TABLE 1 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS, 2016 (Ranked by Return on Sales)

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2 TABLE 1 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS, 2016 (Ranked by Sales) Retailer Name Ticker Asset Financial Net (millions) Turnover '16 Assets '16 Leverage '16 Worth '16 ebay Inc EBAY $ 8, % % % O'Reilly Automotive Inc ORLY $ 8, % % % AutoZone Inc AZO $ 10, % % NA NA Liberty Interactive QVC.A $ 10, % % % Tiffany & Co. TIF $ 4, % % % Sherwin-Williams Company SHW $ 11, % % % L Brands Inc LB $ 12, % % NA NA Ross Stores, Inc. ROST $ 12, % % % Foot Locker Inc FL $ 7, % % % Ulta Beauty ULTA $ 4, % % % Home Depot, Inc. HD $ 94, % % % Signet Jewelers Ltd SIG $ 6, % % % TJX Companies TJX $ 33, % % % Tractor Supply TSCO $ 6, % % % Urban Outfitters URBN $ 3, % % % Williams-Sonoma, Inc. WSM $ 5, % % % Publix Super Mkts, Inc. PUSH $ 33, % % % American Eagle Outfitters AEO $ 3, % % % Dollar General Corporation DG $ 21, % % % Bed Bath & Beyond, Inc. BBBY $ 12, % % % Supervalu SVU $ 12, % % % Advance Auto Parts Inc AAP $ 9, % % % Office Depot Inc ODP $ 11, % % % Lowe's Companies Inc. LOW $ 65, % % % Gap, Inc. GPS $ 15, % % % Dollar Tree Stores, Inc. DLTR $ 20, % % % GameStop Corp Class A GME $ 8, % % % Target Corp TGT $ 69, % % % Chico's FAS, Inc. CHS $ 2, % % % Dick's Sporting Goods, Inc. DKS $ 7, % % % Walgreens Boot Alliance WBA $ 117, % % % HSN, Inc. HSNI $ 3, % % % Whole Foods Market, Inc. WFM $ 15, % % % Best Buy Co Inc BBY $ 39, % % % CVS Caremark Corp CVS $ 177, % % % Kohl's Corp KSS $ 18, % % % Big Lots, Inc. BIG $ 5, % % % Wal-Mart Stores Inc WMT $ 485, % % % Weis Markets, Inc. WMK $ 3, % % % Casey's General Stores, Inc. CASY $ 6, % % % Dillards, Inc. DDS $ 6, % % % Caleres Inc. CAL $ 2, % % % Macy's Inc M $ 25, % % % Nordstrom, Inc. JWN $ 14, % % % Netflix, Inc. NFLX $ 8, % % % Sysco Corporation SYY $ 55, % % % Costco Wholesale Corporation COST $ 118, % % % Amazon.com Inc AMZN $ 135, % % % Kroger Co KR $ 115, % % % United Natural Foods, Inc. UNFI $ 8, % % % Ingles Markets, Inc. Class A IMKTA $ 3, % % % Tailored Brands TLRD $ 3, % % NA NA Spartan Stores, Inc. SPTN $ 7, % % % Barnes & Noble, Inc. BKS $ 3, % % % Abercrombie & Fitch ANF $ 3, % % % Rite Aid Corporation RAD $ 32, % % % J.C. Penney Co Inc JCP $ 12, % % %

3 Ascena Retail Group, Inc. ASNA $ 6, % % % Bon-Ton Stores Inc BONT $ 2, % % NA NA Rent-A-Center, Inc. RCII $ 2, % % % Staples, Inc. SPLS $ 18, % % % Sears Holdings Corporation SHLD $ 22, % % NA NA

