Market Capitalization $3.0 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years

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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION Ollie's Bargain Outlet Holdings, Inc. operates as a retailer of brand name merchandise. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q P/E COMPARISON SDAQ: BUY Sector: Consumer Goods & Svcs Sub-Industry: General Merchandise Stores Source: S&P BUY RATING SINCE 07/18/2017 TARGET PRICE $64.05 Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History Volume in Millions HOLD COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History TARGET PRICE $64.05 BUY Ind Avg S&P 500 RECOMMENDATION We rate () a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any nesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. EPS ALYSIS¹ ($) HIGHLIGHTS The revenue growth came in higher than the industry average of 3.3%. Since the same quarter one year prior, revenues rose by 17.9%. Growth in the company's revenue appears to have helped boost the earnings per share. Q Q Q Q Q Q Q = not available NM = not meaningful n/a 1 Compustat fiscal year convention is used for all fundamental data items. reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. During the past fiscal year, increased its bottom line by earning $0.96 versus $0.48 in the prior year. This year, the market expects an improvement in earnings ($1.21 versus $0.96). The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Multiline Retail industry. The net income increased by 80.3% when compared to the same quarter one year prior, rising from $10.46 million to $18.86 million. Net operating cash flow has significantly increased by % to $23.07 million when compared to the same quarter last year. In addition, has also vastly surpassed the industry average cash flow growth rate of -3.16%. Powered by its earnings growth of 70.58% and other important driving factors, this stock has surged by 63.75% over the past year, outperforming the rise in the S&P 500 Index during the same period. We feel that the stock's sharp appreciation over the last year has driven it to a price level which is now somewhat expensive compared to the rest of its industry. The other strengths this company shows, however, justify the higher price levels. PAGE 1

2 SDAQ: PEER GROUP ALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -10% 20% UNFAVORABLE FRED -8% TUES EBITDA Margin (TTM) BIG DDS FAVORABLE DLTR JWN TGT KSS M DG 12% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $135.2 Million and $33.7 Billion. Companies with or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -10% 20% UNFAVORABLE -120% FRED Earnings Yield (TTM) FAVORABLE DLTR JWN TUES BIG TGT KSS DDS DG M 20% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -5.5% and 18%. Companies with or NM values do not appear. INDUSTRY ALYSIS The multiline retail industry includes very well-known general merchandise and department stores such as Big Lots (BIG), Target (TGT), Dollar General (DG), Macy s (M), Kohl s (KSS), Nordstrom (JWN), Dollar Tree (DLTR), Sears Holdings (SHLD), and J.C. Penney (JCP). The variety of products offered by multiline retail companies is very diverse. These include but are not limited to household goods, pharmaceutical drugs, medical supplies, beauty, baby-care, portrait photography, and cleaning supplies. Also included are music, movies, books, computer software, sporting goods, and toys, electronics, high fashion to trendy apparel for men and women of all ages from newborn to senior citizen plus accessories like jewelry and shoes. These multiline retailers compete with grocery stores by supplying food for people and pets on a more limited range of dry grocery items as well as dairy, frozen foods, beverages, candies, snacks, deli, bakery, meat, and fruit. Other product offerings may include furniture, lighting, kitchenware, small appliances, home decor, bedding, bathroom items, home improvement, and automotive parts & repair. Unlike online-only retailers, multiline retail shoppers can browse shelves full of products that they can touch and smell including seasonal merchandise. Companies sell their products under private-label and exclusively-licensed brands. Multiline retail companies also profit from the extension of credit to their customers with branded credit cards. Companies in this industry are judged based on the metric of same-store sales, a measurement that shows if stores open for more than one year are increasing top line revenue or shrinking. PEER GROUP: Multiline Retail Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) E'S BARGAIN OUTLET HLD , , KSS KOHL'S CORP , , M MACY'S INC , , JWN NORDSTROM INC , , TGT TARGET CORP , , , DLTR DOLLAR TREE INC , , DG DOLLAR GENERAL CORP , , , BIG BIG LOTS INC , , DDS DILLARDS INC , , FRED FREDS INC NM 2, TUES TUESDAY MORNING CORP NM The peer group comparison is based on Major General Merchandise Stores companies of comparable size. PAGE 2

