Consumer and Retail Industry Update August 2012

Member FINRA/SIPC

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

What We’ve • The Wall Street Journal reports that same-store sales are coming in mixed for U.S. retailers. Been Reading “The 18 retailers tracked by Thomson Reuters are expected to show 3.1% same-store sales growth for July. The figure compares with 4.8% growth last year.” However, “Average back-to-school spending for a person with school-age children is projected to jump to $688 this year, according to a National Retail Federation survey last month. That is up from $603 in last year's survey. One reason for the bump is that this year will see the most children entering elementary and middle schools since 2008.” Read the article here.

• Cortec Group, a New York based private equity firm, announced that it has completed the purchase of YETI Coolers, LLC. Based in Austin, Texas, YETI is the leading provider of premium coolers. Harris Williams & Co. acted as the exclusive financial advisor to YETI. Read the press release here.

• Pfingsten Partners, L.L.C., a Chicago based private equity firm, announced that it has completed the sale of the Suzo-Happ Group. Based in Mount Prospect, IL, Suzo-Happ is a leading global supplier of components and accessories to the gaming, amusement, and industrial markets. Harris Williams & Co. acted as the exclusive financial advisor to Suzo- Happ. Read the press release here.

• The New York Times reports that while spending among males is rising, slower spending among women is signaling a potential weak holiday season. “Over all, holiday spending is expected to grow just 4 percent this year, the slowest growth rate in five years, according to the National Retail Federation, a trade group. MasterCard estimates that roughly 60 percent of holiday purchases, or about $285 billion, have already been made.’” Read the article here.

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

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

1 of 16 Equity Trading Overview August 2012

Median Median TEV/ Median TEV/ Key Trading Number of Sector Ente rprise Change in Stock Price LTM Multiples Forward Mulitples Statistics Companies Value ($mm) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA (detail begins Consumer Products on page 6) Apparel & Footwear 36 $1,186 2.1% 2.9% 1.04x 9.4x 1.00x 7.8x Automotive Products 12 2,637 (0.5%) 32.5% 0.54x 9.7x 0.50x 9.0x Home & Office Furniture & Furnishings 14 803 (4.4%) (0.7%) 0.57x 7.1x 0.64x 6.5x Household Products 11 4,807 5.4% 21.8% 1.19x 8.4x 1.17x 7.8x Personal Care Products 16 2,178 5.0% 11.4% 1.34x 8.6x 1.35x 9.1x Recreational & Leisure Products 21 513 (0.1%) 34.1% 0.94x 8.4x 1.07x 7.4x Retail Apparel & Footwear Retail 44 890 6.3% 17.5% 0.63x 6.2x 0.60x 5.5x Catalog & Specialty Distribution 8 270 3.7% (6.1%) 0.15x 7.5x 0.15x 5.5x Department Chains 9 7,378 5.9% 23.5% 0.62x 6.7x 0.58x 5.7x Discount Stores & Mass Merchants 12 5,101 7.9% 30.3% 0.74x 8.2x 0.70x 8.0x Furniture & Furnishings Retailers 13 1,431 0.3% 28.2% 0.89x 7.2x 0.86x 6.5x Internet Retail 13 620 6.5% 11.9% 0.99x 12.8x 0.86x 9.2x Specialty & Other Retail 29 1,260 (3.3%) 6.5% 0.56x 8.9x 0.52x 7.0x Consumer Products 110 $1,682 1.0% 16.6% 0.99x 8.5x 1.04x 7.8x Retail 128 $1,260 5.9% 17.5% 0.63x 7.5x 0.60x 6.5x Consumer & Retail Index 238 $1,260 3.7% 17.5% 0.74x 8.4x 0.70x 7.4x

Public

Company Recreational & Leisure Products

Sector Automotive Products Performance Discount Stores & Mass Merchants (12-month % Furniture & Furnishings Retailers change in Department Chains

stock price) Household Products

S&P 500

Consumer & Retail Index

Apparel & Footwear Retail

Internet Retail

Personal Care Products

Apparel & Footwear

Specialty & Other Retail Home & Office Furniture & Furnishings Catalog & Specialty Distribution

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

2 of 16 Equity Markets Overview August 2012

150 Consumer

and Retail 36.2% Industry Stock

Performance 125 21.7%

7.7%

100 Index

50 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12

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

Recent Equity Transaction Gross Proceeds Offerings Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds 08/01/12 07/23/12 DirectCash Payments Inc DCI Follow-On $64.2 Repayment of Indebtedness 07/24/12 06/18/12 Natural Grocers by Vitamin Cottage NGVC IPO 107.1 General Corp. Purp.

07/18/12 4/17/2012 Five Below Inc FIVE IPO 188.0 General Corp. Purp., Repayment of Debt 07/18/12 07/17/12 Sally Beauty Holdings Inc SBH Follow-On 582.3 General Corp. Purp.

06/29/12 06/29/12 Coty US Inc COTY IPO 700.0 Secondary

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

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

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

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

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

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

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

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

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

3 of 16 M&A Overview August 2012

Announced Quarterly Consumer M&A Activity Last 10 Deals Announced 100 Consumer Announced Target Buyer 90 and Retail 8/9/2012 RCC Western Stores, Inc. Boot Barn, Inc. 80 21 8/7/2012 Riviera Sun Inc. G-III Apparel Group, Ltd. 9 M&A 5 8/5/2012 AOT Bedding Super Holdings, LLC Advent International Corporation

__ 70 13 8/3/2012 Stanton Carpet Corporation Norwest Equity Partners 6 9 10 8/2/2012 Hartmann, Inc. Samsonite LLC 15 13 13 60 13 8/1/2012 Legends Gaming, LLC Global Gaming Solutions, LLC 19 11 9 7/31/2012 Magnum Fitness Systems Johnson Health Tech Co., Ltd. 50 7/31/2012 Focus Product s Group, LLC Centre Lane Partners, LLC 7/30/2012 REFRESH20 Water LLC POU Partners, LLC 12 40 4 7/27/2012 Petro Deming Petro Stopping Centers LP 72 72 65 68 30 61 64 64 55 56 56 54 50 Number of Transactions 48 46 20 37 35 LTM Deal Statistics 10 Aggregate Number Transaction Multiples 0 Value ($bn) of Deals EV / Revenue EV / EB ITDA 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 PEG Acquirer Strategic Acquirer $36.2 318 0.84x 10.0x Note: Transactions based on publicly available information

Consumer and Announced Consumer Transactions Median Consumer Transaction Multiples

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

$80 400 Transactions of Number

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

250 8.0x $40.3 0.75x $40 200 6.0x $32.1 $28.6 $29.6 150 0.50x $22.1 __ 4.0x __ $20 100 EV / LTM EBITDA Multiple 2.0x 0.25x 50 Aggregate billions) in ($ Value Transaction $0 0 0.0x 0.00x 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 YTD YTD Aggregate Deal Value # of deals EV / LTM EBITDA EV / LTM Sales

Median LTM Median LTM Trading Multiples Consumer Private Equity Investments and Exits Trading 12.0x 120 Multiples and 110 10.3x 10.4x 10.3x 10.3x 10.5x 9.9x 9.7x 9.6x 9.8x 97 Announced 10.0x 9.4x 100 9.3x 9.2x 9.1x 8.9x 9.0x 9.1x 8.8x 8.7x 8.7x Private Equity 8.4x 8.3x 8.5x 8.4x

' 81 M&A Activity 8.0x 7.6x 80 73 71 73

59 59 59 6.0x 60 53 54 54 53 49 46 47 37 4.0x 40 33 30 Number of Investments

Median Trading Multiples 27

2.0x 20

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

4 of 16 Debt Market Overview August 2012

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

$10 __ L + 400

$8 L + 300 $6

L + 200 $4 Average Spread Average Spread Over LIBOR L + 100 $2 LoanVolumeQuarter by ($billions) in $0 L + 0 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional

