Consumer and Retail Industry Update February 2012

Member FINRA/SIPC

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

What We’ve Been Reading • comScore reports that U.S. online retail spending reached $49.7 billion during the fourth quarter of 2011, up 14% versus the fourth quarter of 2010. “This growth rate represented the ninth consecutive quarter of positive year-over-year growth... For the entire 2011 year, U.S. retail e-commerce spending reached a record $161.5 billion, marking a 13-percent increase from 2010.” Read the press release here.

• “The Pep Boys – Manny, Moe & Jack (NYSE: PBY), the nation’s leading automotive aftermarket service and retail chain, announced… that it has entered into a definitive merger agreement under which it will be acquired by The Gores Group, one of the nation’s leading investment firms, led by founder and CEO, Alec Gores. Total enterprise value of the transaction is approximately $1.0 billion.” Read the full announcement here.

• The New York Times reports that retail spending in the U.S. rose by a seasonally adjusted 0.4% in January. “The positive data suggested that hiring gains have raised confidence and were encouraging more people to spend. Retail sales have risen about 21 percent since hitting a recession low. And they're nearly 6 percent above their pre-recession high.” 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 February 2012

Median Median TEV/ Median TEV/ Key Trading Number of Sector Enterprise 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 35 $1,426 14.9% 3.1% 1.13x 9.8x 1.12x 8.5x Automotive Products 13 2,252 18.8% 30.1% 0.55x 10.9x 0.51x 9.8x Home & Office Furniture & Furnishings 14 730 15.9% (20.1%) 0.60x 8.4x 0.67x 7.0x Household Products 11 4,433 13.6% (3.7%) 1.29x 8.4x 1.28x 8.2x Personal Care Products 17 1,933 10.8% 10.9% 1.42x 8.7x 1.51x 8.9x Recreational & Leisure Products 21 377 26.5% 20.4% 0.91x 10.1x 0.99x 7.5x Retail Apparel & Footwear Retail 45 1,031 17.1% 1.1% 0.76x 6.8x 0.69x 6.1x Catalog & Specialty Distribution 8 447 7.7% 0.2% 0.17x 6.3x 0.16x 5.7x Department Chains 9 9,756 18.8% (3.0%) 0.63x 6.2x 0.65x 6.7x Discount Stores & Mass Merchants 13 3,120 6.4% 4.4% 0.62x 7.8x 0.65x 7.5x Furniture & Furnishings Retailers 14 1,121 18.9% 12.1% 0.96x 8.5x 0.93x 7.6x Internet Retail 13 646 10.7% (19.7%) 1.43x 12.5x 1.17x 8.9x Specialty & Other Retail 30 1,193 11.9% 2.1% 0.64x 8.4x 0.55x 7.7x Consumer Products 111 $1,679 15.4% 7.0% 1.02x 9.2x 1.06x 8.4x Retail 132 $1,121 11.9% 1.1% 0.64x 7.8x 0.65x 7.5x Consumer & Retail Index 243 $1,193 14.9% 2.1% 0.76x 8.4x 0.69x 7.6x

Public

Company Automotive Products

Sector Recreational & Leisure Products Performance Furniture & Furnishings Retailers (12-month % Personal Care Products change in Discount Stores & Mass Merchants stock price) S&P 500

Apparel & Footwear

Consumer & Retail Index

Specialty & Other Retail

Apparel & Footwear Retail Catalog & Specialty Distribution Department Chains

Household Products

Internet Retail Home & Office Furniture & Furnishings

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

2 of 16 Equity Markets Overview February 2012

140 Consumer and Retail 31.6% Industry Stock 120 Performance 19.1%

0.9%

100 Index 80

40 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-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 02/15/12 12/15/10 Black Diamond Inc BDE Follow-On $58.1 General Corp. Purp. and Reduce Indebtedness 02/07/12 02/06/12 Sally Beauty Holdings Inc SBH Follow-On 422.0 General Corp. Purp.

01/26/12 01/18/12 Francesca's Holdings Corp FRAN Follow-On 239.2 General Corp. Purp.

12/08/11 12/06/11 Express Inc EXPR Follow-On 368.0 General Corp. Purp.

12/06/11 11/23/11 Bankrate Inc RATE Follow-On 251.6 General Corp. Purp.

12/06/11 03/01/10 Dollar General Corp DG Follow-On 1,121.3 General Corp. Purp.

11/17/11 06/10/11 Mattress Firm Holding Corp MFRM IPO 105.6 General Corp. Purp.

10/19/11 05/24/11 Coldwater Creek Inc CWTR Follow-On 22.5 General Corp. Purp.

10/12/11 11/18/10 Sally Beauty Holdings Inc SBH Follow-On 346.7 General Corp. Purp.

09/15/11 09/02/11 RPX Corp RPXC Follow-On 70.7 General Corp. Purp.

09/13/11 10/05/09 ExlService Holdings Inc EXLS Follow-On 92.0 General Corp. Purp. and Reduce Indebtedness 09/08/11 09/07/11 Dollar General Corp DG Follow-On 999.1 General Corp. Purp.

08/19/11 08/05/11 Swisher Hygiene Inc SWI Follow-On 45.3 General Corp. Purp.

07/21/11 06/24/10 Francesca's Holdings Corp FRAN IPO 195.5 General Corp. Purp. and Reduce Indebtedness

3 of 16 M&A Overview February 2012

1 Announced 120 Quarterly Consumer M&A Activity Last 10 Deals Announced Consumer Announced Target Buyer and Retail 100 2/17/2012 Nixon, Inc. Trilantic Capital 26 2/15/2012 Skyway Luggage Company Ricardo Beverly Hills

M&A 2/13/2012 US Marine Lights Warrior Girl Corp. __ 80 14 2/10/2012 Sycamore Ventures, Inc. Aero Financial 9 5 2/8/2012 Red Rock Products, Inc. Shockoe Commerce Group 6 9 2/6/2012 FilzFelt, Inc. Knoll Inc. 10 15 13 13 60 13 2/6/2012 Richard Schultz Design, Inc. Knoll Inc. 19 11 9 2/3/2012 Swank Inc. Randa Corp. 2/1/2012 United Retail Group, Inc. Versa Capital Management 1/31/2012 Quartermaster, Inc. Galls 40 81 4 Number Number ofTransactions 74 72 72 65 5 61 64 55 56 56 54 50 LTM Deal Statistics 48 46 20 37 31 Aggregate Number Transaction Multiples Value ($bn) of Deals EV / Revenue EV / EBITDA

0 $32.9 273 0.88x 9.4x 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Note: Transactions based on publicly available information PEG Acquirer Strategic Acquirer Consumer and Announced Consumer Transactions Median Consumer Transaction Multiples Retail M&A $100 500 16.0x 1.75x 450 Trends $84.9 $79.7 14.0x 1.50x

$80 400 __ Number Transactionsof

12.0x 11.2x EV / LTM Sales Multiple 11.0x 10.7x 350 10.3x 1.25x 10.0x $60 300 8.9x 8.4x 1.00x 250 8.0x 6.6x $40.3 0.75x $40 200 6.0x $28.6 $29.6 150 0.50x

$22.1 __ 4.0x __ $20 100 Multiple EBITDA LTM / EV 2.0x 0.25x

$2.8 50 Aggregate Transaction Value ($ in billions) in ($ Value AggregateTransaction $0 0 0.0x 0.00x 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 Aggregate Deal Value # of deals EV / LTM EBITDA EV / LTM Sales

Median LTM Median LTM Trading Multiples Consumer PEG Investments and Exits 12.0x 120 Trading 110 Multiples and 10.2x 10.2x 10.3x 9.9x 9.8x 9.7x 9.7x 9.6x 9.6x 97 10.0x 9.4x 9.4x 100 Announced 8.9x 8.7x 8.8x 8.6x 8.6x 8.4x 8.2x 8.3x 8.2x

' 81 Private Equity 7.7x 7.8x 8.0x 7.7x 80 M&A Activity 73 71 73 6.4x 59 59 59 6.0x 60 53 54 54 53 49

4.0x 37 40 33

30 Median Trading Multiples Trading Median Numberof Investments 27

2.0x 20

5 3 0.0x 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Number of Investments Number of Exits Consumer Products Retail

(1) 1Q12 data is QTD. 4 of 16 Debt Market Overview February 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 AverageSpread Over LIBOR L + 100

$2 Loan VolumeLoan byQuarter ($ billions)in $0 L + 0 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional

Credit Statistics Average Secondary Spread 8.0x L + 1200 2006 2007 2008 2009 2010 2011 L + 1000 6.0x L + 800

