HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill Senior Managing Director [email protected] (813) 383‐0205

John McDonald Senior Managing Director [email protected] (813) 383‐0206 Consumer & Retail Keith Hodgdon Managing Director M&A Report [email protected] (813) 383‐0208 Q2 2017 Greg Bosl Vice President [email protected] (813) 597‐2649

Jami Gold Vice President [email protected] (813) 383‐0203

Charlie Hendrick Vice President [email protected] (813) 383‐0207

Jeffrey Hendricks Vice President [email protected] (678) 523‐3073

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813‐383‐0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview –Consumer & Retail

Commentary Select Public Offerings – Consumer & Retail (Q2 2017)

Transaction Offer Date Issuer Industry Sector Transaction Type Value ($mm)  The S&P 500 and S&P 500 Retailing Index increased 15.2% and 13.7%, respectively, while the S&P 500 Consumer Durables & 05/09/17 Costco Wholesale Corp. Retail Fixed‐Income $3,783 Apparel Index increased 4.2% for the twelve month period ended 04/27/17 Pepsico, Inc. Food and Beverages Fixed‐Income $3,544

June 30, 2017. 04/19/17 Lowe's Co., Inc. Retail Fixed‐Income $2,988

06/29/17 Albertsons Co., LLC Food and Beverages Fixed‐Income $2,500  The table on the right illustrates select public offerings completed in Q2 2017. Blue Apron Holdings, Inc. (NYSE:APRN), which 04/26/17 Netflix, Inc. Retail Fixed‐Income $1,414 operates an e‐commerce marketplace for home delivery of original 06/21/17 Taylor Morrison Home Corp. Homebuilding Secondary $464

recipes and pre‐portioned ingredients, raised $300 million in the 06/07/17 CalAtlantic Group, Inc. Homebuilding Secondary $343 largest IPO of the quarter. 04/12/17 Hostess Brands, Inc. Food and Beverages Secondary $307

 The Beverages and Packaged Foods sectors continued to lead the 06/28/17 Blue Apron Holdings, Inc. Retail IPO $300

industry with respect to valuation during the 2nd quarter, trading 04/26/17 Floor & Decor Holdings, Inc. Retail IPO $185 at EBITDA multiples of 16.6x and 12.8x, respectively.

Public Market Performance (LTM) Public Company Market Performance by Sector

120% Median 15.2% Change in Stock Price Enterprise Value / LTM Industry Sector 3 Months 12 months Revenue EBITDA

110% 13.7% Specialty Retail 0.6% 2.9% 0.6x 6.1x Department Store Retail (8.3%) (11.4%) 0.4x 5.4x Discount Stores & Mass Merchants 1.8% (3.2%) 0.6x 9.4x 4.2% Apparel, Accessories & Footwear Retail (7.7%) (10.9%) 0.4x 5.2x 100% Apparel, Accessories & Footwear 6.1% 3.3% 1.1x 10.6x Furniture & Furnishings Retail 8.0% 14.1% 0.7x 8.0x Furniture & Furnishings Manufacturers (1.3%) (2.8%) 1.0x 8.1x Personal Care Products (0.3%) 2.5% 1.5x 12.7x 90% Household Products 6.2% 12.8% 2.2x 12.4x Recreational & Leisure Products 0.1% 5.7% 1.6x 11.5x Restaurants 8.1% 13.8% 1.7x 11.4x Packaged Foods (1.7%) (11.8%) 2.4x 12.8x 80% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 Beverages 4.9% 3.3% 4.6x 16.6x Food Retail (3.6%) (6.7%) 0.5x 7.8x S&P 500 S&P 500 Retailing Index S&P 500 Consumer Durables & Apparel Index

Source: S&P Capital IQ

HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Annual M&A Activity –Consumer & Retail

Commentary Completed U.S. M&A Transactions by Deal Size

 As detailed in the charts below, Middle Market M&A activity in the ($ in billions) Consumer & Retail industry declined during the six month period 1H '16 1H '17 % Change ended June 30, 2017, with 60 closed transactions, a 10% decrease Deal Size Volume Value Volume Value Volume Value from the 67 transactions that closed during the prior half year Less than $100M 38 $1.7 32 $1.1 (16%) (32%) period. $100 ‐ $499M 25 $5.3 22 $4.9 (12%) (8%) $500 ‐ $999M 4 $2.5 6 $4.2 50% 67%  Despite a drop in deal volume, the total value of completed Middle Total Middle Market 67 $9.5 60 $10.2 (10%) 7% Market M&A transactions in the Consumer & Retail industry during the first half of 2017 rose 7% to $10.2 billion, up from $9.5 billion % of Total Market during the first six months of 2016. Less than $100M 57% 18% 53% 11% $100 ‐ $499M 37% 56% 37% 48% $500 ‐ $999M 6% 26% 10% 41%  While Middle Market Consumer & Retail M&A deal volume declined Total Middle Market 100% 100% 100% 100% throughout the year, completed deal volume and deal value increased for transactions valued between $500 million and $999 million, increasing 50% and 67%, respectively.

U.S. M&A Activity – Annual Trends: VOLUME U.S. M&A Activity – Annual Trends: VALUE billions)

in Total Transaction Volume Total Transaction Value ($

Less than $100M $100 ‐ $499M $500 ‐ $999M Less than $100M $100 ‐ $499M $500 ‐ $999M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly M&A Activity – Consumer & Retail

Commentary Completed U.S. M&A Transactions by Deal Size

($ in billions)  As detailed in the charts below, Middle Market M&A activity in the Consumer & Retail industry decreased during Q2 2017 compared Q2 2016 Q2 2017 % Change with Q2 2016. Middle Market M&A transaction volume decreased Deal Size Volume Value Volume Value Volume Value to 23 transactions, down 18% from 28 transactions in the prior Less than $100M 17 $0.8 13 $0.4 (24%) (53%) $100 ‐ $499M 10 $2.4 7 $1.1 (30%) (54%) year period. $500 ‐ $999M 1 $0.7 3 $1.9 200% 160% Total Middle Market 28 $3.9 23 $3.4 (18%) (14%)  The total value of completed Middle Market M&A transactions in the Consumer & Retail industry fell 14% to $3.4 billion, down from % of Total Market $3.9 billion in Q2 2016. Less than $100M 61% 21% 57% 12% $100 ‐ $499M 36% 61% 30% 32% $500 ‐ $999M 3% 18% 13% 56%  Throughout Q2 2017, transactions valued between $100 million Total Middle Market 100% 100% 100% 100% and $499 million had the steepest decline in deal volume, falling 30%, accompanied by a 54% decrease in value.

