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Active Lifestyle Sector Quarterly Review | Fall 2016 Merger, acquisition, and valuation trends in the public

and private active lifestyle markets

BALTIMORE – CHICAGO – DENVER – GREAT FALLS – ORANGE COUNTY – PORTLAND – SALT LAKE CITY – SEATTLE

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Co-Manager

$378.0 million

Initial Public Offering

Buy-Side Advisor

has acquired

has been acquired by

Sell-Side Advisor

a portfolio company of

Co-Manager

$76.6 million

Secondary Offering

DAVIDSON TEAM

Mike Smith Managing Director, Co-Head of Active Lifestyle Investment Banking

(206) 903-8679 [email protected]

Jason Lippenberger Vice President

Investment Banking


Gabe Segura Associate

Investment Banking


Kirk Swanson Analyst Investment Banking


Private Equity Coverage

Bryan Cummings Managing Director, Head of Private Equity Coverage


Brien Rowe Managing Director, Co-Head of Active Lifestyle Investment Banking


Raya Raphael Analyst

Investment Banking


Jacqueline Millen Associate, Private Equity Coverage


* Transactions completed by current D.A. Davidson professional prior to joining the firm.

Nathan Neubauer Analyst

Investment Banking


Active Lifestyle Execution Team Selected Transactions

Sell-Side Advisor*


Sell-Side Advisor*


Shanghai Acquisition

Corporation

Sell-Side Advisor


Kanders & Company

Sell-Side Advisor


Sell-Side Advisor


Sell-Side Advisor


Sell-Side Advisor

have been acquired by

Private Investors

Co-Manager

$132.1 million

Initial Public Offering

Sell-Side Advisor*


Sell-Side Advisor*

has completed a

recapitalization with

Sell-Side Advisor*

has completed a

recapitalization with

Sell-Side Advisor


Buy-Side Advisor*

together with

Acquired

Fox Head, Inc.

has entered a strategic

partnership with

Sell-Side Advisor

Buy-Side Advisor

Acquired

Sell-Side Advisor

has completed a

management buyout

with


SECTOR SCORECARD: COMPARABLE PUBLIC COMPANIES

Stock Performance(1)

TEV/LTM

EBITDA Valuation(2)

Source: S&P Capital IQ, data as of 11/11/16.

(1) Detail on public companies on pages 13 – 16.

(2) Enterprise value / LTM EBITDA (median and range) Note: Enterprise value is defined as market capitalization plus net debt .

14.2x

5.5x

11.6x

9.2x

23.5x

6.1x

12.9x

13.2x

3.2x

13.1x

24.1x

9.0x

11.6x

21.2x

7.0x

12.2x

28.9x

6.3x

8.0x

19.0x

3.7x

11.6x

5.0x

13.2x

7.9x

18.7x

5.6x

8.4x

5.9x

18.3x

10.9x 11.3x

S&P 500 Accessories Active Apparel Fashion Apparel Beauty Home Equipment FootwearSporting Goods

Retailers

Consumer

RetailersTactical

90 Days (0.8%) (2.9%) (10.6%) (2.6%) (8.2%) (3.2%) (2.2%) 1.3% 21.9% (1.8%) 1.2%

180 Days 5.9% 1.5% (1.5%) 6.1% 2.1% 4.3% 9.8% 12.6% 43.4% 12.0% 11.1%

1-Year 4.5% (14.0%) (12.0%) (6.8%) 5.2% 0.5% (0.0%) 6.9% 39.3% 10.1% 17.0%

3-Year 22.3% 5.2% 21.5% (10.2%) 42.6% 30.9% 18.9% 10.5% (12.4%) 22.8% 35.4%


CURRENT EVENT INSIGHTS & COMMENTARY

Holiday spending predicted to increase this year – Holiday spending this season is anticipated to reach its highest level since the

Great Recession, increasing (+10%) compared with the 2015 holiday season. According to the NPD Group’s 2016 Holiday Purchase

Intentions Survey, consumers plan to spend an average of $636, up (+3.0%) from last year, on holiday related expenses. An increasing

number of consumers are expected to make their purchases online or through their mobile devices, increasing digital sales by (+25%).

Buying experiences vs. material possessions – With the rise of the Millennial generation, consumer spending habits have shifted.

Millennials often choose to spend their dollars on experiences rather than material possessions. A recent Eventbite study found that 78%

of Millennials prefer to spend money on experiences they can share with family, friends and social media.

Brand loyalty shifts – Consumer brands are operating in a new environment with consumers basing their purchase decisions on factors

that go beyond product taste, performance, and price. Consumers are seeking brands and products that align with their values such as

health and wellness, environmental consciousness, corporate citizenship, and transparency.

Growth in luxury goods stabilizes – Luxury brands are expected to see more measured global growth in the coming few years as

demand from China stabilizes. Chinese consumers continue to play a dominant role in the growth of luxury spending worldwide, driven

particularly by its wealthy demographic. However, with the Chinese economy transitioning to a consumer-based economy from a

manufacturing economy, we expect an ever-increasing middle class to create multiple opportunities for luxury brands.

Brick & mortar establishments continue to struggle – Brick and mortar retailers remain the most affected by the shift to online

retailers. For example, retailer Golfsmith filed for bankruptcy and plans to close all but 30 locations, while department store giant Macy’s

announced plans to close an additional 100 stores in 2017.

India looks to double its apparel exports over the next three years – India plans to capitalize on the trending production decline in

China and aims to steal market share from manufacturers in China, Vietnam, and Bangladesh. India has a significant advantage over the

latter two as its industry is completely vertical, from farming cotton to producing garments.

The markets react favorably to the outcome of the presidential election – The U.S. markets react favorably to Donald Trump’s win

as the 45th American president. The Dow Jones traded up 257 points on the news, up (+1.4%) on November 9, after Dow futures plunged

as much as 800 points the night of the election. The S&P 500 followed the same path and increased (+1.1%) on November 9, after it fell

(-5.0%) the night of the election. The longer term effects on the stock market due to a Trump presidency remain unclear.

Source: D.A. Davidson Equity Research, Women’s Wear Daily, NPD, Industry Research.

