Consumer and Retail

CONSUMER AND RETAIL

INDUSTRY UPDATE │ APRIL 2015

www.harriswilliams.de

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

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

HARRIS WILLIAMS & CO. CONSUMER UPDATE

GROUP OVERVIEW HW&CO’S RECENT INDUSTRY OBSERVATIONS Harris Williams & Co. is a leading advisor to the Consumer market. Our The Harris Williams Consumer team continued its strong Q1 momentum into April, with significant experience covers a broad several new deals coming to market and dialogues with other potential opportunities range of end markets, industries, and accelerating as shareholders look to capitalize on a historically strong Consumer business models. This particular report M&A environment. Deal flow and buyer interest remain robust across diverse focuses on trends and metrics in the following areas: Consumer verticals and based on our backlog and visibility, we anticipate that 2015 will be another active year for us and for investors in the space. . Catalog and Direct Marketing . Consumer Durables Following up on last month’s update on our work in the global pet . Consumer Electronics market, we highlight our activity in the Consumer Durables and a portfolio company of . Consumer Services Household Goods sectors. HW&Co. recently advised the shareholders of U-Line Corporation, the American leader in the . E-tailing undercounter modular ice making, refrigeration, and wine . Footwear, Apparel, and preservation market, in its sale to The Middleby Corporation. We has been acquired by Accessories also recap our recent trip to the International Home + Housewares . Franchise Platforms Show, where we walked the floor and held productive meetings . Home Furnishings with a number of industry participants, PEG-backed platforms, and financial sponsors seeking new investment opportunities in the . Household Goods sector. These meetings, coupled with our own activity and industry . Infant and Juvenile Products observations, suggest that M&A activity is likely to accelerate over . Jewelry, Gifts, and Collectibles the near-to-mid-term. . Lawn, Garden, and Pet Products and Services Key Market Dynamics . Leisure and Outdoor Products

Residential New Housing Starts (in '000s) . Personal Care Products Growing Interest in the Sector as a 2,500 Whole: We have attended the show 2014 Housing Starts: ~30% . Specialty and Mass below 50-Year Avg. Merchant Retailing for several years and found our most 2,000 recent trip to be one of the busier

ones in recent memory, with the ~1.4M CONTACTS ability to meet with a wide variety of 1,500 sponsors, including a number of first- John Neuner time attendees. We believe this Managing Director 1,000 [email protected] dynamic illustrates the growing level +1 (804) 915-0125 of interest in the sector and is 500 perhaps a leading indicator of Ryan Budlong Director increased investment activity. [email protected] 0 HW&Co. as a firm continues to see 1960 1968 1976 1984 1992 2000 2008 2016P +1 (415) 217-3409 strong interest in assets whose Single Family Multi-Family 50-Year Average Brent Spiller performance is correlated to the still- Director Improvingimproving housing market, and we expect this trend to benefit consumer durables [email protected] and household goods companies for the foreseeable future. +1 (804) 915-0183 Corey Benjamin All Eyes on e-Commerce: The shift toward omnichannel retailing was a key topic of Vice President [email protected] conversation at the show as retailers continue to seek ways to serve an increasingly- +1 (804) 932-1342 connected consumer and drive growth. While consumers embrace the enhanced convenience and choice afforded by a robust online “endless aisle”, the trend Matt Conaty Vice President introduces operational challenges for retailers and vendors alike. Supply chain [email protected] management is always critical when serving mass market and other big box retailers, +1 (415) 217-3423 and while HW&Co. believes that certain product categories are better insulated from Chip Duggins the shift to online than others, this dynamic will further reward those vendors with Vice President sophisticated supply chain management capabilities. [email protected] Same Store Sales and E-Commerce Growth Comparison +1 (804) 932-1340 Most Recent Quarter a Year Ago Most Recent Quarter

225.0% 207.0% 204.8%

150.0%

75.0% 40.0% 2.7% 11.4% 6.9% 1.3% – 1.6% 9.0% 2.5% 1.7% 0.0% WSM PIR BBBY WSM PIR BBBY Same Store Sales Growth E-Commerce Growth

www.harriswilliams.de

PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

HARRIS WILLIAMS & CO. CONSUMER UPDATE

M&A HIGHLIGHTS

Both Strategic and Financial Buyers Remain Hungry for Deal Flow: Our conversations during the U-Line process and beyond demonstrated a healthy level of strategic and financial buyer appetite for investment opportunities. Strategic consolidators are particularly aggressive, with many maintaining active outbound calling efforts as they search for assets to fill white spaces in their portfolios and help drive earnings growth. We have also seen private equity groups increase their activity levels, particularly sponsor-backed platforms looking for add-on’s. This increased level of activity is evident in the chart below, which shows broad-based acceleration in deal flow.

Relative Dearth of Supply, but We Anticipate Opportunities to Emerge: Both strategic and financial buyers have expressed the need to be opportunistic as they search for acquisition opportunities. Based on our dialogue, we expect several attractive assets of scale to become actionable in 2015. We believe these companies will command significant attention in the marketplace and may serve as a catalyst for further activity. Taylor Precision Products La Cafetiere / Lifetime Brands Hoffmaster Group / Kaz / Helen / Centre Partners Kohlberg & Co. of Troy Candle Lamp / Viking Range / Compass Diversified Brasmotor / Creative Tops / Jarden Consumer Middleby Whirlpool Lifetime Brands Solutions (Europe) / Homax Cleaning … Jarden Defy Appliances Water Pik / Homax / Anchor Hocking / / Ardutch Fisher & MidOcean PPG Monomoy Denby Pottery / Paykel / Haier Weiman / Russell Hobbs / Vinturi / Focus Valco Investments Lincat Group / Cortec Products Dinex / Carlisle Spectrum Brands Braun brand / Middleby EveryWare / ROI Foodservice De'Longhi Acq. Corp. Lancaster Colony CST / Robert Snapware / Candle / Centre Lane Bosch Tool World Kitchen WMF AG / Lifoam / Home Décor / CTI Compañia / Novelis / Reynolds KKR Jarden NBG Home Atwood Mobile / Electrolux Insight Equity PUR Water Purification / Metrokane / Taylor U-Line / Quickie Helen of Troy Food of Love / Lenox Corp / Zelmer Spolka Precision Products Middleby Clarion Capital Manufacturing / Akcyjna / Bosch Martha Stewart Jarden Focus Products / Ignite / Centre Lane Newell

Hoffmaster Group / Metalmark Ittala / Fiskars Arcelik AS / Yankee Candle KOC Holdings /Jarden Dometic Group / Sullivans / Fort Mikasa / EQT Partners AB Snaige / Point Capital International Lifetime Brands Polaire Central Coway Co. / MBK Newell Hardware / Cookware / Aurora Nova Capital Haier Electronics / Qindao Haier Bloomingville / Supor Cookware / SEB Easy Aces / Thomas Plant / Creative Co-Op Lifetime Brands Lifetime Brands KAVALIERGLASS / Ojgar ICA Home Décor / Annex Capital EK Success / Wilton Brands Pulse Home Bubba Brands / Spectrum Brands / Harbinger Capital Incognito / Empire Silver / Products / Jarden North Castle Lifetime Brands Newell 2007 2008 2009 2010 2011 2012 2013 2014 2015 Financial Buyer Strategic Buyer PUBLIC MARKET OVERVIEW

EV / EBITDA Consumer Durables and Household Goods Consumer Durables and Household Goods EV / EBITDA Index Performance (’12 – ’15 YTD) 20.0x

18.3x

15.0x 10.5x

10.0x 10.4x

10.0x 5.0x

7.8x 0.0x

7.0x

Consumer Durables and Household Goods S&P 500

PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC MARKETS OVERVIEW

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 7)

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

Consumer Products Apparel & Footwear 29 $2,482 12.0% 19.1% 1.4x 12.5x 1.4x 11.0x Home & Office Furniture & Furnishings 10 1,674 15.0% 16.7% 1.1x 12.1x 1.0x 9.5x Household Products 10 10,999 4.8% 23.5% 1.8x 13.0x 1.8x 12.1x Lawn, Garden, and Pet 9 2,199 6.3% 8.7% 1.6x 12.4x 1.7x 11.1x Personal Care Products 13 5,282 15.8% (1.3%) 1.7x 10.9x 1.5x 10.2x Recreational & Leisure Products 21 921 12.8% 4.4% 1.7x 11.0x 1.6x 11.3x

Retail Apparel & Footwear Retail 38 1,354 1.2% 5.9% 0.6x 7.6x 0.6x 6.8x Catalog & Specialty Distribution 6 567 2.8% 15.4% 0.4x 12.6x 0.4x 9.1x Department Chains 9 6,756 18.6% 11.7% 0.9x 7.3x 0.9x 7.1x Discount Stores & Mass Merchants 10 12,808 4.3% 30.3% 0.8x 12.6x 0.8x 11.1x Furniture & Furnishings Retailers 12 1,435 (1.4%) 3.9% 0.9x 8.2x 0.8x 7.8x Internet Retail 13 1,569 13.6% 13.5% 1.8x 14.9x 1.6x 11.1x Specialty & Other Retail 25 1,869 7.8% 20.9% 0.9x 9.6x 0.8x 8.8x

Consumer Products 92 $2,341 12.4% 12.7% 1.7x 12.3x 1.6x 11.1x Retail 113 $1,569 4.3% 13.5% 0.9x 9.6x 0.8x 8.8x Consumer & Retail Index 205 $1,869 7.8% 13.5% 1.1x 12.1x 1.0x 10.2x

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

Discount Stores & Mass Merchants

Household Products

Specialty & Other Retail

Apparel & Footwear

Home & Office Furniture & Furnishings

Catalog & Specialty Distribution

Internet Retail

Consumer & Retail Index

S&P 500

Department Chains

Lawn, Garden, and Pet

Apparel & Footwear Retail

Recreational & Leisure Products

Furniture & Furnishings Retailers

Personal Care Products

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

PAGE | 3 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE

250

225

200

175

150 Index

125

100

50 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15

Dow Jones U.S. Retail Index Dow Jones U.S. Consumer Goods Index Dow Jones U.S. Consumer Services S&P 500 Index

RECENT EQUITY OFFERINGS

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

04/08/15 04/07/15 Mattress Firm Holding Corp. MFRM Follow-On $100.0 UBS Securities

04/08/15 04/07/15 Lions Gate Entertainment Corp. LGF Follow-On 320.0 JP Morgan

03/31/15 03/31/15 Burlington Stores, Inc. BURL Follow-On 734.1 JP Morgan

03/31/15 03/30/15 Media General, Inc. MEG Follow-On 108.8 RBC, Evercore

03/25/15 03/23/15 Gray Television, Inc. GTN Follow-On 156.0 Wells Fargo, RBC, Barrington Research, Sidoti & Co.

