p \ Consumer Products Update May 2021 The Mufson Howe Hunter Consumer Products Update is designed to update business leaders, investors and industry professionals on current market trends and important developments within the consumer products sector of the economy. This report contains information on select companies in various subsectors within consumer products emphasizing financial performance, stock performance and M&A transactions. Primary Mufson Howe Hunter Contacts: Anthony J. Lopez-Ona Managing Director 215.399.5405 [email protected] Michael J. Mufson Managing Director 215.399.5410 [email protected] Brandon K. Eck Managing Director 215.399.5411 [email protected] Michael J. Howe Managing Director 215.399.5413 [email protected] Joseph M. Manko, Jr. Managing Director 215.399.5402 [email protected] Mufson Howe Hunter & Company LLC is a middle-market focused investment bank providing M&A, capital raising and financial advisory services. Member SIPC | FINRA MHH Sectors TABLE OF CONTENTS Cleaning and Bath Products Consumer Products Group Summary ................................ ................................ ... 1 Décor Cleaning and Bath Products .................................................................................. 5 Furniture Déco r ................................ ................................ ................................ .... 9 Hardware and Outdoor Furniture ................................ ................................ ................................ .. 13 Household Appliances Hardware and Outdoor ...................................................................................... 17 Housewares Household Appliances ........................................................................................ 21 Housewares .................................................................................................. 25 5 MHH’s coverage of the Consumer Products Sector spans companies in the following six sub-segments for each of which our index has been calculated as follows: The MHH Cleaning and Bath Products Index is currently comprised of Church & Dwight Co., Inc., Colgate- Palmolive Company, Kimberly-Clark Corporation, McBride plc, Prestige Brands Holdings, Inc., PZ Cussons Plc, Reckitt Benckiser Group plc, The Clorox Company and The Procter & Gamble Company. The MMH Décor Index is currently comprised of Armstrong World Industries, Inc., Colefax Group plc, Culp, Inc., Fortune Brands Home & Security, Inc., Interface, Inc., Masco Corporation, Mohawk Industries, Inc., RPM International Inc., The Dixie Group, Inc. and The Sherwin-Williams Company The MHH Furniture Index is currently comprised of Bassett Furniture Industries, Incorporated, Crown Crafts, Inc., CSS Industries, Inc., Flexsteel Industries, Inc., Herman Miller, Inc., HNI Corporation, Hooker Furniture Corporation, Kimball International, Inc., Knoll, Inc., Leggett & Platt, Incorporated, Steelcase Inc., Tempur Sealy International, Inc. and Unifi, Inc. The MHH Hardware and Outdoor Index is currently comprised of Central Garden & Pet Company, Einhell Germany AG, Husqvarna AB (publ), P&F Industries, Inc., Spectrum Brands Holdings, Inc., Techtronic Industries Company Limited, The Toro Company and WD-40 Company. The MMH Household Appliance Index is currently comprised of AB Electrolux, De'Longhi S.p.A., Fiskars Oyj, iRobot Corporation, NACCO Industries, Inc., Stanley Black & Decker, Inc. and Whirlpool Corporation. The MHH Housewares Index is currently comprised of Churchill China plc, Duni AB (publ), Helen of Troy Limited, Henkel AG & Co. KGaA, Leifheit AG, Lifetime Brands, Inc., Newell Brands Inc., Portmeirion Group plc, SEB SA and Tupperware Brands Corporation. The companies that comprise each Index can change periodically as a result of a variety of reasons, including mergers, acquisitions, initial public offerings and other transactions; therefore, comparisons to historical time periods and historical performance for each Index may not entirely correspond and correlate to the Index’s current performance. In addition, historical performance is not a guarantee or prediction of future results. The information