Industry Insights – Evolution of the Consumer, Strong Outlook on 2016 Holiday Season


INDUSTRY INSIGHT & TRENDS: OVERVIEW

Consumer M&A outperforms overall market – Consumer middle market M&A was the second most active industry by dollar volume,

with a Q3 2016 dollar volume of $4.4 billion. However, this represents a decrease of (-32.3%) when compared to Q2 of 2016.

IPO market shows signs of life – Q3 2016 mimicked the results of Q2 2016, with a total of 38 transactions priced and $6.6 billion in

funds raised. Due to the stock market volatility in Q1 2016 and the record low number of IPOs, 2016 remains on track to be slowest year

in IPOs since the Great Recession.

Cash levels reach highs not seen since 9/11 – Global economic uncertainties have created a bearish outlook in the stock market,

encouraging investors to increase their cash balances to 5.8% of their portfolios in October, up from 5.5% last month. Several analysts

anticipate a stock market rally as concerns about the global economy stabilize and investors put their cash back into the market.

M&A and Public Offering Trends – Consumer M&A Leads the Way

Markets recovered from the initial shock of Brexit – Despite a challenging macro environment, the S&P 500 Index reported a third

quarter gain of (+3.9%). The leading sector in the index was Information Technology, posting gains in the third quarter of (+12.9%),

followed by Financials, rising (+4.6%).

USD appreciates against major currencies in October – During the month of October, the USD appreciated against the GBP (+6.6%),

the EUR (+2.6%), the AUD (+0.8%), the CAD (+2.1%), and the JPY (+3.8%).

Active Lifestyle stocks(1) lag behind the S&P 500 and the broader S&P 500 Consumer Index – Active Lifestyle stocks declined

(-6.4%) in October, falling behind the S&P 500 and the S&P 500 Consumer Index, which fell (-1.9%) and (-2.4%), respectively. Year-to-

date, Active Lifestyle stocks are down (-5.2%), underperforming the S&P 500 (+4.0%) and the broader Consumer Index (-0.1%). On a 12

month rolling basis, the Active Lifestyle names have fallen (-6.2%) on average, trailing the S&P 500 (+2.3%) and the S&P 500 Consumer

Index (-3.4%).

Modest improvement in retail earnings in the second quarter of the year; initial third quarter comps are mixed – Despite the

challenging retail environment, retailers have reported modest sequential improvement in the second quarter of 2016. However, third

quarter data remains obscure as most companies have yet to release earnings. Within our sporting goods retailers group(2), Cabela’s

reported a decline of (-2.3%), while Big 5 Sporting Goods reported gains of (+6.8%), driven by the recent sporting goods retailer closures.

Industry Insights – Retail Earnings Mixed, Dollar Strengthens

(1) Active Lifestyle space based on D.A. Davidson research coverage: BDE, CAB, COLM, ELY, FOXF, GIL, HBI, LULU, NKE, NLS, PSG, SK UL, SPWH, UA, VFC, VSTO, WWW. Data as of 11/4/16.

(2) Sporting goods retailers include: DKS, HIBB, BGFV, CAB, and SPWH. Data as of 11/4/16.

Source: D.A. Davidson Equity Research, Women’s Wear Daily, NPD; Industry Research, Pitchbook, S&P Capital IQ, U.S. Census Bureau, U.S. Bureau of Economic Analysis, Statista.


INDUSTRY INSIGHT & TRENDS: OVERVIEW CONT.

Retail Sales – U.S. retail sales (ex-Autos) increased (+0.6%) in September 2016 from August 2016, following a (+0.5%) rise in the

previous period. Year-over-year, retail sales (ex-Autos) increased (+2.7%). U.S Clothing & Clothing Accessories Stores, Sporting

Goods, Hobby, Book & Music Stores, and Furniture & Home Furniture Stores sales have declined month-over-month by (-13.2%),

(-15.1%), and (-2.3%), respectively. However, year-over-year, sales in those groups have increased (+0.5%), (+4.6%), and (+3.8%),

respectively.

E-Commerce Sales – U.S. retail e-commerce sales for the third quarter of 2016 were $44.1 billion, representing a year-over-year

increase of (+10.6%). E-commerce sales in the third quarter of 2016 accounted for 9.6% of total retail sales, up from 8.0% in the second

quarter of 2016. Major e-retailers posted significant sales growth in the third quarter of 2016, with Wayfair posting a whopping 53%

growth, Amazon reporting 29% growth and Etsy recording 19% growth in sales.

Price Trends – U.S. apparel CPI has decreased (-0.7%) month-over-month, from 126.6 in August 2016 to 125.7 in September

2016. The fall in overall apparel prices was due to the declines in women’s and men’s apparel categories.

Earnings Data – 2016 third quarter earnings data remains mixed as companies continue to release earnings in the coming weeks.

However, the second quarter showed some positive signs as mass market retailers posted their eighth consecutive positive quarter,

department stores showed modest improvement, sporting goods retailers were up considerably and footwear retailers remained strong.

Gross Domestic Product – U.S. GDP grew (+2.9%) in the third quarter of 2016, beating initial expectations of (+2.5%), driven

mainly by growth in exports, which rose at a (+10.0%) rate. The increase represents a strong pick up from the second quarter’s (+1.4%)

growth pace.

Inflation – The CPI in the United States increased (+0.3%) in September from the previous month. Year-over-year, the CPI increased

(+1.5%), representing the highest inflation rate since October 2014. Inflation declined month-over-month, from 2.3% in August to

2.2% in September. Despite the fact that the core personal consumption expenditures measure remains below the Fed’s target rate of

2.0%, several other metrics are signaling that inflationary pressures are growing in the U.S.

Consumer – Average daily spending remained strong in October, posting a gain of (+2.2%) over September. However, consumer

spending softened in the third quarter of 2016, falling to a (+2.1%) annual growth rate, down from (+4.3%) in the second quarter.

Spending on durable goods remained strong, while growth in services spending and purchases of nondurable goods weakened.

Microeconomic Trends - Online retail continues to drive growth

Macroeconomic Trends – U.S. Economy Grows, Inflationary Pressures Mount

Source: S&P Capital IQ, Davidson Equity Research, U.S. Census Bureau, U.S. Bureau of Economic Analysis, Statista.

