Health & Wellness Report Q2 2018

       8 6 6 4 Financial 25% 4 3 3 3 3 2 2

- Strategic 75%

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 6/6/2018 Rawlings Sporting Goods Co., Inc. MLB Advanced Media LP; The Seidler Outdoor Products 395.00 1.20x - Co. LLC; Shareholders 6/1/2018 Top Shelf Beverages Molson Coors Brewing Natural & Organic Foods - - - 5/29/2018 US Fitness Holdings LLC HRS Management LLC; Delos Capital Health & Fitness - - - LLC; Shareholders 5/29/2018 Inner Strength, Inc. Great Hill Partners LP; YogaWorks, Inc. Health & Fitness - - - 5/25/2018 Bare Foods Co. PepsiCo, Inc. Natural & Organic Foods 200.00 - - 5/18/2018 New Milani Group, Inc. Gryphon Investors, Inc.; Shareholders Personal Care - - - 5/18/2018 Bandon Holdings LLC (United States) Fireman Capital Partners LLC Health & Fitness - - - 5/7/2018 FDC Vitamins LLC DVSM LLC; Arizona Nutritional Vitamins, Minerals, & 15.00 - - Supplements LLC Supplements 4/30/2018 DS Healthcare Group, Inc. Medilogistics Corp. Personal Care 1.99 0.15x - 4/26/2018 Old Orchard Brands LLC Lassonde Industries, Inc. Natural & Organic Foods 156.00 1.51x 9.87x 4/21/2018 Safe Fit LLC Global Glove & Safety Manufacturing, Activewear 17.50 2.47x - Inc. 4/19/2018 WalkMyMind, Inc. Global Affiliates, Inc. Lifestyle Companies - - - Strategic Buyer Inv. Date Select Corporate Acquisitions Unilever 12/14/2017 ▪ Schmidt's Deodorant Co. LLC 11/27/2017 ▪ Sundial Brands LLC 6/19/2017 ▪ Kingdom Animalia LLC (d.b.a. Hourglass Cosmetics) 5/15/2017 ▪ Quala (Personal Care and Home Brands) 4/20/2017 ▪ Kensington & Sons, LLC Brunswick Corporation 7/20/2017 ▪ Lankhorst Taselaar BV 11/18/2016 ▪ Payne's Marine Supply, Inc. 8/31/2016 ▪ Indoor Cycling Group 7/5/2016 ▪ Thunder Jet Boats Inc. 1/20/2016 ▪ Cybex International Inc. Hi-Tech Pharmaceuticals 6/19/2017 ▪ Top Secret Nutrition LLC 10/5/2016 ▪ Tribravus Enterprises 10/5/2016 ▪ Prime Nutrition 4/28/2016 ▪ Gaspari Nutrition Inc. 8/18/2015 ▪ LG Sciences LLC Estee Lauder Cos. 6/15/2017 ▪ Deciem, Inc. 11/14/2016 ▪ Too Faced Cosmetics LLC 10/21/2016 ▪ Becca, Inc. 10/25/2015 ▪ Have & Be Co., Ltd. 12/19/2014 ▪ GlamGlow, Inc.

Financial Buyer Inv. Date Select Corporate Acquisitions Gryphon Investors 5/18/2018 ▪ New Milani Group, Inc. 3/12/2018 ▪ Matrixx Initiatives, Inc. 10/27/2014 ▪ C.B. Fleet Company, Inc. Peak Rock Capital 3/28/2018 ▪ Inter Valley Pool Supply, Inc. 11/6/2017 ▪ Strike King Lure Co 9/8/2017 ▪ Hasa Inc 12/20/2016 ▪ Sweet Harvest Foods Co. 11/14/2016 ▪ Do Outdoors Inc Swander Pace Capital 1/18/2018 ▪ J R Watkins LLC 12/12/2016 ▪ Halo Innovations 1/22/2016 ▪ Swanson Health Products, Inc. 12/14/2015 ▪ Captek Softgel International, Inc. Huron Capital Partners 10/18/2016 ▪ HME Products 6/9/2016 ▪ Good Sportsman Marketing, L.L.C. 5/17/2016 ▪ InterVision Systems, LLC 5/10/2016 ▪ Systems, Inc. 1/11/2016 ▪ Drake Automotive Group, Inc. Roark Capital Group 6/27/2016 ▪ Drybar Holdings LLC 2/17/2016 ▪ Ultimate Fitness Group, LLC 6/9/2015 ▪ Naf Naf Grill, LLC 4/17/2015 ▪ Driven Brands 20%

