Consumer and Retail Industry Update · Catalog & Specialty Distribution 8 414 2.2% (10.8%) 0.16x 6.0x 0.14x 5.4x Department Chains 9 8,398 10.2% (6.8%) 0.60x 6.1x 0.56x 5.7x Discount

www.harriswilliams.com

Member FINRA/SIPC

Consumer and Retail

Industry Update April 2012

April 2012

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.

• The New York Times reports that seasonally adjusted retail sales have returned to their pre-

2008 recession levels. “Over the last 12 months, the government estimates retail sales

totaled $4.3 trillion, nearly 6 percent more than during the 12 months through July 2008,

when sales peaked before the credit crisis and the recession caused sales of nearly

everything to fall.” Read the article here.

• The Riverside Company announced on April 20th that it has partnered with management to

recapitalize Baby Jogger, a leading designer and marketer of branded infant and juvenile

products focused on baby strollers, bicycle trailers, and related accessories. Harris Williams

& Co. acted as the exclusive financial advisor to Baby Jogger. Read the press release here.

• Bushnell Outdoor Products, a worldwide leader in sports optics, premium eyewear, and

outdoor accessories, and MidOcean Partners, a leading middle market private equity fund,

announced on April 17th that Bushnell has agreed to terms to purchase Primos Hunting of

Flora, MS. Primos is a leading manufacturer and distributor of hunting products. Harris

Williams & Co. is acting as the exclusive financial advisor to Primos. Read the press

release here.

• Levine Leichtman Capital Partners (LLCP), a Los Angeles-based private equity firm,

announced that it has partnered with management to complete the acquisition of McKenzie

Sports Products, LLC (McKenzie). McKenzie, based in Salisbury, North Carolina, is the

world's leading innovator, manufacturer, and distributor of taxidermy supplies. Harris

Williams & Co. acted as the exclusive advisor to McKenzie. Read the press release here.

Consumer and Retail

Industry Update

1 of 16

Richmond

Phone: +1 (804) 648-0072

Fax: +1 (804) 648-0073

Boston

Phone: +1 (617) 482-7501

Fax: +1 (617) 482-7503

Cleveland

Phone: +1 (216) 689-2400

Fax: +1 (216) 689-2401

London

Phone: +44 203 170 8838

Fax: +44 207 681 1907

Minneapolis

Phone: +1 (612) 359-2700

Fax: +1 (612) 359-2701

Philadelphia

Phone: +1 (267) 675-5900

Fax: +1 (267) 675-5901

San Francisco

Phone: +1 (415) 288-4260

Fax: +1 (415) 288-4269

Contacts

What We’ve

Been Reading

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.nytimes.com/2012/04/21/business/economy/retail-sales-show-recovery-off-the-charts.html?ref=retailstoresandtradehttp://www.prweb.com/releases/BabyJogger/Riverside/prweb9431810.htmhttp://www.globenewswire.com/newsroom/news.html?d=252386http://www.bizjournals.com/prnewswire/press_releases/2012/04/02/LA80530

April 2012

Equity Trading

Overview

Key Trading

Statistics

(detail begins

on page 6)

Public

Company

Sector

Performance

(12-month %

change in

stock price)

Change in Stock Price

3 mos. 12 mos. Revenue EBITDA Revenue EBITDA

Consumer Products

Apparel & Footwear 35 $1,391 16.0% (10.7%) 1.08x 10.1x 1.05x 8.3x

Automotive Products 13 2,396 11.6% 34.0% 0.55x 11.2x 0.51x 9.9x

Home & Office Furniture & Furnishings 14 744 (0.5%) (17.7%) 0.55x 8.1x 0.65x 6.7x

Household Products 11 4,404 11.0% 0.9% 1.20x 8.7x 1.19x 7.7x

Personal Care Products 16 2,793 16.8% 15.8% 1.69x 9.9x 1.63x 9.2x

Recreational & Leisure Products 21 499 23.2% 20.3% 0.96x 10.2x 1.01x 7.5x

Retail

Apparel & Footwear Retail 45 991 16.5% 0.8% 0.71x 6.9x 0.68x 6.0x

Catalog & Specialty Distribution 8 414 2.2% (10.8%) 0.16x 6.0x 0.14x 5.4x

Department Chains 9 8,398 10.2% (6.8%) 0.60x 6.1x 0.56x 5.7x

Discount Stores & Mass Merchants 13 3,034 14.2% 14.8% 0.66x 7.5x 0.67x 7.5x

Furniture & Furnishings Retailers 14 1,143 9.0% 2.7% 0.92x 8.3x 0.89x 7.7x

Internet Retail 13 681 5.9% (11.1%) 1.50x 13.8x 1.22x 9.3x

Specialty & Other Retail 30 1,107 9.0% 4.4% 0.64x 8.4x 0.55x 7.6x

Consumer Products 110 $1,893 13.8% 8.3% 1.02x 10.0x 1.03x 8.0x

Retail 132 $1,107 9.0% 0.8% 0.66x 7.5x 0.67x 7.5x

Consumer & Retail Index 242 $1,143 11.0% 0.9% 0.71x 8.4x 0.68x 7.6x

SectorNumber of

Companies

Median

Enterprise

Value ($mm)

Median TEV/

Forward Mulitples

Median TEV/

LTM Multiples

2 of 16

Home & Office Furniture & Furnishings

Internet Retail

Catalog & Specialty Distribution

Apparel & Footwear

Department Chains

Apparel & Footwear Retail

Household Products

Consumer & Retail Index

S&P 500

Furniture & Furnishings Retailers

Specialty & Other Retail

Personal Care Products

Discount Stores & Mass Merchants

Recreational & Leisure Products

Automotive Products

(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% 45.0% 50.0%

April 2012

40

60

80

100

120

140

Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12

Ind

ex

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

Recent Equity

Offerings

Equity Markets

Overview

Consumer

and Retail

Industry Stock

Performance

3 of 16

21.6%

35.9%

0.2%

Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($mm) Use of Funds

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

04/17/12 04/04/12 Francesca's Holdings Corp FRAN Follow-On 248.4 General Corp. Purp.

03/29/12 12/23/11 Oncothyreon Inc ONTY Follow-On 54.1 General Corp. Purp. and

Reduce Indebtedness

03/28/12 06/10/11 CafePress Inc PRSS IPO 85.5 General Corp. Purp.

03/27/12 03/31/10 Dollar General Corp DG Follow-On 1,300.9 General Corp. Purp.

03/13/12 03/13/12 FleetCor Technologies Inc FLT Follow-On 219.0 General Corp. Purp.

03/02/12 02/28/12 TAL International Group Inc TAL Follow-On 109.3 General Corp. Purp.

02/16/12 12/15/10 Black Diamond Inc BDE Follow-On 58.1 General Corp. Purp. and

Reduce Indebtedness

02/07/12 11/18/10 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 260.7 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.

April 2012

Announced Consumer Transactions Median Consumer Transaction Multiples

Consumer Private Equity Investments and Exits Median LTM Trading Multiples

Last 10 Deals Announced Quarterly Consumer M&A Activity

LTM Deal Statistics

Note: Transactions based on publicly available information

M&A

Overview

Announced

Consumer

and Retail

M&A

Consumer and

Retail M&A

Trends

Median LTM

Trading

Multiples and

Announced

Private Equity

M&A Activity

Announced Target Buyer

4/17/2012 Primos, Inc. Bushnell Performance Optics

4/17/2012 JAKKS Pacific Oaktree Capital Management

4/15/2012 Teaopia Limited Teavana Canada, Inc.

4/13/2012 Dreams Inc. Fanatics, LLC

4/13/2012 Greners.com, Inc. Phototron Holdings, Inc.

4/11/2012 Sun & Skin Care Research, Inc. Source Capital

4/9/2012 Mattress Giant Corporation Mattress Firm Holding Corp.

4/6/2012 SLY LLC Valken, Inc.

4/5/2012 The Connaught Group The Tom James Company

4/4/2012 Great Wolf Resorts KSL Capital Partners

Aggregate Number Transaction Multiples

Value ($bn) of Deals EV / Revenue EV / EBITDA

$33.9 283 0.95x 10.0x

4 of 16

7481

5548 50

37

6572 72

6156 56 54

64

46

66

14

26

15

11 9

4

6

95

1013 13

13

9

19

11

0

20

40

60

80

100

120

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Nu

mb

er o

f T

ra

nsa

cti

on

s__

PEG Acquirer Strategic Acquirer

11.2x 11.0x 10.3x

8.9x 8.4x

10.7x

9.4x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2006 2007 2008 2009 2010 2011 2012 YTD

EV

/ LT

M S

ale

s Mu

ltiple

__E

V / L

TM

EB

ITD

A M

ult

iple

__

EV / LTM EBITDA EV / LTM Sales

59

81

73

97

110

73

30

37

54

14

33

53 5459

71

49

27

59

53

19

0

20

40

60

80

100

120

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

Nu

mb

er o

f In

ves

tmen

ts'

Number of Investments Number of Exits

$84.9 $79.7

$22.1

$28.6 $29.6

$40.3

$7.6

0

50

100

150

200

250

300

350

400

450

500

$0

$20

$40

$60

$80

$100

2006 2007 2008 2009 2010 2011 2012 YTD

Nu

mb

er o

f Tra

nsa

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ns_

_

Ag

greg

ate

Tra

nsa

cti

on

Valu

e (

$ in

bil

lio

ns)

Aggregate Deal Value # of deals

9.7x 9.9x 9.7x9.3x

8.6x

9.6x9.4x

8.9x

9.6x

10.2x 10.4x10.5x

8.9x8.6x

8.9x

7.6x

6.4x

7.7x 7.9x8.2x 8.4x

8.9x

9.6x

8.9x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Med

ian

Tra

din

g M

ult

iple

s

Consumer Products Retail

April 2012

Date Effective Borrower Name Description Deal Amount Type Rating Spread

04/18/12 Goodyear Tire & Rubber Co Tires and inner tubes $1,200,000,000 Term Loan B+ / B1 375