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

4.0x L + 600

L + 400 EBITDA Multiple EBITDA 2.0x

Average Spread Average Spread Over LIBOR L + 200

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

Recent Date Effective Borrower Name Description Deal Amount Type Rating Spread 08/15/12 Boyd Gaming Corp Amusement and recreation $825,000,000 Term Loan B B / B3 450 Consumer and 08/15/12 Boyd Gaming Corp Amusement and recreation 50,000,000 Revolver/Line >= 1 Yr. B / B3 N/A Retail Debt 08/03/12 PPG Industries Inc Catalog and mail-order tools 240,000,000 Term Loan BBB+ / Baa1 N/A 08/02/12 Presidio Corp Catalog and mail-order tools 400,000,000 Term Loan B+ / Ba3 450 Offerings 08/01/12 Mount Vernon Mills Inc Textile goods 140,000,000 Revolver/Line >= 1 Yr. NR / NR 150 07/31/12 National Vision Inc Optical goods stores 300,000,000 Term Loan B BB- / B1 575 07/31/12 Procter & Gamble Co Soap and other detergents 4,000,000,000 364-Day Facility AA- / Aa3 N/A 07/31/12 Procter & Gamble Co Soap and other detergents 7,000,000,000 Revolver/Line >= 1 Yr. AA- / Aa3 N/A 07/30/12 Bodek & Rhodes Apparel and accessories 3,000,000 Other Loan NR / NR N/A 07/30/12 Bodek & Rhodes Apparel and accessories 90,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 07/30/12 Tranzonic Cos Sanitary paper products 17,500,000 Revolver/Line >= 1 Yr. NR / NR 375 07/30/12 Tranzonic Cos Sanitary paper products 12,000,000 Term Loan NR / NR N/A 07/27/12 Chumash Casino & Resort Enterprise Hotels and motels 135,000,000 Revolver/Line >= 1 Yr. NR / WR 100 07/26/12 Herbalife International of America Inc Drugs, proprietaries, and sundries 500,000,000 Term Loan A NR / NR 175 07/25/12 Choice Hotels International Inc Hotels and motels 200,000,000 Revolver/Line >= 1 Yr. BB+ / Baa3 237.5 07/25/12 Choice Hotels International Inc Hotels and motels 150,000,000 Term Loan BB+ / Baa3 237.5 07/25/12 Host Hotels & Resorts LP Hotels and motels 500,000,000 Term Loan A BB+ / Ba1 180 07/25/12 Inteva Products LLC Motor vehicles and car bodies 225,000,000 Term Loan B NR / NR 700 07/25/12 Inteva Products LLC Motor vehicles and car bodies 125,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 07/25/12 Zale Corp Jewelry stores 80,000,000 Term Loan NR / WR N/A 07/25/12 Inteva Products LLC Motor vehicles and car bodies 225,000,000 Term Loan B NR / NR 700 07/25/12 Inteva Products LLC Motor vehicles and car bodies 125,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 07/25/12 National Vision Inc Home furnishings 300,000,000 Term Loan B NR / B1 N/A 07/24/12 Zale Corp Jewelry stores 650,000,000 Revolver/Line >= 1 Yr. NR / WR 200

5 of 16 Consumer and Retail Industry Update August 2012

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2012E ($ in millions, except per share data) Ticker 8/10/12 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 $51.82 90.5% $3,057 $186 $238 $3,005 $2,270 $248 21.0% 13.8% 34.5% 10.9% 25.2x 1.32x 12.1x 1.23x 9.2x Cherokee Inc. CHKE 13.74 90.8% 115 7 7 115 26 12 (11.2%) (8.0%) NM 45.4% 18.3x 4.39x 9.7x 4.16x NA Coach, Inc. COH 54.83 68.8% 15,757 23 917 14,863 4,763 1,644 14.5% 13.8% 72.8% 34.5% 15.5x 3.12x 9.0x 2.79x 8.2x Columbia Sportswear Company COLM 52.90 89.8% 1,788 0 229 1,559 1,716 181 9.9% 10.9% 43.1% 10.6% 18.0x 0.91x 8.6x 0.90x 8.2x Crocs, Inc. CROX 16.49 55.4% 1,488 11 279 1,221 1,081 189 17.9% 19.5% 54.4% 17.5% 11.9x 1.13x 6.4x 1.00x 5.4x Deckers Outdoor Corp. DECK 44.98 37.8% 1,667 0 114 1,552 1,439 289 34.9% 25.0% 48.5% 20.1% 10.0x 1.08x 5.4x 0.97x 5.7x Delta Apparel Inc. DLA 14.24 72.1% 120 133 1 253 492 25 6.1% 11.4% 22.4% 5.0% NM 0.51x 10.2x 0.50x NA G-III Apparel Group, Ltd. GIII 28.51 95.8% 569 83 38 614 1,264 94 14.3% 19.4% 30.1% 7.5% 11.7x 0.49x 6.5x 0.45x 5.9x Gildemeister AG GIL 14.80 76.8% 864 106 190 780 2,338 187 (1.4%) (0.1%) 46.7% 8.0% 9.7x 0.33x 4.2x NA NA Hanesbrands Inc. HBI 32.11 97.2% 3,134 2,026 30 5,130 4,643 474 3.8% 4.8% 30.4% 10.2% 16.8x 1.10x 10.8x 1.11x 8.1x Iconix Brand Group, Inc. ICON 18.02 82.1% 1,229 491 23 1,698 370 237 1.0% 19.6% NM 63.9% 12.3x 4.58x 7.2x 4.76x 7.4x The Jones Group Inc. JNY 11.24 85.7% 902 859 277 1,484 3,727 232 (0.5%) 2.1% 36.5% 6.2% 33.2x 0.40x 6.4x 0.38x 5.0x Kenneth Cole Productions Inc. KCP 15.00 91.4% 277 0 49 228 473 22 3.0% 1.3% 39.1% 4.6% 33.6x 0.48x 10.4x 0.45x 5.8x K-Swiss Inc. KSWS 3.04 46.1% 108 2 41 69 245 (46) 1.2% (3.7%) 33.3% NM NM 0.28x NM 0.30x NM Lacrosse Footwear Inc. BOOT 19.98 99.8% 130 9 1 138 137 10 (3.7%) 1.4% 38.1% 7.2% 41.8x 1.01x 14.0x NA NA Fifth & Pacific Companies, Inc. FNP 11.99 77.9% 1,356 503 173 1,685 1,482 6 (4.0%) (24.0%) 55.1% 0.4% 8.0x 1.14x NM 1.06x 10.1x Maidenform Brands, Inc. MFB 22.01 83.6% 519 69 59 528 588 48 (1.7%) 10.5% 29.4% 8.2% 21.0x 0.90x 10.9x 0.83x 6.6x Nike Inc. NKE 94.50 82.3% 42,891 385 3,757 39,519 24,128 3,435 15.7% 8.0% 43.4% 14.2% 20.0x 1.64x 11.5x 1.56x 10.9x Oxford Industries Inc. OXM 47.48 90.2% 785 113 6 893 782 100 20.5% (4.3%) 54.3% 12.8% 26.0x 1.14x 8.9x 1.01x 7.8x Perry Ellis International Inc. PERY 19.50 76.7% 285 198 28 455 958 63 11.6% 5.0% 32.8% 6.6% 15.6x 0.47x 7.2x 0.45x 5.9x PVH Corp. PVH 83.84 90.1% 5,901 1,982 239 7,645 5,949 751 10.4% 34.9% 52.0% 12.6% 17.4x 1.29x 10.2x 1.25x 8.6x Ralph Lauren Corporation RL 150.16 82.3% 13,688 261 1,032 12,917 6,927 1,290 14.8% 12.0% 58.2% 18.6% 20.7x 1.86x 10.0x 1.78x 9.3x Quiksilver Inc. ZQK 2.80 57.3% 460 769 79 1,150 1,990 140 8.1% (1.9%) 50.7% 7.0% 9.0x 0.58x 8.2x 0.56x 6.5x Rocky Brands, Inc. RCKY 11.36 79.3% 85 30 2 113 233 21 (5.4%) (1.0%) 35.0% 8.9% 13.3x 0.49x 5.5x 0.45x 4.1x Skechers USA Inc. SKX 19.75 91.9% 989 142 374 757 1,438 (20) (25.3%) 2.2% 43.3% NM NM 0.53x NM 0.47x 9.3x Steven Madden, Ltd. SHOO 40.72 89.1% 1,866 0 190 1,676 1,148 181 59.5% 34.6% 35.6% 15.7% 17.1x 1.46x 9.3x 1.31x 7.8x Summer Infant, Inc. SUMR 3.14 37.7% 56 69 2 124 243 16 16.2% 20.5% 34.1% 6.7% 14.9x 0.51x 7.6x 0.46x 5.4x Taiga Building Products Ltd. TBL 0.65 82.6% 25 261 0 286 998 36 4.0% 6.8% 9.8% 3.6% 4.0x 0.29x 7.9x NA NA True Religion Apparel Inc. TRLG 21.97 58.1% 556 0 160 396 439 92 11.1% 15.1% 64.4% 21.0% 11.8x 0.90x 4.3x 0.85x 4.2x Tumi Holdings, Inc. TUMI 22.11 77.0% 1,501 58 21 1,538 361 73 42.9% NA 57.7% 20.3% NM 4.26x 21.0x 3.61x 16.6x Under Armour, Inc. UA 56.76 97.1% 5,929 74 143 5,860 1,623 207 31.5% 27.9% 47.9% 12.7% NM 3.61x 28.4x 2.93x 21.4x V.F. Corporation VFC 147.33 94.4% 16,191 2,515 331 18,376 10,359 1,481 27.0% 12.2% 45.5% 14.3% 17.8x 1.77x 12.4x 1.62x 10.1x Vera Bradley, Inc. VRA 25.34 55.2% 1,027 7 6 1,028 477 108 24.6% 19.2% 55.9% 22.6% 17.4x 2.16x 9.6x 1.85x 7.8x Warnaco Group Inc. WRC 48.26 79.5% 1,972 253 295 1,930 2,439 284 (0.1%) 7.1% 43.3% 11.6% 24.2x 0.79x 6.8x 0.76x 5.8x Weyco Group Inc. WEYS 23.11 84.8% 251 34 15 271 285 28 18.2% 9.7% 38.6% 10.0% 15.9x 0.95x 9.5x 0.90x NA Wolverine World Wide Inc. WWW 44.92 95.8% 2,195 28 157 2,066 1,404 169 4.2% 6.4% 39.0% 12.1% 19.2x 1.47x 12.2x 1.37x 10.2x Mean 79.0% 3,604 325 264 3,664 2,479 342 11.0% 9.5% 42.8% 14.5% 17.8x 1.37x 9.8x 1.34x 8.2x Median 82.5% 1,008 78 97 1,186 1,206 124 10.1% 9.7% 43.2% 11.3% 17.1x 1.04x 9.3x 1.00x 7.8x