U.S. M&A Activity –Quarterly Trends: VOLUME U.S. M&A Activity –Quarterly Trends: VALUE billions)

in Total Transaction Volume Total Transaction Value ($

Less than $100M $100 ‐ $499M $500 ‐ $999M Less than $100M $100 ‐ $499M $500 ‐ $999M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity –Consumer & Retail

Select M&A Transactions (Q2 2017)

Announced Enterprise EV / EV / Date Target Buyer Industry Value ($mm) Revenue EBITDA NORPAC Foods, Inc. 06/30/17 Seneca Foods Corp. Food and Beverage NA NA NA (Canning Business) Rite Aid Corp. 06/29/17 Walgreen Co. Retail $5,175.0 NA NA (2,186 Stores)

06/29/17 West Marine, Inc. Monomoy Capital Partners Retail $290.7 0.4x 7.7x

06/28/17 Staples, Inc. Sycamore Partners Retail $6,555.0 0.4x 5.2x

06/28/17 Milestone AV Technologies, LLC Legrand North America, Inc. Household and Personal Products $1,200.0 2.6x 9.0x

06/15/17 Express Oil, LLC Golden Gate Capital Retail NA NA NA

06/21/17 Casamigos Spirits Co. Diageo North America, Inc. Food and Beverage $1,000.0 NA NA

05/01/17 Gander Mountain Co., Inc. Camping World Holdings, Inc. Retail $34.1 NA NA

06/16/17 Whole Foods Market, Inc. Amazon.com, Inc. Retail $13,732.7 0.9x 10.3x

06/16/17 Bonobos, Inc. Wal‐Mart Stores, Inc. Apparel , Accessories, & Footwear $310.0 NA NA

06/16/17 ID Watchdog, Inc. Equifax Consumer Services, Inc. Retail $63.0 5.6x 79.2x

04/01/17 K‐2 Corp. Skis Rossignol SAS Retail NA NA NA

06/01/17 PDC Brands CVC Capital Partners Ltd. Household and Personal Products NA NA NA

05/31/17 Medcart LTC, Inc. Albertsons, LLC Retail NA NA NA

Conagra Brands, Inc. 05/30/17 The J. M. Smucker Company Food and Beverage $285.0 NA NA (Wesson Oil)

Source: S&P Capital IQ

HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity –Consumer & Retail

Select M&A Transactions (Q2 2017)

Announced Enterprise EV / EV / Date Target Buyer Industry Value ($mm) Revenue EBITDA Newell Brands, Inc. 05/26/17 Kohlberg & Co., LLC Retail $240.0 0.7x 9.6x (Winter Sports Business)

05/22/17 Nutraceutical Intl. Corp. HGGC, LLC Household and Personal Products $426.5 1.8x 9.9x

05/10/17 Taylor Made Golf Co., Inc. KPS Capital Partners Retail NA NA NA

05/08/17 Kate Spade & Co. Coach, Inc. Retail $2,354.1 1.7x 10.3x

05/04/17 The Lagunitas Brewing Co. Heineken USA, Inc. Food and Beverage NA NA NA

05/03/17 Wicked Weed Brewing, LLC Anheuser‐Busch Co., LLC Food and Beverage NA NA NA

06/22/17 Uncle Matt's Organic, Inc. Dean Foods Co. Food and Beverage NA NA NA

04/25/17 AdvancePierre Foods Holdings, Inc. Tyson Foods, Inc. Food and Beverage $4,349.8 2.8x 17.0x

04/18/17 Chewy, Inc. PetSmart, Inc. Retail NA NA NA

04/11/17 Atkins Nutritionals Holdings, Inc. Conyers Park Acquisition Corp. Food and Beverage $730.1 NA NA

04/11/17 UCP, Inc. Century Communities, Inc. Household and Personal Products $470.7 1.3x 33.9x

04/07/17 eBags, Inc. Samsonite, LLC Retail $105.0 0.7x NA

04/06/17 Zhou Nutrition Nutraceutical Intl. Corp. Household and Personal Products $19.7 NA NA

04/05/17 Panera Bread Co. JAB Holdings Restaurants $7,596.6 2.7x 17.9x

04/03/17 World Kitchen, Inc. Cornell Capital, LLC Household and Personal Products NA NA NA

Source: S&P Capital IQ

HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Consumer & Retail Sector

U.S. M&A Activity by Consumer & Retail Sector: VOLUME % Change

2 Restaurants 200% 6

2 Apparel, Accessories & Footwear 0 NA

4 Household & Personal Products 0% 4

10 Retail 40% 6

10 Food & Beverage 30% 7

024681012 Q2 2016 Q2 2017

U.S. M&A Activity by Consumer & Retail Sector: VALUE % Change

($ in millions) $0.4 Restaurants 480% $2.2

$0.2 Apparel, Accessories & Footwear 100% $0.0

$0.7 Household & Personal Products 71% $0.2

$1.0 Retail 58% $0.4

$1.6 Food & Beverage 63% $0.6

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 Q2 2016 Q2 2017

Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion and excludes specialized consumer services transactions, as defined by S&P Capital IQ).

HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity –Consumer & Retail

Commentary Select Private Equity Transactions (Q2 2017)

Enterprise  Financial sponsors were active investors across many sectors Announced Date Target Buyer Industry Value ($mm)

of the Consumer & Retail industry in Q2 2017, as shown in the 06/30/17 O'Dang Hummus, LLC KEEN Growth Capital Food and Beverage NA table on the right. 06/29/17 West Marine, Inc. Monomoy Capital Partners Retail $291  Several notable financial sponsor led transactions were announced during Q2 2017, including Sycamore Partners’ 06/28/17 Staples, Inc. Sycamore Partners Retail $6,555 announced acquisition of Staples, Inc. for $6.6 billion; JAB Holdings’ announced acquisition of Panera Bread Co. for $7.6 06/27/17 Stampede Meat, Inc. Wynnchurch Capital Food and Beverage NA billion; and KPS Capital Partners’ potential purchase of Taylor 06/20/17 SnapAV, LLC Hellman & Friedman Retail NA Made Golf Co., Inc. for $425.0 million.

06/15/17 Express Oil, LLC Golden Gate Capital Retail NA  During Q2 2017, financial sponsors were most active in the Household and Personal Food & Beverage and Retail sectors, announcing 13 deals and 10 06/01/17 PDC Brands CVC Capital Partners NA Products deals, respectively. Newell Brands , Inc. 05/26/17 Kohlberg & Co. Retail $240 Financial Sponsors Industry Transactions (Winter Sports Business) Household and Personal 05/22/17 Nutraceutical Intl. Corp. HGGC $427 14 Products 13

05/10/17 Taylor Made Golf Co., Inc. KPS Capital Partners Retail $425 12

10 05/08/17 Supreme Brands, LLC Roustan Capital Retail NA 10 9 05/08/17 Tillamook Country Smoker, Inc. Insignia Capital Group Food and Beverage NA 8

Apparel, Accessories & 05/04/17 Matilda Jane Clothing Webster Capital NA 6 Footwear 6

Household and Personal 04/27/17 NBGHome Sycamore Partners NA

Total Transaction Volume Products 4

04/05/17 Kar Nut Products Co. Palladium Equity Partners Food and Beverage NA 2 2

04/05/17 Panera Bread Co. JAB Holdings Restaurants $7,596

0 Household & Personal Restaurants Food & Beverage Retail Apparel, Accessories & Household and Personal 04/03/17 World Kitchen, Inc. Cornell Capital NA Products Footwear Products Source: S&P Capital IQ

HYDE PARK CAPITAL 8 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Specialty Retail