04/18/12 MotorCity Casino Hotels and motels 590,000,000 Term Loan B NR / NR 475

04/15/12 Wailea Hotel & Beach Resort LC Hotels and motels 120,000,000 Term Loan A NR / NR 350

04/03/12 Centaur Gaming Amusement and recreation 10,000,000 Revolver/Line >= 1 Yr. NR / NR 575

04/03/12 Centaur Gaming Amusement and recreation 170,000,000 Term Loan B NR / NR 675

04/03/12 Container Store Misc. homefurnishings stores 275,000,000 Term Loan B NR / B3 500

04/03/12 Container Store Misc. homefurnishings stores 75,000,000 Revolver/Line >= 1 Yr. NR / B3 200

04/02/12 Toys R Us Inc Hobby, toy, and game shops 300,000,000 Term Loan CCC+ / WR 375

03/31/12 Bodek & Rhodes Apparel and accessories 75,000,000 Revolver/Line >= 1 Yr. NR / NR N/A

03/30/12 Gymboree Corp Family clothing stores 15,000,000 Revolver/Line >= 1 Yr. CCC+ / Caa1 325

03/30/12 Gymboree Corp Family clothing stores 260,000,000 Revolver/Line >= 1 Yr. CCC+ / Caa1 175

03/30/12 Hewlett-Packard Co Electronics and computers 3,000,000,000 Revolver/Line >= 1 Yr. BBB+ / A3 N/A

03/30/12 Service Champ Inc Motor vehicle supplies and new parts 12,000,000 Revolver/Line >= 1 Yr. NR / NR 500

03/30/12 Service Champ Inc Motor vehicle supplies and new parts 15,000,000 Other Loan NR / NR 500

03/30/12 Service Champ Inc Motor vehicle supplies and new parts 56,000,000 Term Loan NR / NR 500

03/30/12 Twinco Romax LLC Motor vehicle supplies and new parts 10,000,000 Revolver/Line >= 1 Yr. NR / NR 500

03/30/12 Twinco Romax LLC Motor vehicle supplies and new parts 27,200,000 Term Loan NR / NR 500

03/26/12 Dillard's Inc Department stores 1,000,000,000 Revolver/Line >= 1 Yr. BB / B2 N/A

03/23/12 HHI Holdings LLC Motor vehicle supplies and new parts 30,000,000 Term Loan B B+ / B2 550

03/23/12 Petsmart Inc Miscellaneous retail stores 100,000,000 Revolver/Line >= 1 Yr. BB / WR 125

03/22/12 Tenneco Inc Motor vehicle parts and accessories 250,000,000 Term Loan A BB- / B1 250

03/22/12 Tenneco Inc Motor vehicle parts and accessories 700,000,000 Revolver/Line >= 1 Yr. BB- / B1 250

03/19/12 Pinnacle Entertainment Hotels and motels 250,000,000 Term Loan BB- / B1 N/A

03/13/12 Sleepy's LLC Furniture stores 170,000,000 Term Loan B NR / NR 600

Key Retail

Credit Statistics

Recent

Consumer and

Retail Debt

Offerings

Average Secondary Spread

Average Spread on Retail Loans2

Credit Statistics

Quarterly Retail Loan Volume1

Debt Market

Overview

5 of 16

$0

$2

$4

$6

$8

$10

$12

4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11

Lo

an

Vo

lum

e b

y Q

ua

rte

r (

$ i

n b

illi

on

s)_

__

Pro Rata Institutional

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12

Av

era

ge S

prea

d O

ver L

IBO

R_

_

Revolving Credit / Term Loan A Weighted-Average Institutional

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

L + 1200

Av

era

ge S

prea

d O

ver L

IBO

R

0.0x

2.0x

4.0x

6.0x

8.0x

Debt/EBITDA Senior

Debt/EBITDA

EBITDA/Cash

Interest

EBITDA -

Capex/Cash Interest

EB

ITD

A M

ult

iple

2007 2008 2009 2010 2011 2012 YTD3

(1) Quarterly retail loan volume not currently available for 1Q12.

(2) Revolving Credit / Term Loan A data not currently available for 1Q12.

(3) EBITDA / Cash Interest and EBITDA – Capex / Cash Interest data not currently available for 2012 YTD.

Consumer and Retail

Industry Update

April 2012

6 of 16

Price at As a % of Market Cash & Enterprise LTM P/E

($ in millions, except per share data) Ticker 4/20/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Consumer Products

Apparel & Footwear

Carter's, Inc. CRI $51.09 99.1% $3,011 $236 $233 $3,014 $2,110 $232 20.6% 12.2% 33.1% 11.0% 26.4x 1.43x 13.0x 1.29x 11.1x

Cherokee Inc. CHKE 12.67 64.1% 106 7 7 106 26 12 (16.8%) (10.9%) 100.0% 47.4% 14.3x 4.13x 8.7x 4.03x NA

Coach, Inc. COH 75.67 94.9% 21,775 24 1,086 20,714 4,481 1,516 13.2% 11.4% 72.3% 33.8% 23.7x 4.62x 13.7x 4.04x 11.3x

Columbia Sportswear Company COLM 48.42 68.5% 1,635 0 244 1,391 1,694 186 14.2% 8.7% 43.4% 11.0% 16.0x 0.82x 7.5x 0.80x 7.4x

Crocs, Inc. CROX 22.00 67.8% 1,978 1 258 1,721 1,001 171 26.7% 11.5% 53.6% 17.1% 17.7x 1.72x 10.1x 1.46x 8.3x

Deckers Outdoor Corp. DECK 68.55 57.7% 2,638 0 264 2,374 1,377 314 37.6% 25.9% 49.3% 22.8% 13.5x 1.72x 7.6x 1.49x 7.2x

Delta Apparel Inc. DLA 16.57 83.4% 140 121 0 260 492 30 10.0% 12.5% 23.6% 6.1% 28.3x 0.53x 8.7x 0.52x 7.0x

G-III Apparel Group, Ltd. GIII 28.69 63.2% 570 30 25 575 1,231 94 15.8% 20.1% 30.1% 7.6% 11.7x 0.47x 6.1x 0.43x 5.5x

Gildan Activewear Inc. GIL 27.76 72.9% 3,373 305 42 3,637 1,699 234 19.4% 12.8% 21.3% 13.8% 21.4x 2.14x 15.5x NA NA

Hanesbrands Inc. HBI 30.02 90.0% 2,929 2,141 35 5,035 4,609 475 3.9% 3.8% 31.2% 10.3% 15.5x 1.09x 10.6x 1.05x 8.8x

Iconix Brand Group, Inc. ICON 17.09 65.6% 1,239 633 168 1,705 370 239 11.2% 19.5% 100.0% 64.5% 10.2x 4.61x 7.1x 4.53x 7.0x

The Jones Group Inc. JNY 13.00 86.6% 1,068 857 239 1,685 3,785 275 3.9% 1.5% 35.5% 7.3% 21.3x 0.45x 6.1x 0.44x 5.9x

Kenneth Cole Productions Inc. KCP 15.85 96.6% 290 0 58 232 479 22 4.7% (0.9%) 38.7% 4.6% NM 0.49x 10.6x 0.45x 7.3x

K-Swiss Inc. KSWS 3.76 30.1% 134 10 31 113 268 (57) 23.8% (6.4%) 34.5% NM NM 0.42x NM 0.46x NM

Lacrosse Footwear Inc. BOOT 0.00 0.0% 85 17 1 101 131 9 (12.8%) 0.9% 39.0% 7.0% 29.0x 0.77x 11.0x NA NA

Liz Claiborne Inc. LIZ 12.98 84.3% 1,321 446 180 1,587 1,519 21 (6.4%) (26.7%) 53.3% 1.4% 10.2x 1.05x 75.1x 1.05x 12.0x

Maidenform Brands, Inc. MFB 23.06 71.6% 543 69 68 544 606 67 8.9% 13.6% 31.6% 11.1% 16.2x 0.90x 8.1x 0.88x 7.2x

Nike Inc. NKE 110.77 98.1% 50,773 369 3,198 47,944 23,424 3,459 16.1% 6.2% 43.8% 14.8% 23.1x 2.05x 13.9x 1.84x 12.8x

Oxford Industries Inc. OXM 47.56 90.3% 786 106 13 879 759 98 25.7% 2.8% 54.5% 12.9% 26.9x 1.16x 8.9x 1.04x 8.3x

Perry Ellis International Inc. PERY 18.83 59.8% 276 198 24 449 981 75 24.1% 4.8% 33.0% 7.6% 11.8x 0.46x 6.0x 0.45x 5.9x

PVH Corp. PVH 88.52 95.4% 6,091 1,916 233 7,774 5,891 766 27.0% 33.2% 52.0% 13.0% 20.3x 1.32x 10.2x 1.29x 8.9x

Ralph Lauren Corporation RL 171.27 93.9% 15,814 266 1,202 14,877 6,664 1,248 19.6% 9.8% 58.3% 18.7% 25.0x 2.23x 11.9x 2.01x 10.7x

Quiksilver Inc. ZQK 3.55 63.6% 584 740 94 1,230 1,976 167 7.9% (3.7%) 52.0% 8.4% NM 0.62x 7.4x 0.58x 5.6x

Rocky Brands, Inc. RCKY 13.45 82.5% 101 22 2 120 241 24 (3.4%) (1.2%) 36.0% 9.9% 12.1x 0.50x 5.0x 0.47x NA

Skechers USA Inc. SKX 14.76 71.2% 738 137 351 524 1,614 (51) (19.8%) 3.8% 39.1% NM NM 0.32x NM 0.36x 16.8x

Steven Madden, Ltd. SHOO 42.81 93.7% 1,897 0 108 1,789 969 166 52.4% 28.4% 37.4% 17.1% 19.0x 1.85x 10.8x 1.50x 9.0x

Summer Infant, Inc. SUMR 5.41 57.1% 96 67 1 162 238 15 22.5% 21.6% 34.2% 6.5% 25.8x 0.68x 10.5x 0.60x 6.7x

