HYDE PARK CAPITAL 
     Integrity | Expertise | Results      Investment Banking | Mergers & Acquisitions | Capital Raising 
      
     John Hill  
      
     Senior Managing Director  
      
     hill@hydeparkcapital.com 
      
     (813) 383-0205 
      
     John McDonald 
     Senior Managing Director 
     mcdonald@hydeparkcapital.com 
     (813) 383-0206                                                                                                  Consumer & Retail 
      
     Keith Hodgdon 
     Managing Director                                                                                                              M&A Report 
     hodgdon@hydeparkcapital.com 
     (813) 383-0208                                                                                                                                Q3 2016 
      
     Jami Gold 
     Vice President  
     gold@hydeparkcapital.com 
     (813) 383-0203  
      
     Greg Bosl 
     Vice President 
     bosl@hydeparkcapital.com 
     (813) 597-2649  
      
     Jeffrey Hendricks 
     Vice President 
     jhendricks@hydeparkcapital.com 
     (678) 523-3073 
      
     Kenneth Burnside 
     Business Development Officer 
     burnside@hydeparkcapital.com 
     (864) 905-9633 
    Hyde Park Capital Advisors, LLC 
           701 N. Franklin Street 
             Tampa, FL 33602 
             Tel: 813-383-0202 
         www.hydeparkcapital.com          Member FINRA/SIPC 
         Capital Markets Overview – Consumer & Retail 
                                                      Commentary                                                                           Select Public Offerings – Consumer & Retail  (Q3 2016) 
                                                                                                                                 ($ in millions)                                                                         IPO /           Offering 
                As of September 30, 2016, the S&P 500 Retailing Index and S&P                                                   Offer Date       Issuer                                  Industry Sector            Secondary             Size 
                 500  increased  14.4%  and  12.7%,  respectively,  over  the  last  12                                          09/21/16         e.l.f. Beauty, Inc.                     Household Products             IPO                   $142
                 month period, while the S&P 500 Consumer Durables & Apparel                                                     09/12/16         Blue Buffalo Pet Products, Inc.         Packaged Foods              Secondary                $355
                 Index declined 3.2%.                                                                                            09/06/16         Ollie's Bargain Outlet Holdings, Inc.   Retail                      Secondary                $358
                The table on the right illustrates select public offerings completed                                            08/29/16         The Coca-Cola Co.                       Soft Drinks               Fixed Income              $2,552
                 in  Q3  2016.  AdvancePierre  Foods  Holdings,  Inc.  (NYSE:APFH),                                              08/16/16         The Kraft Heinz Foods Co.               Packaged Foods            Fixed Income            $14,967
                 which produces sandwiches, other entrees and snacks, raised $391                                                08/04/16         Albertsons Companies, LLC               Food Retail               Fixed Income              $1,250
                 million in the largest IPO during the quarter. 
                                                                                                                                 08/03/16         At Home Group, Inc.                     Household Products             IPO                   $130
                The  Beverages  and  Packaged  Foods  sectors  were  the  industry’s                                            07/26/16         Walgreens Boots Alliance, Inc.          Drug Retail                 Secondary               $1,208
                 leaders with respect to valuation during the 3rd quarter, trading at                                            07/25/16         Post Holdings, Inc.                     Packaged Foods            Fixed Income              $1,750
                 EBITDA multiples of 17.9x and 13.7x, respectively.                                                              07/14/16         AdvancePierre Foods Holdings, Inc.      Packaged Foods                 IPO                   $391
                                   Public Market Performance (LTM)                                                                               Public Company Market Performance by Sector  
       120%                                                                                                                                                                                                                    Median
                                                                                                                       14.4%                                                          Change in Stock Price          Enterprise Value / LTM
       110%                                                                                                                          Industry Sector                                  3 Months      12 months        Revenue           EBITDA
                                                                                                                      12.7%          Specialty Retail                                    (0.1%)          0.0%           0.7x             6.9x
                                                                                                                                     Department Store Retail                             9.9%         (22.9%)           0.5x             6.0x
                                                                                                                                     Discount Stores & Mass Merchants                    (4.4%)          6.7%           0.6x            11.1x
       100%                                                                                                                          Apparel, Accessories & Footwear Retail              2.2%           (6.1%)          0.6x             6.2x
                                                                                                                        3.2%         Apparel, Accessories & Footwear                     (7.6%)       (10.4%)           1.2x            10.1x
                                                                                                                                     Furniture & Furnishings Retail                      (1.9%)         (3.7%)          0.6x             6.0x