Automotive Products America's Car-Mart Inc. CRMT $46.13 95.6% $425 $78 $0 $503 $430 $57 13.4% 12.9% 29.1% 13.4% 14.2x 1.17x 8.8x 1.05x 8.0x Asbury Automotive Group, Inc. ABG 26.53 89.6% 832 926 9 1,750 4,464 182 8.0% 5.7% 16.8% 4.1% 12.3x 0.39x 9.6x 0.37x 8.6x AutoNation Inc. AN 39.58 90.5% 4,777 4,151 62 8,866 14,746 686 12.0% 10.5% 16.2% 4.7% 18.3x 0.60x 12.9x 0.57x 12.1x AutoZone Inc. AZO 359.29 90.0% 13,450 3,606 109 16,947 8,482 1,801 7.7% 7.7% 51.3% 21.2% 16.0x 2.00x 9.4x 1.88x 8.7x CarMax Inc. KMX 28.99 82.4% 6,620 5,190 457 11,354 10,366 779 7.7% 16.3% 15.9% 7.5% 16.4x 1.10x 14.6x 1.05x 13.5x Group 1 Automotive Inc. GPI 54.51 90.9% 1,171 1,542 10 2,703 6,757 251 16.8% 12.9% 15.4% 3.7% 13.7x 0.40x 10.8x 0.36x 10.0x

6 of 16 Consumer and Retail Industry Update August 2012

Home & Office Furniture & Furnishings Furniture Brands International Inc. FBN $1.12 36.5% $63 $77 $19 $121 $1,066 $1 (6.6%) (10.0%) 23.9% 0.1% NM 0.11x 82.1x 0.11x 27.3x Herman Miller Inc. MLHR 18.85 80.1% 1,099 250 182 1,167 1,724 180 4.5% 1.9% 34.3% 10.5% 14.6x 0.68x 6.5x 0.64x 6.0x HNI Corp. HNI 27.00 92.3% 1,224 211 62 1,372 1,930 133 10.0% (2.3%) 34.7% 6.9% 24.6x 0.71x 10.3x 0.66x 8.3x Hooker Furniture Corp. HOFT 11.66 83.3% 125 0 48 77 216 12 (3.0%) (3.8%) 22.6% 5.5% 22.9x 0.36x 6.6x 0.35x 6.5x Kid Brands, Inc. KID 1.48 30.5% 32 48 1 80 248 6 (9.5%) 0.6% 25.2% 2.3% NM 0.32x 14.2x 0.31x 3.8x Kimball International, Inc. KBAL.B 11.10 97.9% 306 0 75 231 1,142 53 (5.0%) (1.8%) 18.4% 4.6% 36.3x 0.20x 4.4x 0.20x NA Knoll Inc. KNL 13.95 79.6% 650 218 11 857 880 99 (2.3%) (3.3%) 32.6% 11.3% 11.6x 0.97x 8.6x 0.91x 7.3x Leggett & Platt, Incorporated LEG 23.12 93.1% 3,251 1,023 271 4,002 3,681 400 4.9% 1.8% 18.5% 10.9% 21.1x 1.09x 10.0x 1.03x 8.0x Libbey Inc. LBY 14.16 88.0% 292 478 20 750 822 121 0.2% 2.9% 22.5% 14.7% NM 0.91x 6.2x 0.89x 6.1x Natuzzi SpA NTZ 2.15 56.3% 118 47 105 60 634 (19) (12.8%) (7.6%) 32.1% NM NM 0.09x NM NA NA Sealy Corporation ZZ 1.74 71.0% 181 762 81 862 1,228 122 (1.3%) (2.9%) 39.5% 10.0% NM 0.70x 7.0x 0.67x 6.3x Steelcase Inc. SCS 9.10 92.3% 1,140 291 133 1,299 2,785 183 9.9% (1.5%) 30.3% 6.6% 19.3x 0.47x 7.1x 0.45x 5.9x Tempur Pedic International Inc. TPX 30.76 35.2% 1,832 684 134 2,381 1,464 351 16.5% 22.1% 52.2% 24.0% 10.0x 1.63x 6.8x 1.65x 7.4x The Dixie Group, Inc. DXYN 3.22 67.2% 41 76 0 116 264 11 2.9% 4.0% 24.1% 4.3% NM 0.44x 10.2x 0.41x NA Mean 71.7% 739 297 82 955 1,292 118 0.6% 0.0% 29.3% 8.6% 20.1x 0.62x 13.8x 0.64x 8.4x Median 79.8% 299 214 69 803 1,104 110 (0.6%) (1.7%) 27.7% 6.9% 20.2x 0.57x 7.1x 0.64x 6.5x

Household Products Central Garden & Pet Co. CENT $10.03 91.3% $503 $450 $59 $895 $1,680 $109 5.1% 0.3% 30.2% 6.5% 24.5x 0.53x 8.2x 0.51x 6.7x The Clorox Company CLX 71.85 97.6% 9,345 2,721 267 11,799 5,468 1,080 4.5% 2.0% 42.1% 19.8% 17.5x 2.16x 10.9x 2.09x 10.1x iRobot Corporation IRBT 24.03 62.7% 663 0 177 486 460 53 8.9% 15.2% 41.2% 11.5% 20.8x 1.06x 9.2x 0.95x 7.2x Jarden Corp. JAH 48.79 99.5% 3,896 3,412 590 6,718 6,694 798 3.9% 8.7% 28.3% 11.9% 17.9x 1.00x 8.4x 0.99x 7.9x Newell Rubbermaid Inc. NWL 16.98 87.1% 4,904 2,494 371 7,027 5,894 904 1.1% (0.1%) 37.8% 15.3% 47.9x 1.19x 7.8x 1.17x 7.6x Prestige Brands Holdings, Inc. PBH 16.43 92.0% 829 1,096 4 1,921 493 152 36.7% 18.0% 53.4% 30.9% 22.5x 3.90x 12.6x 3.09x 9.4x Snap-on Inc. SNA 68.64 96.9% 3,992 984 169 4,807 3,053 578 6.6% 5.3% 48.1% 18.9% 13.9x 1.57x 8.3x 1.60x 7.9x Stanley Black & Decker, Inc. SWK 68.39 86.3% 11,499 3,975 590 14,884 10,879 1,590 12.4% 39.2% 36.8% 14.6% 18.8x 1.37x 9.4x 1.30x 6.9x Toro Co. TTC 37.41 92.7% 2,206 226 83 2,349 1,984 256 9.6% 5.8% 33.7% 12.9% 18.0x 1.18x 9.2x 1.13x 9.0x Tupperware Brands Corporation TUP 53.75 79.5% 2,995 642 98 3,539 2,557 432 2.9% 8.1% 66.9% 16.9% 18.6x 1.38x 8.2x 1.36x 7.8x Whirlpool Corp. WHR 71.84 90.5% 5,571 2,435 426 7,580 18,396 1,454 (1.6%) 2.8% 14.0% 7.9% 9.6x 0.41x 5.2x 0.41x 4.6x Mean 88.7% 4,218 1,676 258 5,637 5,233 673 8.2% 9.6% 39.3% 15.2% 20.9x 1.43x 8.9x 1.33x 7.7x Median 91.3% 3,896 1,096 177 4,807 3,053 578 5.1% 5.8% 37.8% 14.6% 18.6x 1.19x 8.4x 1.17x 7.8x

Personal Care Products All for One Midmarket AG ACV $11.36 88.4% $55 $45 $30 $70 $157 $15 36.8% 10.8% 22.4% 9.5% 9.7x 0.44x 4.7x NA NA Avon Products Inc. AVP 16.28 68.0% 7,034 3,251 1,009 9,276 11,427 1,518 1.4% 4.1% 62.2% 13.3% 28.4x 0.81x 6.1x 0.86x 9.7x