Taiga Building Products Ltd. TBL 0.00 0.0% 21 210 0 231 931 31 (5.2%) 3.3% 9.6% 3.3% 5.3x 0.25x 7.5x NA NA

True Religion Apparel Inc. TRLG 26.10 69.0% 655 0 200 455 420 90 15.4% 15.8% 64.8% 21.4% 14.5x 1.08x 5.1x 0.99x 4.8x

Under Armour, Inc. UA 101.53 98.7% 5,283 76 107 5,251 1,544 204 34.6% 26.2% 48.1% 13.2% NM 3.40x 25.7x 2.79x 20.4x

V.F. Corporation VFC 151.03 99.0% 16,824 2,116 341 18,599 9,459 1,444 22.8% 7.4% 45.8% 15.3% 18.9x 1.97x 12.9x 1.69x 10.7x

Vera Bradley, Inc. VRA 26.97 51.5% 1,092 25 5 1,113 461 106 25.9% NA 55.9% 22.9% 18.9x 2.41x 10.5x 2.04x 8.4x

Warnaco Group Inc. WRC 53.85 82.8% 2,226 256 233 2,249 2,513 306 9.5% 6.8% 43.9% 12.2% 17.9x 0.89x 7.4x 0.85x 6.3x

Weyco Group Inc. WEYS 22.85 83.9% 250 37 15 272 271 26 18.3% 7.0% 39.4% 9.7% 16.7x 1.00x 10.3x NA NA

Wolverine World Wide Inc. WWW 37.89 87.4% 1,844 12 140 1,715 1,409 186 12.9% 4.9% 39.5% 13.2% 15.3x 1.22x 9.2x 1.14x 8.6x

Mean 73.6% 4,234 327 263 4,298 2,447 349 13.8% 8.4% 45.1% 15.1% 18.2x 1.45x 11.9x 1.37x 8.9x

Median 82.5% 1,092 76 107 1,391 1,231 166 15.4% 7.2% 39.5% 12.2% 17.8x 1.08x 10.1x 1.05x 8.3x

Automotive Products

America's Car-Mart Inc. CRMT $44.06 91.3% $422 $85 $0 $507 $420 $55 15.2% 12.2% 29.1% 13.2% 14.4x 1.21x 9.2x 1.07x NA

Asbury Automotive Group, Inc. ABG 26.43 91.5% 834 933 11 1,755 4,277 137 9.7% 1.5% 16.9% 3.2% 18.0x 0.41x 12.8x 0.38x 9.3x

AutoNation Inc. AN 33.74 81.2% 4,204 3,546 87 7,663 13,832 653 11.0% 1.5% 16.7% 4.7% 17.5x 0.55x 11.7x 0.51x 11.0x

AutoZone Inc. AZO 381.73 98.9% 14,876 3,464 117 18,224 8,349 1,762 8.1% 7.9% 51.2% 21.1% 17.8x 2.18x 10.3x 2.04x 9.6x

CarMax Inc. KMX 31.49 89.5% 7,135 5,053 443 11,745 10,266 783 11.6% 13.7% 16.0% 7.6% 17.6x 1.14x 15.0x 1.08x 13.8x

Group 1 Automotive Inc. GPI 57.63 96.1% 1,242 1,297 15 2,524 6,080 225 10.4% 2.4% 15.8% 3.7% 16.6x 0.42x 11.2x 0.37x 10.2x

EV / LTM EV / 2012ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Consumer and Retail

Industry Update

April 2012

7 of 16



Automotive Products (Cont.)

Lithia Motors Inc. LAD $25.85 94.0% $670 $638 $21 $1,287 $2,699 $130 30.3% 8.4% 16.9% 4.8% 12.4x 0.48x 9.9x 0.42x 9.5x

Midas Inc. MDS 11.50 100.0% 166 105 0 270 184 26 (4.6%) (0.7%) 39.4% 13.9% 41.1x 1.47x 10.6x 1.52x 9.0x

Monro Muffler Brake Inc. MNRO 41.52 87.2% 1,282 46 2 1,326 666 113 5.1% 12.6% 40.6% 17.0% 25.5x 1.99x 11.7x 1.82x 10.2x

O'Reilly Automotive Inc. ORLY 96.45 99.4% 12,249 798 362 12,685 5,789 1,030 7.2% 17.4% 49.0% 17.8% 26.0x 2.19x 12.3x 2.04x 11.1x

Penske Automotive Group, Inc. PAG 27.13 98.4% 2,450 2,568 29 4,990 11,556 347 11.9% (0.2%) 15.8% 3.0% 14.1x 0.43x 14.4x 0.39x 13.3x

Pep Boys - Manny, Moe & Jack PBY 14.95 96.7% 789 308 58 1,038 2,064 148 3.8% 2.3% 29.2% 7.2% 27.7x 0.50x 7.0x 0.47x 5.7x

Sonic Automotive Inc. SAH 17.93 94.1% 944 1,454 2 2,396 7,871 259 14.4% 4.5% 15.4% 3.3% 13.7x 0.30x 9.2x 0.28x 8.4x

Mean 93.7% 3,636 1,561 88 5,109 5,696 436 10.3% 6.4% 27.1% 9.3% 20.2x 1.02x 11.2x 0.95x 10.1x

Median 94.1% 1,242 933 21 2,396 5,789 225 10.4% 4.5% 16.9% 7.2% 17.6x 0.55x 11.2x 0.51x 9.9x

Home & Office Furniture & Furnishings

Furniture Brands International Inc. FBN $1.58 32.0% $89 $77 $25 $141 $1,108 ($0) (4.5%) (14.0%) 24.4% NM NM 0.13x NM 0.13x NM

Herman Miller Inc. MLHR 20.56 71.0% 1,192 250 229 1,214 1,745 177 14.1% (1.6%) 33.6% 10.2% 14.9x 0.70x 6.8x 0.68x 6.5x

HNI Corp. HNI 23.83 75.5% 1,084 216 66 1,235 1,883 131 9.5% (6.6%) 34.6% 7.0% 22.8x 0.66x 9.4x 0.61x 7.7x

Hooker Furniture Corp. HOFT 12.12 86.6% 130 0 40 90 223 11 3.3% (5.2%) 22.0% 5.0% 25.8x 0.40x 8.1x 0.38x 6.4x

Kid Brands, Inc. KID 2.57 34.3% 56 49 2 103 253 7 (8.4%) 3.3% 25.6% 2.9% NM 0.41x 14.0x 0.40x 6.0x

Kimball International, Inc. KBAL.B 6.42 81.4% 176 0 32 145 1,165 41 (1.1%) (4.5%) 17.1% 3.5% 36.7x 0.12x 3.6x NA NA

Knoll Inc. KNL 14.88 65.5% 693 212 28 877 922 109 13.9% (6.3%) 31.9% 11.9% 12.0x 0.95x 8.0x 0.95x 8.3x

Leggett & Platt, Incorporated LEG 23.07 85.6% 3,231 868 236 3,863 3,636 389 8.2% (3.7%) 18.4% 10.7% 22.2x 1.06x 9.9x 1.04x 9.0x

Libbey Inc. LBY 13.24 77.0% 272 397 58 611 819 113 2.2% 0.3% 20.9% 13.8% 11.6x 0.75x 5.4x 0.73x 5.2x

Natuzzi SpA NTZ 2.83 62.1% 155 50 122 83 632 (11) (9.1%) (12.1%) 33.0% NM NM 0.13x NM NA NA

Sealy Corporation ZZ 2.15 71.9% 217 781 98 900 1,237 119 2.0% (4.4%) 39.0% 9.6% NM 0.73x 7.6x 0.71x 6.8x

Steelcase Inc. SCS 9.03 75.6% 1,143 292 191 1,244 2,750 184 12.8% (4.8%) 30.4% 6.7% 21.0x 0.45x 6.8x 0.43x 5.9x

Tempur Pedic International Inc. TPX 66.53 76.1% 4,257 565 134 4,688 1,476 386 25.4% 19.8% 52.7% 26.1% 19.8x 3.18x 12.1x 2.71x 10.2x

The Dixie Group, Inc. DXYN 3.96 82.5% 50 68 0 118 270 14 16.8% (1.5%) 24.3% 5.3% 39.6x 0.44x 8.3x 0.42x NA

Mean 69.8% 910 273 90 1,094 1,294 119 6.1% (2.9%) 29.1% 9.4% 22.6x 0.72x 8.3x 0.77x 7.2x

Median 75.6% 244 214 62 744 1,136 111 5.8% (4.5%) 28.0% 8.3% 21.6x 0.55x 8.1x 0.65x 6.7x

Household Products

Central Garden & Pet Co. CENT $10.60 93.2% $518 $461 $28 $951 $1,649 $109 7.3% (0.7%) 29.8% 6.6% 22.8x 0.58x 8.7x 0.56x 7.9x

The Clorox Company CLX 70.24 93.1% 9,117 2,896 298 11,715 5,312 1,084 2.9% (0.8%) 42.8% 20.4% 17.5x 2.21x 10.8x 2.13x 10.2x

iRobot Corporation IRBT 24.52 62.9% 671 0 184 487 466 64 16.1% 14.8% 41.3% 13.7% 17.0x 1.05x 7.7x 1.01x 8.3x

Jarden Corp. JAH 39.98 97.2% 3,055 3,168 808 5,414 6,680 784 10.9% 7.5% 27.8% 11.7% 17.3x 0.81x 6.9x 0.80x 6.4x

Newell Rubbermaid Inc. NWL 17.40 87.8% 5,048 2,177 170 7,054 5,865 895 3.6% (3.2%) 37.6% 15.3% 38.7x 1.20x 7.9x 1.19x 7.7x

Prestige Brands Holdings, Inc. PBH 17.71 99.2% 893 430 4 1,318 403 119 30.1% 8.6% 51.8% 29.5% 20.6x 3.27x 11.1x 2.22x 6.7x