03/24/15 03/12/15 La Quinta Holdings Inc. LQ Follow-On 492.0 JP Morgan, Morgan Stanley, Deutsche Bank, CS, others

03/05/15 03/05/15 Norwegian Cruise Line Holdings NCLH Follow-On 634.5 UBS Securities

03/05/15 03/02/15 Diamond Resorts International, Inc. DRII Follow-On 221.0 Credit Suisse

03/04/15 03/04/15 Sprouts Farmers Market LLC SFM Follow-On 559.4 Barclays

02/26/15 02/24/15 CVSL Inc. CVSL Follow-On 20.0 Aegis Capital

02/25/15 02/13/15 Boot Barn Holdings Inc BOOT Follow-On 127.4 JP Morgan

Jefferies, Piper Jaffray, William Blair, Raymond James, Stifel 02/05/15 01/22/15 Dave & Buster's Entertainment Inc. PLAY Follow-On 194.7 Nicolaus

PAGE | 4 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

M&A OVERVIEW

ANNOUNCED CONSUMER AND RETAIL M&A

Quarterly Consumer M&A Activity Last 10 Deals Announced Announced Target Buyer 160 4/8/2015 Mina Pharmacy LTC LLC Longs Drug Stores, L.L.C. 140 4/8/2015 Carolina Manufacturing, LLC Springs Creativ e Products Group, LLC 16 4/8/2015 Spence Diamonds Ltd. Lion Capital LLP; IVEST Consumer Partners 120 4/8/2015 New Energy, Inc. Hillsdale Furniture, LLC 23 4/6/2015 American Recreation Products, Inc. Exxel Outdoors, Inc. 100 4/6/2015 Whatcom Farmers Coop. CHS, Inc. 25 4/5/2015 AddiRae&Iv es LLC Trollingers Florists, Inc. 80 13 4/2/2015 Obsession Archery, Inc. Arcus Hunting, LLC 20 22 12 14 5 4/2/2015 American Boat Brokers, Inc. OneWater Marine Holdings, LLC 60 127 14 34 4/2/2015 Lev y & Son Serv ice Experts Heating & Air Conditioning 98 18 14 40 77 77 66 66 68 72 Number of Transactions 63 57 LTM Deal Statistics 20 43 39 35 Aggregate Number Transaction Multiples 0 Value ($bn) of Deals EV / Revenue EV / EBITDA 1Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q15 $30.8 62 0.78x 11.6x

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

CONSUMER AND RETAIL M&A TRENDS

Announced Consumer Transactions Median Consumer Transaction Multiples $90 450 20.0x 1.40x

400 Number of Transactions of Number $75 1.20x Multiple Sales LTM / EV 350 16.0x 13.8x $60 300 1.00x

250 12.0x 10.7x 10.8x 10.0x 0.80x $45 $40 $38 9.8x 200 8.9x 8.4x $30 0.60x $29 $27 $28 8.0x ($ ($ in billions) $30 150

100 0.40x

$15 $10 4.0x EV / LTMEBITDA Multiple Average TransactionValue 50 0.20x $0 0 2009 2010 2011 2012 2013 2014 2015 0.0x 0.00x YTD 2009 2010 2011 2012 2013 2014 2015 YTD Aggregate Transaction Value # of Deals EBITDA Mult Rev Mult

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY

Median LTM Trading Multiples Consumer Private Equity Investments and Exits

18.0x 120 111 15.6x 16.0x 14.8x 14.3x 14.0x 14.0x 97 13.6x 13.6x 13.7x 100 14.0x 12.9x 13.2x 13.0x 13.1x 12.6x 12.8x 12.6x 12.6x 86 12.4x 12.9x 12.1x 12.4x 12.2x 12.4x 11.6x 11.5x 12.0x 80 73 76 10.0x 10.0x 71 72 70 10.0x 59 59 57 59 8.0x 60 53 53 48 6.0x 37 40 MedianMultiples Trading 31 4.0x 28

Number of Transactions 17 2.0x 20 13

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

PAGE | 5 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

DEBT MARKET OVERVIEW

KEY RETAIL CREDIT STATISTICS

Quarterly Retail Loan Volume Average Spread on Retail Loans 14 L + 500

12 L + 400 10

L + 300 8

6 L + 200

4 L + 100

2 Average SpreadOver LIBOR Loan Volume byQuarter ($ inbillions) Loan Volume byQuarter ($ inbillions) NA 0 L + 0 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 2007 2008 2009 2010 2011 2012 2013 2014 1Q15

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

Credit Statistics Average Secondary Spread 6.0x L + 1200

5.0x L + 1000

4.0x L + 800 3.0x

L + 600

2.0x EBITDAMultiple

1.0x L + 400

0.0x Average SpreadOver LIBOR Debt/EBITDA Senior EBITDA/Cash EBITDA - L + 200 Debt/EBITDA Interest Capex/Cash Interest L + 0 2010 2011 2012 2013 2014 1Q15 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15

RECENT CONSUMER AND RETAIL DEBT OFFERINGS

Date Effective Borrower Name Description Deal Amount Type Rating Spread Arranger(s) Borrower Sponsor 04/06/15 Men's Wearhouse Men's & boys' clothing stores $400,000,000 Term Loan N/A / B2 N/A JP Morgan N/A 04/01/15 Seaworld Parks & Ent. Amusement parks $280,000,000 Term Loan B N/A / B1 325 Bank of America Merrill Lynch N/A 03/31/15 Guess ? Inc Women's and children's apparel $150,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 150 Bank of America Merrill Lynch N/A 03/31/15 PCM Inc Catalog and mail-order houses $250,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 150 Bank of America Merrill Lynch, Wells Fargo N/A 03/30/15 Pet Supplies Plus Miscellaneous retail stores $20,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 475 BNP Paribas, Keybank, Societe Generale Irv ing Place Capital 03/30/15 Pet Supplies Plus Miscellaneous retail stores $25,000,000 Delay Draw Term Loan N/A / NR 475 BNP Paribas, Keybank, Societe Generale Irv ing Place Capital 03/30/15 Pet Supplies Plus Miscellaneous retail stores $125,000,000 Term Loan B N/A / NR 475 BNP Paribas, Keybank, Societe Generale Irv ing Place Capital 03/27/15 Regal Cinemas Motion picture theaters, ex driv e-in $85,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 275 Credit Suisse, Wells Fargo Anschutz Group 03/27/15 Regal Cinemas Motion picture theaters, ex driv e-in $966,000,000 Term Loan B N/A / NR 300 Credit Suisse, Wells Fargo Anschutz Group 03/27/15 Dufry AG Misc. apparel & accessory stores € 3,600,000,000 Bridge Loan N/A / NR N/A BBVA, Santander, Goldman Sachs, ING, others N/A 03/26/15 Hasbro Inc Games, toys, and children's v ehicles $700,000,000 Rev olv er/Line >= 1 Yr. N/A / Baa2 112.5 BAML, Citibank, RBS Citizens, SunTrust N/A 03/26/15 Kao Corp Toilet preparations ¥20,000,000,000 Term Loan N/A / NR N/A Bank of Tokyo-Mitsubishi UFJ Ltd [BTMU] N/A 03/26/15 Harman International Household audio & v ideo equipment $1,200,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 137.5 BAML, HSBC, JP Morgan, UniCredit, Wells Fargo N/A 03/26/15 Mohawk Industries Inc Carpets and rugs $1,800,000,000 Rev olv er/Line >= 1 Yr. N/A / Baa2 125 BAML, Barclays, JP Morgan, SunTrust, Wells Fargo N/A 03/26/15 Wyndham Worldwide Hotels and motels $1,500,000,000 Rev olv er/Line >= 1 Yr. N/A / Baa3 150 BAML, Barclays, Credit Suisse, Deutsche Bank, others N/A 03/24/15 Coty Inc Toilet preparations $800,000,000 Term Loan A N/A / NR 187.5 BAML, BNP Paribas, JP Morgan, others Berkshire Hathaway, Rhone Group 03/20/15 Bradshaw International Household appliance stores $143,900,000 Term Loan N/A / NR 325 General Electric Capital Corp, Scotiabank ONCAP 03/20/15 Bradshaw International Household appliance stores $45,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 325 General Electric Capital Corp, Scotiabank ONCAP 03/20/15 National Basketball Assoc. Sports clubs, managers, & promoters $1,500,000,000 Rev olv er/Line >= 1 Yr. N/A / NR 100 Bank of America, Citibank, JP Morgan N/A