4.0x L + 600

L + 400 EBITDA Multiple EBITDA 2.0x

AverageSpread 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 02/22/12 Tropicana Entertainment Hotels and motels $175,000,000 Term Loan B NR / WR 600 Consumer and 02/22/12 AMC Entertainment Inc Motion picture theaters, ex drive-in 300,000,000 Term Loan B- / B2 350 Retail Debt 02/22/12 Jarden Corp (fka Alltrista Corp) Electric housewares and fans 175,000,000 Term Loan A BB- / Ba3 225 02/22/12 Jarden Corp (fka Alltrista Corp) Electric housewares and fans 175,000,000 Term Loan B BB- / Ba3 300 Offerings 02/22/12 ThermaSys Corp Motor vehicle parts and accessories 112,000,000 Other Loan NR / NR 450 02/22/12 Mohegan Tribal Gaming Amusement and recreation 225,000,000 Term Loan CC / Caa2 750 02/22/12 Phillips & Temro Industries Motor vehicle parts and accessories 15,000,000 Revolver/Line >= 1 Yr. NR / NR 575 02/22/12 Phillips & Temro Industries Motor vehicle parts and accessories 71,000,000 Term Loan A NR / NR 575 02/22/12 CVS Caremark Corp Drug stores and proprietary stores 1,000,000,000 Revolver/Line >= 1 Yr. BBB+ / Baa2 112.5 02/22/12 Nexteer Automotive Corp Motor vehicles and car bodies 165,000,000 Revolver/Line >= 1 Yr. NR / NR 300 02/22/12 Dealer Tire LLC Tires and tubes 125,000,000 Revolver/Line >= 1 Yr. NR / NR 175 02/22/12 Dealer Tire LLC Tires and tubes 85,000,000 Term Loan NR / NR 175 02/22/12 Acuity Brands Inc Electric lamps 250,000,000 Revolver/Line >= 1 Yr. BBB- / Baa3 150 02/22/12 Grand Traverse Band Amusement and recreation 48,000,000 Term Loan NR / NR 225 02/22/12 WM Barr & Co Paints and allied products 30,000,000 Term Loan NR / NR 275 02/22/12 WM Barr & Co Paints and allied products 40,000,000 Revolver/Line >= 1 Yr. NR / NR 275 02/22/12 Pep Boys (Manny Moe & Jack) Auto and home supply stores 875,000,000 Other Loan B- / WR N/A 02/22/12 Foot Locker Shoe stores 200,000,000 Revolver/Line >= 1 Yr. BB-i / B1 150 02/22/12 JC Penney Co Department stores 1,250,000,000 Revolver/Line >= 1 Yr. BB+ / Ba1 200 02/22/12 Vestcom International Inc Miscellaneous retail stores 10,000,000 Revolver/Line >= 1 Yr. NR / NR 200 02/22/12 Vestcom International Inc Miscellaneous retail stores 60,000,000 Term Loan A NR / NR 200 02/22/12 Federal Signal Motor vehicles and car bodies 100,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 02/22/12 Federal Signal Motor vehicles and car bodies 215,000,000 Term Loan NR / NR N/A 02/22/12 Carhartt Inc Men's and boys' work clothing 135,000,000 Revolver/Line < 1 Yr. NR / NR N/A

5 of 16 Consumer and Retail Industry Update February 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 2/17/12 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 $43.47 98.4% $2,547 $236 $82 $2,701 $1,998 $233 19.0% 11.1% 33.7% 11.7% 22.3x 1.35x 11.6x 1.18x 11.0x Cherokee Inc. CHKE 11.44 57.9% 96 8 8 96 27 10 (13.0%) (11.4%) 100.0% 36.1% 16.5x 3.55x 9.8x 3.62x NA Coach, Inc. COH 75.03 97.8% 21,591 24 1,086 20,530 4,481 1,516 13.2% 11.4% 72.3% 33.8% 23.5x 4.58x 13.5x 4.01x 11.2x Columbia Sportswear Company COLM 49.67 70.3% 1,670 0 244 1,426 1,694 180 14.2% 8.7% 43.4% 10.6% 16.4x 0.84x 7.9x 0.82x 7.5x Crocs, Inc. CROX 20.71 63.8% 1,869 1 220 1,650 976 174 30.8% 6.0% 53.7% 17.9% 16.9x 1.69x 9.5x 1.44x 8.0x Deckers Outdoor Corp. DECK 89.47 75.2% 3,454 45 90 3,409 1,204 272 31.0% 27.5% 50.2% 22.6% 21.5x 2.83x 12.5x 2.27x 10.3x Delta Apparel Inc. DLA 16.25 81.8% 137 121 0 258 492 30 10.0% 12.5% 23.6% 6.1% 27.8x 0.52x 8.6x 0.51x 6.9x G-III Apparel Group, Ltd. GIII 26.22 57.8% 518 245 16 747 1,207 105 22.3% 21.7% 31.0% 8.7% 9.3x 0.62x 7.1x 0.56x 6.9x Gildan Activewear Inc. GIL 25.40 66.7% 3,087 305 42 3,350 1,699 234 19.4% 12.8% 21.3% 13.8% 19.6x 1.97x 14.3x 1.69x 10.3x Hanesbrands Inc. HBI 26.97 80.8% 2,631 2,038 35 4,633 4,637 569 7.2% 3.0% 33.2% 12.3% 10.0x 1.00x 8.1x 0.96x 9.0x Iconix Brand Group, Inc. ICON 21.04 80.8% 1,550 636 222 1,963 362 228 16.7% 20.0% 100.0% 63.0% 13.1x 5.42x 8.6x 5.26x 8.3x The Jones Group Inc. JNY 9.87 61.6% 798 857 239 1,416 3,785 260 3.9% 1.5% 35.5% 6.9% 16.2x 0.37x 5.4x 0.37x 4.9x Kenneth Cole Productions Inc. KCP 12.85 91.5% 233 0 39 194 469 17 5.1% (2.0%) 39.2% 3.5% NM 0.41x 11.7x 0.39x 7.2x K-Swiss Inc. KSWS 3.35 25.7% 119 10 31 99 268 (57) 23.8% (6.4%) 34.5% NM NM 0.37x NM 0.37x NM Lacrosse Footwear Inc. BOOT 13.24 69.7% 86 17 1 102 131 9 (12.8%) 0.9% 39.0% 7.0% 29.4x 0.78x 11.1x NA NA Liz Claiborne Inc. LIZ 9.86 94.3% 933 747 12 1,668 2,408 14 25.8% (17.2%) 51.9% 0.6% NM 0.69x 119.2x 1.09x 14.0x Maidenform Brands, Inc. MFB 21.60 67.1% 508 69 52 525 600 82 9.7% 13.1% 33.9% 13.7% 11.7x 0.87x 6.4x 0.84x 7.0x Nike Inc. NKE 106.68 99.1% 48,957 471 3,366 46,062 22,657 3,353 14.3% 4.9% 44.2% 14.8% 22.8x 2.03x 13.7x 1.81x 12.7x Oxford Industries Inc. OXM 52.17 99.1% 861 107 5 962 717 92 21.6% (10.4%) 55.2% 12.8% 36.2x 1.34x 10.5x 1.23x 9.2x Perry Ellis International Inc. PERY 17.74 54.0% 235 200 21 413 958 78 22.9% 3.2% 34.0% 8.2% 8.9x 0.43x 5.3x 0.40x 5.0x PVH Corp. PVH 82.23 99.1% 5,559 2,104 160 7,504 5,756 730 49.4% 32.1% 52.6% 12.7% 21.3x 1.30x 10.3x 1.24x 9.1x Ralph Lauren Corporation RL 174.47 97.8% 16,109 266 1,202 15,173 6,664 1,248 19.6% 9.8% 58.3% 18.7% 25.5x 2.28x 12.2x 2.05x 11.0x Quiksilver Inc. ZQK 4.69 82.3% 766 748 110 1,404 1,953 183 6.3% (4.8%) 52.4% 9.4% NM 0.72x 7.7x 0.68x 6.7x Rocky Brands, Inc. RCKY 12.25 74.4% 92 35 4 123 240 24 (5.2%) (2.6%) 36.7% 9.9% 11.0x 0.51x 5.2x 0.49x 4.1x Skechers USA Inc. SKX 13.04 59.0% 651 137 351 436 1,614 (58) (19.8%) 3.8% 39.1% NM NM 0.27x NM 0.29x 6.8x Steven Madden, Ltd. SHOO 43.22 98.8% 1,853 0 39 1,813 850 154 38.4% 24.5% 39.1% 18.1% 20.4x 2.13x 11.8x 1.56x 9.9x Summer Infant, Inc. SUMR 4.98 52.5% 87 64 2 149 234 18 28.0% 24.4% 34.3% 7.7% 18.9x 0.64x 8.3x 0.57x 6.7x Taiga Building Products Ltd. TBL 0.60 55.0% 19 210 0 230 931 31 (5.2%) 3.3% 9.6% 3.3% 5.0x 0.25x 7.5x NA NA True Religion Apparel Inc. TRLG 26.88 71.1% 675 0 200 474 420 92 15.4% 15.8% 64.8% 21.8% 14.9x 1.13x 5.2x 1.03x 5.0x Under Armour, Inc. UA 84.87 97.1% 4,389 78 175 4,291 1,473 199 38.4% 26.6% 48.4% 13.5% 45.9x 2.91x 21.6x 2.39x 17.2x V.F. Corporation VFC 147.05 98.4% 16,229 2,116 341 18,004 9,459 1,444 22.8% 7.4% 45.8% 15.3% 18.4x 1.90x 12.5x 1.63x 10.5x Vera Bradley, Inc. VRA 37.35 71.3% 1,513 66 8 1,570 436 99 27.5% NA 55.9% 22.8% 29.3x 3.60x 15.8x 3.13x 12.7x Warnaco Group Inc. WRC 60.02 92.3% 2,430 257 179 2,508 2,490 320 12.7% 6.1% 43.7% 12.9% 16.2x 1.01x 7.8x 0.95x 7.5x Weyco Group Inc. WEYS 24.78 90.9% 270 44 15 299 259 25 14.8% 3.4% 39.5% 9.6% 18.9x 1.16x 12.0x NA NA Wolverine World Wide Inc. WWW 38.79 89.5% 1,873 1 140 1,734 1,409 186 12.9% 4.9% 39.5% 13.2% 15.6x 1.23x 9.3x 1.15x 8.7x Mean 77.8% 4,126 350 250 4,226 2,427 346 15.5% 7.8% 45.4% 14.9% 19.5x 1.51x 13.4x 1.44x 8.8x Median 80.8% 933 107 52 1,426 1,204 154 15.4% 6.1% 39.5% 12.8% 18.7x 1.13x 9.8x 1.12x 8.5x