4 2016 STRATEGIC PROFIT MODELS FOR SELECTED RETAILERS, (Ranked by Equity) Retailer Name Ticker (millions) Asset Turnover '16 Assets '16 Financial Leverage '16 Net Worth '16 '15 Net Worth'14 '13 '12 Home Depot, Inc. HD $ 94, % % % % 72.18% 43.00% 25.51% Supervalu SVU $ 12, % % % NA NA 23.85% % ebay Inc EBAY $ 8, % % % 26.23% 12.08% 12.08% 12.50% O'Reilly Automotive Inc ORLY $ 8, % % % 47.48% 41.86% 34.09% 27.75% HSN, Inc. HSNI $ 3, % % % % 30.38% 33.64% 25.77% Sherwin-Williams Company SHW $ 11, % % % % 86.81% 42.41% 37.32% TJX Companies TJX $ 33, % % % 52.88% 53.16% 50.53% 51.99% Lowe's Companies Inc. LOW $ 65, % % % 33.26% 28.43% 19.29% 14.14% Sysco Corporation SYY $ 55, % % % 27.30% 13.04% 17.68% 19.11% Nordstrom, Inc. JWN $ 14, % % % 68.89% 30.16% 35.29% 38.42% Ross Stores, Inc. ROST $ 12, % % % 41.29% 43.09% 41.71% 44.49% Tractor Supply TSCO $ 6, % % % 29.46% 30.92% 26.32% 26.93% Kroger Co KR $ 115, % % % 29.90% 31.93% 28.21% 35.58% Ulta Beauty ULTA $ 4, % % % 22.18% 23.01% 20.24% 21.98% Best Buy Co Inc BBY $ 39, % % % 20.49% 18.40% % % Bed Bath & Beyond, Inc. BBBY $ 12, % % % 32.88% 34.89% 25.94% 25.42% Target Corp TGT $ 69, % % % 25.96% -6.44% 12.14% 18.11% Foot Locker Inc FL $ 7, % % % 21.19% 22.80% 17.19% 16.70% Williams-Sonoma, Inc. WSM $ 5, % % % 25.88% 25.31% 22.21% 19.55% Big Lots, Inc. BIG $ 5, % % % 19.83% 17.73% 13.76% 23.35% Gap, Inc. GPS $ 15, % % % 36.15% 37.81% 41.80% 39.22% Dollar General Corporation DG $ 21, % % % 21.66% 19.74% 18.97% 19.10% Costco Wholesale Corporation COST $ 118, % % % 22.39% 16.73% 18.82% 18.82% Liberty Interactive QVCA $ 10, % % % 12.80% 13.45% 7.22% 20.23% American Eagle Outfitters AEO $ 3, % % % 20.74% 11.58% 7.12% 19.00% Wal-Mart Stores Inc WMT $ 485, % % % 18.24% 19.03% 21.01% 22.27% Signet Jewelers Ltd SIG $ 6, % % % 15.29% 14.48% 14.36% 15.45% Dollar Tree Stores, Inc. DLTR $ 20, % % % 6.41% 17.42% 50.97% 37.13% Urban Outfitters URBN $ 3, % % % 19.74% 17.09% 16.67% 17.50% Publix Super Mkts, Inc. PUSH $ 33, % % % 15.85% 15.35% 20.94% 17.09% Advance Auto Parts Inc AAP $ 9, % % % 19.24% 25.16% 25.84% 31.97% Whole Foods Market, Inc. WFM $ 15, % % % 14.22% 15.92% 14.21% 12.23% GameStop Corp Class A GME $ 8, % % % 19.36% 19.30% 15.73% % Chico's FAS, Inc. CHS $ 2, % % % 0.30% 3.07% 7.25% 16.47% Casey's General Stores, Inc. CASY $ 6, % % % 20.86% 21.94% 18.61% 18.26% Dick's Sporting Goods, Inc. DKS $ 7, % % % 18.47% 19.54% 19.92% 18.27% Tiffany & Co. TIF $ 4, % % % 15.93% 15.66% 6.67% 16.01% CVS Caremark Corp CVS $ 177, % % % 14.08% 12.23% 12.10% 10.28% Macy's Inc M $ 25, % % % 25.22% 26.40% 23.78% 22.06% Walgreens Boots Alliance WBA $ 117, % % % 13.67% 13.68% 12.59% 12.59% Amazon.com Inc AMZN $ 135, % % % 4.45% -2.24% 2.81% -0.48% Kohl's Corp KSS $ 18, % % % 12.26% 12.80% 14.87% 16.30% Caleres Inc. CAL $ 2, % % % 13.55% 15.71% 7.97% 6.35% Dillards, Inc. DDS $ 6, % % % 15.01% 16.09% 16.21% 17.00% Weis Markets, Inc. WMK $ 3, % % % 6.80% 6.41% 8.51% 10.31% United