Consumer and Retail Industry Update July 2012

Member FINRA/SIPC

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

What We’ve Been Reading • The New York Times reports that the Regis Corporation has agreed to sell its hair restoration product line, Hair Club, to the Japanese wig maker Aderans for $163.5 million. “Regis, which bought Hair Club in 2004, expects to record an after-tax gain of $8 million to $12 million on the sale.” Read the article here.

• The Wall Street Journal reports that LaCrosse Footwear has entered a definitive agreement to be purcahsed by ABC-Mart, a Japanese retail chain for $138 million. “The purchase price represents a premium of 82% over LaCrosse Footwear's average closing stock price over the last 30 days ended July 5, 2012, and an 82% premium over the closing price on July 5, 2012.” Read the article here.

• The Wall Street Journal reports that retail sales in June grew by 2.5%, the slowest pace in more than two years.“Lower gasoline prices and steep promotions did little to get America's consumers out shopping last month. June retail sales grew at the slowest pace in more than two years, held back by flagging consumer confidence.” 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 July 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 36 $1,104 (7.5%) (11.3%) 1.05x 9.0x 0.98x 7.3x Automotive Products 12 2,390 (4.7%) 11.2% 0.54x 10.1x 0.49x 9.3x Home & Office Furniture & Furnishings 14 762 (5.1%) (17.1%) 0.56x 7.2x 0.63x 6.6x Household Products 11 4,379 2.6% (0.6%) 1.23x 8.2x 1.16x 7.7x Personal Care Products 16 2,341 0.0% (0.7%) 1.52x 8.8x 1.40x 8.9x Recreational & Leisure Products 21 409 (5.9%) 14.4% 0.98x 9.1x 1.12x 7.5x Retail Apparel & Footwear Retail 44 970 (0.5%) (5.1%) 0.59x 6.4x 0.56x 5.7x Catalog & Specialty Distribution 8 314 (2.6%) (22.2%) 0.17x 7.7x 0.16x 5.8x Department Chains 9 6,639 (4.0%) (4.9%) 0.57x 6.4x 0.55x 5.5x Discount Stores & Mass Merchants 12 5,340 6.4% 20.0% 0.73x 8.1x 0.70x 8.4x Furniture & Furnishings Retailers 13 1,148 (9.7%) 10.7% 0.85x 7.1x 0.84x 6.3x Internet Retail 13 715 3.6% 2.6% 1.28x 13.7x 1.14x 9.3x Specialty & Other Retail 30 1,250 (2.6%) 2.3% 0.56x 8.3x 0.56x 6.9x Consumer Products 110 $1,722 (4.9%) (0.7%) 1.01x 8.9x 1.05x 7.6x Retail 129 $1,148 (2.6%) 2.3% 0.59x 7.7x 0.56x 6.3x Consumer & Retail Index 239 $1,148 (2.6%) (0.6%) 0.73x 8.2x 0.70x 7.3x

Public Company Discount Stores & Mass Merchants Sector Recreational & Leisure Products

Performance Automotive Products (12-month % Furniture & Furnishings Retailers change in Internet Retail

stock price) S&P 500

Specialty & Other Retail

Consumer & Retail Index

Household Products

Personal Care Products

Department Chains

Apparel & Footwear Retail

Apparel & Footwear Home & Office Furniture & Furnishings Catalog & Specialty Distribution

(35.0%) (30.0%) (25.0%) (20.0%) (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

2 of 16 Equity Markets Overview July 2012

175 Consumer and Retail 50.1% Industry Stock 150 Performance 30.6%

10.5% 125 Index 100

50 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-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 06/29/12 06/29/12 Coty US Inc COTY IPO $700.0 Secondary 06/29/12 06/29/12 Northwest Biotherapeutics Inc NWBO Follow-On 28.8 Prod Dev / R&D

06/21/12 12/02/11 Chanticleer Holdings Inc HOTR Follow-On 11.0 Payment on Borrowings

06/15/12 06/15/12 AutoTrader Group Inc ATG IPO 300.0 Payment on Borrowings

06/13/12 06/13/12 Bauer Performance Sports Ltd BAU Follow-On 25.0 Acquisition Fin.

06/05/12 03/01/10 Dollar General Corp DG Follow-On 1,612.9 General Corp. Purp.

05/25/12 04/05/12 Gordmans Stores Inc GM A N Follow-On 51.0 General Corp. Purp.

05/09/12 04/25/11 WageWorks Inc W A GE IPO 58.5 General Corp. Purp.

05/03/12 07/01/11 Tilly's Inc TLYS IPO 142.6 General Corp. Purp.

05/03/12 02/28/12 TAL International Group Inc TAL Follow-On 193.8 General Corp. Purp.

04/18/12 12/13/11 Tumi Holdings Inc TUMI IPO 388.7 General Corp. Purp.

04/17/12 04/04/12 Francesca's Holdings Corp FRAN Follow-On 248.4 General Corp. Purp.

03/29/12 12/23/11 Oncothyreon Inc ONTY Follow-On 54.1 General Corp. Purp. and Reduce Indebtedness 03/28/12 06/10/11 CafePress Inc PRSS IPO 85.5 General Corp. Purp.

3 of 16 M&A Overview July 2012

Announced Quarterly Consumer M&A Activity Last 10 Deals Announced 100 Consumer Announced Target Buyer 90 7/5/2012 Stephen L. LaFrance Pharmacy Walgreen Co. and Retail 7/5/2012 Lacrosse Footwear Inc. ABC-Mart, Inc. 80 19 9 6/30/2012 Gaikai, Inc. Sony Computer Ent. M&A 5 11 6/29/2012 Sundance Holdings Group, LLC Brentwood Associates, Inc. __ 70 6 9 10 6/29/2012 Only Natural, Inc. Union Equity Inc. 15 13 13 60 13 6/27/2012 Bari Leather Furniture Luxeyard, Inc. 19 11 9 6/26/2012 T he Sun Product s Corp. High Ridge Brands Co. 50 6/25/2012 Alexander Doll Company, Inc. Kahn Lucas Lancaster, Inc. 6/25/2012 Cutters Gloves LLC EZ GARD Industries, Inc. 40 4 6/22/2012 WM Holdings, LLC Full Motion Beverage, Inc. 72 72 70 65 66 30 61 64 55 56 56 54 50 Number of Transactions 48 46 20 37 LTM Deal Statistics 10 Aggregate Number Transaction Multiples 0 2 Value ($bn) of Deals EV / Revenue EV / EB ITDA 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 PEG Acquirer Strategic Acquirer $25.3 291 0.70x 10.2x Note: Transactions based on publicly available information

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 10.0x 10.3x 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 $29.6 150 0.50x

$22.1 __ $21.2 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 Multiples and 110 10.3x 10.4x 10.3x 9.9x 10.0x 9.7x 9.8x 97 Announced 10.0x 9.4x 9.5x 100 9.3x 9.4x 9.2x 8.9x 8.6x 8.7x Private Equity 8.4x 8.1x 8.2x 8.3x 8.3x ' 81 7.7x 7.8x M&A Activity 8.0x 7.6x 80 73 71 73 6.5x 59 59 59 6.0x 60 53 54 54 53 49