Automotive Products America's Car-Mart Inc. CRMT $45.95 99.0% $440 $77 $0 $517 $420 $55 15.2% 12.2% 31.3% 13.2% 15.0x 1.23x 9.3x 1.09x NA Asbury Automotive Group, Inc. ABG 25.92 95.3% 824 797 8 1,612 4,277 164 8.7% 1.5% 16.9% 3.8% 17.6x 0.38x 9.8x 0.35x 8.7x AutoNation Inc. AN 35.00 84.2% 4,617 2,999 67 7,549 13,832 656 11.0% 1.5% 16.7% 4.7% 18.1x 0.55x 11.5x 0.51x 11.1x AutoZone Inc. AZO 360.21 99.5% 14,178 3,354 110 17,422 8,206 1,730 8.5% 7.8% 51.1% 21.1% 17.6x 2.12x 10.1x 2.00x 9.3x CarMax Inc. KMX 30.18 81.5% 6,838 4,495 384 10,949 10,031 725 14.2% 10.0% 16.1% 7.2% 17.0x 1.09x 15.1x 1.06x 14.8x Group 1 Automotive Inc. GPI 54.80 95.0% 1,181 1,297 15 2,463 6,080 225 10.4% 2.4% 15.8% 3.7% 15.8x 0.41x 10.9x 0.36x 10.4x

6 of 16 Consumer and Retail Industry Update February 2012

Home & Office Furniture & Furnishings Furniture Brands International Inc. FBN $1.78 32.8% $99 $77 $25 $150 $1,108 ($14) (4.5%) (14.0%) 24.1% NM NM 0.14x NM 0.14x NM Herman Miller Inc. MLHR 21.53 74.4% 1,248 250 191 1,308 1,760 184 21.9% (3.7%) 33.2% 10.4% 15.2x 0.74x 7.1x 0.75x 6.9x HNI Corp. HNI 26.42 72.4% 1,184 181 82 1,283 1,833 132 8.7% (9.0%) 34.9% 7.2% 26.2x 0.70x 9.8x 0.66x 8.1x Hooker Furniture Corp. HOFT 12.61 85.5% 136 0 33 103 223 10 4.7% (8.0%) 21.0% 4.3% 32.3x 0.46x 10.7x 0.43x 5.7x Kid Brands, Inc. KID 3.44 35.2% 74 65 2 138 265 10 (1.2%) 43.3% 25.4% 3.9% 4.0x 0.52x 13.4x 0.51x 5.3x Kimball International, Inc. KBAL.B 6.59 83.5% 181 0 32 150 1,165 41 (1.1%) (4.5%) 17.1% 3.5% 37.7x 0.13x 3.7x NA NA Knoll Inc. KNL 16.05 70.6% 744 212 28 928 922 110 13.9% (6.3%) 31.9% 11.9% 12.9x 1.01x 8.4x 1.01x 8.8x Leggett & Platt, Incorporated LEG 21.95 81.4% 3,060 836 236 3,659 3,636 355 8.2% (3.7%) 18.3% 9.8% 21.1x 1.01x 10.3x 0.98x 8.6x Libbey Inc. LBY 13.95 75.7% 277 397 58 616 819 105 2.2% 0.3% 20.6% 12.9% 12.2x 0.75x 5.8x 0.74x 4.8x Natuzzi SpA NTZ 3.47 71.8% 190 54 133 111 657 5 (10.2%) (10.9%) 34.5% 0.7% NM 0.17x 23.5x NA NA Sealy Corporation ZZ 1.59 52.0% 160 792 108 844 1,230 112 0.9% (2.9%) 38.9% 9.1% NM 0.69x 7.5x 0.68x 7.0x Steelcase Inc. SCS 9.51 78.5% 1,204 292 166 1,330 2,682 188 13.4% (7.9%) 30.4% 7.0% 24.4x 0.50x 7.1x 0.47x 5.9x Tempur Pedic International Inc. TPX 73.56 96.9% 4,693 586 111 5,168 1,418 375 28.3% 15.2% 52.4% 26.4% 23.1x 3.64x 13.8x 3.15x 11.6x The Dixie Group, Inc. DXYN 4.48 89.6% 56 75 0 131 270 17 23.3% (3.5%) 24.3% 6.2% 28.0x 0.49x 7.9x 0.48x NA Mean 71.5% 951 273 86 1,137 1,285 116 7.7% (1.1%) 29.1% 8.7% 21.6x 0.78x 9.9x 0.83x 7.3x Median 75.1% 234 196 70 730 1,136 108 6.5% (4.1%) 27.9% 7.2% 23.1x 0.60x 8.4x 0.67x 7.0x

Household Products Central Garden & Pet Co. CENT $8.51 74.8% $432 $461 $28 $864 $1,649 $109 7.3% (0.7%) 29.8% 6.6% 18.3x 0.52x 7.9x 0.51x 7.1x The Clorox Company CLX 68.49 90.8% 8,890 2,896 298 11,488 5,312 1,084 2.9% (0.8%) 42.8% 20.4% 17.0x 2.16x 10.6x 2.09x 10.0x iRobot Corporation IRBT 26.00 66.7% 703 0 184 519 466 64 16.1% 14.8% 41.3% 13.7% 18.1x 1.11x 8.2x 1.07x 8.2x Jarden Corp. JAH 34.51 92.0% 3,133 3,159 808 5,485 6,680 763 10.9% 7.5% 27.8% 11.4% 14.9x 0.82x 7.2x 0.80x 6.5x Newell Rubbermaid Inc. NWL 19.26 94.5% 5,576 2,177 170 7,582 5,865 895 1.8% (3.2%) 37.6% 15.3% 42.8x 1.29x 8.5x 1.28x 8.3x Prestige Brands Holdings, Inc. PBH 13.50 98.4% 681 430 4 1,106 403 119 30.1% 8.6% 51.8% 29.5% 15.7x 2.74x 9.3x 1.89x 5.7x Snap-on Inc. SNA 62.16 96.6% 3,630 984 181 4,433 2,979 532 11.1% 0.5% 47.4% 17.9% 13.2x 1.49x 8.3x 1.47x 8.7x Stanley Black & Decker, Inc. SWK 75.36 96.4% 12,728 3,452 907 15,274 10,376 1,561 23.4% 32.8% 36.9% 15.0% 18.6x 1.47x 9.8x 1.36x 7.7x Toro Co. TTC 60.55 88.5% 1,821 227 81 1,967 1,884 233 11.5% 0.1% 33.8% 12.4% 16.4x 1.04x 8.4x 1.00x 8.3x Tupperware Brands Corporation TUP 61.21 85.0% 3,511 611 138 3,984 2,585 432 12.4% 6.1% 66.6% 16.7% 17.2x 1.54x 9.2x 1.50x 8.5x Whirlpool Corp. WHR 71.03 77.0% 5,429 2,491 1,109 6,811 18,666 1,486 1.6% (0.4%) 13.8% 8.0% 14.2x 0.36x 4.6x 0.36x 4.6x Mean 87.3% 4,230 1,535 355 5,410 5,169 662 11.7% 5.9% 39.1% 15.2% 18.8x 1.32x 8.4x 1.21x 7.6x Median 90.8% 3,511 984 181 4,433 2,979 532 11.1% 0.5% 37.6% 15.0% 17.0x 1.29x 8.4x 1.28x 8.2x

Personal Care Products All for One Midmarket AG ACV $11.77 83.6% $57 $7 $24 $40 $121 $10 13.3% 0.7% 23.9% 8.6% 9.1x 0.33x 3.9x NA NA American Oriental Bioengineering Inc. AOB 0.71 29.7% 56 123 83 96 243 36 (24.6%) 2.5% 48.7% 14.7% 4.2x 0.39x 2.7x 0.41x NA Avon Products Inc. AVP 19.19 60.7% 8,267 3,251 1,009 10,508 11,427 1,518 7.1% 1.4% 63.5% 13.3% 11.3x 0.92x 6.9x 0.93x 7.7x