Natural Foods, Inc. UNFI $ 8, % % % 10.01% 10.05% 9.73% 9.73% Netflix, Inc. NFLX $ 8, % % % 5.51% 14.32% 8.40% 2.28% Spartan Stores, Inc. SPTN $ 7, % % % 7.93% 7.49% 8.04% 8.04% Abercrombie & Fitch Company Class A ANF $ 3, % % % 2.76% -0.07% 3.12% 13.03% Ascena Retail Group, Inc. ASNA $ 6, % % % % % 7.68% 9.70% Tailored Brands TLRD $ 3, % % % NA 2.99% 8.30% 11.95% Rent-A-Center, Inc. RCII $ 2, % % % % 7.27% 9.53% 12.45% Staples, Inc. SPLS $ 18, % % % 7.05% 0.96% 10.11% -3.43% AutoZone Inc AZO $ 10, % % NA NA NA NA NA NA L Brands Inc LB $ 12, % % NA NA NA NA % 74.19% Barnes & Noble, Inc. BKS $ 3, % % NA NA -4.04% 2.52% -7.18% % Bon-Ton Stores Inc BONT $ 2, % % NA NA % % -2.34% % Ingles Markets, Inc. Class A IMKTA $ 3, % % NA NA 13.85% 15.68% -5.36% 9.40% J.C. Penney Co Inc JCP $ 12, % % NA NA % % % % Office Depot Inc ODP $ 11, % % NA NA 0.50% % -0.97% % Rite Aid Corporation RAD $ 32, % % NA NA 28.47% NA % -4.47% Sears Holdings Corporation SHLD $ 22, % % NA NA NA NA % % NOTE: NA indicates unable to calculate Financial Leverage or Equity due to negative book value equity. Negative book value equity can arise from share repurchases or from accumulated losses or writeoffs.

5 TABLE 3 STRATEGIC PROFIT MODELS FOR SELECTED INTERNATIONAL RETAILERS, 2016 (Ranked by Equity) Company Name Country Ticker Retail Segment Base (millions; home Currency currency) Exchange Rate (millions; USD equiv.) Asset Turnover '16 Assets '16 Financial Leverage '16 Net Worth '16 Net Worth '15 FONCIERE EURIS FRA EURS Food EUR 36, , % % % % DAIRY FARM INTL HOLDINGS LTD BMU DFILF Food USD 11, , % % % 30.9% HENNES & MAURITZ SWE HMRZF Apparel SEK 192, , % % % 36.0% INDITEX ESP ITX Apparel EUR 23, , % % % 25.2% WOOLWORTHS LIMITED AUS WOW Food AUD 55, , % % % -14.6% DIXONS CARPHONE PLC GBR DC Broadline GBP 10, , % % % % WESFARMERS LTD AUS WES Food AUD 68, , % % % 1.8% JARDINE MATHESON HLDGS LTD BMU J36 Specialty USD 37, , % % % 9.0% METRO AG DEU MEO Food EUR 58, , % % % 13.0% KINGFISHER PLC GBR KGF Specialty GBP 11, , % % % 9.2% FAST RETAILING JPY 9983 Apparel JPY 1,786, , % % % 14.2% GEORGE WESTON CAN WN Food CAD 47, , % % % 6.9% MORRISON (WM) SUPERMARKETS GBR MRW Food GBP 16, , % % % -21.2% KERING FRA KER Specialty EUR 12, , % % % 6.4% CARREFOUR SUPERMARCHE SA FRA CA Food EUR 78, , % % % 10.2% SAINSBURY (J) PLC GBR SBRY Food GBP 26, , % % % 7.4% AHOLD DELHAIZE NLD AD Food EUR 49, , % % % 15.2% TAKASHIMAYA CO LTD JPN 8233 Food JPY 923, , % % % 6.0% SEVEN & I HOLDINGS CO LTD JPN 3382 Food JPY 5,835, , % % % 6.8% MARKS & SPENCER GROUP PLC GBR MKS Food GBP 10, , % % % 11.8% AEON CO LTD JPN 8267 Food JPY 8,210, , % % % 0.5% TESCO PLC GBR TSCO Food GBP 55, , % % % 1.6% MIGROS TICARET AS TUR MGROS Broadline TRY 11, , % % % -71.9%