and statistical data contained herein have been obtained from sources that Mufson Howe Hunter believes are reliable, but Mufson Howe Hunter makes no representation or warranty as to the accuracy or completeness of any such information and data and expressly disclaims any and all liability relating to or resulting from your use of these materials. The information and data contained herein are current and only as of the date(s) indicated and Mufson Howe Hunter has no intention, obligation or duty to update these materials after such date(s). These materials do not constitute an offer to sell or the solicitation of an offer to buy any securities. Copyright © 2021 Mufson Howe Hunter & Company LLC. All rights reserved. The Consumer Products Update is produced by Mufson Howe Hunter. Mufson Howe Hunter provides a full range of investment banking services to consumer and retail companies. For more information, visit www.mhhco.com. 0 Consumer Products Group Summary Public Comp Group Valuation Metrics ($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins Equity Enterprise Enterprise Value/ Price/ Gross Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA Cleaning and Bath Products The Procter & Gamble Company (NYSE:PG) $133.42 $326,643.2 $347,658.2 $74,870.0 $20,983.0 $5.44 4.64 x 16.6 x 24.5 x 52.4% 28.0% Reckitt Benckiser Group plc (LSE:RKT) 89.11 63,569.7 75,796.0 19,104.6 4,859.1 2.17 3.97 x 15.6 x 41.0 x 60.3% 24.9% Colgate-Palmolive Company (NYSE:CL) 79.37 67,144.5 74,321.5 16,718.0 4,573.0 3.11 4.45 x 16.3 x 25.5 x 60.9% 26.2% Kimberly-Clark Corporation (NYSE:KMB) 133.32 44,986.4 53,744.4 18,874.0 4,602.0 6.67 2.85 x 11.7 x 20.0 x 36.3% 21.7% The Clorox Company (NYSE:CLX) 182.50 22,697.9 25,562.9 7,522.0 1,840.8 7.20 3.40 x 13.9 x 25.4 x 46.0% 22.7% Church & Dwight Co., Inc. (NYSE:CHD) 85.74 21,027.4 23,186.5 4,969.5 1,147.1 3.08 4.67 x 20.2 x 27.8 x 44.9% 22.3% Prestige Consumer Healthcare Inc. (NYSE:PBH) 43.56 2,174.1 3,658.8 943.4 381.0 3.25 3.88 x 9.6 x 13.4 x 58.7% 34.7% PZ Cussons Plc (LSE:PZC) 2.75 1,150.1 1,221.4 821.9 130.6 0.06 1.49 x 9.4 x 42.5 x 38.8% 14.8% McBride plc (LSE:MCB) 0.80 139.5 300.3 981.2 74.8 0.10 0.31 x 4.0 x 8.3 x 35.5% 7.1% Mean $61,059.2 $67,272.2 $16,089.4 $4,287.9 $3.45 3.29x 13.0x 25.4x 48.2% 22.5% Median 22,697.9 25,562.9 7,522.0 1,840.8 3.11 3.88x 13.9x 25.4x 46.0% 22.7% Décor The Sherwin-Williams Company (NYSE:SHW) $273.87 $72,564.0 $83,147.0 $18,871.0 $4,233.4 $7.74 4.41 x 19.6 x 35.4 x 47.2% 19.3% Masco Corporation (NYSE:MAS) 63.88 16,211.8 18,750.8 7,577.0 1,599.8 2.93 2.47 x 11.7 x 21.8 x 36.2% 20.3% Fortune Brands Home & Security, Inc. (NYSE:FBHS) 104.98 14,550.1 17,025.9 6,458.6 1,165.2 4.43 2.64 x 14.6 x 23.7 x 36.1% 17.3% Mohawk Industries, Inc. (NYSE:MHK) 205.50 14,325.0 16,012.1 9,935.5 1,734.3 9.03 1.61 x 9.2 x 22.8 x 27.2% 15.5% RPM International Inc. (NYSE:RPM) 94.84 12,282.9 14,605.3 5,820.9 942.8 3.50 2.51 x 15.5 x 27.1 x 39.1% 14.9% Colfax Corporation (NYSE:CFX) 45.19 6,127.6 7,793.0 3,133.6 513.4 0.57 2.49 x 15.2 x NM 42.0% 14.9% Armstrong World Industries, Inc. (NYSE:AWI) 103.65 4,963.5 5,615.9 940.1 316.6 3.67 5.97 x 17.7 x 28.2 x 35.1% 26.1% Interface, Inc. (NasdaqGS:TILE) 12.84 757.7 1,314.7 1,068.4 163.9 0.63 1.23 x 8.0 x 20.2 x 36.6% 12.5% Culp, Inc. (NYSE:CULP) 14.15 174.2 129.3 268.0 16.3 (1.18) 0.48 x 7.9 x NM 15.3% 5.1% The Dixie Group, Inc. (NasdaqGM:DXYN) 1.00 15.3 112.0 321.7 17.1 (0.55) 0.35 x 6.5 x NM 23.9% 3.7% Mean $14,197.2 $16,450.6 $5,439.5 $1,070.3 $3.08 2.42x 12.6x 25.6x 33.9% 15.0% Median 9,205.2 11,199.1 4,477.3 728.1 3.21 2.48x 13.2x 23.7x 36.1% 15.2% Furniture Tempur Sealy International, Inc. (NYSE:TPX) $38.14 $7,511.7 $9,418.8 $3,898.3 $833.1 $1.98 2.42 x 11.3 x 19.2 x 44.8% 17.9% Leggett & Platt, Incorporated (NYSE:LEG) 49.67 6,617.7 8,446.3 4,385.6 695.2 2.13 1.93 x 12.1 x 23.3 x 21.0% 14.3% Albany International Corp. (NYSE:AIN) 89.24 2,888.6 3,049.2 887.2 250.5 3.62 3.44 x 12.2 x 24.7 x 41.7% 27.5% HNI Corporation (NYSE:HNI) 42.34 1,844.0 2,004.6 1,971.0 205.3 1.87 1.02 x 9.8 x 22.6 x 36.8% 8.9% Steelcase Inc. (NYSE:SCS) 13.80 1,596.2 1,833.6 2,596.2 226.2 0.22 0.71 x 8.1 x 62.7 x 29.8% 6.5% Knoll, Inc.