7 of 16 Consumer and Retail Industry Update February 2012

Recreational & Leisure Products Arctic Cat Inc. ACAT $34.47 97.8% $436 $0 $76 $360 $560 $54 17.9% (4.4%) 22.5% 9.6% 24.2x 0.64x 6.7x 0.58x 5.2x Brunswick Corporation BC 24.47 88.3% 2,180 693 415 2,458 3,748 320 10.1% (7.3%) 23.4% 8.5% 31.4x 0.66x 7.7x 0.63x 7.1x Callaway Golf Co. ELY 6.47 78.7% 420 0 43 377 887 (21) (8.4%) (7.4%) 37.6% NM NM 0.43x NM 0.38x 6.1x Cybex International Inc. CYBI 2.42 86.4% 41 14 12 44 140 13 14.0% (1.8%) 35.6% 9.2% 1.2x 0.31x 3.4x NA NA Harley-Davidson, Inc. HOG 46.05 97.6% 10,750 5,723 1,680 14,792 5,312 1,074 9.3% (3.7%) 34.4% 20.2% 19.8x 2.78x 13.8x 2.99x 12.1x Hasbro Inc. HAS 36.18 72.1% 4,667 1,581 642 5,606 4,286 751 7.1% 2.1% 48.4% 17.5% 12.8x 1.31x 7.5x 1.29x 7.3x Head NV WBAG:HEAD 1.20 100.0% 101 185 37 249 462 40 2.8% 0.8% 41.4% 8.6% NM 0.54x 6.3x NA NA JAKKS Pacific, Inc. JAKK 15.06 71.0% 388 92 232 247 735 75 (1.8%) (7.2%) 32.7% 10.2% 11.9x 0.34x 3.3x 0.36x 5.3x Johnson Outdoors Inc. JOUT 17.83 84.9% 176 34 29 181 409 25 4.7% (0.5%) 40.0% 6.0% 5.6x 0.44x 7.3x NA NA LeapFrog Enterprises Inc. LF 7.34 92.9% 485 0 72 413 455 46 5.2% (0.3%) 40.9% 10.1% 24.5x 0.91x 8.9x 0.83x 7.7x Life Time Fitness Inc. LTM 51.31 98.4% 2,075 686 7 2,753 1,014 272 11.0% 9.6% 39.3% 26.8% 22.7x 2.72x 10.1x 2.46x 8.6x Marine Products Corp. MPX 6.34 78.9% 237 0 13 224 106 6 5.4% (15.4%) 18.3% 5.9% 35.2x 2.10x 35.5x 2.00x NA Mattel, Inc. MAT 32.44 98.9% 10,986 1,558 1,369 11,175 6,266 1,203 7.0% 1.9% 50.2% 19.2% 14.9x 1.78x 9.3x 1.71x 8.5x Nautilus Inc. NLS 2.76 80.0% 85 5 12 79 174 5 3.4% (22.0%) 43.7% 3.0% NM 0.45x 15.1x NA NA Navarre Corp. NAVR 1.66 73.8% 62 0 2 60 488 5 (2.2%) (8.8%) 12.0% 1.1% NM 0.12x 11.1x 0.13x 6.2x Polaris Industries, Inc. PII 67.19 96.0% 4,638 107 325 4,420 2,681 416 33.5% 10.8% 28.5% 15.5% 21.0x 1.65x 10.6x 1.50x 9.0x Pool Corp. POOL 37.70 98.9% 1,795 247 17 2,025 1,793 136 11.1% 0.2% 29.6% 7.6% 25.6x 1.13x 14.8x 1.06x 13.2x Smith & Wesson Holding Corporation SWHC 5.25 97.9% 341 84 43 381 415 24 16.5% 11.3% 27.7% 5.9% NM 0.92x 15.7x 0.94x 6.8x Steinway Musical Instruments Inc. LVB 25.76 87.9% 318 78 41 355 340 30 9.0% (6.4%) 30.8% 9.0% NM 1.05x 11.7x 0.99x 8.5x Sturm, Ruger & Co. Inc. RGR 43.80 98.2% 834 0 79 755 300 65 17.6% 24.0% 33.8% 21.8% 23.8x 2.52x 11.6x 2.23x NA THQ Inc. THQI 0.62 10.3% 42 100 48 95 771 (130) 4.4% (3.1%) 56.9% NM NM 0.12x NM 0.21x NM Mean 85.2% 1,955 533 247 2,240 1,492 210 8.4% (1.3%) 34.7% 11.4% 19.6x 1.09x 11.1x 1.19x 8.0x Median 88.3% 420 84 43 377 560 46 7.1% (1.8%) 34.4% 9.2% 21.9x 0.91x 10.1x 0.99x 7.5x

8 of 16 Consumer and Retail Industry Update February 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 2/17/12 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 $48.48 62.0% $4,152 $26 $488 $3,690 $3,979 $594 22.2% 1.8% 62.9% 14.9% 21.9x 0.93x 6.2x 0.77x 4.9x Aeropostale, Inc. ARO 17.75 64.0% 1,433 0 109 1,324 2,373 283 0.5% 9.9% 36.0% 11.9% 11.7x 0.56x 4.7x 0.56x 6.8x American Apparel, Inc. APP 0.71 42.0% 74 150 8 216 534 (2) (2.4%) 1.5% 54.6% NM NM 0.40x NM NA NA American Eagle Outfitters, Inc. AEO 14.44 83.1% 2,798 0 481 2,316 3,033 428 0.9% (0.5%) 37.4% 14.1% 15.1x 0.76x 5.4x 0.71x 5.5x ANN INC ANN 24.04 74.0% 1,259 5 140 1,124 2,161 251 11.7% (2.2%) 55.4% 11.6% 14.2x 0.52x 4.5x 0.48x 4.5x Ascena Retail Group Inc. ASNA 37.92 99.6% 2,905 0 290 2,615 2,969 401 10.6% 26.8% 53.4% 13.5% 18.0x 0.88x 6.5x 0.81x 5.9x Bebe Stores, Inc. BEBE 9.02 96.2% 760 0 207 552 520 39 7.8% (8.0%) 56.6% 7.5% NM 1.06x 14.2x 1.00x 9.6x Brown Shoe Co. Inc. BWS 10.71 67.9% 450 421 42 828 2,558 111 3.8% 3.2% 39.0% 4.3% 25.4x 0.32x 7.4x 0.32x 5.7x Buckle Inc. BKE 45.71 95.3% 2,142 0 78 2,064 1,029 258 11.7% 11.2% 49.4% 25.1% 14.9x 2.01x 8.0x 1.88x 7.4x Body Central Corp. BODY 28.16 97.3% 451 0 32 419 283 33 23.3% NA 35.3% 11.6% 27.5x 1.48x 12.8x 1.26x 9.8x Cabela's Inc. CAB 33.42 98.7% 2,301 2,227 305 4,223 2,811 315 5.6% 3.3% 100.0% 11.2% 16.7x 1.50x 13.4x 1.41x 12.3x Casual Male Retail Group, Inc. CMRG 3.29 65.1% 155 0 6 149 398 31 1.2% (4.4%) 46.4% 7.8% 11.0x 0.38x 4.8x 0.36x 4.3x Cato Corp. CATO 28.85 93.8% 841 0 242 599 935 118 1.8% 2.9% 38.3% 12.7% 13.1x 0.64x 5.1x 0.63x 5.0x Charming Shoppes Inc. CHRS 5.46 98.4% 636 143 158 622 2,009 81 (0.8%) (7.9%) 50.4% 4.0% NM 0.31x 7.7x 0.32x 6.6x Chico's FAS Inc. CHS 13.03 79.0% 2,185 0 240 1,945 2,102 318 12.7% 9.1% 56.2% 15.1% 17.0x 0.93x 6.1x 0.82x 5.6x Christopher & Banks Corporation CBK 2.78 39.0% 100 0 57 43 444 (22) (1.5%) (6.9%) 43.5% NM NM 0.10x NM 0.11x NM Citi Trends CTRN 10.75 42.7% 156 0 33 123 635 32 2.3% 10.0% 36.8% 5.0% 32.8x 0.19x 3.9x 0.18x 7.2x Coldwater Creek Inc. CWTR 1.08 30.2% 131 43 38 136 801 (54) (23.5%) (9.7%) 27.1% NM NM 0.17x NM 0.18x NM Collective Brands, Inc. PSS 17.64 73.6% 1,069 613 213 1,469 3,420 235 2.3% (0.6%) 33.1% 6.9% NM 0.43x 6.2x 0.43x 6.0x Destination Maternity Corporation DEST 16.74 66.2% 223 26 29 220 546 47 2.5% (0.6%) 53.7% 8.7% 11.0x 0.40x 4.6x 0.39x 4.7x DSW Inc. DSW 53.50 95.7% 2,312 0 304 2,008 1,979 275 12.7% 11.0% 32.5% 13.9% 12.0x 1.01x 7.3x 0.93x 6.8x Express Inc. EXPR 22.80 94.9% 2,026 317 145 2,198 2,022 319 10.4% NA 45.0% 15.8% 15.8x 1.09x 6.9x 1.01x 6.1x Finish Line Inc. FINL 23.74 98.6% 1,230 0 217 1,014 1,298 151 6.5% 1.7% 41.0% 11.7% 16.6x 0.78x 6.7x 0.73x 6.0x Foot Locker, Inc. FL 28.20 98.7% 4,265 136 698 3,703 5,513 525 10.7% 0.7% 43.5% 9.5% 17.3x 0.67x 7.1x 0.64x 6.3x Gap Inc. GPS 22.72 95.7% 11,094 1,658 1,417 11,335 14,630 2,264 0.6% (1.1%) 37.9% 15.5% 13.1x 0.77x 5.0x 0.77x 6.0x Genesco Inc. GCO 68.73 99.0% 1,665 148 36 1,776 2,129 175 24.6% 10.8% 50.3% 8.2% 22.4x 0.83x 10.1x 0.71x 7.9x Guess? Inc. GES 35.46 68.8% 3,290 14 431 2,874 2,669 510 12.5% 9.3% 43.6% 19.1% 12.1x 1.08x 5.6x 1.04x 6.0x Hot Topic Inc. HOTT 8.04 92.0% 340 0 42 298 700 26 (1.4%) (2.0%) 39.9% 3.7% NM 0.43x 11.5x 0.42x 5.4x Jos. A Bank Clothiers Inc. JOSB 52.88 92.5% 1,472 0 240 1,231 952 182 16.2% 13.2% 62.6% 19.2% 15.7x 1.29x 6.8x 1.17x 6.0x Limited Brands, Inc. LTD 46.50 99.6% 13,780 3,602 498 16,884 10,305 1,710 11.8% 3.4% 43.6% 16.6% 15.8x 1.64x 9.9x 1.68x 8.7x Lululemon Athletica Inc. LULU 65.01 96.7% 9,328 0 277 9,051 875 271 39.5% 35.2% 57.6% 31.0% NM 10.35x 33.4x 7.52x 24.6x The Men's Wearhouse, Inc. MW 39.35 99.7% 2,017 0 139 1,879 2,363 257 17.1% 5.2% 43.4% 10.9% 18.9x 0.80x 7.3x 0.76x 6.7x New York & Company Inc. NWY 2.67 35.6% 165 12 21 157 988 27 (2.8%) (5.6%) 25.4% 2.8% NM 0.16x 5.7x 0.17x 24.6x Pacific Sunwear of California Inc. PSUN 1.94 34.0% 131 29 8 151 906 (34) (5.6%) (11.1%) 38.9% NM NM 0.17x NM 0.18x NM Ross Stores Inc. ROST 51.83 98.3% 11,850 150 553 11,447 8,356 1,174 8.5% 9.3% 27.5% 14.0% 19.2x 1.37x 9.8x 1.26x 8.4x rue21, Inc. RUE 26.33 70.5% 644 0 36 608 730 85 21.7% 35.0% 37.3% 11.7% 17.8x 0.83x 7.1x 0.68x 6.1x Shoe Carnival Inc. SCVL 26.99 79.3% 360 0 53 307 760 59 4.2% 5.1% 36.2% 7.8% 13.2x 0.40x 5.2x 0.38x 5.4x Stage Stores Inc. SSI 15.44 77.3% 470 106 27 549 1,487 113 2.6% (1.0%) 27.6% 7.6% 17.7x 0.37x 4.9x 0.36x 4.6x Stein Mart Inc. SMRT 7.34 67.0% 319 7 102 224 1,169 56 (1.5%) (5.4%) 32.5% 4.8% 10.2x 0.19x 4.0x 0.19x 3.6x The Children’s Place Retail Stores, Inc. PLCE 47.59 82.7% 1,184 0 153 1,031 1,712 206 1.7% 1.6% 40.1% 12.0% 14.4x 0.60x 5.0x 0.57x 5.4x The Talbots Inc. TLB 3.10 26.4% 219 164 19 364 1,144 12 (7.4%) (10.5%) 30.5% 1.0% NM 0.32x 30.5x 0.33x NA The TJX Companies, Inc. TJX 34.87 99.5% 26,302 788 1,029 26,061 22,813 2,816 5.9% 6.3% 27.1% 12.3% 20.1x 1.14x 9.3x 1.07x 8.1x Urban Outfitters Inc. URBN 28.48 72.5% 4,107 0 130 3,977 2,412 439 9.9% 10.4% 43.8% 18.2% 21.0x 1.65x 9.1x 1.47x 9.1x Wet Seal Inc. WTSL.A 3.69 70.6% 334 0 131 203 622 53 9.8% 0.3% 47.7% 8.5% 19.2x 0.33x 3.8x 0.32x 4.1x Zumiez, Inc. ZUMZ 31.04 95.5% 966 0 137 829 528 72 16.1% 8.8% 36.5% 13.7% 28.6x 1.57x 11.5x 1.38x 10.0x Mean 78.0% 2,758 240 223 2,774 2,724 339 7.0% 3.9% 43.5% 11.6% 17.4x 0.97x 8.4x 0.87x 7.4x Median 82.7% 1,184 0 139 1,031 1,487 175 5.9% 1.8% 41.0% 11.7% 16.6x 0.76x 6.8x 0.69x 6.1x