7 of 16 Consumer and Retail Industry Update August 2012

Recreational & Leisure Products Arctic Cat Inc. ACAT $43.80 92.3% $576 $0 $63 $513 $622 $67 30.6% 4.9% 22.3% 10.7% 20.9x 0.83x 7.7x 0.75x 6.6x Brunswick Corporation BC 22.76 83.1% 2,035 681 463 2,253 3,707 317 2.2% 3.6% 23.7% 8.5% 21.3x 0.61x 7.1x 0.56x 5.8x Callaway Golf Co. ELY 5.73 78.6% 373 70 28 415 893 11 (3.0%) (2.3%) 37.1% 1.2% NM 0.46x 38.8x 0.47x 31.4x Cybex International Inc. CYBI 1.23 34.2% 21 23 4 40 145 11 8.9% 3.2% 33.9% 7.6% 0.6x 0.28x 3.6x NA NA Harley-Davidson, Inc. HOG 41.36 76.1% 9,453 5,330 1,207 13,576 5,741 1,228 13.1% 1.3% 37.6% 21.4% 14.6x 2.36x 11.1x 2.63x 10.4x Hasbro Inc. HAS 37.56 95.8% 4,891 1,620 800 5,712 4,165 735 (0.2%) 1.8% 48.8% 17.7% 14.2x 1.37x 7.8x 1.34x 7.5x Head NV WBAG:HEAD 0.00 0.0% 128 134 70 193 466 36 (4.1%) 2.9% 41.0% 7.7% 19.4x 0.41x 5.4x NA NA JAKKS Pacific, Inc. JAKK 16.04 78.7% 414 94 222 286 692 35 (7.8%) (7.7%) 30.8% 5.1% NM 0.41x 8.1x 0.38x 4.0x Johnson Outdoors Inc. JOUT 21.25 98.4% 210 8 39 180 415 31 2.4% 3.6% 39.7% 7.5% 6.8x 0.43x 5.8x NA NA LeapFrog Enterprises Inc. LF 11.25 91.6% 756 0 127 629 505 56 19.6% 7.0% 42.4% 11.1% 19.7x 1.25x 11.3x 1.16x 9.1x Life Time Fitness Inc. LTM 46.60 88.5% 1,933 675 15 2,593 1,073 300 11.9% 9.8% 40.6% 28.0% 18.8x 2.42x 8.6x 2.20x 7.4x Marine Products Corp. MPX 5.80 85.4% 219 0 9 210 126 9 25.1% 18.6% 19.3% 7.2% 25.2x 1.66x 22.9x 1.48x NA Mattel, Inc. MAT 35.65 99.9% 12,154 1,592 372 13,374 6,240 1,252 2.8% 3.9% 51.0% 20.1% 16.0x 2.14x 10.7x 2.04x 9.8x Nautilus Inc. NLS 2.62 72.0% 81 0 16 65 188 10 7.4% (5.2%) 44.0% 5.3% 14.6x 0.34x 6.5x 0.33x NA Navarre Corp. NAVR 1.28 64.3% 48 0 0 48 468 6 (5.7%) (8.6%) 10.8% 1.3% NM 0.10x 7.6x 0.10x 5.1x Polaris Industries, Inc. PII 74.48 89.1% 5,101 108 289 4,919 2,970 471 25.7% 18.6% 28.7% 15.9% 20.2x 1.66x 10.4x 1.48x 8.8x Pool Corp. POOL 36.66 88.8% 1,712 312 50 1,974 1,893 154 10.3% 5.1% 29.4% 8.1% 21.4x 1.04x 12.8x 0.98x 11.5x Smith & Wesson Holding Corporation SWHC 9.59 93.6% 627 53 53 626 412 62 20.4% 7.1% 31.5% 15.2% 24.0x 1.52x 10.0x 1.26x 6.9x Steinway Musical Instruments Inc. LVB 23.93 83.3% 297 72 40 328 348 32 4.5% 1.1% 30.8% 9.3% NM 0.94x 10.2x 0.90x 7.1x Sturm, Ruger & Co. Inc. RGR 47.45 81.2% 909 0 96 813 406 99 46.1% 19.7% 36.2% 24.5% 16.9x 2.00x 8.2x 1.77x 7.2x THQ Inc. THQI 4.88 19.4% 33 100 21 113 769 (38) 8.2% (6.3%) 57.8% NM NM 0.15x NM 0.25x NM Mean 75.9% 1,999 518 190 2,327 1,535 233 10.4% 3.9% 35.1% 11.7% 17.2x 1.07x 10.7x 1.12x 9.2x Median 83.3% 576 72 53 513 622 56 8.2% 3.6% 36.2% 8.9% 19.1x 0.94x 8.4x 1.07x 7.4x

8 of 16 Consumer and Retail Industry Update August 2012

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2012E ($ in millions, except per share data) Ticker 8/10/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Retail Apparel & Footwear Retail Abercrombie & Fitch Co. ANF $32.01 41.3% $2,643 $66 $360 $2,349 $4,243 $503 17.3% 8.9% 60.1% 11.9% 26.9x 0.55x 4.7x 0.53x 3.7x Aéropostale, Inc. ARO 13.10 56.8% 1,065 0 203 862 2,370 183 (1.5%) 6.6% 33.1% 7.7% 16.8x 0.36x 4.7x 0.35x 3.9x American Apparel, Inc. APP 1.03 85.0% 109 164 7 266 564 9 7.0% 1.0% 53.4% 1.5% NM 0.47x 31.1x NA NA American Eagle Outfitters, Inc. AEO 20.93 97.2% 4,102 0 722 3,380 3,269 412 11.6% 3.5% 35.8% 12.6% 25.2x 1.03x 8.2x 1.00x 6.1x ANN INC ANN 27.87 93.5% 1,360 3 106 1,257 2,249 245 10.9% 3.5% 54.5% 10.9% 16.4x 0.56x 5.1x 0.52x 4.5x Ascena Retail Group Inc. ASNA 18.25 80.7% 2,810 0 610 2,200 3,139 435 8.3% 28.6% 52.9% 13.8% 15.4x 0.70x 5.1x 0.61x 4.4x Bebe Stores, Inc. BEBE 6.25 65.2% 527 0 193 334 532 43 10.0% (6.2%) 56.6% 8.1% 39.1x 0.63x 7.8x 0.61x 6.8x Brown Shoe Co. Inc. BWS 13.76 95.1% 590 323 40 873 2,590 117 2.5% 4.6% 38.3% 4.5% NM 0.34x 7.4x 0.34x 6.1x Buckle Inc. BKE 38.59 77.2% 1,827 0 220 1,607 1,087 276 11.4% 9.3% 49.7% 25.4% 11.8x 1.48x 5.8x 1.43x 5.6x Body Central Corp. BODY 9.09 29.4% 148 0 42 106 310 35 13.6% 16.5% 33.8% 11.3% 8.0x 0.34x 3.0x 0.32x 3.5x Cabela's Inc. CAB 46.60 96.6% 3,255 2,168 347 5,076 2,913 353 6.9% 4.1% 43.2% 12.1% 20.1x 1.74x 14.4x 1.59x 12.8x Casual Male Retail Group, Inc. CMRG 4.10 94.7% 195 0 6 189 398 31 0.8% (2.9%) 46.4% 7.8% 4.8x 0.48x 6.1x 0.45x 4.9x Cato Corp. CATO 30.16 93.3% 880 0 283 597 933 123 (0.3%) 2.4% 38.5% 13.1% 13.4x 0.64x 4.9x 0.62x NA Chico's FAS Inc. CHS 15.76 97.3% 2,579 0 341 2,238 2,310 345 17.8% 13.4% 55.7% 14.9% 18.0x 0.97x 6.5x 0.85x 5.7x Christopher & Banks Corporation CBK 2.36 46.6% 87 0 48 38 446 (34) (0.5%) (5.6%) 24.3% NM NM 8.6% NM 0.09x NM Citi Trends CTRN 15.00 91.4% 219 0 66 154 649 14 3.0% 8.4% 33.9% 2.2% NM 0.24x 11.0x 0.23x 4.2x Coldwater Creek Inc. CWTR 0.58 31.7% 71 42 23 90 763 (29) (16.9%) (8.0%) 30.0% NM NM 0.12x NM 0.12x NM Collective Brands, Inc. PSS 21.64 100.0% 1,330 610 193 1,746 3,505 216 4.1% 1.3% 32.0% 6.2% NM 0.50x 8.1x 0.49x 6.5x Destination Maternity Corporation DEST 17.83 79.2% 238 16 32 222 542 44 0.4% 0.3% 53.1% 8.1% 14.0x 0.41x 5.1x 0.41x 4.8x DSW Inc. DSW 59.02 95.2% 2,633 0 371 2,261 2,079 282 10.8% 11.9% 40.2% 13.6% 10.1x 1.09x 8.0x 0.97x 7.3x Express Inc. EXPR 16.34 62.2% 1,452 199 180 1,470 2,102 341 8.0% 5.4% 44.7% 16.2% 9.8x 0.70x 4.3x 0.65x 4.0x Finish Line Inc. FINL 22.25 85.1% 1,130 0 262 868 1,389 157 11.5% 5.6% 40.8% 11.3% 14.5x 0.63x 5.5x 0.60x 5.1x Foot Locker, Inc. FL 34.12 97.7% 5,172 135 909 4,398 5,749 605 10.1% 3.8% 44.0% 10.5% 16.8x 0.76x 7.3x 0.72x 6.2x Gap Inc. GPS 34.21 98.0% 16,736 1,625 2,047 16,314 14,741 2,042 0.8% 1.1% 36.3% 13.9% 21.0x 1.11x 8.0x 1.05x 7.1x Genesco Inc. GCO 66.77 84.6% 1,635 36 55 1,616 2,411 220 28.9% 15.5% 50.4% 9.1% 18.1x 0.67x 7.3x 0.61x 6.3x Guess? Inc. GES 31.09 83.7% 2,797 13 490 2,320 2,675 466 5.3% 9.4% 43.0% 17.4% 11.5x 0.87x 5.0x 0.84x 5.5x Hot Topic Inc. HOTT 9.76 91.0% 412 0 70 342 708 65 0.2% (3.1%) 35.9% 9.1% 43.7x 0.48x 5.3x 0.45x 5.2x Jos. A Bank Clothiers Inc. JOSB 41.28 73.2% 1,149 0 264 885 988 182 13.1% 11.5% 61.8% 18.4% 12.2x 0.90x 4.9x 0.81x 4.5x Limited Brands, Inc. LTD 49.29 95.1% 14,349 4,600 1,286 17,663 10,301 1,847 4.1% 5.2% 45.4% 17.9% 18.8x 1.71x 9.6x 1.67x 8.2x Lululemon Athletica Inc. LULU 58.72 72.4% 8,453 0 424 8,028 1,100 342 44.7% 45.4% 56.1% 31.1% 43.2x 7.30x 23.5x 5.59x 18.4x The Men's Wearhouse, Inc. MW 29.29 71.5% 1,491 0 119 1,373 2,389 267 8.1% 7.1% 44.3% 11.2% 12.7x 0.57x 5.1x 0.55x 4.4x New York & Company Inc. NWY 4.17 84.2% 260 0 29 231 945 8 (7.7%) (5.0%) 34.6% 0.9% NM 0.24x 27.9x 0.24x 6.2x Pacific Sunwear of California Inc. PSUN 2.06 81.1% 139 74 22 192 836 (21) 2.1% (11.6%) 22.6% NM NM 0.23x NM 0.23x NM Ross Stores Inc. ROST 67.16 95.9% 15,150 150 742 14,558 8,891 1,282 11.1% 10.3% 27.6% 14.4% 22.0x 1.64x 11.4x 1.49x 9.7x rue21, Inc. RUE 25.85 80.9% 634 0 82 552 793 94 18.4% 24.4% 37.4% 11.8% 15.9x 0.70x 5.9x 0.58x 5.1x Shoe Carnival Inc. SCVL 21.65 91.8% 442 0 92 349 787 59 5.1% 6.4% 29.4% 7.5% 16.0x 0.44x 5.9x 0.40x 5.2x Stage Stores Inc. SSI 20.04 99.4% 620 50 22 648 1,531 117 3.7% 0.8% 27.4% 7.6% 20.8x 0.42x 5.6x 0.40x 5.2x Stein Mart Inc. SMRT 7.93 95.7% 346 0 117 229 1,160 47 (2.0%) (3.6%) 25.4% 4.1% 22.5x 0.20x 4.8x 0.19x 4.5x The Children’s Place Retail Stores, Inc. PLCE 49.68 86.3% 1,206 0 205 1,001 1,724 162 2.4% 1.8% 38.1% 9.4% 17.4x 0.58x 6.2x 0.56x 5.1x Texas Industries Inc. TLB 41.28 90.0% 0 658 88 570 647 34 4.1% (8.3%) 7.1% 5.2% NA 0.88x 16.9x 0.84x NA The TJX Companies, Inc. TJX 44.46 97.7% 32,943 787 1,739 31,991 23,769 3,189 7.3% 7.7% 27.7% 13.4% 20.7x 1.35x 10.0x 1.25x 8.8x Urban Outfitters Inc. URBN 30.66 96.4% 4,440 0 248 4,192 2,519 381 8.7% 11.3% 41.3% 15.1% 25.6x 1.66x 11.0x 1.48x 9.1x Wet Seal Inc. WTSL.A 3.04 58.1% 275 0 148 127 612 38 2.1% 1.7% 47.8% 6.3% 41.6x 0.21x 3.3x 0.21x 6.0x Zumiez, Inc. ZUMZ 34.06 81.2% 1,067 0 171 896 580 86 17.0% 12.5% 36.4% 14.8% 26.6x 1.54x 10.5x 1.28x 8.2x Mean 81.8% 3,158 266 319 3,106 2,824 355 7.4% 5.8% 40.3% 11.3% 19.8x 0.88x 8.6x 0.80x 6.3x Median 85.7% 1,140 0 187 890 1,460 172 6.9% 4.9% 39.4% 11.3% 17.4x 0.63x 6.2x 0.60x 5.5x