Private and Confidential | 7 Page 7 www.dadavidson.com/Investment-Banking

Middle Market Consumer M&A Deal Activity

Middle Market M&A Transactions

MIDDLE MARKET MERGER & ACQUISITION TRENDS

Middle Market M&A by Industry

Middle Market Consumer EV/EBITDA Multiples

U.S. COMPANIES

Note: Middle-market defined as transactions between $10 and $500 million where pricing is disclosed. Deals in this report are for announced transactions in the quarter of interest involving U.S. based companies. EBITDA multiples greater than 25.0x are not included. Source: S&P Capital IQ.

($ in billions) ($ in billions)

($ in billions)

$4

7.0

$5

9.8

$5

1.8

$7

5.9

$3

9.4

$5

2.8

$5

8.5

$6

9.0

$5

4.9

$6

5.2

$4

5.5

$4

0.3

$3

5.6

$3

4.7

$4

2.3

$4

2.9

$3

2.7

$3

2.8

$2

4.4

656

820 807

1199

597

788

910

989

826 888

449 432 405 457 431 437

367 342 266

0

200

400

600

800

1000

1200

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2012 2013 2014 2015 2016

Volume ($B) Deal Count

$6.6

$1.8

$3.2

$8.6

$5.9

$4.9

$8.0

$3.2

$4.4

$1.0

$2.3

$4.5

$3.8

$2.5

$4.1

$2.0

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

Consumer Energy &Utilities

Financials Healthcare Industrials& Materials

Real Estate Technology& Telecom

Other

Q3 2015 Q3 2016

$22.5

$27.9 $30.1

$28.8

$31.7 $30.3

$6.6 $4.4

308

347 367 380

399 369

80 59 0

100

200

300

400

500

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

2010 2011 2012 2013 2014 2015 Q3 2015 Q3 2016

Volume ($B) Deal Count

10.1x 10.3x

9.0x

12.5x

10.9x

9.6x

11.2x 10.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

2010 2011 2012 2013 2014 2015 Q3 2015 Q3 2016


$1

5.9

$1

4.0

$7

.8

$7

.8

$5

.9

$2

5.3

$7

.9

$1

0.3

$1

2.6

$2

1.6

$1

1.8

$2

6.9

$1

1.4

$2

3.6

$1

7.2

$1

6.6

$6

.4

$1

3.6

$9

.4

$7

.0

$1

.0

$6

.7

$6

.6

0

10

20

30

40

50

60

70

80

90

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012 2013 2014 2015 2016

$ Value of IPOs # of IPOs

Private Equity Fundraising

Median U.S. EBITDA Multiples (incl. PE buyouts)

MIDDLE MARKET MERGER & ACQUISITION TRENDS CONT.

IPO Offering Breakdown

Median Debt-to-Equity Breakdown

U.S. COMPANIES

Source: Dealogic, PitchBook, S&P LCD.

($ in billions)

4.8

x

5.5

x

5.0

x

6.3

x

5.6

x

5.7

x

5.4

x

3.7

x

4.1

x

3.7

x 3

.9x

4.3

x

4.5

x

5.8

x 8.5x

9.6x

8.7x

10.2x 9.9x 10.2x

11.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2010 2011 2012 2013 2014 2015 YTD 9/2016

Debt / EBITDA Equity / EBITDA Valuation / EBITDA

$1

25

.0

$1

46

.0

$1

41

.0

$8

5.0

$6

6.9

$8

7.2

$1

03

.6

$2

04

.7

$1

94

.9

$1

92

.9

$1

42

.2

178

218 196

112 107

190 204

295 311

287

192

0

50

100

150

200

250

300

350

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD9/2016

Capital Raised # of Funds Closed($ in billions)

61.9%

60.4%

51.3%

59.8%

57.5%

69.5%

50.0%

55.8%

49.4%

56.7%

54.0%

63.8%

50.4%

48.6%

46.9%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

20

13

20

14

20

15

20

16

Debt % Equity %


MERGER & ACQUISITION SELECTED TRANSACTIONS

Source: S&P Capital IQ.

Target Acquirer Target Description Deal Notes

RECENT M&A DEAL ACTIVITY

Bogart, GA Helsinki, Finland

Manufactures protective sports gear

for professional and college sports

teams. The company offers apparel

and accessories including batting

gloves, wrist guards, elbow guars,

ankle guards, and safety aids

On October 27, Wilson Sporting Goods, a subsidiary of Amer Sports,

acquired the EvoShield brand from EvoShield, LLC for an undisclosed

amount. This transaction includes the EvoShield brand, all EvoShield-

branded products, intellectual property and distribution rights

EvoShield will make a great addition to Wilson’s growing baseball and

softball business segment

Coraopolis, PA Austin, TX

Operates as a specialty retailer of golf

and tennis equipment, apparel,

footwear, and related accessories

Dick’s Sporting Goods has emerged as the winning bidder to acquire

Golfsmith’s U.S. business for approximately $70 million. However, the

deal still requires approval from a U.S. bankruptcy court

Dick’s plans to keep 30 of Golfsmith’s stores open, while shutting down

the rest. The company also plans to retain Golfsmith’s intellectual

property, inventory and 500 of its employees

Salt Lake City, UT Los Angeles, CA

Fast-growing e-commerce company

that designs, produces, and sells

branded home furnishings distributed

through its network of online retail

partners

D.A. Davidson & Co. served as exclusive financial advisor to Walker

Edison Furniture on its acquisition by management and Caltius Capital

Management

Caltius Capital has provided both debt and equity to enable the

transaction and has partnered with Walker Edison’s management team to

help promote strong future growth

Leeds, United Kingdom New York, NY

Designs, produces, and distributes

electrical hair styling products in the

United Kingdom, the republic of

Ireland, and internationally

On October 17, Coty entered into a definitive agreement to acquire Jemella

Limited (dba ghd) from a group of sellers for approximately $512 million.

This represents a revenue multiple of 2.4x

ghd is a well renowned brand that has been expanding into premium retail

and e-commerce. ghd will enable Coty to offer its salon partners and their

clients a more premium range of hair solutions

Philadelphia, PA Chapel Hill, NC

Offers bikes and frames, such as road

bikes, mountain bikes, BMX bikes,

kids bikes, path and pavement bikes,

and bike parts and components, as

well as cycling clothing, shoes and

accessories

D.A. Davidson & Co. acted as the buy-side advisor to Advanced

Sports in its acquisition of Performance Bicycle

Performance Bicycle is the top specialty bicycle retailer in the United

States and will make a great addition to Advanced Sports’ portfolio of

leading bicycle brands


MERGER & ACQUISITION SELECTED TRANSACTIONS CONT.