15%

10%

-5%

-10%

-15%

Health & Fitness Lifestyle Companies Activewear Natural & Organic Foods Outdoor Products Personal Care Vitamins, Minerals, & Supplements S&P 500

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Weight Watchers International, Inc. WTW $ 6,701 $ 101.10 58.7% 128.3% 95.6% 19.9% 17.9% 6.0x 23.2x 36.1x 5.2x 17.3x Planet Fitness, Inc. PLNT 3,852 43.94 16.3% 26.9% 93.9% 21.5% 39.6% 9.6x 23.6x NM 7.9x 19.4x Medifast, Inc. MED 1,932 160.16 71.4% 129.4% 89.2% 35.3% 16.5% 5.5x 36.2x 57.4x 4.1x 25.1x Fitbit, Inc. FIT 1,371 6.53 28.0% 14.4% 83.8% (6.0%) (28.7%) 0.6x NM NM 0.6x NM Nutrisystem, Inc. NTRI 1,144 38.50 42.9% (26.8%) 56.7% 5.2% 2.8% 1.5x 11.7x 22.1x 1.5x 10.5x Nautilus, Inc. NLS 478 15.70 16.7% 17.6% 81.6% 8.8% 11.4% 1.1x 8.3x 17.8x 1.0x 7.9x Segment Average 39.0% 48.3% 83.5% 14.1% 9.9% 4.1x 20.6x 33.4x 3.4x 16.0x Segment Median 35.4% 22.2% 86.5% 14.3% 13.9% 3.5x 23.2x 29.1x 2.8x 17.3x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Garmin Ltd. GRMN $ 11,500 $ 61.00 3.5% 2.4% 92.5% 3.2% 23.3% 3.3x 13.3x 19.7x 3.2x 13.1x Vail Resorts, Inc. MTN 11,056 274.19 23.7% 29.0% 94.9% 12.4% 50.5% 6.1x 19.4x 28.4x 5.6x 17.1x Polaris Industries Inc. PII 7,715 122.18 6.7% (1.5%) 88.8% 12.6% 9.4% 1.5x 13.8x 34.0x 1.4x 10.6x Brunswick Corp. BC 5,620 64.48 8.6% 16.8% 93.1% 7.8% 13.2% 1.2x 9.2x 37.2x 1.2x 8.5x Vista Outdoor, Inc. VSTO 890 15.49 (5.1%) 6.3% 61.8% (2.0%) 1.1% 0.8x 11.3x NM 0.7x 10.2x GoPro, Inc. GPRO 722 6.44 34.4% (14.9%) 54.2% (1.6%) (22.9%) 0.8x NM NM 0.8x 45.8x Clarus Corp. BDE 248 8.25 22.2% 5.1% 98.8% 15.4% 5.7% 1.4x 43.4x NM 1.2x 14.1x Peak Resorts, Inc. SKIS 70 5.00 3.1% (7.4%) 86.6% 1.1% 38.4% 1.9x 9.5x NM 1.8x 8.5x 12.1% 4.5% 83.8% 6.1% 14.8% 2.1x 17.1x 29.8x 2.0x 16.0x 7.6% 3.7% 90.6% 5.5% 11.3% 1.5x 13.3x 31.2x 1.3x 11.8x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA NIKE, Inc. NKE $ 102,205 $ 79.68 19.9% 27.4% 98.4% 6.8% NM 3.5x 25.6x 68.1x 3.3x 21.7x VF Corp. VFC 32,156 81.52 10.0% 10.2% 95.7% 13.2% 9.8% 2.8x 19.3x 46.0x 2.6x 16.5x lululemon athletica, Inc. LULU 15,720 124.85 40.1% 58.9% 96.2% 16.2% 20.2% 5.7x 24.4x 56.2x 5.0x 20.4x Under Armour, Inc. UA 8,907 21.08 46.9% 58.3% 92.9% 5.5% 4.8% 2.1x 31.9x NM 2.0x 27.7x Foot Locker, Inc. FL 6,155 52.65 15.6% 12.3% 88.6% 0.3% 13.9% 0.7x 5.7x 23.4x 0.7x 5.9x Gildan Activewear, Inc. GIL-CA 6,025 28.15 (0.5%) (8.8%) 82.2% 9.4% 19.0% 2.5x 12.0x 17.9x 2.4x 10.9x Deckers Outdoor Corp. DECK 3,437 112.89 25.4% 40.7% 91.8% 2.1% 8.6% 1.6x 10.7x 31.5x 1.6x 10.6x Wolverine World Wide, Inc. WWW 3,295 34.77 20.3% 9.1% 94.2% 0.9% 13.5% 1.6x 17.1x NM 1.6x 11.8x Sequential Brands Group, Inc. SQBG 125 1.97 (5.5%) 10.7% 48.3% 8.8% 55.0% 4.8x 8.3x NM 4.4x 7.6x Iconix Brand Group, Inc. ICON 39 0.58 (47.4%) (54.8%) 8.3% (9.0%) 46.6% 3.5x 7.0x NM 3.8x 7.6x Cherokee, Inc. CHKE 8 0.56 (57.1%) (70.7%) 7.2% (4.6%) 21.2% 1.4x NM NM 