 Thechartsonthefollowingpagesdetailtherecentstockprice 120% performance by sector for the leading public companies within the 15.2% Consumer & Retail industry for the trailing 12‐month period ended June 30, 2017. The shaded section is the most recent 3‐month period (Q2) for 110%

each sector index relative to the S&P 500. 3.1% 100%  The sectors in the Consumer and Retail industry had mixed results during the 12‐month period ended June 30, 2017. The Furniture & Furnishings Retail sector increased the most, rising 14.1%, while the Packaged Foods 90% sector decreased the most, falling 11.8%. 16.8% 80%  During Q2 2017, the Consumer and Retail sector performance posted mixed results. Restaurants and Furniture & Furnishings Retail led the

industry, increasing 8.1% and 8.0%, respectively, while Department Store 70% Retail and Apparel, Accessories & Footwear Retail had the worst Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

performances, falling 8.3% and 7.7%, respectively. S&P 500 Specialty Retail Index ‐ Large/Mid Cap Specialty Retail Index ‐ Small/Micro Cap

Department Store Retail Discount Stores & Mass Merchants

140% 120%

130% 15.2%

110% 120% 15.2%

110% 100% 100% 3.2%

90% 11.4% 90%

80%

70% 80% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

S&P 500 Department Store Retail Index S&P 500 Discount Stores & Mass Merchants Index

Source: S&P Capital IQ

HYDE PARK CAPITAL 9 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Apparel, Accessories & Footwear Retail Apparel, Accessories & Footwear

130% 130%

120% 120% 15.2% 15.2% 110% 110%

100% 100% 3.1%

90% 10.1% 90%

80% 80% 20.5%

70% 31.0% 70%

60% 60% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 S&P 500 S&P 500 Apparel, Accessories & Footwear Retail Index ‐ Large/Mid Cap Apparel, Accessories & Footwear Index ‐ Large/Mid Cap Apparel, Accessories & Footwear Retail Index ‐ Small/Micro Cap Apparel, Accessories & Footwear Index ‐ Small/Micro Cap Furniture & Furnishings Retail Furniture & Furnishings Manufacturers

120% 120% 15.2% 15.2%

110% 14.1% 110%

100% 100% 2.8%

90% 90%

80% 80% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

S&P 500 Furniture & Furnishings Retail S&P 500 Furniture & Furnishings Manufacturers Source: S&P Capital IQ

HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Personal Care Products Household Products

120% 120%

15.2% 15.2%

110% 110% 12.8%

2.5%

100% 100%

90% 90%

80% 80% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

S&P 500 Personal Care Products Index S&P 500 Household Products Index

Recreational & Leisure Products Restaurants

120% 120% 15.2% 15.2%

14.0% 110% 110%

5.7% 2.0% 100% 100%

90% 90%

80% 80% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

S&P 500 Recreational & Leisure Products Index S&P 500 Restaurants Index ‐ Large/Mid Cap Restaurants Index ‐ Small/Micro Cap

Source: S&P Capital IQ

HYDE PARK CAPITAL 11 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Packaged Foods Beverages

120% 120%

15.2% 15.2%

110% 110%

3.3%

100% 100%

90% 11.8% 90%

80% 80% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

S&P 500 Packaged Foods Index S&P 500 Beverages Index

Food Retail

120%

15.2%

110%

100%

6.7%

90%

80% Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

S&P 500 Food Retail Index Source: S&P Capital IQ

HYDE PARK CAPITAL 12 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Specialty Retail

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA The Home Depot, Inc. HD $153.40 95.4% $187,455 $206,827 $95,720 $32,676 $15,691 34.1% 16.4% 2.2x 13.2x CVS Caremark Corp. CVS $80.46 81.6% $84,483 $109,083 $180,785 $28,654 $12,647 15.8% 7.0% 0.6x 8.6x Walgreens Boots Alliance, Inc. WBA $78.31 89.0% $85,080 $92,921 $116,701 $28,977 $7,342 24.8% 6.3% 0.8x 12.7x Lowe's Companies, Inc. LOW $77.53 89.9% $67,509 $81,527 $66,643 $22,927 $7,505 34.4% 11.3% 1.2x 10.9x Best Buy Co., Inc. BBY $57.33 92.5% $18,327 $15,913 $39,488 $9,317 $2,452 23.6% 6.2% 0.4x 6.5x Tiffany & Co. TIF $93.87 96.5% $11,753 $11,879 $4,010 $2,502 $965 62.4% 24.1% 3.0x 12.3x Cabela's, Inc. CAB $59.42 93.4% $4,109 $8,395 $4,100 $1,695 $469 41.3% 11.4% 2.0x 17.8x* Tractor Supply Co. TSCO $54.21 57.3% $7,205 $7,775 $6,876 $2,349 $834 34.2% 12.1% 1.1x 9.3x Staples, Inc. SPLS $10.07 98.2% $6,553 $6,318 $18,033 $4,728 $1,255 26.2% 7.0% 0.4x 5.0x Dick's Sporting Goods, Inc. DKS $39.83 63.3% $4,451 $4,440 $8,087 $2,412 $725 29.8% 9.0% 0.5x 6.1x Office Depot, Inc. ODP $5.64 97.9% $3,064 $3,493 $10,821 $2,668 $611 24.7% 5.6% 0.3x 5.7x GNC Holdings, Inc. GNC $8.43 30.0% $575 $2,033 $2,484 $811 $279 32.7% 11.2% 0.8x 7.3x Conns, Inc. CONN $19.10 95.7% $589 $1,684 $1,564 $303 $12 19.4% 0.7% 1.1x NM

Average 83.1% $37,012 $42,484 $42,716 $10,771 $4,681 31.0% 9.9% 1.1x 8.9x Median 92.5% $7,205 $8,395 $10,821 $2,668 $1,761 29.8% 6.9% 0.8x 8.6x

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Fossil, Inc. FOSL $10.35 28.1% $500 $797 $2,964 $1,519 $211 51.3% 7.1% 0.3x3.8x Lumber Liquidators Holdings, Inc. LL $25.06 81.8% $699 $749 $1,001 $347 ($23) 34.7% (2.3%) 0.7x NM Marinemax, Inc. HZO $19.55 82.7% $489 $672 $1,029 $255 $54 24.8% 5.2% 0.7x 13.3x* Barnes & Noble, Inc. BKS $7.60 55.8% $550 $603 $3,895 $1,212 $163 31.1% 4.2% 0.2x 3.7x Regis Corp. RGS $10.27 65.8% $476 $427 $1,715 $529 $72 30.9% 4.2% 0.2x 5.9x Vitamin Shoppe, Inc. VSI $11.65 36.1% $275 $395 $1,269 $531 $109 41.8% 8.6% 0.3x 3.6x Hibbett Sports, Inc. HIBB $20.75 45.3% $458 $385 $967 $332 $107 34.3% 11.0% 0.4x 3.6x Movado Group, Inc. MOV $25.25 79.0% $586 $382 $538 $284 $59 52.8% 11.0% 0.7x 6.4x Big 5 Sporting Goods Corp. BGFV $13.05 64.1% $286 $304 $1,039 $337 $57 32.4% 5.5% 0.3x 5.4x Build‐A‐Bear Workshop, Inc. BBW $10.45 65.9% $164 $151 $360 $165 $24 45.9% 6.6% 0.4x 6.4x