Los Angeles, CA Beijing, China

Designs and merchandises apparel

under a number of well-known and

popular brands, including One World,

Weavers, RAD Clothing and Rules of

Etiquette

Shangying Global Co. acquired One World Star International for $280

million on October 11, 2016

The acquisition involved three companies: Apparel Production Services,

Star Group, and Unger Fabrik/One World Apparel

This transaction will allow Shangying to enter the U.S. market and

diversify into chic fashion

Springfield, MO Sidney, NE

Operates as a specialty retailer and

direct marketer of hunting, fishing,

camping, and related outdoor

merchandise

On October 3, 2016, Cabela agreed to sell its core retail business to the

Bass Pro Group for a transaction value of $4.6 billion. This represents a

revenue multiple of 1.1x and an EBITDA multiple of 9.5x

This acquisition will be significant for both parties as the new merged

entity will be the hunting, fishing, and outdoor powerhouse of the United

States

Ramsey, MN Tokyo, Japan

Manufactures optical lenses. The

company’s products include

polycarbonate, photochromic,

polarized, and high index eyeglass

lenses

On October 12, Hoya Corp. signed a definitive agreement to acquire

Performance Optics, LLC, including its subsidiaries VISION EASE and

Daemyung Optical from Wind Point Partners for $476 million

Performance Optics will expand Hoya’s customer reach and will

strengthen and broaden its portfolio of leading products

Cologne, Germany Paris, France

Manufactures luggage and suitcases.

Its products include polycarbonate

suitcases; aluminum suitcases; and

accessories, including small leather

goods for men and women

On October 4, 2016, LVMH Moët Hennessy Louis Vuitton entered into an

agreement to acquire 80% stake in Rimowa GmbH for $714 million. This

represents a revenue multiple of 2.3x

LVMH will add annual revenues of approximately 400 million euros through

this acquisition

Port Melbourne, Australia San Diego, CA

Launched in 2014, Salty Crew, a

family run business, made an

immediate impact on the surf, fish,

dive and sail world. The company

sells surf apparel and related

accessories throughout California

On October 11, Globe International announced that it will acquire 50% of

the Salty Crew brand for an undisclosed amount

The acquisition will enable Salty Crew to access Globe’s existing

infrastructure, which will further enhance the brand’s awareness around

the world

Shangying

Global Co. Ltd

Performance

Optics, LLC

http://1worldstar.com/


MERGER & ACQUISITION SELECTED TRANSACTIONS CONT.




London, United Kingdom Venice, CA

Subscription service that delivers

razors and other shaving products

Unilever signed a definitive agreement to acquire Dollar Shave Club for

$1 billion on July 20, 2016 with a revenue multiple of 6.6x

Unilever paid a large premium for Dollar Shave Club due to the

company’s brand and customer-relationship skills

This acquisition will give Unilever access to valuable costumer data and

analysis

Columbia, MO Kingsport, TN

London, UK

Manufactures men’s and women’s

clothing, fragrances, and accessories

On July 25, 2016, G-III Apparel Group entered into a definitive agreement

to acquire Donna Karen International from LVMH Moet Hennessy Louis

Vuitton S.E. for $640 million, representing a revenue multiple of 1.4x

New York, NY

Manufactures, designs, and

distributes stainless steel knives and

accessories

On July 15, 2016, Smith & Wesson signed a definitive agreement to

acquire substantially all assets of Taylor Brands for $85 million. This

represents a revenue multiple of 2.2x

Taylor Brands provides Smith & Wesson an opportunity to further develop

and grow its Accessories Division

Houston, TX Gauteng, South Africa

Operates as a specialty retailer of

mattresses, and related products and

accessories in the United States

On August 7, 2016, Steinhoff International Holdings entered into a

definitive agreement to acquire Mattress Frim Holding Corp. for

approximately $2.4 billion, equating to a revenue multiple of 1.2x and an

EBITDA multiple of 16.0x

This acquisition will create the world’s largest bedding giant and will help

Steinhoff diversify sales away from South Africa

Hyde Park, UT Farmington, UT

Manufactures outdoor cooking

instruments. The company also

provides lighting products that include

lanterns and stove lights

Vista Outdoor acquired Camp Chef for a total transaction value of $74

million on September 1, 2016. Camp Chef will be integrated into Vista’s

outdoor products segment

Camp Chef complements Vista’s broad portfolio of 50 brands and

enhances Vista’s position within one of the camping market’s most

attractive categories


PUBLIC EQUITY OFFERINGS SELECTED TRANSACTIONS

Source: Dealogic, S&P Capital IQ.

RECENT EQUITY OFFERING ACTIVITY

Fairhaven, MA

Credit Suisse; Daiwa Capital; Deutsche Bank; Jefferies LLC;

JPMorgan; Morgan Stanley; Nomura Securities; UBS Securities;

Wells Fargo; D.A. Davidson & Co.; KeyBanc Capital Markets;

Raymond James; SunTrust Robinson Humphrey

Offer Date Deal Type Issuer Underwriters Gross Proceeds

$378.0mm Initial Public

Offering 10-28-16

Newington, NH

$156.9mm Follow-On

Offering 9-22-16


Offering 9-21-16

$63.0mm Follow-On

Offering 8-08-16


Offering 8-03-16

JPMorgan

JPMorgan; Morgan Stanley; Piper Jaffray; Wells Fargo; William

Blair & Co. LLC; Cowen & Company LLC; BMO Capital; Stifel,

Nicolaus & Company; SunTrust Robinson Humphrey

Merril Lynch, Pierce, Fenner & Smith Inc

Goldman, Sachs & Co.; Merril Lynch, Pierce, Fenner & Smith

Inc.; Jefferies LLC; Morgan Stanley; Evercore Group;

Guggenheim Securities; William Blair & Co. LLC

Oakland, CA

Scotts Valley, CA

Plano, TX


PUBLIC COMPANIES: VALUATION DETAILS

Note: EV/EBITDA multiples above 30x and P/E multiples above 40x have been indicated as Not Meaningful ("NM").