1.9x 5.1x 6.2% 8.5% 73.1% 4.5% 21.3% 2.7x 16.2x 40.5x 2.7x 13.2x 15.6% 10.7% 91.8% 5.5% 16.5% 2.5x 14.6x 38.8x 2.4x 10.9x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Pinnacle Foods, Inc. PF $ 7,754 $ 65.06 20.3% 9.4% 92.3% 0.7% 18.3% 3.3x 15.4x 13.7x 3.3x 14.5x Darling Ingredients, Inc. DAR 3,273 19.88 14.9% 9.7% 97.6% (1.1%) 12.6% 1.4x 11.4x 15.2x 1.4x 10.8x Hain Celestial Group, Inc. HAIN 3,230 29.80 (7.1%) (29.7%) 65.3% (12.8%) 8.2% 1.4x 17.4x 38.7x 1.5x 13.2x United Natural Foods, Inc. UNFI 2,153 42.66 (0.7%) (13.4%) 81.0% 9.9% 3.9% 0.3x 7.7x 12.7x 0.2x 7.3x 6.9% (6.0%) 84.1% (0.8%) 10.8% 1.6x 13.0x 20.1x 1.6x 11.5x 7.1% (2.0%) 86.6% (0.2%) 10.4% 1.4x 13.4x 14.5x 1.4x 12.0x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Brunswick Corp. BC $ 5,620 $ 64.48 8.6% 16.8% 93.1% 7.8% 13.2% 1.2x 9.2x 37.2x 1.2x 8.5x Callaway Golf Co. ELY 1,791 18.97 16.0% 36.2% 91.1% 5.3% 23.2% 1.7x 12.8x 23.7x 1.7x 14.4x Sturm, Ruger & Co., Inc. RGR 977 56.00 6.7% 0.3% 85.5% 13.7% 20.4% 1.8x 9.3x 22.3x 1.6x 6.7x Vista Outdoor, Inc. VSTO 890 15.49 (5.1%) 6.3% 61.8% (2.0%) 1.1% 0.8x 11.3x NM 0.7x 10.2x Johnson Outdoors, Inc. JOUT 743 84.53 36.3% 36.1% 93.8% 4.2% 17.6% 1.5x 11.2x 21.8x 1.4x 10.6x Escalade, Inc. ESCA 203 14.10 2.9% 14.6% 92.5% 3.5% 8.2% 1.3x 12.2x 14.6x 1.2x 10.5x 10.9% 18.4% 86.3% 5.4% 13.9% 1.4x 11.0x 23.9x 1.3x 10.2x 7.6% 15.7% 91.8% 4.8% 15.4% 1.4x 11.3x 22.3x 1.3x 10.4x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Unilever Plc ULVR-GB $ 66,879 $ 55.34 6.0% 1.6% 91.9% (2.1%) 18.4% 2.9x 13.8x 22.7x 3.0x 14.1x Estee Lauder Cos., Inc. EL 31,961 142.69 (4.7%) 12.1% 89.9% 10.5% 22.3% 4.0x 18.4x 46.6x 3.7x 17.7x Ulta Beauty, Inc. ULTA 14,050 233.46 14.3% 4.4% 80.5% 15.1% 18.0% 2.2x 12.7x 24.3x 2.0x 11.4x Coty, Inc. COTY 10,583 14.10 (23.0%) (29.1%) 65.0% 1.5% 14.9% 2.0x 14.9x NM 2.0x 11.9x Nu Skin Enterprises, Inc. NUS 4,348 78.19 6.1% 14.6% 93.1% 8.7% 12.6% 1.8x 12.4x 31.4x 1.7x 11.0x USANA Health Sciences, Inc. USNA 2,788 115.30 34.2% 55.7% 95.2% 8.2% 16.3% 2.3x 15.8x 40.3x 2.2x 14.7x Sally Beauty Holdings, Inc. SBH 1,957 16.03 (2.6%) (14.6%) 75.0% (0.0%) 14.8% 0.9x 6.2x 8.4x 1.0x 6.6x Inter Parfums, Inc. IPAR 1,674 53.50 13.5% 23.1% 96.5% 12.9% 19.2% 2.6x 17.2x 37.9x 2.3x 15.4x Revlon, Inc. REV 927 17.55 (14.8%) (19.5%) 62.9% (0.8%) (2.5%) 1.4x 18.5x NM 1.4x 12.8x Avon Products, Inc. AVP 716 1.62 (43.0%) (24.7%) 41.6% 1.4% 6.0% 0.4x 4.8x 44.0x 0.4x 4.4x Natural Health Trends Corp. NHTC 285 25.02 31.6% 64.7% 85.5% NM 19.4% 0.7x 3.4x 12.9x NM NM LifeVantage Corp. LFVN 91 6.37 76.5% 33.8% 93.1% NM 5.1% 0.4x 9.3x 31.9x NM NM United-Guardian, Inc. UG 88 19.15 7.7% 3.5% 89.8% NM 42.4% 5.7x 13.0x 20.6x NM NM CCA Industries, Inc. CAW 19 2.90 (1.7%) (7.9%) 76.1% NM (5.5%) 1.3x 13.7x NM NM NM 7.2% 8.4% 81.1% 5.5% 14.4% 2.1x 12.4x 29.2x 2.0x 12.0x 6.0% 3.9% 87.6% 4.9% 15.6% 1.9x 13.4x 31.4x 2.0x 12.4x

       Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 6/20/2018 Runa LLC (NY) All Market, Inc.; Verlinvest SA Natural & Organic Foods - - - 6/18/2018 Lime Crime, Inc. Tengram Capital Partners LLC Personal Care - - - 6/14/2018 Elevated Safety LLC Harken Industrial Outdoor Products - - - 6/12/2018 LORAC Cosmetics LLC Markwins Beauty Products, Inc. Personal Care - - - 6/7/2018 Farmington Fresh LLC Arable Capital Partners LLC; Alpine Natural & Organic Foods - - - Pacific Capital LLC; Shareholders 6/6/2018 Rawlings Sporting Goods Co., Inc. MLB Advanced Media LP; The Seidler Outdoor Products $395.00 1.20x - Co. LLC; Shareholders 6/1/2018 Top Shelf Beverages (Clearly Kombucha) Molson Coors Brewing Natural & Organic Foods - - - 6/1/2018 GRACEDBYGRIT, Inc. HYLETE, Inc. Activewear - - - 6/1/2018 BioProtein Technology LLC Shareholders Vitamins, Minerals, & - - - Supplements 5/29/2018 US Fitness Holdings LLC HRS Management LLC; Delos Capital Health & Fitness - - - LLC; Shareholders 5/29/2018 Inner Strength, Inc. Great Hill Partners LP; YogaWorks, Inc. Health & Fitness - - -

5/25/2018 Bare Foods Co. PepsiCo, Inc. Natural & Organic Foods $200.00 - - 5/24/2018 Sweet Green Fields Co. Ltd. Tate & Lyle Plc Natural & Organic Foods - - - 5/22/2018 Nootromins, Inc. Griffin Atlas, Inc. Vitamins, Minerals, & - - - Supplements 5/18/2018 New Milani Group, Inc. Gryphon Investors, Inc.; Shareholders Personal Care - - -

5/18/2018 Bandon Holdings LLC (Anytime Fitness U.S.) Fireman Capital Partners LLC Health & Fitness - - - 5/7/2018 FDC Vitamins LLC DVSM LLC; Arizona Nutritional Vitamins, Minerals, & $15.00 - - Supplements LLC Supplements 5/4/2018 Fittery LLC Under 5'10 Activewear - - - 4/30/2018 DS Healthcare Group, Inc. Medilogistics Corp. Personal Care $1.99 0.15x - 4/26/2018 Old Orchard Brands LLC Lassonde Industries, Inc. Natural & Organic Foods $156.00 1.51x 9.87x 4/21/2018 Safe Fit LLC Global Glove & Safety Manufacturing, Activewear $17.50 2.47x - Inc. 4/19/2018 WalkMyMind, Inc. Global Affiliates, Inc. Lifestyle Companies - - - 4/17/2018 Retrofit, Inc. Livongo Health, Inc. Lifestyle Companies - - - 4/16/2018 Premier Filling Co., Inc. Wisconsin Pharmacal Co. LLC Outdoor Products - - -