Snap-on Inc. SNA 61.65 95.8% 3,582 980 157 4,404 3,032 555 9.5% 2.9% 47.6% 18.3% 12.4x 1.45x 7.9x 1.44x 7.6x

Stanley Black & Decker, Inc. SWK 73.41 92.6% 12,511 3,639 884 15,267 10,668 1,603 12.0% 35.7% 36.9% 15.0% 19.0x 1.43x 9.5x 1.33x 7.1x

Toro Co. TTC 71.20 97.9% 2,131 251 72 2,310 1,925 241 10.5% 2.0% 33.6% 12.5% 18.5x 1.20x 9.6x 1.14x 9.8x

Tupperware Brands Corporation TUP 61.66 85.7% 3,461 621 138 3,944 2,585 431 12.4% 6.1% 66.7% 16.7% 17.4x 1.53x 9.2x 1.49x 8.5x

Whirlpool Corp. WHR 64.17 69.8% 4,937 2,491 1,109 6,319 18,666 1,451 1.6% (0.4%) 13.6% 7.8% 12.9x 0.34x 4.4x 0.34x 4.2x

Mean 88.6% 4,175 1,556 350 5,380 5,205 667 10.6% 6.6% 39.1% 15.2% 19.5x 1.37x 8.5x 1.24x 7.7x

Median 93.1% 3,461 980 170 4,404 3,032 555 10.5% 2.9% 37.6% 15.0% 17.5x 1.20x 8.7x 1.19x 7.7x

Personal Care Products

All for One Midmarket AG ACV $11.89 86.1% $58 $44 $40 $62 $132 $13 21.2% 9.3% 23.5% 9.8% 8.2x 0.47x 4.7x NA NA

Avon Products Inc. AVP 22.00 69.6% 9,480 3,251 1,009 11,722 11,427 1,518 5.2% 2.8% 63.4% 13.3% 18.3x 1.03x 7.7x 1.05x 8.6x

Revenue GrowthLast Twelve Months (LTM) LTM Margins EV / LTM EV / 2012E

Consumer and Retail

Industry Update

April 2012

8 of 16



Personal Care Products (Cont.)

Elizabeth Arden, Inc. RDEN $39.68 98.7% $1,135 $250 $62 $1,323 $1,219 $126 7.3% 3.4% 49.2% 10.3% 22.0x 1.09x 10.5x 1.04x 8.9x

Estee Lauder Companies Inc. EL 64.03 99.0% 24,824 1,213 999 25,037 9,441 1,689 14.0% 6.4% 78.9% 17.9% 30.5x 2.65x 14.8x 2.51x 14.0x

Herbalife Ltd. HLF 72.32 99.5% 8,409 209 259 8,359 3,455 634 26.3% 13.6% 47.4% 18.4% 21.9x 2.42x 13.2x 2.18x 12.1x

Inter Parfums Inc. IPAR 16.05 64.7% 490 16 36 471 615 81 33.6% 11.3% 54.5% 13.1% 15.3x 0.77x 5.8x 0.74x 5.6x

Kimberly-Clark Corporation KMB 76.47 99.2% 30,079 6,945 785 36,239 21,058 4,060 5.6% 3.3% 32.1% 19.3% 19.2x 1.72x 8.9x 1.72x 9.0x

Medifast Inc. MED 18.95 69.9% 294 6 34 266 298 35 15.8% 39.4% 75.3% 11.7% 14.5x 0.89x 7.6x 0.77x 6.7x

Nu Skin Enterprises Inc. NUS 59.16 95.4% 3,695 137 295 3,536 1,744 299 13.4% 11.8% 83.4% 17.2% 24.9x 2.03x 11.8x 1.90x 10.5x

Obagi Medical Products, Inc. OMPI 12.48 90.7% 233 0 35 198 114 26 1.2% 2.9% 78.9% 23.1% 23.1x 1.74x 7.5x 1.63x 9.4x

Procter & Gamble Co. PG 67.51 99.4% 185,949 33,388 4,414 214,923 85,142 18,578 7.0% 1.4% 49.5% 21.8% 19.8x 2.52x 11.6x 2.50x 10.7x

Revlon, Inc. REV 17.69 91.5% 923 1,228 102 2,049 1,381 219 4.5% 0.8% 64.3% 15.9% 17.5x 1.48x 9.3x 1.48x 7.6x

Sally Beauty Holdings Inc. SBH 26.09 98.6% 4,834 1,461 72 6,224 3,340 509 11.2% 8.2% 49.0% 15.2% 24.2x 1.86x 12.2x 1.74x 10.6x

Schiff Nutrition International Inc. WNI 14.69 99.3% 430 0 26 404 243 27 15.3% 7.6% 43.5% 11.2% 29.4x 1.66x 14.8x 1.37x NA

Ulta Salon, Cosmetics & Fragrance, Inc. ULTA 95.35 98.7% 5,957 0 254 5,703 1,776 272 22.1% 17.9% 34.7% 15.3% NM 3.21x 21.0x 2.65x 16.3x

USANA Health Sciences Inc. USNA 37.32 95.8% 559 0 50 509 582 86 12.4% 10.7% 82.5% 14.7% 11.4x 0.87x 5.9x 0.83x 5.9x

Mean 91.0% 17,334 3,009 529 19,814 8,873 1,761 13.5% 9.4% 56.9% 15.5% 20.0x 1.65x 10.5x 1.61x 9.7x

Median 97.2% 2,415 173 87 2,793 1,563 246 12.9% 7.9% 52.0% 15.3% 19.8x 1.69x 9.9x 1.63x 9.2x

Recreational & Leisure Products

Arctic Cat Inc. ACAT $46.48 97.9% $588 $0 $76 $512 $560 $54 17.9% (4.4%) 22.5% 9.6% 32.6x 0.91x 9.5x 0.80x 7.3x

Brunswick Corporation BC 25.99 93.8% 2,319 695 415 2,600 3,748 320 10.1% (7.3%) 23.4% 8.5% 33.3x 0.69x 8.1x 0.66x 7.5x

Callaway Golf Co. ELY 6.72 92.2% 437 0 43 394 887 3 (8.4%) (7.4%) 37.6% 0.4% NM 0.44x 117.6x 0.40x 6.3x

Cybex International Inc. CYBI 2.89 80.3% 49 14 12 52 140 13 14.0% (1.8%) 35.6% 9.2% 1.4x 0.37x 4.0x NA NA

Harley-Davidson, Inc. HOG 51.70 99.4% 11,817 5,726 1,097 16,445 5,312 1,078 9.3% (3.7%) 36.9% 20.3% 22.2x 3.10x 15.3x 3.30x 13.3x

Hasbro Inc. HAS 35.92 74.2% 4,659 1,581 661 5,579 4,286 769 7.1% 2.1% 48.4% 17.9% 12.7x 1.30x 7.3x 1.28x 7.2x

Head NV WBAG:HEAD 1.45 100.9% 121 135 39 217 441 32 (4.4%) (1.1%) 40.9% 7.2% NM 0.49x 6.9x NA NA

JAKKS Pacific, Inc. JAKK 17.49 82.5% 451 93 255 289 679 43 (8.5%) (8.3%) 31.1% 6.4% NM 0.43x 6.7x 0.39x 3.6x

Johnson Outdoors Inc. JOUT 19.25 91.7% 190 34 29 195 409 25 4.7% (0.5%) 40.0% 6.0% 6.1x 0.48x 7.9x NA NA

LeapFrog Enterprises Inc. LF 8.55 98.2% 571 0 72 499 455 35 5.2% (0.3%) 41.0% 7.7% 28.5x 1.10x 14.2x 0.99x 9.2x

Life Time Fitness Inc. LTM 45.67 86.7% 1,851 650 11 2,491 1,041 285 11.5% 9.6% 39.9% 27.4% 19.3x 2.39x 8.7x 2.16x 7.4x

Marine Products Corp. MPX 5.95 76.8% 225 0 13 212 106 6 5.4% (15.4%) 18.3% 5.9% 33.1x 1.99x 33.9x 1.89x NA

Mattel, Inc. MAT 32.06 92.6% 10,901 1,550 785 11,667 6,243 1,233 5.3% 2.6% 50.4% 19.8% 14.8x 1.87x 9.5x 1.79x 8.7x

Nautilus Inc. NLS 2.65 76.8% 81 6 17 70 180 7 7.1% (14.0%) 43.5% 4.1% 33.1x 0.39x 9.4x 0.35x NA

Navarre Corp. NAVR 1.80 86.5% 67 0 2 65 488 5 (2.2%) (8.8%) 12.0% 1.1% NM 0.13x 12.1x 0.14x 6.7x

Polaris Industries, Inc. PII 79.70 97.9% 5,458 108 286 5,280 2,819 438 29.1% 14.3% 28.8% 15.5% 23.6x 1.87x 12.1x 1.68x 10.1x

Pool Corp. POOL 37.23 92.0% 1,773 299 21 2,052 1,842 143 11.2% 2.3% 29.6% 7.8% 23.8x 1.11x 14.3x 1.03x 12.4x

Smith & Wesson Holding Corporation SWHC 8.12 94.4% 527 53 22 558 434 37 26.0% 10.9% 29.0% 8.5% NM 1.29x 15.1x 1.27x 8.2x

Steinway Musical Instruments Inc. LVB 25.35 86.5% 313 68 50 332 346 31 8.8% (3.7%) 30.5% 8.8% NM 0.96x 10.8x 0.91x 7.2x

Sturm, Ruger & Co. Inc. RGR 53.44 99.9% 1,023 0 81 942 329 75 28.8% 21.9% 34.2% 22.9% 25.6x 2.87x 12.5x 2.48x 10.5x

THQ Inc. THQI 0.75 16.1% 51 100 48 104 771 (130) 4.4% (3.1%) 56.9% NM NM 0.13x NM 0.22x NM

Mean 86.5% 2,070 529 192 2,407 1,501 214 8.7% (0.8%) 34.8% 10.8% 22.2x 1.16x 16.8x 1.21x 8.4x