VALUATION MULTIPLES ($ IN MILLIONS, EXCEPT PER SHARE VALUES)

Share % of 52 Equity Enterprise EV / Revenue EV / EBITDA P / E

Company Price Week High Value Value (EV) LTM CY 2016 CY 2017 LTM CY 2016 CY 2017 LTM CY 2016 CY 2017

Accessories

Coach, Inc. $36.99 84.6% $10,371 $9,429 2.10x 2.07x 2.01x 10.8x 9.2x 8.4x 26.0x 17.7x 16.3x

Essilor International SA 108.99 80.3% 23,268 26,071 3.41x 3.38x 3.12x 14.2x 14.3x 13.1x 31.6x 25.9x 23.4x

Fossil Group, Inc. 31.74 61.1% 1,528 2,016 0.66x 0.66x 0.66x 7.3x 8.5x 8.4x 14.6x 17.2x 16.4x

Luxottica Group SpA 52.99 74.9% 25,269 26,443 2.68x 2.69x 2.55x 12.5x 12.9x 11.9x 27.6x 27.5x 24.9x

Samsonite International S.A. 3.05 86.5% 4,302 4,865 1.99x 1.79x 1.50x 12.8x 11.5x 8.9x 26.5x 21.1x 17.2x

ZAGG Inc 6.65 52.2% 187 230 0.63x 0.56x 0.50x 5.5x 4.4x 4.2x 16.7x 9.0x 6.3x

Median 2.04x 1.93x 1.76x 11.6x 10.4x 8.7x 26.3x 19.4x 16.8x

Active Apparel

ANTA Sports Products Limited $2.85 90.6% $7,143 $6,364 3.48x 3.26x 2.82x 13.6x 13.1x 11.2x 25.6x 20.6x 17.7x

Billabong International Limited 0.94 34.9% 187 326 0.40x 0.39x 0.38x 7.3x 6.8x 5.7x NM NM 25.0x

Columbia Sportswear Company 58.88 93.5% 4,110 3,926 1.66x 1.62x 1.53x 12.9x 12.4x 11.4x 28.3x 22.4x 20.2x

Kering SA 212.12 94.8% 26,787 32,986 2.52x 2.49x 2.33x 13.0x 13.6x 12.3x 27.1x 19.9x 17.4x

Lululemon Athletica Inc. 57.84 70.7% 7,927 7,391 3.37x 3.16x 2.81x 16.6x 14.9x 13.0x 35.1x 27.3x 23.1x

Under Armour, Inc. 31.82 66.4% 12,522 13,415 2.86x 2.72x 2.21x 23.5x 22.6x 18.8x NM NM 46.0x

V.F. Corporation 57.05 85.0% 23,602 25,953 2.10x 2.13x 2.02x 12.9x 12.7x 11.8x 23.5x 18.3x 16.7x

Youngone Corp. 23.34 49.0% 1,034 1,389 0.86x 0.80x 0.75x 6.1x 6.5x 5.7x 10.4x 8.9x 7.8x


Fashion Apparel

Abercrombie & Fitch Co. $16.28 49.6% $1,102 $989 0.29x 0.29x 0.29x 3.2x 3.5x 3.3x 23.7x 33.0x 21.4x

American Eagle Outfitters, Inc. 18.29 93.6% 3,324 3,077 0.86x 0.84x 0.81x 6.1x 5.8x 5.4x 15.5x 14.0x 13.0x

Cherokee Inc. 9.80 49.7% 85 98 2.80x 2.95x 3.07x 7.4x 7.2x 7.6x 12.1x 15.0x 14.0x

Express Inc. 13.35 61.9% 1,019 969 0.42x 0.44x 0.43x 3.7x 4.5x 4.1x 9.9x 12.6x 11.3x

G-III Apparel Group, Ltd. 31.10 55.6% 1,423 1,378 0.59x 0.56x 0.48x 7.5x 7.0x 6.0x 15.6x 14.4x 13.9x

Gildan Activewear Inc. 25.19 80.4% 5,840 6,429 2.53x 2.47x 2.25x 12.6x 12.1x 10.7x 26.2x 16.9x 14.4x

Hanesbrands Inc. 24.76 77.1% 9,358 13,036 2.22x 2.12x 1.95x 13.2x 12.4x 11.3x 21.0x 13.0x 11.4x

Kate Spade & Company 16.62 62.8% 2,130 2,216 1.65x 1.60x 1.46x 10.5x 9.0x 7.6x 25.2x 25.5x 19.5x

Lands' End, Inc. 17.40 63.0% 557 844 0.61x 0.64x 0.63x 10.1x 12.6x 10.6x 20.5x 40.5x 23.8x

Oxford Industries Inc. 69.94 89.7% 1,173 1,271 1.27x 1.22x 1.13x 9.2x 9.3x 8.3x 19.2x 18.8x 16.7x

Perry Ellis International Inc. 21.18 93.3% 328 391 0.44x 0.44x 0.43x 9.3x 6.5x 6.0x 25.9x 10.7x 9.8x

PVH Corp. 112.08 97.1% 8,992 11,628 1.43x 1.42x 1.36x 11.1x 11.0x 10.2x 23.4x 16.8x 14.9x

Ralph Lauren Corporation 107.10 84.3% 8,803 8,530 1.19x 1.23x 1.31x 9.6x 8.7x 8.6x 26.0x 19.5x 18.8x

The Gap, Inc. 29.07 95.3% 11,584 11,648 0.75x 0.75x 0.76x 5.6x 6.0x 6.0x 13.1x 14.5x 13.7x

Urban Outfitters Inc. 37.87 100.1% 4,439 4,187 1.20x 1.17x 1.11x 8.2x 7.9x 7.5x 19.4x 18.4x 16.7x



PUBLIC COMPANIES: VALUATION DETAILS CONT. VALUATION MULTIPLES ($ IN MILLIONS, EXCEPT PER SHARE VALUES)





Beauty

Amorepacific Corp. $313.51 82.6% $20,184 $20,211 4.00x 4.09x 3.47x 22.0x 22.0x 18.1x NA 33.5x 26.3x