37 36 4.0x 40 33 30 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 July 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 Average Spread Over LIBOR L + 100 $2 LoanVolumeQuarter by ($billions) in $0 L + 0 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 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 EBITDA 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 07/25/12 Inteva Products LLC Motor vehicles and car bodies $225,000,000 Term Loan B NR / NR 700 Consumer and 07/25/12 Inteva Products LLC Motor vehicles and car bodies 125,000,000 Revolver/Line >= 1 Yr. NR / NR N/A Retail Debt 07/25/12 National Vision Inc Catalog and mail-order tools 300,000,000 Term Loan B NR / B1 N/A 07/20/12 Herbalife International of America Catalog and mail-order tools 300,000,000 Term Loan A NR / NR 175 Offerings 07/20/12 Party City Corp Gift, novelty, and souvenir shops 1,050,000,000 Term Loan B NR / NR N/A 07/20/12 Party City Corp Gift, novelty, and souvenir shops 400,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 07/16/12 Ingram Micro Inc Computers, peripherals & software 300,000,000 Bridge Loan BBB- / Baa3 N/A 07/02/12 Walgreens Co Drug stores and proprietary stores 3,500,000,000 Bridge Loan A / A3 125 06/29/12 Avon Products Toilet preparations 500,000,000 Term Loan BBB- / Baa1 225 06/29/12 G-III Leather Fashions Inc Leather and sheep-lined clothing 425,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 06/29/12 Gopher Resource LLC Storage batteries 30,000,000 Revolver/Line >= 1 Yr. NR / NR 300 06/29/12 Gopher Resource LLC Storage batteries 12,400,000 Term Loan NR / NR 300 06/29/12 Gopher Resource LLC Storage batteries 58,000,000 Delay Draw Term Loan NR / NR 300 06/29/12 RPM International Inc Paints and allied products 600,000,000 Revolver/Line >= 1 Yr. BBB- / Baa3 150 06/28/12 Savers Inc (fka TVI Inc) Used merchandise stores 75,000,000 Revolver/Line >= 1 Yr. B / Ba3 N/A 06/28/12 Savers Inc (fka TVI Inc) Used merchandise stores 655,000,000 Term Loan B / Ba3 500 06/27/12 Ross Stores Inc Family clothing stores 600,000,000 Revolver/Line >= 1 Yr. BBB+ / NR 112.5 06/27/12 Wolverine World Wide Men's footwear, except athletic 200,000,000 Revolver/Line >= 1 Yr. NR / Ba2 225 06/27/12 Wolverine World Wide Men's footwear, except athletic 550,000,000 Term Loan A NR / Ba2 225 06/27/12 Wolverine World Wide Men's footwear, except athletic 350,000,000 Term Loan B NR / Ba2 400 06/27/12 Wolverine World Wide Men's footwear, except athletic 375,000,000 Bridge Loan NR / Ba2 N/A 06/27/12 Wolverine World Wide Men's footwear, except athletic 250,000,000 Revolver/Line >= 1 Yr. NR / Ba2 N/A 06/25/12 Polypore Home furnishings 150,000,000 Revolver/Line >= 1 Yr. BB- / Ba2 250 06/25/12 Polypore Storage batteries 300,000,000 Term Loan A BB- / Ba2 250

5 of 16 Consumer and Retail Industry Update July 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 7/13/12 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 $53.22 92.9% $3,137 $236 $301 $3,072 $2,192 $234 21.2% 13.0% 33.5% 10.7% 27.6x 1.40x 13.1x 1.28x 9.9x Cherokee Inc. CHKE 14.18 83.2% 119 7 7 119 26 12 (11.2%) (8.0%) 100.0% 45.4% 18.9x 4.53x 10.0x 4.29x NA Coach, Inc. COH 57.18 71.7% 16,432 23 930 15,526 4,640 1,602 13.8% 12.8% 72.6% 34.5% 17.1x 3.35x 9.7x 2.95x 8.2x Columbia Sportswear Company COLM 53.40 84.2% 1,803 0 253 1,551 1,694 178 11.7% 9.4% 43.3% 10.5% 19.2x 0.92x 8.7x 0.90x 8.4x Crocs, Inc. CROX 14.79 45.5% 1,329 35 207 1,158 1,046 179 23.1% 16.7% 53.7% 17.2% 11.3x 1.11x 6.5x 0.95x 5.3x Deckers Outdoor Corp. DECK 46.98 39.5% 1,808 0 229 1,579 1,419 300 35.1% 25.0% 48.6% 21.2% 9.8x 1.11x 5.3x 0.99x 5.4x Delta Apparel Inc. DLA 14.33 72.1% 121 133 1 253 492 25 6.1% 11.4% 22.4% 5.0% NM 0.51x 10.3x 0.50x NA G-III Apparel Group, Ltd. GIII 25.50 75.5% 509 83 38 554 1,264 94 14.3% 19.4% 30.1% 7.5% 10.5x 0.44x 5.9x 0.41x 5.3x Gildemeister AG GIL 15.17 79.2% 885 91 179 798 1,777 141 17.0% (1.3%) 46.9% 8.0% 12.4x 0.45x 5.6x NA NA Hanesbrands Inc. HBI 29.71 89.1% 2,898 2,141 35 5,005 4,609 475 3.9% 3.8% 31.2% 10.3% 15.4x 1.09x 10.5x 1.05x 8.7x Iconix Brand Group, Inc. ICON 16.57 63.6% 1,136 631 163 1,604 366 235 3.6% 20.0% 100.0% 64.3% 10.2x 4.38x 6.8x 4.54x 7.0x The Jones Group Inc. JNY 10.07 75.7% 827 858 147 1,537 3,760 257 1.2% 2.1% 36.1% 6.8% 33.7x 0.41x 6.0x 0.40x 5.2x Kenneth Cole Productions Inc. KCP 15.10 92.0% 275 0 49 226 478 23 2.8% 0.4% 39.1% 4.9% 22.2x 0.47x 9.7x 0.44x 6.0x K-Swiss Inc. KSWS 3.33 28.2% 119 13 29 102 265 (52) 18.8% (4.3%) 34.1% NM NM 0.39x NM 0.42x NM Lacrosse Footwear Inc. BOOT 19.94 99.6% 130 9 0 138 139 11 (1.5%) 2.6% 38.3% 8.1% 31.9x 0.99x 12.2x NA NA Fifth & Pacific Companies, Inc. FNP 9.88 64.2% 1,074 398 80 1,392 1,505 11 9.9% (25.7%) 54.0% 0.7% 6.5x 0.92x 125.1x 0.89x 8.6x Maidenform Brands, Inc. MFB 20.82 73.2% 490 69 30 529 600 54 4.0% 11.8% 29.8% 9.0% 19.8x 0.88x 9.8x 0.84x 6.9x Nike Inc. NKE 93.97 81.8% 42,857 385 3,757 39,485 24,128 3,467 15.7% 8.0% 43.4% 14.4% 19.9x 1.64x 11.4x 1.55x 10.9x Oxford Industries Inc. OXM 45.79 87.0% 757 113 6 865 782 100 20.5% (4.3%) 54.3% 12.8% 25.1x 1.11x 8.6x 0.98x 7.6x Perry Ellis International Inc. PERY 20.01 76.3% 293 198 28 462 958 63 11.6% 5.0% 32.8% 6.6% 16.0x 0.48x 7.3x 0.46x 6.0x PVH Corp. PVH 76.39 82.1% 5,377 1,982 239 7,120 5,949 751 10.4% 34.9% 52.0% 12.6% 15.8x 1.20x 9.5x 1.17x 8.0x Ralph Lauren Corporation RL 141.00 77.3% 12,887 313 1,187 12,012 6,860 1,279 21.2% 11.0% 58.3% 18.6% 19.8x 1.75x 9.4x 1.65x 8.8x Quiksilver Inc. ZQK 2.19 39.2% 360 769 79 1,050 1,990 140 8.1% (1.9%) 50.7% 7.0% 7.1x 0.53x 7.5x 0.51x 5.9x Rocky Brands, Inc. RCKY 13.52 94.3% 101 22 2 121 241 24 (3.4%) (1.2%) 36.0% 9.9% 11.9x 0.50x 5.0x 0.47x NA Skechers USA Inc. SKX 19.37 90.1% 968 139 392 715 1,488 (69) (25.5%) 2.0% 39.9% NM NM 0.48x NM 0.46x 10.0x Steven Madden, Ltd. SHOO 34.78 76.1% 1,542 0 67 1,475 1,069 175 59.6% 32.1% 36.4% 16.4% 14.9x 1.38x 8.4x 1.19x 7.1x Summer Infant, Inc. SUMR 3.07 34.7% 55 69 2 122 243 16 16.2% 20.5% 34.1% 6.7% 14.5x 0.50x 7.5x 0.46x 5.3x Taiga Building Products Ltd. TBL 0.65 84.6% 21 267 0 288 972 34 (1.0%) (1.1%) 9.9% 3.5% 5.7x 0.30x 8.5x NA NA True Religion Apparel Inc. TRLG 27.49 72.7% 695 0 204 491 433 93 14.0% 15.6% 64.7% 21.4% 14.9x 1.13x 5.3x 1.02x 5.0x Tumi Holdings, Inc. TUMI 15.87 55.3% 1,077 322 31 1,368 344 75 75.0% NA 57.3% 21.7% 42.6x 3.98x 18.3x 3.38x 15.9x Under Armour, Inc. UA 47.40 87.9% 4,942 76 107 4,911 1,544 204 34.6% 26.2% 48.1% 13.2% 50.0x 3.18x 24.0x 2.59x 18.7x V.F. Corporation VFC 139.87 89.6% 15,325 2,514 326 17,514 10,057 1,491 27.1% 10.2% 45.5% 14.8% 17.3x 1.74x 11.7x 1.55x 9.8x Vera Bradley, Inc. VRA 20.94 45.6% 849 7 6 850 477 108 24.6% 19.2% 55.9% 22.6% 14.3x 1.78x 7.9x 1.53x 6.2x Warnaco Group Inc. WRC 41.07 67.7% 1,686 287 224 1,748 2,467 289 4.1% 6.7% 43.6% 11.7% 14.7x 0.71x 6.1x 0.68x 5.3x Weyco Group Inc. W EYS 24.07 88.3% 262 39 17 284 281 28 20.5% 8.7% 39.1% 9.8% 16.9x 1.01x 10.3x 0.95x NA Wolverine World Wide Inc. WWW 42.36 96.0% 2,061 28 157 1,933 1,404 168 4.2% 6.4% 39.0% 12.0% 18.2x 1.38x 11.5x 1.28x 9.6x Mean 73.8% 3,478 340 264 3,554 2,443 339 14.2% 8.8% 46.0% 14.7% 18.4x 1.34x 12.8x 1.29x 8.0x Median 76.8% 927 87 79 1,104 1,166 124 12.8% 8.7% 43.4% 11.2% 16.0x 1.05x 9.0x 0.98x 7.3x