Average 60.4% $448 $486 $1,478 $551 $164 38.0% 6.1% 0.4x 4.9x Median 65.0% $483 $411 $1,034 $342 $66 34.5% 4.3% 0.4x 4.6x Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 13 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Department Store Retail

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Macy's, Inc. M $23.24 51.2% $7,185 $13,440 $25,345 $9,934 $2,764 39.2% 10.9% 0.5x 4.9x Kohl's Corp. KSS $38.67 64.8% $6,796 $10,881 $18,557 $6,728 $2,326 36.3% 12.5% 0.6x 4.7x Nordstrom, Inc. JWN $47.83 76.1% $8,320 $10,241 $14,862 $5,213 $1,698 35.1% 11.4% 0.7x 6.0x J. C. Penney Co., Inc. JCP $4.65 41.2% $1,435 $5,412 $12,442 $4,441 $921 35.7% 7.4% 0.4x 5.9x Sears Holdings Corp. SHLD $8.86 48.7% $948 $5,125 $21,045 $4,815 ($1,069) 22.9% (5.1%) 0.2x NM Dillard's, Inc. DDS $57.69 74.2% $1,916 $2,636 $6,332 $2,234 $553 35.3% 8.7% 0.4x 4.8x Bon‐Ton Stores, Inc. BONT $0.44 22.1% $9 $1,021 $2,619 $969 $102 37.0% 3.9% 0.4x 10.0x* Stage Stores, Inc. SSI $2.08 31.7% $57 $253 $1,419 $313 $36 22.1% 2.6% 0.2x7.0x

Average 51.3% $3,333 $6,126 $12,828 $4,331 $916 32.9% 6.5% 0.4x 5.5x Median 50.0% $1,676 $5,269 $13,652 $4,628 $737 35.5% 8.1% 0.4x 5.4x

Discount Stores & Mass Merchants

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Wal‐Mart Stores, Inc. WMT $75.68 94.0% $233,492 $276,479 $487,511 $125,111 $32,969 25.7% 6.8% 0.6x 8.4x Costco Wholesale Corp. COST $159.93 87.3% $70,502 $69,043 $123,285 $16,451 $5,189 13.3% 4.2% 0.6x 13.3x Target Corp. TGT $52.29 65.9% $29,824 $39,947 $69,316 $20,495 $7,203 29.6% 10.4% 0.6x 5.5x Dollar General Corp. DG $72.09 74.4% $20,136 $22,963 $22,331 $6,869 $2,449 30.8% 11.0% 1.0x 9.4x Dollar Tree, Inc. DLTR $69.92 70.0% $16,573 $21,711 $20,921 $7,744 $2,301 37.0% 11.0% 1.0x 9.4x PriceSmart, Inc. PSMT $87.60 92.3% $2,628 $2,571 $2,974 $473 $185 15.9% 6.2% 0.9x 13.9x Big Lots, Inc. BIG $48.30 85.4% $2,170 $2,220 $5,185 $2,106 $368 40.6% 7.1% 0.4x 6.0x Fred's, Inc. FRED $9.23 42.4% $341 $491 $2,108 $515 ($43) 24.4% (2.1%) 0.2xNM Tuesday Morning Corp. TUES $1.90 23.4% $83 $121 $966 $329 ($1) 34.1% (0.1%) 0.1x NM

Average 70.6% $41,750 $48,394 $81,622 $20,010 $5,624 27.9% 6.1% 0.6x 9.4x Median 74.4% $16,573 $21,711 $20,921 $6,869 $2,301 29.6% 6.8% 0.6x 9.4x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 14 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Apparel, Accessories & Footwear Retail

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA The TJX Companies, Inc. TJX $72.17 86.3% $47,671 $46,773 $33,425 $9,702 $4,531 29.0% 13.6% 1.4x 10.3x Ross Stores, Inc. ROST $57.73 82.7% $22,670 $21,822 $13,084 $4,262 $2,133 32.6% 16.3% 1.7x 10.2x L Brands, Inc. LB $53.89 67.6% $15,628 $19,820 $12,397 $5,663 $2,428 45.7% 19.6% 1.6x 8.2x Gap, Inc. GPS $21.99 71.5% $8,801 $8,533 $15,518 $5,734 $2,051 37.0% 13.2% 0.5x 4.2x Lululemon Athletica, Inc. LULU $59.67 72.9% $8,188 $7,490 $2,369 $1,223 $507 51.6% 21.4% 3.2x 14.8x Foot Locker, Inc. FL $49.28 62.0% $6,594 $5,672 $7,780 $3,451 $1,134 44.4% 14.6% 0.7x 5.0x Tailored Brand, Inc. TLRD $11.16 38.8% $546 $2,067 $3,333 $1,420 $342 42.6% 10.3% 0.6x 6.0x American Eagle Outfitters, Inc. AEO $12.05 61.6% $2,211 $1,986 $3,622 $1,351 $496 37.3% 13.7% 0.5x 4.0x Urban Outfitters, Inc. URBN $18.54 45.4% $2,170 $1,799 $3,544 $1,227 $450 34.6% 12.7% 0.5x 4.0x Ascena Retail Group, Inc. ASNA $2.15 23.6% $418 $1,726 $6,804 $3,950 $581 58.0% 8.5% 0.3x 3.0x The Children’s Place Retail Stores, Inc. PLCE $102.10 81.5% $1,906 $1,675 $1,803 $677 $195 37.5% 10.8% 0.9x 8.6x Chico's FAS, Inc. CHS $9.42 55.9% $1,204 $1,114 $2,417 $922 $281 38.1% 11.6% 0.5x 4.0x

Average 62.5% $9,834 $10,040 $8,841 $3,298 $1,261 40.7% 13.9% 1.0x 6.8x Median 64.8% $4,403 $3,869 $5,213 $2,436 $544 37.8% 13.4% 0.7x 5.5x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 15 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Apparel, Accessories & Footwear Retail

($ in millions, except per share)