Art & Fragrance SA 27.70 97.8% 137 218 1.58x 1.58x 1.52x 11.1x 12.7x 10.6x 20.6x 20.7x 14.9x

Beiersdorf AG 83.86 85.9% 19,020 17,146 2.32x 2.35x 2.25x 14.2x 13.8x 12.9x 29.2x 25.7x 23.9x

Coty Inc. 18.66 59.0% 13,926 18,024 4.18x 3.29x 2.13x 24.1x 17.9x 11.0x 29.9x 23.2x 18.0x

Edgewell Personal Care Company 81.31 92.4% 4,793 5,899 2.50x 2.49x 2.43x 13.7x 13.4x 12.1x 29.5x 22.8x 20.4x

e.l.f. Beauty, Inc. 27.00 93.4% 1,198 1,339 6.12x 5.88x 4.76x NM 26.5x 21.9x 21.8x NM NM

Helen of Troy Limited 85.95 80.7% 2,396 2,919 1.89x 1.88x 1.83x 13.7x 12.1x 11.3x 24.9x 13.3x 13.2x

Henkel AG & Co. KGaA 119.30 89.5% 47,250 49,599 2.42x 2.44x 2.25x 12.9x 12.7x 11.8x 25.5x 20.9x 19.2x

Inter Parfums Inc. 32.40 92.4% 1,008 998 1.98x 1.95x 1.81x 13.3x 13.1x 11.5x 31.3x 29.5x 25.3x

Jacques Bogart SA 14.01 87.8% 220 232 2.05x 2.12x 2.04x 14.2x 13.1x 12.4x 27.1x 23.1x 21.5x

Johnson & Johnson 118.47 94.0% 322,301 308,806 4.31x 4.28x 4.08x 13.0x 12.2x 11.4x 26.8x 17.7x 16.6x

Kao Corporation 47.58 77.6% 23,450 22,258 1.54x 1.61x 1.55x 9.3x 9.5x 8.9x 21.5x 20.8x 19.0x

KOSE Corp. 79.04 62.8% 4,509 3,893 1.55x 1.62x 1.52x 9.0x 9.3x 8.4x 24.3x 22.7x 19.8x

L Brands, Inc. 69.17 69.3% 19,781 24,228 1.96x 1.93x 1.87x 9.1x 9.5x 9.0x 16.9x 18.6x 17.3x

L'Occitane International S.A. 1.99 90.1% 2,911 2,533 1.73x 1.81x 1.64x 10.0x 9.9x 9.2x 26.9x 21.7x 19.7x

L'Oreal SA 170.43 88.3% 95,379 95,754 3.40x 3.43x 3.26x 16.4x 16.0x 14.9x 29.1x 24.4x 22.8x

Natura Cosméticos SA 7.14 72.8% 3,073 3,732 1.52x 1.65x 1.47x 10.0x 9.8x 8.1x 32.8x 39.4x 16.6x

Oriflame Holding AG 26.35 70.9% 1,432 1,476 1.06x 1.10x 1.00x 9.6x 9.4x 8.1x 21.4x 19.2x 15.9x

Revlon, Inc. 29.00 76.3% 1,522 4,187 2.04x NA NA 12.5x NA NA 15.6x NA NA

Sally Beauty Holdings Inc. 28.46 86.4% 4,152 5,845 1.48x 1.46x 1.41x 9.5x 9.5x 9.2x 18.4x 16.3x 15.1x

Shiseido Company, Limited 26.02 91.7% 10,390 10,418 1.27x 1.31x 1.21x 13.1x 15.6x 12.3x 48.0x 35.6x 35.6x

The Estée Lauder Companies Inc. 78.36 80.4% 28,714 30,029 2.66x 2.63x 2.46x 14.0x 14.0x 12.6x 28.3x 24.6x 21.7x

ULTA Salon, Cosmetics & Fragrance, Inc. 238.87 85.7% 14,898 14,594 3.38x 3.07x 2.60x 19.3x 17.5x 14.4x 42.5x 37.9x 30.5x

Unilever PLC 39.78 83.1% 112,933 126,795 2.17x 2.29x 2.14x 13.3x 12.9x 11.8x 24.4x 20.3x 18.4x


Home

Bassett Furniture Industries, Incorporated $28.55 84.8% $308 $271 0.63x 0.63x 0.58x 7.2x 6.9x 6.2x 20.2x 20.7x 17.6x

Dorel Industries Inc. 27.48 96.2% 897 1,358 0.52x 0.52x 0.50x 8.2x 7.5x 6.8x 18.7x 12.4x 10.3x

Ethan Allen Interiors Inc. 33.40 90.8% 924 896 1.12x 1.11x 1.07x 8.4x 8.5x 7.6x 17.6x 17.3x 15.1x

Ekornes ASA 12.09 97.1% 445 437 1.12x 1.16x 1.09x 5.6x 6.0x 5.8x 12.3x 11.9x 10.5x

Flexsteel Industries Inc. 48.27 89.0% 375 333 0.68x NA NA 8.0x NA NA 17.7x NA NA

Hooker Furniture Corp. 27.50 76.5% 317 329 0.86x 0.58x 0.55x 9.9x NA NA 17.8x 15.3x 12.1x

La-Z-Boy Incorporated 25.75 82.5% 1,266 1,145 0.75x 0.75x 0.73x 7.5x 7.6x 7.0x 17.0x 16.6x 14.8x

Leggett & Platt, Incorporated 47.88 87.7% 6,401 7,140 1.88x 1.89x 1.82x 11.9x 11.6x 11.1x 23.1x 18.9x 18.1x

Overstock.com Inc. 17.35 96.8% 440 364 0.21x 0.20x 0.19x NM NA NA NM NA NA

Select Comfort Corporation 21.45 75.7% 964 913 0.75x 0.70x 0.64x 12.7x 6.4x 5.5x NM 18.1x 13.2x

Steinhoff International Holdings N.V. 4.82 71.3% 19,719 22,309 1.54x 1.28x 1.04x 11.8x 11.6x 8.8x 20.6x 14.0x 12.3x

Tempur Sealy International Inc. 61.06 74.2% 3,535 5,141 1.64x 1.66x 1.61x 10.6x 10.0x 9.3x 17.3x 15.5x 13.3x