PAGE | 6 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC COMPARABLES

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2015E ($ in m illions, except per share data) Ticker 4/20/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Consumer Products Apparel & Footwear Carter's, Inc. CRI $93.66 98.0% $4,931 $586 $341 $5,177 $2,894 $417 9.7% 11.1% 40.9% 14.4% 25.9x 1.79x 12.4x 1.70x 11.1x Cherokee Inc. CHKE 22.67 96.9% 194 25 8 212 35 17 22.2% 10.9% 100.0% 48.3% 19.7x 6.05x 12.5x 5.72x 10.9x Coach, Inc. COH 42.40 83.8% 11,695 20 1,065 10,650 4,494 1,140 (9.8%) 0.1% 69.7% 25.4% 20.7x 2.37x 9.3x 2.58x 11.3x Columbia Sportswear Company COLM 60.20 96.8% 4,238 16 441 3,813 2,101 256 24.7% 7.4% 45.5% 12.2% 31.0x 1.81x 14.9x 1.67x 13.7x Crocs, Inc. CROX 12.15 72.2% 946 12 268 690 1,198 78 0.5% 6.2% 49.6% 6.5% NM 0.58x 8.9x 0.62x 7.7x Deckers Outdoor Corp. DECK 71.25 71.3% 2,463 7 245 2,225 1,588 249 10.9% 14.8% 47.7% 15.7% 17.5x 1.40x 8.9x 1.17x 7.2x Delta Apparel Inc. DLA 11.96 68.0% 94 131 0 225 446 10 (6.3%) (3.2%) 16.1% 2.2% NM 0.50x 23.1x 0.50x 9.7x G-III Apparel Group, Ltd. GIII 116.07 96.5% 2,610 0 128 2,482 2,117 185 23.2% 19.8% 35.8% 8.8% 23.4x 1.17x 13.4x 1.05x 11.0x Gildan Activewear Inc. TSX: GIL 31.73 96.5% 7,690 399 85 8,004 2,299 386 3.8% 10.6% 25.3% 16.8% 29.5x 3.48x 20.7x 3.00x 15.1x Hanesbrands Inc. HBI 33.58 96.5% 13,459 1,984 240 15,203 5,325 862 15.1% 6.3% 36.9% 16.2% 33.8x 2.86x 17.6x 2.56x 15.6x Iconix Brand Group, Inc. ICON 32.03 71.5% 1,533 1,394 128 2,799 407 209 2.2% 3.2% 100.0% 51.4% 12.0x 6.88x 13.4x 5.59x 9.6x Journey Group plc JNY 2.02 81.1% 27 2 8 21 61 4 (8.8%) (1.5%) 26.2% 7.3% 11.7x 0.34x 4.6x 0.32x 4.3x Kate Spade & Company KATE 32.68 76.2% 4,171 411 184 4,398 1,139 122 41.7% 1.1% 60.4% 10.7% NM 3.86x NM 3.45x 22.5x Nike, Inc. NKE 98.55 95.0% 84,728 1,251 5,408 80,571 30,247 4,796 11.7% 9.8% 45.8% 15.9% 28.2x 2.66x 16.8x 2.55x 15.8x Oxford Industries Inc. OXM 73.04 94.3% 1,204 109 5 1,307 998 122 8.8% 9.6% 55.1% 12.2% 26.3x 1.31x 10.8x 1.29x 10.0x Perry Ellis International Inc. PERY 24.55 90.9% 377 173 64 486 890 35 (2.4%) (3.2%) 34.0% 3.9% NM 0.55x 13.9x 0.52x 8.6x PVH Corp. PVH 103.74 77.5% 8,561 3,547 479 11,629 8,241 953 0.7% 11.8% 52.5% 11.6% 19.7x 1.41x 12.2x 1.46x 10.5x Quiksilver Inc. ZQK 1.73 25.1% 296 803 61 1,039 1,516 (12) (14.8%) (8.5%) 48.3% NM NM 0.69x NM 0.72x 12.9x Ralph Lauren Corporation RL 133.78 71.4% 11,681 676 1,407 10,950 7,602 1,360 5.2% 4.5% 57.7% 17.9% 16.4x 1.44x 8.1x 1.44x 9.4x Rocky Brands, Inc. RCKY 21.95 95.0% 166 36 5 198 286 23 16.9% 6.1% 33.7% 7.9% 16.9x 0.69x 8.7x 0.65x NA Skechers USA Inc. SKX 73.51 98.8% 3,824 118 467 3,476 2,387 257 28.7% 13.9% 45.3% 10.8% 27.0x 1.46x 13.5x 1.20x 10.1x Steven Madden, Ltd. SHOO 37.38 94.1% 2,377 0 113 2,265 1,335 183 1.6% 11.3% 35.1% 13.7% 21.2x 1.70x 12.4x 1.57x 12.0x Summer Infant, Inc. SUMR 2.99 62.7% 54 62 1 115 205 9 (1.4%) (4.8%) 32.9% 4.3% NM 0.56x 13.0x 0.52x 7.2x Tumi Holdings, Inc. TUMI 25.29 99.7% 1,716 0 53 1,664 527 112 12.8% 16.9% 58.0% 21.2% 29.8x 3.16x 14.9x 2.85x 13.5x Under Armour, Inc. UA 85.14 99.1% 18,345 285 593 18,036 3,084 426 32.3% 27.9% 49.0% 13.8% NM 5.85x 42.3x 4.73x 35.9x V.F. Corporation VFC 73.74 94.7% 31,375 1,449 972 31,853 12,282 2,109 7.6% 9.1% 48.8% 17.2% 31.0x 2.59x 15.1x 2.51x 14.3x Vera Bradley, Inc. VRA 15.02 50.1% 596 0 112 484 509 83 (4.1%) 3.4% 53.4% 16.2% 15.0x 0.95x 5.9x 0.94x 6.8x Weyco Group Inc. WEYS 28.78 91.9% 312 5 18 299 320 35 6.7% 5.7% 38.4% 11.0% 16.4x 0.93x 8.5x 0.87x NA Wolverine World Wide Inc. WWW 31.82 94.1% 3,280 901 224 3,957 2,761 325 2.6% 25.1% 39.4% 11.8% 24.4x 1.43x 12.2x 1.39x 12.4x Mean 84.1% $7,688 $497 $452 $7,732 $3,355 $509 8.3% 7.8% 47.6% 15.2% 22.6x 2.09x 13.6x 1.90x 12.2x Median 94.1% $2,463 $118 $128 $2,482 $1,516 $185 6.7% 7.4% 45.8% 12.9% 22.3x 1.44x 12.5x 1.44x 11.0x

PAGE | 7 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC COMPARABLES

Household Products Helen of Troy Limited HELE $79.32 95.2% $2,255 $556 $21 $2,790 $1,380 $199 3.7% 7.1% 40.6% 14.4% 23.4x 2.02x 14.0x 1.89x 12.8x iRobot Corporation IRBT 33.49 79.7% 994 0 222 772 557 65 14.2% 6.2% 46.3% 11.7% 26.8x 1.39x 11.8x 1.23x 8.6x Jarden Corp. JAH 51.87 95.6% 9,988 5,059 1,165 13,882 8,287 895 12.7% 7.5% 32.1% 10.8% 40.5x 1.68x 15.5x 1.68x 11.8x Newell Rubbermaid Inc. NWL 38.71 95.0% 10,394 2,494 199 12,688 5,727 924 2.1% 1.3% 38.5% 16.1% 28.9x 2.22x 13.7x 2.14x 12.6x Prestige Brands Holdings, Inc. PBH 43.82 97.4% 2,291 1,638 22 3,907 672 221 10.4% 18.5% 56.6% 32.9% 32.5x 5.81x 17.7x 4.93x 13.7x Snap-on Incorporated SNA 146.16 96.9% 8,524 919 133 9,311 3,493 757 7.9% 5.5% 49.8% 21.7% 20.5x 2.67x 12.3x 2.70x 12.4x Stanley Black & Decker, Inc. SWK 96.25 95.8% 14,752 3,902 510 18,144 11,339 1,824 4.1% 6.5% 36.2% 16.1% 17.9x 1.60x 9.9x 1.60x 10.1x The Clorox Company CLX 109.26 96.9% 14,333 2,672 819 16,186 5,637 1,144 0.5% 2.0% 42.1% 20.3% 24.9x 2.87x 14.1x 2.88x 13.4x Tupperware Brands Corporation TUP 67.36 75.2% 3,356 837 77 4,116 2,606 438 (2.5%) 0.3% 66.2% 16.8% 16.0x 1.58x 9.4x 1.72x 9.7x Whirlpool Corp. WHR 189.60 87.3% 14,879 4,347 1,026 18,200 19,872 1,937 5.9% 2.1% 17.1% 9.7% 23.2x 0.92x 9.4x 0.78x 7.5x Mean 91.5% $8,176 $2,242 $419 $9,999 $5,957 $840 5.9% 5.7% 42.5% 17.1% 25.5x 2.27x 12.8x 2.15x 11.3x Median 95.4% $9,256 $2,066 $211 $10,999 $4,565 $826 5.0% 5.8% 41.3% 16.1% 24.2x 1.85x 13.0x 1.81x 12.1x

Lawn, Garden, and Pet Central Garden & Pet Company CENT $9.55 91.6% $498 $450 $90 $858 $1,621 $112 (1.8%) (0.6%) 28.5% 6.9% 29.8x 0.53x 7.7x 0.52x 7.6x DuluxGroup Limited ASX:DLX 4.98 97.1% 1,897 333 31 2,199 1,412 188 1.6% 13.3% 47.3% 13.3% 23.3x 1.56x 11.7x 1.68x 12.1x Echo Trading Co., Ltd. TSE:7427 5.73 95.0% 34 20 29 25 624 2 (15.4%) (12.4%) 12.8% 0.3% 44.3x 0.04x 12.6x NA NA Maabarot Products Ltd. TASE:MABR 11.10 92.6% 109 5 33 81 93 6 (11.4%) 2.2% 40.3% 6.6% 34.2x 0.87x 13.3x NA NA Oil-Dri Corp. of America ODC 33.07 94.8% 234 19 14 239 264 22 1.2% 4.3% 20.9% 8.2% 38.8x 0.91x 11.1x 0.91x NA Spectrum Brands Holdings, Inc. SPB 86.90 87.9% 4,627 3,416 408 7,634 4,396 662 1.9% 11.5% 35.5% 15.0% 22.1x 1.74x 11.5x 1.65x 9.8x The Scotts Miracle-Gro Company SMG 65.69 94.8% 3,997 1,185 130 5,052 2,868 406 3.6% 1.2% 35.8% 14.2% 26.2x 1.76x 12.4x 1.69x 11.2x The Toro Company TTC 67.88 96.6% 3,779 432 83 4,128 2,201 322 7.7% 4.6% 35.4% 14.7% 21.7x 1.88x 12.8x 1.72x 11.0x Uni-Charm Corp. TSE:8113 25.77 90.3% 15,480 228 964 14,744 5,961 994 2.4% 4.7% 44.2% 16.7% 44.9x 2.47x 14.8x 2.33x 15.0x Mean 93.4% $3,406 $677 $198 $3,885 $2,160 $301 (1.1%) 3.2% 33.4% 10.6% 31.7x 1.31x 12.0x 1.50x 11.1x Median 94.8% $1,897 $333 $83 $2,199 $1,621 $188 1.6% 4.3% 35.5% 13.3% 29.8x 1.56x 12.4x 1.68x 11.1x

