Consumer and Retail

CONSUMER AND RETAIL

INDUSTRY UPDATE │ MARCH 2017

www.harriswilliams.de

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

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HARRIS WILLIAMS & CO. CONSUMER UPDATE

CONSUMER Q1 UPDATE - CONTINUED MOMENTUM ACROSS SECTORS GROUP OVERVIEW Harris Williams & Co. is a leading The first quarter of each year is always a busy period and 2017 has been no different for advisor to the Consumer market. Our the HW&Co. Consumer team. The year started with a strong slate of deals that touched significant experience covers a broad each of our key focus sectors: (i) consumer products, (ii) food and beverage, (iii) range of end markets, industries, and business models. This particular report consumer services, and (iv) retail and restaurants. While market stats and metrics point focuses on trends and metrics in the to fewer closed consumer deals in the quarter, we continue to see strong global interest following areas: in high quality consumer companies and brands at valuations that remain at or above historical highs. Valuations have been particularly high for companies that are either . Consumer Durables benefitting from or indifferent to consumers’ increased preference for purchasing . Consumer Electronics products online. While there are a variety of factors that influence overall valuation . Consumer Services trends (e.g., supply/demand of assets, strong corporate balance sheets, availability and . Footwear, Apparel, and pricing of financing, etc.), one of the biggest drivers is the expanding group of potential Accessories buyers from across the globe for consumer assets. Over the past few years, our team . Franchise Platforms has traveled throughout the U.S., Europe, and Asia talking to an expanding group of strategic, financial, family office, institutional and sovereign wealth buyers who are . Internet Retail looking to invest in the consumer sector. . Home Furnishings . Household Goods During 2016 and in 2017, we continued to see interest from this expanding group of potential buyers factor into how we advise our clients as well as high valuations for . Infant and Juvenile Products recently closed deals. Through the first quarter of 2017, the HW&Co. Consumer team has . Jewelry, Gifts, and Collectibles closed six sell-side transactions, and while numerous considerations go into identifying . Omni / Multi-Channel Brands and selecting the right partner for our clients, growing interest levels from a more diverse . Outdoor and Lifestyle buyer universe is increasingly important. From the strategics, we continue to see corporate Boards focus on what fits their long term strategic priorities, which often . Personal Care Products includes a strong appetite to extend reach into new products and brands, channels, . Pet Care and/or geographies as a means to drive growth. These were key valuation drivers . Specialty and Mass behind our recent sales of Skip Hop, a leading provider of branded products and Merchant Retailing accessories for parents, babies and kids worldwide, to Carter’s (NYSE: CRI) as well as the sale of Ready Pac, a provider of ready-to-eat salads, packaged salads, snacks and pre- CONTACTS cut fruit and vegetables, to French strategic acquirer Bonduelle (Euronext: BON). Similarly, financially oriented buyers (this includes traditional private equity, family North America offices, and other forms of patient capital) have continued to refine their investment John Neuner theses and align around characteristics such as growth around shifts in consumer trends Managing Director [email protected] and channels, stability in consumables, and consolidation of fragmented markets. +1 (804) 915-0125 While not all of our deals have been publicly announced, we are excited to have helped Andy Singer, the founder of Visual Comfort, a leading provider of signature, Ryan Budlong Managing Director high-end designer lighting, find a new partner with AEA Investors and the partnership for [email protected] Country Fresh, a leading provider of fresh-cut fruit, apple slices, vegetable and snacking +1 (415) 217-3409 solutions, with Kainos Capital. Brent Spiller Managing Director INDUSTRY CONFERENCES AND TRADE SHOWS [email protected] +1 (804) 915-0183 In addition to the activity on our deals, our first quarter includes a busy travel schedule Corey Benjamin Director as we crisscross the globe attending various conferences and trade shows that serve as [email protected] an annual kickoff to the year. Each of these events provides an opportunity to talk to +1 (804) 932-1342 companies at the forefront of consumer trends and to add to our knowledge and Zach England expertise that informs our perspective as we advise our clients. Vice President [email protected] +1 (415) 217-3429 Q1 Industry Conferences and Shows Attended Beau Pierce Vice President [email protected] +1 (804) 887-6113 Europe Edward Arkus Managing Director [email protected] +44 207 518 8905 Will Bain Director [email protected] +44 207 518 8906 www.harriswilliams.de

PAGE | 1 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

PUBLIC MARKETS OVERVIEW

KEY TRADING STATISTICS (DETAIL BEGINS ON PAGE 5)1

Median TEV/ Median TEV/ Number of Median Enterprise Change in Stock Price Sector LTM Multiples Forward Mulitples Companies Value ($ M) 3 mos. 12 mos. Revenue EBITDA Revenue EBITDA Consumer Products & Services Apparel & Footwear 24 $2,955 (8.7%) (14.2%) 1.2x 10.3x 1.6x 9.7x Consumer Durables 6 6,289 5.5% (9.8%) 0.9x 8.1x 0.9x 9.0x Consumer Services and Retail Franchisors 7 2,784 0.2% (32.6%) 2.2x 10.2x 1.4x 7.4x Home & Office Furniture & Furnishings 10 1,616 0.0% (4.0%) 0.8x 8.7x 1.1x 12.9x Household Products 5 19,683 11.2% 18.2% 3.9x 15.7x 4.0x 17.0x Housewares 10 2,306 3.9% (3.8%) 0.9x 9.8x 1.3x 9.8x Infant & Juvenile 12 1,283 (4.3%) 0.7% 0.9x 8.9x 0.9x 10.6x Outdoor & Lifestyle 20 931 (6.4%) 3.6% 1.2x 10.0x 1.4x 12.3x Personal Care Products 13 4,269 7.6% 6.5% 1.3x 11.5x 1.3x 9.2x Pet Care 8 1,194 8.5% 10.7% 1.9x 16.0x 1.8x 17.3x

Retail Apparel & Footwear Retail 31 1,306 (16.4%) (38.0%) 0.5x 6.1x 0.6x 5.2x Department Chains 8 5,799 (22.6%) (49.2%) 0.5x 5.8x 0.6x 4.5x Discount Stores & Mass Merchants 13 24,448 (2.5%) (0.1%) 0.6x 10.6x 0.7x 11.0x Furniture & Furnishings Retailers 14 1,137 (10.7%) (43.2%) 0.7x 6.8x 0.9x 7.5x Internet Retail 12 6,308 8.6% 41.6% 2.9x 17.1x 3.1x 20.8x Specialty & Other Retail 15 2,569 (8.4%) (16.2%) 0.6x 6.1x 0.6x 6.2x

Consumer Products & Services 115 $2,545 2.1% (1.6%) 1.2x 10.1x 1.4x 10.2x Retail 93 $4,184 (9.6%) (27.1%) 0.6x 6.4x 0.6x 6.8x Consumer & Retail Index 208 $2,677 (1.2%) (3.9%) 0.9x 9.9x 1.2x 9.8x

PUBLIC COMPANY SECTOR PERFORMANCE (12-MONTH % CHANGE IN STOCK PRICE)1

Internet Retail

Household Products

S&P 500

Personal Care Products

Outdoor & Lifestyle

Pet Care

Infant & Juvenile

Discount Stores & Mass Merchants

Housewares

Consumer & Retail Index Home & Office Furniture & Furnishings Consumer Durables

Apparel & Footwear

Specialty & Other Retail Consumer Services and Retail Franchisors Apparel & Footwear Retail Furniture & Furnishings Retailers

Department Chains

(60.0%) (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

PAGE | 2 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

PUBLIC MARKETS OVERVIEW

CONSUMER AND RETAIL INDUSTRY STOCK PERFORMANCE1

250

225

200

175

Index 150

125

100

50 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17

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

RECENT EQUITY OFFERINGS2

Transaction Gross Proceeds Close Date Filing Date Issuer Ticker Type ($ M) Primary Industry

03/15/07 03/15/17 Canada Goose GOOS IPO $250.0 Apparel

01/27/17 01/27/17 Horizon Global HZN Follow-On 74.0 Automotive Aftermarket

12/12/16 12/12/16 The Michaels Companies, Inc. MIK Follow-On 264.5 Specialty Stores

12/08/16 12/08/16 MCBC Holdings MCFT Follow-On 20.0 Recreational Products

11/16/16 11/16/16 Planet Fitness, Inc. PLNT Follow-On 348.3 Other Consumer Services

11/16/16 11/16/16 Fox Factory Holding Corp. FOXF Follow-On 82.6 Recreational Products

11/01/16 11/01/16 Walgreens Boots Alliance WBA Follow-On 1,667.6 Drugstore Chains

10/28/16 10/28/16 Acushnet Holdings Corp. GOLF IPO 378.0 Recreational Products

10/06/16 10/06/16 Camping World Holdings, Inc. CWH IPO 261.2 Specialty Stores

09/22/16 09/22/16 Planet Fitness, Inc. PLNT Follow-On 157.0 Other Consumer Services

09/21/16 09/21/16 e.l.f. Beauty, Inc. ELF IPO 141.7 Household/Personal Care

09/14/16 09/14/16 MCBC Holdings, Inc. MCFT Follow-On 47.2 Recreational Products

PAGE | 3 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

M&A OVERVIEW

ANNOUNCED CONSUMER AND RETAIL M&A1,2

Quarterly Consumer M&A Activity Announced Target Buyer 3/30/2017 Gander Mountain Co. Gordon Brothers Group 120 3/21/2017 Professional Carwash Systems, Inc. Lubrication Technologies, Inc. 3/20/2017 Arctic Glacier Group Holdings, Inc. The Carlyle Group LP 3/16/2017 Eastman Outdoors, Inc. Snow Phipps Group / FeraDyne 100 16 26 3/15/2017 1-800-FLOWERS.COM, Inc. (Sub) Ferrero International SA 25 3/13/2017 Lifetime Brands, Inc. Mill Road Capital Management LLC 80 3/9/2017 Valenti Mid South Management NPC Quality Burgers, Inc. 21 12 5 12 14 13 3/2/2017 O Oliv e Oil, Inc. Landec Corp. 60 34 10 2/22/2017 Skip Hop Carter's 2/21/2017 Popeyes Louisiana Kitchen, Inc. Restaurant Brands International, Inc. 95 18 13 5 40 77 83 66 68 71 66 63 57 67 3 43 Number of Transactions 20 35 39 41 Aggregate Number Transaction Multiples 27 Value ($bn) of Deals EV / Revenue EV / EBITDA 0 $90.7 21 1.20x 9.0x