Automotive Products America's Car-Mart Inc. CRMT $43.59 90.4% $406 $78 $0 $484 $430 $57 13.4% 12.9% 29.1% 13.4% 13.5x 1.13x 8.4x 1.01x 7.7x Asbury Automotive Group, Inc. ABG 26.44 89.3% 834 920 4 1,749 4,342 173 7.4% 2.5% 17.0% 4.0% 13.8x 0.40x 10.1x 0.38x 8.9x AutoNation Inc. AN 39.84 95.9% 4,867 3,935 76 8,726 14,178 663 9.6% 5.6% 16.5% 4.7% 19.7x 0.62x 13.2x 0.57x 12.6x AutoZone Inc. AZO 380.94 95.4% 14,260 3,606 109 17,758 8,482 1,801 7.7% 7.7% 51.3% 21.2% 17.0x 2.09x 9.9x 1.97x 9.2x CarMax Inc. KMX 26.30 74.8% 6,006 5,190 457 10,739 10,366 779 7.7% 16.3% 15.9% 7.5% 14.9x 1.04x 13.8x 0.99x 12.8x Group 1 Automotive Inc. GPI 49.60 82.7% 1,072 1,387 21 2,437 6,335 241 10.6% 7.0% 15.8% 3.8% 13.0x 0.38x 10.1x 0.34x 9.4x

6 of 16 Consumer and Retail Industry Update July 2012

Home & Office Furniture & Furnishings Furniture Brands International Inc. FBN $1.17 27.9% $66 $77 $15 $128 $1,097 $2 (3.4%) (12.2%) 24.1% 0.1% NM 0.12x 80.5x 0.12x 33.2x Herman Miller Inc. MLHR 18.54 68.9% 1,075 250 182 1,143 1,724 180 4.5% 1.9% 34.3% 10.5% 14.4x 0.66x 6.3x 0.63x 5.9x HNI Corp. HNI 26.64 91.1% 1,213 216 66 1,363 1,883 131 9.5% (6.6%) 34.6% 7.0% 25.5x 0.72x 10.4x 0.67x 8.7x Hooker Furniture Corp. HOFT 11.75 84.0% 126 0 48 78 216 12 (3.0%) (3.8%) 22.6% 5.5% 23.0x 0.36x 6.6x 0.35x 6.6x Kid Brands, Inc. KID 1.93 35.7% 42 48 1 90 248 6 (9.5%) 0.6% 25.2% 2.3% NM 0.36x 15.9x 0.35x 4.3x Kimball International, Inc. KBAL.B 8.71 97.3% 240 0 61 180 1,135 40 (6.2%) (3.8%) 17.5% 3.5% NM 0.16x 4.5x 0.16x NA Knoll Inc. KNL 13.50 66.5% 629 228 12 846 898 103 5.0% (5.5%) 32.2% 11.5% 11.4x 0.94x 8.2x 0.92x 7.5x Leggett & Platt, Incorporated LEG 21.36 86.0% 2,994 1,078 261 3,811 3,687 392 7.2% (1.0%) 18.4% 10.6% 20.6x 1.03x 9.7x 0.99x 8.3x Libbey Inc. LBY 15.25 92.7% 313 397 33 677 827 118 2.2% 1.8% 21.6% 14.3% 12.7x 0.82x 5.7x 0.80x 5.5x Natuzzi SpA NTZ 2.65 69.3% 145 47 105 87 476 (14) (7.3%) (7.7%) 32.1% NM NM 0.18x NM NA NA Sealy Corporation ZZ 1.90 77.6% 197 762 81 878 1,228 122 (1.3%) (2.9%) 39.5% 10.0% NM 0.72x 7.2x 0.69x 6.4x Steelcase Inc. SCS 9.00 79.7% 1,128 291 133 1,286 2,785 183 9.9% (1.5%) 30.3% 6.6% 19.1x 0.46x 7.0x 0.44x 5.8x Tempur Pedic International Inc. TPX 25.69 29.4% 1,632 566 134 2,064 1,476 386 25.4% 19.8% 52.7% 26.1% 7.6x 1.40x 5.3x 1.45x 6.7x The Dixie Group, Inc. DXYN 3.80 79.3% 48 74 0 121 267 13 8.2% 0.9% 24.2% 4.9% NM 0.45x 9.2x 0.44x NA Mean 70.4% 703 288 81 911 1,282 120 2.9% (1.4%) 29.2% 8.7% 16.8x 0.60x 13.6x 0.62x 9.0x Median 78.4% 276 222 63 762 1,116 110 3.4% (2.2%) 27.7% 7.0% 16.7x 0.56x 7.2x 0.63x 6.6x

Household Products Central Garden & Pet Co. CENT $10.31 94.3% $513 $567 $28 $1,052 $1,630 $95 3.2% (0.9%) 29.2% 5.9% 35.3x 0.65x 11.0x 0.62x 8.5x The Clorox Company CLX 73.08 96.9% 9,505 2,850 303 12,052 5,409 1,073 4.5% (0.2%) 42.4% 19.8% 18.1x 2.23x 11.2x 2.15x 10.6x iRobot Corporation IRBT 21.03 54.9% 578 0 182 396 457 54 10.8% 14.2% 40.0% 11.7% 17.7x 0.87x 7.4x 0.80x 6.5x Jarden Corp. JAH 42.99 96.6% 3,424 3,453 481 6,396 6,692 787 5.9% 8.1% 28.0% 11.8% 17.0x 0.96x 8.1x 0.95x 7.6x Newell Rubbermaid Inc. NWL 17.70 90.8% 5,156 2,313 190 7,279 5,923 902 5.3% (1.7%) 37.7% 15.2% 37.8x 1.23x 8.1x 1.21x 7.9x Prestige Brands Holdings, Inc. PBH 16.30 91.3% 820 1,124 19 1,925 441 131 31.1% 14.4% 52.0% 29.7% 22.3x 4.36x 14.7x 3.10x 9.3x Snap-on Inc. SNA 61.21 94.9% 3,557 980 157 4,379 3,032 555 9.5% 2.9% 47.6% 18.3% 12.3x 1.44x 7.9x 1.43x 7.5x Stanley Black & Decker, Inc. SWK 60.19 76.0% 10,286 3,682 893 13,075 10,668 1,599 13.0% 35.7% 36.9% 15.0% 15.5x 1.23x 8.2x 1.14x 6.2x Toro Co. TTC 38.67 98.6% 2,280 226 83 2,423 1,984 256 9.6% 5.8% 33.7% 12.9% 18.6x 1.22x 9.5x 1.16x 9.3x Tupperware Brands Corporation TUP 53.61 74.5% 2,998 691 106 3,583 2,588 435 8.8% 7.5% 66.8% 16.8% 14.6x 1.38x 8.2x 1.34x 7.7x Whirlpool Corp. WHR 62.82 79.1% 4,853 2,489 583 6,759 18,614 1,464 0.6% 1.4% 13.8% 7.9% 15.7x 0.36x 4.6x 0.36x 4.0x Mean 86.2% 3,997 1,670 275 5,393 5,222 668 9.3% 7.9% 38.9% 15.0% 20.5x 1.45x 9.0x 1.30x 7.7x Median 91.3% 3,424 1,124 182 4,379 3,032 555 8.8% 5.8% 37.7% 15.0% 17.7x 1.23x 8.2x 1.16x 7.7x

