Inc. Miller Paint Co., Inc. - - - - 4/23/2012 Marcal Paper Mills LLC NexBank, SSB Atlas Holdings LLC - - - -  4/21/2012 The Black Book Depot - InterpWorks Corporation - - - - 4/20/2012 SanDiego.com, Inc. - Wind n Sea Media Partners, LLC - - - - 4/19/2012 Play140 SOSventures Oomba, LLC - - - - 

HW&Co. Glenn Gurtcheff Tim Alexander Jeff Cleveland Ryan Budlong Brant Cash Managing Director Managing Director Vice President Vice President Vice President Consumer [email protected] [email protected] [email protected] [email protected] [email protected] Team +1 (612) 359-2702 +1 (612) 359-2716 +1 (612) 359-2703 +1 (612) 359-2722 +1 (612) 359-2709

15 of 16 Consumer and Retail Industry Update October 2012

Sources: Capital IQ. Thomson Financial. S&P. Reuters.

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