Walker Greenbank plc 2.53 90.6% 176 173 1.55x 1.48x 1.12x 18.7x 10.8x 7.9x 40.4x 16.6x 13.1x

Wayfair Inc. 35.71 71.4% 3,055 2,791 0.89x 0.83x 0.64x NM NM NM NM NM NM

Williams-Sonoma Inc. 52.12 74.9% 4,614 4,628 0.91x 0.90x 0.86x 7.0x 6.9x 6.5x 15.3x 15.1x 13.9x



PUBLIC COMPANIES: VALUATION DETAILS CONT. VALUATION MULTIPLES ($ IN MILLIONS, EXCEPT PER SHARE VALUES)





Equipment

Accell Group NV $24.16 94.1% $624 $799 0.69x 0.71x 0.67x 9.5x 9.5x 8.5x 15.3x 14.1x 12.2x

Acme United Corp. 21.95 98.7% 73 106 0.88x 0.86x 0.79x 9.6x 9.4x 8.3x 15.8x 13.5x 12.6x

Acushnet Holdings Corp. 18.46 NA 1,368 2,272 1.47x 1.46x 1.43x 13.6x 10.6x 9.8x 13.3x 11.8x 17.5x

Amer Sports Corp. 26.58 85.3% 3,073 3,796 1.28x 1.32x 1.22x 11.9x 12.8x 11.1x 23.5x 20.0x 16.5x

Arctic Cat Inc. 15.11 67.1% 197 234 0.42x 0.40x 0.36x NM NM 7.1x NM NM 26.2x

Black Diamond, Inc. 6.20 104.2% 186 112 0.74x 0.75x 0.72x NM NM 13.6x NM NM 22.1x

Brunswick Corporation 47.34 85.1% 4,246 4,259 0.97x 0.94x 0.88x 7.7x 7.3x 6.4x 16.1x 13.6x 11.9x

Callaway Golf Co. 12.07 99.9% 1,136 1,021 1.19x 1.16x 1.11x 21.2x 15.7x 13.6x NM 23.0x 33.9x

Dorel Industries Inc. 27.48 96.2% 897 1,358 0.52x 0.52x 0.50x 8.2x 7.5x 6.8x 18.7x 12.4x 10.3x

Escalade Inc. 12.80 92.6% 183 216 1.31x 1.29x 1.26x 11.3x 10.2x 9.9x 20.3x 15.6x 14.1x

Fox Factory Holding Corp 23.20 98.6% 855 912 2.36x 2.29x 2.10x 15.5x 13.1x 11.7x 29.6x 19.1x 17.2x

Giant Manufacturing Co. Ltd. 6.44 86.2% 2,417 2,423 1.32x 1.32x 1.27x 15.0x 15.7x 13.1x 27.9x 24.3x 20.3x

GoPro, Inc. 10.28 44.8% 1,445 1,220 1.13x 0.99x 0.83x NM NM NM NM NM NM

Johnson Outdoors Inc. 38.49 99.8% 378 310 0.70x 0.70x 0.69x 7.0x 7.1x 6.8x 17.8x NA NA

Marine Products Corp. 9.55 99.5% 366 350 1.49x 1.37x 1.25x 14.2x 12.3x 9.9x 24.5x 19.1x 15.2x

Mizuno Corporation 5.25 90.6% 663 818 0.43x 0.44x 0.44x 13.7x 11.9x 10.5x NM NM 22.0x

Nautilus Inc. 16.90 67.6% 526 535 1.37x 1.30x 1.19x 9.0x 8.5x 7.5x 16.3x 15.1x 13.6x

Performance Sports Group Ltd. 0.00 0.0% 160 628 1.04x 1.16x 1.08x 18.8x NM 11.1x 0.0x 0.0x 0.0x

Polaris Industries Inc. 89.81 81.4% 5,754 6,068 1.35x 1.39x 1.28x 10.6x 11.3x 8.7x 24.9x 25.8x 17.5x

Shimano Inc. 167.64 90.4% 15,540 14,001 4.25x 4.57x 4.23x 16.6x 18.3x 16.1x 37.4x 34.0x 27.7x

Vista Outdoor Inc. 37.87 70.2% 2,285 3,358 1.33x 1.28x 1.17x 9.3x 8.9x 7.9x 13.7x 14.6x 12.7x


Footwear

Adidas AG $144.71 83.3% $28,987 $29,460 1.40x 1.41x 1.30x 14.7x 14.6x 13.0x 29.0x 27.4x 24.1x

ASICS Corp. 21.48 79.1% 4,077 4,121 1.03x 1.10x 1.06x 13.3x 13.7x 11.7x 32.3x 31.8x 23.5x

Caleres, Inc. 28.33 89.2% 1,216 1,248 0.49x 0.49x 0.47x 7.2x 6.3x 5.9x 16.3x 14.0x 12.5x

Crocs, Inc. 8.55 68.2% 629 660 0.62x 0.64x 0.62x 28.9x 16.3x 10.5x NM NM 29.5x

Deckers Outdoor Corp. 60.17 86.0% 1,931 2,131 1.16x 1.17x 1.14x 9.0x 9.4x 8.5x 17.6x 15.9x 13.3x

Li Ning Company Limited 0.72 93.8% 1,361 1,312 1.16x 1.11x 0.98x 16.9x 11.9x 8.1x NM 32.2x 17.9x

NIKE, Inc. 50.77 74.4% 84,554 81,955 2.48x 2.45x 2.25x 16.4x 16.4x 13.9x 31.5x 23.0x 20.4x

PUMA SE 246.39 91.6% 3,681 3,461 0.87x 0.89x 0.83x 16.9x 17.3x 13.4x NM NM 35.8x

Rocky Brands, Inc. 10.80 77.4% 80 107 0.41x 0.41x 0.41x 12.2x 10.3x 6.2x NM NM 12.3x

Skechers U.S.A., Inc. 21.71 63.3% 3,427 2,915 0.82x 0.83x 0.77x 6.3x 6.6x 6.2x 16.8x 12.7x 11.6x

Steven Madden, Ltd. 39.45 100.6% 2,392 2,299 1.63x 1.63x 1.55x 11.8x 11.9x 11.2x 21.8x 19.5x 17.9x

Weyco Group Inc. 29.74 102.4% 311 323 1.07x 1.07x 1.04x 11.6x 11.6x 10.8x 20.6x NA NA

Wolverine World Wide Inc. 23.25 91.0% 2,294 2,824 1.12x 1.14x 1.16x 11.2x 10.8x 9.8x 20.6x 17.4x 15.2x



PUBLIC COMPANIES: VALUATION DETAILS CONT.