9 of 16 Consumer and Retail Industry Update February 2012

Department Chains Bon-Ton Stores Inc. BONT $4.86 27.8% $96 $1,055 $13 $1,138 $2,976 $206 (2.1%) (3.7%) 38.2% 6.9% NM 0.38x 5.5x 0.39x 6.7x Dillard's Inc. DDS 51.48 84.3% 2,586 1,046 106 3,525 6,367 672 3.5% (3.6%) 36.9% 10.5% 6.8x 0.55x 5.2x 0.55x 5.2x J. C. Penney Company, Inc. JCP 42.68 98.8% 9,114 3,102 1,085 11,131 17,538 1,372 (0.4%) (2.8%) 38.3% 7.8% 49.3x 0.63x 8.1x 0.66x 9.6x Kohl's Corp. KSS 51.80 89.3% 13,128 4,239 760 16,607 18,824 2,984 4.4% 4.2% 38.4% 15.9% 12.2x 0.88x 5.6x 0.86x 5.6x Macy's, Inc. M 36.25 99.7% 15,219 6,956 1,097 21,078 25,950 3,399 5.6% 0.5% 40.5% 13.1% 13.3x 0.81x 6.2x 0.78x 6.0x Nordstrom Inc. JWN 51.14 95.9% 10,617 3,647 1,877 12,387 10,877 1,620 12.1% 8.3% 37.3% 14.9% 16.3x 1.14x 7.6x 1.07x 7.2x Saks Incorporated SKS 10.87 83.8% 1,694 373 74 1,993 2,955 266 8.2% (2.1%) 40.9% 9.0% 27.2x 0.67x 7.5x 0.65x 7.1x Sears Holdings Corporation SHLD 54.53 58.1% 5,828 4,552 624 9,756 42,747 939 (1.6%) (4.2%) 26.7% 2.2% NM 0.23x 10.4x 0.24x 25.8x Stage Stores Inc. SSI 15.44 77.3% 470 106 27 549 1,487 113 2.6% (1.0%) 27.6% 7.6% 17.7x 0.37x 4.9x 0.36x 4.6x Mean 79.4% 6,528 2,786 629 8,685 14,413 1,286 3.6% (0.5%) 36.1% 9.8% 20.4x 0.63x 6.8x 0.62x 8.6x Median 84.3% 5,828 3,102 624 9,756 10,877 939 3.5% (2.1%) 38.2% 9.0% 16.3x 0.63x 6.2x 0.65x 6.7x

Discount Stores & Mass Merchants Nordion Inc. NDN $9.97 83.0% $622 $44 $74 $592 $274 $89 23.5% (2.6%) 54.0% 32.5% 14.9x 2.16x 6.6x 2.20x 7.7x Big Lots Inc. BIG 44.12 99.3% 2,894 285 60 3,120 5,052 408 3.2% 2.5% 40.0% 8.1% 15.7x 0.62x 7.7x 0.57x 6.8x Costco Wholesale Corporation COST 84.47 95.3% 36,738 2,264 5,915 33,087 91,304 3,322 14.3% 7.7% 12.5% 3.6% 25.4x 0.36x 10.0x 0.33x 8.8x Dollar General Corporation DG 42.38 98.2% 14,297 2,737 120 16,913 14,108 1,676 10.8% 11.5% 31.8% 11.9% 21.1x 1.20x 10.1x 1.07x 8.9x Dollar Tree, Inc. DLTR 89.35 99.9% 10,635 266 280 10,620 6,410 902 12.2% 12.0% 35.8% 14.1% 23.8x 1.66x 11.8x 1.50x 10.6x Duckwall-ALCO Stores Inc. DUCK 9.22 62.3% 35 80 3 113 484 13 9.0% (0.8%) 30.0% 2.7% 27.4x 0.23x 8.7x NA NA Family Dollar Stores Inc. FDO 54.88 90.7% 6,463 607 155 6,915 8,699 839 8.2% 7.2% 35.3% 9.6% 17.0x 0.79x 8.2x 0.73x 7.5x Fred's, Inc. FRED 14.67 96.1% 543 7 20 531 1,867 82 2.1% 0.8% 28.7% 4.4% 17.9x 0.28x 6.4x 0.27x 5.9x Gordmans Stores, Inc. GMAN 14.44 62.1% 276 1 8 269 541 43 6.4% 40.9% 43.4% 8.0% 11.9x 0.50x 6.2x 0.45x 5.9x PriceSmart Inc. PSMT 68.09 86.5% 2,006 77 58 2,025 1,800 116 23.3% 15.5% 15.9% 6.4% 33.4x 1.13x 17.5x 0.96x 14.2x Target Corp. TGT 52.64 93.9% 35,353 19,040 821 53,572 69,238 7,506 3.5% 2.0% 29.9% 10.8% 12.3x 0.77x 7.1x 0.75x 7.3x Tuesday Morning Corp. TUES 3.59 60.5% 150 0 57 93 813 26 (1.5%) (0.3%) 38.0% 3.2% 32.4x 0.11x 3.6x 0.11x NA Wal-Mart Stores Inc. WMT 62.48 99.8% 213,975 59,317 7,063 266,229 440,141 34,234 5.0% 3.0% 25.0% 7.8% 14.1x 0.60x 7.8x 0.58x 7.5x Mean 86.7% 24,922 6,517 1,126 30,314 49,287 3,789 9.2% 7.6% 32.3% 9.5% 20.5x 0.80x 8.6x 0.79x 8.3x Median 93.9% 2,894 266 74 3,120 5,052 408 8.2% 3.0% 31.8% 8.0% 17.9x 0.62x 7.8x 0.65x 7.5x