PAGE | 8 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC COMPARABLES

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2015E ($ in m illions, except per share data) Ticker 4/20/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Recreational & Leisure Products Arctic Cat Inc. ACAT $37.66 86.8% $488 $0 $67 $420 $745 $47 6.7% 10.0% 18.9% 6.3% 19.9x 0.56x 8.9x 0.58x 9.9x Black Diamond, Inc. BDE 9.21 73.1% 301 22 41 283 193 1 14.9% 9.8% 38.8% 0.7% NM 1.46x NM 1.36x 50.9x Brunswick Corporation BC 54.35 96.0% 5,048 456 640 4,864 3,839 442 6.6% 1.5% 27.0% 11.5% 26.5x 1.27x 11.0x 1.17x 9.5x Callaway Golf Co. ELY 9.65 98.5% 749 125 38 836 887 52 5.2% 0.0% 40.4% 5.9% 48.3x 0.94x NM 0.96x 24.3x Columbia Sportswear Company COLM 60.20 96.8% 4,238 16 441 3,813 2,101 256 24.7% 7.4% 45.5% 12.2% 31.0x 1.81x 14.9x 1.67x 13.7x Escalade Inc. ESCA 17.24 98.2% 242 21 5 258 138 20 3.7% 0.9% 29.8% 14.4% 18.1x 1.87x 13.0x 1.74x 11.6x Fox Factory Holding Corp FOXF 15.10 80.2% 557 50 4 603 307 50 12.5% NA 30.8% 16.2% 20.7x 1.96x 12.1x 1.75x 9.9x Harley-Davidson, Inc. HOG 60.60 81.7% 12,786 5,505 631 17,660 6,229 1,460 5.6% 5.5% 36.8% 23.4% 15.6x 2.84x 12.1x 3.04x 11.3x Hasbro Inc. HAS 65.89 99.4% 8,211 1,792 1,081 8,921 4,311 815 5.2% 0.4% 52.3% 18.9% 20.6x 2.07x 10.9x 2.04x 10.5x JAKKS Pacific, Inc. JAKK 7.19 75.8% 141 215 72 284 810 54 28.0% 6.1% 29.1% 6.6% 10.3x 0.35x 5.3x 0.38x 4.7x Johnson Outdoors Inc. JOUT 31.79 90.1% 317 32 58 292 417 30 (0.3%) 0.7% 39.8% 7.1% 45.1x 0.70x 9.8x 0.68x NA LeapFrog Enterprises Inc. LF 2.30 29.3% 161 0 232 (71) 528 34 (10.9%) 7.1% 38.6% 6.4% 2.2x NM NM NM 3.2x Malibu Boats, Inc. MBUU 22.98 95.2% 342 20 12 350 207 33 12.9% NA 26.5% 16.0% NM 1.69x 10.6x 1.43x 7.4x Marine Products Corp. MPX 8.56 93.9% 328 0 8 320 171 13 1.6% 17.1% 19.1% 7.4% 35.7x 1.87x NM 1.63x 15.6x Mattel, Inc. MAT 26.75 66.9% 9,049 2,100 683 10,466 6,000 946 (6.8%) (1.3%) 49.5% 15.8% 20.4x 1.74x 11.1x 1.81x 12.0x Nautilus Inc. NLS 17.48 98.1% 551 0 72 479 274 34 25.4% 15.0% 51.2% 12.5% 27.3x 1.74x 14.0x 1.55x 11.7x Polaris Industries Inc. PII 142.55 89.5% 9,482 226 138 9,571 4,541 842 18.8% 19.2% 30.4% 18.5% 21.4x 2.11x 11.4x 1.91x 10.2x Pool Corp. POOL 68.08 95.9% 2,970 321 15 3,276 2,247 204 8.0% 7.8% 28.6% 9.1% 27.9x 1.46x 16.0x 1.35x 14.3x Quiksilver Inc. ZQK 1.73 25.1% 296 803 61 1,039 1,516 (12) (14.8%) (8.5%) 48.3% NM NM 0.69x NM 0.72x 12.9x Smith & Wesson Holding Corporation SWHC 15.21 88.0% 818 275 59 1,034 541 126 (14.7%) 12.1% 36.9% 23.3% 16.1x 1.91x 8.2x 1.72x 7.4x Sturm, Ruger & Co. Inc. RGR 54.46 78.7% 1,016 0 9 1,007 544 133 (20.9%) 18.3% 31.0% 24.5% 27.9x 1.85x 7.6x 2.17x 8.7x Vista Outdoor Inc. VSTO 43.95 94.4% 2,804 1,002 66 3,740 2,163 383 80.9% NA 26.9% 17.7% 25.1x 1.73x 9.8x 1.85x 12.0x Mean 83.3% $2,768 $590 $201 $3,157 $1,760 $271 8.7% 6.8% 35.3% 13.1% 24.2x 1.55x 11.0x 1.50x 12.9x Median 89.8% $653 $87 $63 $921 $778 $53 6.1% 7.1% 33.9% 12.5% 21.4x 1.74x 11.0x 1.63x 11.3x

Personal Care Products All for One Steeb AG XTRA:A1OS $47.35 95.5% $236 $46 $42 $240 $270 $26 (0.5%) 26.9% 23.4% 9.7% 25.9x 0.89x 9.2x 0.95x 10.2x Avon Products Inc. AVP 8.74 56.5% 3,798 3,251 1,009 6,040 11,427 1,518 14.8% 1.0% 61.8% 13.3% NM 0.53x 4.0x 0.79x 8.2x Elizabeth Arden, Inc. RDEN 15.03 39.9% 448 415 94 769 1,007 (30) (22.2%) (6.2%) 42.3% NM NM 0.76x NM 0.75x 10.2x The Estée Lauder Companies Inc. EL 82.82 97.1% 31,312 1,389 1,372 31,329 10,951 2,097 5.4% 5.1% 80.4% 19.1% 28.5x 2.86x 14.9x 2.84x 14.4x Herbalife Ltd. HLF 44.67 64.1% 4,115 1,812 645 5,282 4,959 631 2.8% 12.8% 50.5% 12.7% 13.1x 1.07x 8.4x 1.17x 8.1x Kimberly-Clark Corporation KMB 106.78 89.7% 38,996 7,028 789 45,235 19,724 4,218 0.8% (1.8%) 34.1% 21.4% 27.3x 2.29x 10.7x 2.41x 11.1x Medifast Inc. MED 30.42 84.4% 369 0 53 317 285 43 (12.0%) (1.5%) 73.3% 15.0% 18.4x 1.11x 7.4x 1.14x 7.8x Nu Skin Enterprises Inc. NUS 58.69 65.4% 3,489 247 301 3,435 2,569 407 (19.1%) 14.3% 81.4% 15.8% 18.9x 1.34x 8.4x 1.36x 7.9x The Procter & Gamble Company PG 82.53 87.9% 222,873 34,453 12,251 245,075 82,136 19,002 1.5% (0.6%) 49.5% 23.1% 21.4x 2.98x 12.9x 3.21x 13.3x Revlon, Inc. REV 39.43 94.6% 2,064 1,874 275 3,663 1,941 327 29.9% 12.9% 65.7% 16.9% NM 1.89x 11.2x NA NA Sally Beauty Holdings Inc. SBH 31.80 90.2% 5,035 1,811 191 6,656 3,778 588 3.3% 4.2% 49.6% 15.6% 21.0x 1.76x 11.3x 1.70x 10.5x ULTA Salon, Cosmetics & Fragrance, Inc. ULTA 152.05 97.3% 9,766 0 539 9,227 3,241 542 21.4% 22.2% 35.1% 16.7% 38.2x 2.85x 17.0x 2.44x 14.4x USANA Health Sciences Inc. USNA 117.98 95.6% 1,494 0 111 1,382 790 125 10.1% 10.7% 82.2% 15.8% 21.1x 1.75x 11.1x 1.62x 10.0x Mean 81.4% $24,923 $4,025 $1,359 $27,588 $11,006 $2,269 2.8% 7.7% 56.1% 16.3% 23.4x 1.70x 10.5x 1.70x 10.5x Median 89.7% $3,798 $1,389 $301 $5,282 $3,241 $542 2.8% 5.1% 50.5% 15.8% 21.2x 1.75x 10.9x 1.49x 10.2x