Personal Care Products All for One Midmarket AG ACV $11.01 86.1% $54 $45 $30 $68 $118 $11 45.5% 10.6% 22.4% 9.5% 9.5x 0.58x 6.1x NA NA Avon Products Inc. A VP 15.19 52.5% 6,559 3,251 1,009 8,801 11,427 1,518 3.4% 3.3% 62.7% 13.3% 16.7x 0.77x 5.8x 0.79x 9.1x

7 of 16 Consumer and Retail Industry Update July 2012

Recreational & Leisure Products Arctic Cat Inc. ACAT $36.10 76.1% $472 $0 $63 $409 $585 $59 26.0% 1.3% 22.3% 10.1% 21.0x 0.70x 6.9x 0.61x 5.6x Brunswick Corporation BC 22.26 81.2% 1,988 697 371 2,315 3,736 311 5.4% (3.0%) 23.4% 8.3% 24.5x 0.62x 7.5x 0.58x 6.4x Callaway Golf Co. ELY 5.40 74.1% 351 86 52 385 886 1 (6.8%) (4.7%) 37.0% 0.1% NM 0.43x 721.7x 0.43x 38.9x Cybex International Inc. CYBI 1.71 47.4% 29 24 3 51 146 13 14.5% 2.2% 34.8% 8.8% 0.9x 0.35x 4.0x NA NA Harley-Davidson, Inc. HOG 43.95 80.9% 10,045 5,570 1,064 14,551 5,516 1,150 13.1% (2.4%) 37.4% 20.8% 17.2x 2.64x 12.7x 2.80x 11.2x Hasbro Inc. HAS 32.91 79.7% 4,268 1,572 904 4,936 4,262 746 6.5% 2.7% 48.2% 17.5% 12.0x 1.16x 6.6x 1.15x 6.3x Head NV WBAG:HEAD 1.42 92.1% 119 134 70 183 349 27 2.0% 2.8% 41.0% 7.7% 18.0x 0.52x 6.8x NA NA JAKKS Pacific, Inc. JAKK 15.85 77.8% 409 93 255 247 679 40 (8.5%) (8.3%) 31.1% 5.9% NM 0.36x 6.2x 0.33x 3.2x Johnson Outdoors Inc. JOUT 21.24 99.7% 199 51 30 221 409 24 0.5% 0.8% 39.4% 6.0% 7.0x 0.54x 9.1x NA NA LeapFrog Enterprises Inc. LF 10.85 92.0% 724 0 135 589 487 50 13.4% 4.2% 41.9% 10.3% 22.2x 1.21x 11.8x 1.13x 9.5x Life Time Fitness Inc. LTM 45.15 85.7% 1,871 650 11 2,511 1,041 285 11.5% 9.6% 39.8% 27.4% 19.0x 2.41x 8.8x 2.17x 7.5x Marine Products Corp. MPX 5.70 83.9% 216 0 19 197 117 8 13.0% (1.7%) 18.8% 6.5% 28.5x 1.69x 25.8x 1.42x NA Mattel, Inc. MAT 31.23 90.2% 10,636 1,550 785 11,402 6,243 1,226 5.3% 2.6% 50.4% 19.6% 14.4x 1.83x 9.3x 1.76x 8.6x Nautilus Inc. NLS 3.08 84.6% 95 0 20 74 183 8 7.2% (4.1%) 43.8% 4.5% 23.7x 0.41x 9.1x 0.37x NA Navarre Corp. NA VR 1.50 72.1% 56 0 6 50 481 6 (2.1%) (7.1%) 11.3% 1.3% NM 0.10x 8.0x 0.11x 5.6x Polaris Industries, Inc. PII 73.78 88.2% 5,067 108 286 4,889 2,819 438 29.1% 14.3% 28.8% 15.5% 21.8x 1.73x 11.2x 1.55x 9.4x Pool Corp. POOL 40.31 97.7% 1,914 300 21 2,193 1,842 143 11.2% 2.3% 29.6% 7.8% 25.8x 1.19x 15.3x 1.11x 13.2x Smith & Wesson Holding Corporation SWHC 9.63 97.1% 629 53 53 629 412 62 20.4% 7.1% 31.5% 15.2% 24.1x 1.53x 10.1x 1.26x 6.9x Steinway Musical Instruments Inc. LVB 25.49 87.0% 315 71 44 343 351 29 8.9% (1.1%) 30.1% 8.2% NM 0.98x 11.9x 0.94x 7.6x Sturm, Ruger & Co. Inc. RGR 43.28 74.1% 829 0 96 733 366 88 39.4% 21.8% 35.6% 24.0% 17.6x 2.00x 8.4x 1.74x 6.9x THQ Inc. THQI 5.05 15.0% 35 100 76 59 831 (94) 24.9% 0.0% 57.4% NM NM 0.07x NM 0.13x NM Mean 79.8% 1,918 527 208 2,237 1,512 220 11.2% 1.9% 34.9% 11.3% 18.6x 1.07x 45.6x 1.09x 9.8x Median 83.9% 472 86 63 409 585 50 11.2% 1.3% 35.6% 8.6% 20.0x 0.98x 9.1x 1.12x 7.5x