Median 92.0% 527 68 48 499 560 37 7.1% (1.8%) 35.6% 8.5% 23.7x 0.96x 10.2x 1.01x 7.5x

Revenue Growth LTM Margins EV / LTM EV / 2012ELast Twelve Months (LTM)

Consumer and Retail

Industry Update

April 2012

9 of 16



Retail

Apparel & Footwear Retail

Abercrombie & Fitch Co. ANF $49.05 62.7% $4,156 $58 $668 $3,545 $4,158 $541 19.9% 6.1% 60.6% 13.0% 34.5x 0.85x 6.6x 0.75x 4.8x

Aéropostale, Inc. ARO 21.73 82.6% 1,759 103 224 1,638 2,342 195 (2.4%) 7.5% 33.4% 8.3% 25.6x 0.70x 8.4x 0.68x 7.1x

American Apparel, Inc. APP 1.00 59.2% 106 152 10 248 547 7 2.7% 0.1% 53.9% 1.2% NM 0.45x 36.9x NA NA

American Eagle Outfitters, Inc. AEO 17.55 97.9% 3,414 0 745 2,669 3,160 395 6.5% 2.3% 35.7% 12.5% 22.8x 0.84x 6.8x 0.80x 5.6x

ANN INC ANN 28.66 88.2% 1,391 6 150 1,247 2,212 245 11.7% 0.3% 54.6% 11.1% 17.5x 0.56x 5.1x 0.52x 4.7x

Ascena Retail Group Inc. ASNA 21.05 93.1% 3,237 0 430 2,807 3,079 432 8.3% 28.4% 53.3% 14.0% 17.6x 0.91x 6.5x 0.84x 5.9x

Bebe Stores, Inc. BEBE 8.53 89.0% 718 0 207 511 520 39 7.8% (8.0%) 56.6% 7.5% NM 0.98x 13.1x 0.93x 9.0x

Brown Shoe Co. Inc. BWS 9.04 68.6% 387 400 48 739 2,583 113 3.1% 4.3% 38.8% 4.4% 48.8x 0.29x 6.5x 0.29x 5.5x

Buckle Inc. BKE 45.41 90.8% 2,136 0 197 1,940 1,063 269 11.9% 10.3% 49.7% 25.3% 14.2x 1.82x 7.2x 1.69x 6.6x

Body Central Corp. BODY 27.74 94.1% 448 0 42 406 297 37 21.8% NA 34.9% 12.3% 22.7x 1.37x 11.1x 1.17x 9.0x

Cabela's Inc. CAB 38.98 97.9% 2,685 2,207 305 4,588 2,811 315 5.6% 3.3% 42.6% 11.2% 19.5x 1.63x 14.6x 1.51x 12.7x

Casual Male Retail Group, Inc. CMRG 3.04 65.8% 145 0 10 134 398 31 1.0% (3.6%) 46.2% 7.9% 3.4x 0.34x 4.3x 0.32x 3.6x

Cato Corp. CATO 27.75 90.2% 809 0 241 569 931 118 0.7% 2.8% 38.4% 12.7% 12.6x 0.61x 4.8x 0.60x 4.7x

Charming Shoppes Inc. CHRS 5.95 93.3% 694 138 169 664 1,992 83 (3.4%) (7.0%) 50.1% 4.2% NM 0.33x 8.0x 0.34x 6.3x

Chico's FAS Inc. CHS 15.39 93.3% 2,518 0 248 2,270 2,196 329 15.3% 11.5% 55.8% 15.0% 18.8x 1.03x 6.9x 0.90x 6.1x

Christopher & Banks Corporation CBK 1.93 27.1% 69 0 48 21 446 (34) (0.5%) (5.6%) 24.3% NM NM 0.05x NM 0.05x NM

Citi Trends CTRN 10.50 45.7% 153 0 43 111 641 16 2.9% 9.5% 34.4% 2.5% NM 0.17x 6.9x 0.17x 4.0x

Coldwater Creek Inc. CWTR 1.06 34.5% 129 42 51 120 773 (34) (21.2%) (9.0%) 29.7% NM NM 0.16x NM 0.16x NM

Collective Brands, Inc. PSS 19.45 84.6% 1,182 610 181 1,611 3,462 203 2.5% 0.2% 31.9% 5.9% NM 0.47x 7.9x 0.46x 6.3x

Destination Maternity Corporation DEST 18.90 74.8% 251 26 29 248 546 47 2.5% (0.6%) 53.7% 8.7% 12.4x 0.45x 5.2x 0.44x 4.5x

DSW Inc. DSW 56.19 96.9% 2,464 0 376 2,088 2,024 276 11.1% 11.4% 40.3% 13.6% 12.0x 1.03x 7.6x 0.92x 7.0x

Express Inc. EXPR 24.00 91.4% 2,133 199 152 2,179 2,073 336 8.8% 5.8% 44.8% 16.2% 15.2x 1.05x 6.5x 0.97x 5.7x

Finish Line Inc. FINL 21.96 83.9% 1,132 0 307 824 1,369 163 11.4% 4.7% 35.1% 11.9% 13.8x 0.60x 5.1x 0.57x 5.0x

Foot Locker, Inc. FL 31.00 96.1% 4,709 135 851 3,993 5,623 552 11.4% 2.4% 43.9% 9.8% 17.2x 0.71x 7.2x 0.67x 6.1x

Gap Inc. GPS 27.85 99.6% 13,651 1,665 1,885 13,431 14,549 2,046 (0.8%) 0.1% 36.2% 14.1% 17.9x 0.92x 6.6x 0.89x 6.5x

Genesco Inc. GCO 74.71 97.6% 1,824 41 54 1,811 2,292 208 28.1% 13.9% 50.4% 9.1% 21.5x 0.79x 8.7x 0.70x 7.5x

Guess? Inc. GES 29.79 65.1% 2,672 13 496 2,190 2,688 497 8.1% 8.7% 43.3% 18.5% 10.4x 0.81x 4.4x 0.80x 4.9x

Hot Topic Inc. HOTT 9.91 92.4% 417 0 66 351 698 40 (1.5%) (2.8%) 33.4% 5.7% NM 0.50x 8.9x 0.48x 5.9x

Jos. A Bank Clothiers Inc. JOSB 47.97 84.0% 1,335 0 327 1,007 980 186 14.2% 12.1% 62.1% 19.0% 13.7x 1.03x 5.4x 0.93x 4.9x

Limited Brands, Inc. LTD 49.26 98.6% 14,449 3,598 935 17,112 10,364 1,774 7.8% 4.6% 44.6% 17.1% 18.2x 1.65x 9.6x 1.66x 8.5x

Lululemon Athletica Inc. LULU 73.70 95.6% 10,580 0 409 10,171 1,001 317 40.6% 41.5% 56.9% 31.7% NM 10.16x 32.1x 7.56x 24.7x

The Men's Wearhouse, Inc. MW 36.60 89.3% 1,852 0 125 1,727 2,383 268 13.3% 6.5% 44.0% 11.2% 15.9x 0.72x 6.4x 0.69x 5.6x

New York & Company Inc. NWY 4.01 57.5% 249 0 51 198 956 6 (6.4%) (5.7%) 33.9% 0.6% NM 0.21x 33.6x 0.21x 9.7x

Pacific Sunwear of California Inc. PSUN 1.49 36.7% 101 74 50 124 834 (26) (0.4%) (12.7%) 21.7% NM NM 0.15x NM 0.15x NM

Ross Stores Inc. ROST 60.03 99.2% 13,599 150 650 13,099 8,608 1,223 9.4% 9.9% 27.5% 14.2% 21.0x 1.52x 10.7x 1.38x 9.2x

rue21, Inc. RUE 30.52 81.8% 747 0 72 675 760 90 19.8% 24.8% 37.4% 11.8% 19.7x 0.89x 7.5x 0.74x 6.6x

Shoe Carnival Inc. SCVL 29.12 85.5% 397 0 71 326 763 57 3.2% 5.6% 29.5% 7.5% 14.8x 0.43x 5.7x 0.38x 5.1x

Stage Stores Inc. SSI 15.49 78.0% 475 50 19 506 1,512 113 2.8% (0.1%) 27.2% 7.5% 16.9x 0.33x 4.5x 0.32x 4.2x

Stein Mart Inc. SMRT 6.06 55.3% 262 6 94 175 1,160 52 (1.8%) (4.4%) 25.6% 4.5% 13.8x 0.15x 3.3x 0.15x 3.5x

The Children’s Place Retail Stores, Inc. PLCE 47.68 82.8% 1,168 0 177 991 1,716 171 2.5% 1.7% 38.7% 10.0% 15.8x 0.58x 5.8x 0.55x 4.9x

The Talbots Inc. TLB 2.80 46.1% 197 138 9 326 1,141 (25) (5.9%) (8.6%) 29.2% NM NM 0.29x NM 0.30x NA

The TJX Companies, Inc. TJX 41.02 98.7% 30,630 788 1,602 29,816 23,191 2,933 5.7% 6.9% 27.3% 12.6% 21.3x 1.29x 10.2x 1.19x 8.7x

Urban Outfitters Inc. URBN 28.94 85.4% 4,188 0 235 3,953 2,474 385 8.8% 10.5% 41.7% 15.6% 24.3x 1.60x 10.3x 1.42x 8.7x

Wet Seal Inc. WTSL.A 3.29 62.9% 297 0 157 140 620 49 6.7% 1.5% 48.7% 7.9% 20.6x 0.23x 2.9x 0.22x 3.0x

Zumiez, Inc. ZUMZ 35.02 90.3% 1,096 0 173 923 556 80 16.1% 10.8% 36.3% 14.4% 29.2x 1.66x 11.5x 1.44x 9.8x

Mean 79.6% 3,045 236 298 2,983 2,767 336 6.9% 4.6% 40.9% 11.3% 18.9x 0.96x 9.3x 0.86x 6.8x