9 of 16 Consumer and Retail Industry Update August 2012

Department Chains Bon-Ton Stores Inc. BONT $7.21 73.6% $145 $940 $14 $1,070 $2,943 $157 (3.0%) (2.4%) 37.2% 5.3% NM 0.36x 6.8x 0.36x 6.5x Dillard's Inc. DDS 74.16 97.2% 3,493 925 163 4,255 6,535 733 3.3% (0.3%) 36.9% 11.2% 8.1x 0.65x 5.8x 0.63x 5.5x J. C. Penney Company, Inc. JCP 23.40 54.2% 5,115 3,151 888 7,378 15,585 552 (12.2%) (4.5%) 34.1% 3.5% NM 0.47x 13.4x 0.49x 5.4x Kohl's Corp. KSS 51.00 90.0% 12,229 4,232 600 15,861 18,841 2,805 0.9% 4.6% 37.3% 14.9% 12.0x 0.84x 5.7x 0.81x 5.4x Macy's, Inc. M 38.00 90.1% 15,700 6,950 1,604 21,046 26,838 3,557 4.3% 4.1% 40.4% 13.3% 12.0x 0.78x 5.9x 0.75x 5.7x Nordstrom Inc. JWN 56.13 97.2% 11,310 3,139 1,258 13,191 11,382 1,620 11.3% 11.1% 37.0% 14.2% 17.8x 1.16x 8.1x 1.08x 7.4x Saks Incorporated SKS 11.00 90.6% 1,686 382 189 1,879 3,041 279 6.9% 2.6% 40.9% 9.2% 23.1x 0.62x 6.7x 0.58x 6.3x Sears Holdings Corporation SHLD 51.42 59.9% 5,473 3,229 777 7,925 41,297 394 (2.0%) (3.4%) 26.0% 1.0% NM 0.19x 20.1x 0.20x 13.0x Stage Stores Inc. SSI 20.04 99.4% 620 50 22 648 1,531 117 3.7% 0.8% 27.4% 7.6% 20.8x 0.42x 5.6x 0.40x 5.2x Mean 83.6% 6,197 2,555 613 8,139 14,222 1,135 1.5% 1.4% 35.2% 8.9% 15.6x 0.61x 8.7x 0.59x 6.7x Median 90.1% 5,115 3,139 600 7,378 11,382 552 3.3% 0.8% 37.0% 9.2% 14.9x 0.62x 6.7x 0.58x 5.7x

Discount Stores & Mass Merchants Nordion Inc. NDN $9.49 91.3% $588 $44 $78 $555 $244 $69 (7.2%) (237.4%) 53.4% 28.3% 44.2x 2.27x 8.0x 2.26x 8.5x Big Lots Inc. BIG 38.44 81.4% 2,449 0 83 2,366 5,269 422 6.6% 4.4% 39.7% 8.0% 13.1x 0.45x 5.6x 0.42x 5.2x Costco Wholesale Corporation COST 95.30 97.5% 41,202 1,373 5,976 36,599 95,097 3,460 12.1% 9.6% 12.4% 3.6% 26.6x 0.38x 10.6x 0.35x 9.3x Dollar General Corporation DG 51.77 92.4% 17,205 2,888 134 19,959 15,257 1,835 14.1% 12.1% 31.7% 12.0% 21.6x 1.31x 10.9x 1.21x 9.8x Dollar Tree, Inc. DLTR 50.72 89.3% 11,765 266 382 11,648 6,808 976 12.1% 12.4% 35.8% 14.3% 24.1x 1.71x 11.9x 1.52x 10.2x Family Dollar Stores Inc. FDO 63.71 85.3% 7,445 532 142 7,836 9,101 888 8.7% 7.4% 35.0% 9.8% 17.9x 0.86x 8.8x 0.78x 7.9x Fred's, Inc. FRED 15.43 96.6% 565 7 8 564 1,895 89 2.2% 1.9% 28.9% 4.7% 17.0x 0.30x 6.3x 0.28x 5.7x Gordmans Stores, Inc. GMAN 18.19 79.6% 347 1 42 306 575 47 8.6% 44.1% 43.4% 8.2% 13.7x 0.53x 6.5x 0.46x 5.6x PriceSmart Inc. PSMT 70.86 84.0% 2,091 84 105 2,070 1,975 125 21.5% 17.0% 15.8% 6.3% 34.1x 1.05x 16.5x 0.91x 14.1x Target Corp. TGT 62.84 99.7% 41,550 17,520 690 58,380 70,797 7,491 4.5% 2.9% 29.8% 10.6% 14.5x 0.82x 7.8x 0.79x 7.8x Tuesday Morning Corp. TUES 5.11 92.4% 213 0 39 174 811 24 (1.9%) 0.1% 38.0% 3.0% 48.0x 0.21x 7.2x 0.22x NA Wal-Mart Stores Inc. WMT 73.68 97.9% 249,299 54,822 8,127 295,994 455,779 35,300 6.9% 4.1% 24.9% 7.7% 15.8x 0.65x 8.4x 0.62x 8.0x Mean 90.6% 31,227 6,461 1,317 36,371 55,301 4,227 7.3% (10.1%) 32.4% 9.7% 24.2x 0.88x 9.1x 0.82x 8.4x Median 91.8% 4,947 175 120 5,101 6,039 655 7.8% 5.9% 33.4% 8.1% 19.8x 0.74x 8.2x 0.70x 8.0x

Furniture & Furnishings Retailers Aaron's, Inc. AAN $29.11 91.6% $2,207 $137 $110 $2,234 $2,133 $291 9.4% 8.4% 51.9% 13.6% 13.6x 1.05x 7.7x 0.97x 6.8x Bed Bath & Beyond Inc. BBBY 62.78 82.8% 14,313 0 1,687 12,626 9,608 1,776 7.4% 9.8% 41.2% 18.5% 14.8x 1.31x 7.1x 1.12x 6.5x Ethan Allen Interiors Inc. ETH 21.47 75.7% 620 155 89 685 729 68 7.4% 2.7% 53.5% 9.4% 12.6x 0.94x 10.0x 0.89x 8.0x Haverty Furniture Companies Inc. HVT 11.81 90.8% 260 13 56 217 639 33 3.6% 1.4% 52.2% 5.1% 12.9x 0.34x 6.7x 0.32x 5.1x Kirkland's Inc. KIRK 10.49 60.2% 190 0 73 117 434 41 4.2% 3.6% 39.1% 9.4% 11.5x 0.27x 2.9x 0.25x 2.8x La-Z-Boy Incorporated LZB 12.73 77.5% 675 10 152 533 1,232 73 3.8% 0.1% 30.8% 5.9% 7.8x 0.43x 7.3x 0.41x 6.0x Lifetime Brands, Inc. LCUT 12.24 92.0% 153 93 3 244 466 34 3.7% (0.5%) 36.6% 7.4% 10.5x 0.52x 7.1x NA NA