Furniture & Furnishings Retailers Aaron's, Inc. AAN $28.44 96.9% $2,148 $137 $274 $2,010 $2,024 $276 8.0% 8.5% 54.2% 13.6% 19.9x 0.99x 7.3x 0.93x 6.7x Bed Bath & Beyond Inc. BBBY 59.47 93.2% 14,080 0 1,528 12,552 9,273 1,659 9.1% 8.7% 41.5% 17.9% 15.9x 1.35x 7.6x 1.28x 7.0x Cost Plus Inc. CPWM 14.00 89.2% 313 195 3 505 941 42 5.3% (1.5%) 31.6% 4.5% 32.8x 0.54x 12.0x 0.51x 9.5x Ethan Allen Interiors Inc. ETH 25.01 93.0% 722 153 77 797 709 64 9.3% (6.5%) 52.7% 9.0% 28.4x 1.12x 12.5x 1.05x 9.5x Haverty Furniture Companies Inc. HVT 12.86 91.5% 282 9 66 224 615 20 (1.0%) (5.8%) 51.3% 3.3% NM 0.36x 11.1x 0.35x 8.0x Kirkland's Inc. KIRK 16.27 94.3% 316 0 60 256 421 41 0.5% 2.1% 39.0% 9.9% 18.4x 0.61x 6.2x 0.56x 5.9x La-Z-Boy Inc. LZB 14.01 98.0% 727 31 118 640 1,219 68 4.0% (4.4%) 30.6% 5.6% 10.1x 0.52x 9.4x 0.51x 7.3x Lifetime Brands, Inc. LCUT 12.77 77.9% 158 107 1 264 449 38 4.9% (2.6%) 37.0% 8.5% 7.9x 0.59x 7.0x NA NA

10 of 16 Consumer and Retail Industry Update February 2012

Internet Retail 1-800-Flowers.com Inc. FLWS $2.99 77.9% $195 $37 $30 $202 $716 $34 9.9% 3.5% 40.1% 4.8% 22.7x 0.28x 5.9x 0.28x 4.6x Amazon.com Inc. AMZN 182.50 74.0% 83,050 1,810 9,576 75,284 48,077 1,709 40.6% 35.9% 22.4% 3.6% NM 1.57x 44.1x 1.20x 26.9x Blue Nile Inc. NILE 38.88 60.3% 527 1 89 438 348 20 4.5% 5.6% 20.7% 5.8% NM 1.26x 21.6x 1.14x 18.3x eBay Inc. EBAY 35.06 99.6% 45,119 2,090 5,929 41,279 11,652 3,313 27.3% 10.9% 70.3% 28.4% 14.3x 3.54x 12.5x 2.99x 9.3x IAC/InterActiveCorp. IACI 45.81 95.5% 3,724 96 870 2,950 2,059 277 25.8% 13.5% 63.0% 13.4% 24.2x 1.43x 10.7x 1.17x 6.5x Netflix, Inc. NFLX 121.85 40.0% 6,753 434 798 6,389 3,205 429 48.2% 32.9% 36.3% 13.4% 29.3x 1.99x 14.9x 1.75x 46.9x Orbitz Worldwide, Inc. OWW 3.02 58.1% 314 473 141 646 772 106 3.0% (4.5%) 79.6% 13.8% NM 0.84x 6.1x 0.81x 4.8x Overstock.com Inc. OSTK 6.77 39.7% 158 38 79 116 1,089 11 2.4% 7.8% 17.2% 1.1% NM 0.11x 10.1x 0.10x NA PetMed Express Inc. PETS 12.00 63.6% 236 0 52 183 233 28 1.0% 3.3% 33.7% 11.8% 15.2x 0.79x 6.7x 0.78x 7.3x priceline.com Incorporated PCLN 582.52 99.0% 29,000 575 2,405 27,170 4,096 1,340 41.5% 31.2% 69.2% 32.7% 30.9x 6.63x 20.3x 5.24x 14.7x Shutterfly, Inc. SFLY 27.87 41.8% 972 0 180 792 473 50 53.8% 30.4% 53.6% 10.5% NM 1.67x 15.9x 1.42x 8.5x Stamps.com Inc. STMP 28.85 85.5% 433 0 69 364 102 18 18.8% 6.2% 74.2% 17.8% 16.7x 3.58x 20.1x 3.19x 14.4x U.S. Auto Parts Network, Inc. PRTS 4.37 43.8% 134 20 16 137 330 17 45.1% 28.1% 33.5% 5.3% NM 0.42x 7.9x 0.40x 6.1x Mean 67.6% 13,124 429 1,557 11,996 5,627 566 24.8% 15.7% 47.2% 12.5% 21.9x 1.85x 15.1x 1.57x 14.0x Median 63.6% 527 38 141 646 772 50 25.8% 10.9% 40.1% 11.8% 22.7x 1.43x 12.5x 1.17x 8.9x

Specialty & Other Retail Barnes & Noble, Inc. BKS 13.11 62.3% 761 425 24 1,162 7,009 183 3.2% 11.4% 26.4% 2.6% NM 0.17x 6.3x 0.15x 5.7x Best Buy Co. Inc. BBY 25.71 75.4% 9,007 2,277 2,392 8,892 50,642 3,081 0.1% 5.0% 24.8% 6.1% 8.9x 0.18x 2.9x 0.17x 2.8x Big 5 Sporting Goods Corp. BGFV 8.90 59.7% 193 73 5 262 902 46 (0.6%) 0.9% 32.9% 5.2% 12.5x 0.29x 5.6x 0.28x 6.1x Books-A-Million Inc. BAMM 2.50 37.6% 40 31 4 67 461 11 (6.4%) (3.9%) 36.6% 2.5% NM 0.15x 5.9x NA NA Build-A-Bear Workshop Inc. BBW 5.96 67.7% 100 0 46 53 394 22 (1.8%) (5.6%) 40.6% 5.6% NM 0.13x 2.4x 0.13x 1.6x Conns Inc. CONN 13.40 92.8% 428 311 7 733 763 20 (3.1%) (3.4%) 35.2% 2.6% NM 0.96x 36.8x 0.94x 8.9x CVS Caremark Corporation CVS 44.27 98.4% 57,656 10,014 1,418 66,252 107,100 7,898 11.1% 7.0% 19.2% 7.4% 17.1x 0.62x 8.4x 0.55x 7.6x Dick's Sporting Goods Inc. DKS 44.65 97.9% 5,390 140 483 5,047 5,119 518 9.2% 7.4% 30.5% 10.1% 23.2x 0.99x 9.7x 0.91x 8.6x Fossil, Inc. FOSL 118.19 87.6% 7,398 15 240 7,174 2,567 522 26.4% 17.5% 56.1% 20.3% 25.6x 2.79x 13.7x 2.42x 12.2x Golfsmith International Holdings Inc. GOLF 4.10 71.3% 65 35 1 99 386 15 12.5% (0.4%) 34.1% 4.0% NM 0.26x 6.5x 0.24x 4.6x hhgregg, Inc. HGG 12.93 64.4% 482 28 5 504 2,387 106 20.1% 20.7% 29.0% 4.4% 11.9x 0.21x 4.8x 0.18x 4.6x Hibbett Sports, Inc. HIBB 49.79 99.2% 1,317 2 53 1,267 715 101 8.6% 8.6% 35.6% 14.1% 24.9x 1.77x 12.5x 1.63x 11.1x Jasmine International Public Co. Ltd. JAS 0.07 52.6% 483 138 45 575 314 100 (5.2%) 29.0% 47.3% 31.9% 22.0x 1.83x 5.7x NA NA Lowe's Companies Inc. LOW 27.68 99.4% 34,671 6,615 969 40,317 49,059 5,274 1.1% 0.3% 34.8% 10.8% 20.3x 0.82x 7.6x 0.80x 7.6x Lumber Liquidators Holdings, Inc. LL 21.70 74.9% 602 0 38 565 660 47 9.3% 11.9% 34.9% 7.1% 25.8x 0.85x 12.0x 0.77x 8.8x Marinemax Inc. HZO 8.60 80.9% 201 130 14 318 480 (1) 8.7% (14.6%) 25.3% NM NM 0.66x NM 0.63x 27.1x Movado Group, Inc. MOV 20.44 99.7% 509 0 138 371 447 17 23.0% (4.0%) 50.2% 3.8% NM 0.83x 21.7x NA NA Office Depot, Inc. ODP 3.26 97.3% 914 683 453 1,145 11,482 280 (2.2%) (8.7%) 29.4% 2.4% NM 0.10x 4.1x 0.10x 3.5x PetSmart, Inc. PETM 54.90 98.4% 6,128 564 291 6,402 5,996 720 7.5% 6.0% 34.6% 12.0% 22.7x 1.07x 8.9x 1.00x 8.5x