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

CONSUMER AND RETAIL M&A TRENDS1,2

Median Consumer Transaction Multiples Announced Consumer Transactions 20.0x 1.40x $105 450 $92 400 1.20x Multiple Sales LTM / EV $90 Transactions of Number 16.0x 350 $73.7 13.1x 1.00x $75 12.4x 300 11.9x 12.0x 10.7x 10.8x 10.0x 0.80x $60 250 9.8x 8.4x $40 200 0.60x $45 $38 8.0x

($ ($ in billions) $30 $27 $28 $27 150 $30 0.40x 100 4.0x $15 EV / LTMEBITDA Multiple 0.20x

Average TransactionValue 50

$0 0 0.0x 0.00x 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD EBITDA Mult Rev Mult Aggregate Transaction Value # of Deals

TRADING MULTIPLES AND ANNOUNCED PRIVATE EQUITY M&A ACTIVITY1,2

Consumer Private Equity Investments and Exits Median LTM Trading Multiples 100 14.0x 12.4x 12.3x 11.8x 90 86 11.7x 11.7x 12.2x 11.9x 11.6x 11.7x 84 12.0x 11.4x 11.3x 11.4x 11.5x 10.0x 10.4x 80 76 10.2x 10.0x 10.0x 10.2x 73 10.0x 10.0x 9.5x 68 9.1x 70 66 8.5x 8.5x 8.2x 59 8.0x 7.9x 60 57 57 53 53 50 6.0x 42 40 37 MedianMultiples Trading 34 4.0x 31 28 30

2.0x Number of Transactions 20 10 0.0x 10 7

0 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD Consumer Products & Services Retail Number of Investments Number of Exits

PAGE | 4 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

DEBT MARKET OVERVIEW

KEY RETAIL CREDIT STATISTICS1,4

QuarterlyQuarterly Retail Retail Loan Loan Volume Volume Average Spread on Retail Loans 14.0014 L + 700

12.0012 L + 600

10.0010 L + 500

8.008 L + 400

6.006 L + 300

4.004 L + 200 Average SpreadOver LIBOR

2.002 L + 100

Loan Volume byQuarter ($ inbillions) Loan Volume byQuarter ($ inbillions) 0.000 L + 0 1Q094Q103Q092Q111Q104Q113Q102Q121Q114Q123Q112Q131Q124Q133Q122Q141Q134Q143Q132Q154Q151Q142Q163Q144Q161Q15 2008 2009 2010 2011 2012 2013 2014 2015 2016 4Q16

InstitutionalInstitutional ProPro Rata Rata Revolving Credit / Term Loan A Weighted-Average Institutional

Credit Statistics Average Secondary Spread 6.0x L + 2500

5.0x L + 2000 4.0x

L + 1500 3.0x

2.0x EBITDAMultiple L + 1000

1.0x

Average SpreadOver LIBOR L + 500 0.0x Debt/EBITDA Senior EBITDA/Cash EBITDA - Debt/EBITDA Interest Capex/Cash Interest L + 0 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 2010 2011 2012 2013 2014 2015 2016

COMMENTARY ON RECENT CONSUMER AND RETAIL DEBT TRANSACTIONS3,4

• Commitments are due on March 20 for a $275 million B term loan for Jack’s Family Restaurants. Price talk for the seven-year B term loan is L+425 (1% LIBOR floor), offered at 99.5. That works out to a yield to maturity of about 5.56%. Lenders are offered six months of 101 soft call protection. A $30 million, five-year revolver will also be placed. Moody’s has assigned corporate and facility ratings of B3. Proceeds will be used to pay down the $195 million outstanding of the company’s existing term loan and to pay a roughly $85 million dividend.

• Auto body repair company Dent Wizard received a credit facility backing a dividend recapitalization of the company by middle market private equity firm Gridiron Capital. NXT Capital was administrative agent and sole bookrunner. Dent Wizard, based in St. Louis, provides reconditioning services and products to the automotive industry through dealerships, auto auctions, body shops, rental agencies and insurance companies.

• Blue Nile wrapped a $185 million first lien term loan (L+650, 1% LIBOR floor) on Jan. 20. The loan priced at 97, sources say. Goldman Sachs acted as sole lead arranger for the transaction, which cleared in line with original talk. Proceeds will pay for the acquisition of Blue Nile by funds managed by Bain Capital and Bow Street for about $500 million. Blue Nile sells engagement rings, wedding rings, and fine jewelry online. Arrangers upsized the deal by $5 million.

PAGE | 5 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES(1)

Consumer Products & Services Apparel & Footwear Coach, Inc. COH 38.68 88.5% 10,854 592 1,836 9,610 4,547 984 7.3% (3.0%) 68.5% 21.6% 21.3x 2.11x 9.8x 1.95x 6.2x Columbia Sportswear Company COLM 57.51 90.5% 3,996 14 552 3,458 2,377 310 2.2% 12.2% 44.4% 13.0% 21.1x 1.45x 11.2x 2.05x 19.1x Carter's, Inc. CRI 89.25 79.3% $4,338 $580 $299 $4,619 $3,199 $460 6.1% 6.6% 43.1% 14.4% 17.6x 1.44x 10.1x 1.75x 12.2x Crocs, Inc. CROX 6.54 52.1% 482 2 150 334 1,036 31 (5.0%) (4.6%) 45.6% 3.0% NA 0.32x 10.8x 0.28x 2.5x Deckers Outdoor Corporation DECK 53.47 76.5% 1,708 62 296 1,474 1,793 79 (2.5%) 11.5% 46.1% 4.4% NA 0.82x 18.6x 1.18x 7.4x Fossil Group, Inc. FOSL 16.24 35.5% 784 636 321 1,100 3,042 279 (5.8%) (2.3%) 51.9% 9.2% 10.0x 0.36x 3.9x 0.34x 1.7x G-III Apparel Group, Ltd. GIII 22.68 43.8% 1,103 91 45 1,149 2,311 158 (0.9%) 12.5% 34.3% 6.8% 13.3x 0.50x 7.3x 0.68x 8.0x Hanesbrands Inc. HBI 20.12 66.1% 7,495 3,742 460 10,777 6,028 1,001 5.2% 9.2% 38.3% 16.6% 14.4x 1.79x 10.8x 2.33x 15.7x Iconix Brand Group, Inc. ICON 7.08 65.6% 403 1,254 327 1,331 368 177 (2.8%) (2.8%) 0.0% 48.0% NA 3.61x 7.5x 3.08x 5.1x Kate Spade & Co KATE 22.79 86.1% 2,924 393 479 2,839 1,381 241 11.2% 3.0% 59.9% 17.5% 19.4x 2.05x NM 2.24x 24.4x NIKE, Inc. Class B NKE 58.01 88.6% 95,962 3,537 5,943 93,556 33,458 4,641 6.3% 8.4% 43.9% 13.9% 25.6x 2.80x 20.2x 3.49x 23.3x Oxford Industries, Inc. OXM 52.50 68.0% 880 142 5 1,017 1,021 125 3.8% 4.2% 56.8% 12.3% 14.6x 1.00x 8.1x 1.12x 8.9x Perry Ellis International, Inc. PERY 22.82 78.7% 354 108 43 419 871 32 (3.5%) (3.0%) 35.1% 3.6% NA 0.48x 13.3x 0.46x 12.9x PVH Corp. PVH 92.68 80.3% 7,346 3,324 662 10,008 8,208 1,018 2.9% 1.8% 52.1% 12.4% 13.0x 1.22x 9.8x 1.25x 8.2x Ralph Lauren Corporation Class A RL 78.23 68.6% 6,433 863 1,450 5,846 6,958 1,009 (6.2%) (1.3%) 57.2% 14.5% 44.6x 0.84x 5.8x 0.80x 4.2x Steven Madden, Ltd. SHOO 37.40 92.2% 2,240 0 166 2,074 1,400 179 (0.4%) 2.1% 36.9% 12.8% 18.4x 1.48x 11.6x 1.58x 9.6x Skechers U.S.A., Inc. Class A SKX 26.87 78.6% 4,254 336 719 3,871 3,563 436 13.2% 24.5% 43.7% 12.2% 17.1x 1.09x 8.9x 2.10x 29.1x Gildan Activewear Inc. GIL-CA 25.83 81.0% 5,947 600 61 6,486 2,585 525 9.2% 5.8% 27.1% 20.3% 17.6x 2.51x 12.4x 3.08x 15.1x Tumi Holdings, Inc. TUMI 0.00 0.0% 0 7 113 (106) 565 117 4.0% 9.2% 59.4% 20.7% NA NM NM NM NM Under Armour, Inc. Class C UA 17.52 37.9% 7,988 817 250 8,555 4,825 579 21.8% 27.4% 46.2% 12.0% 39.4x 1.77x 14.8x 3.67x 27.1x V.F. Corporation VFC 53.05 80.0% 21,990 2,319 1,228 23,081 11,990 1,808 (3.7%) 1.7% 47.8% 15.1% 18.2x 1.93x 12.8x 2.02x 12.2x Vera Bradley, Inc. VRA 8.99 43.5% 326 0 83 243 505 76 0.8% (2.3%) 58.2% 15.1% 10.6x 0.48x 3.2x 0.45x 2.2x Weyco Group, Inc. WEYS 27.03 83.7% 283 4 18 269 297 27 (7.4%) (0.4%) 36.4% 9.2% 17.3x 0.91x 9.9x 0.90x NA Wolverine World Wide, Inc. WWW 24.57 93.0% 2,377 821 370 2,827 2,512 279 (6.7%) (2.3%) 39.5% 11.1% 27.6x 1.13x 10.1x 1.05x 9.5x Mean 69.1% $7,936 $844 $661 $8,118 $4,368 $607 2.0% 4.9% 44.7% 14.2% 20.0x 1.40x 10.5x 1.64x 12.0x Median 78.6% $2,650 $487 $310 $2,833 $2,444 $279 1.5% 2.6% 45.0% 12.9% 17.6x 1.22x 10.1x 1.58x 9.6x