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Guess?, Inc. GES $12.78 68.4% $1,070 $796 $2,219 $747 $131 33.7% 5.9% 0.4x 6.1x Genesco, Inc. GCO $33.90 45.7% $669 $767 $2,863 $1,407 $199 49.1% 7.0% 0.3x3.8x Abercrombie & Fitch Co. ANF $12.44 53.4% $846 $744 $3,302 $2,002 $181 60.6% 5.5% 0.2x 4.1x Buckle, Inc. BKE $17.80 62.1% $860 $598 $944 $456 $174 48.3% 18.4% 0.6x 3.4x Finish Line, Inc. FINL $14.17 57.8% $574 $498 $1,844 $681 $122 36.9% 6.6% 0.3x 4.1x Express, Inc. EXPR $6.75 41.2% $531 $408 $2,157 $853 $162 39.6% 7.5% 0.2x 2.5x Shoe Carnival, Inc. SCVL $20.88 65.7% $366 $341 $994 $286 $63 28.8% 6.3% 0.3x 5.4x Stage Stores, Inc. SSI $2.08 31.7% $57 $255 $1,419 $313 $36 22.1% 2.6% 0.2x7.0x Cato Corp. CATO $17.59 45.8% $466 $234 $908 $324 $56 35.7% 6.1% 0.3x 4.2x Zumiez, Inc. ZUMZ $12.35 46.5% $306 $229 $844 $277 $67 32.8% 7.9% 0.3x 3.4x Stein Mart, Inc. SMRT $1.69 18.3% $78 $220 $1,342 $346 $28 25.8% 2.1% 0.2x 7.9x Citi Trends CTRN $21.22 93.4% $312 $205 $701 $269 $36 38.3% 5.1% 0.3x 5.7x Casual Male Retail Group, Inc. DXLG $2.35 42.2% $117 $187 $450 $204 $26 45.3% 5.7% 0.4x 7.3x Destination Maternity Corp. DEST $3.23 38.4% $44 $81 $416 $216 $12 51.9% 2.9% 0.2x 6.6x New York & Company, Inc. NWY $1.38 50.9% $87 $24 $923 $365 $23 39.6% 2.5% NM 1.0x*

Average 50.8% $425 $372 $1,422 $583 $88 39.2% 4.3% 0.3x 5.1x Median 46.5% $366 $255 $994 $346 $63 38.3% 5.9% 0.3x 4.8x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 16 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Apparel, Accessories & Footwear

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Nike, Inc. NKE $59.00 97.8% $99,828 $97,451 $34,350 $15,312 $5,465 44.6% 15.9% 2.8x 17.8x V.F. Corp. VFC $57.60 88.3% $24,122 $26,044 $11,966 $5,857 $1,903 48.9% 15.9% 2.2x 13.7x Hanesbrands, Inc. HBI $23.16 82.0% $8,827 $12,517 $6,189 $2,411 $1,026 39.0% 16.6% 2.0x 12.2x Coach, Inc. COH $47.34 99.1% $13,346 $12,046 $4,509 $3,111 $916 69.0% 20.3% 2.7x 13.2x PVH Corp. PVH $114.50 98.8% $9,180 $11,892 $8,274 $4,444 $1,120 53.7% 13.5% 1.4x 10.6x Under Armour, Inc. UA $20.16 46.9% $8,936 $9,725 $4,982 $2,286 $526 45.9% 10.6% 2.0x 18.5x Gildan Activewear, Inc. TSX:GIL $30.66 94.5% $7,137 $7,835 $2,657 $752 $547 28.3% 20.6% 2.9x 14.3x Michael Kors Holdings, Inc. KORS $36.25 68.0% $6,094 $5,954 $4,494 $2,661 $1,120 59.2% 24.9% 1.3x 5.3x Polo Ralph Lauren Corp. RL $73.80 64.7% $6,103 $5,403 $6,653 $3,849 $983 57.9% 14.8% 0.8x 5.5x Carter's, Inc. CRI $88.95 79.0% $4,419 $4,827 $3,208 $1,384 $491 43.1% 15.3% 1.5x 9.8x Skechers USA, Inc. SKX $29.50 90.2% $4,591 $4,018 $3,821 $1,766 $431 46.2% 11.3% 1.1x 9.3x Columbia Sportswear Co. COLM $58.06 91.4% $4,096 $3,499 $2,406 $1,123 $320 46.7% 13.3% 1.5x 11.0x Wolverine World Wide, Inc. WWW $28.01 99.6% $2,693 $3,093 $2,508 $975 $262 38.9% 10.4% 1.2x 11.8x Steven Madden, Ltd. SHOO $39.95 98.0% $2,339 $2,184 $1,485 $559 $205 37.6% 13.8% 1.5x 10.6x Deckers Outdoor Corp. DECK $68.26 93.9% $2,208 $1,961 $1,825 $850 $227 46.5% 12.4% 1.1x 8.7x G‐III Apparel Group, Ltd. GIII $24.95 48.2% $1,193 $1,619 $2,458 $877 $136 35.7% 5.5% 0.7x 11.9x Caleres, Inc. CAL $27.78 75.9% $1,168 $1,379 $2,626 $1,091 $186 41.5% 7.1% 0.5x 7.4x DSW, Inc. DSW $17.70 67.5% $1,445 $1,191 $2,721 $975 $263 35.8% 9.7% 0.4x 4.5x Oxford Industries, Inc. OXM $62.49 82.0% $1,042 $1,128 $1,039 $588 $135 56.7% 13.0% 1.1x 8.3x

Average 82.4% $10,988 $11,251 $5,693 $2,677 $856 46.1% 13.9% 1.5x 10.8x Median 88.3% $4,591 $4,827 $3,208 $1,384 $491 45.9% 13.5% 1.4x 10.6x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 17 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Apparel, Accessories & Footwear

($ in millions, except per share)

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Fossil, Inc. FOSL $10.35 28.1% $500 $797 $2,964 $1,519 $211 51.3% 7.1% 0.3x 3.8x CROCS, Inc. CROX $7.71 61.5% $568 $594 $1,014 $505 $42 49.7% 4.1% 0.6x 14.1x Perry Ellis International, Inc. PERY $19.46 67.1% $297 $402 $842 $315 $34 37.4% 4.0% 0.5x 11.9x Vera Bradley, Inc. VRA $9.78 56.9% $358 $274 $477 $269 $53 56.4% 11.2% 0.6x5.1x Weyco Group, Inc. WEYS $27.88 86.3% $292 $276 $288 $110 $26 38.2% 9.2% 1.0x 10.4x Rocky Brands, Inc. RCKY $13.45 85.7% $100 $106 $262 $79 $16 30.4% 6.2% 0.4x6.6x Summer Infant, Inc. SUMR $1.77 72.5% $33 $81 $192 $61 $5 31.9% 2.6% 0.4x 16.3x*

Average 65.4% $307 $361 $863 $408 $123 42.2% 6.3% 0.5x 8.7x Median 67.1% $297 $276 $477 $269 $34 38.2% 6.2% 0.5x 8.5x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 18 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Furniture & Furnishings Retail

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Aaron's, Inc. AAN $38.90 96.5% $3,175 $2,867 $3,198 $1,596 $468 49.9% 14.6% 0.9x 6.1x Select Comfort Corp. SCSS $35.49 96.6% $1,969 $1,933 $1,352 $848 $152 62.7% 11.2% 1.4x 12.7x La‐Z‐Boy, Inc. LZB $32.50 98.8% $1,699 $1,587 $1,520 $607 $160 39.9% 10.5% 1.0x 9.9x Rent‐A‐Center, Inc. RCII $11.72 85.4% $755 $1,359 $2,870 $1,863 $146 64.9% 5.1% 0.5x 9.3x Ethan Allen Interiors, Inc. ETH $32.30 83.2% $936 $1,037 $774 $427 $85 55.2% 11.0% 1.3x 12.2x Haverty Furniture Companies, Inc. HVT $25.10 95.4% $551 $498 $828 $448 $75 54.2% 9.1% 0.6x 6.6x Pier 1 Imports, Inc. PIR $5.19 53.6% $613 $461 $1,820 $699 $134 38.4% 7.4% 0.3x 3.4x Bassett Furinture Industries, Inc. BSET $37.95 97.7% $438 $395 $439 $269 $42 61.2% 9.6% 0.9x 9.4x Lifetime Brands, Inc. LCUT $18.15 85.6% $229 $304 $595 $220 $46 37.0% 7.7% 0.5x 6.6x Kirkland's, Inc. KIRK $10.28 59.0% $212 $152 $597 $279 $39 46.8% 6.6% 0.3x 3.9x