3 SDAQ: Annual Dividend Rate COMPANY DESCRIPTION Ollie's Bargain Outlet Holdings, Inc. operates as a retailer of brand name merchandise. The company offers food products, housewares, books and stationery products, bed and bath products, floor coverings, electronics, and toys; and other products, including hardware, personal health care, candy, clothing, sporting goods, pet products, luggage, automotive, seasonal, furniture, summer furniture, and lawn and garden. As of August 02, 2017, it operated 250 store locations across 20 states in the United States. The company was formerly known as Bargain Holdings, Inc. and changed its name to Ollie's Bargain Outlet Holdings, Inc. in March Ollie's Bargain Outlet Holdings, Inc. was founded in 1982 and is headquartered in Harrisburg, Pennsylvania Allentown Boulevard, Suite 1 Harrisburg, PA USA Phone: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 4.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 70% of the stocks we rate. Total Return 3.5 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 60% of the companies we cover. Efficiency 3.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 50% of the companies we review. Price volatility 4.5 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 80% of the stocks we monitor. Solvency 4.5 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 80% of the companies we analyze. Income 0.5 out of 5 stars Measures dividend yield and payouts to shareholders. This company pays no dividends. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 SDAQ: Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINCIAL ALYSIS 's gross profit margin for the third quarter of its fiscal year 2017 is essentially unchanged when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same quarter a year ago. has very liquidity. Currently, the Quick Ratio is 0.33 which clearly shows a lack of ability to cover short-term cash needs. The company's liquidity has decreased from the same period last year Q4 FY E 2018(E) 1.43 E 2019(E) During the same period, stockholders' equity ("net worth") has increased by 16.07% from the same quarter last year. The key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the near future. INCOME STATEMENT Net Sales ($mil) EBITDA ($mil) EBIT ($mil) Net Income ($mil) STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit BALANCE SHEET Cash & Equiv. ($mil) Total Assets ($mil) 1, , Total Debt ($mil) Equity ($mil) PROFITABILITY Gross Profit Margin 41.41% 41.94% EBITDA Margin 11.47% 10.55% Operating Margin 10.17% 9.23% Sales Turnover Return on Assets 7.69% 5.09% Return on Equity 11.35% 8.26% DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) Div / share EPS Book value / share Institutional Own % Avg Daily Volume 499, ,774 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 SDAQ: RATINGS HISTORY Our rating for has not changed since 7/18/2017. As of 12/14/2017, the stock was trading at a price of which is 5.3% below its 52-week high of $51.52 and 75.9% above its 52-week low of $ Year Chart 2016 HOLD: $27.66 BUY: $44.20 $50 $40 $30 $20 MOST RECENT RATINGS CHANGES Date Price Action From To 7/18/17 $44.20 Upgrade Hold Buy 9/1/16 $27.66 Initiated -- Hold Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 12/14/2017) 44.62% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: VALUATION BUY. 's P/E ratio indicates a significant premium compared to an average of for the Multiline Retail industry and a significant premium compared to the S&P 500 average of For additional comparison, its price-to-book ratio of 4.14 indicates a premium versus the S&P 500 average of 3.24 and a premium versus the industry average of The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. Upon assessment of these and other key valuation criteria, proves to trade at a premium to investment alternatives within the industry. Price/Earnings Peers Premium. A higher P/E ratio than its peers can signify a more expensive stock or higher growth expectations. Price/Projected Earnings Peers Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations. Price/Book 4.14 Peers 3.72 Premium. A higher price-to-book ratio makes a stock less attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a premium to its peers. Price/Sales 2.98 Peers 0.79 Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a significant premium to its industry. DISCLAIMER: Price/CashFlow Peers Premium. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. Price to Earnings/Growth 1.48 Peers 5.16 Discount. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. trades at a significant discount to its peers. Earnings Growth lower higher Peers 4.36 Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. is expected to have an earnings growth rate that significantly exceeds its peers. Sales Growth lower higher Peers 3.01 Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share. has a sales growth rate that significantly exceeds its peers. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5