8 of 16 Consumer and Retail Industry Update July 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 7/13/12 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 $35.48 45.3% $2,929 $66 $360 $2,635 $4,243 $503 17.3% 8.9% 60.1% 11.9% 29.8x 0.62x 5.2x 0.56x 3.6x Aéropostale, Inc. ARO 19.58 84.9% 1,591 0 203 1,389 2,370 183 (1.5%) 6.6% 33.1% 7.7% 25.1x 0.59x 7.6x 0.55x 5.7x American Apparel, Inc. APP 0.93 76.9% 98 164 7 256 564 9 7.0% 1.0% 53.4% 1.5% NM 0.45x 29.8x NA NA American Eagle Outfitters, Inc. AEO 20.18 95.5% 3,955 0 722 3,233 3,269 412 11.6% 3.5% 35.8% 12.6% 24.3x 0.99x 7.9x 0.96x 6.0x ANN INC ANN 26.23 88.0% 1,280 3 106 1,177 2,249 245 10.9% 3.5% 54.5% 10.9% 15.4x 0.52x 4.8x 0.49x 4.2x Ascena Retail Group Inc. ASNA 18.87 83.4% 2,905 0 610 2,296 3,139 435 8.3% 28.6% 52.9% 13.8% 16.0x 0.73x 5.3x 0.64x 4.6x Bebe Stores, Inc. BEBE 5.98 62.4% 504 0 193 311 532 43 10.0% (6.2%) 56.6% 8.1% 37.4x 0.59x 7.3x 0.57x 6.4x Brown Shoe Co. Inc. BWS 13.37 97.0% 573 323 40 856 2,590 117 2.5% 4.6% 38.3% 4.5% NM 0.33x 7.3x 0.33x 6.0x Buckle Inc. BKE 40.37 80.7% 1,911 0 220 1,691 1,087 276 11.4% 9.3% 49.7% 25.4% 12.3x 1.56x 6.1x 1.49x 5.9x Body Central Corp. BODY 11.21 36.2% 181 0 44 137 305 38 17.8% NA 34.7% 12.3% 9.0x 0.45x 3.6x 0.41x 3.8x Cabela's Inc. CAB 39.00 93.7% 2,744 1,933 157 4,519 2,848 332 5.9% 3.7% 43.0% 11.7% 18.1x 1.59x 13.6x 1.47x 12.0x Casual Male Retail Group, Inc. CMRG 3.97 87.1% 189 0 6 183 398 31 0.8% (2.9%) 46.4% 7.8% 4.7x 0.46x 5.9x 0.43x 4.8x Cato Corp. CATO 28.60 88.5% 834 0 283 551 933 123 (0.3%) 2.4% 38.5% 13.1% 12.7x 0.59x 4.5x 0.57x NA Chico's FAS Inc. CHS 14.96 90.7% 2,448 0 341 2,107 2,310 345 17.8% 13.4% 55.7% 14.9% 17.1x 0.91x 6.1x 0.80x 5.3x Christopher & Banks Corporation CBK 1.48 22.2% 54 0 48 6 446 (34) (0.5%) (5.6%) 24.3% NM NM 1.3% NM 0.02x NM Citi Trends CTRN 15.80 96.3% 231 0 66 165 649 14 3.0% 8.4% 33.9% 2.2% NM 0.25x 11.8x 0.25x 4.5x Coldwater Creek Inc. CWTR 0.69 37.7% 84 42 23 103 763 (29) (16.9%) (8.0%) 30.0% NM NM 0.14x NM 0.13x NM Collective Brands, Inc. PSS 21.53 100.0% 1,320 610 193 1,737 3,505 216 4.1% 1.3% 32.0% 6.2% NM 0.50x 8.1x 0.48x 6.5x Destination Maternity Corporation DEST 17.88 79.4% 239 26 28 237 550 48 2.7% 0.2% 53.3% 8.7% 12.2x 0.43x 5.0x 0.43x 5.0x DSW Inc. DSW 55.99 90.3% 2,497 0 371 2,126 2,079 282 10.8% 11.9% 40.2% 13.6% 9.6x 1.02x 7.5x 0.91x 6.9x Express Inc. EXPR 18.67 71.1% 1,659 199 180 1,677 2,102 341 8.0% 5.4% 44.7% 16.2% 11.2x 0.80x 4.9x 0.74x 4.5x Finish Line Inc. FINL 20.82 79.6% 1,058 0 262 796 1,389 157 11.5% 5.6% 40.8% 11.3% 13.6x 0.57x 5.1x 0.55x 4.6x Foot Locker, Inc. FL 33.05 99.3% 5,010 135 909 4,236 5,749 605 10.1% 3.8% 44.0% 10.5% 16.3x 0.74x 7.0x 0.69x 5.9x Gap Inc. GPS 27.90 95.4% 13,649 1,625 2,047 13,227 14,741 2,042 0.8% 1.1% 36.3% 13.9% 17.2x 0.90x 6.5x 0.86x 6.1x Genesco Inc. GCO 63.72 80.7% 1,561 36 55 1,542 2,411 220 28.9% 15.5% 50.4% 9.1% 17.2x 0.64x 7.0x 0.59x 6.0x Guess? Inc. GES 27.15 64.8% 2,443 13 490 1,965 2,675 466 5.3% 9.4% 43.0% 17.4% 10.0x 0.73x 4.2x 0.71x 4.6x Hot Topic Inc. HOTT 10.21 95.2% 431 0 70 361 708 65 0.2% (3.1%) 35.9% 9.1% 45.7x 0.51x 5.6x 0.48x 5.7x Jos. A Bank Clothiers Inc. JOSB 42.45 75.2% 1,182 0 264 918 988 182 13.1% 11.5% 61.8% 18.4% 12.6x 0.93x 5.0x 0.83x 4.6x Limited Brands, Inc. LTD 46.05 88.8% 13,406 4,600 1,286 16,720 10,301 1,847 4.1% 5.2% 45.4% 17.9% 17.5x 1.62x 9.1x 1.61x 8.0x Lululemon Athletica Inc. LULU 56.15 69.2% 8,083 0 424 7,658 1,100 342 44.7% 45.4% 56.1% 31.1% 41.3x 6.96x 22.4x 5.35x 17.4x The Men's Wearhouse, Inc. MW 27.61 67.4% 1,406 0 119 1,287 2,389 267 8.1% 7.1% 44.3% 11.2% 12.0x 0.54x 4.8x 0.51x 4.2x New York & Company Inc. NWY 4.21 72.0% 263 0 29 233 945 8 (7.7%) (5.0%) 34.6% 0.9% NM 0.25x 28.2x 0.24x 6.5x Pacific Sunwear of California Inc. PSUN 1.89 59.8% 128 74 22 181 836 (21) 2.1% (11.6%) 22.6% NM NM 0.22x NM 0.22x NM Ross Stores Inc. ROST 68.21 98.2% 15,387 150 742 14,795 8,891 1,282 11.1% 10.3% 27.6% 14.4% 22.4x 1.66x 11.5x 1.52x 9.9x rue21, Inc. RUE 26.15 74.7% 641 0 82 559 793 94 18.4% 24.4% 37.4% 11.8% 16.0x 0.71x 6.0x 0.59x 5.2x Shoe Carnival Inc. SCVL 23.37 99.7% 477 0 92 385 787 59 5.1% 6.4% 29.4% 7.5% 17.2x 0.49x 6.5x 0.44x 5.7x Stage Stores Inc. SSI 18.65 96.5% 577 50 22 605 1,531 117 3.7% 0.8% 27.4% 7.6% 19.4x 0.40x 5.2x 0.38x 4.9x Stein Mart Inc. SMRT 8.15 81.4% 356 0 117 239 1,160 47 (2.0%) (3.6%) 25.4% 4.1% 23.1x 0.21x 5.0x 0.20x 4.6x The Children’s Place Retail Stores, Inc. PLCE 50.33 87.5% 1,221 0 205 1,017 1,724 162 2.4% 1.8% 38.1% 9.4% 17.7x 0.59x 6.3x 0.56x 5.1x The Talbots Inc. TLB 2.58 58.9% 181 198 22 357 1,116 (27) (6.5%) (7.0%) 29.3% NM NM 0.32x NM 0.33x NA The TJX Companies, Inc. TJX 44.79 99.6% 33,187 787 1,739 32,236 23,769 3,189 7.3% 7.7% 27.7% 13.4% 20.9x 1.36x 10.1x 1.26x 8.9x Urban Outfitters Inc. URBN 29.18 86.1% 4,226 0 248 3,978 2,519 381 8.7% 11.3% 41.3% 15.1% 24.3x 1.58x 10.4x 1.41x 8.6x Wet Seal Inc. WTSL.A 2.99 57.2% 270 0 148 122 612 38 2.1% 1.7% 47.8% 6.3% 40.9x 0.20x 3.2x 0.20x 3.8x Zumiez, Inc. ZUMZ 34.93 83.2% 1,094 0 171 923 580 86 17.0% 12.5% 36.4% 14.8% 27.3x 1.59x 10.8x 1.33x 8.6x Mean 79.0% 3,056 251 313 2,994 2,833 353 7.3% 5.6% 40.8% 11.5% 19.6x 0.85x 8.3x 0.77x 6.2x Median 83.3% 1,202 0 176 970 1,460 172 6.4% 4.6% 39.4% 11.5% 17.2x 0.59x 6.4x 0.56x 5.7x

9 of 16 Consumer and Retail Industry Update July 2012

Department Chains Bon-Ton Stores Inc. BONT $7.71 72.7% $155 $940 $14 $1,080 $2,943 $157 (3.0%) (2.4%) 37.2% 5.3% NM 0.37x 6.9x 0.36x 6.6x Dillard's Inc. DDS 62.53 86.3% 3,055 902 251 3,706 6,484 708 3.4% (1.5%) 36.8% 10.9% 6.8x 0.57x 5.2x 0.56x 4.9x J. C. Penney Company, Inc. JCP 20.02 46.4% 4,376 3,102 839 6,639 16,469 686 (7.3%) (3.4%) 35.3% 4.2% NM 0.40x 9.7x 0.43x 5.5x Kohl's Corp. KSS 47.61 83.0% 11,416 4,247 1,029 14,634 18,885 2,876 2.0% 4.8% 37.7% 15.2% 11.0x 0.77x 5.1x 0.75x 5.0x Macy's, Inc. M 33.64 79.8% 13,898 6,957 1,891 18,964 26,659 3,520 5.3% 3.1% 40.3% 13.2% 11.0x 0.71x 5.4x 0.68x 5.2x Nordstrom Inc. JWN 51.89 89.9% 10,794 3,143 1,647 12,290 11,183 1,641 12.6% 9.9% 37.3% 14.7% 16.2x 1.10x 7.5x 1.02x 7.0x Saks Incorporated SKS 10.45 86.1% 1,602 382 189 1,795 3,041 279 6.9% 2.6% 40.9% 9.2% 22.0x 0.59x 6.4x 0.55x 5.9x Sears Holdings Corporation SHLD 53.58 62.4% 5,703 3,229 777 8,155 41,297 394 (2.0%) (3.4%) 26.0% 1.0% NM 0.20x 20.7x 0.21x 13.4x Stage Stores Inc. SSI 18.65 96.5% 577 50 22 605 1,531 117 3.7% 0.8% 27.4% 7.6% 19.4x 0.40x 5.2x 0.38x 4.9x Mean 78.1% 5,731 2,550 740 7,541 14,277 1,153 2.4% 1.2% 35.4% 9.0% 14.4x 0.57x 8.0x 0.55x 6.5x Median 83.0% 4,376 3,102 777 6,639 11,183 686 3.4% 0.8% 37.2% 9.2% 13.6x 0.57x 6.4x 0.55x 5.5x