11 of 16 Consumer and Retail Industry Update February 2012

12 of 16 M&A Detail February 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 2/17/2012 Nixon, Inc. Billabong Trilantic Capital Management $553.4 - - - P 2/15/2012 Skyway Luggage Company - Ricardo Beverly Hills - - - - American 2/13/2012 US Marine Lights - Warrior Girl Corp. - - - - Consumer 2/10/2012 Sycamore Ventures, Inc. - Aero Financial - - - - P 2/8/2012 Red Rock Products, Inc. - Shockoe Commerce Group - - - - M&A 2/6/2012 FilzFelt, Inc. - Knoll Inc. - - - - 2/6/2012 Richard Schultz Design, Inc. - Knoll Inc. - - - - 2/3/2012 Swank Inc. New Swank Inc. Randa Corp. $72.4 0.53x 6.8x 7.0x 2/1/2012 United Retail Group, Inc. Redcats USA Versa Capital Management - - - - P 1/31/2012 Quartermaster, Inc. Parallel Investment Galls - - - - P 1/30/2012 Drug Trading Company The Katz Group Mckesson Canada $915.4 - - - 1/30/2012 Beyond a Bag Connect Concepts, Ganz - - - - 1/29/2012 Pep Boys - Manny, Moe & Jack North Run Capital The Gores Group $1,043.5 0.51x 6.4x 12.3x P 1/27/2012 CastAway Fishing Products - Fish-N-Hunt - - - - 1/26/2012 Vacances Tours Mont-royal - Transat AT - - - - 1/26/2012 East Coast Temporary Tattoos - Tattoo Manufacturing - - - - 1/20/2012 Cellar Thief, LLC - Good Company Wines - - - - 1/17/2012 Naked Boxer Brief Clothing Inc. - Headlines.com - - - - 1/17/2012 Aviva Sports, Inc. ShoreMaster, Inc. Rave Sports, Inc. $0.3 - - - 1/16/2012 Burlington Basket Company - LaMont Limited - - - - 1/12/2012 Opa Cove, LLC - Swimways Corporation - - - - 1/12/2012 Gunther's Athletic Service, Inc. - Riddell Sports Group, Inc. - - - - 1/12/2012 Mindnautilus.Com Corporation - School Health Corporation - - - - 1/10/2012 Cabinotch - Columbia Forest Products - - - - 1/10/2012 Cosmetic Labs of America Alberto-Culver Company Visual Pak Company - - - - 1/9/2012 Skagen Designs, Ltd. - Fossil, Inc. $244.8 - - - 1/9/2012 HopBet Inc., Fire Bet Hopbet Inc. Shuffle Master Inc. - - - - 1/6/2012 Colorescience VMG Partners SkinMedica, Inc. - - - - P 1/6/2012 Robar, Inc. - Cutie Pie Baby, Inc. - - - - 1/5/2012 Grabber Inc. - Kobayashi Pharmaceutical Co. Ltd. - - - - 1/4/2012 VyMaC Corporation - Marcus Investments LLC - - - - P 1/4/2012 Barnes & Wagner, LLC - Edenvale Shoppes, LLC - - - - 1/4/2012 Carolina Safety Sport International LLC - Safety Supply Corp. - - - - 1/4/2012 Onkyo USA Corporation Onkyo Corp. Gibson Guitar Corp. $17.5 - - - 1/3/2012 Deezfit, LLC - Activewear Brands LLC - - - - 1/3/2012 Palm Beach Specialty Coffee, LLC - Sipp Industries, Inc. - - - - 12/29/2011 Allied Trade Group, Inc. - Lowe's Companies Inc. - - - - 12/25/2011 Baby Trend, Inc. - GIA Investments Corp. $45.0 - - - P 12/23/2011 Parlux Fragrances Inc. Wells Fargo Investments Perfumania Holdings, Inc. $165.6 1.28x 47.3x 134.0x P 12/22/2011 Sporting Life, Inc. - Fairfax Financial Holdings Limited - - - - P 12/21/2011 PACT Apparel, Inc. - Revelry Brands - - - - 12/16/2011 SendFlowers.com Stanley Flowers From You Flowers, LLC - - - - 12/13/2011 Boot Barn, Inc. Marwit Capital Freeman Spogli & Co. - - - - P 12/12/2011 Dream Weaver Carpet Industries, Inc. - Engineered Floors, LLC - - - - 12/9/2011 Driven Brands, Inc. Carousel Capital Harvest Partners, LLC - - - - P 12/9/2011 VE Holdings, Inc. - Sunwing Travel Group Inc. - - - - 12/9/2011 ID8-Mobile, LLC - AAC Technologies Holdings Inc. - - - - 12/8/2011 ALC-Partner, Inc. CHS Capital Versa Capital Management, Inc. - - - - P 12/8/2011 Specialty Products of America, LLC - Swisher Hygiene Inc. $0.9 - - - 12/6/2011 The Talbots Inc. - Sycamore Partners $356.6 0.31x 29.9x - P 12/6/2011 Nutra Research International Ltd. - Abattis Biologix Corporation - - - - 12/6/2011 FURminator, Inc. Cardinal Equity Partners United Pet Group, Inc. $140.0 3.50x - - P 12/5/2011 PUR Water Purification Products, Inc. Procter & Gamble Co. Helen of Troy Limited $160.0 - - - 12/2/2011 Golden Sun, Inc. Parallel Investment Partners Brynwood Partners - - - - P 12/1/2011 Cruise Shoppes America Ltd. - Vacation.com, Inc. - - - - 12/1/2011 Paris Glove of Canada Ltd. - New Wave Group AB $16.2 0.59x - 5.9x 11/30/2011 Discover Tour Guides - Webeez, Inc. - - - - 11/30/2011 Swimwear Etc. Ltd. - Swimco Inc. - - - - 11/21/2011 Silvermark - Trudeau Corporation - - - - 11/21/2011 Orbit Baby, Inc. - The ERGO Baby Carrier $17.5 - - - P 11/16/2011 Emotion Kayaks, Inc. - Lifetime Products, Inc. - - - - 11/15/2011 American Pest Control - Massey Services, Inc. - - - - 11/15/2011 Iron Stop, Inc. - Woodstream Corporation - - - - P 11/14/2011 Handi Quilter, Inc Hanover Partners High Road Capital Partners - - - - P 11/9/2011 Peggy Knight Solutions, Inc. - Follea, Inc. - - - - 11/9/2011 Olan Mills, Inc. - Lifetouch Inc. - - - - 11/9/2011 Pacific Biosciences Rosewood Capital L'Oreal USA, Inc. - - - - P 11/8/2011 Jean Genie Studio, Inc. - Omni Ventures - - - - 11/8/2011 Motion Specialties Inc. The Motion Group Centric Health Corporation - - - - 11/8/2011 Kobo, Inc. Indigo Books & Music Rakuten $315.0 - - - 11/7/2011 ABRA, Inc. GE Equity Palladium Equity Partners - - - - P 11/7/2011 Allergy Control Products, Inc. Planet Biopharmaceuticals RH Allergy Acquisition - - - - 11/4/2011 W.E. Bassett Company - Pacific World Corporation - - - - 11/3/2011 CFM Consulting - Gold's Gym International - - - - 11/3/2011 Five Ten U.S. - Adidas AG $25.0 - - - 11/2/2011 Oneida Ltd. - Monomoy Capital Partners - - - - P