Median 85.5% 1,168 0 173 991 1,512 171 6.5% 3.8% 38.8% 11.2% 17.6x 0.71x 6.9x 0.68x 6.0x

EV / LTM EV / 2012ELast Twelve Months (LTM) Revenue Growth LTM Margins

Consumer and Retail

Industry Update

April 2012

10 of 16



Catalog & Specialty Distribution

HSN, Inc. HSNI $37.60 96.8% $2,201 $239 $382 $2,059 $3,177 $258 6.0% 4.0% 34.2% 8.1% 18.5x 0.65x 8.0x 0.62x 6.5x

Insight Enterprises Inc. NSIT 20.46 88.4% 909 117 128 897 5,287 193 9.9% 3.1% 13.4% 3.7% 9.4x 0.17x 4.6x 0.16x 4.2x

Liberty Interactive Corporation LINT.A 18.52 93.5% 0 6,039 847 5,192 9,616 1,774 7.7% (0.7%) 36.4% 18.4% 19.9x 0.54x 2.9x NA NA

Nutrisystem, Inc. NTRI 11.04 68.5% 302 30 58 274 401 31 (21.2%) (16.4%) 50.6% 7.8% 25.7x 0.68x 8.8x 0.66x 7.5x

PC Connection, Inc. PCCC 7.89 61.1% 208 7 5 211 2,103 54 6.5% 6.2% 12.6% 2.6% 7.4x 0.10x 3.9x 0.10x 3.4x

PC Mall Inc. MALL 6.07 58.0% 73 102 9 165 1,455 19 6.4% 3.1% 13.1% 1.3% 24.3x 0.11x 8.7x 0.11x 5.4x

Systemax Inc. SYX 17.61 84.2% 641 10 97 553 3,682 92 2.6% 6.7% 14.4% 2.5% 12.0x 0.15x 6.0x 0.14x NA

ValueVision Media Inc. VVTV 1.79 20.5% 87 25 33 79 558 (4) (0.7%) (0.5%) 36.6% NM NM 0.14x NM 0.14x NM

Mean 71.4% 553 821 195 1,179 3,285 302 2.1% 0.7% 26.4% 6.3% 16.7x 0.32x 6.1x 0.27x 5.4x

Median 76.4% 255 66 77 414 2,640 73 6.2% 3.1% 24.3% 3.7% 18.5x 0.16x 6.0x 0.14x 5.4x

Department Chains

Bon-Ton Stores Inc. BONT $6.11 41.9% $122 $883 $14 $991 $2,954 $172 (3.1%) (2.9%) 37.5% 5.8% NM 0.34x 5.8x 0.33x 5.6x

Dillard's Inc. DDS 63.40 97.8% 3,135 903 224 3,813 6,400 680 2.3% (2.9%) 36.8% 10.6% 7.4x 0.60x 5.6x 0.58x 5.3x

J. C. Penney Company, Inc. JCP 33.48 77.5% 7,309 3,102 1,507 8,904 17,260 1,003 (2.8%) (2.3%) 36.0% 5.8% NM 0.52x 8.9x 0.54x 6.8x

Kohl's Corp. KSS 50.46 87.9% 12,274 4,244 1,205 15,313 18,804 2,936 2.2% 4.7% 38.2% 15.6% 11.7x 0.81x 5.2x 0.78x 5.1x

Macy's, Inc. M 39.10 94.7% 16,362 7,758 2,827 21,293 26,405 3,471 5.6% 2.0% 40.4% 13.1% 13.4x 0.81x 6.1x 0.77x 5.7x

Nordstrom Inc. JWN 55.11 97.1% 11,459 3,647 1,877 13,229 10,877 1,620 12.1% 8.3% 37.3% 14.9% 17.6x 1.22x 8.2x 1.13x 7.7x

Saks Incorporated SKS 10.72 88.3% 1,643 375 200 1,819 3,014 277 8.2% (0.3%) 40.8% 9.2% 23.6x 0.60x 6.6x 0.56x 5.9x

Sears Holdings Corporation SHLD 53.12 60.6% 5,652 3,493 747 8,398 41,567 277 (2.6%) (3.9%) 25.8% 0.7% NM 0.20x 30.3x 0.21x 16.7x

Stage Stores Inc. SSI 15.49 78.0% 475 50 19 506 1,512 113 2.8% (0.1%) 27.2% 7.5% 16.9x 0.33x 4.5x 0.32x 4.2x

Mean 80.4% 6,492 2,717 958 8,252 14,310 1,172 2.8% 0.3% 35.6% 9.2% 15.1x 0.60x 9.0x 0.58x 7.0x

Median 87.9% 5,652 3,102 747 8,398 10,877 680 2.3% (0.3%) 37.3% 9.2% 15.1x 0.60x 6.1x 0.56x 5.7x

Discount Stores & Mass Merchants

Nordion Inc. NDN $8.98 75.9% $557 $45 $71 $530 $262 $79 6.4% 87.1% 53.4% 30.2% 32.7x 2.02x 6.7x 2.03x 7.5x

Big Lots Inc. BIG 45.87 97.1% 3,037 66 69 3,034 5,202 431 5.0% 3.8% 39.8% 8.3% 15.3x 0.58x 7.0x 0.53x 6.3x

Costco Wholesale Corporation COST 87.58 95.1% 38,007 2,280 5,785 34,502 93,396 3,387 13.9% 8.6% 12.4% 3.6% 25.5x 0.37x 10.2x 0.34x 8.9x

Dollar General Corporation DG 46.93 98.6% 15,882 2,629 128 18,384 14,807 1,780 13.6% 12.3% 31.7% 12.0% 21.1x 1.24x 10.3x 1.15x 9.4x

Dollar Tree, Inc. DLTR 99.55 99.9% 11,513 266 288 11,490 6,631 947 12.7% 12.6% 35.9% 14.3% 24.7x 1.73x 12.1x 1.55x 10.5x

Duckwall-ALCO Stores Inc. DUCK 8.18 62.9% 31 65 2 94 483 13 4.4% (0.5%) 30.3% 2.8% 17.0x 0.19x 7.0x NA NA

Family Dollar Stores Inc. FDO 68.34 99.8% 7,978 532 158 8,352 8,895 866 8.3% 7.2% 35.1% 9.7% 20.1x 0.94x 9.6x 0.86x 8.7x

Fred's, Inc. FRED 14.70 96.3% 547 7 27 527 1,879 85 2.0% 1.5% 28.7% 4.5% 16.9x 0.28x 6.2x 0.27x 5.5x

Gordmans Stores, Inc. GMAN 21.03 90.5% 402 1 35 367 558 45 6.7% 42.3% 43.4% 8.1% 16.2x 0.66x 8.1x 0.58x 6.9x

PriceSmart Inc. PSMT 79.97 99.2% 2,360 86 91 2,355 1,900 120 23.1% 16.2% 15.8% 6.3% 38.1x 1.24x 19.6x 1.06x 16.1x

Target Corp. TGT 57.28 97.2% 38,291 17,483 794 54,980 69,865 7,453 3.7% 2.5% 29.9% 10.7% 13.4x 0.79x 7.4x 0.75x 7.4x

Tuesday Morning Corp. TUES 4.08 78.0% 171 0 57 113 813 26 (1.5%) (0.3%) 38.0% 3.2% 36.8x 0.14x 4.4x 0.14x NA

Wal-Mart Stores Inc. WMT 62.45 99.7% 212,372 53,537 6,550 259,359 446,950 34,688 6.0% 3.4% 25.0% 7.8% 13.8x 0.58x 7.5x 0.55x 7.2x

Mean 91.6% 25,473 5,923 1,081 30,315 50,126 3,840 8.0% 15.1% 32.3% 9.3% 22.4x 0.83x 8.9x 0.82x 8.6x

Median 97.1% 3,037 86 91 3,034 5,202 431 6.4% 7.2% 31.7% 8.1% 20.1x 0.66x 7.5x 0.67x 7.5x

Furniture & Furnishings Retailers

Aaron's, Inc. AAN $25.56 80.4% $1,944 $154 $176 $1,921 $2,021 $275 7.8% 8.5% 51.8% 13.6% 17.9x 0.95x 7.0x 0.89x 6.4x

Bed Bath & Beyond Inc. BBBY 68.56 94.2% 16,232 0 1,760 14,472 9,500 1,752 8.5% 9.6% 41.4% 18.4% 16.9x 1.52x 8.3x 1.41x 7.7x

Cost Plus Inc. CPWM 19.66 99.1% 442 116 6 553 964 51 5.2% 0.5% 32.1% 5.3% 25.9x 0.57x 10.8x 0.53x 8.7x

Ethan Allen Interiors Inc. ETH 22.05 77.7% 636 153 77 712 709 64 9.3% (6.5%) 52.7% 9.0% 25.0x 1.00x 11.1x 0.94x 8.5x

Haverty Furniture Companies Inc. HVT 12.14 91.6% 267 13 50 231 621 23 0.1% (3.6%) 51.7% 3.8% 17.4x 0.37x 9.9x 0.35x 6.9x

Kirkland's Inc. KIRK 13.96 80.1% 256 0 83 172 430 43 3.6% 3.2% 39.3% 10.0% 14.7x 0.40x 4.0x 0.36x NA

La-Z-Boy Inc. LZB 14.26 92.4% 738 30 148 619 1,243 75 7.3% (1.7%) 30.9% 6.0% 9.7x 0.50x 8.3x 0.48x 6.4x

Lifetime Brands, Inc. LCUT 11.11 69.0% 138 98 3 233 444 33 0.3% (3.1%) 36.5% 7.4% 9.9x 0.52x 7.1x NA NA

Last Twelve Months (LTM) LTM Margins EV / LTM EV / 2012ERevenue Growth

Consumer and Retail

Industry Update

April 2012

11 of 16



Furniture & Furnishings Retailers (Cont.)