Average 85.2% $1,058 $1,059 $1,399 $726 $135 51.0% 9.3% 0.8x 8.0x Median 90.5% $684 $768 $1,090 $527 $109 52.0% 9.3% 0.7x 8.0x

Furniture & Furnishings Manufacturers

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Leggett & Platt, Inc. LEG $52.53 95.6% $7,313 $8,170 $3,772 $892 $582 23.6% 15.4% 2.2x 14.0x Tempur Pedic International, Inc. TPX $53.39 64.9% $3,086 $4,907 $3,128 $1,318 $488 42.1% 15.6% 1.6x 10.1x HNI Corp. HNI $39.87 70.0% $1,818 $2,080 $2,180 $844 $241 38.7% 11.1% 1.0x 8.6x Herman Miller, Inc. MLHR $30.40 83.4% $1,840 $1,995 $2,284 $869 $257 38.0% 11.3% 0.9x 7.7x Steelcase, Inc. SCS $14.00 77.1% $1,658 $1,774 $3,049 $1,023 $261 33.6% 8.6% 0.6x 6.8x Knoll, Inc. KNL $20.05 70.6% $985 $1,225 $1,136 $434 $150 38.2% 13.2% 1.1x 8.1x Libbey, Inc. LBY $8.06 38.8% $178 $547 $786 $167 $93 21.2% 11.9% 0.7x 5.9x

Average 71.5% $2,411 $2,957 $2,334 $792 $296 33.6% 12.4% 1.1x 8.8x Median 70.6% $1,818 $1,995 $2,284 $869 $257 38.0% 11.9% 1.0x 8.1x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 19 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Personal Care Products

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Procter & Gamble Co. PG $87.15 94.7% $241,340 $259,145 $65,081 $33,590 $17,848 51.6% 27.4% 4.0x 14.5x Kimberly‐Clark Corp. KMB $129.11 93.0% $46,544 $53,746 $18,209 $6,670 $4,129 36.6% 22.7% 3.0x 13.0x Estee Lauder Companies, Inc. EL $95.98 97.5% $35,844 $37,916 $11,576 $9,261 $2,355 80.0% 20.3% 3.3x 16.1x Ulta Salon, Cosmetics & Fragrance, Inc. ULTA $287.34 91.3% $18,006 $17,535 $5,096 $1,833 $924 36.0% 18.1% 3.4x 19.0x* Herbalife, Ltd. HLF $71.33 95.8% $6,161 $6,681 $4,471 $2,349 $503 52.5% 11.2% 1.5x 13.3x Sally Beauty Holdings, Inc. SBH $20.25 65.9% $2,939 $4,680 $3,941 $1,962 $597 49.8% 15.2% 1.2x 7.8x Revlon, Inc. REV $23.70 62.4% $1,245 $3,855 $2,489 $1,482 $305 59.6% 12.2% 1.5x 12.6x Nu Skin Enterprises, Inc. NUS $62.84 95.2% $3,488 $3,569 $2,235 $1,761 $342 78.8% 15.3% 1.6x 10.4x Avon Products, Inc. AVP $3.80 54.6% $1,663 $3,460 $5,744 $3,490 $437 60.7% 7.6% 0.6x 7.9x USANA Health Sciences, Inc. USNA $64.10 85.5% $1,602 $1,426 $1,021 $841 $151 82.4% 14.8% 1.4x 9.4x Inter Parfums, Inc. IPAR $36.65 87.9% $1,144 $1,108 $553 $305 $86 55.2% 15.6% 2.0x 12.8x Medifast, Inc. MED $41.47 87.6% $496 $417 $273 $205 $40 75.3% 14.7% 1.5x 10.4x Nature's Sunshine Products, Inc. NATR $13.25 80.5% $253 $232 $342 $251 $15 73.5% 4.4% 0.7x 15.4x

Average 84.0% $27,748 $30,290 $9,310 $4,923 $2,133 60.9% 15.4% 2.0x 12.0x Median 87.9% $2,939 $3,855 $3,941 $1,833 $437 59.6% 15.2% 1.5x 12.7x

Household Products

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Newell Rubbermaid, Inc. NWL $53.62 96.7% $25,578 $36,109 $15,215 $5,490 $2,565 36.1% 16.9% 2.4x 14.1x The Sherwin‐Williams Co. SHW $350.96 96.8% $33,199 $34,135 $12,043 $6,004 $2,037 49.9% 16.9% 2.8x 16.8x Stanley Black & Decker, Inc. SWK $140.73 97.8% $20,995 $25,650 $11,540 $4,362 $1,888 37.8% 16.4% 2.2x 13.6x Whirlpool Corp. WHR $191.62 94.4% $14,685 $19,726 $20,888 $3,685 $2,147 17.6% 10.3% 0.9x 9.2x Clorox Corp. CLX $133.24 94.0% $17,525 $19,534 $5,926 $2,646 $1,215 44.7% 20.5% 3.3x 16.1x Snap‐on, Inc. SNA $158.00 86.9% $9,380 $10,298 $3,775 $1,947 $948 51.6% 25.1% 2.7x 10.9x Toro Co. TTC $69.29 94.9% $7,735 $7,806 $2,458 $899 $412 36.6% 16.8% 3.2x 18.9x Bed Bath & Beyond, Inc. BBBY $30.40 62.3% $4,463 $5,485 $12,220 $4,553 $1,365 37.3% 11.2% 0.4x 4.0x Prestige Brands Holdings, Inc. PBH $52.81 88.6% $2,818 $4,970 $882 $503 $304 57.1% 34.5% 5.6x* 16.3x Williams‐Sonoma, Inc. WSM $48.50 84.5% $4,305 $4,256 $5,098 $1,887 $657 37.0% 12.9% 0.8x 6.5x Tupperware Brands Corp. TUP $70.23 94.4% $3,569 $4,253 $2,242 $1,516 $385 67.6% 17.2% 1.9x 11.1x Central Garden & Pet Co. CENT $31.79 80.8% $1,645 $2,137 $1,917 $588 $190 30.7% 9.9% 1.1x 11.2x

Average 89.3% $12,158 $14,530 $7,850 $2,840 $1,176 42.0% 17.4% 2.0x 12.4x Median 94.2% $8,558 $9,052 $5,512 $2,297 $1,082 37.5% 16.8% 2.2x 12.4x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 20 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Recreational & Leisure Products