PAGE | 9 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC COMPARABLES

Retail Apparel & Footwear Retail Abercrombie & Fitch Co. ANF $22.11 48.6% $1,538 $344 $521 $1,361 $3,744 $410 (9.1%) (3.4%) 61.8% 10.9% 31.1x 0.36x 3.3x 0.39x 4.0x Aéropostale, Inc. ARO 3.37 66.2% 267 139 152 254 1,839 (73) (12.1%) (7.8%) 30.0% NM NM 0.14x NM 0.16x NM American Apparel, Inc. APP 0.67 51.5% 118 262 8 372 609 2 (4.0%) 3.6% 50.8% 0.3% NM 0.61x 225.9x NA NA American Eagle Outfitters, Inc. AEO 16.96 93.6% 3,308 0 411 2,897 3,283 349 (0.7%) 1.7% 43.9% 10.6% 37.1x 0.88x 8.3x 0.85x 6.8x ANN INC. ANN 38.11 88.7% 1,751 3 208 1,546 2,533 240 1.6% 4.6% 51.0% 9.5% 26.1x 0.61x 6.4x 0.60x 5.8x Ascena Retail Group Inc. ASNA 14.61 80.1% 2,360 127 202 2,285 4,810 420 0.2% 16.0% 55.3% 8.7% 20.9x 0.47x 5.4x 0.47x 5.2x Bebe Stores, Inc. BEBE 3.20 48.9% 255 0 95 160 424 (30) (4.4%) (6.6%) 32.4% NM NM 0.38x NM 0.36x NM Brown Shoe Co. Inc. BWS 29.80 88.5% 1,308 199 67 1,440 2,572 170 2.3% 1.8% 40.4% 6.6% 15.8x 0.56x 8.5x 0.55x 7.6x The Buckle, Inc. BKE 46.83 83.4% 2,273 0 160 2,113 1,153 289 2.2% 2.8% 50.1% 25.0% 13.9x 1.83x 7.3x 1.79x 7.1x Body Central Corp. BODY 0.14 1.0% 0 20 5 16 226 (41) (24.3%) (7.2%) 35.7% NM NM 0.07x NM NA NA Cabela's Incorporated CAB 54.02 80.7% 3,844 4,027 93 7,777 3,648 449 1.3% 9.1% 43.5% 12.3% 19.2x 2.13x 17.3x 1.90x 15.7x Destination XL Group, Inc. DXLG 5.11 85.9% 259 54 5 308 414 23 7.1% 1.5% 46.6% 5.6% NM 0.74x 13.4x 0.70x 14.4x The Cato Corporation CATO 39.09 87.1% 1,091 0 256 835 987 112 7.3% 1.9% 39.1% 11.4% 18.2x 0.85x 7.4x 0.82x NA Chico's FAS Inc. CHS 16.98 89.5% 2,618 0 260 2,358 2,675 287 3.4% 6.8% 53.3% 10.7% NM 0.88x 8.2x 0.85x 7.7x Christopher & Banks Corporation CBK 5.79 51.6% 214 0 51 163 419 21 (3.9%) (2.2%) 35.3% 5.1% 4.7x 0.39x 7.6x 0.38x 7.2x Citi Trends, Inc. CTRN 23.65 85.9% 368 0 90 278 671 33 7.8% 1.5% 37.6% 4.9% 39.5x 0.41x 8.4x 0.40x 6.7x Destination Maternity Corporation DEST 14.14 52.2% 196 15 1 210 497 (42) (2.9%) (3.1%) 41.6% NM NM 0.42x NM NA NA DSW Inc. DSW 36.01 91.4% 3,183 0 230 2,953 2,496 315 5.4% 7.2% 38.0% 12.6% 21.3x 1.18x 9.4x 1.10x 8.6x Express Inc. EXPR 16.94 96.8% 1,430 270 346 1,354 2,165 222 (2.4%) 1.3% 41.2% 10.3% 20.9x 0.63x 6.1x 0.60x 5.8x Finish Line Inc. FINL 24.64 77.2% 1,150 0 148 1,002 1,821 162 9.0% 10.0% 32.1% 8.9% 14.5x 0.55x 6.2x 0.52x 5.8x Foot Locker, Inc. FL 59.31 93.2% 8,295 134 967 7,462 7,151 950 9.9% 8.3% 42.1% 13.3% 16.7x 1.04x 7.9x 1.01x 7.3x The Gap, Inc. GPS 40.63 86.7% 17,054 1,353 1,515 16,892 16,435 2,635 1.8% 4.1% 38.3% 16.0% 14.2x 1.03x 6.4x 1.01x 6.8x Genesco Inc. GCO 68.86 76.9% 1,655 29 113 1,571 2,860 244 8.9% 7.7% 49.0% 8.5% 16.4x 0.55x 6.4x 0.52x 5.6x Guess? Inc. GES 18.12 62.9% 1,547 8 483 1,071 2,418 236 (5.9%) (3.5%) 35.9% 9.8% 16.3x 0.44x 4.5x 0.48x 5.5x L Brands, Inc. LTD 89.81 92.9% 0 4,765 1,681 3,084 11,454 2,391 6.3% 3.4% 47.0% 20.9% NA 0.27x 1.3x 0.26x 1.2x Lululemon Athletica Inc. LULU 66.70 95.3% 9,469 0 664 8,805 1,797 428 12.9% 21.5% 50.9% 23.8% 40.2x 4.90x 20.6x 4.36x 19.3x The Men's Wearhouse, Inc. MW 55.20 93.4% 2,657 1,687 62 4,282 3,253 315 31.5% 10.9% 43.1% 9.7% NM 1.32x 13.6x 1.16x 9.3x New York & Company Inc. NWY 2.54 55.3% 163 15 69 109 923 22 (1.7%) (1.2%) 37.5% 2.4% NM 0.12x 5.0x 0.11x 3.0x Pacific Sunwear of California Inc. PSUN 2.44 77.5% 170 94 23 242 827 8 3.6% 2.9% 43.6% 1.0% NM 0.29x NM 0.29x 13.8x Ross Stores Inc. ROST 100.40 92.2% 20,772 398 697 20,474 11,042 1,721 7.9% 8.7% 32.2% 15.6% 22.7x 1.85x 11.9x 1.73x 10.9x Shoe Carnival Inc. SCVL 27.38 91.9% 561 0 61 499 940 63 6.3% 7.2% 29.1% 6.7% 21.6x 0.53x 7.9x 0.50x 7.2x Stage Stores Inc. SSI 20.39 87.7% 646 47 17 676 1,639 126 1.8% 2.7% 27.5% 7.7% 17.3x 0.41x 5.4x 0.41x 4.9x Stein Mart Inc. SMRT 11.68 70.2% 530 0 65 465 1,318 76 4.3% 3.8% 29.3% 5.8% 19.8x 0.35x 6.1x 0.33x 5.5x The Children's Place, Inc. PLCE 62.09 95.5% 1,288 0 225 1,063 1,761 141 (0.3%) 0.9% 35.3% 8.0% 24.0x 0.60x 7.6x 0.61x 6.4x The TJX Companies, Inc. TJX 65.25 91.9% 44,597 1,685 2,776 43,505 29,078 4,195 6.0% 7.8% 28.5% 14.4% 20.7x 1.50x 10.4x 1.43x 10.2x Urban Outfitters Inc. URBN 42.00 88.9% 5,532 0 259 5,274 3,323 497 7.7% 10.3% 42.5% 14.9% 25.0x 1.59x 10.6x 1.45x 9.2x Zumiez, Inc. ZUMZ 32.77 78.4% 964 4 155 814 812 107 12.0% 13.4% 35.4% 13.2% 22.3x 1.00x 7.6x 0.92x 6.8x Mean 77.8% $3,876 $424 $355 $3,945 $3,622 $472 2.6% 4.0% 40.7% 10.5% 21.6x 0.86x 15.1x 0.85x 7.8x Median 85.9% $1,308 $15 $155 $1,354 $1,839 $222 2.3% 3.4% 40.4% 9.8% 20.8x 0.60x 7.6x 0.60x 6.8x

PAGE | 10 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC COMPARABLES

Department Chains Bon-Ton Stores Inc. BONT $7.38 62.0% $151 $907 $9 $1,049 $2,823 $145 (0.4%) (1.5%) 37.2% 5.2% NM 0.37x 7.2x 0.37x 6.7x Dillard's Inc. DDS 134.89 93.5% 5,556 822 404 5,974 6,780 817 1.3% 1.9% 37.0% 12.0% 17.3x 0.88x 7.3x 0.87x 7.2x J. C. Penney Company, Inc. JCP 8.71 77.1% 2,658 5,416 1,318 6,756 12,257 269 3.4% (10.8%) 34.8% 2.2% NM 0.55x 25.1x 0.54x 12.2x Kohl's Corp. KSS 74.47 93.6% 15,103 4,761 1,407 18,457 19,023 2,575 (0.0%) 0.4% 36.4% 13.5% 17.6x 0.97x 7.2x 0.95x 6.9x Macy's, Inc. M 66.45 95.0% 22,699 7,341 2,246 27,794 28,105 3,915 0.6% 2.1% 40.0% 13.9% 15.7x 0.99x 7.1x 0.98x 7.0x Nordstrom Inc. JWN 76.43 91.9% 14,553 3,131 827 16,857 13,506 1,813 7.7% 7.5% 36.9% 13.4% 20.5x 1.25x 9.3x 1.19x 8.9x Shanks Group plc SKS 1.60 95.5% 636 702 146 1,192 1,002 121 (1.7%) (5.8%) 16.0% 12.0% NM 1.19x 9.9x 1.34x 10.3x Sears Holdings Corporation SHLD 42.60 88.3% 4,539 3,800 250 8,089 31,198 (858) (13.8%) (9.1%) 23.1% NM NM 0.26x NM 0.32x NM Stage Stores Inc. SSI 20.39 87.7% 646 47 17 676 1,639 126 1.8% 2.7% 27.5% 7.7% 17.3x 0.41x 5.4x 0.41x 4.9x Mean 87.2% $7,393 $2,992 $736 $9,649 $12,926 $991 (0.1%) (1.4%) 32.1% 10.0% 17.7x 0.76x 9.8x 0.77x 8.0x Median 91.9% $4,539 $3,131 $404 $6,756 $12,257 $269 0.6% 0.4% 36.4% 12.0% 17.3x 0.88x 7.3x 0.87x 7.1x

Discount Stores & Mass Merchants Big Lots Inc. BIG 45.95 88.8% 2,478 62 52 2,488 5,177 334 1.0% 0.1% 39.5% 6.4% 18.7x 0.48x 7.5x 0.48x 6.8x Costco Wholesale Corporation COST 144.57 92.2% 63,607 5,030 7,453 61,184 115,637 4,547 7.2% 7.4% 12.8% 3.9% 28.3x 0.53x 13.5x 0.50x 12.6x Dollar General Corporation DG 74.42 97.4% 22,602 2,741 580 24,762 18,910 2,128 8.0% 8.5% 30.7% 11.3% 21.3x 1.31x 11.6x 1.21x 10.7x Dollar Tree, Inc. DLTR 79.14 94.0% 16,284 757 864 16,177 8,602 1,276 9.7% 9.1% 41.5% 14.8% 27.3x 1.88x 12.7x 1.72x 11.4x Family Dollar Stores Inc. FDO 78.75 97.3% 9,018 592 171 9,438 10,628 747 3.3% 6.1% 33.6% 7.0% 38.4x 0.89x 12.6x 0.85x 11.9x Gordmans Stores, Inc. GMAN 8.36 94.3% 164 41 8 197 643 13 2.5% 4.8% 41.1% 2.1% NM 0.31x 14.9x 0.30x 9.9x PriceSmart Inc. PSMT 79.20 79.3% 2,393 110 119 2,384 2,644 176 8.5% 11.6% 16.2% 6.6% 27.0x 0.90x 13.6x 0.82x 12.2x Target Corp. TGT 80.02 95.3% 51,352 12,796 2,210 61,938 72,618 6,728 1.9% 1.3% 29.4% 9.3% 20.9x 0.85x 9.2x 0.83x 8.5x Tuesday Morning Corporation TUES 16.38 71.6% 718 0 55 663 899 21 5.8% 3.4% 35.6% 2.3% NM 0.74x NM 0.70x 16.5x Wal-Mart Stores Inc. WMT 77.88 85.6% 251,246 50,991 9,135 293,102 485,651 36,320 2.0% 2.8% 24.8% 7.5% 15.7x 0.60x 8.1x 0.60x 8.1x Mean 89.6% $41,986 $7,312 $2,065 $47,233 $72,141 $5,229 5.0% 5.5% 30.5% 7.1% 24.7x 0.85x 11.5x 0.80x 10.9x Median 93.1% $12,651 $675 $376 $12,808 $9,615 $1,011 4.5% 5.5% 32.1% 6.8% 24.2x 0.80x 12.6x 0.76x 11.1x