Consumer Durables Arcelik A.S. ARCLK-TR 6.34 82.4% 4,283 1,598 696 5,186 5,315 590 2.3% (3.0%) 31.9% 11.1% 10.0x 0.98x 8.8x 1.00x 9.6x Electrolux AB Class B ELUX.B-SE 27.65 93.5% 8,555 1,074 1,515 8,114 14,143 1,190 (3.4%) (5.5%) 20.5% 8.4% 15.1x 0.57x 6.8x 0.48x 8.3x iRobot Corporation IRBT 59.15 92.4% 1,612 0 254 1,357 661 73 7.1% 10.7% 49.5% 11.1% 40.0x 2.05x 18.6x 2.78x 23.5x Middleby Corporation MIDD 134.29 89.0% 7,727 732 68 8,391 2,268 515 24.2% 16.7% 40.9% 22.7% 27.0x 3.70x 16.3x 5.87x 28.5x Haier Electronics Group Co., Ltd. 1169-HK 2.00 95.0% 5,573 196 1,722 4,047 9,363 462 (11.6%) 0.1% 16.8% 4.9% 13.0x 0.43x 8.8x 0.39x 8.8x Whirlpool Corporation WHR 172.01 88.6% 12,813 4,470 1,130 16,153 20,718 2,040 (0.8%) 3.3% 16.7% 9.8% 15.0x 0.78x 7.9x 0.86x 8.9x Mean 90.2% $6,760 $1,345 $898 $7,208 $8,745 $812 3.0% 3.7% 29.4% 11.3% 20.0x 1.42x 11.2x 1.90x 14.6x Median 90.7% $6,650 $903 $913 $6,650 $7,339 $552 0.7% 1.7% 26.2% 10.5% 15.0x 0.88x 8.8x 0.93x 9.2x

PAGE | 6 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES(1)

Consumer Services and Retail Franchisors GNC Holdings, Inc. Class A GNC 7.21 20.1% 493 1,540 34 1,999 2,540 355 (3.8%) (1.2%) 33.9% 14.0% NA 0.79x 5.6x 0.76x 3.8x H&R Block, Inc. HRB 23.31 85.5% 4,829 2,594 291 7,131 3,006 821 (1.2%) 4.1% 44.4% 27.3% 23.1x 2.37x 8.7x 2.39x 8.1x Planet Fitness, Inc. Class A PLNT 20.05 79.9% 1,770 709 43 2,436 378 146 14.4% 21.5% 43.4% 38.6% 40.1x 6.44x 16.7x NA NA Regis Corporation RGS 12.00 74.4% 555 120 156 520 1,745 88 (4.0%) (3.5%) 38.1% 5.0% NM 0.30x 5.9x 0.27x 4.6x Realogy Holdings Corp. RLGY 28.91 77.4% 4,050 3,712 281 7,481 5,810 719 1.6% 3.2% 19.3% 12.4% 19.8x 1.29x 10.4x 1.41x 9.5x ServiceMaster Global Holdings, Inc. SERV 39.97 96.3% 5,362 2,831 316 7,877 2,746 639 5.9% (4.9%) 46.3% 23.3% 35.6x 2.87x 12.3x 3.44x 17.0x Winmark Corporation WINA 112.00 84.2% 467 45 1 511 67 39 (4.1%) 6.1% 93.4% 58.2% 21.8x 7.67x 13.2x NA NA Mean 74.0% $2,504 $1,650 $160 $3,994 $2,327 $401 1.3% 3.6% 45.5% 25.5% 28.1x 3.10x 10.4x 1.65x 8.6x Median 79.9% $1,770 $1,540 $156 $2,436 $2,540 $355 (1.2%) 3.2% 43.4% 23.3% 23.1x 2.37x 10.4x 1.41x 8.1x

Home & Office Furniture & Furnishings Dixie Group, Inc. DXYN 3.65 65.6% 59 108 0 167 397 11 (5.9%) 4.8% 23.9% 2.9% NA 0.42x 14.5x 0.48x NA HNI Corporation HNI 44.84 78.7% 1,972 214 39 2,148 2,203 266 (4.4%) 2.3% 38.0% 12.1% 23.9x 0.97x 8.1x 1.04x 14.0x Hooker Furniture Corporation HOFT 31.30 79.2% 362 49 43 368 464 38 84.6% 26.3% 21.8% 8.2% 19.4x 0.79x 9.6x 1.62x 24.4x Kimball International, Inc. Class B KBAL 15.95 88.6% 592 0 72 520 660 62 5.5% (19.4%) 32.4% 9.3% 21.0x 0.79x 8.4x 0.42x NA Knoll, Inc. KNL 22.73 80.0% 1,115 218 10 1,323 1,164 159 5.4% 10.5% 38.3% 13.6% 13.5x 1.14x 8.3x 1.53x 17.6x Leggett & Platt, Incorporated LEG 50.00 91.5% 6,687 960 282 7,365 3,761 601 (4.1%) 0.1% 23.7% 16.0% 18.1x 1.96x 12.3x 1.97x 15.6x LaZBoy Incorporated LZB 27.35 83.1% 1,335 1 135 1,201 1,524 153 2.8% 3.4% 39.7% 10.0% 17.1x 0.79x 7.9x 0.89x 11.0x Herman Miller, Inc. MLHR $29.25 80.2% $1,752 $220 $80 $1,892 $2,295 $259 3.7% 8.0% 38.4% 11.3% 12.9x 0.82x NM 1.03x 9.6x Steelcase Inc. Class A SCS 15.70 86.5% 1,842 297 236 1,903 3,011 247 (1.7%) 0.9% 33.1% 8.2% 11.0x 0.63x 7.7x 0.64x 7.9x Tempur Sealy International Inc TPX 45.08 54.8% 2,429 1,888 66 4,252 3,127 471 (0.8%) 8.3% 41.5% 15.1% 13.3x 1.36x 9.0x 1.73x 11.3x Mean 78.8% $1,815 $396 $96 $2,114 $1,861 $227 8.5% 4.5% 33.1% 10.7% 16.7x 0.97x 9.5x 1.13x 13.9x Median 80.1% $1,544 $216 $69 $1,608 $1,864 $203 1.0% 4.1% 35.6% 10.7% 17.1x 0.81x 8.4x 1.04x 12.7x

Household Products Church & Dwight Co., Inc. CHD 50.34 93.8% 12,788 1,120 188 13,721 3,493 837 2.9% 3.0% 45.7% 24.0% 28.8x 3.93x 16.4x 4.30x 19.3x Colgate-Palmolive Company CL $73.70 97.8% $65,067 $6,533 $1,386 $70,214 $15,195 $4,403 (5.2%) (4.5%) 60.1% 29.0% 27.1x 4.62x 15.9x 4.03x 15.3x Clorox Company CLX 137.51 97.9% 17,638 2,549 414 19,773 5,875 1,250 3.2% 1.3% 45.0% 21.3% 27.6x 3.37x 15.8x 3.53x 17.1x Prestige Brands Holdings, Inc. PBH 56.01 96.4% 2,965 1,416 63 4,317 849 298 7.7% 11.5% 54.7% 35.1% 41.5x 5.08x 14.5x 7.16x 20.6x Procter & Gamble Company PG 91.19 99.1% 233,125 29,467 13,454 249,138 65,231 17,440 (6.0%) (8.4%) 51.0% 26.7% 26.7x 3.82x 14.3x 2.98x 13.1x Mean 97.0% $66,317 $8,217 $3,101 $71,432 $18,129 $4,846 0.5% 0.6% 51.3% 27.2% 30.3x 4.16x 15.4x 4.40x 17.1x Median 97.8% $17,638 $2,549 $414 $19,773 $5,875 $1,250 2.9% 1.3% 51.0% 26.7% 27.6x 3.93x 15.8x 4.03x 17.1x

Housewares Fiskars Oyj Abp FIS1V-FI 20.65 93.7% 1,691 204 508 1,386 1,333 143 8.7% 7.9% 41.7% 10.7% 23.9x 1.04x 9.7x 1.26x 10.6x Helen of Troy Limited HELE 93.60 88.2% 2,526 565 17 3,074 1,546 223 0.6% 5.1% 43.4% 14.4% 22.9x 1.99x 13.8x 2.34x 15.9x Jarden Corporation JAH 0.00 0.0% 0 6,381 1,298 5,083 8,603 965 3.8% 8.7% 30.9% 11.2% NA 0.59x 5.3x 0.69x 5.4x Libbey Inc. LBY 13.51 65.1% 295 408 61 642 796 99 (3.5%) (1.1%) 21.0% 12.5% 29.4x 0.81x 6.5x 0.78x 4.8x Lifetime Brands, Inc. LCUT 19.90 93.9% 290 141 6 425 585 39 (1.2%) 5.9% 36.0% 6.6% 23.7x 0.73x 10.9x 0.84x 10.6x NACCO Industries, Inc. Class A NC 71.30 71.6% 487 135 81 541 856 29 (6.5%) (2.8%) 23.6% 3.4% 16.5x 0.63x 18.5x NA NA Newell Brands Inc NWL 48.48 87.4% 23,387 11,893 588 34,692 13,264 1,676 124.2% 32.6% 33.1% 12.6% 38.9x 2.62x 20.7x 6.09x 37.7x Safety-Kleen, Inc. SK 0.00 0.0% 0 224 40 184 1,284 130 19.6% 1.4% 11.2% 10.1% NA 0.14x 1.4x NA NA Spectrum Brands Holdings, Inc. SPB 140.78 98.3% 8,281 3,656 143 11,794 5,033 899 4.0% 5.3% 38.3% 17.9% 24.1x 2.34x 13.1x 2.83x 17.7x Tupperware Brands Corporation TUP 60.80 90.9% 3,081 712 93 3,699 2,213 379 (3.1%) (6.1%) 67.4% 17.1% 13.8x 1.67x 9.8x 1.38x 7.8x Mean 68.9% $4,004 $2,432 $284 $6,152 $3,551 $458 14.7% 5.7% 34.7% 11.7% 24.1x 1.26x 11.0x 2.03x 13.8x Median 87.8% $1,089 $486 $87 $2,230 $1,439 $183 2.2% 5.2% 34.6% 11.9% 23.8x 0.92x 10.4x 1.32x 10.6x