Pier 1 Imports, Inc. PIR $17.92 93.9% $2,076 $10 $288 $1,797 $1,534 $186 9.8% 5.1% 42.5% 12.1% 12.1x 1.17x 9.7x 1.08x 8.0x

Rent-A-Center Inc. RCII 36.76 93.1% 2,180 741 88 2,833 2,882 387 5.5% (0.0%) 71.2% 13.4% 13.8x 0.98x 7.3x 0.91x 6.9x

Select Comfort Corporation SCSS 30.76 86.4% 1,744 0 171 1,573 813 119 26.8% 11.9% 63.0% 14.6% 26.5x 1.94x 13.3x 1.65x 9.9x

The Sherwin-Williams Company SHW 118.39 99.4% 12,292 993 33 13,253 9,046 999 12.1% 5.3% 42.6% 11.0% 26.5x 1.47x 13.3x 1.34x 11.1x

Tuesday Morning Corp. TUES 4.08 78.0% 171 0 57 113 813 26 (1.5%) (0.3%) 38.0% 3.2% 36.8x 0.14x 4.4x 0.14x NA

Williams-Sonoma Inc. WSM 38.39 84.4% 3,823 7 503 3,328 3,721 512 6.2% 3.4% 39.2% 13.8% 17.3x 0.89x 6.5x 0.83x 6.0x

Mean 87.1% 3,067 165 246 2,986 2,482 325 7.2% 2.3% 45.2% 10.1% 19.3x 0.89x 8.6x 0.84x 7.9x

Median 89.0% 1,241 21 86 1,143 1,104 97 6.7% 1.9% 41.9% 10.5% 17.3x 0.92x 8.3x 0.89x 7.7x

Internet Retail

1-800-Flowers.com Inc. FLWS $2.93 76.3% $191 $37 $30 $198 $716 $34 9.9% 3.5% 40.1% 4.8% 22.2x 0.28x 5.8x 0.27x 4.6x

Amazon.com Inc. AMZN 189.98 77.0% 85,587 1,810 9,576 77,821 48,077 1,709 40.6% 35.9% 22.4% 3.6% NM 1.62x 45.5x 1.24x 29.8x

Blue Nile Inc. NILE 29.82 50.4% 414 1 89 326 348 18 4.5% 5.6% 20.7% 5.3% 38.7x 0.94x 17.7x 0.84x 13.2x

eBay Inc. EBAY 40.29 96.3% 52,024 2,085 5,871 48,238 12,383 3,489 30.3% 13.9% 70.0% 28.2% 15.8x 3.90x 13.8x 3.34x 10.2x

IAC/InterActiveCorp. IACI 47.43 92.9% 3,855 96 870 3,081 2,059 285 25.8% 13.5% 63.0% 13.9% 25.1x 1.50x 10.8x 1.22x 6.8x

Netflix, Inc. NFLX 106.11 34.8% 5,880 434 798 5,517 3,205 429 48.2% 32.9% 36.3% 13.4% 25.5x 1.72x 12.9x 1.52x 47.4x

Orbitz Worldwide, Inc. OWW 3.32 73.9% 345 473 136 681 767 111 1.2% (4.1%) 81.8% 14.5% NM 0.89x 6.1x 0.85x 5.0x

Overstock.com Inc. OSTK 5.75 36.1% 135 17 72 80 1,051 1 (3.7%) 9.0% 16.8% 0.1% NM 0.08x 56.4x 0.07x 4.1x

PetMed Express Inc. PETS 13.11 86.1% 258 0 52 205 233 28 1.0% 3.3% 33.7% 11.8% 16.6x 0.88x 7.4x 0.86x 7.6x

priceline.com Incorporated PCLN 710.17 91.6% 35,366 575 2,658 33,283 4,356 1,453 41.2% 32.2% 70.7% 33.4% 34.4x 7.64x 22.9x 6.01x 16.5x

Shutterfly, Inc. SFLY 30.07 45.1% 1,048 0 180 868 473 47 53.8% 30.4% 53.6% 9.9% NM 1.83x 18.6x 1.56x 9.3x

Stamps.com Inc. STMP 28.55 84.6% 466 0 55 410 102 18 18.8% 6.2% 74.2% 17.8% 16.5x 4.04x 22.7x 3.61x 16.2x

U.S. Auto Parts Network, Inc. PRTS 3.06 37.1% 94 18 11 100 327 13 24.7% 28.7% 32.7% 4.1% NM 0.31x 7.5x 0.29x 6.3x

Mean 67.9% 14,282 427 1,569 13,139 5,700 587 22.8% 16.2% 47.4% 12.4% 24.4x 1.97x 19.1x 1.67x 13.6x

Median 76.3% 466 37 136 681 767 47 24.7% 13.5% 40.1% 11.8% 23.7x 1.50x 13.8x 1.22x 9.3x

Specialty & Other Retail

Barnes & Noble, Inc. BKS 11.34 53.8% 659 252 27 883 7,124 175 2.6% 12.5% 26.5% 2.4% NM 0.12x 5.1x 0.12x 3.8x

Best Buy Co. Inc. BBY 21.47 65.4% 7,521 2,208 1,199 8,530 50,705 3,295 0.9% 4.0% 24.8% 6.5% NM 0.17x 2.6x 0.17x 2.7x

Big 5 Sporting Goods Corp. BGFV 8.06 66.3% 174 68 5 237 902 40 0.6% 1.4% 32.3% 4.4% 15.2x 0.26x 6.0x 0.26x 5.5x

Books-A-Million Inc. BAMM 2.70 56.0% 43 5 10 39 469 13 (3.6%) (3.1%) 28.3% 2.7% NM 0.08x 3.0x NA NA

Build-A-Bear Workshop Inc. BBW 4.37 49.7% 70 0 46 23 394 22 (1.8%) (5.6%) 40.7% 5.6% NM 0.06x 1.1x 0.06x 0.8x

Conns Inc. CONN 17.37 87.6% 561 322 6 876 792 29 (2.0%) (6.2%) 38.9% 3.7% NM 1.11x 30.0x 1.05x 8.9x

CVS Caremark Corporation CVS 44.33 96.6% 57,734 10,014 1,418 66,330 107,100 7,898 11.8% 7.0% 19.2% 7.4% 17.1x 0.62x 8.4x 0.55x 7.6x

Dick's Sporting Goods Inc. DKS 50.48 99.4% 6,137 159 734 5,561 5,212 547 7.0% 8.1% 30.6% 10.5% 24.0x 1.07x 10.2x 0.96x 8.6x

Fossil, Inc. FOSL 128.44 92.3% 7,936 15 288 7,664 2,567 525 26.4% 17.5% 56.1% 20.4% 27.9x 2.99x 14.6x 2.55x 12.8x

Golfsmith International Holdings Inc. GOLF 4.50 80.8% 71 42 3 110 387 14 10.1% 0.7% 34.9% 3.6% NM 0.29x 7.9x 0.27x 4.9x

hhgregg, Inc. HGG 10.50 63.1% 391 28 5 414 2,387 106 20.1% 20.7% 29.0% 4.4% 9.7x 0.17x 3.9x 0.15x 3.7x

Hibbett Sports, Inc. HIBB 57.99 98.8% 1,531 2 55 1,478 733 107 10.2% 9.1% 35.8% 14.6% 27.0x 2.02x 13.8x 1.83x 12.3x

Jasmine International Public Company LimitedJAS 0.09 72.5% 661 142 62 741 302 121 (6.4%) 25.2% 51.4% 40.0% 18.9x 2.45x 6.1x NA NA

Lowe's Companies Inc. LOW 31.65 98.0% 37,946 7,627 1,300 44,273 50,208 5,342 2.9% 1.3% 34.6% 10.6% 22.1x 0.88x 8.3x 0.87x 8.1x

Lumber Liquidators Holdings, Inc. LL 23.93 88.6% 662 0 62 600 682 51 9.9% 12.2% 35.3% 7.5% 25.7x 0.88x 11.7x 0.82x 9.9x

Marinemax Inc. HZO 8.51 80.1% 199 130 14 316 480 (1) 8.7% (14.6%) 25.3% NM NM 0.66x NM 0.62x 26.9x

Movado Group, Inc. MOV 26.59 98.6% 667 0 182 485 468 42 22.5% 3.2% 54.8% 8.9% 20.9x 1.04x 11.6x NA NA

Office Depot, Inc. ODP 3.03 62.6% 851 685 571 965 11,490 303 (1.2%) (7.5%) 29.8% 2.6% 13.8x 0.08x 3.2x 0.09x 3.0x

PetSmart, Inc. PETM 56.76 96.1% 6,237 613 376 6,474 6,113 740 7.4% 6.5% 29.5% 12.1% 22.3x 1.06x 8.7x 0.98x 7.9x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2012E

Consumer and Retail

Industry Update

April 2012

12 of 16



Specialty & Other Retail (Cont.)