PAGE | 11 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC COMPARABLES

Internet Retail 1-800-Flowers.com Inc. FLWS $10.81 80.3% $699 $140 $101 $738 $1,028 $103 36.3% 13.8% 44.0% 10.1% 16.9x 0.72x 7.1x 0.61x 8.5x Amazon.com Inc. AMZN 375.56 96.5% 174,404 16,089 17,416 173,077 88,988 4,365 19.5% 22.8% 29.5% 4.9% NM 1.94x 39.7x 1.69x 20.9x Blue Nile Inc. NILE 27.52 73.4% 327 1 91 236 474 16 5.2% 10.8% 18.3% 3.3% 34.4x 0.50x 14.9x 0.47x 10.2x eBay Inc. EBAY 55.79 91.6% 67,654 7,627 10,098 65,183 17,902 5,039 11.6% 15.4% 68.0% 28.1% NM 3.64x 12.9x 3.44x 11.1x IAC/InterActiveCorp IACI 70.75 95.7% 5,954 1,080 1,151 5,883 3,110 484 2.9% 14.7% 71.6% 15.6% 26.1x 1.89x 12.1x 1.78x 11.3x Netflix, Inc. NFLX 571.55 99.4% 34,578 2,400 2,958 34,020 5,808 459 25.7% 20.1% 32.3% 7.9% NM 5.86x NM 4.77x 76.0x Orbitz Worldwide, Inc. OWW 11.71 99.0% 1,308 449 188 1,569 932 140 10.0% 6.7% 80.7% 15.0% NM 1.68x 11.2x 1.60x 9.4x Overstock.com Inc. OSTK 24.15 88.5% 586 1 182 406 1,497 25 14.8% 12.4% 18.6% 1.7% NM 0.27x 16.3x 0.24x 8.4x PetMed Express, Inc. PETS 16.74 98.5% 339 0 53 287 228 29 (3.3%) (0.7%) 33.7% 12.9% 19.7x 1.26x 9.8x 1.24x 9.6x The Priceline Group Inc. PCLN 1,187.53 89.3% 61,679 3,887 4,291 61,276 8,442 3,288 24.3% 24.7% 89.8% 38.9% 26.0x 7.26x 18.6x 6.61x 16.5x Shutterfly, Inc. SFLY 45.85 83.7% 1,731 335 445 1,620 922 90 17.6% 24.9% 50.9% 9.8% NM 1.76x 18.0x 1.54x 8.5x Stamps.com Inc. STMP 66.33 94.6% 1,082 0 47 1,035 147 39 15.2% 13.2% 77.7% 26.2% 29.5x 7.03x 26.9x 5.95x 20.3x U.S. Auto Parts Network, Inc. PRTS 2.12 51.8% 72 21 8 85 284 5 11.3% (4.7%) 28.1% 1.9% NM 0.30x NM 0.28x 12.9x Mean 87.9% $26,955 $2,464 $2,848 $26,570 $9,982 $1,083 14.7% 13.4% 49.5% 13.6% 25.4x 2.62x 17.1x 2.32x 17.2x Median 91.6% $1,308 $335 $188 $1,569 $1,028 $103 14.8% 13.8% 44.0% 10.1% 26.1x 1.76x 14.9x 1.60x 11.1x

PAGE | 12 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

PUBLIC COMPARABLES

Specialty & Other Retail Barnes & Noble, Inc. BKS $23.15 88.3% $1,479 $0 $327 $1,152 $6,207 $338 (2.0%) (4.5%) 30.5% 5.5% NM 0.19x NM 0.19x 3.4x Best Buy Co., Inc. BBY 36.46 86.8% 12,841 1,621 3,888 10,574 40,339 2,141 (0.7%) (3.4%) 22.4% 5.3% 10.3x 0.26x 4.9x 0.27x 5.0x Big 5 Sporting Goods Corp. BGFV 12.14 77.3% 268 69 12 326 978 49 (1.6%) 2.7% 32.1% 5.0% 18.1x 0.33x 6.6x 0.32x 5.9x Books-A-Million Inc. BAMM 2.84 97.9% 44 35 6 73 474 22 0.8% 0.4% 29.6% 4.6% 12.3x 0.15x 3.4x NA NA Build-A-Bear Workshop Inc. BBW 20.00 87.0% 349 0 67 282 392 37 3.5% (0.2%) 46.1% 9.3% 24.7x 0.72x 7.7x 0.70x 7.3x Conns Inc. CONN 30.45 58.6% 1,107 774 12 1,869 1,485 118 24.4% 23.3% 49.2% 7.9% 19.2x 1.26x 15.9x 1.12x 9.3x CVS Health Corporation CVS 100.39 95.2% 114,445 12,955 2,515 124,885 139,367 10,724 9.9% 9.2% 18.2% 7.7% 25.4x 0.90x 11.6x 0.83x 10.8x Dick's Sporting Goods Inc. DKS 55.28 91.6% 6,567 6 222 6,352 6,814 754 9.7% 9.3% 30.7% 11.1% 19.5x 0.93x 8.4x 0.86x 7.8x Fossil Group, Inc. FOSL 82.45 71.6% 4,099 633 276 4,455 3,510 673 7.7% 11.0% 57.0% 19.2% 11.6x 1.27x 6.6x 1.29x 8.2x hhgregg, Inc. HGG 5.99 53.1% 166 0 27 139 2,182 (1) (9.0%) (2.9%) 28.4% NM NM 0.06x NM 0.06x 11.3x Hibbett Sports, Inc. HIBB 47.96 82.7% 1,191 3 88 1,106 913 134 7.2% 7.6% 35.8% 14.7% 16.7x 1.21x 8.2x 1.13x 7.9x Lowe's Companies Inc. LOW 72.55 95.1% 69,046 11,367 591 79,822 56,223 6,420 5.3% 3.8% 34.8% 11.4% 26.8x 1.42x 12.4x 1.35x 11.3x Lumber Liquidators Holdings, Inc. LL 32.37 35.0% 877 0 20 856 1,047 116 4.7% 15.4% 39.9% 11.0% NM 0.82x 7.4x 0.80x 10.6x Marinemax Inc. HZO 25.61 89.3% 645 157 18 785 673 27 13.1% 11.9% 25.2% 3.9% 42.9x 1.17x 29.6x 1.04x 18.5x Movado Group, Inc. MOV 30.09 67.0% 726 0 200 525 587 81 2.9% 7.8% 52.8% 13.8% 14.9x 0.90x 6.5x 0.89x 6.0x Office Depot, Inc. ODP 9.26 94.7% 5,055 1,545 1,071 5,529 16,096 532 43.2% 11.9% 23.5% 3.3% NM 0.34x 10.4x 0.36x 7.0x Regis Corp. RGS 17.34 96.8% 954 120 196 878 1,876 82 (3.5%) (5.6%) 33.5% 4.4% NM 0.47x 10.7x 0.47x 8.8x Rite Aid Corporation RAD 8.00 88.2% 7,906 5,645 116 13,435 26,528 1,298 3.9% 0.5% 28.6% 4.9% 3.9x 0.51x 10.4x 0.48x 10.0x Staples, Inc. SPLS 16.03 82.6% 10,269 1,116 627 10,758 22,492 1,416 (2.7%) (3.0%) 25.9% 6.3% NM 0.48x 7.6x 0.49x 7.8x Steiner Leisure Ltd. STNR 48.05 96.3% 626 129 60 695 863 72 0.9% 7.2% 21.6% 8.4% NM 0.81x 9.6x 0.79x 8.7x The Home Depot, Inc. HD 112.10 95.0% 145,546 17,197 1,723 161,020 83,176 12,225 5.5% 5.7% 34.8% 14.7% 23.8x 1.94x 13.2x 1.86x 12.1x Tiffany & Co. TIF 84.59 76.5% 10,936 1,117 731 11,321 4,250 1,086 5.4% 5.3% 59.7% 25.5% 22.7x 2.66x 10.4x 2.64x 10.4x Tractor Supply Company TSCO 87.00 96.1% 11,874 5 51 11,828 5,712 704 10.6% 10.5% 34.1% 12.3% 32.7x 2.07x 16.8x 1.88x 14.9x Vitamin Shoppe, Inc. VSI 38.58 77.4% 1,191 8 12 1,187 1,213 147 11.5% 12.3% 42.5% 12.1% 19.3x 0.98x 8.1x 0.90x 7.4x Walgreens Boots Alliance, Inc. WBA 86.96 93.1% 94,852 17,062 3,082 108,832 84,585 5,772 14.0% 5.0% 27.3% 6.8% 25.3x 1.29x 18.9x 0.90x 13.2x Mean 82.9% $20,122 $2,863 $638 $22,347 $20,319 $1,799 6.6% 5.6% 34.6% 9.5% 20.6x 0.92x 10.7x 0.90x 9.3x Median 88.2% $1,479 $129 $196 $1,869 $3,510 $338 5.3% 5.7% 32.1% 8.2% 19.4x 0.90x 9.6x 0.84x 8.8x