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Outdoor & Lifestyle Arctic Cat Inc. ACAT $18.50 94.4% $0 $79 $10 $69 $508 ($61) (16.7%) (10.1%) 9.1% NM NA 0.13x NM 0.10x 0.9x Brunswick Corporation BC 60.23 97.6% 5,392 442 469 5,365 4,489 531 9.3% 4.9% 27.4% 11.8% 20.1x 1.20x 10.1x 1.38x 13.2x Black Diamond, Inc. BDE 5.30 77.4% 159 22 95 86 149 (3) (0.6%) (9.8%) 28.1% NM NA 0.58x NM 0.43x 11.1x Columbia Sportswear Company COLM 57.51 90.5% 3,996 14 552 3,458 2,377 310 2.2% 12.2% 44.4% 13.0% 21.1x 1.45x 11.2x 2.05x 19.1x Callaway Golf Company ELY 11.41 90.8% 1,079 12 126 966 872 63 3.4% 1.1% 44.4% 7.3% 5.8x 1.11x NM 1.15x 29.6x Escalade, Incorporated ESCA 12.55 85.4% 180 25 1 204 168 22 7.8% 0.8% 25.0% 13.2% 15.6x 1.22x 9.2x NA NA Fox Factory Holding Corp. FOXF 27.15 90.0% 1,010 67 35 1,042 403 63 9.9% 13.9% 31.8% 15.6% 28.9x 2.58x 16.6x 3.82x 21.0x GoPro, Inc. Class A GPRO 8.40 47.5% 1,194 0 218 976 1,185 (264) (26.8%) 6.3% 40.8% NM NA 0.82x NM 0.99x 7.6x Amer Sports Oyj Class A AMEAS-FI 23.93 75.3% 2,837 949 384 3,402 2,901 290 3.2% 0.7% 44.8% 10.0% 20.0x 1.17x 11.7x 1.16x 12.5x Rapala VMC Oyj RAP1V-FI 4.55 82.4% 177 138 36 280 288 23 (6.0%) (8.4%) 22.5% 7.9% NA 0.97x 12.3x 0.71x 6.0x Harley-Davidson, Inc. HOG 60.57 95.5% 10,681 6,808 818 16,671 5,996 1,240 0.0% 0.5% 36.9% 20.7% 15.8x 2.78x 13.4x 3.17x 12.3x Johnson Outdoors Inc. Class A JOUT 35.92 79.2% 359 13 52 320 442 43 (0.6%) 1.9% 40.6% 9.7% 19.9x 0.72x 7.4x 0.75x NA Malibu Boats Inc Class A MBUU 21.02 91.6% 375 55 26 404 265 44 8.9% 13.1% 27.9% 16.6% 18.8x 1.53x 9.2x NA NA Marine Products Corporation MPX 10.74 72.2% 375 0 7 369 241 24 16.6% 12.8% 20.9% 10.1% 24.4x 1.53x NM 2.19x 34.3x Nautilus Inc NLS 17.30 69.2% 531 64 80 515 406 62 20.9% 22.9% 52.7% 15.2% 15.9x 1.27x 8.4x 2.36x 26.8x Polaris Industries Inc. PII 84.28 80.8% 5,304 1,142 127 6,318 4,517 436 (7.4%) 6.1% 24.4% 9.7% 25.8x 1.40x 14.5x 1.67x 9.6x Sturm, Ruger & Company, Inc. RGR 53.35 69.1% 966 0 87 879 664 170 20.5% (1.2%) 33.0% 25.6% 11.6x 1.32x 5.2x 1.28x 4.4x American Outdoor Brands Corporation SWHC 19.20 61.6% 1,082 168 54 1,196 895 260 31.1% 12.1% 41.1% 29.1% 8.1x 1.34x 4.6x 1.95x 7.1x Shimano Inc. 7309-JP 153.91 87.4% 14,271 82 1,710 12,643 2,955 741 (7.1%) 1.1% 40.7% 25.1% 33.2x 4.28x 17.1x 4.90x 25.8x Vista Outdoor Inc VSTO 20.73 39.1% 1,183 1,144 41 2,285 2,580 358 20.4% 29.2% 26.7% 13.9% NA 0.89x 6.4x NA NA Mean 78.9% $2,558 $561 $246 $2,872 $1,615 $218 4.4% 5.5% 33.2% 15.0% 19.0x 1.41x 10.5x 1.77x 15.1x Median 81.6% $1,045 $65 $83 $971 $768 $63 3.3% 3.4% 32.4% 13.2% 19.9x 1.24x 10.1x 1.38x 12.4x

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Personal Care Products Avon Products, Inc. AVP 4.33 62.2% 1,897 1,894 654 3,136 5,718 540 (7.2%) (16.9%) 60.5% 9.5% NA 0.55x 5.8x 0.32x 3.1x Estee Lauder Companies Inc. Class A EL 86.48 88.7% 31,690 4,033 1,675 34,048 11,376 2,253 2.8% 3.1% 80.4% 19.8% 29.8x 2.99x 15.1x 3.22x 16.5x Herbalife Ltd. HLF 55.79 77.3% 5,191 1,448 844 5,795 4,488 505 0.4% (2.4%) 78.8% 11.3% 18.5x 1.29x 11.5x 1.20x 6.7x Kimberly-Clark Corporation KMB 133.68 96.3% 47,557 7,572 923 54,206 18,202 4,068 (2.1%) (4.9%) 36.6% 22.3% 22.3x 2.98x 13.3x 2.56x 12.9x Medifast, Inc. MED 42.88 92.5% 511 0 77 434 275 40 0.6% (8.4%) 74.9% 14.4% 28.8x 1.58x 11.0x 1.22x 8.2x Nu Skin Enterprises, Inc. Class A NUS 52.67 79.8% 2,782 417 369 2,830 2,209 334 (1.6%) (11.4%) 78.8% 15.1% 20.7x 1.28x 8.5x 0.89x 4.8x Procter & Gamble Company PG 91.19 99.1% 233,125 29,467 13,454 249,138 65,231 17,440 (6.0%) (8.4%) 51.0% 26.7% 26.7x 3.82x 14.3x 2.98x 13.1x Elizabeth Arden, Inc. RDEN 0.00 0.0% 0 422 45 377 966 15 0.0% (10.4%) 40.6% 1.5% NA 0.39x 25.2x 0.30x 3.8x Revlon, Inc. Class A REV 29.05 76.5% 1,526 2,692 187 4,031 2,334 382 21.9% 16.0% 60.7% 16.4% NA 1.73x 10.6x 2.70x 15.4x Sally Beauty Holdings, Inc. SBH 20.21 61.4% 2,901 1,784 94 4,591 3,932 580 1.1% 2.4% 46.7% 14.8% 12.6x 1.17x 7.9x 1.26x 7.7x Ulta Beauty Inc ULTA 281.28 97.2% 17,505 0 243 17,262 4,542 797 22.7% 21.0% 36.1% 17.5% 47.2x 3.80x 21.7x 6.56x 40.7x USANA Health Sciences, Inc. USNA 56.80 75.7% 1,385 0 176 1,209 1,006 152 9.5% 11.9% 80.7% 15.1% 14.2x 1.20x 8.0x 1.68x 9.6x All for One Steeb AG A1OS-DE $67.78 87.5% $338 $24 $21 $340 $304 $32 9.5% 5.1% 19.1% 10.6% 23.5x 1.12x 10.6x 1.27x NA Mean 76.5% $26,647 $3,827 $1,443 $29,031 $9,276 $2,088 4.0% (0.2%) 57.3% 15.0% 24.4x 1.84x 12.6x 2.01x 11.9x Median 79.8% $2,782 $1,448 $243 $4,031 $3,932 $505 0.6% (2.4%) 60.5% 15.1% 22.9x 1.29x 11.0x 1.27x 8.9x