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Harley‐Davidson, Inc. HOG $54.02 85.2% $9,575 $16,263 $5,653 $1,962 $1,175 34.7% 20.8% 2.9x 13.8x Hasbro, Inc. HAS $111.51 98.3% $14,166 $14,293 $5,038 $2,678 $970 53.1% 19.2% 2.8x 14.7x Mattel, Inc. MAT $21.53 62.9% $7,437 $9,697 $5,340 $2,411 $687 45.1% 12.9%1.8x14.1x Polaris Industries, Inc. PII $92.23 93.2% $5,933 $6,863 $5,000 $1,314 $526 26.3% 10.5% 1.4x 13.0x Brunswick Corp. BC $62.73 98.3% $5,744 $5,912 $4,579 $1,243 $590 27.2% 12.9% 1.3x 10.0x Pool Corp. POOL $117.57 94.6% $5,036 $5,580 $2,671 $771 $293 28.8% 11.0% 2.1x 19.7x* American Outdoor Brands Corp. AOBC $22.16 71.0% $1,261 $1,417 $903 $380 $258 42.1% 28.5% 1.6x 5.5x Callaway Golf Co. ELY $12.78 95.7% $1,228 $1,196 $965 $438 $90 45.4% 9.3% 1.2x 13.3x Sturm, Ruger & Co., Inc. RGR $62.15 88.4% $1,172 $1,137 $659 $217 $169 33.0% 25.7% 1.7x 6.7x Johnson Outdoors, Inc. JOUT $48.21 96.9% $477 $448 $474 $201 $52 42.4% 10.9% 0.9x 8.7x JAKKS Pacific, Inc. JAKK $4.00 41.0% $72 $169 $684 $212 $26 31.1% 3.8% 0.2x6.5x

Average 84.1% $4,736 $5,725 $2,906 $1,075 $440 37.2% 12.9% 1.6x 10.6x Median 93.2% $5,036 $5,580 $2,671 $771 $293 34.7% 12.9% 1.6x 11.5x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 21 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Restaurants

($ in millions, except per share)

Large & Mid Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA McDonald's Corp. MCD $153.16 98.5% $129,179 $153,974 $24,394 $10,321 $9,451 42.3% 38.7% 6.3x 16.3x Starbucks Corp. SBUX $58.31 89.9% $85,894 $87,473 $21,976 $6,909 $5,011 31.4% 22.8% 4.0x 17.5x Yum! Brands, Inc. YUM $73.76 80.2% $28,453 $37,035 $6,340 $2,703 $1,987 42.6% 31.3% 5.8x 18.6x Domino's Pizza, Inc. DPZ $211.53 95.5% $10,480 $12,607 $2,558 $794 $500 31.1% 19.5% 4.9x 25.2x* Darden Restaurants, Inc. DRI $90.44 95.0% $11,395 $12,099 $7,170 $1,569 $942 21.9% 13.1% 1.7x 12.8x Chipotle Mexican Grill, Inc. CMG $416.10 83.4% $12,279 $11,702 $4,139 $1,268 $331 30.6% 8.0% 2.8x 35.4x* Panera Bread Co. PNRA $314.64 99.5% $7,289 $7,624 $2,838 $964 $424 34.0% 14.9% 2.7x 18.0x Dunkin' Brands Group, Inc. DNKN $55.12 92.3% $5,108 $7,215 $830 $687 $441 82.8% 53.1% 8.7x* 16.4x The Wendy's Co. WEN $15.51 93.1% $4,057 $6,417 $1,342 $617 $371 46.0% 27.7% 4.8x 17.3x Jack in the Box, Inc. JACK $98.50 86.9% $3,197 $4,382 $1,625 $452 $355 27.8% 21.8% 2.7x 12.4x Cracker Barrel Old Country Store, Inc. CBRL $167.25 95.5% $4,032 $4,255 $2,929 $1,007 $392 34.4% 13.4% 1.5x 10.9x Texas Roadhouse, Inc. TXRH $50.95 98.2% $3,627 $3,555 $2,043 $408 $271 20.0% 13.3% 1.7x 13.1x Brinker International, Inc. EAT $38.10 68.2% $2,017 $3,338 $3,222 $592 $457 18.4% 14.2% 1.0x 7.3x Bloomin' Brands, Inc. BLMN $21.23 95.8% $2,351 $3,272 $4,232 $683 $413 16.1% 9.8% 0.8x 7.9x Papa John's International, Inc. PZZA $71.76 79.3% $2,682 $2,976 $1,734 $359 $198 20.7% 11.4% 1.7x 15.1x Buffalo Wild Wings, Inc. BWLD $126.70 72.4% $2,287 $2,631 $2,013 $418 $286 20.8% 14.2% 1.3x 9.2x The Cheesecake Factory, Inc. CAKE $50.30 74.9% $2,473 $2,515 $2,285 $992 $287 43.4% 12.5% 1.1x 8.8x DineEquity, Inc. DIN $44.05 50.1% $791 $2,069 $627 $372 $241 59.4% 38.5% 3.3x 8.6x Sonic Corp. SONC $26.49 88.2% $1,207 $1,775 $516 $303 $159 58.6% 30.8% 3.4x 11.2x Bob Evans Farms, Inc. BOBE $71.83 95.3% $1,446 $1,238 $395 $184 $72 46.6% 18.1% 3.1x 17.3x Red Robin Gourmet Burgers, Inc. RRGB $65.25 88.0% $865 $1,154 $1,313 $274 $133 20.8% 10.1% 0.9x 8.7x Denny's Corp. DENN $11.77 82.6% $892 $1,150 $510 $207 $93 40.6% 18.3% 2.3x 12.3x BJ's Restaurants, Inc. BJRI $37.25 78.3% $881 $1,040 $1,007 $189 $127 18.7% 12.6% 1.0x 8.2x

Average 86.1% $14,038 $16,152 $4,176 $1,403 $997 35.2% 20.4% 2.7x 12.7x Median 88.2% $3,197 $3,555 $2,043 $617 $355 31.4% 13.4% 2.5x 12.4x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 22 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Restaurants

($ in millions, except per share)

Small & Micro Cap

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Shake Shack, Inc. SHAK $34.88 81.2% $863 $848 $291 $115 $45 39.4% 15.4% 2.9x* 18.9x* Bojangles', Inc. BOJA $16.25 72.7% $617 $785 $536 $122 $83 22.7% 15.6% 1.5x 9.4x Ruth's Hospitality Group, Inc. RUTH $21.75 96.0% $688 $699 $390 $108 $61 27.7% 15.7% 1.8x 11.4x Biglari Holdings, Inc. BH $399.74 81.3% $488 $671 $845 $178 $52 21.1% 6.1% 0.8x 13.0x Del Frisco's Restaurant Group, Inc. DFRG $16.10 85.6% $377 $390 $354 $81 $43 22.9% 12.2% 1.1x 9.0x Chuy's Holdings, Inc. CHUY $23.40 61.9% $396 $382 $339 $67 $42 19.7% 12.2% 1.1x 9.2x Ruby Tuesday, Inc. RT $2.01 48.2% $121 $302 $976 $152 $39 15.5% 4.0% 0.3x 7.7x

Average 75.3% $507 $582 $533 $117 $108 24.1% 11.6% 1.1x 10.0x Median 81.2% $488 $671 $390 $115 $52 22.7% 12.2% 1.1x 9.3x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 23 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Packaged Foods