10 of 16 Consumer and Retail Industry Update August 2012

Internet Retail 1-800-Flowers.com Inc. FLWS $3.59 87.1% $233 $33 $25 $241 $737 $37 12.5% 8.2% 40.3% 5.1% 21.0x 0.33x 6.4x 0.32x 5.3x Amazon.com Inc. AMZN 232.75 94.3% 105,218 0 4,970 100,248 54,326 1,939 34.9% 38.4% 23.3% 3.6% NM 1.85x 51.7x 1.43x 26.2x Blue Nile Inc. NILE 33.01 66.0% 410 1 54 357 361 13 5.4% 8.4% 19.5% 3.7% NM 0.99x 26.9x 0.86x 14.4x eBay Inc. EBAY 43.99 95.3% 56,689 2,082 5,754 53,017 13,021 3,758 29.5% 16.3% 69.9% 28.9% 15.5x 4.07x 14.1x 3.54x 10.7x IAC/InterActiveCorp IACI 52.34 96.6% 4,583 96 946 3,733 2,435 351 34.5% 20.5% 64.4% 14.4% 25.2x 1.53x 10.6x 1.27x 7.0x Netflix, Inc. NFLX 59.90 24.3% 3,327 400 813 2,913 3,456 228 30.1% 32.0% 31.2% 6.6% 34.1x 0.84x 12.8x 0.75x 16.0x Orbitz Worldwide, Inc. OWW 3.34 70.3% 351 440 170 620 771 107 0.9% (1.1%) 82.0% 13.8% NM 0.80x 5.8x 0.75x 4.0x Overstock.com Inc. OSTK 8.54 77.6% 200 17 60 157 1,056 9 (3.6%) 9.7% 17.0% 0.8% NM 0.15x 18.2x 0.14x 6.1x PetMed Express, Inc. PETS 9.65 68.8% 190 0 68 122 234 26 1.2% 0.8% 33.5% 11.2% 12.4x 0.52x 4.7x 0.53x 4.8x priceline.com Incorporated PCLN 563.16 72.7% 28,060 1,447 3,942 25,564 4,808 1,682 31.9% 33.2% 74.3% 35.0% 23.5x 5.32x 15.2x 4.62x 12.6x Shutterfly, Inc. SFLY 31.04 56.1% 1,117 0 118 999 531 51 52.4% 34.4% 52.7% 9.6% NM 1.88x 19.5x 1.60x 9.7x Stamps.com Inc. STMP 19.70 58.4% 323 0 66 257 109 20 17.1% 9.5% 75.0% 18.7% 8.1x 2.37x 12.7x 2.10x 8.6x U.S. Auto Parts Network, Inc. PRTS 3.95 58.2% 121 13 2 133 324 11 (0.0%) 28.2% 30.6% 3.3% NM 0.41x 12.5x 0.41x 9.2x Mean 71.2% 15,448 348 1,307 14,489 6,321 633 19.0% 18.4% 47.2% 11.9% 20.0x 1.62x 16.2x 1.41x 10.4x Median 70.3% 410 17 118 620 771 51 17.1% 16.3% 40.3% 9.6% 21.0x 0.99x 12.8x 0.86x 9.2x

Specialty & Other Retail Barnes & Noble, Inc. BKS 14.31 55.0% 840 474 54 1,260 7,129 183 1.9% 17.4% 26.8% 2.6% NM 0.18x 6.9x 0.17x 6.9x Best Buy Co. Inc. BBY 19.21 67.3% 6,530 2,208 1,199 7,539 50,705 3,295 1.9% 4.0% 24.8% 6.5% NM 0.15x 2.3x 0.15x 2.7x Big 5 Sporting Goods Corp. BGFV 7.97 68.8% 170 76 6 240 907 35 0.8% 1.4% 31.8% 3.9% 20.4x 0.27x 6.8x 0.25x 5.4x Books-A-Million Inc. BAMM 2.31 60.9% 37 44 5 76 479 16 1.6% (2.5%) 28.3% 3.2% NM 0.16x 4.9x NA NA Build-A-Bear Workshop Inc. BBW 4.45 50.6% 73 0 26 47 393 25 (2.6%) (2.9%) 40.8% 6.3% NM 0.12x 1.9x 0.12x 1.6x Conns Inc. CONN 21.29 95.6% 691 298 7 983 801 40 (0.2%) (4.2%) 39.8% 4.9% NM 1.23x 24.8x 1.14x 8.9x CVS Caremark Corporation CVS 44.95 92.3% 57,187 9,413 1,828 64,772 116,503 8,309 16.0% 7.7% 18.3% 7.1% 15.9x 0.56x 7.8x 0.52x 7.1x Dick's Sporting Goods Inc. DKS 50.35 96.8% 5,948 153 521 5,580 5,380 578 8.9% 8.8% 30.8% 10.7% 22.4x 1.04x 9.7x 0.94x 8.4x Fossil, Inc. FOSL 86.47 62.1% 5,261 21 261 5,021 2,699 522 16.4% 21.3% 56.0% 19.4% 17.9x 1.86x 9.6x 1.63x 8.3x hhgregg, Inc. HGG 6.92 41.6% 248 0 4 243 2,552 98 23.1% 22.6% 28.9% 3.8% 3.4x 0.10x 2.5x 0.09x 2.6x Hibbett Sports, Inc. HIBB 60.95 96.2% 1,600 2 96 1,507 762 115 11.4% 9.8% 36.1% 15.1% 25.8x 1.98x 13.1x 1.79x 11.5x Jasmine International JAS 0.11 97.2% 786 142 59 868 312 128 (6.3%) 26.4% 52.7% 41.1% 18.9x 2.79x 6.8x NA NA Lowe's Companies Inc. LOW 26.77 82.9% 31,501 9,611 3,233 37,879 51,176 5,466 5.3% 2.1% 34.4% 10.7% 17.6x 0.74x 6.9x 0.74x 7.0x Lumber Liquidators Holdings, Inc. LL 43.81 97.9% 1,185 0 32 1,153 745 67 17.2% 13.7% 36.5% 9.0% 34.8x 1.55x 17.1x 1.42x 14.4x Marinemax Inc. HZO 7.30 64.9% 173 112 33 252 507 8 4.4% (2.5%) 25.7% 1.5% NM 0.50x 32.8x 0.46x 17.4x Movado Group, Inc. MOV 26.28 87.7% 661 0 159 502 482 49 20.7% 4.6% 55.4% 10.1% 17.4x 1.04x 10.3x 0.96x NA Office Depot, Inc. ODP 1.64 43.0% 468 675 423 720 11,186 358 (3.1%) (4.8%) 30.3% 3.2% 5.6x 0.06x 2.0x 0.07x 2.2x PetSmart, Inc. PETM 68.09 97.3% 7,380 552 303 7,629 6,253 772 8.0% 6.5% 29.8% 12.4% 24.4x 1.22x 9.9x 1.12x 8.9x