Pet Care Blue Buffalo Pet Products Inc BUFF 23.42 85.2% 4,603 383 293 4,694 1,150 262 11.9% 16.9% 44.9% 22.8% 36.0x 4.08x 17.9x NA NA Central Garden & Pet Company CENT $36.24 95.9% $1,768 $395 $18 $2,146 $1,889 $186 10.9% 4.6% 30.4% 9.8% 30.2x 1.14x 11.6x 1.31x 26.3x Freshpet Inc FRPT $10.55 87.9% $359 $7 $4 $362 $133 $8 14.5% 28.2% 41.0% 5.8% NA 2.72x 47.1x NA NA Oil-Dri Corporation of America ODC 37.40 91.4% 252 12 25 240 261 24 (1.1%) 0.0% 29.6% 9.0% 25.9x 0.92x 10.2x NA NA Spectrum Brands Holdings, Inc. SPB 140.78 98.3% 8,281 3,656 143 11,794 5,033 899 4.0% 5.3% 38.3% 17.9% 24.1x 2.34x 13.1x 2.83x 17.7x Maabarot Products Ltd. MABR-IL 19.24 98.5% 188 3 45 147 91 8 1.4% (2.1%) 40.6% 8.7% 27.4x 1.62x 18.6x NA NA Echo Trading Co., Ltd. 7427-JP 5.95 90.5% 36 44 30 49 702 1 13.7% (3.5%) 11.6% 0.1% 11.2x 0.07x 77.3x 0.07x NA Unicharm Corporation 8113-JP 23.79 89.7% 14,769 656 1,289 14,136 6,377 999 4.6% 2.5% 46.0% 15.7% 31.0x 2.22x 14.2x 2.59x 16.3x Mean 92.2% $3,782 $645 $231 $4,196 $1,954 $298 7.5% 6.5% 35.3% 11.2% 26.5x 1.89x 26.2x 1.70x 20.1x Median 90.9% $1,063 $214 $38 $1,254 $926 $105 7.7% 3.5% 39.5% 9.4% 27.4x 1.92x 16.0x 1.95x 17.7x

PAGE | 9 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES(1)

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins LTM P/E EV / LTM EV / 2017E ($ in millions, except per share data) Ticker 3/21/17 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 American Eagle Outfitters, Inc. AEO 13.64 69.8% 2,486 0 379 2,107 3,610 509 2.5% 3.0% 33.6% 14.1% 11.8x 0.58x 4.1x 0.63x 5.7x Abercrombie & Fitch Co. Class A ANF $11.43 35.2% $774 $336 $470 $640 $3,403 $260 (3.5%) (7.4%) 55.4% 7.6% NM 0.19x 2.5x 0.15x 1.4x Arcandor AG ARO-DE 0.02 41.1% 4 4,963 1,077 3,890 29,669 156 8.5% 14.7% 15.9% 0.5% NA 0.13x 24.9x NA NA Ascena Retail Group, Inc. ASNA 3.85 34.2% 751 1,532 300 1,983 6,908 606 18.4% 12.9% 52.8% 8.8% NM 0.29x 3.3x 0.42x 4.2x Buckle, Inc. BKE 17.30 49.4% 841 0 213 628 1,027 213 (10.0%) (3.7%) 41.6% 20.8% 7.2x 0.61x 2.9x 0.56x 2.2x Cabela's Incorporated CAB 46.64 73.3% 3,196 5,911 313 8,794 4,129 442 3.3% 4.7% 37.6% 10.7% 21.9x 2.13x 19.9x 2.44x 19.2x Caleres, Inc. CAL 26.02 71.1% 1,117 197 173 1,141 2,549 190 (1.4%) (0.1%) 41.2% 7.4% 13.5x 0.45x 6.0x 0.45x 7.2x Cato Corporation Class A CATO 21.22 53.9% 570 0 247 322 987 107 (1.4%) 1.7% 36.2% 10.8% 8.2x 0.33x 3.0x 0.35x 3.1x Chico's FAS, Inc. CHS 13.56 80.5% 1,736 85 193 1,628 2,476 283 (6.3%) (1.4%) 38.2% 11.4% NM 0.66x 5.7x 0.63x 4.8x Citi Trends, Inc. CTRN 18.41 81.0% 274 0 71 203 686 35 (0.5%) 2.3% 35.9% 5.1% 23.9x 0.30x 5.9x 0.33x 9.5x Destination Maternity Corporation DEST 4.25 46.9% 60 47 3 103 452 20 18.8% (5.8%) 52.1% 4.5% NA 0.23x 5.1x 0.21x NA DSW Inc. Class A DSW 19.02 67.8% 1,522 0 145 1,378 2,709 254 4.7% 4.3% 28.4% 9.4% 14.7x 0.51x 5.4x 0.58x 4.1x Destination XL Group, Inc. DXLG 2.50 44.2% 125 83 6 202 452 32 3.1% 4.6% 39.1% 7.1% NA 0.45x 6.3x 0.52x 17.2x Express, Inc. EXPR 8.52 39.5% 668 69 102 635 2,279 239 (1.3%) 0.8% 32.2% 10.5% 7.7x 0.28x 2.7x 0.29x 2.2x Finish Line, Inc. Class A FINL 16.26 66.3% 660 17 33 643 1,867 137 0.4% 5.4% 27.0% 7.3% NA 0.34x 4.7x 0.39x 4.0x Foot Locker, Inc. FL 73.45 92.5% 9,722 128 865 8,985 7,660 1,138 4.7% 6.0% 31.9% 14.9% 15.9x 1.17x 7.9x 1.39x 11.3x Genesco Inc. GCO 55.80 75.2% 1,109 261 31 1,340 2,917 226 (2.2%) 3.5% 48.8% 7.8% 12.5x 0.46x 5.9x 0.51x 5.2x Guess?, Inc. GES 10.88 55.9% 918 24 349 593 2,188 145 (2.4%) (5.8%) 34.0% 6.6% 14.5x 0.27x 4.1x 0.23x 1.8x Gap, Inc. GPS 22.82 74.2% 9,102 1,313 1,824 8,591 15,516 2,063 (1.8%) (1.3%) 36.1% 13.3% 13.5x 0.55x 4.2x 0.53x 3.3x L Brands, Inc. LB 49.18 55.4% 14,019 5,736 1,939 17,816 12,574 2,555 3.5% 5.3% 40.8% 20.3% 12.4x 1.42x 7.0x 1.66x 8.4x Lululemon Athletica Inc LULU 62.93 76.9% 8,626 0 480 8,146 2,259 467 15.3% 13.2% 49.9% 20.7% 30.5x 3.61x 17.4x 5.18x 18.5x Tailored Brands, Inc. TLRD 14.18 49.3% 691 1,596 35 2,252 3,411 338 (5.2%) 10.6% 42.4% 9.9% NM 0.66x 6.7x 0.91x 8.6x New York & Company, Inc. NWY 2.06 49.6% 133 13 54 91 934 16 (1.3%) (0.9%) 27.9% 1.7% NA 0.10x 5.8x 0.10x 2.6x Children's Place, Inc. PLCE 113.95 94.1% 2,055 66 267 1,854 1,763 197 3.3% (0.8%) 33.7% 11.2% 25.8x 1.05x 9.4x 1.05x 10.5x Pacific Sunwear of California, Inc. PSUN 0.00 0.0% 0 132 11 121 800 4 (0.2%) (0.2%) 25.6% 0.5% NA 0.15x NM 0.15x 35.6x Ross Stores, Inc. ROST 65.77 94.2% 25,921 396 895 25,423 12,607 2,036 7.6% 7.1% 28.4% 16.1% 24.2x 2.02x 12.5x 2.50x 16.6x Shoe Carnival, Inc. SCVL 24.90 78.3% 459 0 34 425 1,001 71 2.3% 4.0% 29.3% 7.1% 16.3x 0.42x 6.0x 0.48x 7.0x Stein Mart, Inc. SMRT 2.70 29.3% 127 180 14 293 1,369 56 1.2% 2.5% 25.2% 4.1% 10.8x 0.21x 5.3x 0.23x 4.0x Stage Stores, Inc. SSI 2.13 25.7% 58 243 19 282 1,491 56 (8.3%) (3.6%) 23.0% 3.8% NA 0.19x 5.0x 0.17x 2.2x Urban Outfitters, Inc. URBN 22.58 55.3% 2,625 0 260 2,365 3,529 502 2.5% 5.1% 35.7% 14.2% 11.8x 0.67x 4.7x 0.77x 4.3x Zumiez Inc. ZUMZ 17.10 64.4% 427 12 49 389 815 67 (0.6%) 4.1% 26.8% 8.2% 21.4x 0.48x 5.8x 0.54x 4.0x Mean 58.9% $2,928 $753 $350 $3,331 $4,324 $433 1.7% 2.7% 35.7% 9.6% 15.9x 0.67x 7.0x 0.81x 7.9x Median 55.9% $774 $83 $193 $1,141 $2,279 $213 0.4% 3.0% 35.7% 8.8% 14.0x 0.45x 5.8x 0.52x 4.8x

Department Chains Bon-Ton Stores, Inc. BONT $0.80 32.1% $17 $1,112 $7 $1,122 $2,725 $114 (2.8%) (2.2%) 33.2% 4.2% NA 0.41x 9.8x 0.39x 6.8x Dillard's, Inc. Class A DDS 48.03 55.4% 1,604 838 80 2,361 6,551 603 (5.5%) (1.1%) 31.1% 9.2% 8.7x 0.36x 3.9x 0.35x 2.9x J. C. Penney Company, Inc. JCP 5.63 48.9% 1,736 4,796 183 6,349 12,582 778 0.5% 1.7% 31.1% 6.2% NA 0.50x 8.2x 0.53x NM Nordstrom, Inc. JWN 41.81 66.6% 6,976 2,930 1,007 8,899 14,757 1,647 2.2% 5.6% 36.0% 11.2% 20.7x 0.60x 5.4x 0.71x 4.9x Kohl's Corporation KSS 37.64 63.1% 6,487 4,678 1,074 10,091 18,686 2,307 (2.7%) (0.6%) 31.1% 12.3% 12.1x 0.54x 4.4x 0.53x 3.8x Macy's Inc M 28.42 62.6% 8,643 7,501 457 15,687 26,132 3,024 (5.2%) (2.4%) 35.0% 11.6% 13.4x 0.60x 5.2x 0.56x 4.2x Stage Stores, Inc. SSI 2.13 25.7% 58 243 19 282 1,491 56 (8.3%) (3.6%) 23.0% 3.8% NA 0.19x 5.0x 0.17x 2.2x Hudson's Bay Co. HBC-CA 7.62 50.5% 1,389 3,396 64 4,721 10,789 494 42.7% 37.6% 36.9% 4.6% NM 0.44x 9.6x 0.98x 12.8x Mean 50.6% $3,364 $3,187 $361 $6,189 $11,714 $1,128 2.6% 4.4% 32.2% 7.9% 13.7x 0.46x 6.4x 0.53x 5.4x Median 53.0% $1,670 $3,163 $132 $5,535 $11,685 $691 (2.7%) (0.8%) 32.2% 7.7% 12.8x 0.47x 5.3x 0.53x 4.2x