Discount Stores & Mass Merchants Nordion Inc. NDN $9.39 91.0% $582 $44 $78 $548 $244 $69 (7.2%) (237.4%) 53.4% 28.3% 44.8x 2.25x 8.0x 2.24x 8.4x Big Lots Inc. BIG 39.03 82.7% 2,486 0 83 2,404 5,269 422 6.6% 4.4% 39.7% 8.0% 13.3x 0.46x 5.7x 0.43x 5.2x Costco Wholesale Corporation COST 94.81 99.2% 40,991 1,373 5,976 36,388 95,097 3,460 12.1% 9.6% 12.4% 3.6% 26.5x 0.38x 10.5x 0.35x 9.2x Dollar General Corporation DG 54.53 97.3% 18,122 2,888 134 20,876 15,257 1,835 14.1% 12.1% 31.7% 12.0% 22.7x 1.37x 11.4x 1.27x 10.3x Dollar Tree, Inc. DLTR 52.77 92.9% 12,240 266 382 12,124 6,808 976 12.1% 12.4% 35.8% 14.3% 25.0x 1.78x 12.4x 1.59x 10.7x Family Dollar Stores Inc. FDO 67.47 90.3% 7,885 532 142 8,275 9,101 888 8.7% 7.4% 35.0% 9.8% 19.0x 0.91x 9.3x 0.82x 8.4x Fred's, Inc. FRED 14.74 92.2% 540 7 8 539 1,895 89 2.2% 1.9% 28.9% 4.7% 16.2x 0.28x 6.1x 0.27x 5.4x Gordmans Stores, Inc. GM A N 18.31 80.1% 350 1 42 308 575 47 8.6% 44.1% 43.4% 8.2% 13.8x 0.54x 6.6x 0.47x 5.6x PriceSmart Inc. PSMT 69.48 82.4% 2,051 84 105 2,029 1,975 125 21.5% 17.0% 15.8% 6.3% 33.4x 1.03x 16.2x 0.89x 13.8x Target Corp. TGT 61.95 100.0% 40,962 17,520 690 57,792 70,797 7,491 4.5% 2.9% 29.8% 10.6% 14.3x 0.82x 7.7x 0.78x 7.7x Tuesday Morning Corp. TUES 5.03 98.8% 209 0 39 170 811 24 (1.9%) 0.1% 38.0% 3.0% 47.2x 0.21x 7.1x 0.21x NA Wal-Mart Stores Inc. WMT 73.18 99.9% 247,608 54,822 8,127 294,303 455,779 35,300 6.9% 4.1% 24.9% 7.7% 15.7x 0.65x 8.3x 0.62x 7.9x Mean 92.2% 31,169 6,461 1,317 36,313 55,301 4,227 7.3% (10.1%) 32.4% 9.7% 24.3x 0.89x 9.1x 0.83x 8.4x Median 92.6% 5,186 175 120 5,340 6,039 655 7.8% 5.9% 33.4% 8.1% 20.9x 0.73x 8.1x 0.70x 8.4x

Furniture & Furnishings Retailers Aaron's, Inc. AAN $28.83 90.7% $2,192 $154 $234 $2,112 $2,076 $283 8.6% 8.1% 51.8% 13.6% 16.2x 1.02x 7.5x 0.94x 6.6x Bed Bath & Beyond Inc. BBBY 60.94 80.4% 13,893 0 1,687 12,207 9,608 1,776 7.4% 9.8% 41.2% 18.5% 14.4x 1.27x 6.9x 1.08x 6.3x Ethan Allen Interiors Inc. ETH 21.52 75.9% 621 154 84 691 722 66 8.7% (2.2%) 53.3% 9.2% 12.6x 0.96x 10.4x 0.90x 8.3x Haverty Furniture Companies Inc. HVT 12.04 92.6% 264 13 57 220 631 28 1.9% (1.1%) 51.9% 4.4% 14.4x 0.35x 7.9x 0.33x 5.7x Kirkland's Inc. KIRK 10.96 62.9% 199 0 73 126 434 41 4.2% 3.6% 39.1% 9.4% 12.0x 0.29x 3.1x 0.26x 3.0x La-Z-Boy Incorporated LZB 12.50 76.1% 663 10 152 520 1,232 73 3.8% 0.1% 30.8% 5.9% 7.6x 0.42x 7.1x 0.40x 5.8x Lifetime Brands, Inc. LCUT 13.14 99.2% 163 97 5 255 462 36 3.5% (1.3%) 36.7% 7.9% 10.2x 0.55x 7.0x NA NA

10 of 16 Consumer and Retail Industry Update July 2012

Internet Retail 1-800-Flowers.com Inc. FLWS $3.73 99.5% $242 $33 $25 $250 $737 $37 12.5% 8.2% 40.3% 5.1% 21.9x 0.34x 6.7x 0.33x 5.4x Amazon.com Inc. AMZN 218.39 88.5% 98,390 0 5,715 92,675 51,405 1,815 39.2% 37.2% 22.8% 3.5% NM 1.80x 51.1x 1.38x 26.5x Blue Nile Inc. NILE 24.78 49.6% 343 1 61 282 351 15 3.5% 6.9% 20.1% 4.3% 39.6x 0.80x 18.6x 0.70x 12.1x eBay Inc. EBAY 39.95 90.9% 51,585 2,085 5,871 47,799 12,383 3,489 30.3% 13.9% 70.0% 28.2% 15.7x 3.86x 13.7x 3.31x 10.1x IAC/InterActiveCorp IACI 46.55 88.2% 3,803 96 776 3,124 2,240 314 30.3% 16.8% 63.7% 14.0% 23.0x 1.39x 9.9x 1.14x 6.2x Netflix, Inc. NFLX 84.90 29.3% 4,713 400 805 4,309 3,356 326 40.6% 32.8% 33.7% 9.7% 28.7x 1.28x 13.2x 1.15x 24.9x Orbitz Worldwide, Inc. OWW 4.44 98.9% 462 440 188 715 772 114 2.2% (2.8%) 82.0% 14.7% NM 0.93x 6.3x 0.86x 4.8x Overstock.com Inc. OSTK 6.50 41.0% 152 17 72 97 1,051 1 (3.7%) 9.0% 16.8% 0.1% NM 0.09x 68.9x 0.09x 5.0x PetMed Express, Inc. PETS 11.50 82.0% 231 0 57 174 238 27 2.9% 2.8% 33.6% 11.5% 14.4x 0.73x 6.4x 0.71x 6.4x priceline.com Incorporated PCLN 642.95 83.0% 32,014 1,442 3,619 29,837 4,584 1,547 38.5% 33.1% 72.4% 33.7% 29.1x 6.51x 19.3x 5.26x 14.2x Shutterfly, Inc. SFLY 30.53 49.2% 1,092 0 144 948 507 45 58.9% 33.1% 52.7% 8.8% NM 1.87x 21.2x 1.59x 9.3x Stamps.com Inc. STMP 24.15 71.6% 398 0 49 348 107 20 22.5% 8.5% 74.5% 18.7% 9.6x 3.25x 17.4x 2.90x 12.0x U.S. Auto Parts Network, Inc. PRTS 4.58 59.0% 140 18 11 148 328 11 11.8% 28.9% 31.5% 3.4% NM 0.45x 13.3x 0.43x 8.3x Mean 71.6% 14,890 349 1,338 13,900 6,004 597 22.3% 17.6% 47.2% 12.0% 22.7x 1.79x 20.5x 1.53x 11.2x Median 82.0% 462 18 144 715 772 45 22.5% 13.9% 40.3% 9.7% 22.4x 1.28x 13.7x 1.14x 9.3x