        90%                                                                                                                          Furniture & Furnishings Manufacturers               (5.7%)         (8.5%)          0.9x             8.2x
                                                                                                                                     Personal Care Products                              3.5%          22.7%            1.7x            12.2x
                                                                                                                                     Household Products                                  1.1%          17.9%            2.2x            11.6x
                                                                                                                                     Recreational & Leisure Products                     (3.8%)          7.8%           1.6x            10.7x
        80%                                                                                                                          Restaurants                                         (1.4%)          2.8%           1.5x            10.3x
           Sep-15                   Dec-15                   Mar-16                   Jun-16                   Sep-16                Packaged Foods                                      (5.1%)        20.0%            2.3x            13.7x
                   S&P 500         S&P 500 Retailing Index         S&P 500 Consumer Durables & Apparel Index                         Beverages                                           (1.4%)        14.6%            5.8x            17.9x
         Source: S&P Capital IQ                                                                                                      Food Retail                                         (8.1%)         (2.7%)          0.5x             7.4x
                  HYDE PARK CAPITAL                                                                                                                                                                                                              2 
                  Investment Banking | Mergers & Acquisitions | Capital Raising 
         Annual M&A Activity – Consumer & Retail 
                                                         Commentary                                                                                       Completed U.S. M&A Transactions by Deal Size 
                 As detailed in the charts below, Middle Market M&A activity in the                                                      ($ in billions) 
                  Consumer  &  Retail  industry  declined  during  the  year-to-date                                                                                                YTD '15                       YTD '16             % Change 
                  period ended September 30, 2016, with  95 closed transactions, a                                                         Deal Size                        Volume          Value         Volume          Value         Volume         Value 
                  29% decrease from the 134 transactions that closed during the                                                            Less than $100M                         90            $3.3            52           $2.3        (42%)         (29%)
                  prior year period.                                                                                                       $100 - $499M                            39            $8.8            37           $8.0         (5%)         (10%)
                 Despite  a  significant  drop  in  deal  volume,  the  total  value  of                                                  $500 - $999M                              5           $3.1              6          $4.4         20%           40%
                  completed Middle Market M&A transactions in the Consumer &                                                               Total Middle Market                    134          $15.3             95         $14.8         (29%)          (4%)
                  Retail  industry  fell  only  4%  to  $14.8  billion,  down  from  $15.3                                                 % of Total Market
                  billion during YTD ‘15.                                                                                                  Less than $100M                       67%            21%           55%             16%
                                                                                                                                           $100 - $499M                          29%            58%           39%             54%
                 YTD ’16 deal value was bolstered by transactions valued between                                                          $500 - $999M                           4%            21%             6%            30%
                  $500 million and $1 billion which represented 30% of completed                                                           Total Middle Market                 100%           100%          100%            100%
                  transaction  value,  compared  with  21%  during  the  prior  year 
                  period.                                                                                                                                     U.S. M&A Activity – Annual Trends: VALUE 
                            U.S. M&A Activity – Annual Trends: VOLUME 
           250            217            231    221                                                                                          $35           $29.0                 $30.2
           200    190            190                    192                          198            197    189                           ns) $30                  $26.3   $28.2                                                      $26.3
          e                                                                   176                                                        lloi$25   $25.1                                                              $25.4
         mn Volu150                                                   151                    140                                         ue ($ in bi                                    $22.1          $21.7  $21.2                         $21.7
         oansacti                                              131                                                 134                   on Val$20                                                                           $18.1                 $15.3   $14.8
         rTotal T100                                                                                                       95            l Transacti$15                                         $13.9