PAGE | 13 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A

Private Equity Announced Target Seller Buyer Involvement 4/8/2015 Mina Pharmacy LTC LLC - Longs Drug Stores, L.L.C. 4/8/2015 Carolina Manufacturing, LLC - Springs Creative Products Group, LLC 4/8/2015 Spence Diamonds Ltd. - Lion Capital LLP; IVEST Consumer Partners P 4/8/2015 New Energy, Inc. - Hillsdale Furniture, LLC 4/6/2015 American Recreation Products, Inc. Sun Capital Partners; Kellwood Company Exxel Outdoors, Inc. P 4/6/2015 Whatcom Farmers Coop. - CHS, Inc. 4/5/2015 AddiRae&Ives LLC - Trollingers Florists, Inc. 4/2/2015 Obsession Archery, Inc. - Arcus Hunting, LLC 4/2/2015 American Boat Brokers, Inc. - OneWater Marine Holdings, LLC 4/2/2015 Levy & Son - Service Experts Heating & Air Conditioning 4/2/2015 Nuheat Industries Ltd. Fulcrum Capital Partners Inc. Pentair plc (NYSE:PNR) P 4/1/2015 The Jessica Simpson Collection With You, Inc.; Corny Dog, Inc. Sequential Brands Group, Inc. 4/1/2015 Celtic Paper, LLC - NPS Corp 4/1/2015 54Studios Entertainment, Inc. - The Watermill Group 3/31/2015 The J. Jill Group, Inc. Golden Gate Capital TowerBrook Capital Partners L.P. P 3/31/2015 Japonesque Professional Makeup Supplies, Inc. - San Francisco Equity Partners P 3/30/2015 Watkins Hardware and Appliances Inc. - Westlake Hardware, Inc. 3/26/2015 Checkview Corporation Platinum Equity; Checkpoint Systems Iverify.us Inc. P 3/26/2015 EZ GARD Industries, Inc. Bregal Investments Inc. McDavid Inc. P 3/26/2015 Vibrance and Thermasilk Brands Unilever United States, Inc. Awesome Products, Inc. 3/25/2015 Reeves-Sain Drug Store, Inc. - Fred's, Inc. (NasdaqGS:FRED) 3/23/2015 Hinkel Inc. - InPro Corporation 3/23/2015 Louisville Slugger Brand Hillerich & Bradsby Co., Inc. Wilson Sporting Goods Co. 3/23/2015 Gardiners Home Furnishing Center Inc. - Wolf Furniture Enterprises, Inc. 3/21/2015 Beautisol LLC - Five Crowns Capital, LLC P 3/20/2015 Alliance Apparel Group Inc. - Eminent, Inc. 3/20/2015 Bugambilia International Inc. - G.E.T. Enterprises, LLC 3/16/2015 MonaVie LLC - Jeunesse Global, LLC 3/16/2015 Hancock & Moore, Inc. - RHF Investments, Inc. 3/16/2015 Cycle Support West, Inc. - Advanced Sports, Inc. 3/14/2015 Santa Fe Custom Works LLC - Ernest Thompson & Co., Inc. 3/14/2015 Kevyn Aucoin Cosmetics, Inc. - Manzanita Capital P 3/13/2015 Green Magic, Inc. - The Terminix Int'l Company 3/12/2015 Britten Woodworks - Britten Inc. 3/10/2015 Orabrush, Inc. True Ventures DenTek Oral Care, Inc. P 3/8/2015 Mac's Sporting Goods - Any Wear Apparel, L.L.C. 3/7/2015 Fleenor Security Systems, Inc. - Alarm Security Group, LLC 3/5/2015 OhSo Clean, Inc. The Westly Group Pinstripe Capital LLC P 3/4/2015 York Wallcoverings, Inc. - Babson Capital; High Road Capital P 3/3/2015 Fab, Inc. Mayfield Fund; Menlo Ventures; others PCH International Ltd. P 3/3/2015 Punkz Gear Inc. - Lexi-Luu Designs, Inc. 3/2/2015 Motorfist LLC - Arctic Cat Inc. 3/2/2015 JackRabbit Sports, Inc. - The Running Specialty Group Acquisitions 1, LLC 3/2/2015 Apex Foot Heath Industries, LLC Aetrex Worldwide, Inc. Orthotic Holdings, Inc. 3/2/2015 Speier Ace Hardware Co., Inc. - GOOMBY LTD. 3/2/2015 Panoply, Inc. - Knox Furniture 2/27/2015 Endless Pools, Inc. - Watkins Manufacturing Corporation 2/27/2015 Skipjack Dive & Dancewear Inc. - Lexi-Luu Designs, Inc. 2/26/2015 GoRun Wichita, LLC - Fleet Feet Sports 2/26/2015 BloodSport Archery, LLC - Plano Synergy Holdings, Inc. 2/25/2015 Neal-Tarpley-Parchman Funeral Home - Carriage Services Inc. 2/25/2015 Indiana Running Company - The Running Specialty Group Acquisitions 1, LLC 2/23/2015 LiveWatch Security, LLC - Monitronics International, Inc. 2/23/2015 Kindermint, Inc. - thredUP Inc. 2/23/2015 Reed & Barton Corporation - Lifetime Brands, Inc. 2/20/2015 Molor Products Company, Pet Products Molor Products Company OurPet's Company 2/20/2015 CafePress Inc., Groups Business CafePress Inc. Logo Sportswear Inc. 2/20/2015 Belvedere International Inc. - The Hain Celestial Group, Inc. 2/20/2015 To The Game (Collegiate Headwear & Apparel Bus.) To The Game, LLC David Peyser Sportswear, Inc. 2/20/2015 Simpson Performance Products, Inc. Carousel Capital; Angelo, Gordon & Co. Bruckmann, Rosser, Sherrill & Co. L.L.C. P 2/18/2015 Underwear For Men LLC - Polidan, Inc. 2/17/2015 Children's Orchard, Inc. - NTY Franchise Company, LLC 2/13/2015 Fibre-Craft Materials Corporation - Perpetual Capital Partners LLC P 2/16/2015 Enjoy Life Foods, LLC - Mondelez International, Inc. 2/12/2015 King Koil, Inc. - Kaiserkorp Sdn.Bhd. 2/12/2015 Orbitz Worldwide, Inc. PAR Capital, Luxor Capital, others Expedia Inc. P 2/11/2015 Water Watch Irrigation - Smith Brothers Lawn Care LLC 2/6/2015 Oregon Rug & Mattress Company - Sound Sleep Products, Inc. 2/4/2015 Office Depot, Inc. InterWest Partners, Putnam, others Staples, Inc. 2/4/2015 Launchpad Toys, Inc. Y Combinator; TEEC Angel Fund Google Inc. P 2/3/2015 MD Essentials Inc. - SCS Direct Inc. 2/3/2015 L'Amour Des Pieds - Remac, L.P. 2/3/2015 Bluemercury, Inc. - Macy's, Inc. 1/29/2015 Snaptracs, Inc. Qualcomm Technologies; Karmel Capital Whistle Labs, Inc. 1/29/2015 Bonne Bell and Lip Smacker Brands The Bonne Bell Company Markwins International Corporation 1/28/2015 Blondo Inc. Regence Footwear Inc., 3074153 Canada Inc. Steven Madden, Ltd.