* Aggregate average and median of all 10 public equity comparables groups.



VALUATION MULTIPLES ($ IN MILLIONS, EXCEPT PER SHARE VALUES)



Sporting Goods Retailers

Big 5 Sporting Goods Corp. $19.35 101.0% $424 $445 0.43x 0.43x 0.42x 10.3x 8.6x NA 28.6x 24.7x 20.0x

Cabela's Incorporated 61.18 96.2% 4,190 8,937 2.13x 2.11x 2.00x 19.0x 18.7x 16.5x 22.5x 22.2x 18.9x

Dick's Sporting Goods Inc. 59.44 96.0% 6,711 6,757 0.90x 0.86x 0.79x 9.3x 8.9x 7.6x 20.6x 19.5x 16.0x

Hibbett Sports, Inc. 43.75 100.7% 962 919 0.95x 0.94x 0.89x 7.1x 7.3x 7.0x 14.4x 14.6x 13.8x

Sportsman's Warehouse Holdings, Inc. 7.91 55.8% 334 544 0.71x 0.69x 0.61x 7.4x 6.7x 6.0x 11.6x 10.6x 9.0x

Tilly's, Inc. 9.97 91.8% 285 189 0.34x 0.34x 0.33x 4.7x 5.3x 4.8x 26.8x 36.9x 31.3x

West Marine Inc. 9.60 94.7% 239 146 0.21x 0.21x 0.20x 4.8x 4.5x 3.7x NM NM 30.6x

Zumiez, Inc. 24.50 98.4% 608 556 0.70x 0.67x 0.63x 8.5x 8.7x 8.1x 27.7x 27.7x 23.2x


Consumer Retailers

Amazon.com, Inc. $739.01 87.2% $351,153 $351,794 2.75x 2.57x 2.09x NM 23.4x 17.8x NM NM NM

ASOS Plc 59.78 86.8% 4,964 4,746 2.50x 2.62x 2.01x NM NM 28.9x NM NM NM

eBay Inc. 28.64 86.3% 32,017 33,003 3.71x 3.67x 3.51x 10.9x 9.5x 8.9x 23.5x 15.2x 13.7x

Finish Line Inc. 22.03 89.8% 894 779 0.40x 0.40x 0.39x 6.7x 5.5x 5.0x 21.9x 15.6x 13.1x

Foot Locker, Inc. 71.53 99.4% 9,531 8,715 1.15x 1.12x 1.07x 7.8x 7.5x 7.0x 16.4x 15.0x 13.7x

Genesco Inc. 63.80 86.0% 1,316 1,413 0.47x 0.49x 0.48x 5.9x 6.7x 6.1x 14.1x 16.4x 14.7x

H & M Hennes & Mauritz AB (publ) 27.53 76.3% 45,570 45,026 2.05x 2.13x 1.91x 12.6x 13.1x 11.4x 26.3x 22.4x 19.4x

Industria de Diseno Textil SA 33.07 86.2% 102,939 97,639 3.98x 3.87x 3.48x 18.3x 17.3x 15.2x 38.1x 29.5x 25.8x

Winmark Corp. 106.80 97.5% 440 487 7.35x NA NA 12.8x NA NA 21.1x NA NA


Tactical

BAE Systems plc $7.43 93.5% $23,578 $26,008 1.15x 1.12x 1.07x 11.9x 9.6x 8.9x 26.4x 14.9x 13.8x

The Boeing Company 148.52 98.6% 91,661 92,549 0.98x 0.98x 0.99x 12.1x 12.2x 8.8x 26.1x 21.0x 15.8x

Cobham plc 2.04 53.1% 3,453 4,558 1.77x 1.84x 1.76x 10.1x 10.6x 9.0x NM 13.7x 12.9x

General Dynamics Corporation 168.55 101.0% 51,327 52,910 1.71x 1.68x 1.66x 11.3x 11.0x 10.9x 20.3x 17.2x 16.8x

Honeywell International Inc. 113.25 94.4% 86,311 93,755 2.39x 2.37x 2.35x 12.0x 11.6x 10.9x 21.3x 17.1x 16.0x

Lockheed Martin Corporation 259.17 97.1% 75,932 87,448 1.73x 1.87x 1.76x 12.7x 12.9x 12.6x 22.6x 21.2x 20.6x

MSA Safety Incorporated 62.11 103.1% 2,335 2,706 2.32x 2.32x 2.24x 13.2x 12.7x 11.7x 23.9x 22.3x 19.8x

Orbital ATK, Inc. 81.61 86.0% 4,779 6,312 1.36x 1.42x 1.37x 10.1x 9.4x 9.0x 22.3x 14.8x 13.6x

Oshkosh Corporation 65.71 102.3% 4,696 5,221 0.83x 0.84x 0.78x 10.0x 10.1x 9.0x 23.3x 21.5x 18.4x

Smith & Wesson 21.24 68.1% 1,195 1,152 1.47x 1.28x 1.21x 5.2x 4.5x 4.7x 11.0x 8.5x 8.9x

Sturm, Ruger & Co. Inc. 47.50 60.8% 901 800 1.22x NA NA 5.0x NA NA 11.3x NA NA

TASER International Inc. 27.18 90.1% 1,421 1,325 5.47x 5.15x 4.40x NM NM 27.5x NM NM NM


Agg. Median* 1.33x 1.30x 1.21x 11.1x 10.6x 9.1x 21.9x 18.8x 16.7x


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service platform allows investment banking clients to benefit from the firm’s

capital market capabilities, including research, corporate services, and

institutional sales and trading. D.A. Davidson & Co. is a member of SIPC.

Documents

Active Lifestyle Sector - D. A. Davidson & Co.davidsoncompanies.com › advertising › ECM › IB › 0519-FIG... · 2016-11-14 · Buy -Side Advisor Co has [email protected]