Specialty & Other Retail Barnes & Noble, Inc. BKS 15.23 58.6% 894 474 54 1,314 7,129 183 1.9% 17.4% 26.8% 2.6% NM 0.18x 7.2x 0.17x 6.7x Best Buy Co. Inc. BBY 19.00 63.8% 6,458 2,208 1,199 7,467 50,705 3,295 1.9% 4.0% 24.8% 6.5% NM 0.15x 2.3x 0.15x 2.7x Big 5 Sporting Goods Corp. BGFV 7.85 67.7% 169 65 6 228 899 36 0.0% 1.4% 31.9% 4.0% 19.1x 0.25x 6.4x 0.24x 5.4x Books-A-Million Inc. BAMM 3.13 82.6% 50 44 5 89 479 16 1.6% (2.5%) 28.3% 3.2% NM 0.19x 5.7x NA NA Build-A-Bear Workshop Inc. BBW 4.74 53.9% 78 0 36 42 395 23 (0.3%) (3.7%) 41.0% 5.8% NM 0.11x 1.8x 0.11x 1.3x Conns Inc. CONN 16.15 81.4% 524 298 7 816 801 40 (0.2%) (4.2%) 39.8% 4.9% NM 1.02x 20.6x 0.95x 7.6x CVS Caremark Corporation CVS 48.05 99.5% 61,576 9,211 2,216 68,571 112,203 8,046 14.8% 7.8% 18.7% 7.2% 18.0x 0.61x 8.5x 0.55x 7.6x Dick's Sporting Goods Inc. DKS 48.18 93.3% 5,692 153 521 5,324 5,380 578 8.9% 8.8% 30.8% 10.7% 21.4x 0.99x 9.2x 0.90x 8.0x Fossil, Inc. FOSL 67.98 48.8% 4,210 21 261 3,970 2,620 519 20.5% 19.1% 56.0% 19.8% 14.5x 1.52x 7.6x 1.31x 6.7x Golfsmith International Holdings Inc. GOLF 6.09 95.9% 97 54 9 143 396 14 8.3% 2.5% 34.8% 3.4% NM 0.36x 10.5x 0.33x 6.0x hhgregg, Inc. HGG 7.23 43.4% 261 0 59 202 2,493 104 20.0% 21.3% 28.9% 4.2% 3.4x 0.08x 1.9x 0.08x 2.2x Hibbett Sports, Inc. HIBB 59.00 95.3% 1,549 2 96 1,455 762 115 11.4% 9.8% 36.1% 15.1% 25.0x 1.91x 12.7x 1.73x 11.1x Jasmine International JAS 0.10 93.2% 741 142 59 824 9,603 3,946 (4.6%) 20.1% 52.7% 41.1% 17.9x 0.09x 0.2x NA NA Lowe's Companies Inc. LOW 26.72 82.8% 31,442 9,611 3,233 37,820 51,176 5,466 5.3% 2.1% 34.4% 10.7% 17.6x 0.74x 6.9x 0.74x 6.9x Lumber Liquidators Holdings, Inc. LL 33.74 97.2% 929 0 61 868 710 56 12.9% 13.0% 35.6% 7.9% 33.1x 1.22x 15.5x 1.13x 12.8x Marinemax Inc. HZO 9.13 81.2% 215 120 29 306 509 6 13.6% (8.6%) 25.4% 1.2% NM 0.60x 51.3x 0.56x 19.1x Movado Group, Inc. MOV 23.90 79.7% 601 0 159 442 482 49 20.7% 4.6% 55.4% 10.1% 15.9x 0.92x 9.0x 0.85x NA Office Depot, Inc. ODP 2.00 48.8% 568 678 489 757 11,389 329 (1.3%) (6.1%) 30.1% 2.9% 4.9x 0.07x 2.3x 0.07x 2.3x PetSmart, Inc. PETM 68.88 98.4% 7,466 552 303 7,715 6,253 772 8.0% 6.5% 29.8% 12.4% 24.7x 1.23x 10.0x 1.13x 9.0x

11 of 16 Consumer and Retail Industry Update July 2012

12 of 16 M&A Detail July 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 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 American 6/30/2012 Gaikai, Inc. Benchmark Capital Sony Computer Ent. $380.0 - - -  6/29/2012 Sundance Holdings Group, LLC ACI Capital Co., LLC Brentwood Associates, Inc. - - - -  Consumer 6/29/2012 Only Natural, Inc. - Union Equity Inc. - - - -  M&A 6/27/2012 Bari Leather Furniture - Luxeyard, Inc. - - - - 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 - - - -  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. - - - -  6/5/2012 Party City Holdings Inc. - Thomas H. Lee Partners - - - -  6/5/2012 1-800 Contacts, Inc. Fenway Partners LLC WellPoint Inc. - - - -  6/4/2012 Brian Atwood Brand - The Jones Group Inc. - - - - 6/4/2012 Guildcrest Building Corporation - Les Résidences Pro-Fab Inc. - - - - 6/1/2012 S.O. Kines, Jr. Inc. - Solideal USA, Inc. - - - - 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 - - - - 