PAGE | 14 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement 1/23/2015 The Rockport Company, LLC Adidas AG Berkshire Partners, New Balance P 1/21/2015 Emerging Cinemas, LLC - 20 Year Media Corp. 1/16/2015 Novack Uniform Solutions - Talbot Marketing Inc. 1/16/2015 Designer Apparel Group, LLC - Global Fashion Technologies, Inc. 1/13/2015 Grand Harbour Clothing, Inc. - Canada Goose Inc. 1/13/2015 Phenix Flooring, LLC - Pharr Yarns, LLC 1/13/2015 Bionic Pet Products Inc. - Outward Hound 1/12/2015 Swags Galore, Inc. - Menrva Holdings, Inc. 1/9/2015 Custom Counsel LLC - CuroLegal, LLC 1/8/2015 Hagaman Industries, Inc. - Nourison Rug Corporation 1/8/2015 Cycle Gear, Inc. Harvest Partners, LP J.W. Childs Associates, L.P. P 1/7/2015 Surf Technicians, LLC - Triple D Corporation Company Limited P 1/7/2015 Stable Imaging Solutions, LLC - Always Evolving Enterprises, LLC 1/7/2015 CHEMAID Laboratories, Inc. Wellspring Capital Management LLC Knowlton Development Corporation P 1/7/2015 Artifact Uprising LLC - Visual Supply Co 1/6/2015 Kiva Kitchen & Bath Holdings, LLC Rock Hill Capital Group, LLC Morrison Supply Company, LLC P 1/6/2015 Product Club Corp. - The Burmax Company, Incorporated 1/5/2015 Paris Presents Incorporated Mason Wells Wasserstein & Co. and others P 1/5/2015 Power Systems, Inc. - PlayCore Holdings, Inc. 1/5/2015 Boardworks Inc. - Confluence Outdoor 1/5/2015 Reyn Spooner Inc. Wedbush Capital Partners Aloha Brands LLC P 1/2/2015 Quest Cleaners, LLC - True Blue Cleaners, Inc. 12/26/2014 Burke Enterprise, LLC, Chip Burke Shutters Burke Enterprise, LLC Van Gogh Window Fashions Franchise Systems 12/23/2014 Hart Stores Inc. H & N Family Subco, Inc. 9102221 Canada Inc. 12/23/2014 The Chef'n Corporation Capitala Finance Corp and others Taylor Precision Products, Inc. P 12/23/2014 3P Safety, LLC - RJR Safety, Inc. 12/22/2014 Eagle Nonwovens Inc. - AstenJohnson Inc. 12/21/2014 Poythress Tent Rentals, Inc. - Party Reflections, Inc. 12/19/2014 Primary PDC, Inc. Knight's Bridge Capital Partners Inc. Pohlad Companies, Inc. P 12/19/2014 Zalemark Holding Company Inc. - Bergio International, Inc. 12/19/2014 GLAMGLOW Inc. - The Estée Lauder Companies Inc. 12/19/2014 Handi Quilter, Inc. High Road Capital Partners Blue Point Capital Partners P 12/18/2014 Ashford.com, Inc. Luxi Group, LLC Prudential Capital Group, L.P. P 12/17/2014 FoodState Inc. The Riverside Company; 2x Consumer Products Pharmavite LLC P 12/17/2014 K&B Innovations, Inc. - Alex Brands 12/17/2014 Neoporter LLC - LifeSquire 12/16/2014 Fox Pest Control LLC - Truly Nolen of America, Inc. 12/16/2014 Weston Products LLC Highgate Capital LLC Hamilton Beach Brands, Inc. P 12/15/2014 Shoes.com, Inc. Brown Shoe Co. Inc. ShoeMe Technologies Limited 12/15/2014 Gravity Nutritionals Inc. - Hantian Labs Limited 12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) JANA Partners and others BC Partners and others P 12/12/2014 Jewel Kade, Inc. - Thirty-One Gifts, LLC 12/12/2014 Jewell LLC - Thirty-One Gifts, LLC 12/11/2014 Fishing Holdings, LLC Platinum Equity, LLC Bass Pro Group, LLC P 12/11/2014 SmallHD, LLC - Vitec Videocom Ltd 12/9/2014 St. Louis CompuTronics, LLC - The Sound Room, Inc. 12/9/2014 Macbeth, Inc. - Saban Brands LLC 12/8/2014 NüRoo, Inc. - BROWNMED Inc. 12/8/2014 Crescom Engineering, AAA Alarms, & Bardstown Alarm - Select Security, Inc. 12/5/2014 Race Face Performance Products, Inc. - Fox Factory Holding Corp 12/4/2014 L.A. Spas, Inc. - Maax Spas (Arizona), Inc. 12/3/2014 Shape Medical Weight Loss Center, LLC - Life Time Fitness, Inc. 12/3/2014 InboxFitness.com LLC - O2 Media, Inc. 12/1/2014 Bad Love Cosmetics Company, LLC - VIASPACE Inc. 12/1/2014 BPG Holdings, LLC - Fidelity National Home Warranty Company 12/1/2014 Baby Jogger, LLC The Riverside Company Newell Rubbermaid Inc. P 12/1/2014 Gaetano, Ltd - Duralee Fabrics Ltd. 11/28/2014 Crittenden and Company LLC - Prospect Brands, LLC 11/28/2014 CCS Direct LLC Foot Locker, Inc. Daddies Board Shop, LLC 11/28/2014 Glentel Inc. TCG International and others BCE Inc. 11/26/2014 Missy Swimwear Portfolio A. H. Schreiber Co. Incorporated A & H Sportswear; Mainstream Swimsuits 11/25/2014 Battenfeld Technologies, Inc. Clearview Capital, LLC; PNC Erieview Capital Smith & Wesson Holding Corporation P 11/25/2014 Landau Brothers LLC Detroit Venture Partners and others Global Office Solutions, LLC P 11/21/2014 Alpha Helix Inc. - Nutroganics, Inc. 11/19/2014 Kidrobot, Inc. Syntek Capital Gmbh National Entertainment Collectibles Assoc. P 11/19/2014 Drs. Foster & Smith, Inc. - PETCO Animal Supplies, Inc. 11/19/2014 Garry Gribble's Running Sports, LLC - The Running Specialty Group Acquisitions 11/17/2014 Dead Down Wind LLC - Arcus Hunting LLC 11/14/2014 Pugs, Inc. - Pugs Holdings, LLC 11/14/2014 Alcoa Heating & Cooling - MK Russell & Abbott 11/13/2014 Nuforce, Inc. NuPrime Audio, Inc. Optoma Technology, Inc. 11/11/2014 Stoneridge Cycle Ltd. - Kent International, Inc. 11/10/2014 Natrol, Inc. Plethico Pharmaceuticals Limited Aurobindo Pharma USA Inc. 11/10/2014 Heroes Apparel, LLC - Witmer Associates, Inc. 11/7/2014 Dry Cleaning Station and Martinizing International LLC Martin Franchises Inc. The Huntington Company, LLC 11/7/2014 I Love Blue Sea, Inc. - Vital Choice Wild Seafood & Organics, Inc.

PAGE | 15 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)

Private Equity Announced Target Seller Buyer Involvement 11/5/2014 Sleep America, LLC Sleep Country Canada Income Fund Mattress Firm Holding Corp. 11/4/2014 Household Termite and Pest Control Inc. - Arrow Exterminators, Inc. 11/3/2014 Fanhattan, Inc. New Enterprise Associates; Redpoint Ventures Rovi Corporation P 10/31/2014 L Rodin LLC - Estée Lauder 10/28/2014 Cue & Case Sales Inc. - Escalade Sports, Inc. 10/27/2014 Swimsuits For All Inc. - OSP Group, Inc. 10/20/2014 Quench USA, Inc. Pohlad Companies; Gladstone Investment Seven Seas Water Corporation P 10/20/2014 Carol's Daughter Holdings, LLC Pegasus Capital Advisors, L.P. L'Oreal USA, Inc. P 10/17/2014 bubba brands, Inc. In Zone Holdings, Inc. Newell Rubbermaid Inc. 10/15/2014 Le Labo Inc. - The Estée Lauder Companies 10/14/2014 O.W.A., Inc. - Gladstone Inv. Corp. 10/14/2014 U-Line Corporation Linsalata Capital Partners Middleby Corp. P 10/13/2014 Folio 21 Furniture, LLC - The H.T. Hackney Co. 10/7/2014 Jack Vinales Antiques - Ford Art and Antiques, Inc. 10/6/2014 Appleseed Lane - Green Kid Crafts, Inc. 10/3/2014 Nutri-Health Supplements, L.L.C. Atrium Innovations Inc. Nature's Products, Inc. 10/2/2014 Dazzle Style Bar & Boutique - Shirin's Events LLC 10/1/2014 Pool Cover Specialist National, Inc. - Latham Pool Products, Inc. P 10/1/2014 Vermont Castings Group - Hearth & Home Technologies LLC 9/30/2014 Mirror Masters Company LLC - ELK Lighting, Inc. 9/27/2014 Fountain People, Inc. - PlayCore Holdings, Inc. P 9/26/2014 Dairy Association Company, Inc. - Vermont's Original LLC 9/26/2014 Riverside Manufacturing Company, Inc. - Affinity Specialty Apparel, Inc. 9/26/2014 Hollander Home Fashions Corporation HGGC, LLC Sentinel Capital Partners, L.L.C. P 9/24/2014 Silber Brush Manufacturing Co., Inc. - Braun Brush Co. 9/16/2014 Patch Products, Inc. - First New England Capital; Topspin Partners LP P 9/16/2014 Pedigree Perfection International, Inc. - Ultra Paws, LLC 9/15/2014 Tropitone Furniture Company, Inc. HarbourVest Partners; Pfingsten Partners Brown Jordan International, Inc. P 9/15/2014 Hokanson Incorporated - Scott Group, Inc. 9/11/2014 Bosch Garden and Watering Business Robert Bosch Tool Corporation Fiskars Brands, Inc. 9/11/2014 Elmhurst Metered Appliance, Inc. - Hercules Corporation 9/8/2014 GE Consumer Products General Electric Company Electrolux AB 9/5/2014 Southeast Ribbon and Badge Co. - Hodges Badge Company, Inc. 9/5/2014 Bond Street Ltd. - Bugatti-Sedona Inc. 9/4/2014 Simcoe Bicycles Inc. - Cycles Lambert, Inc.; Hawley, LLC 9/3/2014 Quikfletch LLC and New Archery Products Corporation - BRS Outdoor Sports Holdings, LLC 9/3/2014 Best Friends Pet Care, Inc. Webster Capital Belvoir Investments Corporation P 9/2/2014 Closet Systems of Hawaii, LLC - A Plus Interiors LLC 9/2/2014 Ellsworth Handcrafted Bicycles, Inc. - Iso Nano International LLC 8/30/2014 Harry & David Holdings, Inc. Wasserstein & Co., LP 1-800-Flowers.com Inc. P 8/29/2014 Sher-Wood Hockey Inc. Callidus Capital Corporation Sherwood Athletics Group Inc. P 8/27/2014 Cobra Electronics Corp. Franklin Advisory Services, LLC Monomoy Capital Partners P 8/27/2014 Easton Hockey, Inc. BRG Sports, Inc. Chartwell Investments Inc. P 8/25/2014 Green Pest Services TX, LLC - Massey Services, Inc. 8/25/2014 Left Hand Studios LLC - Succession Capital Inc. 8/25/2014 Days of Wonder, Inc. - Asmodée Editions SAS 8/20/2014 Massif Mountain Gear Company, LLC Tactical Holdings Operations, Inc. Samtech, LLC 8/20/2014 TOMS Shoes, Inc. - Bain Capital Private Equity P 8/20/2014 XO Athletic Co. - EZ GARD Industries, Inc.

HW&CO. CONSUMER TEAM

Tim Alexander Glenn Gurtcheff John Neuner IV Red Norrie Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] +1 (612) 359-2716 +1 (612) 359-2702 +1 (804) 915-0125 +44 (0) 20 7518-8906

Ryan Budlong Brant Cash Brent Spiller Corey Benjamin Director Director Director Vice President [email protected] [email protected] [email protected] [email protected] +1 (415) 217-3409 +1 (612) 359-2709 +1 (804) 915-0183 +1 (804) 932-1342

Matt Conaty Chip Duggins Ryan Freeman Matt Whebbe Vice President Vice President Vice President Vice President [email protected] [email protected] [email protected] [email protected] +1 (415) 217-3423 +1 (804) 932-1340 +1 (612) 359-2703 +1 (612) 359-2727

PAGE | 16 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

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PAGE | 17 CONSUMER AND RETAIL INDUSTRY UPDATE │ APRIL 2015

HARRIS WILLIAMS & CO.

SOURCES

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Thomson Financial.

Reuters.

U.S. Census Bureau.

U.S. Securities and Exchange Commission.

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

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

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

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

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