RadioShack Corp. RSH $6.23 37.3% $624 $671 $592 $703 $4,378 $275 2.6% 1.2% 40.8% 6.3% 9.6x 0.16x 2.6x 0.15x 3.2x

Regis Corp. RGS 18.36 98.4% 1,040 293 83 1,250 2,305 200 (1.1%) (2.1%) 37.1% 8.7% NM 0.54x 6.2x 0.54x 5.7x

Rite Aid Corp. RAD 1.55 73.1% 1,393 6,328 162 7,559 26,121 703 3.6% (0.2%) 26.0% 2.7% NM 0.29x 10.8x 0.29x 7.4x

Staples, Inc. SPLS 15.66 72.8% 10,866 2,038 1,264 11,640 25,022 2,110 1.9% 2.7% 30.3% 8.4% 11.2x 0.47x 5.5x 0.46x 5.4x

Steiner Leisure Ltd. STNR 48.44 90.6% 739 175 63 852 702 76 13.1% 9.1% 24.7% 10.9% 14.5x 1.21x 11.2x 1.05x 9.1x

The Home Depot, Inc. HD 51.46 98.7% 78,471 10,815 1,987 87,299 70,395 8,343 3.5% (0.4%) 34.5% 11.9% 20.8x 1.24x 10.5x 1.18x 9.6x

Tiffany & Co. TIF 67.15 79.5% 8,486 712 442 8,756 3,643 897 18.1% 8.5% 59.0% 24.6% 19.8x 2.40x 9.8x 2.20x 8.9x

Tractor Supply Company TSCO 99.46 98.3% 7,143 1 177 6,968 4,233 434 16.3% 12.1% 33.2% 10.2% 33.0x 1.65x 16.1x 1.49x 13.7x

Vitamin Shoppe, Inc. VSI 46.44 96.0% 1,347 1 11 1,337 857 98 14.0% 12.5% 43.5% 11.4% 30.6x 1.56x 13.6x 1.43x 11.6x

Walgreen Co. WAG 35.93 79.2% 30,999 2,393 1,084 32,308 73,146 5,017 4.6% 6.2% 28.3% 6.9% 12.2x 0.44x 6.4x 0.45x 6.6x

Zale Corporation ZLC 2.68 38.8% 86 425 27 485 1,804 35 8.8% (3.0%) 51.2% 1.9% NM 0.27x 13.8x 0.26x 5.9x

Mean 79.0% 9,042 1,539 409 10,172 15,371 1,252 7.0% 4.6% 35.5% 9.4% 19.8x 0.87x 9.1x 0.77x 8.0x

Median 80.4% 946 213 123 1,107 2,477 187 5.8% 3.6% 33.9% 7.5% 20.3x 0.64x 8.4x 0.55x 7.6x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2012E

April 2012

M&A

Detail

Recent North

American

Consumer

M&A

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

4/17/2012 Primos, Inc. Svoboda Capital Partners LLC Bushnell Performance Optics - - - - P

4/17/2012 JAKKS Pacific World Wrestling Entertainment Oaktree Capital Management - - - - P

4/15/2012 Teaopia Limited - Teavana Canada, Inc. $26.9 1.59x - -

4/13/2012 Dreams Inc. Emerson Partners Fanatics, LLC $167.9 1.18x 30.3x 59.1x P

4/13/2012 Greners.com, Inc. - Phototron Holdings, Inc. - - - -

4/11/2012 Sun & Skin Care Research, Inc. - Source Capital - - - - P

4/9/2012 Mattress Giant Corporation AEA Investors LP Mattress Firm Holding Corp. $47.0 - - - P

4/6/2012 SLY LLC - Valken, Inc. - - - -

4/5/2012 The Connaught Group - The Tom James Company $22.0 - - -

4/4/2012 Great Wolf Resorts BAMCO Inc. KSL Capital Partners $723.7 2.44x 9.4x 31.4x P

4/4/2012 SkyMall, Inc. Spire Capital Partners Bookspan, Inc. - - - - P

4/4/2012 Kynx, LLC - Curls LLC - - - -

4/3/2012 American Bedding Company Inc. - Sleep Inc. - - - -

4/1/2012 The Dial Corporation, Certain Brands The Dial Corporation Golden Sun, Inc. - - - -

3/31/2012 The Dial Corporation, Coast The Dial Corporation High Ridge Brands Co. - - - -

3/30/2012 DVD.com, Inc. - Netflix, Inc. - - - -

3/30/2012 Callaway Golf Co., Top-Flite Brand Callaway Golf Co. American Sports Licensing, Inc. $20.0 - - -

3/30/2012 The Baby Jogger Company Dynamic Brands, Inc. The Riverside Company - - - - P

3/30/2012 McKenzie Sports Products Gridiron Capital Levine Leichtman Capital Partners - - - - P

3/29/2012 Beauté de Maman - NorthStar Consumer Products, LLC - - - -

3/27/2012 Motorcycle Superstore Inc. - Motorsport Aftermarket Group, Inc. - - - -

3/23/2012 L.A.T Sportswear, Inc. - Ridge Capital Partners, L.L.C. - - - - P

3/21/2012 Solo Cup Co. Vestar Capital Partners Dart Container Corporation $958.1 0.59x 9.0x 21.7x P

3/21/2012 OMGPOP, Inc. Bessemer Venture Partners Zynga, Inc. $180.0 - - - P

3/19/2012 Doc's Drugs, Ltd. - - - - - -

3/15/2012 Rio de Keratin, LLC - Lasio, Inc. - - - -

3/14/2012 Van Craeynest, Inc. - - - - - -

3/12/2012 WorldWide Wireless, Inc. - Everybody's Phone Company - - - -

3/12/2012 Midas Inc. GAMCO Investors TBC Corporation $268.5 1.46x 10.3x 14.7x P

3/12/2012 Great Wolf Resorts BAMCO / HG Vora Capital Apollo Global Management $648.5 2.19x 8.4x 28.1x P

3/12/2012 WorldWide Wireless - Everybody's Phone Co. - - - -

3/12/2012 Golf Card International Good Sam Enterprises Simmons Venture Group - - - -

3/10/2012 YTB International - LTS Nutraceuticals - - - -

3/8/2012 New Tropicana Club - The ONE Group - - - -

3/8/2012 John Varvatos VF Sportswear, Inc. Lion Capital LLP - - - - P

3/7/2012 High Five Products - BarrierSafe Solutions - - - -

3/7/2012 Real Real 2020 Ventures, LLC Expansion VC, LLC - - - - P

3/6/2012 Zaldiva Summit Group of Companies Cygnus Internet, Inc. - - - - P

3/5/2012 T2 Wireless - Z Wireless - - - -

3/5/2012 Interactive Optics - EndoChoice, Inc. - - - -

3/4/2012 Riverboat Corporation of MS Isle of Capri Casinos, Inc. Golden Nugget, Inc. $45.0 - - -

3/2/2012 OSMOTICS - BHMS Investments - - - -

3/1/2012 A-Line Acoustics - Atlas Sound LP - - - -

3/1/2012 Lebanon Raceway Miami Valley Trotting Inc. Miami Valley Gaming & Racing $70.0 - - -

2/29/2012 Passageways Travel - Altour International - - - -

2/28/2012 Central Parking Corporation Kohlberg & Company Standard Parking Corp. $345.1 0.64x 10.0x - P

2/28/2012 Quaker City Motor Parts - Genuine Parts Company - - - -

2/27/2012 General Workings, Inc. Battery Ventures Rent2Buy, Inc. - - - - P

2/27/2012 Glass Specialty Company - Guardian Auto Glass - - - -

2/24/2012 The Hip Chick, LLC - Skye Associates - - - -

2/23/2012 Send the Trend, Inc. Battery Ventures QVC, Inc. - - - - P

2/23/2012 ICA Home Décor - JLA Home, Inc. - - - -

2/21/2012 Herborium Group - China Health Resource - - - -

2/21/2012 Prestige Brands Holdings Wells Fargo Funds Genomma Lab Internacional $1,262.4 3.13x 10.6x 11.6x P

2/20/2012 Mikes Feed Farm - Phillips Feed Service, Inc. - - - -

2/17/2012 Nixon, Inc. Billabong Trilantic Capital Management $553.4 - - - P

2/15/2012 Skyway Luggage Company - Ricardo Beverly Hills - - - -

2/13/2012 US Marine Lights - Warrior Girl Corp. - - - -

2/10/2012 Sycamore Ventures, Inc. - Aero Financial - - - - P

2/8/2012 Red Rock Products, Inc. - Shockoe Commerce Group - - - -

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 - - - -

13 of 16

April 2012

M&A

Detail

Recent North

American

Consumer

M&A

(continued)



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

12/6/2011 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

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

10/26/2011 CozyBoots, Inc. - Shoebuy.com, Inc. - - - -

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 - - - -

10/3/2011 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 - - - -

9/29/2011 Litter Free Lunch - New Wave Enviro Products - - - -

9/27/2011 118Boardshop.com - LeftLane Sports, Inc. - - - -

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. - - - -

14 of 16

April 2012

Glenn Gurtcheff Managing Director

[email protected]

+1 (612) 359-2702

Ryan Budlong Vice President

[email protected]

+1 (612) 359-2722

Jeff Cleveland Vice President

[email protected]

+1 (612) 359-2703

Tim Alexander Managing Director

[email protected]

+1 (612) 359-2716

HW&Co.

Consumer

Team

Recent North

American

Consumer

M&A

(continued)

M&A

Detail



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. - - - -

8/22/2011 City Cycle, Inc. - Backcountry.com, Inc. - - - -

8/21/2011 USPT, LLC - DoMark International, Inc. $0.2 - - -

8/19/2011 Surgeon Rifles, Inc. - Strategic Armory Corps. - - - -

8/18/2011 Venda Wash Coin Laundry Systems Inc. - Coinamatic Canada Inc. - - - -

8/17/2011 Boston Proper, Inc. - Chico's FAS Inc. $205.0 1.86x - -

8/16/2011 Great Wall Builders Ltd. - Groveware Technologies, Inc. - - - -

8/16/2011 William Ashley China Ltd. McLean Watson Capital Fairfax Financial Holdings Limited - - - - P

8/11/2011 RallyJungle, LLC - Anaconda Sports, 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. - - - -

8/3/2011 SaveDirectRx, Inc. - SXC Health Solutions - - - -

8/1/2011 Bailey Street Holding Company Red River Ventures Mount Summit Lighting - - - - P

8/1/2011 The Resort Company LLC Tonka Bay Equity Partners Resort Rental, LLC - - - - P

7/29/2011 Charles Ogilvy Limited Fonds de solidarité FTQ Selfridges Group Limited - - - - P

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 - - - -

15 of 16

Brant Cash Vice President

[email protected]

+1 (612) 359-2709

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

April 2012

Sources:

Capital IQ.

Thomson Financial.

S&P.

Reuters.

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Consumer and Retail

Industry Update

16 of 16

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Documents

Consumer and Retail Industry Update · Catalog & Specialty Distribution 8 414 2.2% (10.8%) 0.16x 6.0x 0.14x 5.4x Department Chains 9 8,398 10.2% (6.8%) 0.60x 6.1x 0.56x 5.7x Discount