PAGE | 10 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES(1)

Furniture & Furnishings Retailers Aaron's, Inc. AAN $28.30 82.7% $2,024 $498 $329 $2,192 $3,208 $339 0.9% 12.8% 47.6% 10.6% 14.8x 0.68x 6.5x 0.98x 8.0x Bed Bath & Beyond Inc. BBBY 38.03 72.7% 5,716 1,491 473 6,735 12,100 1,499 0.6% 1.1% 35.4% 12.4% 8.2x 0.56x 4.5x 0.59x 3.7x Conn's, Inc. CONN 8.20 47.8% 253 1,260 190 1,323 1,621 95 2.4% 14.4% 45.3% 5.8% NA 0.82x 14.0x 1.13x 7.5x Ethan Allen Interiors Inc. ETH 29.45 75.9% 815 40 57 799 784 98 2.5% 2.6% 55.9% 12.4% 16.8x 1.02x 8.2x 1.08x 9.1x hhgregg, Inc. HGG 0.14 5.4% 4 30 2 32 1,770 (53) (11.8%) (9.6%) 26.0% NM NA 0.02x NM 0.01x 0.6x Haverty Furniture Companies, Inc. HVT 22.90 89.8% 484 55 72 467 822 73 2.0% 3.3% 54.0% 8.9% 17.6x 0.57x 6.4x 0.63x 6.3x Kirkland's, Inc. KIRK 11.48 64.8% 183 0 28 154 590 46 9.0% 8.1% 16.2% 7.7% 15.9x 0.26x 3.4x 0.34x 3.9x LaZBoy Incorporated LZB 27.35 83.1% 1,335 1 135 1,201 1,524 153 2.8% 3.4% 39.7% 10.0% 17.1x 0.79x 7.9x 0.89x 11.0x Pier 1 Imports, Inc. PIR 6.52 67.4% 541 226 86 682 1,858 103 (1.1%) 0.9% 34.9% 5.6% 25.1x 0.37x 6.6x 0.39x 3.1x Rent-A-Center Inc RCII 8.59 52.5% 457 724 95 1,086 2,963 185 (9.6%) (1.5%) 36.0% 6.3% NA 0.37x 5.9x 0.35x 3.3x RH RH 35.23 75.2% 1,434 568 226 1,776 2,195 175 7.4% 14.1% 32.9% 8.0% NM 0.81x 10.2x 1.17x 12.4x Select Comfort Corporation SCSS 23.61 83.3% 1,014 0 12 1,002 1,311 130 8.0% 10.9% 62.5% 9.9% 21.5x 0.76x 7.7x 1.04x 8.3x Sherwin-Williams Company SHW 307.95 97.2% 28,682 1,953 890 29,745 11,856 1,978 4.6% 5.2% 50.4% 16.7% 25.7x 2.51x 15.0x 2.92x 21.7x Williams-Sonoma, Inc. WSM 47.86 77.2% 4,179 125 75 4,229 5,089 670 3.2% 5.5% 36.7% 13.2% 14.3x 0.83x 6.3x 0.97x 7.0x Mean 69.6% $3,366 $498 $191 $3,673 $3,406 $392 1.5% 5.1% 40.9% 9.8% 17.7x 0.74x 7.9x 0.89x 7.6x Median 75.5% $915 $176 $91 $1,143 $1,814 $142 2.5% 4.3% 38.2% 9.9% 17.0x 0.72x 6.6x 0.93x 7.3x

PAGE | 11 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES(1)

Specialty & Other Retail Best Buy Co., Inc. BBY 44.06 89.2% 13,715 1,367 3,311 11,771 39,544 2,295 1.6% (0.6%) 23.7% 5.8% 13.4x 0.30x 5.1x 0.27x 6.2x Big 5 Sporting Goods Corporation BGFV 15.20 74.7% 335 13 8 340 1,021 50 (0.8%) 0.9% 31.8% 4.9% 19.7x 0.33x 6.8x 0.34x 4.9x Barnes & Noble, Inc. BKS $8.80 64.6% $640 $18 $12 $646 $3,950 $151 (11.7%) (14.6%) 28.2% 3.8% NM 0.16x NM 0.10x 3.8x Dick's Sporting Goods, Inc. DKS 47.31 75.2% 5,329 266 85 5,510 7,679 725 6.8% 8.1% 30.2% 9.4% 16.5x 0.72x 7.6x 0.89x 7.9x Home Depot, Inc. HD 146.61 97.7% 178,595 22,881 3,589 197,887 93,368 15,038 7.7% 5.6% 32.3% 16.1% 23.8x 2.12x 13.2x 2.52x 18.4x Hibbett Sports, Inc. HIBB 28.70 62.6% 630 3 41 592 972 122 3.7% 4.5% 33.4% 12.5% 9.8x 0.61x 4.9x 0.70x 4.6x MarineMax, Inc. HZO 21.45 91.3% 560 214 37 737 999 52 31.0% 18.9% 23.8% 5.2% 21.9x 0.74x 14.2x 1.24x 46.9x Lumber Liquidators Holdings, Inc. LL 18.68 92.9% 528 40 10 557 961 (28) (1.9%) (1.3%) 31.8% NM NM 0.58x NM 0.56x 4.1x Lowe's Companies, Inc. LOW 81.92 97.5% 70,943 15,195 1,083 85,055 62,469 6,526 7.0% 5.8% 32.3% 10.4% 29.7x 1.36x 13.0x 1.60x 15.0x Movado Group, Inc. MOV 24.35 76.2% 559 30 258 331 559 70 (6.0%) (0.6%) 53.9% 12.6% 16.1x 0.59x 4.7x 0.59x 3.8x Office Depot, Inc. ODP 4.48 56.6% 2,306 1,185 763 2,728 11,021 647 (23.9%) (0.7%) 24.5% 5.9% 4.7x 0.25x 4.2x 0.24x 7.0x Staples, Inc. SPLS 8.64 76.0% 5,638 1,048 1,137 5,549 18,247 1,359 (13.4%) (7.6%) 25.8% 7.4% NA 0.30x 4.1x 0.24x 3.2x Tiffany & Co. TIF 94.01 99.0% 11,710 1,107 986 11,832 4,002 952 (2.5%) (0.2%) 62.5% 23.8% 26.5x 2.96x 12.4x 2.95x 12.3x Tractor Supply Company TSCO 68.17 70.1% 8,912 301 54 9,159 6,780 840 8.9% 9.5% 32.2% 12.4% 20.8x 1.35x 10.9x 1.77x 14.9x Vitamin Shoppe, Inc. VSI 19.10 59.1% 455 132 3 584 1,289 132 1.8% 5.8% 31.3% 10.2% 18.4x 0.45x 4.4x 0.54x 4.1x Mean 78.9% $20,057 $2,920 $758 $22,219 $16,857 $1,929 0.6% 2.2% 33.2% 10.0% 18.4x 0.85x 8.1x 0.97x 10.5x Median 76.0% $2,306 $266 $85 $2,728 $4,002 $647 1.6% 0.9% 31.8% 9.8% 19.1x 0.59x 6.8x 0.59x 6.2x