($ in millions, except per share)

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA EBT Revenue EBITDA Danone BN $75.08 93.3% $46,517 $67,432 $26,264 $13,190 $4,640 50.2% 17.7% 13.1% 2.6x 14.5x General Mills, Inc. GIS $55.40 75.9% $33,129 $43,113 $15,620 $5,649 $3,413 36.2% 21.9% 16.9% 2.8x 12.6x Kellogg Co. K $69.46 79.7% $24,571 $32,297 $12,873 $4,863 $2,259 37.8% 17.5% 11.8% 2.5x 14.3x Tyson Foods, Inc. TSN $62.63 81.3% $23,643 $29,876 $36,824 $4,940 $3,772 13.4% 10.2% 7.7% 0.8x 7.9x Campbell Soup Co. CPB $52.15 76.8% $16,101 $19,209 $7,913 $2,890 $1,612 36.5% 20.4% 15.1% 2.4x 11.9x The J. M. Smucker Co. SJM $118.33 75.2% $13,676 $18,908 $7,392 $2,841 $1,666 38.4% 22.5% 14.8% 2.6x 11.3x ConAgra Foods, Inc. CAG $35.76 73.2% $15,591 $18,423 $7,827 $2,359 $1,571 30.1% 20.1% 15.2% 2.4x 11.7x Hormel Foods Corp. HRL $34.11 85.3% $18,446 $18,150 $9,398 $2,113 $1,402 22.5% 14.9% 13.9% 1.9x 12.9x McCormick & Co., Inc. MKC $97.51 90.4% $12,403 $13,999 $4,476 $1,852 $777 41.4% 17.4% 14.8% 3.1x 18.0x The Hain Celestial Group, Inc. HAIN $38.82 68.1% $4,020 $4,647 $2,866 $546 $265 19.1% 9.2% 5.8% 1.6x 17.5x Lancaster Colony Corp. LANC $122.62 82.1% $3,363 $3,238 $1,196 $321 $221 26.9% 18.5% 16.5% 2.7x 14.6x Dean Foods Co. DF $17.00 76.2% $1,550 $2,423 $7,905 $1,920 $376 24.3% 4.8% 1.7% 0.3x 6.4x J&J Snack Foods Corp. JJSF $132.07 92.2% $2,484 $2,342 $1,030 $311 $151 30.2% 14.7% 11.2% 2.3x 15.5x Seneca Foods Corp. SENE.A $31.05 72.8% $306 $662 $1,246 $106 $56 8.5% 4.5% 1.3% 0.5x 11.8x

Average 80.2% $15,414 $19,623 $10,202 $3,136 $1,584 29.7% 15.3% 11.4% 2.0x 12.9x Median 78.3% $14,634 $18,287 $7,866 $2,236 $1,486 30.2% 17.5% 13.5% 2.4x 12.8x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 24 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Beverage

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA EBT Revenue EBITDA Anheuser‐Busch InBev SA/NV ABI $110.34 80.9% $212,177 $332,385 $52,415 $31,940 $18,900 60.9% 36.1% 17.4% 6.3x 17.6x The Coca‐Cola Co. KO $44.85 97.4% $194,761 $217,345 $38,862 $23,765 $10,893 61.2% 28.0% 26.1% 5.6x 20.0x Pepsico, Inc. PEP $115.49 97.7% $166,710 $189,160 $63,301 $34,731 $12,420 54.9% 19.6% 14.4% 3.0x 15.2x Constellation Brands, Inc. STZ $193.73 98.1% $39,330 $48,350 $7,395 $3,662 $2,593 49.5% 35.1% 27.2% 6.5x 18.6x Molson Coors Brewing Co. TAP $86.34 77.0% $18,680 $30,259 $8,782 $3,713 $1,933 42.3% 22.0% 12.3% 3.4x 15.7x Monster Beverage Corp. MNST $49.68 89.5% $28,802 $27,701 $3,191 $2,065 $1,271 64.7% 39.8% 38.2% 9.2x* 21.8x Dr Pepper Snapple Group, Inc. DPS $91.11 91.6% $16,837 $21,253 $6,565 $3,930 $1,576 59.9% 24.0% 18.3% 3.2x 13.5x Cott Corp. BCB $14.41 82.7% $1,941 $4,509 $3,434 $1,171 $369 34.1% 10.8% (0.9%) 1.3x 12.2x

Average 89.3% $84,905 $108,870 $22,993 $13,122 $6,244 53.4% 26.9% 19.1% 4.2x 16.8x Median 90.6% $34,066 $39,304 $8,088 $3,822 $2,263 57.4% 26.0% 17.9% 3.4x 16.6x

Food Retailers

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/30/17 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Costco Wholesale Corp. COST $159.93 87.3% $70,502 $69,043 $123,285 $16,451 $5,189 13.3% 4.2% 0.6x 13.3x* The Kroger Co. KR $23.32 61.4% $22,102 $35,180 $117,018 $26,621 $5,513 22.7% 4.7% 0.3x 6.4x George Weston, Ltd. WN $90.32 93.4% $11,586 $24,881 $35,908 $10,442 $2,829 29.1% 7.9% 0.7x 8.8x Whole Foods Market, Inc. WFM $42.11 96.1% $13,471 $13,632 $15,856 $5,404 $1,333 34.1% 8.4% 0.9x 10.2x Casey's General Stores, Inc. CASY $107.11 78.6% $4,239 $5,086 $6,641 $1,681 $510 25.3% 7.7% 0.8x 10.0x SUPERVALU, Inc. SVU $3.29 57.3% $882 $2,035 $12,480 $1,819 $482 14.6% 3.9% 0.2x 4.2x Weis Markets, Inc. WMK $48.72 70.7% $1,310 $1,305 $3,251 $895 $168 27.5% 5.2% 0.4x 7.8x Village Super Market, Inc. VLGE.A $25.92 71.2% $362 $325 $1,631 $444 $67 27.2% 4.1% 0.2x 4.8x

Average 77.0% $15,557 $18,936 $39,509 $7,970 $2,011 24.2% 5.8% 0.5x 7.5x Median 74.9% $7,913 $9,359 $14,168 $3,612 $921 26.3% 4.9% 0.5x 7.8x

Source: S&P Capital IQ. * Excluded from the average and median calculation.

HYDE PARK CAPITAL 25 Investment Banking | Mergers & Acquisitions | Capital Raising HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill Senior Managing Director [email protected] Recent Transactions (813) 383‐0205

John McDonald Senior Managing Director [email protected] (813) 383‐0206

Keith Hodgdon Managing Director [email protected] (813) 383‐0208

Greg Bosl Vice President [email protected] (813) 597‐2649

Jami Gold Vice President [email protected] (813) 383‐0203

Charlie Hendrick Vice President [email protected] (813) 383‐0207

Jeffrey Hendricks Vice President [email protected] (678) 523‐3073

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813‐383‐0202 www.hydeparkcapital.com HYDE PARK CAPITAL Member FINRA/SIPC Investment Banking | Mergers & Acquisitions | Capital Raising