13 of 16 M&A Detail July 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 4/18/2012 Primos, Inc. Svoboda Capital Partners LLC Bushnell Performance Optics - - - -  4/17/2012 JAKKS Pacific World Wrestling Entertainment Oaktree Capital Management - - - -  American 4/17/2012 Teaopia Limited - Teavana Canada, Inc. - - - - 4/15/2012 Dreams Inc. Emerson Partners Fanatics, LLC $26.9 1.59x - -  Consumer 4/13/2012 Greners.com, Inc. - Phototron Holdings, Inc. $167.9 1.18x 30.3x 59.1x M&A 4/13/2012 Sun & Skin Care Research, Inc. - Source Capital - - - -  4/11/2012 Mattress Giant Corporation AEA Investors LP Mattress Firm Holding Corp. - - - -  (continued) 4/9/2012 SLY LLC - Valken, Inc. $47.0 - - - 4/6/2012 The Connaught Group - The Tom James Company - - - - 4/5/2012 Great Wolf Resorts BAMCO Inc. KSL Capital Partners $22.0 - - -  4/4/2012 SkyMall, Inc. Spire Capital Partners Bookspan, Inc. $723.7 2.44x 9.4x 31.4x  4/4/2012 Kynx, LLC - Curls LLC - - - - 4/4/2012 American Bedding Company Inc. - Sleep Inc. - - - - 4/3/2012 The Dial Corporation, Certain Brands The Dial Corporation Golden Sun, Inc. - - - - 4/1/2012 The Dial Corporation, Coast The Dial Corporation High Ridge Brands Co. - - - - 3/31/2012 DVD.com, Inc. - Netflix, Inc. - - - - 3/30/2012 Callaway Golf Co., Top-Flite Brand Callaway Golf Co. American Sports Licensing, Inc. - - - - 3/30/2012 The Baby Jogger Company Dynamic Brands, Inc. The Riverside Company $20.0 - - -  3/30/2012 McKenzie Sports Products Gridiron Capital Levine Leichtman Capital Partners - - - -  3/30/2012 Beauté de Maman - NorthStar Consumer Products, LLC - - - - 3/29/2012 Motorcycle Superstore Inc. - Motorsport Aftermarket Group, Inc. - - - - 3/27/2012 L.A.T Sportswear, Inc. - Ridge Capital Partners, L.L.C. - - - -  3/23/2012 Solo Cup Co. Vestar Capital Partners Dart Container Corporation - - - -  3/21/2012 OMGPOP, Inc. Bessemer Venture Partners Zynga, Inc. $958.1 0.59x 9.0x 21.7x  3/21/2012 Doc's Drugs, Ltd. - - $180.0 - - - 3/19/2012 Rio de Keratin, LLC - Lasio, Inc. - - - - 3/15/2012 Van Craeynest, Inc. - Everybody's Phone Company - - - - 3/12/2012 Great Wolf Resorts BAMCO / HG Vora Capital Everybody's Phone Co. $268.5 1.46x 10.3x 14.7x  3/12/2012 WorldWide Wireless - Simmons Venture Group $648.5 2.19x 8.4x 28.1x 3/12/2012 Golf Card International Good Sam Enterprises LTS Nutraceuticals - - - - 3/12/2012 YTB International - The ONE Group - - - - 3/10/2012 New Tropicana Club - Lion Capital LLP - - - - 3/8/2012 John Varvatos VF Sportswear, Inc. BarrierSafe Solutions - - - -  3/8/2012 High Five Products - Expansion VC, LLC - - - - 3/7/2012 Real Real 2020 Ventures, LLC Cygnus Internet, Inc. - - - -  3/7/2012 Zaldiva Summit Group of Companies Z Wireless - - - -  3/6/2012 T2 Wireless - EndoChoice, Inc. - - - - 3/5/2012 Interactive Optics - Golden Nugget, Inc. - - - - 3/5/2012 Riverboat Corporation of MS Isle of Capri Casinos, Inc. BHMS Investments - - - - 3/4/2012 OSMOTICS - Atlas Sound LP $45.0 - - - 3/2/2012 A-Line Acoustics - Miami Valley Gaming & Racing - - - - 3/1/2012 Lebanon Raceway Miami Valley Trotting Inc. Altour International - - - - 3/1/2012 Passageways Travel - Standard Parking Corp. $70.0 - - - 2/29/2012 Central Parking Corporation Kohlberg & Company Genuine Parts Company - - - -  2/28/2012 Quaker City Motor Parts - Rent2Buy, Inc. $345.1 0.64x 10.0x - 2/28/2012 General Workings, Inc. Battery Ventures Guardian Auto Glass - - - -  2/27/2012 Glass Specialty Company - Skye Associates - - - - 2/27/2012 The Hip Chick, LLC - QVC, Inc. - - - - 2/24/2012 Send the Trend, Inc. Battery Ventures JLA Home, Inc. - - - -  2/23/2012 ICA Home Décor - China Health Resource - - - - 2/23/2012 Herborium Group - Genomma Lab Internacional - - - - 2/21/2012 Prestige Brands Holdings Wells Fargo Funds Phillips Feed Service, Inc. - - - -  2/21/2012 Mikes Feed Farm - Trilantic Capital Management $1,262.4 3.13x 10.6x 11.6x  2/20/2012 Nixon, Inc. Billabong Ricardo Beverly Hills - - - -  2/17/2012 Skyway Luggage Company - Warrior Girl Corp. $553.4 - - - 2/15/2012 US Marine Lights - Aero Financial - - - - 1/30/2012 Beyond a Bag Connect Concepts, The Gores Group $915.4 - - - 1/30/2012 Pep Boys - Manny, Moe & Jack North Run Capital Fish-N-Hunt - - - -  1/29/2012 CastAway Fishing Products - Transat AT $1,043.5 0.51x 6.4x 12.3x 1/27/2012 Vacances Tours Mont-royal - Tattoo Manufacturing - - - - 1/26/2012 East Coast Temporary Tattoos - Good Company Wines - - - - 1/16/2012 Opa Cove, LLC - Riddell Sports Group, Inc. - - - - 1/12/2012 Gunther's Athletic Service, Inc. - School Health Corporation - - - - 1/12/2012 Mindnautilus.Com Corporation - Columbia Forest Products - - - - 1/12/2012 Cabinotch - Visual Pak Company - - - - 1/10/2012 Cosmetic Labs of America Alberto-Culver Company Fossil, Inc. - - - - 1/10/2012 Skagen Designs, Ltd. - Shuffle Master Inc. - - - - 1/9/2012 HopBet Inc., Fire Bet Hopbet Inc. SkinMedica, Inc. $244.8 - - - 1/9/2012 Colorescience VMG Partners Cutie Pie Baby, Inc. - - - -  1/6/2012 Robar, Inc. - Kobayashi Pharmaceutical Co. Ltd. - - - - 1/6/2012 Grabber Inc. - Marcus Investments LLC - - - - 1/5/2012 VyMaC Corporation - Edenvale Shoppes, LLC - - - -  1/4/2012 Barnes & Wagner, LLC - Safety Supply Corp. - - - - 1/4/2012 Carolina Safety Sport International LLC - Gibson Guitar Corp. - - - - 1/4/2012 Onkyo USA Corporation Onkyo Corp. Activewear Brands LLC - - - - 1/4/2012 Deezfit, LLC - Sipp Industries, Inc. $17.5 - - - 1/3/2012 Palm Beach Specialty Coffee, LLC - Lowe's Companies Inc. - - - - 14 of 16 M&A Detail July 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 1/3/2012 Allied Trade Group, Inc. - GIA Investments Corp. - - - - 12/29/2011 Baby Trend, Inc. - Perfumania Holdings, Inc. - - - -  American 12/25/2011 Parlux Fragrances Inc. Wells Fargo Investments Fairfax Financial Holdings Limited $45.0 - - -  12/23/2011 Sporting Life, Inc. - Revelry Brands $165.6 1.28x 47.3x 134.0x  Consumer 12/22/2011 PACT Apparel, Inc. - From You Flowers, LLC - - - - M&A 12/21/2011 SendFlowers.com Stanley Flowers Freeman Spogli & Co. - - - - 12/16/2011 Boot Barn, Inc. Marwit Capital Engineered Floors, LLC - - - -  (continued) 12/13/2011 Dream Weaver Carpet Industries, Inc. - Harvest Partners, LLC - - - - 12/12/2011 Driven Brands, Inc. Carousel Capital Sunwing Travel Group Inc. - - - -  12/9/2011 VE Holdings, Inc. - AAC Technologies Holdings Inc. - - - - 12/9/2011 ID8-Mobile, LLC - Versa Capital Management, Inc. - - - - 12/9/2011 ALC-Partner, Inc. CHS Capital Swisher Hygiene Inc. - - - -  12/8/2011 Specialty Products of America, LLC - Sycamore Partners - - - - 12/8/2011 The Talbots Inc. - Abattis Biologix Corporation $0.9 - - -  12/6/2011 Nutra Research International Ltd. - United Pet Group, Inc. $356.6 0.31x 29.9x - 12/6/2011 FURminator, Inc. Cardinal Equity Partners Helen of Troy Limited - - - -  12/6/2011 PUR Water Purification Products, Inc. Procter & Gamble Co. Brynwood Partners $140.0 3.50x - - 12/5/2011 Golden Sun, Inc. Parallel Investment Partners Vacation.com, Inc. $160.0 - - -  12/2/2011 Cruise Shoppes America Ltd. - New Wave Group AB - - - - 12/1/2011 Paris Glove of Canada Ltd. - Webeez, Inc. - - - - 12/1/2011 Discover Tour Guides - Swimco Inc. $16.2 0.59x - 5.9x 11/30/2011 Swimwear Etc. Ltd. - Trudeau Corporation - - - - 11/30/2011 Silvermark - The ERGO Baby Carrier - - - - 11/21/2011 Orbit Baby, Inc. - Lifetime Products, Inc. - - - -  11/21/2011 Emotion Kayaks, Inc. - Massey Services, Inc. $17.5 - - - 11/16/2011 American Pest Control - Woodstream Corporation - - - - 11/15/2011 Iron Stop, Inc. - High Road Capital Partners - - - -  11/15/2011 Handi Quilter, Inc Hanover Partners Follea, Inc. - - - -  11/14/2011 Peggy Knight Solutions, Inc. - Lifetouch Inc. - - - - 11/9/2011 Olan Mills, Inc. - L'Oreal USA, Inc. - - - - 11/9/2011 Pacific Biosciences Rosewood Capital Omni Ventures - - - -  11/9/2011 Jean Genie Studio, Inc. - Centric Health Corporation - - - - 11/8/2011 Motion Specialties Inc. The Motion Group Rakuten - - - - 11/8/2011 Kobo, Inc. Indigo Books & Music Palladium Equity Partners - - - - 11/8/2011 ABRA, Inc. GE Equity RH Allergy Acquisition $315.0 - - -  11/7/2011 Allergy Control Products, Inc. Planet Biopharmaceuticals Pacific World Corporation - - - - 11/7/2011 W.E. Bassett Company - Gold's Gym International - - - - 11/4/2011 CFM Consulting - Adidas AG - - - - 11/3/2011 Five Ten U.S. - Monomoy Capital Partners - - - - 11/3/2011 Oneida Ltd. - Trilantic Capital Management $25.0 - - -  11/2/2011 Implus Footcare, LLC AEA Investors LP KPS Capital Partners - - - -  11/1/2011 American & Efird, Inc. Ruddick Operating Company Shoebuy.com, Inc. - - - -  10/27/2011 CozyBoots, Inc. - Universal Protection Service $180.0 - - - 10/26/2011 Security Forces Inc. - Waveland Investments - - - - 10/24/2011 GLJ, LLC - Blackhawk Network, Inc. - - - -  10/24/2011 Cardpool, Inc. Y Combinator Britax Childcare Holdings - - - -  10/21/2011 B.O.B. Trailers, Inc. - Ames True Temper, Inc. - - - - 10/20/2011 Southern Sales & Marketing - Swisher Hygiene Inc. - - - - 10/17/2011 West Coast Laundry - ARIIX Holding, LLC $23.0 0.58x - - 10/17/2011 Trivani International - STEINER - - - - 10/17/2011 Ideal Image Development H.I.G. Capital Salveo Specialty Pharmacy - - - -  10/14/2011 Echo Specialty Pharmacy - Joint Juice, Inc. $175.0 - - - 10/13/2011 Premier Nutrition - Microsoft Studios - - - - 10/12/2011 Twisted Pixel Games - KMJ Brand Holdings - - - -

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 July 2012

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

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