PAGE | 12 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A1

Private Equity Announced Target Seller Buyer Involvement 3/30/2017 Gander Mountain Co. - Gordon Brothers Group P 3/21/2017 Professional Carwash Systems, Inc. - Lubrication Technologies, Inc. 3/20/2017 Arctic Glacier Group Holdings, Inc. H.I.G. Capital, LLC The Carlyle Group LP P 3/16/2017 Eastman Outdoors, Inc. - Snow Phipps Group / FeraDyne P 3/15/2017 1-800-FLOWERS.COM, Inc. (Sub) 1-800-FLOWERS.COM, Inc. Ferrero International SA 3/13/2017 Lifetime Brands, Inc. - Mill Road Capital Management LLC P 3/9/2017 Valenti Mid South Management Valenti Mid-South Management LLC NPC Quality Burgers, Inc. 3/2/2017 O Olive Oil, Inc. - Landec Corp. 2/22/2017 Skip Hop Fireman Capital Carter's P 2/21/2017 Popeyes Louisiana Kitchen, Inc. - Restaurant Brands International, Inc. 2/16/2017 Kohler Interiors Group Ltd. Kohler Co. Samson Investment Holding Co. 2/10/2017 Summit Research Labs, Inc. - Elementis Plc 2/7/2017 West Coast Coffee Co., Inc. - Farmer Brothers Co. 2/6/2017 Anova Applied Electronics, Inc. - Electrolux AB 2/2/2017 Mead Johnson Nutrition Co. - Reckitt Benckiser Group Plc P 2/1/2017 Calbee North America LLC - Calbee America, Inc. 1/26/2017 Belden, Inc. Belden, Inc. WIKA Alexander Wiegand SE & Co. KG 1/25/2017 Arctic Cat, Inc. - Textron, Inc. 1/24/2017 Bob Evans Farms, Inc. /522 Restaurants/ Bob Evans Farms, Inc. Golden Gate Private Equity, Inc. P 1/24/2017 Axiometrics, Inc. - RealPage, Inc. 1/23/2017 Home2 Suites By Hilton /Four Hotels/ Hilton Worldwide Holdings, Inc. Condor Hospitality Trust, Inc. 1/20/2017 Jaclyn, Inc. - Golden Touch Imports, Inc. 1/18/2017 Rural Broadband Investments LLC - Cable One, Inc. 1/4/2017 Time-It Lube Corp. /28 Stores/ Time-It Lube Corp. Valvoline, Inc.; Valvoline LLC 1/3/2017 Presto Absorbent Products, Inc. National Presto Industries, Inc. Drylock Technologies Ltd. 12/30/2016 Bonjour Beauty International Ltd. Town Health International Medical Group Ltd. Profit Castle Holdings Ltd. P 12/29/2016 FlyOver Canada Productions, Inc. - Viad Corp. 12/27/2016 KOMO Plaza Hines Global REIT, Inc. GI Manager LP P 12/20/2016 Ben & Florentine Restaurants, Inc. - Imvescor Restaurant Group, Inc. 12/14/2016 Innocor, Inc. - Bain Capital Investors LLC P 12/13/2016 Allen Edmonds Corp. - Caleres, Inc. 12/12/2016 DuPont Authentication, Inc. E.I. du Pont de Nemours & Co. De La Rue Plc 12/12/2016 Smith Mountain Industries, Inc. - Newell Brands, Inc. 12/7/2016 Pebble Technology Corp. - Fitbit, Inc. 12/7/2016 Hyatt Regency Pier Sixty-Six Boca Resorts LLC Tavistock Development Co. P 12/2/2016 Victoria Fine Foods LLC - B&G Foods, Inc. 12/2/2016 Cosi, Inc. - Milfam LLC; AB Opportunity Fund LLC; Cosi, Inc. /Private Group/ 11/25/2016 REINS International (USA) Co. Ltd. - Reins International, Inc. 11/22/2016 KeVita, Inc. - PepsiCo, Inc. P 11/22/2016 Bai Brands LLC - Dr Pepper Snapple Group, Inc. 11/18/2016 Natural Essence Group SPV - LifeBrandz Ltd. 11/17/2016 Bellisio Foods, Inc. - Charoen Pokphand Foods Public Co. Ltd. 11/17/2016 Ryeson Corp. - Snap-On, Inc. 11/16/2016 Elore Enterprises LLC - The Carlyle Group LP (Corporate Private Equity); Grupo EmpresarialP Palacios Alimentación SA 11/14/2016 Harman International Industries, Inc. - Samsung Electronics America, Inc. 11/14/2016 Too Faced Cosmetics LLC - Estee Lauder Cos., Inc. 11/14/2016 American Apparel LLC /American Apparel Brand/ American Apparel, Inc. Gildan Activewear, Inc. 11/10/2016 JemPak GK, Inc. - Acasta Enterprises, Inc. 11/9/2016 Kimpton Hotel Allegro - Hospitality Properties Trust 11/8/2016 GlassMasters Autoglass Ltd. - The Western Investment Co. of Canada Ltd. P 11/8/2016 ARG Wholesale Ltd. - Alberta Treasury Branches Financial; The Western Investment Co. Pof Canada Ltd.; Arg Wholesale Ltd. /Private Group/ 11/7/2016 Coleman Homes LLC - Toll Brothers, Inc. 11/4/2016 Dick Clark Productions, Inc. - Dalian Wanda Group Co., Ltd. 11/4/2016 Ultimate Survival Technologies, Inc. - Battenfeld Technologies, Inc. 11/3/2016 Angelic Bakehouse, Inc. - T. Marzetti Co., Inc. 10/31/2016 Performance Sports Group Ltd. - Fairfax Financial Holdings Ltd.; Sagard Capital Partners ManagementP Corp.; Performance Sports Group Ltd. /Private Group/ 10/31/2016 Grupo Modelo Sab De Cv /Obregon Brewery/ Anheuser-Busch InBev SA/NV Constellation Brands, Inc. 10/26/2016 Pacific Island Restaurants, Inc. - Restaurant Brands New Zealand Ltd. 10/25/2016 Courtyard By Marriott (Sunnyvale) Marriott International, Inc. Hersha Hospitality Trust 10/24/2016 Mactac Americas, LLC - LINTEC Corp. 10/17/2016 Constellation Brands Canada, Inc. Constellation Brands, Inc. Ontario Teachers' Pension Plan Board; Province of Ontario 10/17/2016 International Palms Resort & Conference Center Orlando Lone Star Funds Empresas Brasif SA P 10/17/2016 Charles Smith Wines LLC /Wines Business/ Charles Smith Wines LLC Constellation Brands, Inc. 10/12/2016 Newell Brands, Inc. /Tools Business/ Newell Brands, Inc. Stanley Black & Decker, Inc. 10/5/2016 Pocahontas Parkway Holdings LLC - Optrust Private Equity; GlobalVia Infraestructuras SA; PGGM Vermogensbeheer BV (Private Equity) 10/4/2016 High West Distillery & Saloon - Constellation Brands, Inc. 10/3/2016 Point Grey Research, Inc. - FLIR Systems, Inc. 10/3/2016 EPS Financial LLC Drake Enterprises Ltd. MetaBank 10/3/2016 Stone Canyon Industries LLC /2 Subsidiaries/ - Green Plains, Inc. 9/28/2016 Lafayette Puzzle Factory LLC - Cra-Z-Art LLC 9/23/2016 Fanlogic LLC - HeadsUp Entertainment 9/21/2016 Corby LLC - US Lighting Group, Inc. 9/21/2016 Frio Ice Chest Co. - Visual Promotions LLC 9/13/2016 David Michael & Co., Inc. - International Flavors & Fragrances 9/13/2016 SalonQuest LLC - Conair Corp. 9/12/2016 CID Entertainment LLC - Clearlake Capital Group LP P

PAGE | 13 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

Private Equity Announced Target Seller Buyer Involvement 9/9/2016 SRP Companies Seidler Equity Partners Aurora Capital Partners 9/6/2016 SharpShooter Imaging LLC - Magic Memories Group Holdings Ltd. 9/1/2016 L.O.P. Enterprises, Inc. - Vista Outdoor, Inc. 9/1/2016 Amety Ltd. - Park Lawn Corp. 9/1/2016 Jones Media, Inc. - Adams Publishing Group LLC 9/1/2016 New Homes Guide - NewPoint Media Group LLC 9/1/2016 Diversified Industrial Services - Orion Industries 8/31/2016 Focus Products Group International LLC /Kitchen Division/ - Lifetime Brands, Inc. 8/31/2016 Promax Nutrition Corp. /Sport Perfomance Brand/ - NuGo Nutrition 8/31/2016 Boomerang Carwash LLC - Zips Car Wash LLC 8/30/2016 Plus II Sanitation Supplies, Inc. - Bunzl Plc 8/30/2016 Apex Sanitation Products Ltd. - Bunzl Plc P 8/30/2016 800Razors.com LLC - Shave Mob LLC 8/30/2016 The River Club - Landeavor LLC 8/30/2016 Coast Apparel LLC - Delta Apparel, Inc. 8/30/2016 Heritage Golf Club - ClubCorp Holdings, Inc. 8/30/2016 True Contact - Appsbuyout P 8/29/2016 Playworld Systems, Inc. - Littlejohn & Co. LLC; PlayPower, Inc. 8/29/2016 Toulon Design - Callaway Golf Co. 8/19/2016 Affinity Sports - Dick's Sporting Goods, Inc. 8/17/2016 Ecodesarrollo Papagayo SA - Gencom Group 8/16/2016 RunHaven Moko Social Media Ltd. Calera Capital Advisors P 8/16/2016 RCL Benziger Publishing LLC New Mountain Learning LLC Kendall/Hunt Publishing Co. 8/16/2016 Alienation, Inc. - J&B Importers, Inc. 8/16/2016 LeftField Media LLC - Urban Exposition LLC 8/2/2016 Swimways Corp. - Spin Master Corp. 8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG 8/15/2016 Wisconsin Cemeteries - StoneMor Partners LP 8/15/2016 Pounds Media LLC - Snapshot Interactive LLC 8/12/2016 Edwards & Zuck DPC - Stantec, Inc. 8/12/2016 The Car Wash Barn - Car Wash Partners, Inc. 8/11/2016 Canada à la Carte Viad Corp. VBR Tours LLC 8/10/2016 Preptix LLC - Huddle, Inc. 8/10/2016 Dacor, Inc. - Samsung Electronics America, Inc. 8/10/2016 Sina Pearson Textiles, Inc. - Riverside Partners LLC (New York); Momentum Textiles, Inc.; MomentumP Group 8/10/2016 ECM Publishers, Inc. - Adams Publishing Group LLC 8/10/2016 Mocean Holding Co. Llc - SNC Technical Services LLC 8/9/2016 Stefano A, Inc. - JN Phillips Auto Glass, Inc. 8/9/2016 Hope River Entertainment - Moonstruck Management LLC 8/9/2016 Herington Times-Sun Printing & Publishing - Kansas Publishing Ventures LLC 8/8/2016 Becker & Mayer LLC The McEvoy Group LLC Quarto Publishing Group USA, Inc. 8/8/2016 Whistler Blackcomb Holdings, Inc. - Vail Resorts, Inc. 8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water TechnologiesP LLC 8/8/2016 Flick Brothers Auto Body - 3-D Body Works, Inc. 8/8/2016 Rooftop2 Productions, Inc. - Lagardère Sports SAS 8/5/2016 Pokervision Media, Inc. - Network Life Sciences, Inc. 8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada) 8/3/2016 Stein World Operating Co. - ELK Group International, Inc. 8/3/2016 Create-A-Treat Ltd. - Thomas H. Lee Partners LP; Give & Go Prepared Foods Corp. P 8/2/2016 Oak State Products, Inc. - Vestar Capital Partners, Inc.; Goldman Sachs Private Equity Group;P Hearthside Food Solutions LLC 8/2/2016 HC Operating Co. LLC - Avista Capital Holdings LP; WideOpenWest Finance LLC; Constitution Capital Partners LLC 8/2/2016 The GameTV Corp. Kilmer Group Anthem Sports & Entertainment Corp. 8/1/2016 Carstar Collision Care of Kings, Inc. /Cincinnati 10 Shops/ Carstar Collision Care of Kings, Inc. The Boyd Group, Inc. 7/29/2016 Dr. Smoothie Brands, Inc. Dr. Smoothie Enterprises Highlander Partners LP; Bevolution Group P 7/27/2016 Peds Legwear, Inc. - Gildan Activewear, Inc. 7/26/2016 Vizio Holdings, Inc. - Leshi Internet Information & Technology 7/26/2016 Legion Industries, Inc. - The Legacy Cos. 7/25/2016 Donna Karan International, Inc. LVMH Moët Hennessy Louis Vuitton SE G-III Apparel Group Ltd. 7/22/2016 Model in a Bottle - American International Industries P 7/19/2016 Golden Enterprises, Inc. - UTZ Quality Foods, Inc. 7/13/2016 Tessive LLC - RealD, Inc.; Rizvi Traverse Management LLC P 7/7/2016 Erno Laszlo, Inc. - CITIC Capital Partners Ltd. P 7/6/2016 First Act, Inc. - Alleghany Capital Partners LLC P 7/6/2016 Idaho Pacific Holdings, Inc. - Arlon Group LLC 7/5/2016 Source Media LLC /Traders Magazine/ Source Media LLC Markets Media LLC 7/5/2016 Hostess Brands LLC - The Gores Group LLC; Gores Holdings, Inc. P 7/5/2016 Thunder Jet - Brunswick Corp. 7/5/2016 Sea Crest Resort & Conference Center Scout Real Estate Capital LLC Delaware North Cos., Inc. 7/5/2016 D.K. Shifflet & Associates Ltd. - Peninsula Capital Partners LLC; MMGY Global Inc. 7/1/2016 Oliva Cigar Co. - V.D.M. Invest CVA; J. Cortès Cigars NV 7/1/2016 Harris Publications, Inc. - Athlon Media Group 7/1/2016 Supplies On The Fly Instawares Holding Co. LLC Sysco Corp. 7/1/2016 Heartland Habitat for Humanity, Inc. - Habitat For Humanity Kansas City, Inc. 6/30/2016 VF Corp. /Contemporary Premium Brand Business/ VF Corp. Delta Galil Industries Ltd. 6/30/2016 The Hershey Co. - Mondelez International, Inc. 6/28/2016 Peekaboo Child Care Centre, Inc. /Child Care Centres (20)/Peekaboo Child Care Centre, Inc. BrightPath Early Learning, Inc.