11 of 16 Consumer and Retail Industry Update August 2012

12 of 16 M&A Detail August 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 8/9/2012 RCC Western Stores, Inc. - Boot Barn, Inc. - - - - 8/7/2012 Riviera Sun Inc. fr2 capital B.V. G-III Apparel Group, Ltd. $134.1 2.39x - -  American 8/5/2012 AOT Bedding Super Holdings, LLC Ares Management LLC Advent International Corporation - - - -  8/3/2012 Stanton Carpet Corporation Linsalata Capital Partners Norwest Equity Partners - - - -  Consumer 8/2/2012 Hartmann, Inc. Clarion Capital Partners, LLC Samsonite LLC $35.0 1.52x - -  M&A 8/1/2012 Legends Gaming, LLC - Global Gaming Solutions, LLC $27.5 - - - 7/31/2012 Magnum Fitness Systems - Johnson Health Tech Co., Ltd. - - - - 7/31/2012 Focus Products Group, LLC Sterling Partners Centre Lane Partners, LLC - - - -  7/30/2012 REFRESH20 Water LLC - POU Partners, LLC - - - -  7/27/2012 Petro Deming - Petro Stopping Centers LP - - - - 7/27/2012 Hutcheson Pharmacy - Texas County Memorial Hospital - - - - 7/27/2012 Triad Catalog Co., LLC - Brentwood Associates, Inc. - - - -  7/26/2012 Aseptic Solutions USA LLC - Glanbia plc $60.0 - - - 7/26/2012 Maui Toys, Inc. - JAKKS Pacific, Inc. $65.0 - - - 7/26/2012 Hamilton Automotive, Inc. - Kenny Ross Auto Group $10.0 - - - 7/26/2012 Park Auto Group - Serra Automotive, Inc. - - - - 7/25/2012 Service King Paint & Body, LLC - The Carlyle Group LP - - - -  7/25/2012 Stanton Carpet Corporation Linsalata Capital Partners Wells Fargo & Company - - - -  7/24/2012 Athens Park Homes, LLC - Champion Home Builders, Inc. - - - - 7/19/2012 Boutique Le Pentagone Inc. Desjardins Venture Capital Groupe Nero Bianco - - - -  7/19/2012 JAS Sports Inc. - Hat World, Inc. - - - - 7/18/2012 Vitamins2buy.com - Collagenna Skin Care Products, Inc. - - - - 7/18/2012 Charapp Automotive, Inc. - #1 Cochran Inc. - - - - 7/18/2012 Connell Chevrolet Inc - Lithia Motors Inc. - - - - 7/17/2012 High Sierra Sport Company - Samsonite International S.A. $110.0 1.72x - - 7/17/2012 PartyPail, Inc. - Hoffmaster Group, Inc. - - - - 7/17/2012 Suzo-Happ Group Pfingsten Partners, L.L.C. Acon Investments, L.L.C. - - - -  7/16/2012 Eckler Industries, Inc. Century Park Capital Partners, Inc. Baird Capital Partners - - - -  7/13/2012 JRG Fitness Operations, LLC Snap Fitness, Inc. The North Avenue Group, LLC - - - -  7/12/2012 Hill Drug Co. - Rite Aid Corporation - - - - 7/12/2012 WWA Group Inc. Asia8, Inc. Summit Digital, Inc. - - - -  7/11/2012 Gary Blake Saab - Gary Blake Motorcars - - - - 7/10/2012 Rink Partners Corporation Rink Partners Corporation Buckingham Sports Properties Company - - - - 7/10/2012 Hatchbeauty Labs, LLC - HatchBeauty Agency, LLC - - - - 7/10/2012 Burd Automotive, Inc. - Capitol City Ford, Inc. - - - - 7/9/2012 Coagulife Pharmacy Inc. - BioRx, LLC - - - - 7/9/2012 CardsDirect, LLC - The Occasions Group, Inc. - - - -  7/9/2012 Splash Down Dunes - Seven Peaks Water Park Management - - - - 7/9/2012 Daniels Family Funeral Services, LLC - Signature Memorial Group LLC - - - - 7/9/2012 Burnes Anderson Press Inc. Nielsen & Bainbridge, LLC - - - - 7/9/2012 CARGO Cosmetics Corp. - TPR Holdings LLC - - - -  7/9/2012 Pull-A-Part Self-Serv Auto & Truck Parts, LLC - U-Pull-&-Pay, LLC - - - - 7/8/2012 Rona Inc. Caisse de Depot Lowe's Companies Inc. - - - - 7/6/2012 Five Star Quality Care Inc. Five Star Quality Care Inc. Omnicare Inc. $30.7 - - - 7/5/2012 Stephen L. LaFrance Pharmacy - Walgreen Co. $438.0 0.53x - - 7/5/2012 Lacrosse Footwear Inc. - ABC-Mart, Inc. $146.0 1.05x 12.9x 19.4x 6/30/2012 Gaikai, Inc. Benchmark Capital Sony Computer Ent. $380.0 - - -  6/29/2012 Sundance Holdings Group, LLC ACI Capital Co., LLC Brentwood Associates, Inc. - - - -  6/29/2012 Only Natural, Inc. - Union Equity Inc. - - - -  6/27/2012 Bari Leather Furniture - Luxeyard, Inc. - - - - 6/26/2012 The Sun Products Corp. The Sun Products Corp. High Ridge Brands Co. - - - - 6/25/2012 Alexander Doll Company, Inc. Gefinor Acquisition Partners Kahn Lucas Lancaster, Inc. - - - -  6/25/2012 Cutters Gloves LLC - EZ GARD Industries, Inc. - - - - 6/22/2012 WM Holdings, LLC - Full Motion Beverage, Inc. - - - - 6/22/2012 Stack & Grow Planters, Inc. - Living Whole Foods, Inc. - - - - 6/21/2012 Tiger Mania Inc. - LIDS Clubhouse - - - - 6/21/2012 Prince Sports, Inc. Prince Sports, Inc. Battle Sports Science - - - - 6/18/2012 DVS Shoe Company, Inc. - Oaktree Capital $89.6 - - - 6/18/2012 Frabill Inc. Pacifica Capital Group, Inc. Filtrona Porous Technologies Corp. $15.0 - - -  6/14/2012 Zanzibar - Bauer Performance Sports $45.3 1.58x 8.0x - 6/13/2012 Nature's Protein Inc. North Castle Partners, LLC J. Strickland & Co. $64.0 2.90x 10.0x -  6/12/2012 u-Furnish.com - CLICKER Inc. - - - - 6/11/2012 Battenfeld Technologies, Inc. - Clearview Capital, LLC - - - -  6/10/2012 TRS Furniture and Textiles - Theodore Alexander USA - - - - 6/7/2012 Little Busy Bodies, Inc. - Nehemiah Manufacturing - - - - 6/7/2012 Savers, Inc. Freeman Spogli & Co. Leonard Green & Partners - - - -  6/7/2012 Fetch Enterprises, Inc. Borealis Ventures Potpourri Group Inc. - - - -  6/6/2012 C.C. Filson Company, Inc. Brentwood Associates, Inc. Bedrock Manufacturing Co. - - - -  6/5/2012 Party City Holdings Inc. - Thomas H. Lee Partners - - - -  6/5/2012 1-800 Contacts, Inc. Fenway Partners LLC WellPoint Inc. - - - -  6/4/2012 Brian Atwood Brand - The Jones Group Inc. - - - - 6/4/2012 Guildcrest Building Corporation - Les Résidences Pro-Fab Inc. - - - - 6/1/2012 S.O. Kines, Jr. Inc. - Solideal USA, Inc. - - - - 6/1/2012 Zabu Studio, Inc - MFV - - - - 5/31/2012 Apparel Cynergy LLC - Topson Downs Of California Inc. - - - - 5/30/2012 DirectStar TV, LLC MasTec North America, Inc. Red Ventures, LLC - - - - 