            50                                                                                                                           taTo$10
             0                                                                                                                                $5
                  2003   2004   2005    2006   2007    2008   2009    2010   2011    2012   2013   2014    2015 YTD '15YTD '16                $0    2003   2004   2005    2006   2007    2008   2009   2010    2011   2012   2013    2014   2015 YTD '15YTD '16
                                        Less than $100M            $100 - $499M            $500 - $999M                                                                Less than $100M             $100 - $499M           $500 - $999M
          Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion) 
                   HYDE PARK CAPITAL                                                                                                                                                                                                                          3 
                   Investment Banking | Mergers & Acquisitions | Capital Raising 
         Quarterly M&A Activity – Consumer & Retail 
                                                           Commentary                                                                                            Completed U.S. M&A Transactions by Deal Size 
                 As detailed in the charts below, Middle Market M&A activity in the                                                            ($ in billions) 
                  Consumer & Retail industry decreased during Q3 2016 compared                                                                                                             Q3 2015                        Q3 2016                      % Change 
                  with Q3 2015. Middle Market M&A transaction volume decreased                                                                   Deal Size                          Volume          Value          Volume          Value          Volume          Value 
                  to  31 transactions, down from 48 transactions in the prior year                                                               Less than $100M                           29            $1.1             17            $0.7        (41%)          (31%)
                  period.                                                                                                                        $100 - $499M                              17            $3.9             13            $2.9        (24%)          (26%)
                                                                                                                                                 $500 - $999M                                2           $1.4               1           $0.9        (50%)          (34%)
                 The total value of completed Middle Market M&A transactions in                                                                 Total Middle Market                       48            $6.3             31            $4.5        (35%)          (29%)
                  the Consumer & Retail industry fell 29% to $4.5 billion, down from                                                             % of Total Market
                  $6.3 billion in Q3 2015.                                                                                                       Less than $100M                        61%              17%           55%              16%
                                                                                                                                                 $100 - $499M                           35%              62%           42%              64%
                 We expect deal volume will increase in the Consumer and Retail                                                                 $500 - $999M                             4%             21%             3%             20%
                  industry during Q4 2016 due to low consumer price index rates,                                                                 Total Middle Market                  100%            100%           100%            100%
                  large  amounts  of  disposable  income,  and  increased  consumer 
                  spending in Q4 2016. 
                           U.S. M&A Activity – Quarterly Trends: VOLUME                                                                                            U.S. M&A Activity – Quarterly Trends: VALUE 
            80                                                                                                                                   $10          $8.8
                                                                                                                                               s)lion$8                                                        $7.5  $7.5
           e 60    55     58                                        57                                       55                                n bil
          mn Volu                                     48                  53     49            45     48                                       alue ($i $6$6.4                     $6.4   $6.3          $6.1                       $6.1   $6.3   $6.4   $6.7
          oansacti40                          43            38                          41                          39                         action V                                          $5.1                                                                $4.5
          rTotal T               24     25                                                                                 25     31           l Trans$4                    $2.9                                                                              $3.6
            20                                                                                                                                 taTo$2                $2.5                                                   $2.8
             0   Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2  '15 Q3 '15 Q4'15 Q1'16 Q2'16 Q3'16                         $0   Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2' 15 Q3 '15 Q4'15 Q1'16 Q2'16 Q3'16
                                         Less than $100M              $100 - $499M             $500 - $999M                                                                    Less than $100M             $100 - $499M             $500 - $999M
          Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion) 
                   HYDE PARK CAPITAL                                                                                                                                                                                                                                      4 
                   Investment Banking | Mergers & Acquisitions | Capital Raising