PAGE | 14 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

M&A TRANSACTIONS

RECENT NORTH AMERICAN CONSUMER M&A (CONTINUED)1

Private Equity Announced Target Seller Buyer Involvement 6/28/2016 Mile High Hoodies LLC - Vaprwear Gear LLC 6/28/2016 ABT Power Management, Inc. - Total Fleet Solutions Ltd. 6/27/2016 Clean Ones Corp. - Butler Home Products LLC 6/26/2016 Bromeland Publishing, Inc. /Scuttlebutt Magazine/ Bromeland Publishing, Inc. Forum Communications Co. 6/24/2016 The Sun Products Corp. - Henkel AG & Co. KGaA 6/24/2016 Skullcandy, Inc. - Incipio Technologies, Inc. 6/23/2016 HDMI Digital Media, Inc. - 8020 Connect, Inc. 6/22/2016 Hillcrest Golf & Country Club LP - PulteGroup, Inc. 6/22/2016 Binder Casting - RWS & Associates Entertainment, Inc. 6/22/2016 Collision Care Auto Body Centers, Inc. - Caliber Bodyworks, Inc. 6/21/2016 Fodors LLC Bertelsmann SE & Co. KGaA Kohlberg Kravis Roberts & Co. LP; Internet Brands, Inc. P 6/20/2016 Plantation Patterns LLC - Kohlberg & Co. LLC; NBGroup LLC 6/17/2016 Vista Clara Ranch Spa Resort - The Chi Center, Inc. 6/17/2016 Autism Behavioral Consulting, Inc. - CARD Capital 6/16/2016 Elizabeth Arden, Inc. - Revlon, Inc. 6/15/2016 24 Hour Fitness USA, Inc. 24 Hour Fitness Worldwide, Inc. Gold's Gym International, Inc. 6/15/2016 EBONY Magazine Johnson Publishing Co., Inc. Clear View Group LLC 6/13/2016 Georgia International Travel, Inc. - ABRY Partners LLC; Direct Travel, Inc. P 6/13/2016 Superior Cake Products, Inc. - Hostess, Apollo Global Management 6/13/2016 Charlebois Truck Parts, Inc. - FleetPride, Inc.; TPG Capital Management LP 6/10/2016 Generation Brands Holdings Quad-C Management, Inc. AEA Investors LP P 6/6/2016 Aardvark Safaris, Inc. - Inflexion Private Equity Partners LLP; Scott Dunn 6/3/2016 EdgeCraft Corp. Domajaparo, Inc. The Legacy Cos. 6/2/2016 Vogue International LLC - Johnson & Johnson 6/2/2016 Gurwitch Products LLC (New York) - Shiseido Americas Corp. 6/1/2016 The Redbury Hotel Alticor Global Holdings, Inc. 1717 Vine LLC 5/27/2016 Fly by Wings SA de CV /6 Wings Restaurants/ - Operadora y Administradora de Restaurantes Gigante SA de CV 5/25/2016 Tripoli Country Club, Inc. Pebblebrook Hotel Trust University Club of Milwaukee 5/24/2016 Keenmount Ltd. - Global Harvest, Inc. (BVI) 5/24/2016 Chinook Asia LLC /Mozo Shoes Brand/ CMR SAB de CV Advent International Corp.; AEA Investors LP; Shoes for Crews LLC; CCMP Capital Advisors LP; SFC Holdings LLC 5/23/2016 Conagra Foods, Inc. /Spicetec Flavors & Seasonings Business/3G Capital Partners LP (New York) Givaudan SA 5/20/2016 Hudson Lock LLC - Jacob Holtz Co. P 5/19/2016 John C. Nordt, Inc. - Richline Group, Inc. 5/19/2016 MMO Music Group, Inc. - Hal Leonard Corp. 5/18/2016 Global Fantasy Sports, Inc. Chinook Asia LLC Satya Worldwide, Inc. 5/18/2016 Empacadora Ponderosa SA de CV ConAgra Foods, Inc. Grupo Bafar SAB de CV 5/18/2016 Traveline Travel Agency, Inc. - ABRY Partners LLC; Direct Travel, Inc. 5/16/2016 High Ridge Brands Co. - Clayton, Dubilier & Rice, Ltd. P 5/12/2016 P& Christina Aguilera Line - Elizabeth Arden, Inc.. 5/10/2016 Gaiam Inc. - Sequential Brands Group (NasdaqCM:SQBG) 5/9/2016 Baby Tula LLC - The ERGO Baby Carrier, Inc. 5/9/2016 Jade Swimwear L.P - The Riverside Company P 5/9/2016 The Mountain Corporation - Gladstone Investment Corporation 5/5/2016 Go Green Hydroponics Inc. OSL Holdings Inc. (OTCPK:OSLH) Growlife, Inc. (OTCPK:PHOT) 5/4/2016 A and G, Inc. Ennis Inc. (NYSE:EBF) Gildan Activewear Inc. (TSX:GIL) 5/2/2016 ReNew Life Formulas, Inc. Swander Pace Capital The Clorox Company (NYSE:CLX) P 4/29/2016 Norvell Skin Solutions, LLC - MT Industries, Inc. 4/29/2016 Eagle One Industries, Inc. Niteo Products, LLC American Covers Inc. 4/27/2016 Baby Trend Inc. - Alpha Group (SZSE:002292) 4/27/2016 Gemvara, Inc. Canaan Partners; Highland Capital Partners; NorwestRichline Venture Group, Partners; Inc. Balderton Capital 4/26/2016 NeoStrata Company, Inc. McGovern Capital LLC Johnson & Johnson Consumer Inc. P 4/25/2016 Twin-Star International, Inc. Trivest Partners, L.P. Z Capital Management LLC P 4/19/2016 Southern Tide, LLC Brazos Private Equity Partners, LLC; Golub Capital CPOxford Funding, of South LLC; Carolina, Golub Capital Inc. Pearls Direct Lending Program, L.P;P CenterOak Partners LLC; S/T Group Blocker, Inc.; GCP Southern Tide Coinvest, Inc.; S/T Group AIV2, LP; S/T Group AIV1, LP; GCP Equity Ltd.

HW&CO. CONSUMER TEAM

Tim Alexander Ed Arkus Ryan Budlong Glenn Gurtcheff Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] +1 (612) 359-2716 +44 20 7518 8905 +1 (415) 217-3409 +1 (612) 359-2702

John Neuner IV Brent Spiller Will Bain Corey Benjamin Managing Director Managing Director Director Director [email protected] [email protected] [email protected] [email protected] +1 (804) 915-0125 +1 (804) 915-0183 +44 20 7518 8906 +1 (804) 932-1342

Brant Cash Ryan Freeman Zach England Beau Pierce Andy Warczak Director Director Vice President Vice President Vice President [email protected] [email protected] [email protected] [email protected] [email protected] +1 (612) 359-2709 +1 (612) 359-2703 +1 (415) 217-3429 +1 (804) 887-6113 +1 (612) 359-2714

PAGE | 15 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

OUR FIRM

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website.

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PAGE | 16 CONSUMER AND RETAIL INDUSTRY UPDATE │ MARCH 2017

HARRIS WILLIAMS & CO.

SOURCES

1) FactSet

2) Thomson Financial.

3) Reuters.

4) S&P Capital IQ LCD.

DISCLOSURES

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

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