13 of 16 M&A Detail August 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 5/24/2012 School Musical Suppliers, Inc. - National Educational Music Co. Ltd. $105.6 - - - 5/24/2012 S4Gear - Field Logic, Inc. - - - - American 5/23/2012 AMC Entertainment Holdings AlpInvest Partners N.V. Dalian Wanda Group Corp. - - - -  5/20/2012 BIDZ.com, Inc. Lacuna, LLC Glendon Group, Inc. $4,539.7 1.80x 17.1x 88.3x  Consumer 5/17/2012 Peninsula Gaming LLC Peninsula Gaming Partners, LLC Boyd Gaming Corp. $12.7 0.10x NaN NaN M&A 5/16/2012 Majestic Colorado Gaming, LLC The Majestic Star Casino, LLC Saratoga Harness Racing $2,103.4 5.40x 18.6x 26.2x 5/15/2012 Golfsmith International First Atlantic Capital, Ltd. Golf Town USA Holdings $28.0 - - -  (continued) 5/14/2012 Montana Decoy, Inc. - Flint Holdings $144.1 0.40x 10.3x 60.4x 5/11/2012 Skyline Cleaners Inc. - WDM Ventures Inc. - - - -  5/11/2012 Air Lee Cleaners Inc - WDM Ventures Inc. - - - -  5/11/2012 Natural Product Laboratories - Union Equity Investments - - - -  5/10/2012 Cost Plus Inc. Thales Fund Management, LLC, Bed Bath & Beyond Inc. - - - -  5/9/2012 Auto Body World Inc. - Service King Paint & Body, LLC $631.5 0.60x 11.7x 18.1x 5/8/2012 homeLOFT, Leather Groups.com homeLOFT Incorporated Luxeyard, Inc. - - - - 5/8/2012 TAVIK - Incipio Technologies, Inc. - - - - 5/8/2012 Classic Brands LLC - Topperscot, LLC - - - - 5/8/2012 Park Plaza Cleaners - LaMode Cleaners, LLC - - - - 5/8/2012 Flipswap, Inc. RRE Ventures LLC eRecyclingCorps, LLC - - - -  5/7/2012 SC Christmas, Inc., Sports Division SC Christmas, Inc. Evergreen Enterprises, Inc. - - - - 5/3/2012 Mega Movies - Starplex Cinemas - - - - 5/3/2012 Anvil Holdings Inc. Court Square Capital Partners Gildan Activewear Inc. - - - -  5/3/2012 Worldwide Rights to Fred Segal Brand Fred Segal Sandow Media Corporation $88.0 0.40x 5.2x - 5/3/2012 PrimaLoft® Products Business Albany International Corp. Prudential Capital Group, L.P. - - - -  5/2/2012 Atmospheric Water Solutions, Inc. - Marine Exploration, Inc. $38.0 - - - 5/2/2012 FoodHandler, Inc. BarrierSafe Solutions International, Inc. Bunzl plc - - - - 5/2/2012 Charming Shoppes Inc. Omega Advisors, Inc. Ascena Retail Group Inc. - - - -  5/2/2012 Eat Right International, Inc. - Vitamin Spice, LLC $897.3 0.50x 10.8x 36.3x 5/1/2012 Heritage Manufacturing, Inc. - Taurus International MFG, Inc. - - - - 4/30/2012 Hairy Entertainment, LLC - Oomba, LLC - - - - 4/30/2012 BidCactus, LLC - Digifonica International Inc. - - - - 4/27/2012 Big Splash, Inc. - Kelly Inns, Ltd. $11.8 - - - 4/27/2012 Inergy, L.P., Propane Business Inergy, L.P. Suburban Propane Partners LP - - - - 4/26/2012 Retama Partners, Ltd. - Pinnacle Entertainment Inc. $1,800.0 - - - 4/26/2012 Blu Cigs - Lorillard, Inc. $27.7 - - - 4/25/2012 Lennox Hearths Products, LLC Lennox International, Inc. Comvest Investment Partners $135.0 4.50x - -  4/25/2012 The Globe Corner Bookstores - Brookline Booksmith Corporation - - - - 4/25/2012 Reese Kitchens Inc. - Ferguson Enterprises, Inc. - - - - 4/24/2012 Kelly-Moore Paint Company, Inc., Kelly-Moore Paint Company, Inc. Miller Paint Co., Inc. - - - - 4/23/2012 Marcal Paper Mills LLC NexBank, SSB Atlas Holdings LLC - - - -  4/21/2012 The Black Book Depot - InterpWorks Corporation - - - - 4/20/2012 SanDiego.com, Inc. - Wind n Sea Media Partners, LLC - - - - 4/19/2012 Play140 SOSventures Oomba, LLC - - - -  4/18/2012 Primos, Inc. Svoboda Capital Partners LLC Bushnell Performance Optics - - - -  4/17/2012 JAKKS Pacific World Wrestling Entertainment Oaktree Capital Management - - - -  4/17/2012 Teaopia Limited - Teavana Canada, Inc. - - - - 4/15/2012 Dreams Inc. Emerson Partners Fanatics, LLC $26.9 1.59x - -  4/13/2012 Greners.com, Inc. - Phototron Holdings, Inc. $167.9 1.18x 30.3x 59.1x 4/13/2012 Sun & Skin Care Research, Inc. - Source Capital - - - -  4/11/2012 Mattress Giant Corporation AEA Investors LP Mattress Firm Holding Corp. - - - -  4/9/2012 SLY LLC - Valken, Inc. $47.0 - - - 4/6/2012 The Connaught Group - The Tom James Company - - - - 4/5/2012 Great Wolf Resorts BAMCO Inc. KSL Capital Partners $22.0 - - -  4/4/2012 SkyMall, Inc. Spire Capital Partners Bookspan, Inc. $723.7 2.44x 9.4x 31.4x  4/4/2012 Kynx, LLC - Curls LLC - - - - 4/4/2012 American Bedding Company Inc. - Sleep Inc. - - - - 4/3/2012 The Dial Corporation, Certain Brands The Dial Corporation Golden Sun, Inc. - - - - 3/23/2012 Solo Cup Co. Vestar Capital Partners Dart Container Corporation - - - -  3/21/2012 OMGPOP, Inc. Bessemer Venture Partners Zynga, Inc. $958.1 0.59x 9.0x 21.7x  3/21/2012 Doc's Drugs, Ltd. - - $180.0 - - - 3/19/2012 Rio de Keratin, LLC - Lasio, Inc. - - - - 3/15/2012 Van Craeynest, Inc. - Everybody's Phone Company - - - - 3/12/2012 Golf Card International Good Sam Enterprises LTS Nutraceuticals - - - - 3/12/2012 YTB International - The ONE Group - - - - 3/10/2012 New Tropicana Club - Lion Capital LLP - - - - 3/8/2012 John Varvatos VF Sportswear, Inc. BarrierSafe Solutions - - - -  3/8/2012 High Five Products - Expansion VC, LLC - - - - 3/7/2012 Real Real 2020 Ventures, LLC Cygnus Internet, Inc. - - - -  3/7/2012 Zaldiva Summit Group of Companies Z Wireless - - - -  3/6/2012 T2 Wireless - EndoChoice, Inc. - - - - 3/5/2012 Interactive Optics - Golden Nugget, Inc. - - - - 3/5/2012 Riverboat Corporation of MS Isle of Capri Casinos, Inc. BHMS Investments - - - - 3/4/2012 OSMOTICS - Atlas Sound LP $45.0 - - - 3/2/2012 A-Line Acoustics - Miami Valley Gaming & Racing - - - - 3/1/2012 Lebanon Raceway Miami Valley Trotting Inc. Altour International - - - - 3/1/2012 Passageways Travel - Standard Parking Corp. $70.0 - - - 2/29/2012 Central Parking Corporation Kohlberg & Company Genuine Parts Company - - - -  2/28/2012 Quaker City Motor Parts - Rent2Buy, Inc. $345.1 0.64x 10.0x - 14 of 16 M&A Detail August 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 2/28/2012 General Workings, Inc. Battery Ventures Guardian Auto Glass - - - -  2/27/2012 Glass Specialty Company - Skye Associates - - - - American 2/27/2012 The Hip Chick, LLC - QVC, Inc. - - - - 2/24/2012 Send the Trend, Inc. Battery Ventures JLA Home, Inc. - - - -  Consumer 2/23/2012 ICA Home Décor - China Health Resource - - - - M&A 2/23/2012 Herborium Group - Genomma Lab Internacional - - - - 2/21/2012 Prestige Brands Holdings Wells Fargo Funds Phillips Feed Service, Inc. - - - -  (continued) 2/21/2012 Mikes Feed Farm - Trilantic Capital Management $1,262.4 3.13x 10.6x 11.6x  2/20/2012 Nixon, Inc. Billabong Ricardo Beverly Hills - - - -  2/17/2012 Skyway Luggage Company - Warrior Girl Corp. $553.4 - - - 2/15/2012 US Marine Lights - Aero Financial - - - - 2/13/2012 Sycamore Ventures, Inc. - Shockoe Commerce Group - - - -  2/10/2012 Red Rock Products, Inc. - Knoll Inc. - - - - 2/8/2012 FilzFelt, Inc. - Knoll Inc. - - - - 2/6/2012 Richard Schultz Design, Inc. - Randa Corp. - - - - 2/6/2012 Swank Inc. New Swank Inc. Versa Capital Management - - - -  2/3/2012 United Retail Group, Inc. Redcats USA Galls $72.4 0.53x 6.8x 7.0x  2/1/2012 Quartermaster, Inc. Parallel Investment Mckesson Canada - - - -  1/31/2012 Drug Trading Company The Katz Group Ganz - - - - 1/30/2012 Beyond a Bag Connect Concepts, The Gores Group $915.4 - - - 1/30/2012 Pep Boys - Manny, Moe & Jack North Run Capital Fish-N-Hunt - - - -  1/29/2012 CastAway Fishing Products - Transat AT $1,043.5 0.51x 6.4x 12.3x 1/27/2012 Vacances Tours Mont-royal - Tattoo Manufacturing - - - - 1/26/2012 East Coast Temporary Tattoos - Good Company Wines - - - - 1/26/2012 Cellar Thief, LLC - Headlines.com - - - - 1/20/2012 Naked Boxer Brief Clothing Inc. - Rave Sports, Inc. - - - - 1/17/2012 Aviva Sports, Inc. ShoreMaster, Inc. LaMont Limited - - - - 1/17/2012 Burlington Basket Company - Swimways Corporation $0.3 - - - 1/16/2012 Opa Cove, LLC - Riddell Sports Group, Inc. - - - - 1/12/2012 Gunther's Athletic Service, Inc. - School Health Corporation - - - - 1/12/2012 Mindnautilus.Com Corporation - Columbia Forest Products - - - - 1/12/2012 Cabinotch - Visual Pak Company - - - - 1/10/2012 Cosmetic Labs of America Alberto-Culver Company Fossil, Inc. - - - - 1/10/2012 Skagen Designs, Ltd. - Shuffle Master Inc. - - - - 1/9/2012 HopBet Inc., Fire Bet Hopbet Inc. SkinMedica, Inc. $244.8 - - - 1/9/2012 Colorescience VMG Partners Cutie Pie Baby, Inc. - - - -  1/6/2012 Robar, Inc. - Kobayashi Pharmaceutical Co. Ltd. - - - - 1/6/2012 Grabber Inc. - Marcus Investments LLC - - - - 1/5/2012 VyMaC Corporation - Edenvale Shoppes, LLC - - - -  1/4/2012 Barnes & Wagner, LLC - Safety Supply Corp. - - - - 1/4/2012 Carolina Safety Sport International LLC - Gibson Guitar Corp. - - - - 1/4/2012 Onkyo USA Corporation Onkyo Corp. Activewear Brands LLC - - - - 1/4/2012 Deezfit, LLC - Sipp Industries, Inc. $17.5 - - - 1/3/2012 Palm Beach Specialty Coffee, LLC - Lowe's Companies Inc. - - - - 1/3/2012 Allied Trade Group, Inc. - GIA Investments Corp. - - - - 12/29/2011 Baby Trend, Inc. - Perfumania Holdings, Inc. - - - -  12/25/2011 Parlux Fragrances Inc. Wells Fargo Investments Fairfax Financial Holdings Limited $45.0 - - -  12/23/2011 Sporting Life, Inc. - Revelry Brands $165.6 1.28x 47.3x 134.0x  12/22/2011 PACT Apparel, Inc. - From You Flowers, LLC - - - - 12/21/2011 SendFlowers.com Stanley Flowers Freeman Spogli & Co. - - - - 12/16/2011 Boot Barn, Inc. Marwit Capital Engineered Floors, LLC - - - -  12/13/2011 Dream Weaver Carpet Industries, Inc. - Harvest Partners, LLC - - - - 12/12/2011 Driven Brands, Inc. Carousel Capital Sunwing Travel Group Inc. - - - -  12/9/2011 VE Holdings, Inc. - AAC Technologies Holdings Inc. - - - -

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

15 of 16 Consumer and Retail Industry Update August 2012

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

Harris Williams & Co. (www.harriswilliams.com) 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 Services Authority (FRN #540892). 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 +1-804-648-0072.

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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