13 of 16 M&A Detail February 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 11/1/2011 Implus Footcare, LLC AEA Investors LP Trilantic Capital Management - - - - P 10/27/2011 American & Efird, Inc. Ruddick Operating Company KPS Capital Partners $180.0 - - - P American 10/26/2011 CozyBoots, Inc. - Shoebuy.com, Inc. - - - - 10/24/2011 Security Forces Inc. - Universal Protection Service - - - - Consumer 10/24/2011 GLJ, LLC - Waveland Investments - - - - P M&A 10/21/2011 Cardpool, Inc. Y Combinator Blackhawk Network, Inc. - - - - P 10/20/2011 B.O.B. Trailers, Inc. - Britax Childcare Holdings - - - - (continued) 10/17/2011 Southern Sales & Marketing - Ames True Temper, Inc. $23.0 0.58x - - 10/17/2011 West Coast Laundry - Swisher Hygiene Inc. - - - - 10/17/2011 Trivani International - ARIIX Holding, LLC - - - - 10/14/2011 Ideal Image Development H.I.G. Capital STEINER $175.0 - - - P 10/13/2011 Echo Specialty Pharmacy - Salveo Specialty Pharmacy - - - - 10/12/2011 Premier Nutrition - Joint Juice, Inc. - - - - 10/12/2011 Twisted Pixel Games - Microsoft Studios - - - - 10/12/2011 Westcoast Contempo Fashions Liz Claiborne Inc. KMJ Brand Holdings - - - - 10/11/2011 Dana Buchman Liz Claiborne Inc. Kohl's - - - - 10/11/2011 99¢ Only Stores PRIMECAP Ares Management $1,368.7 0.95x 9.4x 11.7x P 10/7/2011 Integrity Building Systems - Icon Legacy Custom Modular Homes - - - - 10/4/2011 WorldStrides, LLC Charlesbank Capital Partners The Carlyle Group - - - - P 10/3/2011 Dunning Sportswear - Tharanco Lifestyle - - - - 10/3/2011 Galls ARAMARK CI Capital Partners - - - - P 10/3/2011 AC Moore Arts & Crafts Glenhill Capital Management LLC SBAR'S $43.5 0.10x - - P 10/3/2011 Craftmade International - Litex Industries, Limited $64.5 0.51x 53.5x 203.4x 10/3/2011 Cyber Supply, Inc. - Wireless Investment Fund $0.2 - - - P 10/1/2011 Prime Table Games - Galaxy Gaming $22.6 - - - 9/30/2011 Full Tilt Poker - Groupe Bernard Tapie - - - - 9/29/2011 Trophy-Craft - Monarch Trophy & Awards - - - - 9/26/2011 Ray Cook Golf, Inc. - TGIB Marketing, Inc. - - - - 9/24/2011 Sligh Furniture Company - Lexington Furniture - - - - 9/22/2011 Waterleaf Studios Inc. Trevelyan Ltd. St Regis Crystal Inc. - - - - 9/21/2011 Specialties Robert Legault Specialties Robert Legault, Inc. Premier Tech H&G - - - - 9/20/2011 Sur La Table, Inc. Freeman Spogli & Co. Investcorp Bank B.S.C. - - - - P 9/20/2011 Pink Mascara.com - Skye Associates LLC - - - - 9/19/2011 Via Fenestra LLC - Z Blinds Company Inc. - - - - 9/19/2011 ImagiPlay Inc. - BeginAgain, Inc. - - - - 9/15/2011 B & B Body and Paint LP - Service King Collision Repair - - - - 9/13/2011 Vertility Energy Corp. - Wireless Age Communications Inc. - - - - 9/13/2011 JAKKS Pacific, Inc. - Oaktree Capital Management, L.P. $387.7 0.52x 4.7x 7.0x P 9/12/2011 Evriholder Products, LLC Centerfield Capital Partners ClearLight Partners LLC - - - - P 9/7/2011 Atlantic Pest Solutions Inc. - HomeTeam Pest Defense, Inc. - - - - 9/6/2011 Nature's Instincts, Inc. - United Treatment Centers, Inc. - - - - 9/6/2011 WineDirect 1-800-Flowers.com Inc. WineDirect, Inc. $13.5 0.74x - - 9/6/2011 Team Sports America Inc. - Evergreen Enterprises, Inc. - - - - 9/2/2011 Liz Claiborne Inc., Global Mexx Business Liz Claiborne Inc. The Gores Group LLC $85.0 0.12x - - 9/1/2011 Worldwide Wireless Inc. - Global Holdings, Inc. - - - - P 8/31/2011 Speedotron Corporation - ProMark Brands, Inc. - - - - 8/31/2011 Raceready, Inc. - Ohayo Sangyo - - - - 8/30/2011 Kitter Corporation - Swisher Hygiene Inc. - - - - 8/29/2011 Joby, Inc. - DayMen Photo - - - - 8/27/2011 Adventure Cell Corp. Adventure Cell Corp. GlobaFone, Inc. - - - - 8/25/2011 The Basketball Marketing Co. American Sporting Goods Co. Galaxy International LLC $55.0 - - - 8/24/2011 Alberto-Culver Company Alberto-Culver Company Brynwood Partners - - - - P 8/24/2011 CamelBak Products, LLC CBK Holdings LLC Compass Diversified $245.0 2.00x - - P 8/23/2011 Munitio, Inc. - Bensussen Deutsch - - - - 8/23/2011 LuckyVitamin.com - GNC Holdings Inc. - - - - 8/22/2011 Online Deals, LLC - Spaphile, Inc. - - - - 8/10/2011 Linea Marketing Group, Inc. Covington Capital Corporation AZ Home & Gifts - - - - P 8/9/2011 Boon, Inc. and Keen Distribution - Tomy International Inc. $20.7 - - - 8/9/2011 MIMA Towel and Supply LLC - Golden Star Inc. - - - - 8/8/2011 Danielson Designs, Ltd. - Ganz, Inc. - - - - 8/4/2011 Botanical Science, Inc. - IMD Companies, Inc. - - - - 7/29/2011 Pilgrim Mat Services, Inc. - Swisher Hygiene Inc. $3.1 - - - 7/28/2011 Uniktour Inc. - Voyageurs du Monde - - - - 7/26/2011 Zobha, LLC - Kellwood Company - - - - 7/25/2011 Kennel-Aire, LLC - Doskocil Manufacturing Co. - - - - 7/21/2011 Bio Fusion Corporation - Union Equity Inc. - - - - 7/20/2011 Renegade Holdings, Inc. - CB Holdings, LLC $15.6 - - - 7/18/2011 Pet Supply House Ltd. - Ren's Feed & Supplies Ltd. - - - - 7/18/2011 Ahead, Inc. - New Wave Group AB $22.4 0.70x - 8.3x 7/15/2011 Ortho Dermatologics, Inc. Ortho-McNeil-Janssen Valeant International $345.0 2.30x - - 7/14/2011 Clorox Corporation - Icahn Enterprises, L.P. $13,051.9 2.38x 10.7x 12.5x P 7/11/2011 Nulco Mfg. Corp. - ELK Lighting, Inc. - - - - 7/11/2011 MT Industries, Inc. EFO Holdings, L.P. The Riverside Company - - - - P 7/11/2011 Hyatt Hotels Corporation, Certain Assets Hyatt Hotels Corporation Noble Investment Group $183.3 - - - P 7/8/2011 Miller's Cats, LLC - For The Earth Corp. - - - - 7/7/2011 Outdoor Outlet, LLC - Specialty Sports Venture LLC - - - - 7/7/2011 KO Sailing, Inc. - Dinghy Planet, LLC - - - - 14 of 16 M&A Detail February 2012

Enterprise Enterprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Recent North 7/6/2011 Chemguard, Inc. - Tyco International Ltd. - - - - 7/5/2011 Sumiko, Inc. - Fine Sounds Spa - - - - American 7/5/2011 Jones & Mitchell Sportswear, Inc. Augusta Sportswear, Inc. Boxercraft Inc. - - - - P 7/5/2011 Avaline Gila Group LLC - Camsing Global, LLC - - - - Consumer 7/5/2011 Flipswap Services, LLC - Brightstar Corp. - - - - M&A 7/5/2011 Jones & Mitchell Sportswear Augusta Sportswear, Inc. Boxercraft Inc. - - - - 7/1/2011 Bernz O Matic Corp. IRWIN Industrial Tool Company Worthington Industries - - - - (continued) 6/30/2011 Borders Group, Inc. Pershing Square Capital Direct Brands, Inc. $408.3 0.18x - - P 6/28/2011 BJ's Wholesale Club Inc. - CVC Capital Partners $2,626.9 0.24x 6.8x 10.3x P 6/27/2011 Lawn Solutions Commercial - Toro Co. - - - - 6/26/2011 Deb Shops, Inc. GB Merchant Partners, LLC Lee Equity Partners LLC - - - - P 6/25/2011 G&B Marketing Inc. - Contech Enterprises Inc. - - - - 6/24/2011 Tri-Tronics, Inc. - Garmin Ltd. - - - - 6/23/2011 Winchester Security - Bates Security LLC - - - - 6/21/2011 iFrogz Inc. Reminderband, Inc. ZAGG Incorporated $108.9 2.66x - - 6/21/2011 Edward Roberts International - Acker Merrall & Condit - - - - 6/20/2011 Bonnie Togs Children's Wear - The William Carter Company $97.7 0.95x - - 6/20/2011 Rosewood Hotels and Resorts Maritz, Wolff & Co. New World Hospitality $229.5 - - - 6/17/2011 Stromgren Athletics Inc. - Cramer Products, Inc. - - - - 6/17/2011 Cedar Fresh Home Products - Household Essentials, LLC - - - - 6/16/2011 Alberto Culver, Soap Business Alberto-Culver Company Lornamead, Inc. - - - - 6/15/2011 H3 Sportgear, LLC - Mainland Headwear - - - - 6/14/2011 MarketLab, Inc. - Water Street Healthcare - - - - P 6/12/2011 Timberland Co. - V.F. Corporation $1,960.3 1.34x 12.3x 14.7x 6/10/2011 TheSampleSale.com - The SWI Group - - - - 6/9/2011 Buckeye Corner, Inc. - LIDS Team Sports - - - - 6/8/2011 Complete Petmart, Inc. - PETCO Animal Supplies, Inc. - - - - 6/7/2011 WoodLink Ltd. - Kay Home Products, Inc. - - - - 6/3/2011 Silk for Less, Inc. - DoMark International - - - - 6/1/2011 MTM Luxury Lodging LLC - Benchmark Hospitality - - - - 6/1/2011 Kino Mobility Inc. - MEDIchair Ltd. - - - - 6/1/2011 Chariot Carriers Inc. - Thule AB - - - - 6/1/2011 Market Eye 1 LLC - Allied Business Intelligence - - - - 5/31/2011 Academy, Ltd. - KKR & Co. - - - - P 5/29/2011 H2O Plus, L.P. GS Group, and Cordova, Smart POLA Orbis Holdings $91.0 - - - P 5/26/2011 Mackarl Enterprises, Inc., RF3 Mackarl Enterprises, Inc. Sunrise Consulting Group - - - - 5/26/2011 Liquidation World Inc. Talon Merchant Capital Big Lots Inc. $13.2 0.09x - - P 5/25/2011 Star Trac Health & Fitness, Inc. Star Trac UK Ltd. Core Fitness - - - - 5/25/2011 Lot 26 Studio, Inc. - Artissimo Holdings - - - - 5/25/2011 IGN Entertainment, Inc., Direct2Drive.com IGN Entertainment, Inc. GameFly, Inc. - - - - 5/25/2011 Arquest, Inc. - Associated Hygienic Products - - - - 5/24/2011 Truckcenter.com LLC - Liquidity Services $18.0 - - - 5/20/2011 The Topline Corporation - Steven Madden $55.0 0.29x - - 5/19/2011 Acushnet Company, Inc. Fortune Brands Inc. Fila Korea Ltd. $1,225.0 1.02x - - 5/18/2011 DNA Games Incorporated Battery Ventures and Bain Capital Zynga, Inc. - - - - P 5/18/2011 EMask, LLC - Battle Sports Science LLC - - - - 5/13/2011 Liquid Nutrition Group Inc. - Oxbridge Bank & Trust SCC - - - - 5/12/2011 DEI Holdings, Inc. Babson Capital and Trivest Partners Charlesbank Capital Partners $97.4 - - - P 5/9/2011 Forzani Group Ltd. - Canadian Tire Corp. $808.9 0.54x 7.1x 14.1x 5/9/2011 SAGE Automotive Interiors Azalea Capital, LLC The Gores Group LLC - - - - P 5/3/2011 Sexy Hair Concepts Thoma Cressey Bravo TSG Consumer Partners - - - - P 5/3/2011 Brandywine Bookmaking - William Hill plc $15.7 2.03x - - 5/3/2011 J.D. Byrider Systems, Inc. - Altamont Capital Partners - - - - P 5/2/2011 Thompson Electronic Supplies - Heilind Electronics - - - -

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 February 2012

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

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